After a One-Month Respite, Another Awful Industrial Production Report
As seen below, that’s 5 out of 6 results showing zero growth or contraction.
From the Federal Reserve’s release, no further comment needed (link to larger, more easily readable version is here):
UPDATE: Aw, what the heck, I can’t resist posting Zero Hedge’s opening paragraph —
Industrial Production missed expectations notably, dropping 0.4% MoM (the 6th of the last 8 months) missing expectations of a 0.2% drop (and notably weaker than the +0.9% upward revised July print). This is the biggest MoM drop since August 2012. The big driver of the decline – just as we warned of nightmares ahead – was the biggest decline in auto production in 4 years. The year-over-year rise in IP is just 0.9% – flashing yet another recession-looming indicator.
UPDATE 2: We really shouldn’t miss noting that the Empire Manufacturing Index came in very negative for the second straight month (-14.67; any number below zero indicates contraction), defying expectations that it would recover to breakeven level.
[...] isn’t as “strong” as once thought. Retail sales are tepid. Industrial production is in decline. Economic growth in general remains anemic. Manufacturing and trade sales are down, while [...]
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[...] production has declined or failed to grow in five of the past six [...]
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