Despite a bloodbath in regional Fed manufacturing surveys, US industrial production and manufacturing activity jumped (unexpectedly) in April.
Headline Industrial Production rose 0.5% MoM in April (up from the 0.5% MoM rise in March and well ahead of the 0.0% change expected). However, on a YoY basis, industrial production remain languishing around unchanged…
Source: Bloomberg
Additionally, after a 0.8% MoM decline in March (revised down from -0.5%), US Manufacturing production rose 1.0% MoM (smashing the 0.1% MoM expectation)…
Source: Bloomberg
However, even that was not enough to get Manufacturing back above 0 on a YoY basis.
Capacity Utilization picked up modestly too…
Is this the ‘soft landing’ everyone hoped for? ‘Soft’ sentiment surveys say otherwise…
Or is it just more manufactured data?
