August Industrial Production Increased by 0.4%

A quiet day so far. The stock market is up today after falling six times in seven days. I don’t think you’ll see many shallower losses for six-in-seven-day stretches. We also came somewhat close to the 50-day moving average. That can be an important psychological breaking point, but not always.

Once again, energy stocks are doing the heavy lifting. Energy had been lagging since March. Only recently has it perked up again.

The Federal Reserve released the industrial production report this morning. Last month, industrial production increased by 0.4%. The Fed said that Hurricane Ida chopped off 0.3% from that number. The increase for July was revised up to a gain of 0.8%.

Industrial production is now 0.3% below its pre-pandemic peak. This was our sixth monthly increase in a row.

Posted by on September 15th, 2021 at 1:19 pm


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