US Industrial Production Unexpectedly Contracts In December

US Industrial Production was expected to slow its re-acceleration in December with a 0.2% MoM increase versus November’s 0.5% MoM rise, but things were notably worse with Industrial Production contracting by 0.1% MoM.

Source: Bloomberg

Total US Industrial Production is hovering right above pre-COVID-Lockdown levels, well short of 2018’s record highs…

Source: Bloomberg

Worse still, Manufacturing production tumbled 0.3% MoM in December, dramatically worse than the +0.3% MoM expected…

Source: Bloomberg

Capacity Utilization dipped back lower, holding the pre-COVID-lockdown levels…

Source: Bloomberg

It seems Omicron and inflation angst is slowing everything down… right as The Fed readies rate-hikes and QT?