US Industrial Production Sees More Downward Revisions (You Can’t Make This Up)

Another day, another downward-ly revised dataset…

In today’s episode of ‘shit you believed in the past is not real at all’, US Industrial Production in January was revised from a 0.1% decline to  0.5% decline. That is the 10th monthly revision lower in the last 11 months (and 14th of the last 17)…

Source: Bloomberg

Industrial Production rose 0.1% MoM in February (from that revised lower print), leaving the YoY change in IP at -0.23%…

Source: Bloomberg

Capacity Utilization was flat at 78.25% in February…

Source: Bloomberg

On the pure manufacturing side, production rose 0.8% MoM, but that – again – was from a big downardly revised January (from -0.5% MoM to -1.1% MoM)…

Source: Bloomberg

Just another endless stream of downward revisions…

Source: Bloomberg

How long before the ‘soft’ survey data catches up to the hard reality of the downwardly revised production data…

Source: Bloomberg

All the downward revisions must be weighing on GDP forecasts.