Industrial production data from the Fed, chart by Mish

Other than 2000 and 2020 there is not much lead time between the time industrial production peaks and recession starts. 

Recession Lead Time After Industrial Production Peak 

Industrial production data from the Fed, calculation and chart Mish

In 5 of the last recessions, industrial production was primarily a coincident indicator of recessions. In 1990 IP peaked one month after recession started and in 1980 IP peaked at the start of the recession.

Twice the lead time was a month and twice it was two months. 

The two main exceptions are 2001 and 2020 where IP was in a long slowdown before recession hit.

Currently, IP hit a peak in September and manufacturing in October. The chart is through October. 

Most likely recession will hit without a warning from industrial production. 

The current numbers by themselves do not indicate much of anything but they are one of the items the NBER will use in arrears to determine if a recession has started.

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