FEDERAL RESERVE STATISTICAL RELEASE
G.17 (419) For release at 9:15 a.m. (EST)
January 14, 2005
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.8 percent in December after gains of 0.2 percent in
November and 0.8 percent in October. In the manufacturing sector, output rose 0.7 percent in
December, and increases occurred in most major industry groups. The output of utilities jumped
2.7 percent, and the output at mines advanced 0.4 percent. Over the twelve months ending in
December, total industrial production increased 4.4 percent, to a level that is 117.8 percent of its
1997 average, while total industrial capacity expanded a modest 1.2 percent. The rate of
capacity utilization in December, at 79.2 percent, was 2.4 percentage points above its
year-earlier level but still 1.9 percentage points below its 1972-2003 average.
Market Groups
-------------
The output of consumer goods rose 0.7 percent in December and increased at an annual
rate of 4.4 percent for the fourth quarter as a whole. In December, the index for consumer
nondurables increased 0.8 percent and received a significant boost from the output of consumer
energy products, which jumped 2.9 percent in December largely because of an increase in
residential sales of electricity. Among non-energy nondurables, the index for paper products
rose 1.2 percent while the indexes for clothing and for foods and tobacco moved up by smaller
amounts; these gains more than offset a second monthly decline in the index for chemical
products. The output of consumer durables rose 0.6 percent, as the index for automotive
products turned back up and the indexes for appliances, furniture, and carpeting and for
miscellaneous goods increased. The output of home electronics tumbled again and ended the
year nearly 8-1/2 percent below its level in December 2003.
The production of business equipment increased 0.9 percent in December and was nearly
10 percent above its year-earlier level; for the fourth quarter as a whole, this index rose at an
annual rate of 5.9 percent. The output of information processing equipment added another 1.0
percent in December, the fourth month of similarly sized gains. Industrial and other equipment
rose 1.3 percent; however, average output in the fourth quarter was little changed after having
risen sharply over the previous four quarters. The production of defense and space equipment
continued to climb in December, reaching a level 9.0 percent higher than a year earlier.
In December, nonindustrial supplies posted its largest one-month gain--0.9 percent--since
February, mainly because of a jump of 1.1 percent in the output of business supplies. The index
for materials also rose 0.9 percent; the rise in output in this category was supported both by a 1.3
percent gain for energy materials and by broad-based gains among durable and nondurable
materials categories.
Industry Groups
---------------
Manufacturing production increased 0.7 percent in December, and the factory operating
rate moved up 0.4 percentage point, to 77.8 percent, the highest rate of utilization since
December 2000. Nonetheless, the factory operating rate was still more than 2 percentage points
below its 1972-2003 average. In December, the production of durable goods increased 0.9
percent. The largest gain among the durable goods industries was in primary metals, in which
output rose 3.0 percent. The production of computer and electronic products registered a 1.2
percent gain, and its level was 16.4 percent higher than a year earlier. Among the selected
high-technology industries, the output of computer and peripheral equipment continued to
expand at a monthly pace of about 1-1/2 percent; increases in the production of semiconductor
and related electronic components strengthened for a second month in December after
decelerating, on balance, over the previous eight months. The indexes for most other major
categories of durable goods increased in December; the exceptions include wood products,
which moved down for a second month, and electrical equipment, appliances, and components,
which turned back down. The production of nondurable goods, which rose 0.3 percent, included
output gains of at least 1 percent for textile and product mills, paper, and petroleum and coal
products. Smaller production increases were posted in food, beverage, and tobacco products;
apparel and leather; and printing and support. The production of chemicals edged down, and the
output of plastics and rubber products was unchanged. Production in the non-NAICS
manufacturing industries (logging and publishing) jumped 1.2 percent.
In December, the higher level of utilities output reflected a 3.0 percent increase in the
output of electric utilities and a 1.3 percent rise in the output of natural gas utilities. The small
gain in mining output was primarily the result of increases in crude oil extraction and coal
mining. Capacity utilization for industries in the crude stage of processing rose 0.6 percentage
point, to 86.4 percent, a rate that is equal to its 1972-2003 average. The operating rate for
industries in the primary and semifinished stages increased 0.8 percentage point, to 80.6 percent,
and the utilization rate for finished goods producers increased 0.4 percentage point, to 76.1
percent.
Revision of Industrial Production and Capacity Utilization
On December 22, 2004, the Federal Reserve Board issued its annual revision to the index
of industrial production (IP), the related measures of capacity and capacity utilization, and the
data on industrial use of electric power. Comprehensive source data from the Census Bureau's
2002 Economic Census were incorporated into the production database. In addition to these
data, the revised IP indexes reflect data from selected editions of the Census Bureau's 2002 and
2003 Current Industrial Reports. Annual data from the U.S. Geological Survey regarding
metallic and nonmetallic minerals (except fuels) for 2002 and 2003 were also introduced. The
updating also included revisions to the monthly indicator for each industry (either physical
product data, production-worker hours, or electric power usage) and revisions to seasonal
factors.
Capacity and capacity utilization were revised to incorporate preliminary data from the
Census Bureau's 2003 Survey of Plant Capacity, which covers manufacturing, along with new
data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other
organizations. The statistics on the industrial use of electric power incorporated additional
information received from utilities for the past few years and included available data from the
2002 Economic Census.
The revision is available on the Board's website at
www.federalreserve.gov/releases/G17. The revised data are also available through the website
of the Department of Commerce. Further information on these revisions is available from the
Board's Industrial Output Section (telephone 202-452-3197).
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
--------------------------------------------------------------------------------------------------------------------------------------
| 1997=100 | Percent change
| ----------------------------------------------- | -------------------------------------------------
| 2004 | 2004 | Dec. '03 to
Industrial production | Sept. Oct. Nov. Dec. | Sept. Oct. Nov. Dec. | Dec. '04
--------------------------------------------------------------------------------------------------------------------------------------
| | |
Total index | 115.7 116.6 116.8 117.8 | -.3 .8 .2 .8 | 4.4
Previous estimates | 115.9 116.7 117.0 | -.1 .7 .2 |
| | |
Major market groups | | |
Final Products | 113.5 114.8 114.8 115.7 | -.3 1.1 .0 .8 | 4.7
Consumer goods | 110.7 111.9 111.9 112.7 | -.6 1.1 .0 .7 | 2.7
Business equipment | 121.1 122.8 122.5 123.6 | .4 1.4 -.2 .9 | 9.8
Nonindustrial supplies | 112.8 113.3 113.2 114.2 | -.1 .4 -.1 .9 | 4.4
Construction | 107.6 108.4 108.2 108.6 | -.6 .7 -.1 .3 | 4.1
Materials | 118.9 119.5 120.1 121.2 | -.3 .5 .5 .9 | 4.0
| | |
Major industry groups | | |
Manufacturing (see note below) | 117.7 118.8 118.9 119.7 | -.4 .9 .1 .7 | 5.1
Previous estimates | 117.8 118.6 118.9 | -.4 .7 .2 |
Mining | 89.4 89.5 91.4 91.8 | -2.7 .0 2.2 .4 | -.4
Utilities | 114.8 114.5 114.4 117.5 | 3.3 -.2 -.1 2.7 | 2.2
--------------------------------------------------------------------------------------------------------------------------------------
| | Capacity
| Percent of capacity | growth
| --------------------------------------------------------------------------------- | ---------------
| Average 1982 1988-89 2003 | 2004 | Dec. '03 to
Capacity utilization | 1972-2003 Low High Dec. | Sept. Oct. Nov. Dec. | Dec. '04
--------------------------------------------------------------------------------------------------------------------------------------
| | |
Total industry | 81.1 70.8 85.1 76.8 | 78.0 78.5 78.6 79.2 | 1.2
Previous estimates | | 78.1 78.6 78.7 |
| | |
Manufacturing (see note below) | 79.9 68.5 85.6 75.0 | 76.8 77.4 77.4 77.8 | 1.2
Previous estimates | | 76.9 77.3 77.4 |
Mining | 87.1 78.6 85.8 87.0 | 84.6 84.7 86.6 87.0 | -.4
Utilities | 86.9 77.7 92.8 86.2 | 84.8 84.5 84.3 86.5 | 1.9
| | |
Stage-of-process groups | | |
Crude | 86.4 77.3 88.9 85.1 | 84.3 84.5 85.8 86.4 | -.2
Primary and semifinished | 82.2 68.0 86.5 78.9 | 79.7 79.8 79.8 80.6 | 2.1
Finished | 78.0 71.1 83.1 72.5 | 74.8 75.8 75.7 76.1 | .3
--------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines as manufacturing, mining, and electric and
gas utilities. Manufacturing comprises those industries included in the North American Industry
Classification System, or NAICS, manufacturing plus the logging and newspaper, periodical,
book and directory publishing industries that have traditionally been considered manufacturing and included
in the industrial sector.
Table 1
Industrial Production: Market and Industry Group Summary
Percent change, seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Fourth quarter to | | |
| | fourth quarter | Annual rate | Monthly rate |
| |---------------------|----------------------------|----------------------------| Dec. '03
