Industrial Production Growth Beats But Slows To Weakest Since May

Industrial Production has risen and beaten expectations for four straight months (up 0.3% MoM vs +0.2% exp),

but we do note that this is the slowest gain since the plunge in May.

Vehicle Production growth slowed from +4.3% MoM to +1.7% MoM in September.

Capacity Utilization missed expectations very modestly (unchanged at 78.1%).

While US 'hard' data has serially disappointed for the much of the year, industrial production continues to push higher, rebounding in recent months ahead of tariff turmoil...

 

And finally, for good measure and consistency, the gap between America's industrial production and America's stock market measure of industrials has never been bigger...