Last month I said we have yet to see the spike down in capacity utilization that has accompanied every recent recession.

It remains early, but the latest data is starting to look more recession-like.

In the minds of many investors, I think the recession has come and gone. It will be interesting to see whether a “recession resurgence” will have any impact.

Overall capacity utilization rose to 80.5 percent in March, from 80.3 percent in February and compared to the market expectation of 80.3 percent. According to Econoday, the report overstates strength in the industrial sector with the March gain almost entirely due to large gains in utilities and in mining.

Still, we have yet to see the spike down in capacity utilization that has accompanied every recent recession.

Somehow, other news seemed to overwhelm yesterday’s release of industrial production and capacity utilization.

At 80.9% in February, capacity utilization continues to weaken but is far from the sharp declined that typically accompany recessions.