US Manufacturing Production Unexpectedly Shrank In June Amid Automaker Bottlenecks
US Industrial Production growth disappointed in June, rising just 0.4% MoM (vs +0.6% exp) and down from the revised-loser 0.7% MoM rise in May…
More problematic though is that US Manufacturing production shrank in June (dropping 0.1% MoM vs expectations for a 0.3% rise and May’s 0.9% rise)…
The biggest driver of the weakness was a 5.4% MoM drop in motor vehicle, parts production…
There was a very modest silver lining:
Utilities rose 2.7% in June after falling 0.8% in May
Mining rose 1.4% in June after rising 0.8% in May
So the number was saved by a heatwave?
But this is hardly the picture of a rosy recovery being painted by all and sundry in the MSM.
Thu, 07/15/2021 – 09:24