"Deflation Camp: Under-utilized Capacity
Outside of manufacturing, the output of mines fell 3.2% in March, as oil and gas well drilling continued to drop. After a relatively mild February, a return to more seasonal temperatures pushed up the output of utilities. The capacity utilization rate for total industry fell further to 69.3%, a historical low for this series, which begins in 1967.Early this morning saw the release of Capacity Utilization data.
Source: Federal Reserve