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The Industrial Production Index (IPI) fell sharply in the United States during the Great Recession, reaching its lowest point in June 2009. The recession was triggered by the collapse of the U.S. housing market and the subsequent financial crisis in 2007 and 2008, during which a number of systemically critical financial institutions failed or came close to bankruptcy. The crisis in the financial sector quickly spread to the non-financial economy, where firms were adversely hit by the tightening of credit conditions and the drop in consumer confidence caused by the crisis. The largest monthly drop in the IPI came in September 2008, as Lehman Brothers collapsed and the U.S. government was forced to step in to backstop the financial sector. Industrial production would begin to recover in the Summer of 2009, but remained far below its pre-crisis levels.

Monthly industrial production during the Great Recession in the United States from 2007 to January 2010 (where 2017 = 100)

Characteristic	Industrial production as a share of average ouput in 2017
2010-01-01	89.19
2009-12-01	88.23
2009-11-01	87.91
2009-10-01	87.55
2009-09-01	87.36
2009-08-01	86.63
2009-07-01	85.71
2009-06-01	84.73
2009-05-01	85
2009-04-01	85.86
2009-03-01	86.55
2009-02-01	87.94
2009-01-01	88.47
2008-12-01	90.72
2008-11-01	93.35
2008-10-01	94.58
2008-09-01	93.66
2008-08-01	97.94
2008-07-01	99.49
2008-06-01	99.91
2008-05-01	100.14
2008-04-01	100.72
2008-03-01	101.4
2008-02-01	101.77
2008-01-01	102.17
2007-12-01	102.31
2007-11-01	102.32
2007-10-01	101.73
2007-09-01	102.03
2007-08-01	101.78
2007-07-01	101.56
2007-06-01	101.67
2007-05-01	101.65
2007-04-01	101.58
2007-03-01	100.89
2007-02-01	100.69
2007-01-01	99.72

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Release date

November 2022

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Region

United States

Survey time period

January 2007 to January 2010

Supplementary notes

Date of release refers to the most recent date of access. The Industrial Production Index is an aggregate measure which shows production relative to other periods, in order to avoid issues with changes in the value of currencies and differing measures of output value. In this case, the measured is indexed with the value of January 2017 (not show in the graph) being equal to 100.

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