The bigger than expected 0.6% m/m decline in industrial production in November was largely due to a weather-related 4.3% m/m drop in utilities output. Manufacturing output was unchanged last month, which is significantly better than the 0.3% m/m contraction we were anticipating, based on the dip in the ISM manufacturing index to below the 50 mark and the reported drop in hours worked by manufacturing employees. In short, this won’t prevent the Fed from raising interest rates today.
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