by Calculated Risk on 7/15/2021 09:23:00 AM
From the Fed: Industrial Production and Capacity Utilization
For the second quarter as a whole, total industrial production rose at an annual rate of 5.5 percent. Manufacturing output increased at an annual rate of 3.7 percent despite a drop of 22.5 percent for motor vehicles and parts.
At 100.1 percent of its 2017 average, total industrial production in June was 9.8 percent above its year-earlier level but 1.2 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.3 percentage point in June to 75.4 percent, a rate that is 4.2 percentage points below its long-run (1972-2020) average.
This graph shows Capacity Utilization. This series is up from the record low set in April 2020, but still below the level in February 2020.
Capacity utilization at 75.4% is 4.2% below the average from 1972 to 2020.
Note: y-axis doesn’t start at zero to better show the change.
Industrial production increased in June to 100.1. This is 1.2% below the February 2020 level.
The change in industrial production was below consensus expectations.