Industrial production in U.S. unchanged in January (by Jeffry Bartash)

WASHINGTON (MarketWatch) - Industrial production was unchanged in January, but the increase in December was revised sharply higher, according to the Federal Reserve. The rise in production in December totaled 1.0% instead of the 0.4% gain originally reported, the central bank said Wednesday. Capacity utilization, meanwhile, fell slightly to 78.5% last month, but only because of a sharp upward revision in December. The utilization rate in December was revised up to 78.6% from an initial reading of 78.1%. Economists surveyed by MarketWatch forecast industrial production to climb 0.8% and utilization to total 78.6%. While production rose 0.7% in manufacturing, the Fed said, it declined in mining and utilities.