The Index of Industrial Production (IIP) came in at 3.5% below last year. This data has not been trustable for a long time, so there’s no need to really feel sad.
The trend is supposedly an issue; I wish we had more trustworthy data than this. +4% last month stays unrevised (but they’ll get another chance to alter that in July).
The use-based indexes are like this.
Much about the media hype here was about the fall in capital goods. But look at that graph – it is ridiculously volatile.
Sure, this will be used in policy to state that our growth has slowed, etc. But we have slowed is already evident in corporate results – for the second quarter, companies are showing contracting profits.
