US Industrial Production Jumps Most Since July
After slowing its rebound in November, US Industrial Production was expected to re-accelerate in December and it did, dramatically. Despite job losses, tumbling retail sales, and soft survery data, industrial production jumped 1.6% MoM in December (massively beating the +0.5% expectation). This is also the biggest MoM jump since July…
On a year-over-year basis, industrial production remains down 3.6%.
US Manufacturing rose 0.9% MoM, almost double the 0.5% expected, but also remains down 2.8% YoY…
This is the 8th straight month of rebounds for US manufacturing.
While the “Industrial” Average is soaring back near record highs, dramatically above pre-COVID levels, “Industrial” Production continues to languish below those pre-pandemic highs…
The stock market is not the economy… it’s just a fogged mirror of liquidity, nothing more (and no, the new stock market is not a discounting mechanism of anything but future liquidity expectations).
Fri, 01/15/2021 – 09:19