The index for total industrial production fell by 0.6% month-over-month in July for a year-over-year decline of 0.2%. This follows a series of weak ISM reports, which would seem to suggest an industrial slowdown.
Overall, the July PPI report shows an increasingly stable and muted inflation picture.
The June G.17 Industrial Production report outperformed expectations.
Overall, the June PPI reading saw continued normalization towards pre-pandemic rates of input cost growth. PPI for All Commodities increased by 0.1% month over month in June, for a 0.6% year over year increase.
Both the Manufacturing and Services side of the ISM PMI surveys showed noticeable weakness in June.
