US Industrial Production dipped 0.1% MoM in July, but thanks to an upwardly revised 0.4% MoM rise in June, the YoY rise in Industrial Production was +1.43% - the biggest YoY jump since Jan 2023...

Drilling down, we see Manufacturing was -0.1% MoM in July (slightly weaker than the 0.0% exp), but again thanks to the upward revisions, YoY Manufacturing rose 1.4% - the most since Oct 2022...

Finally, Capacity Utilization dipped back down in July, back tow its overall trend of the last 3 years

Given the string annual pace of growth in manufacturing and production, it seems the tariff terror hasn't struck quite yet...

...but Capacity Utilization resumed its trend lower...
{ai:summary}US industrial production fell 0.1% in July, but June was revised to +0.4%. YoY IP +1.43%, strongest since Jan 2023.Manufacturing -0.1% in July; YoY +1.4%, best since Oct 2022. Capacity utilization dipped again, staying on a 3-year trend. Tariffs haven’t slowed growth yet. #economy

US Industrial Production Rises At Strongest Annual Rate Since Jan 2023

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