Despite Rebound, US Industrial Production Remains Lower Year-Over-Year

Thanks to some sizable downward revisions in prior months, US Industrial Production rebounded strongly in July, rising 1.0% MoM (considerably better than the 0.3% MoM expected). However, thanks to the downward revisions, industrial production remains down 0.25% YoY...

Source: Bloomberg

For the fifth straight month, US manufacturing output is lower year-over-year, despite a 0.5% MoM rebound in July...

Source: Bloomberg

So, Bidenomics is working? And a year on from the Inflation Reduction Act's enactment, US manufacturing output is lower.