Industrial production fell 0.3% month on month in January versus predictions of a 0.2% decline. The data shows the effects of the very warm January weather (it reached 69F in Manhatten the weekend of 11 January and 12th as I wore a T-shirt while watching my son play rugby down by Hudson River Park). Utility output plunged 4% in January after having declined 6.2% in December given no need for heating (and barely any need for the very expensive winter coat I was advised to buy after moving to New York). Manufacturing output was also weak (-0.1%MoM, matching expectations) despite the surge in the ISM production ... (full story)