Source: Econoday
Source: Federal Reserve Board of Governors website
The industrial production figures out on Tuesday morning, while not spectacular, did reverse July weakness.
The reality of the situation is that industrial production, while near all-time highs, has not generated much net growth since the period immediately preceding the GFC. The report points out that "IP" is up .4% from August 2018.
The visual above partially explains how GDP growth has slowed in the United States, and also provides some evidence that the nation has become more of a producer of services rather than goods.