After August's shocking plunge in Industrial Production - assumed away as storm-related -September and now October rebounded notably MoM (+0.9% vs +0.5% exp)...
as Manufacturing resurged 1.3% MoM - the most since 2010.
However, excluding the effects of the hurricanes, the index for total output advanced about 0. 3 percent in October, and the index for manufacturing advanced about 0.2 percent.
In other words, the hurricanes contributed 6% of the rebound in IP... so we're gonna need moar hurricanes!
And of course, the US equity market is well aware of this trend in Industrial Production...
Industrial Production remains 0.5% below 2014's peak, but the Industrial Average is up 31% since then.
