Industrial Production – An oil & auto tale

In February, industrial production had a banner month, rising far above expectations. What´s going on? The story of industrial production over the last few years is quite straightforward. For the first five years following the end of the great recession, industrial production was rising. In late 2014, growth fizzled and industrial production began to contract. In late 2016, we observe what came to be known as the “Trump bounce”. That proved to be temporary, and by mid-2017, industrial production was again trending down. Then the late summer of 2017 witnessed the big storms (hurricanes). Industrial production stepped-up to satisfy replacement…

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