The Myth of the V-Shaped Recovery in One Chart

by Mike ‘Mish’ Shedlock
The Street

Retail sales surged in May but manufacturing is another story.

The Fed’s Industrial Production and Capacity Utilization puts a big negative spotlight on the emerging V-shaped recovery thesis.

Industrial Production Highlights

– Industrial production increased a weaker than expected 1.4% in May. The Econoday consensus was 2.9%.

– A negative revision took April from -11.2% to -12.5% so essentially there was no rebound at all.

– Industrial production in May was 15.4% below its pre-pandemic level in February.

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