Industrial production was solid in January

Industrial production rose more than expected in January.

The Federal Reserve's data showed that production jumped 0.9%, while capacity utilization was 77.1%.

Production was boosted by an increase in the utilities component, as there was more demand for heating in January after an unusually warm December.

Production was slowed a bit by winter storm Jonas - the brutal snowstorm that covered the East Coast - according to the Fed.

The rise in production last month was the fourth in the past year, as industry coped with strain from weak global demand and the strong dollar. Industrial production was down 0.7% compared to January 2015.

The consensus forecast had been that industrial production rose 0.4% in January from December, and capacity utilization was 76.7%.

Manufacturing production rose 0.5%.

The numbers for December were revised lower, with industrial production dropped to -0.7% (from -0.4%), and capacity utilization to 76.4% (from 76.5%).