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10 technology trends that can enhance airline and airport operations in 2023

The following article was published by Future Travel Experience
FTE explores a selection of the top trends and technologies for 2023 and beyond, including…

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The following article was published by Future Travel Experience

FTE explores a selection of the top trends and technologies for 2023 and beyond, including automation, robotics, the metaverse, Urban Air Mobility, digital identity and more.

The beginning of a new year brings with it an opportunity, following last week’s CES 2023, to take a look at the trends, as well as the new and emerging technologies, which will shape the air transport industry over the next 12 months and beyond. This year, our list features 10 trends that will play a crucial role in improving passenger experiences and enhancing business performance. We explore everything from automation and robotics to the metaverse and Urban Air Mobility.

Automation and robotics

Autonomous robots are becoming increasingly prevalent at airports for the delivery of retail and food & beverage. Pittsburgh International Airport, through its xBridge Innovation Center, is among those having implemented the technology.

Perhaps an overriding trend this year and beyond will be increasing automation, using technology to streamline operations and offset rising labour costs. As this report in Forbes indicates: “Labour has typically represented about 25% of an airline’s cost. Over the next few years, many have forecasted that this will move to north of 40%.” With this in mind, investment in tech and automation is definitely paramount across the industry.

This is already being realised in innovative ways, such as using autonomous technology to future-proof airside operations. At FTE APEX Asia Expo in November 2022, Carolijn Schoofs, Head of Innovation, Royal Schiphol Group, explained Schiphol’s plans to achieve a fully autonomous airside operation by 2050. Automation will again be a key focus at this year’s FTE APEX Asia Expo, taking place in Singapore on 8-9 November 2023.

Avinor’s EU-funded autonomous baggage transport project has a big focus on robotics. Avinor is an Airport Lab Network Partner of FTE’s Baggage Innovation Working Group, for which automation will be a key focus area in 2023.

Meanwhile, in December we reported how Heathrow, alongside global consultancy and construction company Mace, has employed a robotic dog developed by Boston Dynamics, in a bid to improve efficiency and safety on major construction projects. The airport is refurbishing and modernising a cargo tunnel with updated mechanical and electrical services. The robot dog allows the project team to safely retrieve data from the building site, which is then used alongside 3D models and augmented reality to track accuracy and progress on the construction work. “Heathrow’s vision is to give passengers the best airport experience in the world and, in order to do that, we need great people, and we also need innovation,” said Emma Gilthorpe, Chief Operating Officer, Heathrow. “Dave the Dog has been a fantastic innovation enabling us to perform the tasks that we need to do – using robotics and automation.”

Autonomous robots are becoming increasingly prevalent at airports for the delivery of retail and food & beverage. In North America, Cincinnati/Northern Kentucky International Airport and Pittsburgh International Airport, through its xBridge Innovation Center, are among those having implemented the technology. In Europe, Aeroporti di Roma (ADR) has adopted a new fully autonomous delivery robot from startup company Ottonomy, which was one of 10 startups selected to take part in ADR’s acceleration programme ‘Runway to the Future’. “We chose automation as one of our topics for our first call for ideas because we truly believe in enhancing passenger experience with a continuous improvement approach,” said Emanuele Cala, VP Innovation & Quality, ADR.

FTE is teaming up with Pittsburgh Robotics Network, Innovation Works and Allegheny County Airport Authority to deliver the Aviation & Robotics Summit. This unique, interactive, invite-only event will bring the worlds of aviation and robotics together across the city of Pittsburgh, the Robotics Capital of the World, in April 2023. The exclusive Summit is open to senior-level innovators from airlines, airports, OEMs and VCs. Contact us here to learn more >>

Artificial Intelligence and Machine Learning

While Artificial Intelligence (AI) and Machine Learning (ML) come under the umbrella of robotics, we think it’s worth mentioning them in their own right.

We are particularly impressed by the capabilities of ChatGPT – a chatbot utilising AI and ML, which was launched by OpenAI in November and is generating a lot of attention. It is, of course, very early days, but we are excited about the possible applications in aviation and how it might be utilised.

