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Manufacturing production is very strong

February industrial production was unchanged from January, but this masks the fact that January production was revised up by 0.4% and February's weakness was concentrated in utilities and mining. Manufacturing production is where the strength lies, and this is shown in the charts above. Over the past six months, manufacturing production is up at a strong, 7.4% annualized rate. US factories are simply churning out a lot of stuff, and there is no sign at all of weakness on this score.

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