US Industrial Production

“US industrial production fell 0.3% in January vs. consensus +0.2% – core manufacturing category fell 0.8% vs. consensus +0.1%, largest decline since 2009, driven lower by 5% drop in auto and parts production. (i) The Federal Reserve noted in the release that “severe weather … curtailed production in some regions of the country.” (ii) Excluding autos, manufacturing production nonetheless posted a 0.5% decline, with weakness seen in a number of categories.” (Goldman Sachs)

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