US Industrial Production Is Flat YoY In August, Despite Surge In Auto Production
After a significant decline in July, US Industrial Production rebounded dramatically in August, rising 0.8% MoM (as July was revised down from -0.6% to -0.9% MoM). That lifted Industrial Production back up to unchanged on a YoY basis…
Source: Bloomberg
Manufacturing also soared 0.9% MoM, lifting the YoY print to +0.2%…
Source: Bloomberg
Most major market groups posted gains in August, with the jump in the output of motor vehicles and parts contributing to the strength recorded across a variety of categories.
The index for consumer goods rose 0.7 percent, as a 10.5 percent increase in the index for automotive products more than offset a small decline in the index for nondurable consumer goods.
Similarly, the index for business equipment stepped up 1.4 percent in August, supported by a 6.6 percent gain in the index for transit equipment.
The index for materials grew 0.9 percent in August, with gains in all its subcomponents, including the index for durable goods materials, which rose 1.6 percent and was bolstered by the output of motor vehicle parts.
Beyond the influence of motor vehicles and parts, defense and space equipment posted a gain of 0.5 percent and was 3.2 percent above its year-earlier level.
Business supplies recorded the sole decline among major market groups, edging down 0.2 percent in August after decreasing 0.7 percent in July.
Capacity Utilization ticked modestly higher in August…
Source: Bloomberg
Is US manufacturing really swinging from its biggest drop since January to its biggest jump since Feb?
And one more thing – are we really going to cut rates by 50bps after a big surge in manufacturing?
Tyler Durden
Tue, 09/17/2024 – 09:23
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