by Mike ‘Mish’ Shedlock
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.