Industrial production turns corner, giving recovery legs

Based on a bit of revisionist history, it now appears that industrial production turned the corner in January before gaining momentum in February. Also with the benefit of hindsight, manufacturing output, industrial production includes manufacturing, mining and utilities, with manufacturing accounting for almost 87% of the total, rose a solid 0.3% in each of the past two months. The increase in the output of durable goods, up 0.4% in both months, was broad-based, featuring a revival in primary metals, a category that was heading one-way ' south ' for almost two years before jumping 6.4% i...