After an exuberant spike in April, US Manufacturing output dropped 0.4% MoM in May (the biggest drop since Feb 2015), missing expectations of a 0.1% rise by three standard deviations.
Manufacturing Output has been swinging violently in the last 3 months...
Headline Industrial Production also disappointed (unch vs +0. 2% exp), the weakest print since January.
After three yuuge months for Industrial Production gains, the Trump train appears to have stopped.
Finally there's this...
The Dow Jones Industrial Average is up 30%, while US Industrial Production is down 2% from its peak in Nov 2014.
