July 16, 2025

The Industrial Production Index increased 0.3 percent in June after remaining unchanged in April and May; for the second quarter as a whole, IP increased at an annual rate of 1.1 percent. At 104.0 percent of its 2017 average, total IP in June was 0.7 percent above its year-earlier level. Capacity utilization moved up to 77.6 percent, a rate that is 2.0 percentage points below its long-run (1972–2024) average. Our model estimates a slight acceleration of the index growth rate and thus signaling a steady expansion of Industrial Production. We are looking for industrial production to approach a 2% annual rate over the next four quarters.

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