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...
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But, while August's tumble was revised slightly better to a 0.7% drop, September's print was only 'as expected'...
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Driven by a surge in Utilities...
- Utilities rose 1.5% in Sept. after falling 4.9% in Aug.
- Mining rose 0.4% in Sept. after falling 0.2% in Aug.
- Harvey, Irma combined effect trimmed industrial production growth by 0.25 percentage point in Sept., Fed said
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Finally - for good measure - 'Industrial' Production remains well below 2014 highs... but the 'Industrial' Average is soaring...
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Just remember, perception is not reality...
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