The Fed’s efforts were among the earliest in creating timely measures of aggregate production. Over the century of its existence, our industrial production team has remained at the frontier of economic measurement, using the most advanced techniques to monitor U.S. industry and nimbly track changes in production. What Are the Consequences of an Oil Price Spike?
In response to the drop in oil prices, drilling activity is reported to have fallen at an annual rate of nearly 50 percent in the first quarter, and data on drilling rigs in operation suggest another large decline this quarter.