by Calculated Risk on 7/15/2022 09:21:00 AM

From the Fed: Industrial Production and Capacity Utilization

Total industrial production moved down 0.2 percent in June but advanced at an annual rate of 6.1 percent for the second quarter as a whole. Manufacturing output declined 0.5 percent for a second consecutive month in June; even so, it rose at an annual rate of 4.2 percent in the second quarter. In June, the index for mining advanced 1.7 percent, while the index for utilities fell 1.4 percent. At 104.4 percent of its 2017 average, total industrial production in June was 4.2 percent above its year-earlier level. Capacity utilization decreased 0.3 percentage point in June to 80.0 percent, a rate that is 0.4 percentage point above 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 80.0% is 0.4% above the average from 1972 to 2021.  This was below 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 decreased in June to 105.7. This is above the pre-pandemic level.

The change in industrial production was below consensus expectations.