| 2003 | | 2004 | 2004 | to
Item |Proportion<1>| 2002 2003 2004 | Q1 Q2 Q3 r Q4 | Sept. Oct. Nov. Dec. | Dec. '04
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | | |
Total IP | 100.00 | 1.5 1.2 4.2 | 5.6 4.3 2.7 4.1 | -.3 .8 .2 .8 | 4.4
| | | | |
MARKET GROUPS | | | | |
Final products and nonindustrial supplies | 58.39 | .6 1.7 4.5 | 6.3 4.2 3.2 4.4 | -.2 .9 .0 .8 | 4.6
Consumer goods | 30.86 | 1.6 1.3 2.7 | 4.8 .6 .8 4.4 | -.6 1.1 .0 .7 | 2.7
Durable | 8.79 | 6.4 3.3 1.6 | 6.3 -5.2 -1.5 7.3 | -1.5 2.1 -.2 .6 | 1.6
Automotive products | 4.70 | 10.1 5.2 1.3 | 3.9 -10.8 -.9 14.5 | -1.6 3.5 -.4 .4 | 1.1
Home electronics | .36 | -4.0 34.8 -7.7 | 20.6 -27.1 -23.5 8.1 | -1.8 5.3 -4.4 -2.2 | -8.4
Appliances, furniture, carpeting | 1.42 | 1.8 1.4 2.8 | 9.1 2.8 -1.0 .6 | -1.4 .1 .9 .6 | 2.8
Miscellaneous goods | 2.30 | 4.3 -3.5 3.0 | 7.2 6.3 .7 -2.0 | -1.3 -.1 .3 1.2 | 3.2
Nondurable | 22.08 | -.2 .4 3.1 | 4.2 3.1 1.8 3.4 | -.3 .7 .1 .8 | 3.2
Non-energy | 17.93 | -2.3 .8 3.9 | 3.8 6.4 2.5 2.8 | -.4 .8 -.1 .3 | 4.0
Foods and tobacco | 9.72 | -3.6 2.4 4.1 | 5.7 5.4 2.7 2.6 | .1 .2 .4 .3 | 4.1
Clothing | .78 | -9.7 -14.9 -4.8 | 1.1 -1.5 -17.6 .2 | .7 -.5 .4 .8 | -4.3
Chemical products | 4.89 | .9 .6 3.6 | -1.8 9.3 4.3 2.8 | -.9 2.1 -1.4 -.4 | 3.6
Paper products | 2.03 | -.8 .6 6.3 | 10.1 7.9 4.4 2.9 | -1.7 .6 .3 1.2 | 6.8
Energy | 4.15 | 10.1 -1.4 -.3 | 6.1 -10.6 -1.2 5.6 | .3 .2 .9 2.9 | -.4
| | | | |
Business equipment | 9.90 | -2.6 4.7 9.9 | 10.7 11.2 12.0 5.9 | .4 1.4 -.2 .9 | 9.8
Transit | 1.73 | -12.6 .2 11.6 | 14.0 8.8 8.2 15.6 | .2 3.4 .5 -.4 | 9.8
Information processing | 3.06 | -3.7 16.3 10.1 | .8 9.7 18.5 12.1 | .9 1.1 1.0 1.0 | 11.9
Industrial and other | 5.11 | 2.1 -.5 9.3 | 15.8 12.9 9.8 -.5 | .2 .8 -1.1 1.3 | 8.6
Defense and space equipment | 1.96 | 3.8 5.3 6.9 | -2.7 13.6 9.1 8.1 | .7 .4 1.0 1.2 | 9.0
| | | | |
Construction supplies | 4.26 | .1 .6 4.3 | 4.7 7.2 3.7 1.7 | -.6 .7 -.1 .3 | 4.1
Business supplies | 11.03 | 1.4 .0 4.3 | 9.2 4.8 .7 2.6 | .1 .3 -.1 1.1 | 4.5
| | | | |
Materials | 41.61 | 2.8 .5 3.7 | 4.7 4.5 1.9 3.8 | -.3 .5 .5 .9 | 4.0
Non-energy | 30.18 | 3.5 .8 5.3 | 5.8 6.5 4.5 4.2 | -.3 .7 .3 .7 | 5.3
Durable | 18.67 | 4.6 2.2 6.9 | 8.3 7.1 5.4 6.6 | -.2 1.0 .4 .9 | 7.0
Consumer parts | 4.09 | 7.1 2.7 2.1 | 9.0 -6.8 -2.7 9.9 | -.6 1.8 -.2 1.0 | 1.7
Equipment parts | 6.18 | 6.2 5.8 15.7 | 19.1 20.2 13.4 10.4 | .7 .9 1.2 1.0 | 16.0
Other | 8.40 | 1.9 -.9 2.7 | .3 4.8 3.5 2.4 | -.6 .7 .0 .6 | 3.0
Nondurable | 11.52 | 1.7 -1.3 2.6 | 1.9 5.5 2.9 .3 | -.5 .2 .1 .4 | 2.5
Textile | .69 | 2.0 -13.0 -5.1 | -9.3 -10.3 7.3 -6.9 | -.6 -.9 -1.4 1.0 | -5.2
Paper | 2.69 | 2.1 -4.3 3.2 | 3.7 6.0 3.7 -.5 | .7 -1.0 .8 .6 | 3.0
Chemical | 4.52 | 2.1 2.0 4.2 | .8 11.0 4.6 .8 | -1.0 .1 .6 .2 | 4.1
Energy | 11.43 | .4 -.3 -.4 | 1.5 -.7 -4.8 2.7 | -.4 .1 1.2 1.3 | .4
| | | | |
| | | | |
INDUSTRY GROUPS | | | | |
Manufacturing | 82.50 | 1.3 1.5 5.0 | 5.6 6.0 4.0 4.1 | -.4 .9 .1 .7 | 5.1
Manufacturing (NAICS) | 77.75 | 1.6 1.6 5.0 | 5.4 5.9 4.1 4.5 | -.4 1.0 .1 .6 | 5.1
| | | | |
Durable manufacturing | 42.73 | 3.2 3.3 6.7 | 8.1 6.0 5.9 6.6 | -.3 1.2 .1 .9 | 6.7
Wood products 321 | 1.50 | .0 3.2 .5 | -.1 4.7 -2.2 -.3 | -1.9 2.6 -1.0 -.6 | -.3
Nonmetallic mineral products 327 | 2.23 | .3 1.7 4.3 | 4.8 3.3 5.5 3.7 | -.5 .0 .7 1.0 | 4.6
Primary metal 331 | 2.49 | 7.1 .6 4.8 | -5.1 4.3 12.2 8.6 | 1.1 .7 -.5 3.0 | 4.8
Fabricated metal products 332 | 5.62 | -.2 -2.9 3.2 | 4.5 6.2 2.6 -.4 | -.8 .3 -.1 .1 | 2.8
Machinery 333 | 5.17 | 1.3 .6 12.2 | 24.9 12.1 7.0 5.9 | .7 1.4 .2 .9 | 10.8
Computer and electronic products 334 | 7.64 | 5.6 14.5 14.9 | 12.1 19.4 16.9 11.5 | .9 1.0 .8 1.2 | 16.4
Electrical equip., appliances, | | | | |
and components 335 | 2.13 | -5.2 1.1 4.7 | 9.4 4.5 11.1 -5.5 | -.1 -1.7 .3 -.3 | 4.3
Motor vehicles and parts 3361-3 | 7.49 | 11.3 4.8 2.5 | 6.9 -8.6 -1.1 14.4 | -1.2 3.5 -.8 .5 | 2.0
Aerospace and miscellaneous | | | | |
transportation equipment 3364-9 | 3.55 | -7.5 .8 5.8 | 2.3 5.9 4.7 10.5 | -.5 1.3 1.6 1.5 | 7.0
Furniture and related products 337 | 1.70 | 4.2 -1.8 2.0 | 5.5 6.5 -1.4 -2.3 | -1.5 .2 .0 .6 | 1.8
Miscellaneous 339 | 3.20 | 7.4 -2.2 4.5 | 5.7 5.9 1.3 5.0 | -1.1 1.1 .2 1.7 | 5.5
| | | | |
Nondurable manufacturing | 35.02 | -.4 -.4 2.9 | 2.1 5.7 1.7 1.9 | -.5 .8 -.1 .3 | 3.0
Food, beverage, and tobacco products 311,2 | 11.43 | -2.9 2.1 3.6 | 5.3 4.4 1.9 2.6 | .1 .3 .3 .4 | 3.7
Textile and product mills 313,4 | 1.18 | .4 -8.5 -2.5 | -2.8 -6.7 5.1 -5.0 | -1.2 1.1 -2.7 1.1 | -2.3
Apparel and leather 315,6 | .85 | -9.3 -14.3 -4.3 | .9 -1.0 -16.1 .2 | .7 -.5 .5 .6 | -4.0
Paper 322 | 3.08 | 4.1 -3.3 3.7 | 3.0 8.5 2.8 .7 | .0 .5 -.4 1.1 | 3.4
Printing and support 323 | 2.31 | -3.2 -3.5 .8 | 4.2 -1.6 -.2 1.1 | 2.2 -1.3 .1 .3 | .9
Petroleum and coal products 324 | 1.86 | 4.1 1.2 3.9 | .3 3.5 6.4 5.3 | -3.2 2.0 1.6 1.0 | 4.2
Chemical 325 | 10.60 | 1.0 1.2 3.7 | -.6 9.9 3.1 2.5 | -1.2 1.4 -.4 -.1 | 3.7
Plastics and rubber products 326 | 3.71 | 2.4 -2.2 1.6 | .9 7.3 -2.0 .4 | -1.1 1.2 -.3 .0 | 1.8
| | | | |
Other manufacturing (non-NAICS) 1133,5111 | 4.76 | -3.9 .3 4.6 | 8.9 8.2 3.4 -1.9 | -1.8 -.3 .1 1.2 | 5.2
| | | | |
Mining 21 | 7.62 | -3.8 .2 -1.5 | .6 -3.2 -2.0 -1.3 | -2.7 .0 2.2 .4 | -.4
Utilities 2211,2 | 9.88 | 7.1 -.6 2.3 | 9.7 -3.7 -4.7 8.7 | 3.3 -.2 -.1 2.7 | 2.2
Electric 2211 | 8.22 | 5.7 .5 3.5 | 10.1 .5 -7.4 11.9 | 4.0 .8 -1.0 3.0 | 3.5
Natural gas 2212 | 1.66 | 15.4 -6.2 -3.6 | 7.9 -23.1 11.3 -6.4 | -.4 -5.4 4.9 1.3 | -4.1
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
<1> The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year.
Note. Under industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes. The abbreviation pt
denotes part of an NAICS code. Additional industry detail is available on the Board's web site (www.federalreserve.gov/releases/G17). Under market groups, in
the products category, miscellaneous consumer nondurables, oil and gas drilling, and manufactured homes are not shown separately; in the nondurable materials
category, containers and miscellaneous nondurable materials are not shown separately.
Table 2
Industrial Production: Special Aggregates and Selected Detail
Percent change, seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Fourth quarter to | | |
| | fourth quarter | Annual rate | Monthly rate |
| |---------------------|----------------------------|----------------------------| Dec. '03
| 2003 | | 2004 | 2004 | to
Item | Proportion| 2002 2003 2004 | Q1 Q2 Q3 r Q4 | Sept. Oct. Nov. Dec. | Dec. '04
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | | |
Total industry | 100.00 | 1.5 1.2 4.2 | 5.6 4.3 2.7 4.1 | -.3 .8 .2 .8 | 4.4
| | | | |
Energy | 18.23 | 2.9 -.3 .6 | 5.1 -2.9 -3.9 4.3 | .1 .1 1.0 1.8 | 1.0
Consumer products | 4.15 | 10.1 -1.4 -.3 | 6.1 -10.6 -1.2 5.6 | .3 .2 .9 2.9 | -.4
Commercial products | 2.38 | 4.7 .1 5.4 | 22.4 -1.4 -5.2 8.1 | 2.6 .2 -.2 2.3 | 5.0
Oil and gas well drilling | .27 | -15.5 21.0 8.6 | -.2 10.3 8.0 17.1 | -.4 .4 4.8 1.2 | 10.8
Converted fuel | 3.78 | 4.0 .0 1.7 | 5.4 2.8 -10.0 9.8 | 1.6 1.1 .4 1.7 | 2.2
Primary materials | 7.65 | -1.5 -.4 -1.4 | -.4 -2.4 -2.2 -.6 | -1.4 -.4 1.5 1.1 | -.4
| | | | |
Non-energy | 81.77 | 1.2 1.5 5.0 | 5.7 6.0 4.2 4.1 | -.4 .9 .0 .6 | 5.1
Selected high-technology industries | 4.76 | 8.1 18.7 18.6 | 20.7 24.3 15.6 14.0 | .6 .8 1.7 1.7 | 20.4
Computer and peripheral equipment 3341 | 1.16 | .9 21.8 7.6 | 16.1 -.4 -1.0 17.2 | 1.2 1.6 1.5 1.4 | 8.1
Communications equipment 3342 | 1.33 | -14.3 22.5 9.6 | -1.2 5.2 22.3 13.3 | -.2 1.3 2.3 .3 | 12.6
Semiconductors and related | | | | |
electronic components 334412-9 | 2.26 | 25.2 16.2 29.2 | 37.2 49.9 20.0 12.9 | .9 .2 1.5 2.6 | 31.0
| | | | |
Excluding selected high-technology | | | | |
industries | 77.02 | .7 .4 4.1 | 4.8 4.8 3.4 3.5 | -.4 .9 -.1 .6 | 4.2
| | | | |
Motor vehicles and parts 3361-3 | 7.49 | 11.3 4.8 2.5 | 6.9 -8.6 -1.1 14.4 | -1.2 3.5 -.8 .5 | 2.0
Motor vehicles 3361 | 3.48 | 11.1 6.7 2.2 | 6.1 -14.5 2.5 17.5 | -2.0 4.3 -.8 -.3 | 1.5
Motor vehicle parts 3363 | 3.57 | 10.8 2.7 1.3 | 6.1 -6.3 -4.0 10.1 | -.6 1.9 -.6 1.4 | 1.2
| | | | |
Excluding motor vehicles and parts | 69.52 | -.4 .0 4.3 | 4.6 6.4 3.9 2.4 | -.4 .6 .0 .6 | 4.4
Consumer goods | 22.30 | -1.2 .7 3.5 | 4.6 5.4 1.4 2.5 | -.6 .8 -.1 .4 | 3.6
Business equipment | 7.52 | -2.2 .1 9.4 | 11.1 12.8 11.7 2.5 | .3 .9 -.6 1.2 | 9.0
Construction supplies | 4.23 | .2 .6 4.2 | 4.5 7.2 3.6 1.6 | -.6 .7 -.1 .3 | 4.0
Business supplies | 8.32 | -.2 -.9 3.1 | 4.9 5.3 1.6 .6 | -.7 .4 -.1 .6 | 3.3
Materials | 25.15 | .7 -.9 3.8 | 3.1 5.1 4.3 2.6 | -.3 .5 .3 .5 | 3.7
| | | | |
Measures excluding selected high-technology | | | | |
industries | | | | |
Total industry | 95.24 | 1.0 .3 3.5 | 4.9 3.3 2.0 3.7 | -.3 .8 .1 .8 | 3.6
Manufacturing 1 | 77.75 | .7 .4 4.1 | 4.7 4.9 3.3 3.6 | -.5 .9 .0 .6 | 4.1
Durable | 38.17 | 2.3 1.2 5.1 | 6.4 3.8 4.7 5.7 | -.3 1.2 .0 .8 | 5.1
| | | | |
Measures excluding motor vehicles and parts | | | | |
Total industry | 92.51 | .8 .9 4.3 | 5.5 5.5 3.0 3.4 | -.2 .5 .3 .9 | 4.6
Manufacturing 1 | 75.01 | .4 1.2 5.2 | 5.5 7.6 4.5 3.2 | -.4 .7 .1 .7 | 5.4
Durable | 35.43 | 1.6 2.9 7.5 | 8.3 9.4 7.4 5.0 | -.1 .7 .3 1.0 | 7.7
| | | | |
Measures excluding selected high-technology | | | | |
industries and motor vehicles and parts | | | | |
Total industry | 87.75 | .3 -.1 3.6 | 4.7 4.4 2.3 2.8 | -.3 .5 .2 .8 | 3.7
Manufacturing 1 | 70.25 | -.3 .0 4.3 | 4.5 6.5 3.8 2.5 | -.4 .7 .0 .6 | 4.4
| | | | |
Stage-of-process components of non-energy | | | | |
materials, measures of the input to | | | | |
Finished processors | 13.63 | 5.5 1.9 8.2 | 11.6 7.4 6.4 7.3 | .2 .7 .6 .9 | 8.1
Semifinished and primary processors | 16.55 | 1.7 .0 2.9 | 1.2 5.7 2.9 1.8 | -.7 .7 .0 .5 | 3.0
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
<1> See note on cover page.
Table 3
Motor Vehicle Assemblies
Millions of units, seasonally adjusted annual rate
-------------------------------------------------------------------------------------------------------------------------------
| 2004 | 2004 | 2004
Item | Average| Q1 Q2 Q3 Q4 | Sept. Oct. Nov. Dec.
