Industrial production has flat-lined over the past year. The YoY growth number is still negative but a bit better in Nov at -.4%. Dec 2022 was bad, so with a flat index for the next 2 months, YoY growth will be positive 1.1% for Dec23 and return to no growth in Jan24.

We have been onshoring manufacturing. With flat industrial production, as we add to the industrial complex (and modernize), it makes sense that capacity utilization is falling.

 

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