Oh, besides California closing indoor theaters, restaurants and bars? Worse than expected in the Fed’s Industrial Production and Capacity Utilization report just out.
See the business equipment line? We hate mentioning this to our chi-touting readers, but where’s the growth in -27%?
As says the presser:
“Total industrial production increased 1.4 percent in May, as many factories resumed at least partial operations following suspensions related to COVID-19. Even so, total industrial production in May was 15.4 percent below its pre-pandemic level in February. Manufacturing output—which fell sharply in March and April—rose 3.8 percent in May; most major industries posted increases, with the largest gain registered by motor vehicles and parts. The indexes for mining and utilities declined 6.8 percent and 2.3 percent, respectively. At 92.6 percent of its 2012 average, the level of total industrial production was 15.3 percent lower in May than it was a year earlier. Capacity utilization for the industrial sector increased 0.8 percentage point to 64.8 percent in May, a rate that is 15.0 percentage points below its long-run (1972–2019) average and 1.9 percentage points below its trough during the Great Recession. “
Tell me again about how 1.4% is an increase when we’re down how much from year-ago? Shots in the Kool-Aid.
Our balances are all up and the NASDAQ was down more than 150 points when I looked (before going to change my pants, lol!).
More in the morning. We’re declaring this a “Double Brewski Day.”
Paint that Dow into the close, baby!
Write when you get rich,