Industrial Production data for September rose by 0.6%, beating expectations by the most in 11 months as pre-government shutdown data was ‘helped’ by a revision lower in August (from 0.4% to 0.2% growth). Manufacturing production rose only 0.1% (missing expectations of +0.3%) as gains in car makers’ output was offset by declines in comptures, furniture, and applicances. Capacity Utilization surged to 5 year highs with its biggest beat of expectations since Dec 2010. All-in-all, a strangely mixzed bag of great and dismal data once again… Good enough ‘trend’ to warrant ‘taper’? who knows… but we posit the cyclical trend remains and the government shutdown likely renegs some of this better-than-expected data when we see it.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/otc27GIG_bY/story01.htm Tyler Durden