US Industrial Production Unexpectedly Contracts In October, Capacity Utilization Slows

US Industrial Production unexpectedly fell 0.1% MoM in October – the biggest drop since Dec 2021 and less than the expected 0.1% MoM jump. Additionally, September’s 0.4% MoM rise was revised drastically lower to just 0.1% MoM.

That is the 4th monthly decline in the last 6 months and the slowest YoY rise since January.

Source: Bloomberg

Manufacturing output rose 0.1% MoM (half the expected 0.2% rise).

Notably, Capacity Utilization dropped back below 80% (79.875%)…

Not exactly the “strong as hell” recovery we were told about.