by calculated risk November 15, 2024 09:15:00 AM
The Fed has previously stated: Industrial production and capacity utilization
Industrial production (IP) fell by 0.3% in October After falling 0.5% in September, a strike at a major manufacturer of commercial aircraft limited total intellectual property growth by an estimated 0.3 percentage points in September and 0.2 percentage points in October. The lingering effects of Hurricane Milton and Hurricane Helen reduced IP growth by 0.1 percentage point in October. Manufacturing output fell 0.5% in October, the mining index rose 0.3% and the utilities index rose 0.7%. Total intellectual property value in October was 102.3 percent of the 2017 average, 0.3 percent below the previous year’s level. Capacity utilization rate fell to 77.1% in OctoberThis rate is 2.6 percentage points below the long-term (1972-2023) average.
Emphasis added
Click on the graph to see a larger image.
This graph shows capacity utilization. The series is up from its all-time low recorded in April 2020 and is above its February 2020 (pre-pandemic) level.
Capacity utilization was 77.1%, 2.6% below the 1972-2023 average. This was below consensus expectations.
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 102.3. This is above pre-pandemic levels.
Industrial production was below consensus expectations.
The Boeing strike and hurricanes influenced this month’s report.
