Industrial production fell 1.2% in August: excluding the period August 2008 to March 2009 there have only been 3 instances of declines of similar or greater magnitude since the start of 1982.
Overall seasonally adjusted industrial production and manufacturing have hit a wall since February data, partly reflecting the pull back from the boost driven by better winter weather, but the most recent deterioration coming hot on the heels of poor PMI data and a weakening global outlook might suggest something more than a monthly blip.
Overall industrial production is tracking the weakness in new orders. Even motor vehicle and parts production, which has helped push industrial production up, has started to weaken.
Aerospace demand has been exceptionally strong, which could be a worry going forward if global growth and hence global aircraft demand declines:
Durable and non durable goods production as a whole have weakened of late: