US Manufacturing Production Unexpectedly Shrank In June Amid Automaker Bottlenecks US Industrial Production growth disappointed in June, rising just 0.4% MoM (vs +0.6% exp) and down from the revised-loser 0.7% MoM rise in May... Source: Bloomberg More problematic though is that US Manufacturing production shrank in June (dropping 0.1% MoM vs expectations for a 0.3% rise and May's 0.9% rise)... Source: Bloomberg The biggest driver of the weakness was a 5.4% MoM drop in motor vehicle, parts production... There was a very modest silver lining: Utilities rose 2.7% in June after falling 0.8% in May Mining rose 1.4% in June after rising 0.8% in May So the number was saved by a heatwave? But this is hardly the picture of a rosy recovery being painted by all and sundry in the MSM. Tyler Durden Thu, 07/15/2021 - 09:24