Industrial Production Index (Monthly Change) vs S&P 500 Price-to-Earnings Ratio (Forward)
Industrial Production Index (Monthly Change) is currently -0.3% (down -1.0%). S&P 500 Price-to-Earnings Ratio (Forward) is currently 20.3x (down -1.20).
| Metric | Industrial Production Index (Monthly Change) | S&P 500 Price-to-Earnings Ratio (Forward) |
|---|---|---|
| Current value | -0.3% | 20.3x |
| Previous reading | 0.7% | 21.5x |
| Change | -1.0% | -1.20 |
| Trend | down | down |
| Frequency | Monthly | Weekly |
| Source | Federal Reserve | S&P Global |
| Last updated | 2026-03-18 | 2026-04-04 |
| Category | growth | growth |
What Industrial Production Index (Monthly Change) measures
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.
What S&P 500 Price-to-Earnings Ratio (Forward) measures
The forward price-to-earnings ratio measures the S&P 500 index price relative to expected earnings per share over the next 12 months. It is the most widely used valuation metric for the U.S. stock market.
The S&P 500 forward P/E at 20.3x has declined from its recent highs but remains above the 25-year average of approximately 16.5x. Markets are pricing in solid earnings growth but are no longer at 'euphoric' valuations. For executives evaluating M&A, stock compensation, or capital market activity, current valuations suggest a market that is fairly valued to modestly expensive — not cheap, but not at bubble levels either.
Frequently asked
Industrial Production Index (Monthly Change) is currently -0.3%, down -1.0% from the previous reading. Source: Federal Reserve, updated monthly.
S&P 500 Price-to-Earnings Ratio (Forward) is currently 20.3x, down -1.20 from the previous reading. Source: S&P Global, updated weekly.
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 i The S&P 500 forward P/E at 20.3x has declined from its recent highs but remains above the 25-year average of approximately 16.5x. Markets are pricing in solid earnings growth but are no longer at 'eup