American Industry declined 0.5% over the last 12 months. It’s the first annual decline for Industry since 2021 when the country was still trying to emerge from the Pandemic.
For American Industry, these past six years have been a tough one. Trying to survive Covid-19 and escalating inflation is problematic. And just how difficult it is shown in the numbers. Since 2017 the Federal Reserve, which keeps track of these numbers, has reported a mere 2.2% increase in Industrial Production. A two percent increase in production over six years is not good.
Industrial Production (blue, left scale) CPI Inflation (red, right scale)