- Prior was -0.2%
- Capacity utilization 78.8% vs 79.6% expected
- Prior capacity utilization 79.7%
- Manufacturing output -1.3% vs -0.3% expected
- Prior manufacturing output -0.6%
This is a miss but I don't see it as a huge surprise. The manufacturing numbers have been trending down for awhile and PMIs have disappointed. I'm not sure what the consumer will do in 2023 but manufacturing is undoubtedly in a recession. That said, it's a 'recession' from elevated post-pandemic levels so I'd look at it more as a normalization.
