Industrial production contracted for the eighth straight month in April, dropping 1.07% year-over-year. That’s a slight improvement from those prior months but likely only until April’s estimate is revised lower in the coming months. That has been the trend of late in both immediate terms as well as serious long-term revision to benchmarks. As far as the former, it suggests that even though contracting there is a very good chance that US industrial production is doing so at a moderately steeper pace than indicated now.
This post was published at David Stockmans Contra Corner by Jeffrey P. Snider ‘ May 18, 2016.
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