Tuesday , October 4 2022
Home / The Angry Bear / Industrial production heats up in July

Industrial production heats up in July

Summary:
Industrial production heats up in July If the news in the housing sector this morning was bad, the news from the King of Coincident Indicators, industrial production, was quite good. Total production rose 0.6% to a new all-time high. Manufacturing production rose 0.7%, and is below its April peak by only -0.1%: Barring downward revisions, this, together with the latest blockbuster employment report, makes it *very* unlikely that the US was in recession as of July. This is further shown by the YoY% changes in each. Currently total production is up 3.9%, and manufacturing production up 3.2%. Typically recessions have started from much weaker comparisons, although 1973 (oil embargo) and 2008 (housing collapse) did start from similar YoY

Topics:
NewDealdemocrat considers the following as important: ,

This could be interesting, too:

NewDealdemocrat writes August personal income and spending: major downward revisions overwhelm modestly positive monthly gains

run75441 writes Distibution and Total Growth of Family Wealth

NewDealdemocrat writes The positive trend in jobless claims continues

NewDealdemocrat writes Interest rates, the yield curve, and the Fed chasing a Phantom (lagging) Menace

Industrial production heats up in July

If the news in the housing sector this morning was bad, the news from the King of Coincident Indicators, industrial production, was quite good.

Total production rose 0.6% to a new all-time high. Manufacturing production rose 0.7%, and is below its April peak by only -0.1%:

Industrial production heats up in July

Barring downward revisions, this, together with the latest blockbuster employment report, makes it *very* unlikely that the US was in recession as of July.

This is further shown by the YoY% changes in each. Currently total production is up 3.9%, and manufacturing production up 3.2%. Typically recessions have started from much weaker comparisons, although 1973 (oil embargo) and 2008 (housing collapse) did start from similar YoY comparisons:

Industrial production heats up in July

With oil and gas prices having continued to decline in the past few weeks, I do not see any such sudden downdraft in the immediate present.

Leave a Reply

Your email address will not be published. Required fields are marked *