by Calculated Risk on 8/16/2023 09:15:00 AM

From the Fed: Industrial Production and Capacity Utilization

In July, total industrial production increased 1.0 percent following declines in the previous two months. Manufacturing output rose 0.5 percent in July; the production of motor vehicles and parts jumped 5.2 percent, while factory output elsewhere edged up 0.1 percent. The index for mining moved up 0.5 percent, and the index for utilities climbed 5.4 percent as very high temperatures in July raised demand for cooling. At 102.9 percent of its 2017 average, total industrial production in July was 0.2 percent below its year-earlier level. Capacity utilization moved up to 79.3 percent in July, a rate that is 0.4 percentage point 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 79.3% is 0.4 percentage points below the average from 1972 to 2022.  This was slightly 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 July to 102.9. This is above the pre-pandemic level.

Industrial production was above consensus expectations, however the previous months were revised down, combined.