Tuesday, September 8, 2026

American Industry Report

American Industrialization News

By the numbers

Six public statistics American Industry Report watches. Each figure below is pulled from the Federal Reserve Bank of St. Louis FRED database, which republishes the issuing agency's data without alteration; values refresh every six hours. For each series we say what it measures and how the agency compiles it, so a reader can judge what a move in the number does and does not mean.

Manufacturing employment

12.64M Monthly · latest observation August 1, 2026

What it measures

The number of people on the payrolls of manufacturing establishments in the United States, seasonally adjusted.

How it is compiled

Compiled by the Bureau of Labor Statistics in the Current Employment Statistics survey, which collects payroll records each month from about 120,000 businesses and government agencies covering roughly 630,000 worksites. A person is counted if they were on the payroll for the pay period including the 12th of the month. Figures are seasonally adjusted and the two most recent months are revised as late reports arrive; the whole series is benchmarked once a year to unemployment-insurance tax records.

Recent readings

DateValue
Aug 202612,638
Jul 202612,622
Jun 202612,608
May 202612,595
Apr 202612,597
Mar 202612,598
Feb 202612,583
Jan 202612,582
Dec 202512,580
Nov 202512,593
Oct 202512,603
Sep 202512,612
Aug 202512,615

Source: BLS Current Employment Statistics, series CES3000000001, via FRED (MANEMP). View on FRED

Industrial production index (month-over-month change)

+0.2% Monthly · latest observation July 1, 2026

What it measures

The change in the physical output of U.S. factories, mines and utilities from the prior month. The headline figure on this site is the month-over-month percent change; the underlying index is set to 100 in 2017.

How it is compiled

Published by the Federal Reserve Board in its G.17 statistical release. The index combines physical-product counts (tons of steel, barrels of oil, vehicles assembled), production-worker hours from BLS, and electricity use by industry, weighted by each industry's share of value added. Monthly figures are estimates that are revised for several months as source data arrive, and the series is re-benchmarked annually to the Census Bureau's Annual Survey of Manufactures.

Recent readings

DateValue
Jul 2026103
Jun 2026103
May 2026103
Apr 2026103
Mar 2026102
Feb 2026102
Jan 2026101
Dec 2025101
Nov 2025101
Oct 2025101
Sep 2025102
Aug 2025102
Jul 2025102

Source: Federal Reserve G.17 Industrial Production and Capacity Utilization, via FRED (INDPRO). View on FRED

Manufacturing capacity utilization

76.0% Monthly · latest observation July 1, 2026

What it measures

The share of sustainable maximum manufacturing output that factories actually produced in the month.

How it is compiled

Also from the Federal Reserve's G.17 release. The Fed estimates each industry's capacity from the Census Bureau's Quarterly Survey of Plant Capacity Utilization, physical-capacity data from trade sources, and trends in capital spending, then divides the production index by the capacity index. It is a ratio of two estimates, so the revisions to production flow into it.

Recent readings

DateValue
Jul 202676.0
Jun 202675.9
May 202675.7
Apr 202675.7
Mar 202675.3
Feb 202675.1
Jan 202674.6
Dec 202574.6
Nov 202574.8
Oct 202575.0
Sep 202575.7
Aug 202575.8
Jul 202575.9

Source: Federal Reserve G.17, via FRED (MCUMFN). View on FRED

Construction spending on manufacturing facilities

$170B Monthly · latest observation July 1, 2026

What it measures

The value of construction work put in place on manufacturing plants during the month, expressed as a seasonally adjusted annual rate. It is the most direct public measure of plant-building activity.

How it is compiled

From the Census Bureau's Construction Spending (Value Put in Place) release. Census surveys a sample of private nonresidential projects each month and asks owners for the dollar value of work completed that month; projects are drawn from building-permit records and Dodge project reports. The monthly value is multiplied by 12 and seasonally adjusted, so a $170 billion figure means spending at that annual pace, not $170 billion in the month.

Recent readings

DateValue
Jul 2026169,795
Jun 2026171,476
May 2026173,641
Apr 2026177,023
Mar 2026179,814
Feb 2026181,879
Jan 2026184,187
Dec 2025181,798
Nov 2025195,150
Oct 2025202,687
Sep 2025205,019
Aug 2025211,142
Jul 2025215,594

Source: Census Bureau, Total Construction Spending: Manufacturing, via FRED (TLMFGCONS). View on FRED

Henry Hub natural gas spot price

$2.90 Daily · latest observation September 1, 2026

What it measures

The daily cash price of natural gas delivered at Henry Hub in Erath, Louisiana, the pricing point for U.S. gas and the reference for industrial fuel and power costs.

How it is compiled

Reported by the Energy Information Administration from Refinitiv (LSEG) price assessments, based on physical trades for next-day delivery at the hub. It is a market price, not a survey; there is no revision.

Recent readings

DateValue
Sep 1, 20262.90
Aug 31, 20262.90
Aug 28, 20262.82
Aug 27, 20262.89
Aug 26, 20262.81
Aug 25, 20262.70
Aug 24, 20262.83
Aug 21, 20262.82
Aug 20, 20262.94
Aug 19, 20262.94

Source: EIA, Henry Hub Natural Gas Spot Price, via FRED (DHHNGSP). View on FRED

Producer Price Index: iron and steel

374.1 Monthly · latest observation July 1, 2026

What it measures

An index of the prices domestic producers receive for iron and steel products, with 1982 = 100. It tracks mill-gate steel prices rather than any single product such as hot-rolled coil.

How it is compiled

Compiled by the Bureau of Labor Statistics from a monthly survey of producers, who report the actual transaction price of specified products on the Tuesday of the week containing the 13th. Individual product prices are weighted by shipment values from the Economic Census. The most recent four months are subject to revision.

Recent readings

DateValue
Jul 2026374.1
Jun 2026365.2
May 2026358.0
Apr 2026352.6
Mar 2026346.7
Feb 2026340.5
Jan 2026329.8
Dec 2025324.0
Nov 2025307.9
Oct 2025313.8
Sep 2025317.5
Aug 2025320.7
Jul 2025318.1

Source: BLS Producer Price Index, commodity code 101, via FRED (WPU101). View on FRED