US Industrial Production Sees More Downward Revisions (You Can't Make This Up)

Another day, another downward-ly revised dataset...

In today's episode of 'shit you believed in the past is not real at all', US Industrial Production in January was revised from a 0.1% decline to  0.5% decline. That is the 10th monthly revision lower in the last 11 months (and 14th of the last 17)...

us industrial production sees more downward revisions you cant make this up

Source: Bloomberg

Industrial Production rose 0.1% MoM in February (from that revised lower print), leaving the YoY change in IP at -0.23%...

us industrial production sees more downward revisions you cant make this up

Source: Bloomberg

Capacity Utilization was flat at 78.25% in February...

us industrial production sees more downward revisions you cant make this up

Source: Bloomberg

On the pure manufacturing side, production rose 0.8% MoM, but that - again - was from a big downardly revised January (from -0.5% MoM to -1.1% MoM)...

us industrial production sees more downward revisions you cant make this up

Source: Bloomberg

Just another endless stream of downward revisions...

us industrial production sees more downward revisions you cant make this up

Source: Bloomberg

How long before the 'soft' survey data catches up to the hard reality of the downwardly revised production data...

us industrial production sees more downward revisions you cant make this up

Source: Bloomberg

All the downward revisions must be weighing on GDP forecasts.

Authored by Tyler Durden via ZeroHedge March 15th 2024