In the latest roll-out of shutdown-delayed data, today brings a first look at the September industrial production report. The September number itself was not awful: output rose 0.1% in the month. But, the prior month's industrial production figures were revised lower, so a 0.1% pick-up from a lower base is not much of a feat. Manufacturing output for September was flat. But as we detail below, the near-term trend was not materially altered by these adjustments which stem from annual revisions—manufacturing output has moved higher since earlier this year (chart). Firms that are putting out less product are leaving ... (full story)