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IP Beats In July, Trend Still Soft But Relatively Resilient

  • Industrial production was stronger than expected in July, increasing 1.0% M/M (cons 0.3) after a partly offsetting downward revised -0.8% (initial -0.5%) in June.
  • Utilities do exacerbate this trend, bouncing +5.4% after -3.0%, but there is a similar story for manufacturing production. The latter increased 0.5% M/M (cons 0.0) albeit after a downward revised -0.5% (initial -0.3) and with further downward revisions offsetting the July beat of consensus.
  • The 3M/3M trend for both IP and manufacturing production has slowed, with both at -1% annualized from flat in June, yet they continue to hold up well considering the ISM manufacturing survey is in solid contraction territory at 46.4 as of July.

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