by calculated risk May 16, 2024 09:15:00 AM
From the Fed: Industrial production and capacity utilization
There was little change in industrial production in April.. Manufacturing production decreased by 0.3%. Manufacturing production excluding automobiles and parts decreased by 0.1%. The mining index fell by 0.6% and the utilities index rose by 2.8%. Total industrial production in April was 102.8% of the 2017 average, down 0.4 percentage points from the same period last year. Capacity utilization fell to 78.4 percent in April, which was 1.2 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 78.4%, 1.2% below the 1972-2022 average. This was in line with 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 remained unchanged at 102.8. This is above pre-pandemic levels.
Industrial production was below consensus expectations.
