And worse still, on a year-over-year basis, industrial production has shrunk for the first time since Trump's election in Nov 2016

Source: Bloomberg

Additionally, US manufacturing output contracted 0.5% MoM in September (worse than the 0.3% decline expected), likely depressed by an autoworkers' strike at GM, sluggish global demand, and the trade war.

Source: Bloomberg

A 4.2% decline in output of vehicles and parts was the largest since January, the Fed said. Production of primary metals, machinery and plastics also fell in September.