-------------------------------------------------------------------------------------------------------------------------------
Total | 11.96 | 12.36 11.89 11.83 12.01 | 11.78 12.06 11.91 12.05
Autos | 4.23 | 4.39 4.20 4.26 4.14 | 4.32 4.06 4.06 4.31
Trucks | 7.73 | 7.96 7.68 7.57 7.86 | 7.46 8.00 7.84 7.75
Light | 7.37 | 7.64 7.35 7.19 7.46 | 7.08 7.59 7.42 7.38
Medium and heavy | .36 | .33 .33 .38 .40 | .38 .41 .43 .37
| | |
Memo: | | |
Autos and light trucks | 11.60 | 12.03 11.56 11.46 11.60 | 11.39 11.65 11.48 11.68
-------------------------------------------------------------------------------------------------------------------------------
Note. Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board's web site,
www.federalreserve.gov/releases/G17/mvsf.htm
Table 4
Industrial Production Indexes: Market and Industry Group Summary
1997 = 100, seasonally adjusted
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 2003 | 2004
Item | Proportion| Apr. May June July Aug. Sept. Oct. Nov. Dec.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |
Total IP | 100.00 | 114.7 115.5 115.1 115.9 116.0 115.7 116.6 116.8 117.8
| |
MARKET GROUPS | |
Final products and nonindustrial supplies | 58.39 | 112.3 113.0 112.5 113.5 113.6 113.3 114.4 114.4 115.3
Consumer goods | 30.86 | 110.7 111.3 110.2 110.8 111.4 110.7 111.9 111.9 112.7
Durable | 8.79 | 125.6 124.8 123.1 123.0 125.4 123.5 126.1 125.9 126.6
Automotive products | 4.70 | 135.9 133.8 130.6 130.9 135.3 133.1 137.8 137.3 137.9
Home electronics | .36 | 237.8 236.1 231.9 213.7 225.2 221.2 232.8 222.6 217.6
Appliances, furniture, carpeting | 1.42 | 113.6 114.5 113.7 113.7 114.4 112.8 112.9 113.9 114.6
Miscellaneous goods | 2.30 | 102.8 103.2 103.5 104.1 103.6 102.3 102.2 102.5 103.8
Nondurable | 22.08 | 105.1 106.2 105.3 106.1 106.1 105.8 106.6 106.6 107.5
Non-energy | 17.93 | 103.9 104.7 104.0 104.7 105.1 104.7 105.6 105.4 105.7
Foods and tobacco | 9.72 | 102.8 103.9 103.3 104.1 103.9 104.0 104.3 104.7 105.1
Clothing | .78 | 51.1 50.1 49.3 48.1 47.5 47.8 47.6 47.8 48.2
Chemical products | 4.89 | 124.7 125.1 124.4 125.4 126.9 125.7 128.3 126.5 126.0
Paper products | 2.03 | 108.4 109.8 108.9 109.4 111.5 109.7 110.3 110.7 112.0
Energy | 4.15 | 111.2 113.9 112.0 113.3 111.2 111.5 111.8 112.8 116.1
| |
Business equipment | 9.90 | 116.7 118.2 118.7 121.9 120.7 121.1 122.8 122.5 123.6
Transit | 1.73 | 89.0 88.8 88.9 90.7 90.5 90.7 93.8 94.3 93.9
Information processing | 3.06 | 167.7 171.0 172.8 176.7 177.7 179.3 181.2 183.0 184.8
Industrial and other | 5.11 | 98.2 99.6 99.7 103.0 100.7 100.9 101.7 100.6 101.9
Defense and space equipment | 1.96 | 109.9 111.1 110.7 112.8 112.7 113.5 114.0 115.2 116.6
| |
Construction supplies | 4.26 | 106.5 107.3 107.0 107.9 108.3 107.6 108.4 108.2 108.6
Business supplies | 11.03 | 114.3 114.9 114.7 114.9 114.8 114.9 115.2 115.2 116.4
| |
Materials | 41.61 | 118.1 118.9 118.8 119.2 119.3 118.9 119.5 120.1 121.2
Non-energy | 30.18 | 123.6 124.3 124.6 125.2 125.8 125.5 126.3 126.6 127.5
Durable | 18.67 | 140.5 141.5 141.9 142.6 143.6 143.3 144.7 145.2 146.5
Consumer parts | 4.09 | 109.5 109.1 108.0 106.5 109.2 108.5 110.5 110.2 111.3
Equipment parts | 6.18 | 229.3 233.5 236.0 239.6 240.0 241.5 243.6 246.5 249.1
Other | 8.40 | 97.4 97.9 98.1 98.7 98.9 98.3 99.0 99.0 99.7
Nondurable | 11.52 | 97.1 97.4 97.6 98.2 98.3 97.8 98.0 98.0 98.5
Textile | .69 | 66.4 66.4 67.0 67.7 68.0 67.6 67.0 66.1 66.7
Paper | 2.69 | 92.8 93.0 93.7 94.3 93.5 94.2 93.3 94.0 94.5
Chemical | 4.52 | 103.8 104.0 104.7 105.2 106.0 104.9 105.0 105.7 105.9
Energy | 11.43 | 99.8 100.8 99.6 99.6 98.6 98.2 98.3 99.4 100.7
| |
| |
INDUSTRY GROUPS | |
Manufacturing | 82.50 | 116.4 117.1 116.9 117.8 118.3 117.7 118.8 118.9 119.7
Manufacturing (NAICS) | 77.75 | 117.2 117.9 117.8 118.7 119.0 118.6 119.8 119.9 120.6
| |
Durable manufacturing | 42.73 | 131.6 132.4 132.3 133.7 134.4 134.1 135.7 135.9 137.1
Wood products 321 | 1.50 | 105.3 106.4 103.8 106.3 104.7 102.8 105.4 104.4 103.8
Nonmetallic mineral products 327 | 2.23 | 105.3 104.5 104.7 105.5 106.9 106.4 106.4 107.1 108.2
Primary metal 331 | 2.49 | 90.0 90.8 92.1 93.4 93.2 94.2 94.9 94.5 97.3
Fabricated metal products 332 | 5.62 | 96.2 96.6 96.9 97.1 97.6 96.9 97.2 97.0 97.1
Machinery 333 | 5.17 | 95.2 96.5 96.4 99.1 96.6 97.3 98.6 98.9 99.7
Computer and electronic products 334 | 7.64 | 278.5 285.1 288.7 292.9 295.4 298.0 300.9 303.1 306.7
Electrical equip., appliances, | |
and components 335 | 2.13 | 93.3 92.9 94.2 95.4 96.3 96.1 94.5 94.8 94.5
Motor vehicles and parts 3361-3 | 7.49 | 125.0 123.1 121.0 120.5 124.5 123.1 127.4 126.3 126.9
Aerospace and miscellaneous | |
transportation equipment 3364-9 | 3.55 | 99.4 99.7 99.3 100.8 100.8 100.3 101.6 103.2 104.7
Furniture and related products 337 | 1.70 | 108.7 110.3 109.5 109.6 109.7 108.1 108.3 108.3 108.9
Miscellaneous 339 | 3.20 | 120.7 121.8 121.1 121.7 122.1 120.9 122.2 122.5 124.5
| |
Nondurable manufacturing | 35.02 | 99.8 100.3 100.2 100.7 100.7 100.2 101.0 100.9 101.2
Food, beverage, and tobacco products 311,2 | 11.43 | 103.5 104.6 103.9 104.6 104.4 104.5 104.9 105.2 105.6
Textile and product mills 313,4 | 1.18 | 74.7 75.8 75.3 76.8 76.4 75.5 76.3 74.3 75.1
Apparel and leather 315,6 | .85 | 51.5 50.6 49.9 48.8 48.1 48.5 48.2 48.5 48.8
Paper 322 | 3.08 | 94.6 95.2 95.2 96.5 95.2 95.2 95.8 95.3 96.4
Printing and support 323 | 2.31 | 87.8 87.1 87.9 87.0 86.9 88.8 87.6 87.8 88.0
Petroleum and coal products 324 | 1.86 | 107.6 108.4 109.7 111.2 111.6 108.0 110.1 112.0 113.1
Chemical 325 | 10.60 | 110.0 110.3 110.3 110.9 111.8 110.5 112.0 111.6 111.5
Plastics and rubber products 326 | 3.71 | 104.2 105.0 104.9 105.0 104.4 103.2 104.5 104.2 104.2
| |
Other manufacturing (non-NAICS) 1133,5111 | 4.76 | 103.4 104.5 103.5 104.0 105.9 104.0 103.7 103.8 105.0
| |
Mining 21 | 7.62 | 92.2 91.6 91.2 92.3 91.9 89.4 89.5 91.4 91.8
Utilities 2211,2 | 9.88 | 113.3 116.2 113.8 113.3 111.1 114.8 114.5 114.4 117.5
Electric 2211 | 8.22 | 116.7 120.3 117.4 116.4 113.4 117.9 118.8 117.6 121.2
Natural gas 2212 | 1.66 | 95.3 95.5 95.1 97.1 98.5 98.1 92.8 97.4 98.7
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
Note. See notes to table 1.
Table 5
Industrial Production Indexes: Special Aggregates
1997 = 100, seasonally adjusted
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 2003 | 2004
Item | Proportion| Apr. May June July Aug. Sept. Oct. Nov. Dec.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |
Total industry | 100.00 | 114.7 115.5 115.1 115.9 116.0 115.7 116.6 116.8 117.8
| |
Energy | 18.23 | 105.4 106.6 105.3 105.5 104.2 104.4 104.5 105.5 107.4
Consumer products | 4.15 | 111.2 113.9 112.0 113.3 111.2 111.5 111.8 112.8 116.1
Commercial products | 2.38 | 122.0 122.3 121.3 120.6 118.5 121.7 121.9 121.6 124.4
Oil and gas well drilling | .27 | 114.9 113.1 113.3 115.5 116.4 116.0 116.4 122.0 123.5
Converted fuel | 3.78 | 104.3 107.9 105.0 103.7 101.8 103.4 104.5 104.9 106.7
Primary materials | 7.65 | 97.1 96.9 96.5 97.1 96.6 95.2 94.8 96.3 97.3
| |
Non-energy | 81.77 | 116.3 117.0 116.8 117.8 118.2 117.8 118.9 118.9 119.6
Selected high-technology industries | 4.76 | 392.6 401.9 406.8 411.5 415.7 418.4 421.7 429.0 436.3
Computer and peripheral equipment 3341 | 1.16 | 268.5 267.0 265.4 264.7 265.5 268.6 273.0 277.1 281.1
Communications equipment 3342 | 1.33 | 144.4 148.1 150.0 154.0 155.8 155.5 157.4 161.1 161.5
Semiconductors and related | |
electronic components 334412-9 | 2.26 | 788.5 816.9 833.0 841.3 851.7 858.9 860.6 873.6 896.3
| |
Excluding selected high-technology | |
industries | 77.02 | 102.2 102.7 102.5 103.3 103.6 103.2 104.1 104.0 104.6
| |
Motor vehicles and parts 3361-3 | 7.49 | 125.0 123.1 121.0 120.5 124.5 123.1 127.4 126.3 126.9
Motor vehicles 3361 | 3.48 | 129.4 125.5 122.6 122.9 129.7 127.1 132.6 131.6 131.1
Motor vehicle parts 3363 | 3.57 | 120.2 119.5 118.3 116.4 119.4 118.6 120.9 120.2 121.9
| |
Excluding motor vehicles and parts | 69.52 | 100.2 100.9 100.8 101.7 101.7 101.4 102.0 102.0 102.6
Consumer goods | 22.30 | 104.9 105.7 105.0 105.5 105.9 105.3 106.1 106.1 106.5
Business equipment | 7.52 | 98.8 100.2 100.7 103.7 102.1 102.3 103.3 102.7 103.9
Construction supplies | 4.23 | 106.3 107.2 106.9 107.8 108.1 107.4 108.2 108.0 108.4
Business supplies | 8.32 | 99.5 100.0 99.9 100.3 100.5 99.8 100.2 100.1 100.8
Materials | 25.15 | 95.8 96.2 96.5 97.2 97.4 97.0 97.5 97.8 98.2
| |
Measures excluding selected high-technology | |
industries | |
Total industry | 95.24 | 102.8 103.4 103.0 103.7 103.7 103.4 104.2 104.3 105.1
Manufacturing 1 | 77.75 | 102.4 102.9 102.6 103.4 103.7 103.2 104.2 104.1 104.8
Durable | 38.17 | 104.5 104.9 104.6 105.6 106.1 105.8 107.1 107.0 107.9
| |
Measures excluding motor vehicles and parts | |
Total industry | 92.51 | 113.9 114.9 114.7 115.6 115.4 115.1 115.8 116.1 117.1
Manufacturing 1 | 75.01 | 115.6 116.5 116.5 117.6 117.7 117.2 118.0 118.2 119.0
Durable | 35.43 | 132.2 133.5 133.9 135.6 135.6 135.5 136.5 137.0 138.3
| |
Measures excluding selected high-technology | |
industries and motor vehicles and parts | |
Total industry | 87.75 | 101.2 102.0 101.6 102.4 102.2 101.9 102.4 102.7 103.5
Manufacturing 1 | 70.25 | 100.4 101.0 101.0 101.9 101.9 101.4 102.1 102.2 102.8
| |
Stage-of-process components of non-energy | |
materials, measures of the input to | |
Finished processors | 13.63 | 152.8 154.0 154.6 155.4 156.4 156.8 157.9 158.8 160.3
Semifinished and primary processors | 16.55 | 99.9 100.3 100.4 100.9 101.3 100.5 101.2 101.2 101.7
---------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
Note. See notes to table 2.
<1> See note on cover page.
