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Industrial Production Beats But Autos Drop 3rd Month In A Row

Tyler Durden's picture




 

Last month's collapse in Industrial Production was handily revised up to a less taper-terrifying 0.3% drop (from 0.6%) and May saw the production gauge rise 0.6% vs 0.5% expectation for a notably unimpressive 'surge' post weather problems. Utilities fell modestly (as one would expect) but mining and manufacturing picked up slightly. Perhaps most notably, while total vehicle production rose, Auto production dropped for the 3rd month in a row as the Feb/March surge slows.

 

Aprils' plunge was revised higher, making the modest beat in May less impressive

 

As auto production slowed for the 3rd month in a row...

 

 

Source: Bloomberg and Fed

 

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Mon, 06/16/2014 - 09:32 | 4860935 Winston Churchill
Winston Churchill's picture

Lets just wait until about 12 o clock when we we get the revised, revised, numbers.

Mon, 06/16/2014 - 09:33 | 4860940 Hippocratic Oaf
Hippocratic Oaf's picture

Just keep building

Just keep stuffing

Just keep printing

Just keep smiling

Just keep lying

Mon, 06/16/2014 - 10:38 | 4861160 NotApplicable
NotApplicable's picture

But hey, at least now I can drive less than four miles total to peruse from amongst 10,000 new cars...

...that I will never buy.

I honestly don't know how the dealers have a clue where any particular car is (as if they care).

Mon, 06/16/2014 - 10:07 | 4861049 Sudden Debt
Sudden Debt's picture

let's just wait untill anybody actually reads this... almost all car builders are nicely green... go fish...

Mon, 06/16/2014 - 11:28 | 4861320 OldPhart
OldPhart's picture

Just to note...Auto Production has declined for FOUR months in a row.

BTW, at some point our soviet economic planners start drafting the new five year economic plan using all these bogus numbers.  Can't imagine how screwed up we'll be in another eight years.

Mon, 06/16/2014 - 09:33 | 4860939 TeamDepends
TeamDepends's picture

And we are now at war with Oceania.  We have always been at war with Oceania.

Mon, 06/16/2014 - 09:36 | 4860947 Atomizer
Atomizer's picture

Building cars that nobody wants. Progressives, aim the nail gun at your temple. 

Mon, 06/16/2014 - 09:44 | 4860969 wmbz
wmbz's picture

Repo's are on the rise...Imagine that.

Zero down, no credit check, works every single time!

Mon, 06/16/2014 - 09:49 | 4860984 Seasmoke
Seasmoke's picture

There has never been a better time to buy a new car, than TODAY !!!

Mon, 06/16/2014 - 09:54 | 4860991 foodstampbarry
foodstampbarry's picture

I need a new car but I'm waiting till the wheels fall off my current one. It's 14 years old - Suck it banker douche. By this time next year, they'll be paying people to drive one of their pos.

Mon, 06/16/2014 - 10:40 | 4861167 NotApplicable
NotApplicable's picture

Sad thing is, unless you get one right off of the boat, those cars will be worse than your old one as they sit, and sit, and sit.

Mon, 06/16/2014 - 09:51 | 4860994 Jumbie
Jumbie's picture

$75k+ Corvette production is at all time high demand. 2014 orders are being switched to 2015 models. For the first time ever, most are ordered with the high performance option(s).

Mon, 06/16/2014 - 10:20 | 4861092 Oldwood
Oldwood's picture

The best response to depression is more of what was depressing the fuck out of you in the first place,,,more debt. At least in a new vette you can go out with a ball of fire.

This is what depresses me...

Watching people do destructive things to themselves because they just aren't happy. Drugs, alcohol, cars, TVs, houses, vacations, whateverthefuck.

We have the biggest financial meltdown in recent history and yet we see an immediate reversion to the same exact behavior that precipitated it. All it took was the availability of the ammo (credit) before we are sticking the gun back into our mouths, pulling the trigger just so we can feel ALIVE!

We are sooo fucked

Mon, 06/16/2014 - 10:53 | 4861196 Hal n back
Hal n back's picture

corvettes are about to become collectors items. I have a 99 which I hardly use. 

 

On the autos, do not forget the light trucks and trucks which keep production overall about the same for past several months Which built inventory. Good business strategy, building inventories.

 

Dealer near me; yesterday drove by, they had a van outside marked with a sign, zero % 84 months

 

 

Mon, 06/16/2014 - 11:08 | 4861249 Oldwood
Oldwood's picture

I doubt many will ever be true collector cars. They make too many and they have relatively few options to make any specifically unique. If you look at older vettes like C2s, they bring good money but most still sell for less than it would cost to restore them. If you have an L88, then maybe some real money there.

 If we get into a situation where we see gas prices go significantly up, we could see the bottom fall out of these high end, high cost cars. I remember the early/mid seventies when insurance costs crushed sales of these kind of cars, new and used.

Of course we have more than just fuel prices to worry about now. The sky is darkening with black swans, but the weather forecasts keep telling us the sun is shining brightly, so buy a new vette on a 90 month loan. No one lives forever!

Mon, 06/16/2014 - 09:54 | 4861007 The Most Intere...
The Most Interesting Frog in the World's picture

These reports make me feel like a Bernie Madoff shareholder. Each month I open my statement and the details change a little here and there, but overall things keep going up nice and steady like! Yeeeehawwww!!!

Mon, 06/16/2014 - 10:03 | 4861032 MFL8240
MFL8240's picture

Lets see how this con game plays out with $107 oil!

Mon, 06/16/2014 - 12:13 | 4861053 Colonel Klink
Colonel Klink's picture

The only things we seem to produce in this country are worthless celebrities, poorly built housing, defective GM cars, and HUGE quanties of political lies and bullshit.

EDIT:  Which I have to add, I'm not buying.

Mon, 06/16/2014 - 10:11 | 4861070 Oldwood
Oldwood's picture

The important thing is to continue polling the nations largest corporations for their most rosy scenario, given they are positioned most closely to the trough. The rest of us, those 70% or so that are working for small businesses, count for shit. Like I give a flying fuck how GM is doing. We are well past the time when "what is good for GM is good for America". We have "progressed from commerce to pillaging.

Free trade and commerce is supposed to be about all parties of a transaction benefiting. Now it is about surviving the beating...."winning"...

Its not about winning the race by out-performing your competitors, its about killing your competitors so you don't have to run at all.

Mon, 06/16/2014 - 10:30 | 4861138 SoDamnMad
SoDamnMad's picture

Did you see all those Iraqi militarypickup trucks burning from the ISIS surge down towards Bagdad?  Bullish for 

truck sales. 

Mon, 06/16/2014 - 10:41 | 4861170 NotApplicable
NotApplicable's picture

So... you're saying that Toyota will be okay?

Mon, 06/16/2014 - 16:12 | 4862528 Bemused Observer
Bemused Observer's picture

And now GM is recalling MORE cars. They're making their way back on the list of every fucking vehicle they ever MADE...

By next week they'll be issuing recalls for all LaSalles...

Jesus, just SHOOT them already for the love of God! Put the poor bastards out of their MISERY! This is just too cruel to continue watching...

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