No sustained rebound in industrial production

Industrial Production benefited from a hurricane rebound in October 2017, rising 2.9% above October 2016. That is the highest year over year growth rate since January 2015. Note that from late 2014 to March 2016, industrial production was contracting, remaining at close to that low level until November 2016. The election certainly changed perceptions, at least for a while. The favorable base comparison, however, will soon begin to wane. The fact is that industrial output is now about even with the peak registered in November 2014, and about the same level obtained just before the end of the previous cycle,…

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