vs Last Month
+0.20
Modest growth — factory output edging up.
Factory + Mine + Utility Output · 2017=100
U.S. Industrial Production
103.50
+0.20 vs. last month
Past 12 months102.5 – 104.0
vs Last Year+0.80
5-Yr Avg102.4
2018 Peak105.2
Industrial production at 103.5, edging higher month-over-month but essentially flat across a decade. The U.S. economy keeps growing in services while goods output plateaus.
Historical trend
Monthly index, 2017=100.
Source: FRED · INDPRO
The long view: since 1972
A 54-year history of U.S. manufacturing.
Peak 105.2 · Sept 2018
COVID trough 84.2 · Apr 2020
Today 103.5
How today stacks up
vs Last Year
+0.80
Up YoY, consistent with mild expansion.
5-Year Average
102.4
Today is +1.1 above the 5-yr mean.
From Peak
−1.6%
Below the 2018 record but well above COVID lows.
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Tools for macro investors.
About Industrial Production
The Industrial Production Index measures the physical output of U.S. factories, mines, and utilities. It excludes services and government, focusing on the goods-producing economy. The Federal Reserve publishes it monthly as an index where 2017 = 100. Today's 103.5 means U.S. industrial output is 3.5% above its 2017 base.
What the number captures
The index combines three sectors: manufacturing (~75%), mining (~14%), and utilities (~11%). Manufacturing alone tells most of the story — when factories ramp up production for cars, electronics, machinery, and consumer goods, the index rises. The series is widely watched as a real-economy indicator because services are hard to measure in real-time, but factory output ticks up the moment shifts are added or trimmed.
Reading today's level
Industrial production has been essentially flat for two decades in the U.S. — the index peaked at 105.0 in November 2014 and has barely moved since. The COVID lockdowns crashed output to 84.2 (April 2020), the lowest reading since 2010. Today's 103.5 is meaningfully above that low but still below the 2014 peak — the U.S. economy continues to expand in services while goods production plateaus.
Related trackers
Other live numbers that move with — or against — this one.
Frequently asked
What this number means, and what it doesn't.
Structural shift: the U.S. economy moved from goods-producing to services-producing over decades. China and Mexico now produce many goods Americans consume. The U.S. still makes high-value items (aerospace, pharmaceuticals, advanced electronics) but the volume index has plateaued. Compared to 1970, services employment is 5× larger; industrial output is barely 2.5× larger.
A companion series that measures how much of the U.S.'s industrial capacity is actually being used. Capacity utilization currently sits around 78%, meaning factories are running at 78% of full output. Historically, <75% indicates slack; >82% indicates pressure that often precedes inflation.
The Federal Reserve Board releases industrial production around the 15th of each month at 9:15 AM ET, reporting the prior month. The release is part of the "G.17 Industrial Production and Capacity Utilization" report.
Moderately. Manufacturing is rate-sensitive (capital investment, inventory financing), but global supply chains and consumer demand matter more. The 2022–23 rate-hike cycle barely dented industrial production because services-driven inflation, not goods, was the issue. Industrial slowdowns historically precede broader recessions by 6–12 months.
Methodology
Source
Pulled from FRED · INDPRO and cached on the EvvyTools server.
Update schedule
Refreshed automatically by our cron whenever the upstream source publishes a new value. Historical values are not revised after publication.
How we compute
Display value is the raw published number, unrounded. Comparison stats use the closest available reference date. We never edit the underlying data.