Industrial Production and Capacity Utilization
June's Industrial Production data was also released this morning but at 9:15 AM ET. It showed an unchanged level of output at U.S. factories, mines and utilities. That was softer than the 0.2% increase that was expected, allowing us to consider the news favorable for mortgage rates. Unfortunately, the Retail Sales report carries much more significance than this report does. Therefore, the markets are reflecting results of the sales data more than this report.