Table 6
Diffusion Indexes of Industrial Production
Percent
-------------------------------------------------------------------------------------------------------
Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
-------------------------------------------------------------------------------------------------------
One Month Earlier
2002 58.3 53.0 61.3 57.7 58.3 61.7 46.7 50.0 50.3 41.0 51.7 46.3
2003 43.7 50.7 43.0 37.0 52.7 56.0 49.7 48.3 59.0 60.3 71.0 58.7
2004 59.0 61.7 49.7 61.7 58.3 53.5 58.3 56.3 44.7 60.0 55.7
Three Months Earlier
2002 52.0 57.9 59.2 57.0 62.0 61.3 56.7 50.3 44.3 45.3 46.0 44.3
2003 42.7 40.3 40.7 35.3 37.3 47.3 57.3 55.7 57.3 61.7 71.7 66.3
2004 66.3 61.0 62.0 62.7 61.7 61.3 60.0 58.0 53.0 56.3 55.3
Six Months Earlier
2002 48.7 46.5 54.5 57.9 60.9 60.9 56.3 55.7 53.3 49.0 45.3 41.0
2003 39.7 36.0 36.3 34.7 38.7 43.3 44.0 43.7 51.7 62.0 69.7 67.7
2004 67.3 70.3 67.7 72.3 65.7 62.0 66.3 62.7 58.3 61.0 60.0
-------------------------------------------------------------------------------------------------------
Note: The diffusion indexes are calculated as the percentage of series that increased over the indicated
span (one, three, or six months) plus one-half the percentage that were unchanged.
Table 7
Capacity Utilization
Percent of capacity, seasonally adjusted
--------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1972- 1988- 1990- 1994-| |
| 2003 | 2003 89 91 95| 2004 | 2004
Item | Proportion| Ave. High Low High| Q1 Q2 Q3 r Q4 | Sept. Oct. Nov. Dec.
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Total industry | 100.00 | 81.1 85.1 78.6 84.9 | 77.3 77.9 78.2 78.8 | 78.0 78.5 78.6 79.2
| | | |
Manufacturing | 84.92 | 79.9 85.6 77.2 84.3 | 75.6 76.5 77.0 77.6 | 76.8 77.4 77.4 77.8
Manufacturing (NAICS) | 80.54 | 79.7 85.5 77.0 84.4 | 75.1 75.9 76.4 77.1 | 76.3 76.9 76.9 77.3
| | | |
Durable manufacturing | 46.18 | 78.1 84.5 73.4 83.6 | 73.1 73.8 74.4 75.2 | 74.3 75.1 75.0 75.5
Wood products 321 | 1.47 | 80.1 88.9 73.1 87.7 | 77.5 78.5 78.2 78.2 | 76.9 78.9 78.1 77.7
Nonmetallic mineral products 327 | 2.21 | 79.2 84.9 72.0 83.6 | 78.8 79.3 80.2 80.7 | 80.2 80.2 80.7 81.4
Primary metal 331 | 2.31 | 80.5 94.3 74.6 95.5 | 78.4 79.4 81.9 83.8 | 82.5 83.2 82.9 85.5
Fabricated metal products 332 | 6.26 | 76.9 80.2 71.6 83.6 | 68.5 69.6 70.1 70.0 | 69.8 70.1 70.0 70.1
Machinery 333 | 5.80 | 78.9 84.8 73.0 86.9 | 74.1 76.3 77.5 78.6 | 77.2 78.3 78.4 79.1
Computer and electronic products 334 | 9.30 | 79.0 81.7 76.6 83.9 | 68.3 69.8 70.9 71.0 | 70.9 71.0 70.9 71.1
Electrical equip., appliances, | | | |
and components 335 | 2.21 | 82.8 87.5 75.1 92.5 | 76.7 77.8 80.1 79.3 | 80.4 79.1 79.4 79.3
Motor vehicles and parts 3361-3 | 7.15 | 77.6 90.3 56.0 87.8 | 82.7 80.4 79.8 82.2 | 80.0 82.6 81.9 82.1
Aerospace and miscellaneous | | | |
transportation equipment 3364-9 | 4.29 | 72.7 88.7 82.1 67.9 | 63.5 64.3 64.9 66.4 | 64.6 65.4 66.4 67.3
Furniture and related products 337 | 1.86 | 78.8 83.6 69.4 83.4 | 72.2 73.6 73.5 73.3 | 72.8 73.1 73.1 73.6
Miscellaneous 339 | 3.32 | 76.5 81.7 77.7 80.6 | 75.2 76.3 76.5 77.4 | 76.0 76.8 77.0 78.3
| | | |
Nondurable manufacturing | 34.36 | 81.9 87.1 81.7 85.4 | 77.8 78.9 79.3 79.7 | 79.0 79.6 79.6 79.8
Food, beverage, and tobacco products 311,2 | 10.97 | 81.9 85.6 81.0 84.0 | 79.7 80.6 80.9 81.4 | 80.9 81.1 81.4 81.6
Textile and product mills 313,4 | 1.23 | 83.4 91.5 77.2 90.7 | 73.7 73.2 74.8 74.6 | 74.3 75.4 73.6 74.7
Apparel and leather 315,6 | 1.02 | 79.6 84.2 77.3 89.2 | 67.2 69.2 68.5 70.8 | 69.3 69.7 70.8 72.0
Paper 322 | 2.79 | 88.2 93.7 85.2 92.5 | 84.3 86.1 86.8 86.9 | 86.4 86.9 86.5 87.5
Printing and support 323 | 2.47 | 84.1 91.6 82.7 86.0 | 72.5 72.1 72.0 72.1 | 73.0 72.0 72.0 72.2
Petroleum and coal products 324 | 1.52 | 86.0 88.9 82.9 90.3 | 88.7 89.1 90.2 91.2 | 88.3 89.9 91.4 92.2
Chemical 325 | 10.83 | 78.5 85.7 80.9 81.1 | 73.8 75.4 75.9 76.2 | 75.4 76.4 76.1 76.0
Plastics and rubber products 326 | 3.52 | 83.7 91.1 77.1 92.2 | 81.7 83.4 83.2 83.4 | 82.5 83.5 83.4 83.4
| | | |
Other manufacturing (non-NAICS) 1133,5111 | 4.38 | 84.8 90.5 80.4 83.9 | 85.3 87.0 87.6 87.0 | 87.0 86.7 86.7 87.7
| | | |
Mining 21 | 6.24 | 87.1 85.8 83.5 89.1 | 87.3 86.6 86.3 86.1 | 84.6 84.7 86.6 87.0
Utilities 2211,2 | 8.84 | 86.9 92.8 84.2 93.9 | 86.3 85.1 83.7 85.1 | 84.8 84.5 84.3 86.5
| | | |
Selected high-technology industries | 6.06 | 78.6 81.0 74.3 86.4 | 68.0 69.7 69.9 69.7 | 69.6 69.4 69.7 70.1
Computer and peripheral equipment 3341 | 1.28 | 78.6 80.2 67.5 85.0 | 75.1 74.2 73.7 76.4 | 74.3 75.4 76.5 77.4
Communications equipment 3342 | 2.13 | 76.6 80.8 73.4 87.4 | 52.8 53.7 56.7 58.8 | 56.9 57.8 59.2 59.4
Semiconductors and related | | | |
electronic components 334412-9 | 2.65 | 81.2 82.8 77.5 90.4 | 77.3 80.5 78.5 75.2 | 77.4 75.6 74.9 75.0
| | | |
Measures excluding selected high-technology | | | |
industries | | | |
Total industry | 93.94 | 81.2 85.5 78.8 84.8 | 78.0 78.6 78.9 79.6 | 78.7 79.3 79.4 80.0
Manufacturing 1 | 78.86 | 80.0 86.0 77.3 84.2 | 76.3 77.2 77.8 78.4 | 77.6 78.3 78.3 78.7
| | | |
Stage-of-process groups | | | |
Crude | 9.55 | 86.4 88.9 84.8 89.3 | 85.3 85.8 85.7 85.6 | 84.3 84.5 85.8 86.4
Primary and semifinished | 47.80 | 82.2 86.5 77.5 87.8 | 79.4 79.8 79.7 80.1 | 79.7 79.8 79.8 80.6
Finished | 42.64 | 78.0 83.1 77.2 80.5 | 73.3 74.1 74.9 75.9 | 74.8 75.8 75.7 76.1
--------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
<1> See note on cover page
Note. See notes to table 2.
Table 8
Industrial Capacity
Percent change
--------------------------------------------------------------------------------------------------------------------------------------------------------
| Average annual rate | Fourth quarter to fourth quarter | Annual rate | Monthly rate
|----------------------------|------------------------------------|----------------------------|--------------
| 1972- 1980- 1989- 1995-| | 2004 | 2004
Item | 79 88 94 2004 | 2001 2002 2003 2004 | Q1 Q2 Q3 Q4 | Dec.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Total industry | 3.0 1.9 2.3 3.7 | 2.7 .5 -.2 1.2 | 1.0 1.2 1.3 1.2 | .1
| | | |
Manufacturing 1 | 3.2 2.2 2.6 4.1 | 2.6 .0 -.1 1.1 | .9 1.2 1.3 1.3 | .1
| | | |
Mining | .8 .1 -.9 -.5 | 2.0 -.6 -1.7 -.4 | -.4 -.2 -.3 -.6 | -.1
Utilities | 4.3 2.1 1.6 2.5 | 3.9 4.6 3.0 1.9 | 2.2 2.0 1.8 1.8 | .1
| | | |
| | | |
Selected high-technology industries | 18.3 16.9 15.8 29.9 | 27.4 8.0 8.4 13.4 | 11.4 12.8 14.1 15.3 | 1.2
Manufacturing 1<@F> ex. selected | | | |
high-technology industries | 2.5 1.3 1.7 1.8 | .5 -.4 -.6 .1 | -.1 .1 .1 .1 | .0
| | | |
Stage-of-process groups | | | |
Crude | 1.7 .3 -.3 -.3 | .9 -.8 -2.2 -.2 | -.4 .0 -.1 -.3 | .0
Primary and semifinished | 3.0 1.5 2.6 4.6 | 3.0 .8 -.2 2.0 | 1.5 2.1 2.3 2.3 | .2
Finished | 3.7 3.2 2.6 3.5 | 2.4 .3 .6 .3 | .5 .3 .2 .2 | .0
--------------------------------------------------------------------------------------------------------------------------------------------------------
p Preliminary.
<1> See note on cover page.
Table 9
Gross Value of Final Products and Nonindustrial Supplies
Billions of 2000 dollars at annual rate, seasonally adjusted
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | 2003 2004 | 2004
Item | 2000 | 2004 | Q4 Q1 Q2 Q3 r Q4 | Sept. Oct. Nov. Dec.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | |
Final products and nonindustrial | | | |
supplies | 2,815.1 | 2,857.4 | 2,781.3 2,824.5 2,842.8 2,863.9 2,898.3 | 2,856.4 2,889.6 2,891.1 2,914.1
| | | |
Final products | 2,113.6 | 2,162.7 | 2,108.8 2,139.0 2,148.8 2,167.5 2,197.1 | 2,160.7 2,190.8 2,191.5 2,209.0
| | | |
Consumer goods | 1,481.0 | 1,541.7 | 1,524.0 1,539.9 1,534.9 1,536.6 1,555.4 | 1,530.2 1,550.2 1,551.1 1,564.8
Durable | 470.8 | 510.1 | 510.0 517.0 507.4 505.0 515.9 | 503.6 516.2 514.3 517.2
Automotive products | 279.5 | 317.1 | 320.2 323.1 313.3 312.6 323.5 | 312.8 324.0 322.5 324.1
Other durable goods | 191.4 | 193.1 | 190.1 194.2 194.2 192.6 192.6 | 191.0 192.4 192.0 193.3
Nondurable | 1,010.2 | 1,032.4 | 1,015.4 1,024.5 1,028.2 1,032.0 1,040.5 | 1,027.0 1,035.4 1,037.8 1,048.4
| | | |
Equipment, total | 632.7 | 623.2 | 584.6 599.5 615.8 634.1 645.3 | 634.0 644.3 644.1 647.6
Business and defense | 616.8 | 609.9 | 571.9 586.8 602.7 620.9 631.2 | 620.5 630.5 629.9 633.1
Business | 558.7 | 536.6 | 500.8 516.3 529.7 546.7 555.4 | 545.9 555.8 554.1 556.3
Defense and space | 58.1 | 72.7 | 70.0 69.8 72.2 73.6 75.1 | 73.9 74.3 75.1 76.0
| | | |
Nonindustrial supplies | 701.4 | 694.8 | 672.8 685.8 694.0 696.6 701.5 | 695.8 699.1 699.9 705.4
Construction supplies | 196.8 | 192.2 | 186.6 188.5 191.8 193.7 194.6 | 193.0 194.6 194.2 194.9
Business supplies | 504.6 | 502.6 | 486.3 497.3 502.2 502.9 506.9 | 502.8 504.5 505.7 510.5
Commercial energy products | 136.0 | 147.8 | 141.6 147.8 147.5 146.1 148.7 | 147.1 147.3 148.3 150.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
Table 10
Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
Percent change, seasonally adjusted
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Fourth quarter to | | |
| | fourth quarter | Annual rate | Monthly rate |
| |---------------------|----------------------------|----------------------------| Dec. '03
| 2003 | | 2004 | 2004 | to
Item | gross value<1>| 2002 2003 2004 | Q1 Q2 Q3 r Q4 | Sept. Oct. Nov. Dec. | Dec. '04
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | | |
Finished | 1,743.2 | .3 3.5 5.1 | 6.3 3.9 4.6 5.7 | -.3 1.5 -.3 .5 | 5.0
Semi-finished | 1,556.6 | 3.8 .2 4.8 | 9.0 4.4 .7 5.3 | -.1 .9 .2 .9 | 4.8
Primary | 925.6 | 3.4 .1 1.8 | .7 -.2 2.2 4.7 | .1 .2 .7 1.6 | 2.2
Crude | 394.0 | -.6 -1.3 1.8 | 3.3 3.2 2.4 -1.4 | -2.3 .4 1.0 .6 | 2.4
| | | | |
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
<1> Billions of 2000 dollars.
