ECONOMICS

Update (0950ET): Ok, you can't make this up but both Industrial Production and Manufacturing Output bothtumbled on a non-seasonally-adjusted basis…

Industrial Production rose 0.3% MoM (SA)… but plunged 1.7% MoM (NSA)

Manufacturing Output rose 0.35% MoM (SA)… but tumbled 0.5% MoM (NSA)

Seasonals are indeed saving Bidenomics… for now.

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US industrial production unexpectedly jumped by 0.3% MoM in September (0.0% exp) as capacity (more…)

Activity declined significantly in the service sector, according to firms responding to the FRBNY’s October 2023 Business Leaders Survey (which covers service firms in New York, northern New Jersey, and southwestern Connecticut). The survey's headline business activity index plunged 16pts to -19.1 (biggest drop in a year), its lowest level since Jan 2023…

Source: Bloomberg

From the exuberance of August's re-emergence into positive territory, the sentiment (more…)

Chip stocks tumbled pre-market, led by shares of Nvidia, after a US official confirmed that exports of the company's A800 and H800 chips will be restricted for sale to China, Bloomberg reports. The chips were specifically created for export to China following restrictions introduced by the Biden administration in October of 2022.

The rules restrict exports of chips to foreign arms of companies headquartered in China, Macau and other regions – however chips designed for (more…)