Industrial production index

Real output of factories, mines, and utilities — the physical, goods-producing part of the economy.

What it measures

An index of the actual quantity produced by manufacturing, mining, and electric and gas utilities, with 2017 set to 100. Together these are roughly a fifth of the economy.

How it is measured

The Federal Reserve Board builds it from physical product counts where they exist (tons, units, kilowatt-hours) and from inputs such as production-worker hours where they do not. Seasonally adjusted.

Reading it over a presidential term

Sharper peaks and deeper troughs than GDP: manufacturing leads and lags the cycle more violently than services do. Compare by percent change. A cold winter lifts the utilities component without anything else changing.

What it leaves out

It excludes services and construction, which are most of the economy and most of the jobs. A falling share of output in these sectors is a long-running structural shift, not a verdict on any term.

Chart this series · See it by president · Download the data · The source at FRED