Today’s economic releases offered a mixed report on the health of the U.S economy.

The shortfall in the widest gauge of U.S. global trade expanded to a record level at the end of 2004 as the U.S. dollar’s fall against other major currencies was offset by rising oil prices.

The current-account deficit increased to US$187.9 billion in the fourth quarter from an upwardly revised US$165.9 billion in the third quarter, the Commerce Department said.

As a share of gross domestic product, or the total value of all goods and services in the U.S. economy, the deficit increased to 6.3% — also a record — from 5.6% in the third quarter.

Increasing oil prices late last year and surging imports caused a sharp deterioration in the balance of trade.

Separately, the Commerce Department reported that housing starts rose 0.5% in February to a seasonally adjusted 2.195 million annual rate, the highest level since February 1984. That advance came amid expectations that starts would fall off after large gains in recent months.

However, building permits fell by 2.7% last month to a 2.074 million annual rate.

Meanwhile, the Federal Reserve said industrial production rose 0.3% last month as factory production rose steadily and utilities output dropped for the second straight month.

February industrial capacity utilization was reported at 79.4%, its highest level since December 2000.

In February, manufacturing production rose 0.5%. That matched the growth rates in January and December, which were revised up in the latest monthly report from previous estimates of 0.4% growth. February manufacturing capacity use came in at 78.5%, up from January’s 78.2% and the highest level since November 2000.