by Calculated Risk September 17, 2024, 9:15 AM
From the Fed: Industrial production and capacity utilization
Industrial production rose 0.8% in August. It fell 0.9% in July. Similarly, manufacturing output increased 0.9% in August after declining 0.7% the previous month. This trend was largely due to a recovery in the motor vehicles and parts index, which increased almost 10% in August after declining about 9% in July. The manufacturing index excluding motor vehicles and parts increased 0.3% in August. The mining index increased 0.8%, while the utilities index was flat. Industrial production in August was 103.1% of the 2017 average, in line with the previous year. Occupancy rate rose to 78.0% in August.This is 1.7 percentage points lower than the long-term average (1972-2023).
Add emphasis
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 78.0%, 1.7% below the average from 1972 to 2022. This was 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 103.1, above pre-pandemic levels.
Industrial production beat consensus expectations.
