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
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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
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Hillary and Robert Sheets Byrd express mutual admiration.
Finnish police say knifeman targeted women
Muslims protest against terror near Barcelona memorial
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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
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Protesters rally against Grace Mugabe at South Africa summit
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Lovely cartoon on front page of Sunday Times
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Steve Bannon declares: The Trump presidency is over
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Dont be afraid:
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Annnnnd now @realDonaldTrump has tweeted this.
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Pie chart: interruption in meetings
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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