Macro glossary

Industrial Production

A Fed index measuring output of manufacturing, mining, and utilities.

Definition

Industrial production is one of the six indicators the NBER considers when dating recessions. It is more cyclical than services-sector output and turns down earlier in most cycles.

Related indicators

Monitor the Industrial Production Index — a core NBER recession indicator tracking real output of ma

ISM Manufacturing

Real-time ISM Manufacturing PMI tracking. Sub-50 readings signal manufacturing contraction and poten

Related terms

NBER Recession Dating

The process by which the National Bureau of Economic Research officially identifies the peaks and troughs of US business cycles.

ISM Manufacturing PMI

A monthly diffusion index that measures manufacturing activity. Above 50 means expansion, below 50 means contraction.

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