Analysts at TD Securities are projecting the US industrial production to slow from its solid 0.6% m/m jump in August to 0.2% in September, largely reflecting fading manufacturing output and despite an expected rebound in growth for the utilities sector.
Key Quotes
“We project a flat print for manufacturing, as less supportive global demand and continued trade uncertainty continues to drag production lower. In addition, the month-long strike by GM workers is a clear risk to the downside for activity in September.”
“Separately, the market expects the Philly Fed manufacturing index to post its third consecutive decline in October to 8.0, from 12.0 before. Note that largely positive signals from the Philly Fed’s ISM-adjusted index in recent months have notably deviated from the decline in the more widely followed ISM manufacturing index.”
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