by Risk calculated on 03/17/2023 09:21:00
From the Fed: Industrial production and capacity utilization
Industrial production remained unchanged in February, and manufacturing output edged up 0.1%. The mining index fell 0.6%, while the utilities index rose 0.5%. At 102.6% of its 2017 average, total industrial production in February was 0.2% below its level a year earlier. Capacity utilization remained unchanged in February at 78.0%a rate 1.6 percentage points lower than its long-term average (1972-2022).
added emphasis
Click on the graphic to enlarge the image.
This chart shows capacity utilization. This series is up from the record low set in April 2020 and above the level of February 2020 (pre-pandemic).
Capacity utilization at 78.0% is 1.6% lower than the 1972 to 2021 average. This figure was below consensus expectations.
Note: the y-axis does not start at zero to better show the change.
The second graph shows industrial production since 1967.
Industrial production was unchanged in February at 102.6. This is above the pre-pandemic level.
Industrial production was below consensus expectations and prior months were revised lower.