October 19, 2022

Industrial production increased 0.4 percent in September and 2.9 percent at an annual rate in the third quarter. At 105.2 percent of its 2017 average, total industrial production in September was 5.3 percent above its year-earlier level. Capacity utilization moved up 0.2 percentage point in September to 80.3 percent, a rate that is 0.7 percentage point above its long-run (1972–2021) average. The Capacity Utilization figure suggests that there is ample room for a non-inflationary, sustained expansion. There is ample room for pro-growth policies to be adopted in order to stimulate the economy. Yet the growth rate is not robust enough to preclude a significant slowdown or recessionary downdraft.

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