– US Industrial Production Slumps To Longest Non-Recessionary Contraction Is History:
For the 11th month in a row, US Industrial Production fell YoY (down 0.53%) in July – the longest non-recessionary period of contraction in US history. Month-over-month, IP rose 0.7% (beating an 0.3% expected rise) – the best since Nov 2014 – but June was revised notably lower. Overall, all confirming the plunge in productivity seen last week. The decline since its peak in Nov 2014 (ironically the month after The Fed’s QE3 ended) is the biggest drop since September 2008.
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