US Industrial Production Unexpectedly Contracts In October, Capacity Utilization Slows
US Industrial Production unexpectedly fell 0.1% MoM in October – the biggest drop since Dec 2021 and less than the expected 0.1% MoM jump. Additionally, September’s 0.4% MoM rise was revised drastically lower to just 0.1% MoM.
That is the 4th monthly decline in the last 6 months and the slowest YoY rise since January.
Manufacturing output rose 0.1% MoM (half the expected 0.2% rise).
Utilities fell 1.5% in Oct. after falling 1.7% in Sept.
Mining fell 0.4% in Oct. after rising 0.7% in Sept.
Notably, Capacity Utilization dropped back below 80% (79.875%)…
Not exactly the “strong as hell” recovery we were told about.
Wed, 11/16/2022 – 09:22