For the 11th month in a row, US Industrial Production fell YoY (down 0.53%) in July - the longest non-recessionary period of contraction in US history. Month-over-month, IP rose 0.7% (beating an 0.3% expected rise) - the best since Nov 2014 - but June was revised notably lower. Overall, all confirming the plunge in productivity seen last week. The decline since its peak in Nov 2014 (ironically the month after The Fed's QE3 ended) is the biggest drop since September 2008.

While the YoY losing streak continues...

MoM IP rose by most since Nov 2014...

Thanks to a surge in AC usage by the look of it...

Industrial production rose 0.7 percent in July after moving up 0.4 percent in June. The advance in July was the largest for the index since November 2014. Manufacturing output increased 0.5 percent in July for its largest gain since July 2015. The index for utilities rose 2.1 percent as a result of warmer-than-usual weather in July boosting demand for air conditioning. The output of mining moved up 0.7 percent; the index has increased modestly, on net, over the past three months after having fallen about 17 percent between December 2014 and April 2016.

Of course, it's lucky that we are a services economy and that eyeballs matter more than effort...

We are sure that industrial production will soar back higher to confirm US equity market expectations - any month now...

Charts: Bloomberg