Industrial production was little changed in April. Manufacturing output decreased 0.3 percent; excluding motor vehicles and parts, manufacturing output edged down 0.1 percent. The index for mining fell 0.6 percent, and the index for utilities rose 2.8 percent. At 102.8 percent of its 2017 average, total industrial production in April was 0.4 percentage point lower than its year-earlier level. Capacity utilization moved down to 78.4 percent in April, a rate that is 1.2 percentage points below its long-run (1972–2023) average.Click on graph for larger image.
emphasis added
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 78.4% is 1.2% 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.
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