Industrial production increased 0.1% in January 2008 for the second consecutive month, the U.S. Federal Reserve announced Friday, in a statement. The statistic was in-line with economists' consensus estimate.

Meanwhile, the December 2007 output was revised to a 0.1% increase, up from the previous estimate of 0.0%.

At 114.2% of its 2002 average, overall industrial production was 2.3% above its January 2007 level, the Fed said.

In addition, capacity utilization -- which indicates the percent of industrial resources in service -- was unchanged from the prior month's revised percentage of 81.5%. At 81.5%, capacity utilization is 0.4 percentage points above its year-ago level and 0.5 percentage points above its 1972-2007 average. Capacity utilization has averaged about 81% over the last three decades: higher utilization rates suggest upward pressure on prices is likely in the months ahead.

The Fed said output of utilities climbed 2.2%, while output of mines fell 1.8%. Production of consumer goods increased 0.3%; automobiles and parts production declined 1.3%; computers and peripheral equipment increased 1.3%.

Economic Analysis: In general, a status-quo report, but one that's still consistent with domestic-side weakness, offset somewhat by slightly stronger export activity. Further, economists will remain focused on industrial production statistics released this spring: with the housing sector entering its third year of contraction, economists expect manufacturing output to decline, due to a likely, continued consumer pull-back on purchases of furniture and appliances, among other goods.