Krauthammer: Bannon pulled a classic Scaramucci before leaving Trump White House
Venezuela rejects Washingtons criticism of the ANC
After Sikkas dramatic exit, Infosys faces recruitment headache
Most students overlook these critical factors when picking the best college
#Earthquake magnitude 4,7 - 299,0 km from #SpanishTown - #Jamaica
Reading books may add years to your life, but news articles don’t count (... sorry)
How much racism will white Americans tolerate?
Seventh charity cancels fundraiser at Trumps Mar-a-Lago estate
Intelligence Isnt Black-and-White: There Are 8 Different Kinds, Says Howard Gardner
Security scare in French town of #Nimes after #Barcelona attack
See the latest GDP data for European countries from Eurostat
Your citys ghost signs have stories to tell
SP: With Tops Holdings (supermarkets), thats 66 corporate defaults globally this year, vs 114 YTD in 2016.
NEW: Tech companies crack down on hate speech after Charlottesville
Islamic State claims responsibility for van attack in #Barcelona | Via @PanAmPost_es
Eighteen semi trucks set on fire in southern Chile
Picture of the day
Boston will never heel.
Scott Pruitt’s successor as Oklahoma AG opposes mega-wind project
Counterprotestors vastly outnumber attendees of so-called Free Speech Rally in Boston
Current status:
Close up of OBSERVER main story #tomorrowspaperstoday
Cant find safe eclipse glasses? Make your own eclipse projector instead.
Palestinian foreign minister welcomes Egypts warmer ties with Hamas
Malta snubs Defend Europe anti-migrant vessel
This Finnish businessman’s early bet on Angry Birds is making him a billionaire
U.S. Says Airstrikes Kill 7 Al-Shabaab Fighters: #Somalia
Should tourists in New Zealand, including Hong Kong visitors, take driving tests?
A War Without End - Neighbours Carry the Burden of Fleeing Millions: #SouthSudan
#Germany strongly condemns brutal Maduro regime in #Venezuela
Let’s ditch the dangerous idea that life is a story. Summer Reads from the archive:
Mom of Injured Virginia Victim: Shes my Hero
West Point Names Black Woman As First Captain
The radical Italian designer loved by David Bowie and Prince From @1843mag
Venezuela reaffirms that legislative branch wasn’t dissolved
Le bulletin Popescu - L#or et la Corée du Nord
This is why your shoelaces are always untied:
THE MEMO: GOP fears that Trump has significantly damaged the party
South African Minister Manana Resigns #SouthAfrica
We will bring them to heel
Dem lawmaker: Trumps presidency is unraveling before our eyes
Heartbroken, Disappointed Manana Apologises to Nation: #SouthAfrica
Steve Bannon declares: The Trump presidency is over
How Maasai sandals are made
What Would Sex in Space Really Be Like?
The 3-Step Argument the Left Makes to Justify Violence Against Conservative Speakers
Robson-Kanu gets winner, then red card as West Brom win at Burnley
Ship with #Venezuelan oil stuck off #US coast, shunned by banks.
At Turangawaewae Marae today for the celebrations. Looking forward to a good korero.
Cities as Innovation Platform for Green Economic Development
200 Chinese scam suspects take over 11-storey block in Cambodian capital
Thousands of students and alumni petition university to take back Trumps honorary degree
Archival video captures the sound of an atom bomb exploding, @adriennelaf reports
By the Time Youre a Junior, What You Learned as a Freshman is Obsolete
Mane strikes as Liverpool scrape 1-0 win over Palace
Trump adviser Carl Icahn resigned ahead of a negative magazine story via @AP
Heres a map of public transit all across America:
Member of Trumps religious advisory board resigns over conflict in values:
Hundreds of neo-Nazis march in Berlin to honor Hitler ally
Dem bill calls on Trump to immediately undergo mental health exam
Why are dogs in India turning blue?
The number of people that smoke daily has never been lower.
Big Data Meets Cultural Evolution in Jena
Sunday shows preview: Virginia lawmakers talk Charlottesville aftermath
Travelling the Ugandan border with South Sudan
Now thats what I call a patriots rally!
Scientist Hawking blames UK government for health service crisis
Where in the United States is nature most likely to kill you?
Zimbabwe blocks flights by South Africas government-owned airline amid Grace Mugabe scandal
This city has the best quality of life in the world (hint: it’s not in the U.S.)
Genetic enhancement will be many times more powerful than steroids
Calving Iceberg Captured in Epic Drone Video
California Dem: Pence would be worse as president if Trump is removed from office
Boston Free Speech Rally ends early
•This is applied to external and INTERNAL dialogue. ✨
This week, #Russia added the Jehovas Witnesses to its registry of banned organizations
Keep speaking the truth. #truth
Boston march against hate avoids Charlottesville chaos
Photos show Boston police clash with protesters after “free speech” rally
5 Topics That Are Forbidden to Science
Jack London: The Iron Heal
Press release by the organizers of todays free speech rally in Boston
Brutalist web design finally gets a takedown
An oldie but goodie: Will overheating spoil the market rally? $SPX $SPY
Brazil investigates Olympic scholarship corruption
Dogs notice when other dogs (and people) feel sad:
