by calculated risk October 17, 2024 04:01:00 PM
The Fed has previously stated: Industrial production and capacity utilization
Industrial production (IP) fell by 0.3% in September After rising 0.3% in August, a strike against a major manufacturer of commercial aircraft held back growth in total intellectual property by an estimated 0.3% in September, with the impact of two hurricanes subtracting an estimated 0.3%. For the third quarter as a whole, industrial production fell at an annualized rate of 0.6%. Manufacturing production fell by 0.4% in September, and the mining index fell by 0.6%. The utility index rose 0.7%. Total industrial production in September was 102.6% of the 2017 average, 0.6% lower than the same month last year. Capacity utilization rate decreased slightly to 77.5% in SeptemberThis rate is 2.2 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 77.5%, 2.2% below the 1972-2022 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 102.6. This is above pre-pandemic levels.
Industrial production was below consensus expectations.
