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June industrial production: second sharp monthly decline in manufacturing

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June industrial production: second sharp monthly decline in manufacturing  – by New Deal democrat Industrial production declined -0.2% in June, and May was revised downward to unchanged. Even worse, manufacturing production declined -0.5% in June, and May was revised downward to -0.5% as well: This corresponds to the sharp deterioration in the regional Fed new orders indexes, and the ISM manufacturing new orders index we have seen during that same time. On a YoY basis, total production is up 4.2%, while manufacturing is up 3.6%. Compared with the last 40 years, and particularly the last 20, this remains pretty good growth: The sharp deceleration in the past two months is not good, and two recessions – 1990 and 2007 – have started from

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June industrial production: second sharp monthly decline in manufacturing

 – by New Deal democrat

Industrial production declined -0.2% in June, and May was revised downward to unchanged. Even worse, manufacturing production declined -0.5% in June, and May was revised downward to -0.5% as well:

June industrial production: second sharp monthly decline in manufacturing

This corresponds to the sharp deterioration in the regional Fed new orders indexes, and the ISM manufacturing new orders index we have seen during that same time.

On a YoY basis, total production is up 4.2%, while manufacturing is up 3.6%. Compared with the last 40 years, and particularly the last 20, this remains pretty good growth:

June industrial production: second sharp monthly decline in manufacturing

The sharp deceleration in the past two months is not good, and two recessions – 1990 and 2007 – have started from these levels, but it has usually taken an even sharper downturn to coincide with the onset of a recession.

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