US Industrial Production Unexpectedly Dropped In August

US Industrial Production fell in August, dropping 0.2% MoM (vs 0.0% expected) and saw July revised lower also. August was the biggest MoM drop since Sept 2021

Source: Bloomberg

This is the 3rd monthly drop in 4 months as utilities fell 2.3% in August (after dropping 1.2% in July).

Manufacturing managed a small monthly gain in August…

Capacity utilization dropped modestly from 80.2% (revised down from 80.3%) to 80.0% in August

Not exactly the picture of a healthy recovering economy…