January 18, 2023

US industrial production fell -0.7% m/m in December, its third straight month of decline. Nevertheless, production is still up +1.6% from a year ago. For Q4 as a whole, production fell -0.4% q/q, up +2.4% from a year before. For 2022 as a whole, it was up +3.9% from 2021.

Total industrial capacity utilization declined to 78.6% in December.

US manufacturing output (a subset of industrial production) fell -1.3% m/m in December, down -0.4% from a year ago. For Q4 as a whole, it fell -0.7% q/q, but was still up +1.0% from a year before. For 2022 as a whole, it was up +3.2% from 2021.

Manufacturing capacity utilization declined noticeably to 77.5% in December.