Industrial Production Index
Broad industrial output drives electricity demand from factories, semiconductor plants, and reshoring.
102.5Index
Trend YoY growth is +0.4%, slowing by 1 bps/year over the last 25Y. Deviations have remained above trend for 11 consecutive periods. Latest: +1.4%, 1.0 pp above trend, a 0.36σ deviation. At current levels, YoY would fall to +0.6% by Jul '26 as comparisons tighten.
Level
YoY %
y = 0.5% − 1 bps/yr · t
Deviation from trend
Forecast
Projected value by forecast vintage (Index)
Projected value (Index)
| Forecast made in | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 | Mar '26 | Apr '26 | May '26 | Jun '26 | Jul '26 | Aug '26 | Sep '26 | Oct '26 | Nov '26 | Dec '26 | Jan '27 | Feb '27 | Mar '27 | Apr '27 | May '27 | MAPE |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sep '25 | 101.7 | 101.5 | 101.6 | 102.9 | 102.9 | 104.2 | 104.4 | 104.7 | 104.8 | 105.6 | 106.2 | 106.2 | 106.5 | 106.3 | 106.3 | 107.1 | 107.3 | 108.2 | 108.1 | 109.1 | 111.8 | 139% |
| Oct '25 | 101.2 | 101.5 | 102.8 | 102.7 | 104.0 | 104.2 | 104.5 | 104.6 | 105.3 | 106.0 | 106.0 | 106.3 | 106.0 | 106.0 | 106.8 | 107.0 | 107.9 | 107.8 | 108.8 | 111.2 | 144% | |
| Nov '25 | 101.0 | 102.6 | 102.5 | 103.8 | 103.9 | 104.2 | 104.3 | 105.0 | 105.7 | 105.6 | 105.8 | 105.6 | 105.6 | 106.3 | 106.5 | 107.4 | 107.3 | 108.2 | 110.3 | 151% | ||
| Dec '25 | 101.5 | 102.0 | 103.2 | 103.2 | 103.5 | 103.4 | 104.1 | 104.6 | 104.5 | 104.7 | 104.3 | 104.3 | 104.9 | 105.0 | 105.8 | 105.6 | 106.4 | 107.5 | 99% | |||
| Jan '26 | 101.5 | 102.9 | 102.9 | 103.1 | 103.0 | 103.7 | 104.2 | 104.0 | 104.1 | 103.8 | 103.7 | 104.3 | 104.3 | 105.1 | 104.8 | 105.7 | 106.3 | 93% | ||||
| Feb '26 | 102.1 | 102.7 | 102.9 | 102.8 | 103.4 | 103.9 | 103.7 | 103.8 | 103.5 | 103.3 | 103.9 | 103.9 | 104.7 | 104.4 | 105.2 | 105.6 | 79% | |||||
| Mar '26 | 101.8 | 102.6 | 102.5 | 103.1 | 103.6 | 103.3 | 103.4 | 103.0 | 102.9 | 103.4 | 103.4 | 104.1 | 103.9 | 104.6 | 104.7 | 11% | ||||||
| Apr '26 | 102.5 | 102.4 | 103.0 | 103.4 | 103.2 | 103.3 | 102.9 | 102.7 | 103.2 | 103.2 | 103.9 | 103.6 | 104.4 | 104.3 | ||||||||
| May '26 | 102.4 | 103.0 | 103.4 | 103.2 | 103.3 | 102.9 | 102.7 | 103.2 | 103.2 | 103.9 | 103.6 | 104.4 | 104.3 |
YoY change forecast
| Forecast made in | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 | Mar '26 | Apr '26 | May '26 | Jun '26 | Jul '26 | Aug '26 | Sep '26 | Oct '26 | Nov '26 | Dec '26 | Jan '27 | Feb '27 | Mar '27 | Apr '27 | May '27 | MAPE |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sep '25 | +1.9% | +2.1% | +2.3% | +2.6% | +2.8% | +3.1% | +3.3% | +3.5% | +3.8% | +4.0% | +4.3% | +4.5% | +4.8% | +5.0% | +5.3% | +5.5% | +5.7% | +6.0% | +6.2% | +6.5% | +6.7% | 139% |
| Oct '25 | +1.8% | +2.2% | +2.4% | +2.7% | +2.9% | +3.1% | +3.3% | +3.6% | +3.8% | +4.0% | +4.3% | +4.5% | +4.7% | +5.0% | +5.2% | +5.4% | +5.7% | +5.9% | +6.1% | +6.3% | 144% | |
| Nov '25 | +1.8% | +2.3% | +2.5% | +2.7% | +2.9% | +3.1% | +3.3% | +3.5% | +3.7% | +3.9% | +4.1% | +4.3% | +4.5% | +4.7% | +4.9% | +5.2% | +5.3% | +5.6% | +5.8% | 151% | ||
| Dec '25 | +1.2% | +1.9% | +2.0% | +2.2% | +2.3% | +2.4% | +2.6% | +2.7% | +2.8% | +2.9% | +3.1% | +3.2% | +3.3% | +3.5% | +3.6% | +3.7% | +3.8% | +4.0% | 99% | |||
| Jan '26 | +1.4% | +1.8% | +1.9% | +2.0% | +2.1% | +2.2% | +2.2% | +2.3% | +2.4% | +2.5% | +2.6% | +2.7% | +2.8% | +2.9% | +3.0% | +3.1% | +3.2% | 93% | ||||
| Feb '26 | +1.0% | +1.7% | +1.8% | +1.8% | +1.9% | +2.0% | +2.1% | +2.1% | +2.2% | +2.3% | +2.4% | +2.4% | +2.5% | +2.6% | +2.7% | +2.7% | 79% | |||||
| Mar '26 | +0.8% | +1.5% | +1.5% | +1.6% | +1.6% | +1.7% | +1.7% | +1.8% | +1.8% | +1.9% | +1.9% | +2.0% | +2.0% | +2.1% | +2.1% | 11% | ||||||
| Apr '26 | +1.4% | +1.4% | +1.5% | +1.5% | +1.5% | +1.6% | +1.6% | +1.7% | +1.7% | +1.7% | +1.8% | +1.8% | +1.8% | +1.9% | ||||||||
| May '26 | +1.4% | +1.5% | +1.5% | +1.5% | +1.6% | +1.6% | +1.7% | +1.7% | +1.7% | +1.8% | +1.8% | +1.8% | +1.9% |
Forecasts use ordinary least-squares linear regression fitted to the YoY change series over a rolling 1Y window. Each row shows a vintage — the forecast as it would have appeared at that point in time. Projected values apply the forecasted YoY change to the prior year's level, chaining forward where actuals are unavailable. MAPE measures forecast accuracy against realized values. These are mechanical trend extrapolations, not economic models.