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)...
Source: Bloomberg
Industrial Production rose 0.1% MoM in February (from that revised lower print), leaving the YoY change in IP at -0.23%...
Source: Bloomberg
Capacity Utilization was flat at 78.25% in February...
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)...
Source: Bloomberg
Just another endless stream of downward revisions...
Source: Bloomberg
How long before the 'soft' survey data catches up to the hard reality of the downwardly revised production data...
Source: Bloomberg
All the downward revisions must be weighing on GDP forecasts.
