As we discussed in Commodore Research's most recent Weekly Executive Report, it remains helpful for the dry bulk market that industrial production — including manufacturing production (which is the largest component of industrial production) — continues to grow in many major economies. In the United States, manufacturing production has grown on a year-on-year basis for twenty straight months. Previously, it had contracted on a year-on-year basis in nineteen of the prior twenty-two months.
In South Korea, manufacturing production has grown on a year-on-year basis in thirteen of the last nineteen months. This includes during six of the last nine months.
In Japan manufacturing production has grown on a year-on-year basis in ten of the last twelve months. This includes during eight of the last nine months.
In China, manufacturing production has now grown on a year-on-year basis for forty-four straight months.
In India, manufacturing production has now grown on a year-on-year basis for forty-six straight months.
In Russia, manufacturing production has most recently grown on a year-on-year basis during five of the last six months.
Europe remains an outlier. In the European Union, manufacturing production has contracted on a year-on-year basis during seven of the last eight months. This includes during each of the last four months.
