US Industrial Production Disappoints – Shows No Sign Of “V-Shaped” Rebound

After the exuberance of jobs and retail sales data, US Industrial Production disappointed with a 1.4% rebound (less than the 3.0% expectation) from a downwardly revised 12.5% drop in April.

This is still the best MoM jump since Oct 2017…

Source: Bloomberg

The modest rebound did not help the YoY decline, down 15.3% – equal to the weakest annual drop since 1946…

Source: Bloomberg

Capacity Utilization barely improved (from a record low 64.0% to 64.8% in May).

Manufacturing Production rebounded 3.8% from a downwardly revised 15.5% crash in April.

Of course, this collapse doesn’t matter as stocks are soaring.

Does this look like a “V”?