Fra Zerohedge:
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…
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.
