The Index of Industrial Production (IIP), an indicator I tend to distrust for lack of any relation to reality, shows an uptick in Jan. (Why do I track it? It’s all we have)
All the index numbers seem to show a small recovery. But it’s too early to call a turn around. Recent numbers – of December and October – have been revised up marginally to 8.40% and –0.50% respectively.
Another way to look at IIP is the use based indexes. I’ve attached them below:
Other than in capital goods, every other item sees some sort of upmove in Jan. Will this sustain into the future? Let’s wait till Feb data comes, at least.