U.S. November Industrial Production - No rebound in aircraft after Boeing strike
November industrial production has shown an unexpected 0.1% decline while manufacturing with a 0.2% increase has shown a significantly smaller rebound from recent hurricanes and a strike at Boeing that was expected. Excluding a bounce in autos, manufacturing actually fell by 0.1%, a third straight decline.
Mining also saw a third straight decline, November falling by 0.9%. Weather sensitive utilities fell by 1.3%, reversing a 1.3% increase seen in October.
The main disappointment in the fata comes from aircraft output not seeing a quick rebound from the now settled strike at Boeing, with aerospace and miscellaneous transport equipment falling by 2.6% after declines of 6.7% in October and 8.0% in September. A rebound here is probably only a matter of time.
Market groups data showed consumer goods unchanged with strength in durables but weakness in non-durables, which is similar to the detail of the retail sales report. Business equipment rose by 1.2% but construction supplies, business supplies, materials and energy all declined.
