On the heels of the dramatic slowdown in Chinese output, and after slowing in September and October, US Industrial Production was expected to rebound modestly in November and it did (but don't get to excited yet).

The headline industrial production print rose 0.6% MoM (well above the 0.3% rise expected and a notable bounce back from the downwardly revised 0.2% drop in October)...

However, the gains were dominated by a surge in Utilities... (Utility output jumped 3.3 percent after rising 0.2 percent the prior month)

As Manufacturing growth stalled for the second month in a row...

Bloomberg notes that excluding autos, manufacturing output stagnated for the second time in three months. The industry may be settling into a somewhat cooler pace, consistent with projections that economic growth will moderate this quarter and into next year, as the boost from lower corporate and consumer taxes wanes.

The slowdown in factory output included a 0.2 percent decline in business equipment and a third-straight drop in construction supplies.

Notably, this 'hard' data is weaker than the signal from a separate report that showed the ISM's factory index rebounded in November from a six-month low.

And finally, while INDUSTRIAL production has topped its previous peak, the gap between the INDUSTRIAL Average and production remains vast (but narrowing)...