Preview: Due December 3 - U.S. September Industrial Production - Trend marginally positive
We expect September industrial production, a released delayed while awaiting Labor Dep’t inputs, to rise by 0.1% with a matching increase in manufacturing. This would keep trend marginally positive.
September’s non-farm payroll showed aggregate manufacturing hours worked falling by 0.3% overall but with a marginal 0.1% increase fir production and non-supervisory workers. We expect a 0.1% increase in manufacturing output to come largely from high tech.
The non-farm payroll details suggest a modest drop in mining output but we expect this to be offset by a correction from a weak August in weather-sensitive utilities.
The data will reflect annual revisions released on November 24, which were modest in terms of recent monthly changes but saw August capacity utilization revised down to 75.8% from 77.4%. We expect capacity utilization to remain at 75.8% in September.
