Industrial production rises but It is far below the Pre-Covid trend

Mike “Mish” Shedlock's Sitka Pacific Capital Management,Llc

Industrial production rose 5.4% in June but the trendlines are far away.

The Fed's Industrial Production and Capacity Utilization report shows total industrial production rose 5.4 percent in June after increasing 1.4 percent in May.

June Key Points

Industrial Production rose 5.4%
Manufacturing rose 7.2%
Utilities rose 4.2%
Capacity Utilization rose from 65.1% to 68.6%
Motor Vehicles and Parts rose 105.0%

Even with the two-month bounce, IP is 10.9 percent below its pre-pandemic February level.

For the second quarter as a whole, the index fell 42.6 percent at an annual rate, its largest quarterly decrease since the industrial sector retrenched after World War II.

Author

Mike “Mish” Shedlock's

Sitka Pacific Capital Management,Llc

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