Industrial production rebounded in September after a steep decline in August. As the Federal Reserve noted when the August numbers were released, the sharp drop that month was probably due to the temporary effects of Hurricane Isaac. Today’s update appears to offer confirmation that the August retreat was a one-time problem rather than the start of a cyclical downturn. Indeed, industrial production continues to rise at a modest pace, advancing 2.8% on a year-over-year basis through last month. Today’s news brings one more positive contribution to the September economic profile, and one more reason for thinking that recession risk remains low.