by Calculated Risk July 17, 2024 9:15 AM
From the Fed: Industrial production and capacity utilization
Industrial production increased 0.6% in June. For the second quarter as a whole, industrial production rose at a 4.3% annualized rate, following a 0.9% increase in May. Manufacturing output rose 0.4% in June, bringing it to a 3.4% (annualized) increase in the second quarter. The mining and utilities indexes rose 0.3% and 2.8%, respectively, in June. Overall industrial production was 104% of the 2017 average in June, up 1.6% from a year ago. Occupancy rate rose to 78.8% in June.This rate is 0.9 percentage points 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 78.8% 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 104.0, above pre-pandemic levels.
Industrial production beat consensus expectations.