U.S. did not raise auto rules of origin at NAFTA talks: source
Older millennials are leaving the city for a new kind of suburb @melodyhahm
Look at these sad ass Nazis
@ProfSteveKeen @colbertlateshow #StrongerTogether
Thousands hit the streets in Boston to protest against hate groups
Strong chart #chartflow
Hillary and Robert Sheets Byrd express mutual admiration.
Finnish police say knifeman targeted women
Muslims protest against terror near Barcelona memorial
Can students return a billion oysters to a New York harbor?
Japan launches satellite to boost map and navigation systems
We investigate child trafficking and sexual exploitation along the Bolivia- Argentina border
First Trump faith advisor ‘resigns’ from presidential board
Fun facts about Germany
Cousin of woman killed in Charlottesville: Would we have cared as much if she wasnt white?
Protesters rally against Grace Mugabe at South Africa summit
Why are women joining the ‘alt-right’?
Tech companies shut down white nationalist sites
15,000 in Boston decry racism and neo-Nazis forcing free-speech rally to end abruptly
Is it OK to punch a Nazi?
Top black Democrat to Trump: Now fire the other white supremacists in your administration
Romney tells Trump to apologize for Charlottesville comments, but his words are hollow
Why do so few people in the Philippines protect children in car seats?
Trumps Twitter Army -- bots and pizza
Krauthammer: Bannon pulled a classic Scaramucci before leaving Trump White House
Netanyahu’s diplomatic charm offensive in Africa is bound to fail
Lovely cartoon on front page of Sunday Times
5 Worst Excuses People Make for Still Eating Meat #plantbased #vegan #health
How did a fancy wedding, grilled fish and Deng Xiaoping help make a billionaire?
THE MEMO: GOP fears that Trump has significantly damaged the party
Billionaire Alibaba founder Jack Ma was rejected from every job he applied to after college
Hate speech protesters shut down right-wing Boston rally
How to save files from a PC to a VHS tape, if you ever need to:
The #Disney Streaming Debacle #Netflix #Disney #streaming
How Britains electric vehicle push could generate more greenhouse gasses
Trump: Flood protection for me, none for thee.
Drones will fly into the path of the eclipse to study weather
Boston police arrest 27 people during protests around Free Speech rally
Vallotton | A wonderful play of patterns #oilpainting #artwork
Trump praises protestors in Boston after calling them “anti-police agitators”
Before you actually buy a new home, make sure youve completed all 25 to-dos on this list
Boston crowd of anti-racists dwarfs free-speech rally
Bankrupt Puerto Rico Gives Millions to Sketchy Firms With Government Ties
Laugh more! #happiness #cute
Steve Bannon declares: The Trump presidency is over
A classic! Are bond #yields really that low?
Teachers’ strike in #Peru has lasted more than 60 days, leaving students without classes.
This Year’s Top 10 Emerging Technologies, According to the World Economic Forum
A dispatch from the path of totality: the 2017 solar eclipse in Ravenna, Nebraska
Dont be afraid:
The ancient Romans celebrated Vinalia (August 19) to honor the new vintage of the year.
How dare the hippie socialists in Colorado Springs make this park free -- what a violation of libertarian ideals!!!
Everyones dumping the pound, and theyre only just getting started
Annnnnd now @realDonaldTrump has tweeted this.
Fatal Finland stabbings were ‘terrorist killings’, police say
Happy #WorldOrangutanDay! Here are 5 things you must know about these amazing animals ❤️
Family defends Jordanian soldier accused of murdering US troops
Kennedy Center on Trump skipping annual honors: We are grateful for this gesture
It’s bad news for stocks if Trump is now a lame duck via @BrettArends
Follow a team of scientists as they dive into Easter Islands largely unexplored reefs:
Venta directa y comunidades en la era de internet
Young couples in the UK were found to spend 12–15 hours a month on gardening.  #mrx
Católicos de Guam rezan por la paz en medio de amenazas
6 Easy Steps to Turbo Boost Climate Action in Local Government
Instagram post by Sue Keay • Aug 18, 2017 at 10:59pm UTC
Stock market #bears arent going to find love from #bulls.
Okazaki strikes early as Leicester down Brighton
NEW: The major staff shakeups that have rocked the Trump administration
HMS Medway revealed in Glasgow -
Pie chart: interruption in meetings
Have bond investors really gone mad this time? My blog -
Week in Review: August 19, 2017 | Mises Wire
Scientists have developed a tool to measure the tranquillity of urban spaces
Experts warn #NAFTA 2.0 may take awhile, not bring #US manufacturing jobs back
Colorado rules
Is eating cannabis safer than vaping it? @jameshamblin explores
Trump calls largely peaceful Boston counter-protestors anti-police agitators
Credit card debt in the US is at a record high
Dem lawmaker: Trumps presidency is unraveling before our eyes
Member of Trumps religious advisory board resigns over conflict in values:
Asset Performance (ETFs) Y-T-D | $SPY $IWM $TLT $GLD $UUP $USO
Millions of Americans to gaze upon Mondays once-in-a-lifetime eclipse
#Opinion: China must get along with regional powers to make its New Silk Road plan work
