Published: 2023-12-15T14:29:33.000Z
US November Industrial Production - Signs of underlying weakness
Senior Economist , North America
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November industrial production with a 0.2% increase is close to market expectations but October was revised down to a 0.9% decline from -0.6%. Manufacturing increased by 0.3% after a 0.8% October decline. Excluding autos, which saw strikes in October, manufacturing fell by 0.2% after a 0.1% October decline.
Given the impact of auto strikes the manufacturing ex autos figure gives the best insight on underlying trend, and two straight declines, after two straight gains, suggests some loss of underlying momentum in Q4.
Auto output increased by 8.1% after a 9.9% October decline so the rebound from the strikes does not seem to be quite complete. Mining saw a modest 0.3% increase, but utilities saw a 0.4% decline.
