Despite a bloodbath in regional Fed manufacturing surveys, US industrial production and manufacturing activity jumped (unexpectedly) in April.
Headline Industrial Production rose 0.5% MoM in April (up from the 0.5% MoM rise in March and well ahead of the 0.0% change expected). However, on a YoY basis, industrial production remain languishing around unchanged…
Source: Bloomberg
Additionally, after a 0.8% MoM decline in March (revised down from -0.5%), US Manufacturing production rose 1.0% MoM (smashing the 0.1% MoM expectation)…
Source: Bloomberg
However, even that was not enough to get Manufacturing back above 0 on a YoY basis.
Capacity Utilization picked up modestly too…
Is this the ‘soft landing’ everyone hoped for? ‘Soft’ sentiment surveys say otherwise…
Or is it just more manufactured data?
Tyler Durden
Tue, 05/16/2023 – 09:27
