US Capacity Utilization Holds Steady in February

US capacity utilization stood at 76.3% in February 2026, unchanged from the previous month and 3.1 percentage points below its long-run average for 1972–2025. In the manufacturing sector, utilization remained flat at 75.6%, which is 2.6 percentage points below its historical average. The operating rate in mining rose by 0.7 percentage points to 85.0%, while the utilities sector saw a 0.7-point decline to 73.0%. Despite the monthly increase, mining utilization remained 0.2 percentage points below its long-run average, while utilities operated at a rate 11.0 percentage points below theirs.

US capacity utilization increased to 76.2% in January 2026 from a downwardly revised 75.7% in December but slightly below analysts' forecasts of 76.5%. Despite remaining 3.2 percentage points below the 1972–2025 average, this was the strongest reading since July 2025. Capacity utilization for manufacturing increased 0.4 percentage points in January to 75.6%, a rate that is 2.6 percentage points below its long-run average. The operating rate for mining ticked down 0.1 percentage point to 84.4%, and the operating rate for utilities moved up 1.3 percentage points to 72.9%. The utilization rates for mining and utilities were 0.8 percentage points and 11.1 percentage points below their long-run averages, respectively.

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.