Update (0950ET): Ok, you can't make this up but both Industrial Production and Manufacturing Output bothtumbled on a non-seasonally-adjusted basis...
Industrial Production rose 0.3% MoM (SA)... but plunged 1.7% MoM (NSA)
Manufacturing Output rose 0.35% MoM (SA)... but tumbled 0.5% MoM (NSA)
Seasonals are indeed saving Bidenomics... for now.
* * *
US industrial production unexpectedly jumped by 0.3% MoM in September (0.0% exp) as capacity utilization picked up modestly (from 79.5% to 79.7%). This is the 3rd straight month of increased industrial production (and IP remains marginally higher on YoY basis)...
Source: Bloomberg
Utilities slid 0.3% MoM in Sept after rising 0.7% MoM in Aug.
On the manufacturing specific sector, production rose 0.4% MoM (better than the 0.0% exp).
Manufacturing production, however, remains lower on a YoY basis for the seventh straight month.
Once again, seasonal-adjustments saved the day as Manufacturing output fell 0.5% NSA (+0.4% SA)...
Source: Bloomberg
Seasonals saved Bidenomics...
One thing of note - ahead of the UAW strikes - is that Business Light Vehicles-Autos production plunged 6.2% MoM in September (after a big jump in August)...
Presumably this will be an utter shitshow next month as the factory closures hit.
Update (0950ET): Ok, you can’t make this up but both Industrial Production and Manufacturing Output bothtumbled on a non-seasonally-adjusted basis…
Industrial Production rose 0.3% MoM (SA)… but plunged 1.7% MoM (NSA)
Manufacturing Output rose 0.35% MoM (SA)… but tumbled 0.5% MoM (NSA)
Seasonals are indeed saving Bidenomics… for now.
* * *
US industrial production unexpectedly jumped by 0.3% MoM in September (0.0% exp) as capacity utilization picked up modestly (from 79.5% to 79.7%). This is the 3rd straight month of increased industrial production (and IP remains marginally higher on YoY basis)…
Source: Bloomberg
Utilities slid 0.3% MoM in Sept after rising 0.7% MoM in Aug.
On the manufacturing specific sector, production rose 0.4% MoM (better than the 0.0% exp).
Manufacturing production, however, remains lower on a YoY basis for the seventh straight month.
Once again, seasonal-adjustments saved the day as Manufacturing output fell 0.5% NSA (+0.4% SA)…
Source: Bloomberg
Seasonals saved Bidenomics…
One thing of note – ahead of the UAW strikes – is that Business Light Vehicles-Autos production plunged 6.2% MoM in September (after a big jump in August)…
Presumably this will be an utter shitshow next month as the factory closures hit.
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