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Tuesday, November 29, 2022

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US Industrial Production Jumps In September As Capacity Utilization Hits 14 Year High

After falling for the 3 of the last 4 months, US Industrial Production was expected rise modestly in September. Instead it surged 0.4% MoM (considerably more than the +0.1% exp) and August -0.2% was revised up to -0.1% MoM. This pushed the YoY gain up 5.33% (but remember this is a notional, not inflation-adjusted level)…

Source: Bloomberg

On the manufacturing side, production also increased more than expected in September (+0.4% MoM vs +0.2% exp) and that also saw a major upward revision for August from +0.1% to +0.5%. Manufacturing production has risen for 3 straight months and is up 4.7% YoY…

Source: Bloomberg

Capacity Utilization also rose more than expected in September, finally pushing above Aug 2018’s highs…

Source: Bloomberg

This is the highest utilization rate since March 2008.

This is not what The Fed would like to see from its aggressive tightening.

This post was originally published on this site

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