by Calculated Risk on 1/17/2024 09:15:00 AM

From the Fed: Industrial Production and Capacity Utilization

Industrial production moved up 0.1 percent in December and declined 3.1 percent at an annual rate in the fourth quarter. Manufacturing output edged up 0.1 percent in December after increasing 0.2 percent in November. The index for utilities declined 1.0 percent in December, while the index for mining rose 0.9 percent. At 102.5 percent of its 2017 average, total industrial production in December was 1 percent above its year-earlier level. Capacity utilization was unchanged in December at 78.6 percent, a rate that is 1.1 percentage points below its long-run (1972–2022) average.
emphasis added

Click on graph for larger image.

This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).

Capacity utilization at 78.6% is 1.1% below the average from 1972 to 2022.  This was at consensus expectations.

Note: y-axis doesn't start at zero to better show the change.

The second graph shows industrial production since 1967.

Industrial production increased to 102.7. This is above the pre-pandemic level.

Industrial production was above consensus expectations.