Industrial Production grew by 2.9% on the year in October, and up 5.1% from September, blowing past forecasts for a 1.5% making it the fastest increase since November 2012.
All three sub-indices also increased vis-a-vis prior months indicating the broad based nature of the increase.
Extraction of energy grew by 1.9%, manufacturing grew by 3.6% and production of utilities grew by 2.8%.
The biggest jump came from the effect of the Chinese gas deal with the start of the "power of siberia" pipeline continues to be felt with steel piping up 31%.
Food sanctions showed even stronger effects in October as meat grew by 15%, fruit and vegetables by 5% and cheese and products by 18%. Elsewhere in the manufacturing segment textiles had a particularly strong month with leather goods 17%, coats 39% and dresses 30%.
Construction materials showed strength as building blocks grew by 15%. Finally from utilities electricity increase by 1.6%.
Our commenting rules: You can say pretty much anything except the F word. If you are abusive, obscene, or a paid troll, we will ban you. Full statement from the Editor, Charles Bausman.
Add new comment