US Manufacturing Production Lower YoY For 7th Straight Month

Tyler Durden's Photo
by Tyler Durden
Tuesday, Oct 17, 2023 - 01:39 PM

Update (0950ET): Ok, you can't make this up but both Industrial Production and Manufacturing Output bothtumbled on a non-seasonally-adjusted basis...

Industrial Production rose 0.3% MoM (SA)... but plunged 1.7% MoM (NSA)

Manufacturing Output rose 0.35% MoM (SA)... but tumbled 0.5% MoM (NSA)

Seasonals are indeed saving Bidenomics... for now.

*  *  *

US industrial production unexpectedly jumped by 0.3% MoM in September (0.0% exp) as capacity utilization picked up modestly (from 79.5% to 79.7%). This is the 3rd straight month of increased industrial production (and IP remains marginally higher on YoY basis)...

Source: Bloomberg

Utilities slid 0.3% MoM in Sept after rising 0.7% MoM in Aug.

On the manufacturing specific sector, production rose 0.4% MoM (better than the 0.0% exp).

Manufacturing production, however, remains lower on a YoY basis for the seventh straight month.

Once again, seasonal-adjustments saved the day as Manufacturing output fell 0.5% NSA (+0.4% SA)...

Source: Bloomberg

Seasonals saved Bidenomics...

One thing of note - ahead of the UAW strikes - is that Business Light Vehicles-Autos production plunged 6.2% MoM in September (after a big jump in August)...

Presumably this will be an utter shitshow next month as the factory closures hit.