US Industrial Production Tumbled For The 3rd Straight Month As Capacity Utilization Craters

US Industrial Production tumbled for the third straight month in November (and 4th of the last 5). The 0.1% MoM decline (vs +0.3% exp) – following a downwardly revised 0.4% drop the month prior – dragged production down 0.9% YoY (the worst drop since January)…

Source: Bloomberg

Factory Orders rose 0.2% MoM –after a downwardly revised 0.7% slide a month earlier – (considerably weaker than the +0.5% MoM expected)…

Source: Bloomberg

Ex-Transportation, the picture was a little more rosy with core factory orders up a modest 0.13% MoM rise lifting YoY production by 1.13%…

Source: Bloomberg

Output at utilities fell by the most in four months, while mining posted the largest decline since May.

Finally, capacity utilization fell to 76.8% (the lowest since April 2021) and well below expectations…

Source: Bloomberg

…but, but, but it’s not a recession!