What Is Industrial Production Index (Monthly Change)?

0.7% sits in the upper portion of the recent historical range for Industrial Production. Treat the reading as elevated rather than typical — sustained levels at this height usually have meaningful policy or business-cycle implications.

Industrial Production has moved higher from -0.3% to 0.7% since the prior monthly release — a sharp move of +1.0%. Pair this with the related indicators below before drawing strong conclusions; isolated moves on a single release often look larger than they really are.

Growth indicators describe how fast U.S. economic output is expanding (or contracting). They sit at the top of most macro frameworks because almost everything else — corporate earnings, employment, tax revenue — moves with output. The Bureau of Economic Analysis publishes the headline GDP releases; the Federal Reserve’s FRED database archives the historical series.

The Industrial Production Index measures the real output of manufacturing, mining, and electric and gas utilities. It is a coincident indicator that moves with the business cycle and reflects the goods-producing sector of the economy.

Industrial production fell 0.3% in March after strong February gains. Manufacturing, which accounts for about 75% of the index, has been volatile as companies adjust inventory levels. For executives in manufacturing and industrial sectors, the mixed readings suggest uneven demand rather than a clear downturn. The services sector remains the primary driver of U.S. economic growth.

The Federal Reserve Board compiles data from various sources including industry surveys, utility output, and Census Bureau manufacturing reports. The index is set to 100 at a base year (currently 2017) and seasonally adjusted. Capacity utilization is calculated by comparing actual production to estimated maximum sustainable output.

ExecBolt does not estimate, model, or interpolate this value — every reading on this page is pulled directly from Federal Reserve (series INDPRO). For full sourcing standards and citation guidance, see the methodology page; for plain-language background on the underlying concept, see the learn library; for live cross-checks against related series, see the indicators dashboard.