Capacity Utilization
Capacity utilization measures the share of total US industrial capacity (manufacturing, mining, utilities) currently in use. Published monthly by the Federal Reserve alongside industrial production, it is the cleanest single read on economic slack in the goods economy.
Latest reading
As of April 2026, Capacity Utilization (Capacity utilization %) stands at 76.1% — up from 75.7% the prior reading. Readings near 80% historically mark a hot economy with inflation pressure building; below ~75% signals meaningful slack, and sharp drops accompany every recession. The level matters less than the trend — a steady decline from cycle highs while the index is still "okay" is how industrial downturns start. Series history runs from 1993 to present.
Capacity utilization %
Next release: Jun 15, 2026
Full history
How to read it
Readings near 80% historically mark a hot economy with inflation pressure building; below ~75% signals meaningful slack, and sharp drops accompany every recession. The level matters less than the trend — a steady decline from cycle highs while the index is still "okay" is how industrial downturns start.