Industrial production and capacity utilization for December will be released tomorrow morning at 10am (ET). We believe tomorrow's numbers may include somewhat of a lagging impact of Sandy. This was not apparent in the November numbers, so we could see that tomorrow. We estimate the industrial production index to come in at 97.0%, a 0.5% decline from November. The consensus stands at 97.7%, an increase of 0.2%. Although the ISM employment sub-indexes improved in Dec., given the work week figures of most regional surveys, along with other production indicators, we expect a slight decline in capacity utilization. Our projection stands at 78.0%, a 0.4% sequential decline. The Street is expecting 78.5% or a 0.1% increase.
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