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Manufacturing Struggles Evident In Industrial Production

US DATA
  • Industrial production surprisingly dipped -0.1% M/M in October (cons 0.1%) after a downward revised 0.1% M/M in Sep (0.4% initially), and with similar relative weakness when just looking at manufacturing.
  • It offers a weaker perspective than the beat for retail sales just earlier, more in line with most recent weakness in core durable goods orders in Sept (-0.4% M/M, Oct released next week).
  • The ISM mfg of 50.2 in October suggests potential further downside in 3M/3M trend rates to the +1.5% annualised in Oct - see chart.
  • Capacity utilisation meanwhile also fell more than expected, at 79.9% (cons 80.4) from 80.1 (80.3 initially) although that’s only the lowest since June and remains historically elevated.

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