SPY & Industrial Production: Manufacturing
The manufacturing component of the Industrial Production Index, measuring output from U.S. factories.
SPY Price
Manufacturing Production Index
Year-over-Year Change
What It Measures
Industrial Production: Manufacturing (IPMAN) measures the real output of the U.S. manufacturing sector specifically, excluding mining and utilities. It includes: - **Durable Goods Manufacturing**: Motor vehicles, machinery, computers, electronics - **Nondurable Goods Manufacturing**: Food, beverages, chemicals, petroleum products, textiles The index is based on NAICS classifications and uses 2017 as the base year (2017 = 100).
Why It Matters
**Pure Manufacturing Signal**: Unlike the broader Industrial Production index, IPMAN isolates factory output from volatile mining and utilities components. **Economic Bellwether**: Manufacturing activity often leads broader economic trends and is sensitive to business investment cycles. **Trade Indicator**: U.S. manufacturing output reflects both domestic demand and global competitiveness. **Employment Driver**: Manufacturing supports millions of jobs and has significant economic multiplier effects.
Key Levels
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-03-30)
IP Manufacturing: IPMAN - Industrial Production: Manufacturing from Federal Reserve
Units: Index 2017=100, Seasonally Adjusted, Monthly