US Capacity Utilization Steady Below Expectations

US capacity utilization increased to 76.3% in December 2025, up from 76.1% in November and slightly above market expectations of 76.0%. Despite the modest improvement, the overall rate remained 3.2 percentage points below its long-run average for the period 1972–2024, indicating continued slack in productive capacity. Capacity utilization in the manufacturing sector was unchanged at 75.6%, standing 2.6 percentage points below its long-run average. Meanwhile, utilization in mining declined by 0.5 percentage point to 85.7%, while the utilities operating rate rose by 1.6 percentage points to 72.3%. Relative to historical norms, mining utilization remained 0.5 percentage point above its long-run average, whereas utilities utilization continued to be well below its long-run average.

US capacity utilization edged up to 76.0% in November 2025, following a delayed release of October’s reading of 75.9%. The overall rate remains 3.5 percentage points below its long-term average (1972–2024). In the manufacturing sector, capacity utilization held steady at 75.4%, 2.8 points below its historical norm. Mining activity climbed to 86.3%, 1.1 points above its long-term average, while the utilities sector slipped 0.5 point to 70.9%, remaining well below typical levels.

US capacity utilization held steady at 75.9% in September 2025, matching a revised August reading and falling short of market expectations of 77.3%. The overall rate sits 3.6 percentage points below its long-term average (1972–2024). In the manufacturing sector, capacity utilization edged down 0.1 point to 75.5%, 2.7 points below its historical norm. Mining activity stayed flat at 85.4%, 0.2 points above its long-term average, while the utilities sector rose 0.5 point to 69.9%, still well below typical levels.