US Industrial Production Surges In July, Back To Pre-COVID-Lockdown Level

After disappointing prints in June, US Industrial Production and Manufacturing Output was expected to rebound in July (despite plunging confidence and Delta doomsaying), and it did. Industrial Production rose 0.9% MoM (almost double expectations of +0.5% MoM). That is the 5th straight month of increases (and 13th of the last 15 months)…

Source: Bloomberg

Drilling down on Manufacturing output, July saw a big rebound (up 1.4% MoM vs +0.7% exp) after June’s unexpected 0.1% decline. That is the biggest rise since March…

Source: Bloomberg

Finally, we note that Industrial Production has just got back to pre-COVID-lockdown levels (while of course The Industrial Average is well above)…

Source: Bloomberg

Perception is reality.