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Today, the Federal Reserve released its monthly read of industrial production and capacity utilization. It shows an increase in December, with total industrial production rising 0.26% since November and rising 2.25% above the level seen in December 2011.

Capacity utilization also rose 0.12% from November, climbing 0.61% above the level seen in November of 2011 to stand at 78.78%.

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.

Source: Production Pullback - Industrial Production December 2012