GDP & Growth · August 23, 2026 · 2 min read

Fed Reported 0.2% July Growth in Industrial Production and Manufacturing Output

Published August 23, 2026 • Updated August 23, 2026

The Federal Reserve’s August 18 G.17 release reported that total industrial production and manufacturing output each increased 0.2% in July, while total capacity utilization edged up to 76.3%.

CONFIRMED FACTS The Federal Reserve Board’s August 18, 2026 G.17 release reported that total industrial production increased 0.2% in July after a revised 0.3% increase in June. The release’s seasonally adjusted total-industrial-production index was 103.0 in July (2017=100), 1.1% above its July 2025 level. Manufacturing output also increased 0.2% in July after a revised 0.3% gain in June. The release reported a 0.2% July increase in mining output and a 0.5% increase in utilities output. Manufacturing output excluding motor vehicles and parts rose 0.4%. The Board reported total capacity utilization of 76.3% in July, up from 76.2% in June and 3.1 percentage points below its 1972–2025 long-run average. Manufacturing capacity utilization was 76.0%; mining and utilities capacity utilization were 86.1% and 70.0%, respectively. The release labels July data preliminary and earlier data revised. ANALYSIS The July release shows a modest increase in the Fed’s broad industrial-output index alongside an increase in its manufacturing subset. The total capacity-utilization reading is an operating-rate measure for the industrial sector, not a measure of economy-wide resource use. The differing movements across manufacturing, mining, and utilities illustrate why the headline industrial-production change should not be treated as a uniform result for every industry. UNKNOWNS AND LIMITS This release does not establish the causes of the July changes or forecast output, employment, inflation, interest rates, or GDP. The Federal Reserve defines the covered industrial sector as manufacturing, mining, and electric and gas utilities; it does not measure all service-sector activity. July figures are preliminary, prior observations are revised, and the Board states that a further annual revision to these indexes and capacity measures is planned for autumn 2026. UPDATE LOG Reviewed August 23, 2026 using the Federal Reserve Board’s primary G.17 release. The live Data Brief inventory, published database slug inventory, and database source inventory were checked for duplicate slug, canonical source URL, and substantive overlap; no published brief matched this July 2026 industrial-production release.

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Board of Governors of the Federal Reserve System — Industrial Production and Capacity Utilization (G.17), August 18, 2026 — Primary release for July 2026 industrial production, manufacturing, mining, utilities, capacity utilization, seasonal-adjustment status, and revision notes.

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