Summary Industrial production unexpectedly fell 0.1% in December despite indications that wait times are shortening and other signs of initial improvement with the supply chain problem. A surge in mining output prevented an even larger decline.
Still a Supply Problem, Poor Gulliver Total industrial production edged slightly lower in December with a 0.1% decline in the last month of the year. Upward revisions to prior month’s data may take some of the sting out of today’s unexpected decline, but the main message is that despite some improvement, manufacturing output is being held down by tangled supply lines like the many ropes of the Lilliputions that held down Gulliver. READ FULL ARTICLE>>