Source: Economics Group of Wells Fargo Bank, N.A.
Summary
A better-than-expected print for June industrial production follows upward revisions to May data. It is not quite a manufacturing renaissance, but it is a modestly brighter assessment than would have been expected against a backdrop of gloomy survey data.Modest Rise Thanks in Part to a Bounce in Utilities
Overall industrial production rose 0.3% in June on the heels of an upward revision that lifted May’s 0.2% headline decline to an unchanged reading for the month. Relative to the consensus expectation for a scant 0.1% increase, today’s print is a modestly encouraging development for a sector that has not felt the wind in its sails for some time.