Table 11
Electric Power Use
1997 = 100
--------------------------------------------------------------------------------------------------------------------------------------------------
| | Seasonally adjusted | Not seasonally adjusted
| 1997 |------------------------------------------|------------------------------------------
|Billion| 2004 | 2004
Item | KWH | June July Aug. Sept. Oct. Nov. | June July Aug. Sept. Oct. Nov.
--------------------------------------------------------------------------------------------------------------------------------------------------
Total Industry | 983.9 | 95.2 95.0 94.6 93.0 93.2 93.8 | 96.6 95.7 96.9 96.1 95.0 93.4
| | |
Manufacturing 1 | 890.9 | 95.8 95.7 95.3 93.5 93.8 94.5 | 97.4 96.5 97.9 96.8 95.8 94.0
Durable | 386.5 | 95.2 95.5 96.0 95.3 94.8 95.2 | 97.6 97.0 98.8 98.3 96.3 93.7
Nondurable | 498.4 | 96.3 95.8 94.9 92.2 93.0 94.0 | 97.3 96.1 97.1 95.6 95.4 94.2
| | |
Mining | 93.0 | 85.9 85.5 84.2 85.3 84.0 84.0 | 85.4 83.5 82.8 85.7 84.7 85.1
| | |
Total ex. nuclear nondefense | 962.6 | 96.1 95.8 95.3 94.6 94.0 94.7 | 98.5 97.5 98.8 97.9 95.5 93.8
Utility sales to industry | 913.5 | 93.4 92.6 92.3 90.6 90.7 91.3 | 94.5 93.4 94.7 94.0 92.7 90.9
Industrial generation | 70.4 | 131.6 131.3 129.9 131.4 132.4 134.7 | 129.6 132.0 131.8 128.7 132.6 132.4
--------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
<1> See note on cover page.
Note. Additional industry detail is available on the Board's web site, www.federalreserve.gov/releases/G17/download.htm.
Table 12
Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry
Seasonally adjusted
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
IP (percent | | |
change) <1> | | |
1982 | -1.9 1.9 -.7 -.8 -.7 -.4 -.4 -.8 -.4 -.8 -.4 -.8 | -7.5 -5.0 -6.0 -7.6 | -5.1
1983 | 1.9 -.6 .9 1.2 .7 .6 1.6 1.1 1.6 .8 .3 .5 | 4.4 9.4 14.8 10.9 | 2.6
1984 | 2.1 .4 .5 .6 .5 .4 .3 .1 -.2 -.1 .4 .1 | 12.5 6.2 2.9 .5 | 9.0
1985 | -.3 .4 .1 -.2 .1 .0 -.7 .5 .4 -.4 .3 1.0 | 1.1 .5 -.7 2.6 | 1.3
1986 | .5 -.8 -.6 .0 .2 -.3 .6 -.2 .2 .4 .5 .9 | 2.4 -2.6 1.6 4.6 | 1.0
| | |
1987 | -.3 1.3 .1 .6 .7 .5 .6 .7 .2 1.5 .5 .5 | 5.5 7.0 7.0 9.8 | 5.1
1988 | .0 .4 .3 .5 -.1 .2 .2 .5 -.3 .6 .2 .4 | 3.4 3.3 2.1 3.2 | 5.0
1989 | .3 -.5 .3 -.1 -.7 .0 -.9 1.0 -.3 .0 .3 .7 | 1.5 -1.9 -2.5 2.0 | .9
1990 | -.6 .9 .5 .0 .1 .3 -.2 .3 .2 -.7 -1.2 -.7 | 2.6 2.9 1.3 -5.9 | .9
1991 | -.5 -.6 -.5 .2 1.0 1.0 .0 .1 .8 -.2 -.1 -.3 | -7.5 2.6 5.6 .9 | -1.5
| | |
1992 | -.6 .7 .8 .7 .5 .0 .8 -.4 .2 .7 .4 .0 | -.3 7.1 2.7 3.9 | 2.8
1993 | .5 .4 .0 .3 -.4 .2 .3 .1 .4 .7 .5 .5 | 3.7 1.1 2.2 6.3 | 3.3
1994 | .4 .0 1.0 .5 .6 .7 .2 .5 .2 .9 .6 1.1 | 5.2 7.5 5.2 8.1 | 5.4
1995 | .3 .0 .1 .0 .2 .3 -.4 1.4 .4 -.2 .2 .5 | 5.2 1.0 3.8 3.7 | 4.8
1996 | -.9 1.5 -.2 .9 .7 .9 -.1 .7 .6 .1 .9 .7 | 1.7 8.3 5.5 6.4 | 4.3
| | |
1997 | .3 1.2 .5 .2 .4 .5 .6 1.0 .9 .8 .6 .4 | 8.6 5.7 8.6 9.5 | 7.3
1998 | .5 .2 .2 .6 .5 -.4 -.2 1.9 -.3 .8 -.2 .2 | 4.6 4.3 3.4 4.5 | 5.8
1999 | .6 .4 .4 .2 .7 .0 .6 .6 -.3 1.2 .5 1.0 | 4.4 4.3 4.7 7.4 | 4.5
2000 | -.1 .4 .6 .7 .6 .0 -.5 -.3 .4 -.5 -.1 -.2 | 4.7 6.7 -1.4 -2.0 | 4.3
2001 | -1.0 -.6 -.3 -.2 -.5 -.6 -.4 -.1 -.5 -.4 -.5 .0 | -6.7 -4.6 -4.7 -4.2 | -3.6
| | |
2002 | .7 -.2 .6 .4 .2 .7 -.1 .0 .0 -.5 .1 -.4 | 2.3 4.4 1.7 -2.3 | -.3
2003 | .2 .1 -.4 -.9 .1 .3 .6 -.1 .7 .2 1.0 .2 | -.7 -4.0 4.1 5.7 | .0
2004 | .3 1.1 -.3 .5 .7 -.4 .7 .1 -.3 .8 .2 .8 | 5.6 4.3 2.7 4.1 | 4.1
| | |
IP | | |
(1997=100) | | |
2002 | 109.9 109.7 110.3 110.7 111.0 111.8 111.7 111.6 111.6 111.1 111.2 110.7 | 110.0 111.2 111.6 111.0 | 111.0
2003 | 110.9 111.0 110.6 109.5 109.6 109.9 110.6 110.5 111.3 111.6 112.7 112.9 | 110.8 109.7 110.8 112.4 | 110.9
2004 | 113.2 114.4 114.1 114.7 115.5 115.1 115.9 116.0 115.7 116.6 116.8 117.8 | 113.9 115.1 115.9 117.1 | 115.5
| | |
Capacity | | |
(percent of | | |
1997 output) | | |
2002 | 147.0 147.2 147.3 147.4 147.5 147.5 147.5 147.5 147.4 147.4 147.3 147.2 | 147.2 147.5 147.5 147.3 | 147.4
2003 | 147.1 147.0 146.9 146.9 146.8 146.8 146.7 146.8 146.8 146.9 146.9 147.0 | 147.0 146.8 146.8 146.9 | 146.9
2004 | 147.2 147.3 147.5 147.6 147.8 147.9 148.1 148.2 148.4 148.5 148.7 148.8 | 147.3 147.8 148.2 148.7 | 148.0
| | |
Utilization | | |
(percent) | | |
1982 | 75.5 76.8 76.0 75.2 74.6 74.1 73.7 73.0 72.6 71.9 71.5 70.8 | 76.1 74.6 73.1 71.4 | 73.8
1983 | 72.1 71.6 72.1 73.0 73.5 73.9 75.0 75.8 76.9 77.5 77.7 78.0 | 71.9 73.4 75.9 77.7 | 74.7
1984 | 79.5 79.8 80.1 80.4 80.7 80.9 81.0 80.9 80.6 80.4 80.5 80.4 | 79.8 80.7 80.8 80.4 | 80.4
1985 | 80.0 80.2 80.2 79.9 79.7 79.6 78.9 79.1 79.3 78.9 79.0 79.7 | 80.1 79.7 79.1 79.2 | 79.5
1986 | 80.0 79.2 78.6 78.5 78.6 78.2 78.6 78.4 78.4 78.7 78.9 79.5 | 79.3 78.5 78.5 79.0 | 78.8
| | |
1987 | 79.1 80.0 80.0 80.3 80.7 81.0 81.3 81.8 81.8 82.9 83.3 83.5 | 79.7 80.7 81.6 83.2 | 81.3
1988 | 83.5 83.7 83.9 84.2 84.1 84.2 84.3 84.7 84.4 84.8 84.8 85.1 | 83.7 84.2 84.5 84.9 | 84.3
1989 | 85.1 84.6 84.7 84.5 83.8 83.6 82.7 83.3 82.9 82.7 82.7 83.1 | 84.8 84.0 82.9 82.8 | 83.6
1990 | 82.4 83.0 83.2 83.0 82.9 83.0 82.7 82.7 82.8 82.0 80.9 80.2 | 82.9 82.9 82.7 81.1 | 82.4
1991 | 79.7 79.1 78.6 78.6 79.4 80.0 79.9 79.9 80.5 80.2 80.0 79.6 | 79.2 79.4 80.1 79.9 | 79.6
| | |
1992 | 79.1 79.5 80.0 80.4 80.6 80.4 80.8 80.3 80.3 80.7 80.9 80.8 | 79.5 80.4 80.5 80.8 | 80.3
1993 | 81.1 81.3 81.1 81.3 80.9 80.9 81.1 81.0 81.2 81.7 81.9 82.2 | 81.2 81.0 81.1 81.9 | 81.3
1994 | 82.4 82.2 82.8 83.0 83.3 83.6 83.6 83.7 83.6 84.1 84.3 84.9 | 82.5 83.3 83.6 84.4 | 83.5
1995 | 84.8 84.5 84.3 83.9 83.7 83.6 82.9 83.7 83.7 83.2 83.0 83.0 | 84.5 83.7 83.4 83.0 | 83.7
1996 | 81.9 82.7 82.1 82.5 82.7 83.1 82.6 82.8 82.9 82.6 83.0 83.2 | 82.2 82.8 82.8 82.9 | 82.7
| | |
1997 | 83.1 83.7 83.7 83.5 83.4 83.4 83.5 83.8 84.1 84.3 84.3 84.1 | 83.5 83.4 83.8 84.2 | 83.7
1998 | 84.0 83.6 83.3 83.4 83.3 82.5 81.9 83.1 82.4 82.7 82.1 82.0 | 83.7 83.1 82.5 82.3 | 82.9
1999 | 82.1 82.1 82.1 81.9 82.2 81.9 82.1 82.3 81.7 82.3 82.4 82.9 | 82.1 82.0 82.0 82.5 | 82.2
2000 | 82.5 82.5 82.7 82.9 83.2 82.9 82.2 81.7 81.7 81.1 80.7 80.3 | 82.6 83.0 81.9 80.7 | 82.0
2001 | 79.3 78.6 78.1 77.8 77.2 76.6 76.1 75.9 75.4 75.0 74.5 74.4 | 78.7 77.2 75.8 74.6 | 76.6
| | |
2002 | 74.8 74.6 74.9 75.1 75.3 75.8 75.7 75.7 75.7 75.4 75.5 75.2 | 74.7 75.4 75.7 75.4 | 75.3
2003 | 75.4 75.5 75.2 74.6 74.7 74.9 75.4 75.3 75.8 76.0 76.7 76.8 | 75.4 74.7 75.5 76.5 | 75.5
2004 | 76.9 77.7 77.4 77.7 78.2 77.8 78.3 78.3 78.0 78.5 78.6 79.2 | 77.3 77.9 78.2 78.8 | 78.0
-------------------------------------------------------------------------------------------------------------------------------------------
<1> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages.
