Factory output is growing slowly.
Industrial production has swung sharply over the past year, currently rising only 1.08% annually. Economic growth has collapsed from 4.7% to 1.5%, suggesting the broader engine is sputtering.
Production vs consumption since 2021.
Industrial production is what factories make. Retail sales are what households buy.
What changed
Industrial production has swung sharply over the past year, currently rising only 1.08% annually. Economic growth has collapsed from 4.7% to 1.5%, suggesting the broader engine is sputtering.
What it means for you
Factories are busy but not ramping up output much, which means orders are soft and companies are cautious. For you, this signals weaker job creation ahead and possibly lower wage pressure as businesses hold back on hiring. Watch whether production starts climbing again or keeps bumping along near zero growth—that will tell you if the slowdown is temporary or becoming entrenched.
What to watch next.
Latest growth analysis.
Written after each data release. Plain English, no jargon.
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The questions people actually ask about economic growth, answered from the data above.