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John Sturges (Davidson) submits:

Industrial Production(IndPro) reported higher and prior months revised higher. Almost shocking! This is what one should expect to see if the reshoring narrative and industrial recovery post-COVID is in fact taking place. Till now, we have had this very wide discrepancy between the Manufacturing PMI indicating recession conditions that most investors have installed with strategies to manage their portfolios and IndPro that a few others, supported by a wide array of individual companies speaking relatively loudly that they have been in and continue to experience quite decent business activity.  Almost every industrial has provided improved guidance but been met with a wasteland response. I believe this is about to change as industrial reality finally emerges more strongly in IndPro.

If not revised lower, this reported IndPro of 104.2062 is a series high.

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