Watch KJP launch into song about March’s Industrial Production report. “The economy is going loop-de-loop.” In actuality, it rose by zero.
US Industrial Production rose 0.4% MoM in March – as expected – which was… wait for it… the same rise as in February after that data was revised notably higher. However, even with the revision and the subsequent rise, Industrial Production remains unchanged YoY…
Source: Bloomberg
We can’t help but see the irony that after we highlighted the serial downward revisions in data last month, that all of a sudden February’s Industrial Production data is revised drastically higher…
Source: Bloomberg
Capacity Utilization ticked modestly higher (from a downwardly revised 78.2% to 78.4% (below expectations)…
Source: Bloomberg
US Manufacturing also saw February’s data revised higher (from +0.8% to +1.2% MoM) and March rose 0.5% MoM (better than the 0.2% rise expected). That lifted YoY Manufacturing up by 0.8%…
Source: Bloomberg
Soft and Hard manufacturing data in agreement that things are turning up…
Nothing but blue skies here for The Fed to cut rates into… not!