Annual average Industrial Production in February was up 0.8% from the prior year. Plan for Production to generally decline into early 2020 before subsequently rising through at least the end of 2020. Expect average activity during 2020 to be 0.8% above the 2019 level. Europe automotive leading indicators have trended significantly lower in recent months. The most recent three months of Europe Light Vehicle Sales are down 3.5% from the same three months one year earlier. Taken in aggregate, the leading indicator evidence suggests Production is due for the most severe recession since the Great Recession.
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