Uh-oh. While soft-survey-driven data shows sentiment rebounding after Americans hibernation, it appears the hard data on what they are actually producing – now that weather is behind us – is dismal. Industrial Production slumped by 0.6% – its biggest miss since April 2011 – after its March rebound. This drop is the lowest since June 2009… and this is after the post-weather rebound… Still wondering why bond yields are collapsing? Don’t trust the signals of the bond market – stick with believing in the analysts – 80 out of 81 economists thought industrial production would have done something better in April.
What a mess – the bounce in March has been completely destroyed…
We guess all that channel-stuffing exuberance had to end at some point
Only Ashworth and Dales of Capital Economics “nailed the IP number” with the other 80 “qualified economists” missing expectations
via Zero Hedge http://ift.tt/1ljixA1 Tyler Durden