This 1937 instrumental was composed by Raymond Scott. Nowadays it is probably best known as the iconic "assembly line" music in Warner Bros. animated cartoons.
POWERHOUSE was performed by The Max Weinberg Seven during both 2000 Christmas Holiday shows, on 17 and 18 Dec 2000 at the Convention Hall, Asbury Park, NJ. Bruce Springsteen probably was playing guitar during this number (assuming he was on stage all night). On the first night, he introduces the song, saying "Good evening! Welcome to the fabulous Convention Hall! Let me give you the Max Weinberg Seven!"
Thanks Jake (ol'catfishinthelake at BTX and Greasy Lake) for the help.
List of available versions of POWERHOUSE on this website:POWERHOUSE