After slowing its rebound dramatically in August, analysts expected another small lift in September, but Industrial Production disappointed gravely, falling 0.6% MoM (against expectations of +0.5%)...
Source: Bloomberg
The big driver of the plunge in industrial production was utilities (plunging 5.6%) as demand for air conditioning fell by more than usual in September. Mining production increased 1.7 percent in September; even so, it was 14.8 percent below a year earlier...
US manufacturing also dropped in September, sliding 0.3% MoM (against expectations for a 0.6% rise)...
Source: Bloomberg
This leaves US Industrial Production unchanged since May 2006...
Source: Bloomberg
The "V" is over!
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