Uh-oh. While soft-survey-driven data shows sentiment rebounding after Americans hibernation, it appears the hard data on what they are actually producing - now that weather is behind us - is dismal. Industrial Production slumped by 0.6% - its biggest miss since April 2011 - after its March rebound. This drop is the lowest since June 2009... and this is after the post-weather rebound... Still wondering why bond yields are collapsing? Don't trust the signals of the bond market - stick with believing in the analysts - 80 out of 81 economists thought industrial production would have done something better in April.
What a mess - the bounce in March has been completely destroyed...
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We guess all that channel-stuffing exuberance had to end at some point
Only Ashworth and Dales of Capital Economics "nailed the IP number" with the other 80 "qualified economists" missing expectations