Trump, first lady will not attend Kennedy Center Honors: White House
The worlds water quality might be in trouble
French academic painter and traditionalist William-Adolphe Bouguereau died on August 19, 1905.
Steps for speeding up your Wifi
Albert Einstein on unthinking respect for authority
Tell @PepsiCo to cut ties with conflict #PalmOil and stop fueling rain forest destruction!
Protesters rally against Zimbabwes Grace Mugabe at South Africa summit
Dem bill calls on Trump to immediately undergo mental health exam
Donald Trump ends IPCC funding abandons global science leadership via @the_ecologist
Protests disrupt Taipei 2017 Summer Universiade games for students
Athens 17th century #Fethiye Mosque opens to the public #Greece
Thousands of students and alumni petition university to take back Trumps honorary degree
Trump has crowd number dysfunction.
Muslims fear anti-Islam backlash in tolerant #Barcelona
Why socialism is the true culprit in Venezuela’s meltdown, not oil prices
No #bitcoin is not becoming more stable.
California Dem: Pence would be worse as president if Trump is removed from office
Sign spotted at Bostons counter protest today
No More Girls and Boys shows the small things that shape children, writes @sarahditum
Donald Trump’s trade chief starts investigation into China’s ‘unreasonable’ policies
Instead of working longer, older Americans pack up and retire overseas -
White supremacist rally fizzles, overtaken by massive anti-racism march
84 years ago. No difference between Camp David Berlin national security meetings.
Online Coursera class on solar eclipse and other eclipse info
East Baton Rouge is running a court-approved shakedown. Were suing: via @MotherJones
Thousands hit the streets in Boston to protest against hate groups
How one small Kentucky town is morphing into Eclipseville
Can a city be compassionate? @louisvillemayor thinks so. Heres his plan:
Bannons departure wont change Trump, @peterbeinart writes
Why the ‘Great American Eclipse’ has some school districts scared
Boston today
Online retail sales as a % of total retail sales. #up
Dollar Volume Options Friday amc vs 20-day average, P/C in USD - Stocks - sorted by highest DVO, monthly exp
Michael Moore: Bannon left because Trump could defend white power all on his own
Moroccan asylum seeker targeted women in Finland knife attack
Stuck ship with Venezuelan oil is allegedly carrying about one million barrels of oil.
A political cartoon by @MartysaurusRex:
NYDN wins this one.
Two police officers shot and killed as they scuffled with suspect in Florida
State funeral for Pakistans Mother Teresa #RuthPfau
trying to figure out if this Nostradamus quatrain has anything to do with this eclipse and the stock market
Why do bird eggs come in so many shapes?
Opinion: At last, the outlines of a quick and clean Brexit are emerging
ICYMI! The Eurozone economy grew at the fastest pace (2.2% YoY) in six years in Q2.
Obamacare startup Oscar posts $57.6 million first-half loss
Top Electric Car Countries (Charts)
The Eclipse Will Majorly Impact Californias Solar Power
Buhari Returns After More Than 100 Days in London: #Nigeria
Every Trump official with a conscience must resign.
Born 19 August 1621: Gerbrand van den Eeckhout, Dutch Golden Age painter and a favourite student of Rembrandt.
There’s a major disconnect in how Republicans think about immigration reform
New animated sitcom would chronicle crime-fighting Biden and Obama
#Amazon billionaire Jeff #Bezos look has changed drastically since he started the company -
Puerto Rico public employees since Governor Garcia Padilla declared debts unpayable on June 28, 2015 #muniland
ONLY ON AP Venezuelans turn to Colombia for food
Pence: US wont stand by as Venezuela crumbles
White supremacist rally fizzles, overtaken by massive anti-racism march
Heres why we need more open-source software for buttplugs
Nervous Japanese hold evacuation drill in case #NorthKorea fires missiles over them
The two brightest objects in the sky will meet tonight.
How not burn down the forest while you’re watching the eclipse
Do you agree? @FARNOOSH explains why renting could be the better option for you:
Daily Digest 8/19 - Cashless Kids, Neonicotinoids Reduce Bees’ Ability to Lay Eggs
Factbox: The Spanish investigation of Barcelona attack
Former Ambassador Found Guilty of Hate Speech: #SouthAfrica
NAFTA needs major overhaul, not small tweaks
How to prepare for an Automated Future: | By: @UpshotNYT
Train derailment kills several passengers in Indias Uttar Pradesh
JUST IN: Trump calls largely peaceful Boston counter-protestors anti-police agitators
My thermostat just told me there will be a solar eclipse... Your move toaster.
How the Atlantic covered the Civil War as it unfolded, from Annika Neklason:
Want to watch the eclipse in Alaska? Here’s what you need to know.
A morning #train ride along #scenic #turnagainarm with @alaskarailroad
Updated monthly $XLY chart to this @seeitmarket post:
Bannons real political enemies are in the resistance, not the White House
Nigerias Buhari returns home after three-month sick leave in Britain
Heres where the Confederate memorials are across the US – all 1,501 of them
Static fire test of Falcon 9 complete—targeting launch of FORMOSAT-5 from SLC-4E at Vandenberg AFB on August 24.

