US industrial production, 1919 to 2026
US industrial production stood at 103 in 2026, up 0.1% on the previous period.
The latest reading is an index level of 102.6, for May 2026, against an index level of 102.5 in April 2026. The series is monthly (FRED series INDPRO) and runs from January 1919.
How it is measured
The physical output of US factories, mines, and utilities, indexed so 2017 = 100, from the Federal Reserve's G.17 statistical release. It is measured in units and kilowatt-hours rather than dollars, which makes it immune to inflation and a clean read on the industrial economy. 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
The index's window runs from 3.7 (July 1932) to 104.1 (September 2018). Manufacturing is far more cyclical than services, so this line swings harder than GDP and turns earlier, which is why recession-watchers keep it on the dashboard.
What does the index level mean?
Why show the level instead of the change?
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