The Index of Industrial Production (IIP) data was released today and it’s down to 3.3% from last month’s 8.22%. Note that this is a very volatile indicator subject to large revisions, so I do not trust this very much. But since this is the only properly formatted data we have, it’s all we can use.
Revisions: Note that April 2011 was updated from the first reported 5.77% down to 5.32%. This is nice in the sense that they didn’t revise it to –10% or something (it’s that unreliable).
From a use-based perspective, we can see a large drop in Capital Goods (-15.1%). This can’t be surprising – after many industry leaders have been booked on bribery charges, it’s only obvious that things in this government dominated industry will take a break.
Basic goods and Consumer durables did 10% and 8.6% respectively.
(Click for larger picture)
