U.S. manufacturing may fall further

In the United State, total industrial production declined by 0.2% m/m in October. Total manufacturing output, in contrast, expanded by 0.4% m/m in the same month from -0.1% in September.
 
"Alongside encouraging signs of worker confidence in the September JOLTS data, we see modest upside risk to our baseline expectation for further sluggishness in the manufacturing sector", argues Barclays.

Similar to the industrial production figure, outside of the manufacturing sector, utilities output posted a sharp fall of -2.5% m/m in October against 1.2% in September, and mining sector fell by 1.5% m/m in the same month against -2.4% in September.

"The sharper-than-expected decline in utilities output in October suggests less household utilities consumption on the month. This brought our tracking estimate of real consumption growth back to 2.8%, offsetting the one-tenth boost from this morning's CPI. After rounding, our Q4 GDP tracking estimate declined one-tenth, to 2.3%", argues Barclays.