Data report | Last updated August 12, 2026

Manufacturing Industrial Production Index: 2015-2026 Data

Factory output is moving in two directions at once. The broad U.S. manufacturing index reached 98.70 in June 2026, still below its 2017 base of 100. Computer and electronics production, meanwhile, climbed to 136.52. This report puts the Federal Reserve numbers in one place so manufacturers, economic developers, journalists, and researchers can see which parts of the factory economy are expanding and which are still working back toward prior output.

Manufacturing industrial production data table

The table reports December observations for 2015 through 2025 and the latest available observation, June, for 2026. All figures are seasonally adjusted indexes. Each column links directly to the original Federal Reserve series hosted by FRED. Because the indexes use a common reference year, they show change within a sector. They do not measure one sector's dollar output against another sector's dollar output.

Reading the 2026 row: the total index of 98.70 means aggregate manufacturing production was 1.30 percent below the average level in the index's 2017 reference year. The computer and electronics index of 136.52 means production in that sector was 36.52 percent above its own 2017 average. Those statements are index comparisons, not estimates of revenue, tonnage, employment, or physical units.

What the industrial production index measures

The Federal Reserve's industrial production program estimates the real output of manufacturing, mining, and electric and gas utilities. Manufacturing is the largest of those three industry groups. According to the Fed's official methodology, the system combines physical product data, production-worker hours, and other monthly indicators, then benchmarks those monthly estimates to more complete annual data.

The index is designed to answer a practical question: how much is U.S. industry producing after removing price changes? That makes it different from sales or shipment data. A plant can report higher dollar sales because prices rose even when it made fewer units. Industrial production tries to isolate the change in real output. The current G.17 release also publishes capacity and capacity utilization, which show how current output compares with an estimate of sustainable maximum production.

Official terminology and related data

The Federal Reserve Board, formally the Board of Governors of the Federal Reserve System, calls this publication “Industrial Production and Capacity Utilization.” The United States industrial production system covers domestic industrial facilities located in the United States. It measures the output of manufacturing industries, mining output, electric utilities, and gas utilities. Together, electric and gas utilities form one major industrial sector, while mining and manufacturing form the other two. The coverage is based largely on the North American Industry Classification System, or NAICS.

The index measures real output for all facilities in covered industries, including output for all facilities located in U.S. coverage. Indexes are seasonally adjusted monthly at the nation level, not seasonally adjusted quarterly. Data on capacity support separate capacity indexes and an operating rate, commonly called the utilization rate. Capacity utilization for manufacturing is output divided by capacity, using the formula published in the methodology. The resulting capacity and capacity utilization figures help describe the business cycle, but they are not gross domestic product or value added. They also should not be read as the percent of total U.S. GDP.

The Federal Reserve Bank of St. Louis, often shortened to the St. Louis Fed, distributes these economic data through FRED. Its historical data and historical chart are related data products, while the Federal Reserve Board remains the source. The industrial detail provided in the G.17 release tables includes recent updates, product data, and separate measures for total industry, manufacturing, mining, and electric and gas industries. Industrial production and capacity utilization for the latest month can change when source agencies supply revised information. Construction itself is outside the index, though production of construction supplies can appear within manufacturing.

All values here are indexed to 2017. A move from 100 to 101.5 is a 1.5 percent rise, while a move from 100 to 99.9 is a 0.1 percent fall. Examples such as 0.2, 0.3, 0.4, 0.8, or 1.1 percent illustrate the formula only. They are not additional monthly claims. This distinction prevents a calculation example from being confused with the current G.17 result.

Seasonal adjustment matters

Holiday shutdowns, model-year changeovers, weather, and the number of working days can make raw monthly factory data jump around. The seasonally adjusted series remove recurring calendar patterns so consecutive months are more comparable. That does not erase strikes, hurricanes, supply interruptions, or genuine changes in orders. It only reduces predictable seasonal noise. Anyone analyzing staffing or production calendars should compare the adjusted series here with the Fed's unadjusted series and plant-level operating schedules.

Why values get revised

The newest industrial production values are estimates built before every annual source is available. The Federal Reserve revises recent months when stronger source data arrive and conducts annual revisions that can change longer history. For that reason, cite an access date and link to the live series. The values on this page were retrieved on August 12, 2026 from the series listed below.

2026 manufacturing production snapshot

Total manufacturing moved from 96.99 in December 2025 to 98.70 in June 2026, a 1.76 percent increase over those endpoints. That is a useful sign of firmer production, but the broad index remained below 100. The recovery is uneven. Three of the six selected subsectors were above 100 in June, while food was nearly at 100 and machinery remained well below it.

Computer and electronic products lead the selected sectors

The computer and electronic products index reached 136.52 in June 2026. It was 130.05 in December 2025 and 90.82 in December 2015. Across those endpoints, the sector gained 50.32 percent. Semiconductor investment, data-center equipment, communications hardware, and other electronics demand sit inside a broad category, so the aggregate series should not be treated as a scorecard for every electronics supplier.

Still, the contrast is hard to miss. The selected electronics index advanced through the pandemic period, moving from 108.07 in December 2019 to 105.98 in December 2020, then to 114.96 in December 2021. Many other factory categories posted much deeper 2020 declines. For component suppliers, contract manufacturers, and economic-development teams, that divergence explains why an undifferentiated phrase such as “manufacturing is up” or “manufacturing is down” can conceal the market that matters.

Motor vehicles rebound, but remain volatile

Motor vehicles and parts registered 110.12 in June 2026, up from 101.07 in December 2025. The series has moved sharply from year to year, including 109.25 in December 2018, 99.90 in December 2021, and 112.14 in December 2023. Model transitions, work stoppages, parts shortages, and changes in vehicle mix can all affect monthly output. Suppliers should avoid treating a single high reading as a permanent run rate.

Chemicals and primary metals sit just above the base

The chemical products index was 101.64 in June 2026, while primary metals reached 100.84. Chemicals fell to 91.93 in December 2022 before recovering above 100 by December 2024. Primary metals dropped to 91.95 in December 2020, then returned to 99.15 by December 2021. Both series show why base effects matter. A large percentage rebound can restore lost ground without creating a new high.

Machinery output remains below its 2017 average

The machinery index stood at 94.23 in June 2026. It had reached 104.78 in December 2018, then declined to 92.46 in December 2020 and 88.92 in December 2024. The June 2026 level was 5.97 percent below the 2017 reference average. Machinery is tied to capital spending across many customer industries, so weakness can be a useful cross-sector signal, but the aggregate does not replace product-specific order books.

Long-run patterns from 2015 to 2026

The total manufacturing index ended 2015 at 99.47, peaked among the December observations shown here at 101.77 in 2018, and fell to 96.86 in December 2020. By December 2021 it had recovered to 98.90. The next three year-end readings stayed below that mark before the index rose to 98.70 by June 2026.

Food, beverage, and tobacco is steadier than the other selected groups. Its December readings ranged from 95.84 to 99.46 between 2015 and 2025, and the index reached 99.64 in June 2026. Essential consumer demand helps explain lower volatility, but category-level stability can still hide changes among meat processing, beverages, tobacco, grain products, and other industries.

Primary metals and machinery show more cyclical exposure. The selected primary metals series ranged from 91.95 to 102.74 across the year-end observations, while machinery ranged from 88.92 to 104.78. Demand from construction, energy, transportation, and capital-equipment buyers can shift production faster than consumer staples demand.

How manufacturers can use this data

Benchmark sales against the market

Compare your unit volume or inflation-adjusted sales with the closest Federal Reserve industry series. If your shipments rose 8 percent while sector production rose 2 percent over the same dates, you may have gained share. If your nominal revenue rose but the sector's real output fell, separate price increases from actual unit demand before crediting the change to sales execution.

Set account priorities by subsector

A supplier serving electronics, machinery, and automotive accounts should not use the total manufacturing index alone. The June 2026 selected readings range from 94.23 for machinery to 136.52 for computers and electronics. That 42.29-point spread argues for sector-specific territory plans, case studies, and prospect lists.

Pair output with capacity utilization

Rising production has different implications at a plant running well below capacity than at one near its practical limit. The Fed's G.17 tables publish both measures. Higher production with rising utilization may support equipment, maintenance, overtime, or outsourcing demand. Higher output with flat utilization may reflect newly installed capacity. Neither pattern proves a purchasing decision, but both can sharpen the questions sales teams ask.

Sector-by-sector notes for researchers and buyers

Food, beverage, and tobacco

The food, beverage, and tobacco series is useful as a defensive manufacturing benchmark because demand is less exposed to capital-spending cycles than machinery or primary metals. The index was 96.84 in December 2015, 99.13 in December 2019, and 99.64 in June 2026. The narrow range does not mean the underlying businesses stood still. Product mix, commodity costs, packaging formats, automation, and consumer preferences can change while aggregate physical output remains close to its reference level.

Suppliers should compare the national index with customer-specific signals. A packaging converter may see strong demand from beverages even when another food category slows. Sanitary equipment, cold-chain, inspection, and traceability vendors also sell into different capital cycles. Use the index to frame the market, then validate it with requests for quotation, distributor inventory, customer production schedules, and the narrower industry series available through the FRED industrial production catalog.

Chemical products

Chemical production covers basic chemicals, resins, pesticides, pharmaceuticals, paint, soap, and other products. That breadth is why one national number needs careful interpretation. The selected series moved from 101.94 in December 2015 to 96.15 in December 2019, then reached 100.90 in December 2021 before falling to 91.93 in December 2022. By June 2026 it had recovered to 101.64.

For industrial sellers, the recovery can support prospecting around plant maintenance, process controls, pumps, valves, tanks, and compliance work. It does not guarantee equal budgets across chemical plants. Feedstock economics, site turnarounds, environmental requirements, and end-market demand shape investment at the facility level. A national production upswing is a timing clue, not a qualified lead.

Primary metals

Primary metals include iron and steel mills, steel products, alumina and aluminum production, foundries, and nonferrous metal processing. The series reached 102.74 in December 2018, declined to 91.95 in December 2020, and returned to 100.84 by June 2026. Its path reflects exposure to construction, transportation, energy, durable goods, imports, exports, and commodity markets.

Metal service centers, fabricators, and equipment vendors can use the direction of the index alongside lead times and mill pricing. Production may rise because mills are replenishing inventories rather than because final demand is accelerating. Conversely, low output paired with falling inventories can precede a restocking cycle. The index provides one half of the picture. Inventory, pricing, and order information supply the rest.

Machinery

Machinery production often acts as a window into business investment. Manufacturers buy equipment when they expect sufficient demand, need labor-saving automation, replace worn assets, or must meet a new product requirement. The index's decline from 104.78 in December 2018 to 88.92 in December 2024 points to a difficult aggregate period, though June 2026 improved to 94.23.

The category includes agriculture, construction, mining, industrial, HVAC, metalworking, engine, turbine, and other machinery. Those markets do not turn at the same time. A manufacturer serving machine-tool builders needs a narrower view than a company selling to HVAC equipment plants. When possible, move from the aggregate series to a relevant industry group, then check public company orders and trade-association reports.

Computer and electronic products

Electronics is the clearest growth outlier in this selected dataset. The index increased from 90.82 in December 2015 to 136.52 in June 2026. That is an index gain of 45.70 points. The category contains semiconductors, communications equipment, computers, instruments, and related products, which means the expansion can be concentrated in high-growth niches rather than spread evenly across every NAICS 334 plant.

