US: Industrial output likely rebounded in December - Nomura

Analysts at Nomura note that in November, IP recorded a 0.4% m-o-m decline but incoming data suggest that industrial output likely rebounded in December.

Key Quotes

“Output from the manufacturing sector (ex-autos) likely improved as payrolls in this sector posted moderate gains and steady average hours worked. In the mining sector, we expect output to have improved as weekly crude oil production and oil and gas rig count grew modestly from the previous month. Moreover, we believe utility output also rose in December due to increased demand for heating. Last, vehicle and parts production likely increased over the month. Altogether, we forecast IP rose by 0.6% m-o-m in December (Consensus: 0.6%).”