More Muddle Through Data For The US

Two important indicators for US manufacturing were released this morning and both pointed to a continuation of the "muddle through" pace of growth in the US. Empire Manufacturing index was below expectations at -2.2 (vs expectations of 5.5). The employment component also showed a slowdown in November.

Meanwhile Industrial Production declined by -0.1% month-over-month in October. The headline number wasn't as bad as it looked as it was driven down by utilities output and mining activity. The manufacturing output actually increased by 0.3% month-over-month. However, momentum in production is currently neutral.