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Industrial production: once again, the hard data fails to confirm the sof … ofertheluvofgaud

Summary:
By New Deal Democrat Industrial production: once again, the hard data fails to confirm the sof … ofertheluvofgaud This morning’s report on industrial production confirms that the economy remains on autopilot, and that’s a good thing. Overall production increased again, and the trend of rising production since spring of last year is clear: When we break it down by manufacturing (blue, left scale), mining, and utilities (red and green, right scale), we get pretty much the same picture: While it’s true that the manufacturing subindex is below its April peak, I am not terribly concerned. There were very volatile readings in March, April, and May, and if we smooth the readings out via a three month moving average, July is only slightly below June, and both

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by New Deal Democrat
Industrial production: once again, the hard data fails to confirm the sof … ofertheluvofgaud

This morning’s report on industrial production confirms that the economy remains on autopilot, and that’s a good thing.

Overall production increased again, and the trend of rising production since spring of last year is clear:

Industrial production: once again, the hard data fails to confirm the sof … ofertheluvofgaud

When we break it down by manufacturing (blue, left scale), mining, and utilities (red and green, right scale), we get pretty much the same picture:

Industrial production: once again, the hard data fails to confirm the sof … ofertheluvofgaud

While it’s true that the manufacturing subindex is below its April peak, I am not terribly concerned. There were very volatile readings in March, April, and May, and if we smooth the readings out via a three month moving average, July is only slightly below June, and both June and July are above every other 3 month average reading.

So the Doomers will have to move on from their “soft data/hard data” argument to something else.

Dan Crawford
aka Rdan owns, designs, moderates, and manages Angry Bear since 2007. Dan is the fourth ‘owner’.

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