The Industrial Production Index measures the real output of the manufacturing, mining, and electric and gas utility sectors of the US economy, published monthly by the Federal Reserve Board since the index's origins in the 1920s, with the current base year rebased periodically to keep the weighting current. Alongside the closely related capacity utilization rate, it is one of the Federal Reserve's own primary tools for tracking the industrial side of the business cycle in real time, and equivalent industrial production indices are compiled by central banks and statistical agencies in most industrialized economies.
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