The US Industrial economy gained ground again last week (if pipeline scheduling is correct), amidst a turn to very strong consumer spending.
The Production Index (In terms of its 28-day moving average of gas-flow scheduling into US industrial facilities) gained for the eighth time in the last nine weeks to 124.7 (vs last weeks revised 123.9). It was the third straight weekly record-high in a row for the index. In its dailies (raw, non-seasonally adjusted flows) the week was firm throughout.
The Consumption Index shook off its recent short-term weakness, gaining to 144.9 (from last weeks 143.7). In its dailies the measure was very soft early, showed signs of life Monday, then surged abruptly Wednesday-on.
The Inventories measure (the cumulative weekly difference between the Production Index and the Consumption Index) again continued in its long-term decline.
Took some time off last weekend and made it a longer Memorial-Day weekend (hence the "Tuesday-Night" rather than the traditional "Sunday Night Economic Assessment". In the intervening two days, both the Production and Consumption Indexes gained to 125.1 and 145.1, respectively.