Which Federal Reserve index measures the real output of U.S. manufacturing, mining, and utilities?

The Federal Reserve index measuring the real output of U.S. manufacturing, mining, and utilities is the Industrial Production Index.

The index is part of the Federal Reserve’s monthly Industrial Production and Capacity Utilization release, known as G.17. It tracks the physical volume of production rather than the dollar value of goods sold, helping analysts distinguish changes in output from changes caused purely by prices. The coverage includes manufacturing, mining, and electric and gas utilities.

The Federal Reserve publishes both aggregate and detailed industry indexes. Manufacturing is the largest component and includes durable and nondurable goods; mining covers activities such as oil, gas, and coal extraction; utilities reflect electricity and natural-gas production and distribution. The series is presented relative to a base year, currently 2017 equal to 100.

The Industrial Production Index is not the same as capacity utilization. Capacity utilization measures how much of available productive capacity is being used, while industrial production measures the output itself.