17 October 2023
September’s US industrial and manufacturing data revealed alarming discrepancies:
– Industrial Production: Grew a mere 0.3% MoM (SA), but alarmingly plunged 1.7% MoM (NSA).
– Manufacturing Output: Barely rose by 0.35% MoM (SA), while it worryingly declined 0.5% MoM (NSA).
These figures suggest that seasonal adjustments are masking the true state of the economy under the Biden administration. With manufacturing production consistently lower year-over-year for seven months and the auto production plummeting by 6.2% MoM, looming challenges are evident, exacerbated by anticipated UAW strikes.