US Manufacturing Output Stagnates For 14th Straight Month (Despite Surging Surveys)

US Manufacturing output stagnated for the 14th month in a row in December with a mere 0.2% rise year-over-year (amid downward revisions), notably less than the expected 0.4% rise. While industrial production rose year-over-year for the first time since August 2015 (thanks to a surge in vehicle production). Natural gas utility output also soared 12.0% MoM providing some impetus to the headline print's 0.8% MoM gain.

 

 

It appears the soft survey data is once again entirely decoupled from the hard reality data...

 

And just in case that's too hard to read...