Today's data deluge continues with the latest Industrial Production data from the Fed, which rose 0.4% MoM in August, beating expectations of a 0.3% print, after July's 0.1% print was revised higher to 0.4%.
Mining output rose 0.7% in August, the same as the prior month; it has advanced more than 14% in the past 12 months, supported by substantial increases in the oil and gas sector.
However the key group inside the report, manufacturing production i.e.
By contrast, within nondurables, only textile and product mills posted a gain.
commercial energy products posted a rise of 0.9% m/m after falling 1.1% in July, the Fed said The capacity utilization rate for petroleum and coal products fell to 78.9% from 79.2% In any case, the overall data was quite solid, and YoY Industrial Production rose at the fastest pace since December 2010.