Following August’s storm-driven collapse in Industrial Production (-0.9%, worst since May’09), September was due for a bounce back and it did but only meeting expectations with a 0.3% rise on a surge in Utilities. However, aggregate industrial production for the US remains 2% below its 2014 peak…
Manufacturing Surveys have all been soaring heading into today’s IP print…
But, while August’s tumble was revised slightly better to a 0.7% drop, September’s print was only ‘as expected’…
Driven by a surge in Utilities…
Finally – for good measure – ‘Industrial’ Production remains well below 2014 highs… but the ‘Industrial’ Average is soaring…
Just remember, perception is not reality…
