Industrial production data
- Prior was +0.4%
- Manufacturing production -0.3% vs +0.7% expected
- Prior production +1.0% (revised to +1.2%)
- Capacity utilization -0.3% vs +0.6% expected
In contrast to retail sales, this is a big miss. What’s puzzling is that the Philly Fed this week was very strong so there’s a disconnect. I don’t think there’s much reason to worry here, despite the headline, but it’s an interesting turn of events.
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