US Manufacturing Production Unexpectedly Shrank In June Amid Automaker Bottlenecks

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…

Source: Bloomberg

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)…

Source: Bloomberg

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.

Tyler Durden
Thu, 07/15/2021 – 09:24

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