July 15, 2021 | 09:52
U.S. Industrial Production Autto Be Higher
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The good news is, despite all of these supply issues, higher prices, heatwaves and drought, and the like, factories are still moving along, doing what they can. U.S. industrial production rose for the fourth consecutive month, up 0.4% in June, or nearly 10% above a year ago. That latter point is impressive, given that a year ago also saw a big jump (6.2%) in the same month.
The overall capacity utilization rate rose 0.3 ppts to 75.4%, the highest since before the pandemic began (February 2020). That's not quite inflationary territory; but, it is going in that direction.
So, is there any argument about the recovery? Here's what we saw earlier today:
The Fed Chair is starting his 2nd day of testimony on the MPR, this time, to the Senate Banking Committee. Yesterday, he called business investment "solid" and household and corporate balance sheets "quite strong". Once these supply problems are cleared, look for stronger adjectives. But how long will that take?