From the Fed: Industrial Production and Capacity Utilization
Industrial production declined 0.6 percent in October. Manufacturing output fell 0.7 percent. Much of this decline was due to a 10 percent drop in the output of motor vehicles and parts that was affected by strikes at several major manufacturers of motor vehicles—the index for manufacturing excluding motor vehicles and parts edged up 0.1 percent. The index for utilities decreased 1.6 percent, and the output of mines increased 0.4 percent. Total industrial production in October was 0.7 percent below its year-earlier level. Capacity utilization moved down 0.6 percentage point to 78.9 percent in October, a rate that is 0.8 percentage point below its long-run (1972–2022) average.
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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 78.9% is 0.8% below the average from 1972 to 2022. This was below consensus expectations.
Note: y-axis doesn’t start at zero to better show the change.