Industrial Production Rises But It is Far Below the Pre-Covid Trend
The Fed's Industrial Production and Capacity Utilization report shows total industrial production rose 5.4 percent in June after increasing 1.4 percent in May.
June Key Points
- Industrial Production rose 5.4%
- Manufacturing rose 7.2%
- Utilities rose 4.2%
- Capacity Utilization rose from 65.1% to 68.6%
- Motor Vehicles and Parts rose 105.0%
Even with the two-month bounce, IP is 10.9 percent below its pre-pandemic February level.
For the second quarter as a whole, the index fell 42.6 percent at an annual rate, its largest quarterly decrease since the industrial sector retrenched after World War II.