US capacity utilization, 1967 to 2026
US capacity utilization stood at 76.09% in 2026, down 1bp on the previous period.
The latest reading is 76.2 percent, for May 2026, against 76.1 percent in April 2026. The series is monthly (FRED series TCU) and runs from January 1967.
How it is measured
The share of industrial capacity actually in use: current output divided by the maximum sustainable output of existing plants, from the Federal Reserve's G.17 release. It is the economy's engine-temperature gauge for the industrial sector. The data reaches us through FRED, the Federal Reserve Bank of St. Louis's data service, and originates with the Federal Reserve's G.17 release.
What the curve shows
Utilization has run between 64.1 percent (April 2020) and 89.4 percent (January 1967) over the window. Readings in the low 80s historically signal tightness, where bottlenecks form and investment in new capacity pays; deep recessions push it toward 70 or below.
Why does utilization matter for inflation?
Can utilization reach 100 percent?
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