Industrial Production growth in The U.S. has now slowed for 10 straight months, rising just 0.4 percent YoY in September - the weakest growth since Dec 2009 - signaling the path to recession is clear. Manufacturing production YoY slowed to just 1.4 percent - the slowest since Feb 2014. For the 8th month of the last 9 IP fell MoM with a 0.2 percent drop in September as a modest revision higher in autos was offset by a plunge in Oil and Gas Drilling to the lowest this century (down 4 percent after rising 1.7 percent last month).
(Click Image To Enlrage)
Related: Can China’s SPR Rescue Oil Markets?
As it appears Auto Assemblies are starting to roll over (which makes sense in light of the record high inventories)...
But the biggest driver was a collapse in Oil & Gas Drilling...
More Top Reads From Oilprice.com:
The leading economics blog online covering financial issues, geopolitics and trading.