What´s going on with industrial output best reflects the economy´s depressed state. Note that for the first 6 or 7 months of the recession, this cycle was on a par with the others. After that, mid-2008, the economy, including manufacturing output takes a surprising dive. That was what economists did not (and hardly could have) predicted, based, as it was, on a gargantuan monetary policy mistake, a mistake last made in 1937. The irony, but that´s quite usual, is that the man responsible for that mistake was a renowned scholar of the Great Depression! Capacity Utilization is likewise depressed….