This morning's release of Industrial Production for the month of July showed more than twice the growth that economists were forecasting (0.9% vs 0.4%). While the market saw a brief bounce off the lows on the news, the positive feeling quickly faded. In the table below, we summarize the year/year (y/y) change in each of the subsectors in the Industrial Production report and group them according whether they were stronger or weaker than the headline number.
This month, there was an equal split this month between stronger and weaker than headline change in y/y Industrial Production (3.8%). The strongest y/y growth was seen in Primary Metals (13.0%), Machinery (11.5%), and Fabricated Metals (10.4%) all of which saw double digit growth rates. On the downside, six of the twenty subcomponents saw outright declines led by Printing (-2.6%), Electrical Equipment (-1.6%), and Paper (-1.5%). Readers looking to see a more detailed view of the trends in Industrial Production, can do so by clicking the link below.