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US Manufacturing Output Unexpectedly Shrinks In May
Despite collapsing macro data (and regional manufacturing surveys slumping), analysts forecast a fifth straight month of increased US industrial production in May (although at a considerably slower pace of just +0.4% MoM). Industrial production did rise in May - but only by 0.2% MoM... chart However, even more notable was the fact that US manufacturing output contracted in May (-0.1% MoM vs +0.3% MoM exp and +0.8% in April)... chart Utilities and Mining rose in May (+1% MoM and +1.3% MoM respectively). Capacity utilization rose modestly to 79% from 78.9% in April, revised down from 79%. And finally, we note that ... (full story)