Industrial production (IP) moved down 0.1 percent in November after declining 0.4 percent in October. In November, manufacturing output rose 0.2 percent, boosted by a 3.5 percent increase in the index for motor vehicles and parts. The indexes for mining and utilities fell 0.9 percent and 1.3 percent, respectively. At 102.0 percent of its 2017 average, total IP in November was 0.9 percent below its year-earlier level. Capacity utilization stepped down to 76.8 percent in November, a rate that is 2.9 percentage points below its long-run (1972–2023) 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, but below the level in February 2020 (pre-pandemic).
Capacity utilization at 76.8% is 2.9% below the average from 1972 to 2023. 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 to 102.0. This is above the pre-pandemic level.
Industrial production was below consensus expectations.