U.S. Industrial Production Expanding At A Moderate Rate
Manufactured production rebounded 0.8% in June as motor vehicle output jumped 7.8% following May’s 8.6% decline. Total industrial production rose 0.6% as utilities output fell 1.5% and mining output rose 1.2%. Looking through the distortions created by the disruption to auto production from a fire at a parts factory in May, manufacturing continues to expand at a moderate rate. Business equipment output is also rising—although not at the pace that is consistent with a strong pickup in capital spending.
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Our views are driven by consistent application of classical economic and monetary principles and has generated superior anticipation of changes in the stance of monetary policy and of movements in economic growth and inflation.
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