Industrial production nowcasts that the economy continues to perform well Industrial production increased in February by 0.5%, its highest reading ever with the exception of two months in 2014, and the second half of 2018. Manufacturing production increased 1.2%, also its highest ever with the exception of 24 months from late 2006 through early 2008:Of course, considering population and GDP growth in the past 15 years, this is hardly spectacular to say the least.The YoY% comparison shows a big jump, but that is all because of the comparison with last February’s Big Texas Freeze:If we take out last February, and instead compare with last March, the YoY gains are 4.5% and 4.2%, respectively, which is still solid and in line with the trend over
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NewDealdemocrat considers the following as important: industrial production, US EConomics
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Industrial production nowcasts that the economy continues to perform well
Industrial production increased in February by 0.5%, its highest reading ever with the exception of two months in 2014, and the second half of 2018. Manufacturing production increased 1.2%, also its highest ever with the exception of 24 months from late 2006 through early 2008:
Of course, considering population and GDP growth in the past 15 years, this is hardly spectacular to say the least.
The YoY% comparison shows a big jump, but that is all because of the comparison with last February’s Big Texas Freeze:
If we take out last February, and instead compare with last March, the YoY gains are 4.5% and 4.2%, respectively, which is still solid and in line with the trend over most of the past year.
The bottom line is that Industrial production, the pre-eminent coincident indicator, is continuing to nowcast that the production side of the economy is performing well.