Industrial production fell 0.6 percent in July on top of a negative 0.3 percentage point revision to June. Motor vehicle production was down 7.8 percent.(Click on image to enlarge)
The Federal Reserve I report for July was a disaster.
The Bloomberg Econoday consensus estimate was a decline of 0.1 percent.The Fed revised June revised lower by 0.3 percentage points from 0.6 to 0.3 percent making the decline look mote like 0.9 percent.This was a bad report even accounting for Hurricane Berl. Industrial Production Since 1999(Click on image to enlarge)
In December of 2007 industrial production and manufacturing peaked one month before the start of the Great Recession.Manufacturing has still not made another high.The recent high in industrial production since the Covid pandemic is 103.55 in June. It would be fitting if that’s the top right as recession hits. Retail Sales Surge In July from Smaller Negative Revision(Click on image to enlarge)
Advance retail sales data from commerce department, chart by MishEarlier today I commented
Advance retail sales rose 1.0 percent in July from a negative 0.2 revision led by Motor vehicles autos. I’m skeptical because of how auto sales are counted.
Motor vehicle sales allegedly surged 3.6 percent following a 3.4 percent decline last month.Motor vehicle sales are counted when shipped from the manufacturer to the dealer no matter how long the cars sit on the lots. This grossly distorts auto sales.I expect major negative revisions to the retail sales report.More By This Author:Retail Sales Surge But GDPNow Forecast Declined, What Happened?Young Adults Up To Age 34 Were The Hardest Hit In Friday’s Unemployment Report Retail Sales Surge In July from Smaller Negative Revision
