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The Federal Reserve released a report on Tuesday showing industrial production in the U.S. increased by much more than expected in the month of January.
The report said industrial production climbed by 0.7 percent in February after climbed by a downwardly revised 0.3 percent in January.
Economists had expected industrial production to rise by 0.2 percent compared to the 0.5 percent growth originally reported for the previous month.
The Fed said mining output surged by 2.8 percent and manufacturing output advanced by 0.9 percent, while utilities output tumbled by 2.5 percent.