Korean Air is among the airlines working towards introducing a machine learning management service, which will allow the airline to create, train and apply machine learning models to improve customer service by forecasting passenger and cargo demand more accurately.

Narita International Airport is proactively incorporating robotics and AI to promote business efficiency and enhanced productivity. It is also moving forward with the use of AI with the aim to improve customer satisfaction by using and analysing AI trained on real customer feedback.

Register for FTE EMEA 2023 >> Register for FTE Ancillary & Retailing 2023 >> Register for FTE Global 2023 >> Register for FTE APEX Asia Expo 2023 >>

Metaverse, digital twin and NFT

Qatar Airways has entered the metaverse with the launch of QVerse, a novel virtual reality (VR) experience for visitors to the airline’s website. Users of the www.qatarairways.com/QVerse website can virtually tour and navigate the Premium check-in area at Hamad International Airport, and the cabin interior of the airline’s aircraft, by using their own Personal Electronic Devices. The carrier is also the first global airline to introduce a MetaHuman cabin crew offering a digital interactive customer experience.

The metaverse – essentially an immersive virtual reality experience where people can interact with digital objects and digital representations of themselves and others – remained a hot topic at last week’s CES 2023.

In its recent ‘Meet the Megatrends’ report, SITA also highlighted that: “By 2030 metaverse operations will be commonplace at leading airports and play a vital role in optimising processes, avoiding disruption, and facilitating intuitive, immersive control of intelligent airports.”

While the full potential of the metaverse is a long way from being reached, progressive airlines and airports are already exploring opportunities and use-cases.

Bangalore International Airport Ltd (BIAL) – operator of Kempegowda International Airport, Bengaluru (BLR Airport) – has entered the metaverse with a T2 digital twin. It recently announced the first phase launch of the ‘BLR Metaport’ in collaboration with Amazon Web Services (AWS) and Polygon, which offers an immersive, 3D virtual experience of the newly-launched Terminal 2. “We are very excited that BIAL is entering into the new world of metaverse through the BLR Metaport,” said Satyaki Raghunath, Chief Strategy and Development Officer, BIAL. “This is our first foray into the world of Web3 and non-fungible tokens (NFTs), and we aim to delight travellers with a unique, immersive, and virtual experience. We also have several initiatives planned around the BLR Metaport, which promise to increase ways in which we can engage with our global audience and enhance business impact over the next few years.”

Qatar Airways has entered the metaverse with the launch of QVerse, a novel virtual reality (VR) experience for visitors to the airline’s website. Users of the www.qatarairways.com/QVerse website can virtually tour and navigate the Premium check-in area at Hamad International Airport, and the cabin interior of the airline’s aircraft, by using their own Personal Electronic Devices. The carrier is also the first global airline to introduce a MetaHuman cabin crew offering a digital interactive customer experience.

Meanwhile, Incheon International Airport Corporation participated in CES 2023 where, among other innovations, it showcased development of the first metaverse airport. The virtual airport, hosted on the Roblox global metaverse platform, has been designed to help passengers plan their travel and be well informed on how to check-in more efficiently using Incheon Airport’s smart check-in processes, including self check-in, self bag drop, off-airport check-in, and OneID Smart Pass.

The FTE Metaverse, NFT & Crypto Symposium takes place at this year’s FTE Global in Los Angeles, 19-21 September 2023. Registration is now live for the event.
Interested in the latest technologies and trends? Sign up to our newsletter >>

Personalisation

Travellers increasingly expect end-to-end personalisation at every step of their journey. At CES 2023, Delta Air Lines demonstrated how it is responding by showcasing Delta Sync – its vision for more personalised travel, which brings together an ecosystem of digital services and experiences.

Rolling out in 2023, Delta Sync is underpinned by SkyMiles membership and catalysed through free Wi-Fi to deliver personalised and exclusive inflight entertainment, more ways to enjoy onboard food & beverage, and exclusive partnerships with top consumer brands. “Delta Sync elevates what it means to be a Delta SkyMiles Member by enabling a journey that fits you perfectly and grows more rewarding the more you travel,” said Ed Bastian, CEO, Delta Air Lines. “The future of travel is one where your digital and physical experiences come together in a seamless, warm and personal way, making those human travel connections even more meaningful.”

