After an unexpected decline in May, US Industrial Production was expected to show no change in June as 'hard' manufacturing data begins to match the 'soft' survey collapse. However, things were considerably worse than expected with a 0.5% MoM decline - the biggest drop since Dec '22... The consecutive declines pushed Industrial Production down 0.4% YoY - its first annual decline since Feb 2021 The Manufacturing sector also saw a decline, down 0.3% MoM vs unch expected. That is the fourth straight month of YoY declines in Manufacturing output. So much for the 'soft landing' narrative. (full story)