Industrial production declined 0.3 percent in January, as unseasonably warm weather held down the output of utilities and as a major manufacturer significantly slowed production of civilian aircraft. The index for manufacturing edged down 0.1 percent in January; excluding the production of aircraft and parts, factory output advanced 0.3 percent. The index for mining rose 1.2 percent. At 109.2 percent of its 2012 average, total industrial production was 0.8 percent lower in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.3 percentage point in January to 76.8 percent, a rate that is 3.0 percentage points below its long-run (1972–2019) average.
This graph shows Capacity Utilization. This series is up 10.1 percentage points from the record low set in June 2009 (the series starts in 1967).
Capacity utilization at 76.8% is 3.0% below the average from 1972 to 2017 and below the pre-recession level of 80.8% in December 2007.
Note: y-axis doesn’t start at zero to better show the change.
Industrial production decreased in December to 109.2. This is 25.4% above the recession low, and 3.7% above the pre-recession peak.
The change in industrial production was below consensus expectations.