Is this a good description?
“Industrial production jumped 0.6 percent in June, rebounding from a 0.5 percent drop in May. Over the past year, industrial production is up 3.8 percent, continuing a modest upward trend in growth.”
That appears to be just a rebound from a significant previous drop. We´ll have to wait for more prints to see if an upward trend takes hold (unlikely).
In “olden times”, a slightly smaller drop in industrial production was associated with a recession (2001). Why not recently?