Industrial production is a measure of output of the industrial sector of the economy. The industrial sector includes manufacturing, mining, and utilities. Although these sectors contribute only a small portion of GDP (Gross Domestic Product), they are highly sensitive to interest rates and consumer demand. This makes Industrial Production an important tool for forecasting future GDP and economic performance. Industrial Production figures are also used by central banks to measure inflation, as high levels of industrial production can lead to uncontrolled levels of consumption and rapid inflation.
Famous quotes containing the words industrial and/or production:
“A few ideas seem to be agreed upon. Help none but those who help themselves. Educate only at schools which provide in some form for industrial education. These two points should be insisted upon. Let the normal instruction be that men must earn their own living, and that by the labor of their hands as far as may be. This is the gospel of salvation for the colored man. Let the labor not be servile, but in manly occupations like that of the carpenter, the farmer, and the blacksmith.”
—Rutherford Birchard Hayes (1822–1893)
“Constant revolutionizing of production ... distinguish the bourgeois epoch from all earlier ones. All fixed, fast-frozen relations, with their train of ancient and venerable prejudices are swept away, all new-formed ones become antiquated before they can ossify. All that is solid melts into air, all that is holy is profaned, and man is at last compelled to face with sober senses, his real conditions of life, and his relations with his kind.”
—Karl Marx (1818–1883)