Industrial Production Surges
US Industrial Production Growth Surges To 7 Year Highs
Following a disappointing tumble in January, US Industrial Production spiked 1.1% MoM in February (well above all analyst expectations). This is the 2nd biggest MoM spike in production in 8 years.
Despite declining global economic data and weakness across US-specific data, Industrial production jumped 1.1% in February – the second biggest monthly surge since May 2010…
For context, February’s print is just four standard deviations above expectations… probably nothing
The biggest drivers of the surge were oil and gas drilling which spiked 11.6% MoM and Mining which jumped 4.3%. Utilities fell 4.7% MoM.
Manufacturing production spiked 1.2% (+0.5% exp), also near its highest since May 2010)
February’s jump pushes the YoY rise to 4.4% – the most since March 2011…