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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.
DATA REACT
Solid May industrial production report, but in contrast to retail sales, we saw downward revisions to April (IP +0.8% vs 0.7% expected, Apr revised to +0.1% from +0.7%).
- The latter appears to be a downward revision above and beyond the annual revisions published on May 28, which saw Apr at +0.5%, though March too appears to have been revised up strongly in this report. All in all, a picture of a slow comeback for US industrial production.
- From the report: "Most market groups posted gains in May. The indexes for consumer goods, business equipment, business supplies, and materials all moved up around 1 percent. Within consumer goods, the index for durables advanced nearly 3 percent, mostly resulting from a jump of 5.7 percent in the output of automotive products."
- From the industry group report - still a long way back for autos production: "Overall vehicle assemblies jumped about 1 million units to 9.9 million units (annual rate); even so, they remained more than 1 million units below their average level in the second half of 2020, as production continued to be hampered by shortages of semiconductors."
Source: Federal Reserve
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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