by Calculated Risk on 3/18/2025 09:15:00 AM
From the Fed: Industrial Production and Capacity Utilization
Industrial production (IP) increased 0.7 percent in February after moving up 0.3 percent in January. Manufacturing output rose 0.9 percent, boosted by a jump of 8.5 percent in the index for motor vehicles and parts. The output of manufacturing excluding motor vehicles and parts increased 0.4 percent. The index for mining gained 2.8 percent, and the index for utilities decreased 2.5 percent. At 104.2 percent of its 2017 average, total IP in February was 1.4 percent above its year-earlier level. Capacity utilization stepped up to 78.2 percent, a rate that is 1.4 percentage points below its long-run (1972–2024) average.
emphasis added
Click on graph for larger image.This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and close to the level in February 2020 (pre-pandemic).
Capacity utilization at 78.2% is 1.4% below the average from 1972 to 2023. This was above consensus expectations.
Note: y-axis doesn’t start at zero to better show the change.
The second graph shows industrial production since 1967.
Industrial production increased to 104.2. This is above the pre-pandemic level.
Industrial production was above consensus expectations.
