Industrial Production Rises More Than Expected In January, Still Down Year-Over-Year

After hotter than expected prints in retail sales and producer price inflation, analysts were expecting a slowdown in US industrial production growth in January and it did but the 0.9% MoM rise was more than double the 0.4% MoM expected).

This is the 4th straight monthly rise in industrial production (and 8th of the last 9 months)...

Source: Bloomberg

However, as the chart shows, Industrial Production remains down almost 2% year-over-year.

US Manufacturing output has risen for 9 straight months (but also remains lower YoY)...

Source: Bloomberg

And while stocks and retail sales have surged back above pre-COVID levels as if nothing ever happened, industrial production remains well below those levels, despite the v-shaped recovery so far...

Source: Bloomberg

Just a little $1.9 trillion more to solve that gap?