Industrial production refers to the output of the industrial sector of the economy, which includes manufacturing, mining, and utilities. It is a key indicator of economic health, reflecting the level of activity in these sectors and influencing employment and investment decisions. The industrial production index measures the real output of these industries over time, allowing economists and policymakers to assess trends and make informed decisions. Changes in industrial production can signal shifts in economic conditions, making it a vital statistic for understanding the overall economic landscape.