This week, the Federal Reserve released their monthly read of Industrial Production and capacity utilization showing slightly improving results in September with total industrial production rising 0.06% from August but dropping 1.03% below the level seen in September 2015.

Capacity utilization went flat from August dropping 1.38% below the level seen in September 2015 to stand at 75.36%.

It's important to note that industrial production is still showing significant weakness which, if all past periods were to serve at least as a rough guide, now clearly indicates notable trouble for the macro-economy.