Industrial production
MacroDefinition
Monthly Federal Reserve release tracking output of the manufacturing, mining, and utilities sectors. Used by the NBER as one criterion for declaring recessions.
Manufacturing has shrunk to ~10% of US GDP, so industrial production is no longer the systemically dominant indicator it was in 1970. But still useful for global trade signals (manufacturing leads services in cycles) and for industrial sector stock picks.
Manufacturing has shrunk to ~10% of US GDP, so industrial production is no longer the systemically dominant indicator it was in 1970. But still useful for global trade signals (manufacturing leads services in cycles) and for industrial sector stock picks.