Industrial production sank 0.6% in January, the first drop in eight months, the Federal Reserve reported Friday. The decline was below Wall Street expectations of a flat reading. Adding to a sense of weakness in the report, industrial production in December was revised down to a 0.1% gain from the initial estimate of a 0.3% gain. Despite the decline, production remains 3.8% higher in January than it was a year earlier. Capacity utilization declined 0.6 percentage point to 78.2% in January, the lowest level since last July. What happened: In January, all categories except mining and utility production declined. ... (full story)