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