Manufacturing Production is becoming irrelevant!

Overall, industrial production was up 3.6% year-on-year. That´s the best since November 2014 (3.7%). That´s however, mostly due to the aftermath of storms, cold winter affecting utilities, and mining. Manufacturing, the lion´s share of industrial production, has been moribund for several years. Impressively, as shown in the chart, while as a highly cyclically sensitive part of the economy manufacturing was traditionally viewed as a classic indicator of current business conditions, in the last five years it has completely lost relevance in the determination of real output fluctuations.  …

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