by calculated risks 11/16/2022 09:21:00 AM
From the Federal Reserve: Industrial Production and Capacity Utilization
Industrial production fell by 0.1 percent in OctoberIts gains in September were revised down to 0.1 percent. Manufacturing output rose 0.1 percent in October, and the increases in July, August and September were smaller than previously reported. In October, the mining index fell 0.4 percent, and the utilities index fell 1.5 percent. At 104.7 percent from its 2017 average, total industrial production in October was 3.3 percent higher than the reading a year earlier. Capacity utilization fell 0.2 percentage point in October to 79.9 percent0.3 percentage points above the long-term average (1972-2021).
Click on the chart for a larger image.
This graph shows capacity usage. This series is higher than the record low recorded in April 2020, and higher than the level recorded in February 2020 (pre-pandemic).
Capacity utilization at 79.9% is 0.3% above the average from 1972 to 2021. This was lower than the consensus forecast.
Note: The y-axis does not start from zero to better show change.
The second graph shows industrial production since 1967.
Industrial production in October fell to 104.7. This is higher than the pre-pandemic level.
The change in industrial production was lower than consensus expectations.