The big bounce back for industrial production, specifically
manufacturing production, contributed 0.36 to June's 0.43 showing for
June's national activity index. This is a very strong result that tops
Econoday's consensus range. Other readings were steady in the month with
employment contributing 0.08, sales, orders, and inventories
contributing 0.06 with personal consumption and housing, pulled down by
declines in housing starts and permits, at minus 0.06.
Revisions
to previously released government data were the main factors behind a
sharp downward revision to May, to minus 0.45 from an initial minus
0.15. In a partial offset, April is revised to 49 from 42. This index
began to turn higher at the end of last year and continues, despite the
drop in May, to post the best results of the ongoing expansion.
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