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IP Holding Up Well Considering Heavily Contractionary ISM

US DATA
  • Industrial production was softer than expected in May as it declined -0.2% M/M (cons +0.1%) after +0.5% M/M.
  • The manufacturing sub-component offered a slightly stronger than expected take, rising +0.1% M/M (cons -0.1%) after a slightly downward revised +0.9% M/M in April (initial 1.0%).
  • Overall IP was additionally weighed by mining production (-0.4% after +0.3% M/M) and a continued drag from utilities (two consecutive -1.8% M/M prints).
  • The trends for both IP and manufacturing production are running at 3% annualized on a 3M/3M basis, holding up well considering the ISM manufacturing index is deeply in contraction territory.

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