Industrial production rose 0.9% in October after a revised 0.4% in September. In reference to the discrepancy between industrial production and the regional Fed manufacturing reports, Econoday says "The last piece has fallen into place." What's the real story?
Industrial production beat the consensus (ignoring revisions), but manufacturing was weak once again.
Industrial production was down 0.8% in October with Manufacturing down 0.6%. Motor vehicles were down a whopping 7.1%.
Without a cold February and a resultant surge in utilities, industrial production would have been negative.
Industrial production rose a seemingly solid 0.9 percent in December until one looks at the details.
Industrial production unexpectedly slipped in March, down 0.1% vs an expected gain of 0.3%.
The Fed G17 report shows Industrial Production is up 0.4% this month, but the manufacturing component weighted at about three-fourths of the total has been barely growing for some time. The Fed revised May from flat to +0.1 and April from +1.1 to +0.8.
With GM back in swing, Industrial production rose 1.1% after two dismal months.
Import prices rose only 0.1% in December despite a 1.8% jump in energy. Export prices fell 0.1%.