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The Big Lag: US Industrial Production - FINANCIAL-24

U.S. Industrial production expanded 1 percent in April, better than the expectation for a 0.4 percent advance. Relative to the previous year, industrial production grew 2.2 percent. The report also indicated that the sector continues to exhibit excess capacity, and we expect growth in industrial production to be capped at 3 percent.

Despite the noted expansion in industrial production, the theme of market overvaluation remains the same:  Relative to historic data the S&P 500 valuation would tend to be matched by a higher level of industrial production, much higher: 25 to 35 percent higher than the current levels.  

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Title : The Big Lag: US Industrial Production - FINANCIAL-24
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