OMFG!....they can't keep the lies straight.
For the 13th month in the last 16, US Industrial Production data was revised lower (significantly lower)...
Source: Bloomberg
That meant US industrial production tumbled 0.6% MoM in July (dragging production down 0.2% YoY after revisions)...
Source: Bloomberg
US manufacturing also tumbled more than expected (-0.3% MoM) and thanks to yet more downward revisions, the YoY change fell to just 0.1%...
Source: Bloomberg
Capacity Utilization fell again to 77.8% - well below expectations...
Source: Bloomberg
And finally, this will really make you laugh... remember 30 mins ago when Retail Sales data showed a surge in auto sales (despite CPI signaling prices plunging because dealers can't sell them)... well guess what happened to auto production - it collapsed!!!!
Source: Bloomberg
That is the biggest 3-month decline in auto production since the COVID lockdowns...
Source: Bloomberg
Does that sound like automakers are buying what the government's retail sales data is selling?
OMFG!....they can't keep the lies straight.
For the 13th month in the last 16, US Industrial Production data was revised lower (significantly lower)...
Source: Bloomberg
That meant US industrial production tumbled 0.6% MoM in July (dragging production down 0.2% YoY after revisions)...
Source: Bloomberg
US manufacturing also tumbled more than expected (-0.3% MoM) and thanks to yet more downward revisions, the YoY change fell to just 0.1%...
Source: Bloomberg
Capacity Utilization fell again to 77.8% - well below expectations...
Source: Bloomberg
And finally, this will really make you laugh... remember 30 mins ago when Retail Sales data showed a surge in auto sales (despite CPI signaling prices plunging because dealers can't sell them)... well guess what happened to auto production - it collapsed!!!!
Source: Bloomberg
That is the biggest 3-month decline in auto production since the COVID lockdowns...
Source: Bloomberg
Does that sound like automakers are buying what the government's retail sales data is selling?