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%)…
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)…
This leaves US Industrial Production unchanged since May 2006…
The “V” recovery is over!
Easy Money 