Dec 17, 2021 - Economy

Charted: America is making more stuff

Data: FRED; Chart: Axios Visuals

The supply-driven setback in industrial production in August and September is now looking more like a temporary blip.

Driving the news: Production rose 0.5% in November, and within that, manufacturing activity gained 0.7%, new data out from the Federal Reserve show.

Why it matters: It's another data point that suggests supply bottlenecks are starting to ease.

  • "Manufacturing output now stands some 2% above its pre-Covid level, and is on course for a 6% annualized increase in the fourth quarter, the best since Q4 2020," wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a research note.

"[T]he industrial recovery continues, and business surveys point clearly to further gains over the next few months," he added.

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