by Calculated Risk August 15, 2024 9:15 AM
From the Fed: Industrial production and capacity utilization
Industrial production fell 0.6% in July. After increasing 0.3% in June, shutdowns in early July were concentrated in the petrochemical and related industries. Hurricane Beryl curbs industrial production growth The index fell an estimated 0.3 percentage points. Manufacturing output fell 0.3 percent and the motor vehicle and parts index fell nearly 8 percent, while manufacturing excluding motor vehicles and parts rose 0.3 percent. The mining index was stable, while the utilities index fell 3.7 percent. Total industrial production in July was 102.9 percent of the 2017 average, down 0.2 percent from a year ago. Occupancy rates fell to 77.8% in July.This rate is 1.9 percentage points lower than 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 was 77.8%, 1.9 percentage points lower than the average from 1972 to 2022. This was below 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 fell to 102.9, still above pre-pandemic levels.
Industrial production fell short of consensus expectations.
