December industrial production data
- Prior was +1.1% (revised to +0.8%)
- Capacity utilization 77.0% vs 77.0% exp
- Manufacturing production +0.2% vs -0.1% expected
- Prior manufacturing production +1.1% (revised to 1.0%)
This is a disappointing reading with a negative revision. The hope is that US manufacturing picks up in the next few months on a bump in orders following the trade deal. The latest Philly Fed was better but it's going to take a lot more than that to convince anyone of a turn.
There was no reaction in FX.
