The Industrial Production Index is published monthly by the Federal Reserve Board and measures real output in the U.S. industrial sector, which includes manufacturing, mining, and electric and gas utilities.

Data on manufacturers’ shipments come from the Census Bureau’s Manufacturers’ Shipments, Inventories, and Orders (M3) survey, which provides monthly data on economic conditions in the domestic manufacturing sector. The survey measures the dollar value of products sold by manufacturing establishments and is based on net selling values after discounts and allowances are excluded. Freight charges and excise taxes are also excluded.

SOURCE: Bureau of Transportation Statistics, 2016.