On The Pulse: Ceridian-UCLA Pulse of Commerce Index March 2012

The latest release of the Ceridian-UCLA Pulse of Commerce Index™ (PCI) suggests that economic activity improved in March with the seasonally adjusted index climbing 0.34% from February but falling 2.17% below the level seen in March 2011.

The three month moving average of the PCI increased slightly from October indicating that the March Industrial Production data will likely show a similar trend.

Production Pullback: Industrial Production February 2012

Today, the Federal Reserve released their monthly read of industrial production and capacity utilization showing a flattening with total industrial production increasing just 0.02% from January and rising 4.03% above the level seen in February 2011.

Capacity utilization declined 0.06% from January climbing 2.83% above the level seen in February of 2011 to stand at 78.70%

It's important to recognize that though the "recovery" is well over two years old, both industrial production and capacity utilization are notably below the peaks set in late 2007.

Production Pullback: Industrial Production January 2012

Today, the Federal Reserve released their monthly read of industrial production and capacity utilization showing a pullback with total industrial production increased 0.3% from December and rising 3.35% above the level seen in January 2011.

Capacity utilization declined 0.06% from December climbing just 2.16% above the level seen in January of 2011 to stand at 78.55%

It's important to recognize that though the "recovery" is well over two years old, both industrial production and capacity utilization are notably below the peaks set in late 2007.