US Industrial Production: Underlying details paint a slightly better picture - Wells Fargo

Matías Salord FXStreet

Industrial production was flat during June. According to analysts at Wells Fargo, a drop in utilities output outweighed gains in mining and manufacturing. They see that despite the second consecutive monthly gain, manufacturing output remains fairly weak.

Key Quotes:

“Overall industrial production was essentially unchanged in June. However, the underlying details paint a slightly better picture, as solid gains in manufacturing and mining were not enough to offset a decline in utilities.

“Mining rose 0.2%, bolstered by oil and gas extraction. A steadily declining rig count will limit potential future gains. Utilities gave back all of May’s weather-induced bump and dropped 3.6%.

“Slowing global growth, trade uncertainty and a stronger dollar will likely continue to weigh heavily on the factory sector.”

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.

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