by Calculated risk on 16/8/2022 09:21:00 AM
From the Federal Reserve: Industrial Production and Capacity Exploitation
In July, total industrial production increased by 0.6 percent. Manufacturing production increased by 0.7 percent after declining by 0.4 percent in each of the previous two months. Production of cars and parts increased by 6.6%, while factory production elsewhere increased by 0.3%. The mining index increased 0.7 percent, while the utilities index declined 0.8 percent. At 104.8 percent of its 2017 average, total industrial production in July was 3.9 percent higher than its level a year earlier. Capacity utilization rose 0.4 percentage points in July to 80.3 percentan average of 0.7 percentage points above the long-term average (1972-2021).
Click on the chart for a larger picture.
This graph shows capacitance usage. This series is above the record low recorded in April 2020, and above the level in February 2020 (pre-pandemic).
Capacity utilization at 80.3% is 0.7% above the average from 1972 to 2021. This was above expectations.
Note: The y axis does not start from zero to better show the change.
The second graph shows industrial production since 1967.
Industrial production fell in June to 104.8. This is higher than the pre-pandemic level.
The change in industrial production was above consensus expectations.