For the 3rd month in a row, Industrial Production missed expectations as hopes and dreams of follow through in Q2 remain dashed on the shores of hard data. IP rose 0.2% (missing the 0.3% expectation) and May's jump was downwardly revised to 0.5%. What is stunning is that Industrial Production has slowed its gains from the polar-vortex Q1 into a much more economically frigid Q2. Capacity Utilization also missed expectations. Perhaps most worrying is the manufacturing industry's mere 0.1% gain in June - the slowest increase since January.
Industrial Production missed for 3rd month in a row...
[3]
As Manufacturing tumbled...
[4]
Charts: Bloomberg
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Does this look like a Q2 recovery bounce that is strong and supportive of 3% GDP growth?
