Industrial Production Index
Monthly index of U.S. real output from manufacturing, mining, and electric/gas utilities (2017 = 100)
The Industrial Production Index (INDPRO) tracks real output across factories, mines, and utilities, making it one of the cleanest monthly reads on hard economic activity. It is especially useful for identifying cyclical turns in Growth & Activity because it reacts quickly to demand shifts, inventory cycles, and manufacturing momentum.
Historical Industrial Production Chart
Related Indicators
History of Industrial Production Measurement
What INDPRO Measures
INDPRO captures real output in three production-heavy sectors: manufacturing, mining, and utilities. It is a volume index, not a nominal dollar figure, and is seasonally adjusted to reduce recurring monthly patterns.
Methodology Timeline
- 1919 onward: The Federal Reserve began tracking industrial output during the early modern business-cycle period, creating one of the longest high-frequency activity series in U.S. macro analysis.
- Benchmark updates: The index base year is periodically reset (currently 2017 = 100) to keep interpretation intuitive and aligned with structural shifts in industrial composition.
- Annual revisions: Historical values are revised as source data quality improves and as benchmark inputs are refreshed, making the series robust but not immutable in real time.
Why Traders Watch It
Industrial production often turns before broader lagging macro indicators. Persistent acceleration can support cyclicals and commodities, while broad slowdowns can confirm risk-off conditions and growth compression.
Current Reading
Interpreting INDPRO
FISES Context
Industrial production is a clean real-activity gauge in the Growth & Activity family. Its direction helps confirm whether macro momentum is broadening or stalling underneath headline GDP data.
Release Schedule
Industrial Production is released monthly by the Federal Reserve Board, typically around the middle of the following month.
- Frequency: Monthly
- Coverage: Manufacturing, Mining, Utilities
- Adjustments: Seasonal + annual benchmark revisions