Despite a surge in oil and gas drilling (up 8.5% MoM), US Industrial Production tumbled 0.3% MoM - the biggest MoM drop since March 2016. Worse still, after a hope-filled bounce to a positive year-over-year in December, Industrial Production slumped to unchanged from a year ago in January.
After December's exuberant bounce, January Industrial Production has fallen back to reality.
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This occurred despite a huge spike in oil and gas drilling...
And year-over-year, IP is now unchanged... (so only one positive print in the last 17 months - this is the worst non-recessionary streak in US history)
Once again "hard" data post Trump disappoints the exuberance in 'soft' data.
