US Industrial Production Is Growing At Its Weakest In 2 Years As Utilities Crashed

After 6 months of barely a blip in industrial production, consensus was hoping for a 0.5% MoM rise in January... but once again they were disappointed as Industrial Production was unchanged in January. That left Industrial Production up just 0.79% YoY - the weakest since Feb 2021...

Source: Bloomberg

Manufacturing output actually rose 1.0% MoM, better than the +0.8% expected, and its best print since Feb 2022. That dragged the YoY move back into the green...barely.

Source: Bloomberg

The biggest headline from the report is the record 9.9% collapse in Utilities...

Capacity Utilization slid to 78.3% - the lowest since Oct 2021...

Source: Bloomberg

But the economy is "strong as hell"?