US: Warmer than usual November affected industrial production - ING

Rob Carnell, Chief International Economist at ING, explained that the 0.4% decline in industrial production in November in the United States was, in part, due to a warmer than usual month. 

Key Quotes: 

“Amidst the usual noise of monthly production figures, including a weaker auto production figure, the key takeaway seems to be that once again, warmer than usual weather has depressed utility production, dragging total production down.”

“November was the second warmest since 1895, with the third fewest heating degree days, resulting in a 4.4%MoM decline in utility production - the weakest recorded November utility production figure with gas and electricity production both slumping.”

“At some point, the weather will change - and utility production will surge. So this is hardly stuff for the Fed to worry about.”