Industrial capacity utilization rate was released today, along with industrial production. We continue to see record year over year declines in industrial capacity, now for the seventh consecutive month.
The headline year over year change in industrial capacity utilization was +3.7%, an about 25% of that increase is due to reducing the denominator, the decline in total industrial capacity. I decomposed the change by taking current industrial production and dividing it by the industrial capacity of a year ago to arrive at the +2.7%.
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