Fed marginally revises down industrial production growth
After contracting sharply in the pandemic-hit 2020, the industrial sector rebounded in 2021 but grew modestly in 2022
US Federal Reserve has revised industrial production growth estimates for 2022 and 2021. For last year the growth estimate has been cut by 0.75 percentage point while the capacity utilization for the total industry changed little.
After contracting sharply in the first half of 2020 because of the pandemic, the industrial sector rebounded later in the year and in 2021, and then exhibited more modest growth in 2022, the Fed Reserve said in a report.
This revision incorporated detailed data for manufacturing from the U.S. Census Bureau's 2021 Annual Survey of Manufactures (ASM), it said.
The aggregate effect of those data was slightly slower growth in overall IP in 2021. The overall picture of the last three years of performance in the industrial sector, however, is unchanged.
