IP and GDP

The industrial production (IP) numbers came out on Friday showing industrial production increasing .7%. I hadn't looked at how IP and GDP are related for awhile, and I wondered if there is any noticeable change in the relationship in recent years due to, say, the shift to a more service based economy. Here are the logs of the two series since 1947 (GDP is rescaled and centered through a regression of IP on GDP):

From this graph, it's hard to detect any change in the long-run relationship, but I thought I'd post it in case anyone is interested in seeing how the two series are related. Most of the time, the movements in IP are exaggerated versions of the movements in GDP.

Update: David Taylor at Dismally.com takes a look at year over year changes for the two series. Here's the graph.