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A Tepid Trend For Production But Better Than It Could Be

US DATA
  • Industrial production increased 0.3% M/M (cons 0.0), with the beat following a string of revisions that were marginally softer on net including 0.0 vs an initial 0.4 in Aug and 1.0 from an initial 0.7% in July.
  • It left production up 2.5% annualized in Q3 from 0.7% in Q2, although it has been boosted by utilities production surging 15% owing in part to hot weather in July.
  • Manufacturing production meanwhile saw a similar 0.4% M/M after -0.1% M/M, but with the 3M/3M at just 0.0% in Q3 after 0.3% in Q2.
  • Whilst subdued, these trend rates continue to hold up well vs the ISM manufacturing survey still in contraction territory despite its recent increase to 49.0 in the September release.

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