Table 13
Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing <1>
Seasonally adjusted
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
IP (percent | | |
change) <2> | | |
1982 | -2.3 2.7 -.8 -.6 -.2 -.2 -.2 -.8 -.4 -1.1 -.7 -.5 | -8.8 -2.0 -4.1 -8.6 | -5.4
1983 | 2.5 -.2 1.0 1.2 1.3 .8 1.5 .8 1.9 1.1 .3 .2 | 8.7 12.3 15.5 12.5 | 4.6
1984 | 1.9 1.1 .5 .5 .3 .5 .5 .2 -.2 .4 .4 .4 | 12.9 6.1 3.8 2.8 | 9.9
1985 | -.4 -.3 .8 -.3 .1 .1 -.6 .6 .1 -.2 .6 .4 | .1 1.0 .0 2.4 | 1.7
1986 | 1.2 -.7 -.3 .3 .2 -.4 .5 .3 .2 .4 .5 .9 | 4.6 -.3 2.4 5.0 | 2.2
| | |
1987 | -.3 1.5 .0 .5 .7 .4 .7 .5 .5 1.6 .6 .6 | 6.0 6.7 6.9 11.2 | 5.5
1988 | -.2 .1 .3 .8 -.1 .1 .1 .1 .4 .6 .2 .4 | 2.4 4.2 1.4 4.9 | 5.2
1989 | .8 -1.0 -.1 .1 -.9 .2 -1.1 .9 -.3 -.1 .2 .2 | 1.6 -3.4 -3.0 .8 | .8
1990 | -.2 1.4 .4 -.2 .0 .3 -.2 .3 .0 -.8 -1.1 -.8 | 4.1 2.7 .6 -6.5 | .7
1991 | -.8 -.6 -.6 .3 .8 1.1 .3 .3 1.0 -.2 -.2 -.1 | -8.9 2.1 7.3 1.6 | -2.0
| | |
1992 | -.6 .9 .9 .5 .7 .2 .8 -.3 .0 .6 .4 -.2 | .8 8.0 3.8 2.7 | 3.7
1993 | 1.1 .2 -.1 .5 -.1 -.1 .3 .0 .6 .8 .5 .6 | 4.7 1.6 1.4 7.1 | 3.5
1994 | .2 .1 1.3 .8 .7 .3 .5 .7 .3 1.1 .7 1.1 | 5.1 9.5 6.1 9.8 | 6.0
1995 | .4 -.1 .2 -.1 .0 .4 -.6 1.2 .9 -.1 .0 .5 | 5.6 .4 3.1 4.6 | 5.3
1996 | -1.1 1.5 -.3 1.2 .7 1.1 .3 .6 .8 .0 .9 1.0 | .7 9.5 8.0 6.8 | 4.6
| | |
1997 | .3 1.4 .8 .1 .5 .7 .5 1.2 .9 .7 .8 .5 | 10.2 6.8 9.5 10.2 | 8.5
1998 | .8 .2 .1 .8 .3 -.5 -.2 2.2 -.4 1.0 .0 .4 | 6.3 3.9 3.6 6.6 | 6.6
1999 | .4 .7 .1 .4 .9 -.2 .4 .9 -.3 1.3 .6 .9 | 4.9 4.9 4.5 9.0 | 5.2
2000 | .0 .3 .9 .7 .4 .0 -.3 -.6 .3 -.5 -.5 -.5 | 5.2 6.7 -1.8 -3.7 | 4.6
2001 | -.9 -.6 -.4 -.2 -.5 -.7 -.3 -.4 -.5 -.5 -.2 .2 | -7.6 -4.8 -5.2 -4.0 | -4.2
| | |
2002 | .7 -.2 .4 .2 .3 .8 -.2 .1 .0 -.7 .0 -.5 | 2.8 3.4 2.2 -3.2 | -.4
2003 | .3 -.1 -.2 -.9 .1 .6 .3 -.2 1.0 .3 1.1 .0 | -.6 -3.3 3.9 6.5 | .0
2004 | .2 1.2 .1 .6 .6 -.1 .8 .4 -.4 .9 .1 .7 | 5.6 6.0 4.0 4.1 | 4.7
| | |
IP | | |
(1997 = 100) | | |
2002 | 111.2 110.9 111.4 111.6 111.9 112.8 112.6 112.8 112.7 112.0 112.0 111.4 | 111.2 112.1 112.7 111.8 | 111.9
2003 | 111.8 111.6 111.5 110.4 110.5 111.1 111.5 111.3 112.4 112.7 113.9 113.9 | 111.6 110.7 111.7 113.5 | 111.9
2004 | 114.1 115.5 115.6 116.4 117.1 116.9 117.8 118.3 117.7 118.8 118.9 119.7 | 115.1 116.8 117.9 119.1 | 117.2
| | |
Capacity | | |
(percent of | | |
1997 output) | | |
2002 | 152.2 152.3 152.3 152.3 152.3 152.3 152.3 152.2 152.2 152.1 152.0 152.0 | 152.3 152.3 152.2 152.0 | 152.2
2003 | 151.9 151.8 151.8 151.7 151.7 151.6 151.6 151.7 151.7 151.8 151.9 152.0 | 151.8 151.7 151.7 151.9 | 151.8
2004 | 152.1 152.2 152.3 152.5 152.6 152.8 153.0 153.1 153.3 153.4 153.6 153.8 | 152.2 152.6 153.1 153.6 | 152.9
| | |
Utilization | | |
(percent) | | |
1982 | 71.9 73.6 72.9 72.3 72.0 71.7 71.4 70.7 70.4 69.5 68.9 68.5 | 72.8 72.0 70.9 69.0 | 71.2
1983 | 70.1 70.0 70.6 71.4 72.3 72.8 73.9 74.4 75.8 76.6 76.7 76.8 | 70.3 72.2 74.7 76.7 | 73.5
1984 | 78.2 78.9 79.2 79.4 79.4 79.6 79.8 79.8 79.4 79.6 79.6 79.7 | 78.8 79.5 79.7 79.6 | 79.4
1985 | 79.2 78.7 79.2 78.7 78.6 78.6 77.9 78.3 78.2 77.8 78.2 78.4 | 79.0 78.6 78.1 78.1 | 78.5
1986 | 79.2 78.5 78.2 78.4 78.4 78.1 78.4 78.4 78.5 78.6 78.9 79.4 | 78.7 78.3 78.4 79.0 | 78.6
| | |
1987 | 79.1 80.0 79.9 80.1 80.6 80.7 81.1 81.3 81.6 82.8 83.2 83.5 | 79.7 80.5 81.3 83.2 | 81.2
1988 | 83.3 83.4 83.6 84.2 84.0 84.1 84.1 84.1 84.3 84.8 84.9 85.1 | 83.4 84.1 84.2 84.9 | 84.1
1989 | 85.6 84.6 84.3 84.2 83.3 83.2 82.1 82.7 82.3 82.0 81.9 81.9 | 84.8 83.6 82.4 81.9 | 83.2
1990 | 81.5 82.5 82.6 82.3 82.1 82.2 81.8 81.9 81.7 81.0 79.9 79.2 | 82.2 82.2 81.8 80.0 | 81.6
1991 | 78.4 77.8 77.2 77.3 77.8 78.5 78.6 78.7 79.4 79.1 78.8 78.6 | 77.8 77.9 78.9 78.8 | 78.3
| | |
1992 | 78.1 78.6 79.1 79.3 79.7 79.7 80.2 79.7 79.5 79.8 79.9 79.6 | 78.6 79.6 79.8 79.8 | 79.4
1993 | 80.3 80.3 80.0 80.3 80.1 79.9 79.9 79.8 80.1 80.6 80.8 81.1 | 80.2 80.1 79.9 80.8 | 80.3
1994 | 81.1 81.0 81.8 82.2 82.6 82.5 82.7 83.0 82.9 83.4 83.7 84.3 | 81.3 82.4 82.8 83.8 | 82.6
1995 | 84.3 83.9 83.6 83.2 82.8 82.7 81.8 82.4 82.7 82.2 81.8 81.8 | 83.9 82.9 82.3 82.0 | 82.8
1996 | 80.5 81.3 80.6 81.1 81.2 81.7 81.5 81.6 81.8 81.4 81.8 82.1 | 80.8 81.3 81.7 81.8 | 81.4
| | |
1997 | 81.9 82.7 82.9 82.5 82.4 82.6 82.5 83.0 83.2 83.2 83.3 83.2 | 82.5 82.5 82.9 83.2 | 82.8
1998 | 83.3 82.8 82.3 82.4 82.2 81.2 80.6 81.9 81.2 81.6 81.1 81.1 | 82.8 81.9 81.2 81.3 | 81.8
1999 | 81.0 81.2 80.9 80.9 81.2 80.7 80.8 81.1 80.5 81.2 81.4 81.8 | 81.1 81.0 80.8 81.5 | 81.1
2000 | 81.4 81.3 81.6 81.8 81.8 81.5 80.9 80.1 80.1 79.4 78.8 78.1 | 81.4 81.7 80.4 78.8 | 80.6
2001 | 77.1 76.5 76.0 75.6 75.1 74.4 74.1 73.7 73.2 72.8 72.5 72.6 | 76.5 75.0 73.7 72.6 | 74.5
| | |
2002 | 73.0 72.9 73.1 73.2 73.5 74.1 73.9 74.1 74.1 73.6 73.7 73.3 | 73.0 73.6 74.0 73.5 | 73.5
2003 | 73.6 73.5 73.4 72.8 72.8 73.3 73.5 73.4 74.1 74.3 75.0 75.0 | 73.5 73.0 73.7 74.8 | 73.7
2004 | 75.1 75.9 75.9 76.3 76.7 76.5 77.0 77.2 76.8 77.4 77.4 77.8 | 75.6 76.5 77.0 77.6 | 76.7
-------------------------------------------------------------------------------------------------------------------------------------------
<1> See note on cover page.
<2> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages.
Table 14
Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry Excluding Selected High-Technology Industries
Seasonally adjusted
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
IP (percent | | |
change) <1> | | |
1982 | -1.9 1.8 -.8 -.9 -.8 -.5 -.5 -.8 -.5 -.9 -.5 -1.0 | -8.4 -5.8 -6.7 -8.2 | -6.0
1983 | 1.9 -.7 .8 1.2 .7 .5 1.5 1.2 1.3 .8 .2 .5 | 3.7 8.5 13.8 9.6 | 1.8
1984 | 2.0 .3 .4 .5 .4 .2 .2 .0 -.2 -.2 .4 .1 | 11.4 4.8 1.6 -.2 | 7.9
1985 | -.3 .5 .1 .0 .1 .0 -.6 .4 .5 -.4 .3 1.1 | .9 1.0 -.3 2.7 | 1.0
1986 | .6 -.8 -.7 .0 .1 -.2 .3 -.3 .2 .4 .4 .8 | 2.5 -2.9 .6 4.0 | .9
| | |
1987 | -.4 1.2 .1 .5 .6 .4 .5 .6 .1 1.4 .5 .4 | 4.5 6.3 6.0 9.0 | 4.2
1988 | .0 .4 .2 .4 -.1 .2 .1 .5 -.4 .5 .2 .4 | 3.2 2.7 1.5 2.9 | 4.4
1989 | .3 -.5 .4 -.1 -.7 .0 -1.1 .9 -.3 -.1 .2 .7 | 1.7 -2.1 -3.3 1.3 | .6
1990 | -.7 .8 .4 -.1 .1 .3 -.2 .3 .2 -.8 -1.3 -.7 | 2.0 2.4 .9 -6.5 | .3
1991 | -.4 -.8 -.6 .2 1.0 1.0 .0 .1 .9 -.2 -.2 -.5 | -8.0 2.1 5.4 .3 | -2.0
| | |
1992 | -.8 .7 .7 .6 .3 -.2 .7 -.5 .1 .6 .3 .0 | -1.8 6.1 1.6 2.9 | 1.9
1993 | .5 .3 .0 .3 -.4 .2 .3 .0 .3 .6 .4 .4 | 3.1 .6 1.4 5.1 | 2.5
1994 | .4 .0 .8 .3 .5 .6 .0 .3 .0 .7 .4 .9 | 4.2 5.5 3.2 5.7 | 4.0
1995 | .1 -.2 -.2 -.2 .0 .2 -.6 1.2 .1 -.5 .0 .4 | 2.8 -1.4 1.4 .5 | 2.4
1996 | -1.1 1.3 -.4 .8 .4 .7 -.4 .4 .5 -.2 .8 .5 | -.5 6.0 2.5 3.8 | 1.7
| | |
1997 | .0 .8 .2 .0 .1 .3 .4 .7 .7 .7 .4 .1 | 4.9 2.0 5.8 7.1 | 4.2
1998 | .2 .0 .1 .5 .3 -.8 -.6 1.7 -.5 .7 -.5 -.1 | 1.8 2.1 -.2 2.3 | 3.1
1999 | .2 .1 .1 -.1 .5 -.3 .3 .5 -.5 1.0 .2 .7 | .3 .7 1.6 4.9 | 1.2
2000 | -.6 .1 .3 .3 .3 -.1 -.7 -.4 .2 -.6 -.3 -.3 | .5 2.8 -3.5 -3.6 | 1.1
2001 | -1.0 -.6 -.3 -.1 -.4 -.5 -.3 .0 -.5 -.4 -.5 .0 | -6.9 -3.5 -3.7 -4.4 | -4.1
| | |
2002 | .8 -.2 .6 .4 .2 .7 -.2 -.2 -.1 -.5 -.1 -.5 | 2.6 4.2 .9 -3.4 | -.2
2003 | .1 .0 -.5 -1.0 .0 .2 .6 -.2 .7 .1 1.0 .2 | -1.8 -5.1 3.3 5.1 | -1.0
2004 | .2 1.0 -.4 .5 .6 -.4 .7 .0 -.3 .8 .1 .8 | 4.9 3.3 2.0 3.7 | 3.4
| | |
IP | | |
(1997 = 100) | | |
2002 | 100.3 100.1 100.7 101.0 101.2 101.9 101.8 101.6 101.5 101.0 100.9 100.4 | 100.3 101.4 101.6 100.7 | 101.0
2003 | 100.5 100.4 99.9 98.9 98.9 99.1 99.7 99.5 100.2 100.3 101.3 101.5 | 100.3 99.0 99.8 101.0 | 100.0
2004 | 101.7 102.7 102.3 102.8 103.4 103.0 103.7 103.7 103.4 104.2 104.3 105.1 | 102.2 103.1 103.6 104.5 | 103.4
| | |
Capacity | | |
(percent of | | |
1997 output) | | |
2002 | 131.8 131.9 131.9 132.0 132.0 132.0 132.0 132.0 132.0 131.9 131.8 131.7 | 131.9 132.0 132.0 131.8 | 131.9
2003 | 131.6 131.5 131.5 131.4 131.3 131.2 131.1 131.1 131.1 131.0 131.0 131.0 | 131.5 131.3 131.1 131.0 | 131.2
2004 | 131.1 131.1 131.1 131.2 131.2 131.2 131.3 131.3 131.3 131.4 131.4 131.4 | 131.1 131.2 131.3 131.4 | 131.2
