- Prior was +1.1% (revised to +1.4%)
- Capacity utilization 79.0% vs +79.2% exp
- Manufacturing output -0.1% vs +0.3% exp
- Prior manufacturing output +0.8%
The headline is a touch soft but it's balanced out by the positive revision. More-concerning are the forward-looking manufacturing surveys showing a drop in new orders. It will take some time to chew through the long order files and inventory rebuilding in the pipeline but manufacturing has run way too hot for far too long.
Here is a wonderful thread on inventories: