Just a quick update on some macro data. This is the latest on industrial production:
Industrial production slowed marginally to a rate of 4% year over year in October and fell marginally on a month over month basis from its previous record high set in September. Interestingly, the growth in industrial production in the last 5 years has averaged 3.5%. That’s significantly better than the 2002-2007 period when industrial production averaged just 1.8% and not far from the 91-99 expansion when industrial production averaged 4.2% growth.