| | |
Utilization | | |
(percent) | | |
1982 | 75.3 76.5 75.8 75.0 74.3 73.9 73.5 72.8 72.4 71.7 71.3 70.6 | 75.9 74.4 72.9 71.2 | 73.6
1983 | 72.0 71.4 72.0 72.8 73.3 73.7 74.8 75.7 76.7 77.2 77.4 77.7 | 71.8 73.3 75.7 77.4 | 74.6
1984 | 79.3 79.5 79.7 80.1 80.3 80.4 80.5 80.4 80.1 79.9 80.1 80.1 | 79.5 80.3 80.4 80.0 | 80.0
1985 | 79.7 80.0 79.9 79.8 79.7 79.6 79.0 79.2 79.5 79.1 79.2 80.0 | 79.9 79.7 79.2 79.4 | 79.6
1986 | 80.3 79.6 78.9 78.8 78.9 78.7 78.9 78.6 78.6 78.9 79.2 79.7 | 79.6 78.8 78.7 79.3 | 79.1
| | |
1987 | 79.3 80.2 80.2 80.6 81.0 81.2 81.6 82.0 82.1 83.2 83.5 83.8 | 79.9 80.9 81.9 83.5 | 81.6
1988 | 83.8 84.1 84.2 84.6 84.4 84.5 84.6 85.0 84.6 85.0 85.1 85.4 | 84.1 84.5 84.7 85.1 | 84.6
1989 | 85.5 85.0 85.2 84.9 84.2 84.1 83.0 83.6 83.2 83.0 83.0 83.4 | 85.2 84.4 83.3 83.1 | 84.0
1990 | 82.7 83.3 83.5 83.3 83.2 83.3 83.0 83.1 83.1 82.4 81.2 80.5 | 83.2 83.3 83.1 81.4 | 82.7
1991 | 80.1 79.4 78.8 78.9 79.5 80.2 80.1 80.1 80.7 80.5 80.2 79.7 | 79.4 79.5 80.3 80.1 | 79.9
| | |
1992 | 79.0 79.5 80.0 80.4 80.6 80.4 80.9 80.4 80.4 80.8 81.0 80.9 | 79.5 80.5 80.6 80.9 | 80.4
1993 | 81.2 81.3 81.2 81.4 80.9 81.0 81.2 81.1 81.2 81.7 81.9 82.2 | 81.2 81.1 81.2 81.9 | 81.4
1994 | 82.4 82.3 82.9 83.0 83.3 83.7 83.6 83.7 83.6 84.0 84.2 84.8 | 82.5 83.3 83.6 84.3 | 83.5
1995 | 84.7 84.4 84.1 83.7 83.5 83.5 82.8 83.6 83.5 82.9 82.8 82.9 | 84.4 83.6 83.3 82.9 | 83.5
1996 | 81.8 82.7 82.2 82.7 82.9 83.3 82.8 83.0 83.2 82.8 83.2 83.4 | 82.2 83.0 83.0 83.2 | 82.8
| | |
1997 | 83.2 83.7 83.6 83.3 83.1 83.1 83.2 83.5 83.9 84.2 84.2 84.0 | 83.5 83.2 83.5 84.1 | 83.6
1998 | 83.9 83.7 83.5 83.7 83.7 82.8 82.1 83.3 82.7 83.1 82.5 82.3 | 83.7 83.4 82.7 82.6 | 83.1
1999 | 82.2 82.1 82.0 81.7 82.0 81.5 81.6 81.9 81.3 82.0 82.0 82.5 | 82.1 81.7 81.6 82.2 | 81.9
2000 | 81.9 81.8 82.0 82.2 82.3 82.1 81.5 81.0 81.1 80.6 80.3 79.9 | 81.9 82.2 81.2 80.2 | 81.4
2001 | 79.1 78.5 78.2 78.1 77.8 77.3 77.0 76.9 76.5 76.1 75.6 75.6 | 78.6 77.7 76.8 75.8 | 77.2
| | |
2002 | 76.1 75.9 76.3 76.5 76.7 77.2 77.1 77.0 76.9 76.5 76.5 76.2 | 76.1 76.8 77.0 76.4 | 76.6
2003 | 76.3 76.4 76.0 75.3 75.3 75.6 76.0 75.9 76.4 76.5 77.3 77.5 | 76.2 75.4 76.1 77.1 | 76.2
2004 | 77.6 78.3 78.0 78.4 78.8 78.5 79.0 79.0 78.7 79.3 79.4 80.0 | 78.0 78.6 78.9 79.6 | 78.8
-------------------------------------------------------------------------------------------------------------------------------------------
<1> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages.
Note. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
Table 15
Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing <1> Excluding Selected High-Technology Industries
Seasonally adjusted
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual
-------------------------------------------------------------------------------------------------------------------------------------------
| | |
IP (percent | | |
change) <2> | | |
1982 | -2.4 2.5 -.8 -.7 -.3 -.3 -.3 -.7 -.5 -1.2 -.8 -.6 | -10.1 -3.0 -4.9 -9.6 | -6.5
1983 | 2.5 -.2 .9 1.1 1.3 .7 1.3 .9 1.6 1.1 .2 .2 | 8.0 11.3 14.3 10.9 | 3.6
1984 | 1.8 .9 .4 .3 .1 .3 .4 .0 -.3 .4 .3 .3 | 11.5 4.3 2.1 1.9 | 8.4
1985 | -.5 -.2 .8 -.2 .1 .1 -.4 .6 .2 -.3 .6 .4 | -.2 1.8 .5 2.5 | 1.4
1986 | 1.3 -.7 -.3 .3 .1 -.2 .2 .2 .2 .3 .4 .8 | 4.8 -.5 1.2 4.3 | 2.2
| | |
1987 | -.4 1.4 .0 .4 .7 .3 .6 .3 .4 1.5 .6 .5 | 4.9 5.8 5.5 10.3 | 4.6
1988 | -.2 .2 .3 .7 -.2 .0 .0 .1 .3 .6 .3 .4 | 2.1 3.5 .6 4.6 | 4.5
1989 | .8 -1.1 .0 .0 -.9 .1 -1.3 .9 -.3 -.2 .1 .1 | 2.0 -3.7 -4.0 -.1 | .4
1990 | -.3 1.4 .3 -.2 .0 .2 -.2 .3 -.1 -.8 -1.2 -.8 | 3.3 2.1 .2 -7.2 | .0
1991 | -.8 -.8 -.8 .3 .7 1.1 .3 .2 1.1 -.2 -.3 -.3 | -9.6 1.4 7.0 .9 | -2.6
| | |
1992 | -.8 .8 .9 .4 .6 .1 .7 -.4 -.1 .4 .3 -.3 | -1.0 6.9 2.5 1.4 | 2.5
1993 | 1.1 .1 -.2 .5 -.1 -.2 .2 -.2 .5 .7 .4 .5 | 3.9 1.0 .4 5.7 | 2.6
1994 | .1 .1 1.1 .6 .6 .1 .3 .5 .0 .8 .5 .9 | 3.9 7.2 3.8 7.0 | 4.4
1995 | .1 -.3 -.1 -.4 -.2 .3 -.8 1.0 .6 -.4 -.2 .3 | 2.7 -2.5 .3 .9 | 2.5
1996 | -1.3 1.3 -.5 1.0 .4 .9 .0 .4 .6 -.3 .7 .7 | -1.9 6.8 4.5 3.7 | 1.6
| | |
1997 | -.1 1.0 .4 -.3 .2 .5 .3 1.0 .7 .6 .5 .2 | 5.9 2.6 6.3 7.4 | 4.9
1998 | .5 -.1 -.1 .6 .2 -1.0 -.7 2.1 -.7 .9 -.2 .1 | 3.0 1.3 -.7 4.1 | 3.5
1999 | .0 .3 -.3 .0 .7 -.6 .0 .8 -.5 1.1 .3 .6 | .2 .8 .8 6.2 | 1.4
2000 | -.6 -.1 .6 .2 -.1 .0 -.6 -.8 .1 -.6 -.7 -.6 | .4 2.2 -4.3 -5.7 | .9
2001 | -.9 -.5 -.4 .0 -.4 -.6 -.2 -.3 -.5 -.5 -.3 .2 | -8.0 -3.4 -4.0 -4.2 | -4.9
| | |
2002 | .8 -.2 .4 .1 .3 .7 -.2 .0 -.1 -.8 -.1 -.6 | 3.2 3.1 1.3 -4.6 | -.3
2003 | .3 -.3 -.3 -1.0 .0 .5 .3 -.4 .9 .2 1.2 .0 | -2.0 -4.6 2.9 5.9 | -1.2
2004 | .0 1.1 .1 .6 .5 -.2 .8 .3 -.5 .9 .0 .6 | 4.7 4.9 3.3 3.6 | 3.8
| | |
IP | | |
(1997 = 100) | | |
2002 | 99.9 99.7 100.1 100.2 100.5 101.2 101.0 101.0 100.9 100.1 100.0 99.3 | 99.9 100.7 101.0 99.8 | 100.3
2003 | 99.6 99.3 99.0 98.0 97.9 98.5 98.8 98.4 99.3 99.5 100.6 100.6 | 99.3 98.1 98.8 100.2 | 99.1
2004 | 100.7 101.7 101.8 102.4 102.9 102.6 103.4 103.7 103.2 104.2 104.1 104.8 | 101.4 102.6 103.5 104.4 | 102.9
| | |
Capacity | | |
(percent of | | |
1997 output) | | |
2002 | 134.2 134.2 134.2 134.2 134.1 134.1 134.0 134.0 133.9 133.8 133.8 133.7 | 134.2 134.1 134.0 133.8 | 134.0
2003 | 133.6 133.5 133.4 133.4 133.3 133.2 133.1 133.1 133.0 133.0 133.0 132.9 | 133.5 133.3 133.1 133.0 | 133.2
2004 | 132.9 132.9 132.9 132.9 132.9 133.0 133.0 133.0 133.0 133.0 133.0 133.1 | 132.9 132.9 133.0 133.0 | 133.0
| | |
Utilization | | |
(percent) | | |
1982 | 71.4 73.1 72.4 71.8 71.5 71.2 71.0 70.4 70.0 69.2 68.6 68.2 | 72.3 71.5 70.5 68.6 | 70.7
1983 | 69.9 69.7 70.3 71.1 72.1 72.6 73.5 74.2 75.4 76.2 76.3 76.4 | 70.0 71.9 74.4 76.3 | 73.1
1984 | 77.8 78.4 78.7 78.9 78.9 79.0 79.2 79.1 78.7 78.9 79.0 79.2 | 78.3 78.9 79.0 79.0 | 78.8
1985 | 78.6 78.3 78.8 78.6 78.5 78.5 78.0 78.4 78.4 78.1 78.4 78.7 | 78.6 78.5 78.2 78.4 | 78.4
1986 | 79.6 79.0 78.6 78.8 78.8 78.6 78.7 78.7 78.8 78.9 79.2 79.7 | 79.1 78.7 78.7 79.3 | 78.9
| | |
1987 | 79.3 80.3 80.2 80.4 80.9 81.0 81.4 81.6 81.9 83.1 83.5 83.9 | 79.9 80.8 81.6 83.5 | 81.5
1988 | 83.7 83.8 84.0 84.6 84.4 84.4 84.4 84.4 84.6 85.0 85.2 85.4 | 83.8 84.5 84.5 85.2 | 84.5
1989 | 86.0 85.0 84.9 84.7 83.8 83.8 82.5 83.1 82.7 82.3 82.3 82.2 | 85.3 84.1 82.8 82.3 | 83.6
1990 | 81.8 82.8 83.0 82.6 82.5 82.5 82.2 82.3 82.1 81.3 80.2 79.4 | 82.5 82.6 82.2 80.3 | 81.9
1991 | 78.7 78.0 77.3 77.5 77.9 78.7 78.8 78.8 79.6 79.3 79.0 78.7 | 78.0 78.0 79.1 79.0 | 78.5
| | |
1992 | 78.0 78.5 79.2 79.4 79.8 79.7 80.2 79.7 79.6 79.8 79.9 79.6 | 78.6 79.6 79.8 79.8 | 79.4
1993 | 80.3 80.3 80.0 80.4 80.1 79.9 80.0 79.8 80.0 80.5 80.7 81.0 | 80.2 80.1 79.9 80.8 | 80.3
1994 | 81.0 81.0 81.8 82.1 82.5 82.5 82.6 82.9 82.8 83.3 83.6 84.2 | 81.3 82.4 82.8 83.7 | 82.5
1995 | 84.1 83.7 83.4 82.9 82.5 82.5 81.6 82.2 82.4 81.9 81.5 81.6 | 83.7 82.6 82.1 81.6 | 82.5
1996 | 80.3 81.1 80.5 81.2 81.3 81.8 81.6 81.7 82.0 81.5 81.9 82.3 | 80.7 81.4 81.8 81.9 | 81.5
| | |
1997 | 82.0 82.5 82.6 82.2 82.0 82.1 82.0 82.5 82.8 83.0 83.1 82.9 | 82.4 82.1 82.5 83.0 | 82.5
1998 | 83.1 82.7 82.4 82.7 82.5 81.5 80.7 82.1 81.3 81.9 81.5 81.3 | 82.7 82.2 81.4 81.6 | 82.0
1999 | 81.1 81.1 80.7 80.5 80.9 80.3 80.1 80.5 80.0 80.7 80.8 81.2 | 81.0 80.6 80.2 80.9 | 80.7
2000 | 80.6 80.4 80.7 80.8 80.6 80.5 79.9 79.2 79.2 78.6 78.0 77.5 | 80.6 80.6 79.4 78.0 | 79.7
2001 | 76.7 76.2 75.9 75.8 75.5 75.1 74.9 74.7 74.3 73.9 73.7 73.8 | 76.3 75.5 74.6 73.8 | 75.1
| | |
2002 | 74.4 74.3 74.6 74.7 74.9 75.5 75.4 75.4 75.3 74.8 74.7 74.3 | 74.4 75.0 75.4 74.6 | 74.9
2003 | 74.5 74.4 74.2 73.5 73.5 73.9 74.2 73.9 74.7 74.8 75.7 75.7 | 74.4 73.6 74.3 75.4 | 74.4
2004 | 75.7 76.5 76.6 77.0 77.4 77.2 77.8 78.0 77.6 78.3 78.3 78.7 | 76.3 77.2 77.8 78.4 | 77.4
-------------------------------------------------------------------------------------------------------------------------------------------
<1> See note on cover page.
