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So much for the 'US economy firing on all cylinders' narrative - US Manufacturing production slumped 0.7% MoM in May - the biggest drop since July 2016, dragging the headline Industrial Production print down 0.1% MoM.

 

The headline print dropped 0.1% MoM (against expectations for a 0.2% rise)...

Natural Gas Utilities output plunged 15.7% MoM (biggest drop since March 2012) and motor vehicle manufacturing slumped 6.5% MoM (biggest drop since July 2013).

Of course, none of this matters for stocks - until it does...