Mike Shedlock

Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. He operates the blog MISH'S Global Economic Trend Analysis and believes in the Austrian School of economics.

May Industrial Production Flat, Manufacturing Dives: Exploring the April Outlier

2 months ago

For reasons unknown, the economic consensus is still tied to a second quarter recovery thesis.

For example, the Econoday consensus estimate for the manufacturing component of industrial production was +0.2%. Today’s Industrial Production report shows manufacturing fell 0.4%.

Do economists not know about poor auto sales?

Overall, economists expected industrial production to be +0.2%. Instead, production was flat.

Forget about all the strength in the low sample-sized regional reports. Government data are not pointing to strength at all as manufacturing readings in the May industrial production report are a matter of concern.

Industrial production could manage no better than an unchanged reading in May while the manufacturing component fell 0.4 percent. Both are lower than expected with manufacturing below Econoday’s low estimate.

Vehicle production fell sharply in the month, down 2.0 percent in a reminder that consumer spending on autos has been very weak this year. And in a reminder of how weak capital goods data have been, production of business equipment fell 0.7 percent. Hi-tech goods, in yet further confirmation of trouble, were unchanged in the month.

The mining component is a positive in this report, up 1.6 percent for a second straight strong gain, with the utilities component also positive, at plus 0.4 percent.

But manufacturing makes up the vast bulk of the nation’s industrial sector and today’s report makes April’s strength look very isolated. This report is bad news for durables data yet to be released not to mention factory payrolls.

Note that traditional non-NAICS numbers for industrial production may differ marginally from NAICS basis figures.

Industrial Production

The only strong report for the second quarter was last month’s Industrial Production report.

Exploring the April Ramp

It seems manufacturers ramped up production for sales that did not appear and are unlikely to appear.

Anyone sense another month of growing car incentives is coming right up?

Related Articles

  1. June 14: Retail Sales Dive (And It’s Not Just Autos)
  2. June 1: Motor Vehicle Sales Flat, Hope Turns to Second Half: What About Fleet Sales? Incentives?
  3. May 2: Auto Sales Puke Again: Year-Over-Year Totals: GM -6%, Ford -7.2%, Toyota -4.4%, Fiat-Chrysler -7.0%
  4. April 3: Auto Sales Final Numbers: Down 5.7%, Two-Year Low; Don’t Worry, It’s Just a Plateau!

Mike “Mish” Shedlock