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Core industries’ overall output declined 4.7% YoY for July–August (Figure 18). Together with real-time indicators of economic activity for September (see Subsection 2.

18 1.02.18 1.03.18 1.04.18 1.05.18 1.06.18 1.07.18 1.08.18 1.09.18

August.6 By August, output in -60 12–18 October 12–18 October 12–18 October 12–18 October May May May May March June

accelerated in September from 16.8% YoY to 18.8% YoY, or from 16.9% YoY to 18.8% YoY with MBS17 debt included. Despite