Industrial Production Disappoints, Manufacturing Contracts As Downward Revisions Continue

US industrial production was unchanged MoM in April (weaker than the modest 0.1% increase expected) and following a downward revision in March from +0.4% to +0.1% MoM. The downward revision and weak print left IP down 0.4% YoY...

Source: Bloomberg

11 of the last 13 months have seen negative downward revisions to Industrial Production...

Source: Bloomberg

Capacity Utilization fell further to 78.4%...

Source: Bloomberg

Manufacturing was even worse with a 0.3% decline MoM (worse than expected) dragging production down 0.5% YoY...

Source: Bloomberg

Not exactly the 4.0% GDP-inspiring data many had hoped for.