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FedResearch
@fedresearch.federalreserve.gov
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The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors

https://www.federalreserve.gov/econres.htm
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fedresearch.federalreserve.gov
The authors show reasons might include soft demand (orders), insufficient labor supply, and lags in the production process (average period of production or APP). (3/3) www.federalreserve.gov/econres/note... #FEDSNote
Figure 5. Utilization growth and import protection by average production period
November 4, 2025 at 7:57 PM
fedresearch.federalreserve.gov
But looking across industries, this spare capacity is not particularly concentrated in industries gaining new tariff protection. In 2025 so far, capacity utilization has not risen more in industries receiving more new import protection. (2/3) www.federalreserve.gov/econres/note... #FEDSNote
Figure 2. Spare capacity and import protection Figure 3. Recent utilization growth and new import protection Figure 4. Reasons for operating below capacity versus new import protection
November 4, 2025 at 7:57 PM
fedresearch.federalreserve.gov
The authors show reasons might include soft demand (orders), insufficient labor supply, and lags in the production process (average period of production or APP). (3/3) www.federalreserve.gov/econres/note... #FEDSNote #EconSky
Figure 5. Utilization growth and import protection by average production period
October 31, 2025 at 7:45 PM
fedresearch.federalreserve.gov
But looking across industries, this spare capacity is not particularly concentrated in industries gaining new tariff protection. In 2025 so far, capacity utilization has not risen more in industries receiving more new import protection. (2/3) www.federalreserve.gov/econres/note... #FEDSNote
Figure 2. Spare capacity and import protection Figure 3. Recent utilization growth and new import protection Figure 4. Reasons for operating below capacity versus new import protection
October 31, 2025 at 7:45 PM