If the jobs report is the Queen of Coincident Indicators, industrial production is the King. It, more than any other metric, is found at the turning points where recessions both begin and end.
Thursday's report of industrial production for August shows that the recovery from the bottom of the coronavirus recession has come close to stalling out.
Overall industrial production grew by 0.4%, while July was revised higher by 0.5%. Manufacturing production grew just under 1.0%. July was likewise revised higher by 0.6%. Here are the overall totals:
The good news is that manufacturing production