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Originally Posted by cygnus
Its an index of "Output". It does not specify what that output is. It is usually measured by domestic industrial capacity and utilization - how many widgets can your factory produce - the federal reserve does not survey output of domestically owned but internationally located factories.
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But these statistics don't come from the Federal Reserve; they're from the BLS. Aside from which, what makes you so sure that either methodology excludes output from overseas factories?
Again, nothing on their site (that I could find, at least) on their methodology.