October 18, 2023

Industrial production increased 0.3 percent in September and advanced at an annual rate of 2.5 percent during the third quarter. At 103.6 percent of its 2017 average, total industrial production in September was 0.1 percent above its year-earlier level. In September of 2023, Capacity utilization moved up 0.2 percent to 79.7 percent, a rate that is equal to its long-run (1972–2022) average. The Capacity Utilization figure suggests that reopening and post pandemic recovery are now complete. Going forward, the improvement in industrial production should be attributable to Bidenomics. The data suggests that there is ample room for non-inflationary, sustained expansion, and 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 a recessionary downdraft.

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