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U.S. industrial production likely to have dropped in September
U.S. industrial production data for the month of September is set to release tomorrow. The manufacturing sector continues to struggle in the face of trade uncertainty and soft global growth, noted Wells Fargo in a research report. According to a survey data, industrial production is likely to have recorded a soft reading for September.
The ISM manufacturing index, released last week, showed signs of recession, sliding further into negative territory in September to the worst reading since 2009. The attack on Saudi Arabian oil facilities is unlikely to have had a large effect on mining output, as WTI oil prices stabilize quickly after surging to USD 60+ per barrel.
“However, we wouldn’t be surprised to see an effect from the General Motors (GM) employee strike—where roughly 48,000 workers have been on strike since September 16. It has the potential to show up in two places—motor vehicle & parts and consumer autos—and will likely weigh on IP”, added Wells Fargo.