FAST FIVE: US Industrial Production Suffers Worst Year Since 2015
US Industrial Production Suffers Worst Year Since 2015 After surging in November (by the most since Oct 2017), Industrial production was expected to contract modestly in December.
November's big jump was revised lower and the headline production printed a 0.3% MoM contraction (worse than expected), leaving US industrial production down 1.01% YoY – the worst since Oct 2016.
Manufacturing actually surprised to the upside in December (rising 0.2% MoM vs -0.1% exp), but year-over-year saw a 1.3% contraction.
Source: Bloomberg And of course, the Dow Jones INDUSTRIAL Average continues to soar despite INDUSTRIAL Production remaining relatively stagnant.
Source: Bloomberg And that's what The Fed is for.