- Prior was -0.2% (revised to -0.5%)
- Manufacturing output -0.3% vs 0.0% expected
- Prior output +0.1% (revised to -0.2%)
- Capacity utilization 78.9% vs 79.5% expected
This is a soft reading that takes the shine off the strong retail sales data earlier. It’s certainly a two-track economy with manufacturers slowing from the post-covid boom and services/consumer-oriented sectors doing well.