US: Industrial production likely to increase 0.1% in October – Nomura

Analysts at Nomura expect a soft 0.1% m-o-m increase in the US industrial production in October, following a 0.3% advance in September.

Key Quotes

“The aggregate production in October was likely weighed down by a sharp pullback in autos production. Excluding autos, manufacturing sector output likely increased at a steady pace of around 0.3% in October after rising by only a modest 0.1% in September.”

“Steady gains in exautos manufacturing output appear consistent with the healthy momentum in the manufacturing sector. The mining sector output will likely contribute steadily to aggregate output in October. Active oil and gas rig counts picked up in October, pointing to healthy drilling activity.”