mishtalk.com / Mike “Mish” Shedlock / July 14, 2017
The Fed G17 report shows Industrial Production is up 0.4% this month, but the manufacturing component weighted at about three-fourths of the total has been barely growing for some time.
The Fed revised May from flat to +0.1 and April from +1.1 to +0.8.
The Econoday consensus was for 0.3% growth.
Mining is once again the highlight of an otherwise soft industrial production report. Gaining 1.6 percent for a third straight sharp increase, mining pulled industrial production up 0.4 percent in June as utilities posted no change and manufacturing managed an as-expected 0.2 percent gain.
Manufacturing makes up the vast bulk of the industrial sector and a breakdown does show strength with vehicles up 0.7 percent and selected hi-tech up 0.8 percent. But both consumer goods and business equipment came in flat with construction supplies down slightly.
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