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US DATA: IP Lifts But Only Broadly Tracking Sideways

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Industrial production was much stronger than expected in August at 0.8% M/M (cons 0.2) but with some of the gloss taken off by a downward revision to -0.9% (initial -0.6%).
  • Manufacturing production led the increase with 0.9% M/M (cons 0.2) but it also drove the downward revision with -0.7% (initial -0.3%).
  • Utilities, a typical source of volatility in the release, were near flat on the month after -3% in July.
  • Trend growth remains tepid, with 3m/3m run rates of 0.7% annualized for overall IP and -0.3% for manufacturing. Weak core durable goods orders of -1.9% annualized on the same basis suggest further weakness ahead.
  • Capacity utilization meanwhile was a tick higher than expected at 78.0% (cons 77.9) after a deeper than first thought decline in July to 77.4%. It has held similar levels in 2024 to date after a trend decline in late 2022 through 2023. 
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  • Industrial production was much stronger than expected in August at 0.8% M/M (cons 0.2) but with some of the gloss taken off by a downward revision to -0.9% (initial -0.6%).
  • Manufacturing production led the increase with 0.9% M/M (cons 0.2) but it also drove the downward revision with -0.7% (initial -0.3%).
  • Utilities, a typical source of volatility in the release, were near flat on the month after -3% in July.
  • Trend growth remains tepid, with 3m/3m run rates of 0.7% annualized for overall IP and -0.3% for manufacturing. Weak core durable goods orders of -1.9% annualized on the same basis suggest further weakness ahead.
  • Capacity utilization meanwhile was a tick higher than expected at 78.0% (cons 77.9) after a deeper than first thought decline in July to 77.4%. It has held similar levels in 2024 to date after a trend decline in late 2022 through 2023.