The US Industrial economy pushed ahead last week (if pipeline scheduling is correct), while consumer spending turned and similarly gained.The Production Index (In terms of its 28-day moving average of gas-flow scheduling into US industrial facilities) gained for its fourth week in a row, rising to 123.0 (vs last weeks record 122.5). In its dailies (See the "Part 7" posts on the Investor Village site) the index was mostly soft (vs the prior week) though firm late.
The Consumption Index broke its string of three down-weeks in a row, rising to 142.1 (from last weeks 141.7). In its dailies the measure was soft but benefited from seasonals.
The Inventories measure (the cumulative weekly difference between the Production Index and the Consumption Index) again continued in its long-term decline.
Overall, the recovery continues to appear strongly supported by elevated consumer-spending, an uncharacteristically-large lead in the Consumption Index over the Production Index, firmness in industrial gas-flow scheduling, and continuing declines in the Inventories measure.
-Robry825
