U.S. Economy now below 2002 levels in many sectors
The United States economy is now producing less than it did in 2002 in seven of ten sectors monitored by the Federal Reserve.Construction is now down 20% over a baseline 2002 level. Capacity utilization is down in every category measured by the Federal Reserve, compared to historical averages, except mining, which is slightly above its historical norm Industrial production decreased 0.5 percent in April after having fallen 1.7 percent in March. Production in manufacturing declined 0.3 percent in April and was 16.0 percent below its recent peak in December 2007. The decreases in manufacturing in April remained broadly based across industries. Outside of manufacturing, the output of mines fell 3.2 percent, as oil and gas field drilling and support activities continued to drop. The output of utilities moved up 0.4 percent. At 97.1 percent of its 2002 average, industrial output in April was 12.5 percent below its year-earlier level. The capacity utilization rate for total industry fell further in April, to 69.1 percent, a low over the history of this series, which begins in 1967.