- US industrial output unexpectedly slumped 0.6% m/m in January
- NY Fed barometer for February rose to 8.8 from 3.9 pts. Signaling improvement but staying low
- Import/export data lower than expected
- UoM Sentiment Index (first February estimate) 95.5 pts. from 91.2 pts. in January and against a consensus of 93.7 pts.
Source: Bloomberg
Overall, a mixed bag of data. Output in January missed very badly on the back of weak auto manufacturing which might suggest global issues do bite the US economy too. At the same time, consumer confidence rebounded more than expected as shutdown ended. Stocks are soaring today as investors put hopes (rightly or not) in extended talks on China and Brexit fronts and it looks like they were ready to ignore the data anyway. US dollar is stable – it’s still higher on the day and close to a 2-month high (for the US dollar index).
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