Following September’s 0.2% MoM drop, October’s Industrial Production dropped a further 0.2% (missing expectations of a 0.1% rise by a mile). This is the 9th MoM drop in the 10 months of this year. Utilities (-2.5%) and Mining (-1.5%) were big drivers, as year-over-year, IP rose just 0.34% – the weakest growth since January 2010 – is flashing recessionary signals loud and clear.
9 of the last 10 months have seen declines in Industrial Production… (not seen outside of a recession)
And YoY, these levels have not occurred outside of a recession…
We know, we know – ignore it! Means nothing because US is a Service Economy, right?!! ok.