New approaches to retailing

Significant steps forward in the transformation of airline retailing are taking place, with payment innovation, booking innovation, and all-you-can-fly subscription services.

A recent example is Finnair’s collaboration with Amadeus to build a next-generation airline retail offering, with personalisation and real-time insights. “Better retailing capabilities including dynamic pricing, upselling, cross-selling, bundling and unbundling support our target of boosting revenues and improving profitability,” said Antti Kleemola, Chief Information Officer, Finnair.

Icelandic low-cost carrier PLAY has also taken a new approach with its Internet Booking Engine (IBE). As part of this, it is planning the implementation of new features such as flight bundles, stopover flights and local payment options.

Aeromexico is utilising NDC technology to further enhance the shopping experience by providing richer and more customised content and supporting better upsell of its branded and ancillary products. “We are on our way to create a new marketplace for customised travel,” said Aaron Murray, Chief Commercial Officer, Aeromexico.

Meanwhile, a contactless retail experience is also being extended to an increasing number of airports. In September, Dallas Fort Worth International Airport opened three innovative concessions featuring grab-and-go technology – two featuring Amazon’s Just Walk Out Technology and one powered by Zippin. Meanwhile, in this interview with FTE, Sammy Patel, Vice President Commercial, Vantage Airport Group & Chief Executive Officer, Midway Partnership, explained how Vantage is “flexing its innovation muscle” with contactless commercial offers.

Registration is now live for FTE’s events in 2023, including the co-located FTE EMEA and FTE Ancillary & Retailing in Dublin on 23-25 May; FTE Global in Los Angeles on 19-21 September; and FTE APEX Asia Expo in Singapore on 8-9 November.

Urban Air Mobility

Urban Air Mobility continued to gain momentum last year, with several airlines and airports around the world accelerating this continuing trend. Groupe ADP and Skyports have unveiled a passenger terminal testbed for future electric vertical take-off and landing (eVTOL) in Paris, with plans for commercialisation in 2024.

Urban Air Mobility continued to gain momentum last year, with several airlines and airports around the world accelerating this continuing trend. Groupe ADP and Skyports have unveiled a passenger terminal testbed for future electric vertical take-off and landing (eVTOL) in Paris, with plans for commercialisation in 2024; Aeroporti di Roma has deployed the first fully functional vertiport in Italy – a major step towards activation of Advanced Air Mobility (AAM) routes between Fiumicino Airport and Rome city centre in 2024; and São Paulo International Airport has selected VPorts and Air Traffic Management Inc. to build and operate a vertiport hub to open at the end of 2023.

Significant investments are being made by some of the biggest airlines too. Delta Air Lines has embarked on a multi-year, multi-market commercial and operational partnership with Joby Aviation to pioneer home-to-airport eVTOL transfer services. It has made an upfront equity investment of $60 million in Joby, with the opportunity to expand the total investment up to $200 million. Virgin Atlantic, meanwhile, has joined a consortium alongside Vertical Aerospace, Virgin Atlantic, Atkins, Skyports and NATS to develop key technology and infrastructure to accelerate the introduction of AAM in the UK by 2030.

The second FTE Air MobilityX Summit took place during FTE Global 2022 and reflected this growing trend, offering extensive insights into the future mobility landscape, and demonstrating the major growth opportunity that exists. Indeed, according to SITA’s recent ‘Meet the Megatrends’ report: “By 2032, electric air taxis will be ubiquitous at major international airports and operate as an effective auxiliary service and revenue stream for airports and airlines.”

Interested in the latest technologies and trends? Sign up to our newsletter >>

Biometrics and digital identity

iGA Istanbul Airport has started testing the Star Alliance Biometrics access system in collaboration with Turkish Airlines as part of efforts to deliver a contactless travel experience. The biometric identification system is designed to enhance the travel experience of frequent flyer programme members of Star Alliance member airlines.

