Industrial Production Declines, November and December Revised Lower; String of Unexpected Events Continues

By: Mike Shedlock | Fri, Feb 14, 2014
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This morning the Fed reported Industrial production declined. Moreover November and December were revised sharply lower.

Industrial Productio nand capacity Utilization: Summary

Industrial production decreased 0.3 percent in January after having risen 0.3 percent in December. In January, manufacturing output fell 0.8 percent, partly because of the severe weather that curtailed production in some regions of the country. Additionally, manufacturing production is now reported to have been lower in the fourth quarter; the index is now estimated to have advanced at an annual rate of 4.6 percent in the fourth quarter rather than 6.2 percent.


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Unexpected Happens Again

Don't worry, it's the weather.

Economists did not know it was cold and snowy when they made all of those estimates.

Regardless, expect another lowering of GDP estimates as a result of today's unexpected news.

 


 

Mike Shedlock

Author: Mike Shedlock

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com/

Mike Shedlock

Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com/ to learn more about wealth management for investors seeking strong performance with low volatility.

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