From the Fed: Industrial Production and Capacity Utilization
Industrial production rose 0.4 percent in March and was little changed in the first quarter, increasing at an annual rate of 0.2 percent. In March, manufacturing and mining output each fell 0.5 percent. The index for utilities jumped 8.4 percent, as the return to more seasonal weather after a mild February boosted the demand for heating. At 103.0 percent of its 2017 average, total industrial production in March was 0.5 percent above its year-earlier level. Capacity utilization moved up to 79.8 percent in March, a rate that is 0.1 percentage point above 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 79.8% is 0.1% above the average from 1972 to 2022. This was above consensus expectations.
Note: y-axis doesn’t start at zero to better show the change.