At FRED, the notes for INDPRO (the Industrial Production Index) read in part:
The Industrial Production Index (INDPRO) is an economic indicator that measures real output for all facilities located in the United States manufacturing, mining, and electric, and gas utilities (excluding those in U.S. territories).
It's an index of real (inflation-adjusted) industrial output. One might suppose the index runs more or less in proportion to overall output. One could check that by comparing INDPRO to an inflation-adjusted measure of GDP.
|Graph #1: Real GDP Relative to the Industrial Production Index|
During the post-1973 period of increase, there is a decline from 1992 to 1998. Goldilocks, I think. Industrial production grew faster than GDP in the Clinton years.