Industrial Production & Manufacturing
Latest data: August 1, 2026 · Updated automatically from official sources
Manufacturing, mining and utilities make up a modest share of U.S. GDP, but output in these sectors swings much more than the economy as a whole, which makes it a sensitive barometer of the business cycle. This page tracks the Federal Reserve’s industrial production index, how much of the nation’s industrial capacity is in use, and new orders for durable goods.
Latest readings
- Industrial Production was up 1.4% year over year in August 2026, compared with 1.1% in the prior period and 1.2% a year earlier.
- Capacity Utilization was 76.3% as of August 2026, down 0.05 percentage points from the prior reading, versus 76.1% a year earlier.
- Durable Goods Orders was $339.4B as of July 2026, up 1.1% from the prior reading and up 12.0% from a year earlier.
- Durable Orders was up 12.0% year over year in July 2026, compared with 7.7% in the prior period and 3.3% a year earlier.
Industrial production index
Capacity utilization
Durable goods orders
Recent readings
| Period | Industrial production (YoY) | Change | Capacity utilization |
|---|---|---|---|
| August 2026 | 1.4% | +0.29 pp | 76.3% |
| July 2026 | 1.1% | -0.21 pp | 76.3% |
| June 2026 | 1.3% | -0.32 pp | 76.2% |
| May 2026 | 1.7% | +0.23 pp | 76.2% |
| April 2026 | 1.4% | +0.74 pp | 76.2% |
| March 2026 | 0.7% | -0.11 pp | 75.6% |
| February 2026 | 0.8% | -0.17 pp | 75.8% |
| January 2026 | 1.0% | -0.19 pp | 75.2% |
| December 2025 | 1.2% | -0.59 pp | 75.6% |
| November 2025 | 1.8% | -0.01 pp | 75.4% |
| October 2025 | 1.8% | -0.10 pp | 75.6% |
| September 2025 | 1.9% | +0.67 pp | 76.0% |
| August 2025 | 1.2% | — | 76.1% |
Key statistics
| Indicator | Latest | Year ago | 5-yr avg | Long-run avg | Record high | Record low | Data since |
|---|---|---|---|---|---|---|---|
| Industrial Production (YoY) | 1.4% | 1.2% | 0.8% | 3.4% | 62.0% (Jul 1933) | -33.7% (Feb 1946) | 1920 |
| Capacity Utilization | 76.3% | 76.1% | 76.9% | 79.8% | 89.4% (Jan 1967) | 64.1% (Apr 2020) | 1967 |
| Durable Goods Orders | $339.4B | $303.0B | $295.0B | $209.7B | $347.8B (Apr 2026) | $114.5B (Feb 1992) | 1992 |
| Durable Orders (YoY) | 12.0% | 3.3% | 6.0% | 3.5% | 52.9% (Apr 2021) | -37.7% (Mar 2009) | 1993 |
What industrial production covers
The Federal Reserve’s industrial production index measures the real output of U.S. factories, mines (including oil and gas extraction) and electric and gas utilities. Manufacturing accounts for roughly three-quarters of the index. Utility output swings with the weather — a hot summer or cold winter lifts it — so analysts often look at manufacturing output on its own for a cleaner read of demand. The Fed publishes the data around the middle of each month in its G.17 release.
Capacity utilization and inflation
Capacity utilization is output divided by an estimate of the maximum sustainable output. When utilization runs well above its long-run average, factories have little slack left, which historically has been associated with rising producer prices. Low utilization signals spare capacity and weak demand — it fell to historic lows in 2009 and in spring 2020. The “Key statistics” table on this page shows the long-run average for comparison.
Durable goods orders
Durable goods are manufactured items meant to last three years or more — cars, appliances, machinery, computers and aircraft. New orders signal future factory activity and business investment. The headline number is very volatile because a single month’s commercial aircraft orders can swing it by billions of dollars, so economists focus on “core” capital goods orders (nondefense, excluding aircraft) and on multi-month trends rather than any single report.
Frequently asked questions
Is U.S. manufacturing growing or shrinking?
The year-over-year change in industrial production, shown at the top of the page, indicates whether output is higher or lower than a year earlier. Manufacturing makes up about three-quarters of that index.
What is a normal capacity utilization rate?
Total-industry capacity utilization has averaged close to 80% since the Fed began measuring it in the late 1960s, though it has trended lower over recent decades.
Related data
Data are retrieved automatically from the original statistical agencies (via the Federal Reserve Bank of St. Louis FRED database) and may be revised by the source. Year-over-year changes are calculated by econHQ. See About & methodology for details.