They Can’t Keep The Lies Straight…

OMFG!….they can’t keep the lies straight.

For the 13th month in the last 16, US Industrial Production data was revised lower (significantly lower)…

Source: Bloomberg

That meant US industrial production tumbled 0.6% MoM in July (dragging production down 0.2% YoY after revisions)…

Source: Bloomberg

US manufacturing also tumbled more than expected (-0.3% MoM) and thanks to yet more downward revisions, the YoY change fell to just 0.1%…

Source: Bloomberg

Capacity Utilization fell again to 77.8% – well below expectations…

Source: Bloomberg

And finally, this will really make you laugh… remember 30 mins ago when Retail Sales data showed a surge in auto sales (despite CPI signaling prices plunging because dealers can’t sell them)… well guess what happened to auto production – it collapsed!!!!

Source: Bloomberg

That is the biggest 3-month decline in auto production since the COVID lockdowns…

Source: Bloomberg

Does that sound like automakers are buying what the government’s retail sales data is selling?