You might want to take a look at the intriguing post from Garrett Jones on the breakdown of the historic relationship between capacity utilization and GDP growth:
It’s not just that the relationship between capacity utilization and growth is noisier than it used to be before the crisis: It’s that growth has consistently been less than you would’ve expected based on how many unused machines got turned back on in 2009 and 2010.
I think this is actually pretty easy to understand. Capacity utilization has a drastically different meaning in a service economy with rapid technological change. After a year or so the old “capacity”, whether human or machine, just isn’t as productive as it used to be.
This will be really terrible news for the “aggregate demand” crowd.