A supplier pursuing this sector may need different proof than one pursuing traditional heavy industry. Cleanliness, traceability, tight tolerances, intellectual-property controls, rapid engineering changes, and supplier qualification can outweigh headline market growth. Strong sector output makes the addressable pool more attractive, but it can also draw more capable competitors.

Motor vehicles and parts

Automotive production combines large volumes with sharp operational swings. The index rose from 99.52 in December 2015 to 109.25 in December 2018, stood at 103.23 in December 2020, and reached 110.12 in June 2026. A monthly index can react to assembly schedules, strikes, component availability, new model launches, and fleet demand.

Tier suppliers should compare the index with the platforms and plants they serve. National output can rise while a specific program approaches end of life. It can also fall during a temporary changeover while future awarded business remains healthy. The best use is as an external benchmark for explaining whether a company's change came from market volume, customer mix, content per vehicle, or execution.

Calculating changes correctly

To calculate the percentage change between two index observations, subtract the earlier value from the later value, divide by the earlier value, and multiply by 100. For example, total manufacturing increased from 96.9857 in December 2025 to 98.6995 in June 2026. The calculation is (98.6995 minus 96.9857) divided by 96.9857, which equals 1.77 percent after rounding.

Do not subtract index points and label the result a percentage without doing that division. The same endpoints increased 1.7138 index points, but 1.77 percent. Also distinguish a percent change from a percentage-point change. That difference matters when analysts compare production with capacity utilization or another rate.

For year-over-year analysis, compare the same month in consecutive years. For annual planning, average all twelve monthly observations rather than using December alone. The table intentionally uses December endpoints to make a compact historical view, while the 2026 observation is labeled June because a full-year number does not yet exist.

Limits of the data

Industrial production is a national estimate, not a plant census. It does not show state output, company market share, profitability, employment, lead times, or order backlog. Monthly movements can be revised. A sector can increase real output while cutting employment through productivity gains, or add workers while output remains soft. Pair this report with BLS employment data, Census shipment data, the Federal Reserve capacity series, and direct customer evidence.

The table also uses endpoints. December-to-December comparisons can differ from annual-average comparisons, and June 2026 is not a full-year result. When you quote a change, specify the exact months. That small detail prevents a monthly observation from being mistaken for an annual average.

One more limitation matters for local decisions. National output does not tell you where production occurred. A sector can expand nationally while factories in one state lose work to plants in another. Companies choosing a site, recruiting in a labor market, or mapping a sales territory should add state employment, establishment, electricity-price, freight, and incentive data. The national index is strongest as a demand-cycle measure.

Finally, index growth is not the same as financial health. A manufacturer can produce more units and earn less because input costs, discounting, warranty expense, or financing costs rose. Another can reduce unit output and improve profit by changing its product mix. Production data belongs beside margins, orders, inventory, and cash flow when evaluating a company or customer segment. No single economic series can replace those operating details.

Frequently asked questions

What is the current manufacturing industrial production index?

The latest value used in this report is 98.6995 for June 2026, seasonally adjusted, with 2017 equal to 100. The Federal Reserve may revise that observation after this page's update date.

Is an index below 100 a recession?

No. A value below 100 means output is below the average level in the 2017 reference year. It does not, by itself, define a recession. Recession analysis considers the direction, duration, breadth, and size of changes across several economic measures.

How often is industrial production updated?

The Federal Reserve publishes the Industrial Production and Capacity Utilization release monthly. Recent estimates are subject to revision, and an annual revision incorporates more complete information.

Can indexes be compared across industries?

You can compare growth rates or relative movement, but the index levels are not dollar-output rankings. An index of 136 in electronics does not mean electronics produces more dollars of output than an industry with an index of 100.

Cite this resource

Sources

Every numerical observation in the report comes from the Federal Reserve series below. FRED is operated by the Federal Reserve Bank of St. Louis and reproduces the Board of Governors' G.17 data.