Early Trend for Fourth-Quarter Industrial Production Suggested
Renewed Quarterly Contraction and Fifth-Straight Quarter of Annual Contraction

Outside of Formal Recessions, Two-or-More Consecutive Quarters of Annual Decline
Remain Unprecedented in 98-Year History of the Production Series

Little Changed versus September, October Production Remained
Down by 1.38% (-1.38%) from Its Pre-2007 Recession High;
Down by 2.27% (-2.27%) from Its One-Month, November 2014 Recovery

With October Monthly Growth Boosted by Downside Third-Quarter Revisions,
Manufacturing Remained Down by 6.19% (-6.19%) from
Its Never-Recovered Pre-Recession Peak

Coal Mining Rebound and Bottoming Oil and Gas Exploration
Continued to Boost Mining Activity

Monthly October PPI Inflation: Goods Up by 0.37%, Construction Up by 0.70%,
Services Down by 0.27% (-0.27%), Total Unchanged at 0.00%

October 2016 Year-to-Year Energy Inflation Turned Positive for
First Time Since 2014 Oil-Price Collapse’