US: Core trend in industrial output remains weak - Wells Fargo
Data released today showed that Industrial Production rose marginally in February. Analysts at Wells Fargo point out the 0.4% decline in February manufacturing output held back a more pronounced gain in industrial production. They see that the outlook for manufacturing activity remains under pressure.
Key Quotes:
“Industrial production rose a modest 0.1% in February. This followed a decline in January, which was entirely due to weakness in manufacturing. This core weakness remained in February, as manufacturing output fell 0.4%.”
“The Fed is no doubt watching the two consecutive declines in manufacturing. At the very least, this release reaffirms their patient stance on further policy tightening.”
“In a separate release this morning, we learned that the NY Fed’s Empire Index fell to 3.7 in March, suggesting a near-term rebound in manufacturing activity remains limited.”
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
