This page tracks the Industrial Production Index, a key measure of real output in manufacturing, mining, and utilities. It reflects the physical volume of goods produced in the U.S. economy and is one of the most important indicators of business cycle strength.
Industrial production typically rises during expansions and contracts during recessions, making it a reliable gauge of economic momentum.
What This Chart Shows
- Long‑term growth in U.S. industrial output
- Sharp declines during major recessions (1973–75, 1981–82, 2008, 2020)
- Cyclical expansions tied to manufacturing strength and consumer demand
- Sensitivity to interest rates, supply chains, and global trade conditions
Key Takeaways
- Industrial production is a core measure of real economic activity
- Strong readings signal rising output, investment, and demand
- Weakness may indicate recession risk or tightening financial conditions
- The index often moves ahead of GDP and employment trends
- Useful when paired with PMI, retail sales, and the yield curve
Data Source
Board of Governors of the Federal Reserve System (U.S.)