Biometrics has become a perennial fixture in our annual trends report. The post-pandemic preference for contactless technologies has only served to accelerate biometric adoption and its acceptance by travellers. IATA’s 2022 Global Passenger Survey indicates that: “Passengers see value in biometric identification. 75% of passengers want to use biometric data instead of passports and boarding passes.”

Implementation of biometric technology continues at pace globally. The many projects we have recently reported on include Turkish Airlines and Istanbul Airport testing the Star Alliance Biometrics access system; Philadelphia International Airport installing technology for a biometric boarding process; and British Airways trialling biometric check-in and boarding for international flights.

Last year, American Airlines launched a new partnership with the Transportation Security Administration (TSA) to test mobile identification. Customers with TSA PreCheck can now go through the airport with just their phone and their face.

The TSA, in collaboration with the State of Arizona and Apple, has also deployed a new digital technology for identity verification at Phoenix Sky Harbor International Airport’s security checkpoints. Arizona-resident travellers can now verify their identity using their state-issued mobile driver’s license or mobile identification card issued in Apple Wallet on iPhone or Apple Watch.

Digital identity was explored at FTE Global 2022, with insights from the likes of American Airlines, Airside, Paravision and Entrust, and it will remain a key area to watch in 2023.

Interested in the latest technologies and trends? Sign up to our newsletter >>

Private Networks

Private wireless is one of the hottest opportunities for air transport stakeholders – a foundational core enabling technology that provides the connectivity needed for an “internet of everything” to support anything from autonomous vehicles on the ramp through to optimised operations at the gate for airlines.

The technology was explored at FTE Global 22 in the successful Private Networks Symposium, featuring Miami International Airport, Dallas-Fort Worth International Airport, Metropolitan Airports Commission, Barich, Inc and ExteNet Systems.

Fraport last year launched a new strategic partnership with NTT to build Europe’s largest private 5G campus network at Frankfurt Airport. Thanks to the network’s high bandwidth and low latency, Fraport will be able to accelerate innovative projects, such as autonomous driving on the apron. The 5G network also enables real-time data transfer, which may be necessary for future applications, such as video-based monitoring of airport facilities via robots or drones. “Operating a standalone mobile network is a milestone for us as an airport operator,” said Dr. Wolfgang Standhaft, CIO, Fraport. “We are laying the strategic foundations that will help us make airport operations even more efficient in the future, thanks to innovation and digitalisation.”

Return to collaboration with startups

Aeroporti di Roma (ADR) recently launched a second ‘Call for Ideas’ from startups. After the success of the first ‘Call for Ideas’, which saw the implementation of 10 projects selected from over 100 applications, this new round of ADR’s acceleration programme will offer eight successful applicants the opportunity to work on their projects directly from the ADR Innovation Hub, which was inaugurated in October 2022 and is located at the heart of Rome Fiumicino Airport’s Terminal 1.

During the pandemic, collaboration with startups inevitably took a back seat. Now that the industry is truly back up and running it is firmly back on the agenda, with progressive airports and airlines increasingly collaborating with high potential startups and scaleups.

Aeroporti di Roma (ADR) recently launched a second ‘Call for Ideas’ from startups. After the success of the first ‘Call for Ideas’, which saw the implementation of 10 projects selected from over 100 applications, this new round of ADR’s acceleration programme will offer eight successful applicants the opportunity to work on their projects directly from the ADR Innovation Hub, which was inaugurated in October 2022 and is located at the heart of Rome Fiumicino Airport’s Terminal 1. Successful applicants will receive the support of mentors from the ADR ‘Innovation Cabin Crew’ and during the ‘Runway to the Future’ programme startups will have the opportunity to get in touch with national and international partners, and work with a network of airports focused on innovation within an environment entirely dedicated to startups.

Canadian airline WestJet is among the latest carriers to highlight its commitment to engaging with startups, specifically around the topics of artificial intelligence and machine learning, providing another example of the renewed appetite within the industry to collaborate closely with the startup scene.

