"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Tuesday, November 16, 2010

Industrial Production: Meh

The industrial production figures are out for October, and they aren't quite what the Street wanted. Remember, we were looking for a 0.3% increase in production and a 74.9% capacity utilization rate. Instead, we got a 0.0% month-over-month change in production and a capacity utilization rate of 74.8%.

In other words: meh.

There was good news in the "final products" major market group, which saw the 0.3% increase the Street was looking for (mostly driven by the business equipment subgroup, which saw a 1.1% increase in production). This was easily counterbalanced the nonindustrial supplies group production dropping 0.4% and the materials group production dropping 0.1%.

Have a look at the actual results at http://www.federalreserve.gov/releases/g17/current/default.htm.

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