Industrial production rebounded in October, rising by 1.1%, slightly above the 1.0% expected. According to analysts at Wells Fargo, manufacturing should be relatively insulated from the latest wave of coronavirus cases as restrictions have been targeted toward the service sector.
Key Quotes:
“Industrial production bounced back in October (+1.1%). Manufacturing output rose 1.0%, with September’s drop revised to show a slight increase as the goods economy continues to benefit from social distancing efforts and low inventories.”
“Despite the latest wave of COVID cases, we expect the manufacturing sector’s recovery to continue uninterrupted. Renewed restrictions have been targeted at high-contact service industries, while manufacturers have already retooled for socially-distant work environments and continue to benefit from the relative strengths in goods spending.”
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