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Economy

IIP For March 2012 at -3.5%

The Index of Industrial Production (IIP) came in at 3.5% below last year. This data has not been trustable for a long time, so there’s no need to really feel sad.

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The trend is supposedly an issue; I wish we had more trustworthy data than this. +4% last month stays unrevised (but they’ll get another chance to alter that in July).

The use-based indexes are like this.

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Much about the media hype here was about the fall in capital goods. But look at that graph – it is ridiculously volatile.

Sure, this will be used in policy to state that our growth has slowed, etc. But we have slowed is already evident in corporate results – for the second quarter, companies are showing contracting profits.