by Calculated Risk on 8/17/2021 09:22:00 AM
From the Fed: Industrial Production and Capacity Utilization
At 101.1 percent of its 2017 average, total industrial production in July was 6.6 percent above its year-earlier level but 0.2 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.7 percentage point in July to 76.1 percent, a rate that is 3.5 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 76.1% is 3.5% below the average from 1972 to 2020.
Note: y-axis doesn’t start at zero to better show the change.
Industrial production increased in July to 101.1. This is 0.2% below the February 2020 level.
The change in industrial production was above consensus expectations, probably due to vehicle manufacturers not shutting down in July.