SPY & Industrial Production Index
A measure of real output from manufacturing, mining, and electric and gas utilities.
SPY Price
Industrial Production Index
Year-over-Year Change
What It Measures
Industrial Production measures the real output (adjusted for inflation) of the U.S. industrial sector, covering: - **Manufacturing** (~75% of index): Durable and nondurable goods production - **Mining** (~15%): Oil, gas, and mineral extraction - **Utilities** (~10%): Electric and gas utilities The index is expressed relative to a base year (currently 2017 = 100).
Why It Matters
**Cyclical Indicator**: Industrial production is highly sensitive to the business cycle and often leads GDP. **Manufacturing Health**: Shows the strength of the U.S. manufacturing sector. **Capacity Utilization**: Released alongside capacity utilization, showing how much of productive capacity is being used. **Global Trade Proxy**: Manufacturing often reflects global demand conditions.
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-01-22)
Industrial Prod: INDPRO - Industrial Production Index from Federal Reserve
Units: Index 2017=100, Seasonally Adjusted, Monthly