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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
US industrial production missed expectations in November, growing by 0.2% M/M (0.3% expected), with a downward revision to October (-0.9% vs -0.6% initially reported) casting it in an even poorer light.
- The November growth figure nonetheless represented a 4-month high.
- November's readings were fully expected to reflect a rebound in auto production due to the return to work by striking autoworkers - this indeed played out with a 7.1% rise in motor vehicles and parts production.
- Manufacturing production grew by 0.3% (0.5% expected, -0.8% prior - a -0.1pp revision) - but ex- motor vehicles/parts, manufacturing shrank by -0.2%.
- Outside of manufacturing, IP was mixed, with Mining output rebounding to +0.3% from -1.1% in October, and Utilities contracting for the 3rd consecutive month, at -0.4%.
- Capacity utilization meanwhile ticked 0.1pp higher to 78.8% (0.3pp below expectations, but October had been revised 0.2pp lower).
- Overall industrial production remains fairly sluggish, down 0.4% Y/Y. IP/manufacturing remains a fairly limited drag on growth, and is not at concerning utilization levels insofar as inflationary pressures are concerned.
Source: Federal Reserve, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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