US Industrial Production Drops In May As Capacity Utilization Sinks

US Industrial Production fell 0.2% MoM in May – the second decline in the last three months. That print was weaker than expected from an upwardly revised April print and dragged the YoY change in production down to +0.6% YoY…

Source: Bloomberg

On the Manufacturing side, output rose 0.1% MoM, from a downwardly revised 0.5% decline in April

Source: Bloomberg

Interestingly, while auto retail sales dropped (as we detailed earlier), US auto production rose in May while Energy & Computer production fell…

Source: Bloomberg

Capacity Utilization slipped lower in May to 77.4%, falling for the third straight month…

Source: Bloomberg

Is today the turning point (down) in ‘hard’ data (as soft data has turned up)?

What will Jay Powell do with that?