In a strange twist, the Index of Industrial Production – data I don’t usually take seriously – shows a massive 5.1% drop from October last year. Much of this is because the IIP spiked in October 2010 (showing a 11% growth over the previous year) which moderated in November. But take a look – this is of course interim data and will be revised.
(Click for larger pic)
And in the Use based index we are seeing a collapse everywhere:
All are now below zero.
The broad index has seasonality in it, but the trend looks seriously down.
But don’t trust this data – it’s too volatile.
