by Calculated Risk June 18, 2024 9:15 AM
From the Fed: Industrial production and capacity utilization
Industrial production increased 0.9% in May. Manufacturing output recorded a like-for-like increase of 0.9% after declines in the previous two months. The mining index increased 0.3% in May, while the utilities index increased 1.6%. Industrial production was at 103.3% of the 2017 average in May, up 0.4% year-on-year. Capacity utilization rose to 78.7% in May, 0.9% below the long-term average (1972-2023).
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Click on the graph to enlarge the image.
This graph shows occupancy rates, which have risen from the record low recorded in April 2020 and are now above February 2020 (pre-pandemic) levels.
The occupancy rate of 78.7% is 0.9% below the 1972 to 2022 average, which is above the consensus forecast.
Note: To better illustrate the changes, the y-axis does not start at zero.
The second graph shows industrial production since 1967.
Industrial production increased to 103.3, above pre-pandemic levels.
Industrial production beat consensus expectations.
