by Calculated Risk on 5/17/2022 09:20:00 AM

From the Fed: Industrial Production and Capacity Utilization

In April, total industrial production increased 1.1 percent—the fourth consecutive month of gains of 0.8 percent or greater—and manufacturing output rose 0.8 percent. The index for utilities moved up 2.4 percent, and the index for mining advanced 1.6 percent. At 105.6 percent of its 2017 average, total industrial production in April was 6.4 percent above its year-earlier level. Capacity utilization climbed to 79.0 percent, a rate that is 0.5 percentage point below its long-run (1972–2021) 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 79.0% is 0.5% below the average from 1972 to 2020.  This was well above 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 in April to 105.6. This is above the February 2020 level.

The change in industrial production was well above consensus expectations.