by calculated risks 1/18/2023 09:25:00 AM
From the Federal Reserve: Industrial Production and Capacity Utilization
Industrial production fell by 0.7 percent in December And 1.7% at an annual rate in the fourth quarter. In December, industrial production fell 1.3 percent amid widespread declines across the sector. The utility index jumped 3.8 percent, as cold temperatures boosted demand for heating, while the mining index fell 0.9 percent. At 103.4 percent of the 2017 average, total industrial production in December was 1.6 percent higher than a year earlier. Capacity utilization fell 0.6 percentage point in December to 78.8 percent, 0.8 percentage points below 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 78.8% is 0.8% below the average from 1972 to 2021. This was below 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 December fell to 104.5. This is higher than the pre-pandemic level.
The change in industrial production was lower than consensus expectations.