The exponential growth of the FTE Digital, Innovation & Startup Hub demonstrates this trend, which we expect to further accelerate in 2023 and beyond.

Sustainability

Air New Zealand has announced four innovators it will be working with on its mission to have its first zero emissions demonstrator flight – either cargo or passenger – take to the skies from 2026: Eviation, Beta, VoltAero and Cranfield Aerospace.

A common theme throughout the majority of innovation projects taking place across air transport is sustainability, which remains a key priority following the global industry’s commitment to reaching net zero carbon emissions by 2050.

Net zero will be reached through a combination of initiatives, including Sustainable Aviation Fuels, new aircraft technology, more efficient operations and infrastructure, and the development of new zero-emissions energy sources such as electric and hydrogen power.

Air New Zealand recently announced four innovators it will be working with on its mission to have its first zero emissions demonstrator flight take to the skies from 2026: Eviation, Beta, VoltAero and Cranfield Aerospace. A combination of electric, green hydrogen, and hybrid aircraft, these partners will work alongside Air New Zealand over the coming years to focus on developing the technology and associated infrastructure required to make flying these aircraft in New Zealand a reality. “Mission NextGen Aircraft is not about backing one innovator,” said Greg Foran, CEO, Air New Zealand. “It’s about working with a range of leaders in zero emissions aircraft technology to help move the whole ecosystem along. The learnings we will take from flying an aircraft with next generation propulsion technology from 2026 will then pave the way for our long-term partners to deliver an aircraft that can replace our Q300 turboprop domestic fleet.”

Another interesting project is the new Hydrogen Aviation Lab that has opened at Hamburg Airport in a decommissioned Airbus A320. The project is a joint initiative between Lufthansa Technik, the German Aerospace Center (DLR), the ZAL Center for Applied Aeronautical Research and Hamburg Airport, and is funded by Hamburg’s Ministry of Economic Affairs and Innovation as well as the city’s investment and development bank (IFB Hamburg). Over the next few months, the Hydrogen Aviation Lab will be fitted with a full suite of test systems, as well as an internal tank for liquid hydrogen and an onboard fuel cell, paired with supporting ground-based hydrogen infrastructure. “Climate-friendly flying with hydrogen technology is an important building block for the future of aviation,” said Michael Eggenschwiler, CEO, Hamburg Airport. “Through research projects such as this hydrogen laboratory, we ensure that all aviation partners contribute their experience to the development processes.”

Indeed, it is ultimately only through such collective, industry-wide efforts that net zero will be achieved.

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Article originally published here:
10 technology trends that can enhance airline and airport operations in 2023

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One city held a mass passport-getting event

A New Orleans congressman organized a way for people to apply for their passports en masse.

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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.

Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic. 

Related: Here is why it is (still) taking forever to get a passport

To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.

A passport case shows the seal featured on American passports.

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'Come apply for your passport, no appointment is required'

"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram  (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."

More Travel:

The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.

These are the countries with the highest-ranking passports in 2024

According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).

While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.

Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.

In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.

A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.

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Fast-food chain closes restaurants after Chapter 11 bankruptcy

Several major fast-food chains recently have struggled to keep restaurants open.

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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home. 

Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems. 

It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.  

Related: Wendy's menu drops a fan favorite item, adds something new

Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.

RBI also stepped in and purchased one of its key franchisees.

"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states." 

The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.

Burger King lost hundreds of restaurants in 2023.

Image source: Chen Jianli/Xinhua via Getty

Another fast-food chain faces bankruptcy problems

Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.

"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."

Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.

Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public. 

That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.

Bojangles has a messy bankruptcy situation

Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9

The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.

"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."

Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported. 

Bojangles sent the station a comment on the situation.

"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."

Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.

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Industrial Production Increased 0.1% in February

From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…

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From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.
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Click on graph for larger image.

This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).

Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022.  This was below consensus expectations.

Note: y-axis doesn't start at zero to better show the change.


Industrial Production The second graph shows industrial production since 1967.

Industrial production increased to 102.3. This is above the pre-pandemic level.

Industrial production was above consensus expectations.

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