Analysts at Wells Fargo note that data released on Tuesday showed the U.S. industrial production rose 1.1% in November, which represents a welcome shift after declines in three out of the four preceding months, but they warn is not the end of the struggles for manufacturing. 

• “Manufacturing output, which comprises three quarters of all industrial activity, jumped 1.1% in November, the largest monthly increase since February 2018.
• The gain comes after manufacturing output fell in three out of four prior months and was down in seven of the first 10 months of the year. But low base effects may have played a role, and the level of factory output is still off 0.7% compared to a year ago.
• The factory sector is not out of the woods, but a step toward détente in the trade war last week and signs of bottoming in other areas—like the November rise in the ISM production component to a less-bad 49.1—suggest hope for improvement.”