<2> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages.
Note. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
Explanatory Note
The Industrial Production and Capacity Utilization statistical release,
which is published around the middle of the month, reports measures of
output, capacity, and capacity utilization in manufacturing, mining, and
the electric and gas utilities industries. The release also includes monthly
indexes on the use of electric power in manufacturing and mining. More
detailed descriptions of industrial production, capacity utilization, and
electric power are available at www.federalreserve.gov/releases/G17 at
the Board's World Wide Web site. In addition, files containing data shown
in the release, more detailed series that were published in the G.17 prior to
December 2000, and historical data are available at the Board's Web site.
Instructions for searching for and downloading specific series are provided
as well. For paid access to the data files through the Department of
Commerce's Economic Bulletin Board or World Wide Web site, please
call STAT-USA at 1-800-STAT-USA or 202-452-1986. Diskettes
containing historical data and the data published in this release also are
available from the Board of Governors of the Federal Reserve System,
Publications Services, 202-452-3245.
Industrial Production
Coverage. The industrial production (IP) index measures the real output
of the manufacturing, mining, and electric and gas utilities industries; the
reference period for the index is 1997. Manufacturing consists of those
industries included in the North American Industry Classification System,
or NAICS, definition of manufacturing plus those industries-logging and
newspaper, periodical, book and directory publishing-that have
traditionally been considered to be manufacturing and included in the
industrial sector. For the period since 1997, the total IP index has been
constructed from 300 individual series based on the 2002 North American
Industrial Classification System (NAICS) codes. These individual series
are classified in two ways: (1) market groups, and (2) industry groups.
Market groups consist of products and materials. Total products are the
aggregate of final products, such as consumer goods and equipment, and
nonindustrial supplies (which are inputs to nonindustrial sectors).
Materials are inputs in the manufacture of products. Major industry
groups include three-digit NAICS industries and aggregates of these
industries-for example, durable and nondurable manufacturing, mining,
and utilities. A complete description of the market and industry structures,
including details regarding series classification, relative importance
weights, and data sources, is available on the Board's web site
(www.federalreserve.gov/releases/G17/About.html) . Changes in
output for the market and industry groups are summarized in table 1 and
the levels of output (in index form) are shown in table 4. Special
aggregates, that highlight the relative importance and contributions of
several key industries, such as high-technology and motor vehicles, are
summarized in tables 2 and 5. For a detailed description of the contents of
the statistical tables, see below.
Source data. On a monthly basis, the individual indexes of industrial
production are constructed from two main types of source data: (1) output
measured in physical units and (2) data on inputs to the production
process, from which output is inferred. Data on physical products, such as
tons of steel or barrels of oil, are obtained from private trade associations
and from government agencies; data of this type are used to estimate
monthly IP wherever possible and appropriate. Production indexes for a
few industries are derived by dividing estimated nominal output
(calculated using unit production or sales and unit values) by a
corresponding Fisher price index; the most notable of these fall within the
high-technology grouping and include computers, communications
equipment, and semiconductors. When suitable data on physical product
are not available, estimates of output are based on either
production-worker hours or electric power use by industry. Data on hours
worked by production workers are collected in the monthly establishment
survey conducted by the Bureau of Labor Statistics. The data on electric
power use are described below. The factors used to convert inputs into
estimates of production are based on historical relationships between the
inputs and the comprehensive annual data used to benchmark the IP
indexes; these factors also may be influenced by technological or cyclical
developments. The annual data used in benchmarking the individual IP
indexes are constructed from a variety of source data, such as the
quinquennial Censuses of Manufactures and Mineral Industries and the
Annual Survey of Manufactures, prepared by the Bureau of the Census;
the Minerals Yearbook, prepared by the United States Geological Survey
of the Department of the Interior; and publications of the Department of
Energy.
Aggregation Methodology and Weights. The aggregation method for
the IP index is a version of the Fisher-ideal index formula. (For a detailed
discussion of the aggregation method, see Federal Reserve Bulletin
February 1997 and March 2001.) In the IP index, series that measure the
output of an individual industry are combined using weights derived from
their proportion in the total value-added output of all industries. The IP
index, which extends back to 1919, is built as a chain-type index since
1972. The current formula for the growth in monthly IP (or any of the
sub-aggregates) since 1972 is the geometric mean of the change in output
(I), and, as can be seen below, is computed using the unit value added
estimate for the current month (pm) and the estimate for previous month:
The IP proportions (typically shown in the first column of the relevant
tables in the G.17 release) are estimates of the industries' relative
contributions to overall growth in the following year. For example, the
relative importance weight of the motor vehicles and parts industry is
about 5 percent. If output in this industry increased 10 percent in a month,
then this gain would boost growth in total IP by percentage point (0.05
x 10% = 0.5%). To assist users with calculations, the Federal Reserve's
web site provides supplemental monthly statistics that represent the exact
proportionate contribution of a monthly change in a component index to
the monthly change in the total index (www.federalreserve.gov/
releases/G17/ipdisk/ipweights.sa).
Timing. The first estimate of output for a month is published around the
15th of the following month. The estimate is preliminary (denoted by the
superscript "p" in tables) and subject to revision in each of the subsequent
three months as new source data become available. (Revised estimates are
denoted by the superscript "r" in tables.) For the first estimate of output
for a given month, about 55 percent of the source data (in value-added
terms) are available; the fraction of available source data increases to about
84 percent for estimates in the second month that the estimate is published,
95 percent in the third month, and 96 percent in the fourth month. Data
availability by data type is summarized in the table below:
Availability of Monthly IP Data in Publication Window(Percent of value added in 2003)
Month of estimate
Type of data 1st 2nd 3rd 4th
Physical product 26 41 50 50
Production-worker hours 35 35 35 35
Electric power use 0 12 12 12
IP data received 61 87 96 97
IP data estimated 39 13 4 3
NOTE-The physical product group includes series based on either
monthly or quarterly data. As can be seen in the first line of the table, in
the first month, a physical product indicator is available for about half of
the series (in terms of value added) that ultimately are based on physical
product data (26 percent out of total of 48 percent). Of the 26 percent,
about two-thirds (17 percent of total IP) include series that are derived
from weekly physical product data and for which actual monthly data may
lag up to several months. On average, quarterly product data are received
for the third estimate of industrial production. Specifically, quarterly data
are available for the second estimate of the last month of a quarter, the
third estimate of the second month of a quarter, and the fourth estimate of
the first month of a quarter. About 4 percent of the source data for
monthly IP-all physical product measures-are available too late for
direct inclusion in the current index and are incorporated at the time of an
annual historical revision.
Seasonal adjustment. Individual series are seasonally adjusted using
Census X-12 ARIMA. For series based on production-worker hours, the
current seasonal factors were estimated with data through September
2004; for other series, the factors were estimated with data through at least
June 2004. Series are pre-adjusted for the effects of holidays or the
business cycle when appropriate. For the data since 1972, all seasonally
adjusted aggregate indexes are calculated by aggregating the seasonally
adjusted indexes of the individual series.
Reliability. The average revision to the level of the total IP index, without
regard to sign, between the first and the fourth estimates was 0.27 percent
during the 1987-2003 period. The average revision to the percent change
in total IP, without regard to sign, from the first to the fourth estimates was
0.21 percentage point during the 1987-2003 period. In most cases (about
85 percent), the direction of change in output indicated by the first
estimate for a given month is the same as that shown by the fourth
estimate.
Rounding. The published percent changes are calculated from unrounded
indexes, and may not be the same as percent changes calculated from the
rounded indexes shown in the release.
Capacity Utilization
Overview. The Federal Reserve Board constructs estimates of capacity
and capacity utilization for industries in manufacturing, mining, and
electric and gas utilities. For a given industry, the capacity utilization rate
is equal to an output index (seasonally adjusted) divided by a capacity
index. The Federal Reserve Board's capacity indexes attempt to capture
the concept of sustainable maximum output-the greatest level of output a
plant can maintain within the framework of a realistic work schedule, after
factoring in normal downtime and assuming sufficient availability of
inputs to operate the capital in place.
Coverage. Capacity indexes are constructed for 85 detailed industries (67
in manufacturing, 16 in mining, and 2 in utilities), which mostly
correspond to industries at the three- and four-digit NAICS level.
Estimates of capacity and utilization are available for a variety of groups,
including durable and nondurable manufacturing, total manufacturing,
mining, utilities, and total industry. Manufacturing consists of those
industries included in the North American Industry Classification System,
or NAICS, definition of manufacturing plus those industries-logging and
newspaper, periodical, book and directory publishing-that have
traditionally been considered to be manufacturing and included in the
industrial sector. Also, special aggregates are available, such as high-tech
industries and manufacturing excluding high-tech industries.
Source Data. The monthly rates of capacity utilization are designed to be
consistent with both the monthly data on production and the periodically
available data on capacity and utilization. Because there is no direct
monthly information on overall industrial capacity or utilization rates, the
Federal Reserve first estimates annual capacity indexes from the source
data. Capacity data reported in physical units from government sources
(primarily from the U.S. Geological Survey and the Department of
Energy's Energy Information Administration) and trade sources are
available for portions of several industries in manufacturing (e.g., paper,
industrial chemicals, petroleum refining, motor vehicles), as well as for
electric utilities and mining; these industries represent about 18 percent of
total industrial capacity. When physical product data are unavailable for
manufacturing industries, capacity indexes are based on responses to the
Bureau of the Census's Survey of Plant Capacity (SPC); these industries
account for a bit less than 78 percent of total industry capacity. In the
absence of utilization data for a few mining and petroleum series, capacity
is based on trends through peaks in production (roughly 4 percent of total
industry capacity). A detailed description of the methodology used to
construct the capacity indexes is available on the Board's web site
(www.federalreserve.gov/releases/G17/cap_notes.html).
Aggregation Methodology. Monthly capacity aggregates are calculated
in three steps: (1) utilization aggregates are calculated on an annual basis
through the most recent full year as capacity-weighted aggregates of
individual utilization rates; (2) the annual aggregate capacity is derived
from the corresponding production and utilization aggregates; (3) the
monthly capacity aggregate is obtained by interpolating with a Fisher
index of its constituent monthly capacity series. Utilization rates for the
individual series and aggregates are calculated by dividing the pertinent
monthly production index by the related capacity index.
Consistency. A major aim is that the Federal Reserve utilization rates be
consistent over time so that, for example, a rate of 85 percent means about
the same degree of tightness that it meant in the past. A major task for the
Federal Reserve in developing reasonable and consistent time series of
capacity and utilization is dealing with inconsistencies between the
movements of the industrial production index and the survey-based
utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was
the primary source of manufacturing utilization rates for many years. This
was a survey of large companies that reported, on average, higher
utilization rates than those reported by establishments covered by the SPC
(currently the primary source of factory operating rates) for the fourteen
years they overlapped. Adjustments have been made to keep the industry
utilization rates currently reported by the Federal Reserve roughly in line
with rates formerly reported by McGraw-Hill. As a consequence, the rates
reported by the Federal Reserve tend to be higher than the rates reported in
the SPC.
Perspective. Over the 1972-2003 period, the average total industry
utilization rate is 81.3 percent; for manufacturing, the average factory
operating rate has been 80.2 percent. Industrial plants usually operate at
capacity utilization rates that are well below 100 percent: none of the
broad aggregates has ever reached 100 percent. For total industry and
total manufacturing, utilization rates have exceeded 90 percent only in
wartime. The highs and lows in capacity utilization shown in table 7 are
specific to each series and do not all occur in the same month.
Electric Power
Coverage. Electric power data for sales by utilities to industry users and
for electric power produced by cogenerators (manufacturing and mining
firms that produce electricity for their own use or to sell to a utility) are
generally collected at the 4-digit NAICS and 3-digit SIC level for mining
and manufacturing. Aggregates for 3-digit industries, as well as for total
mining, durable, nondurable, total manufacturing and total industrial
electric power use, are computed. Manufacturing consists of those
industries included in the North American Industry Classification System,
or NAICS, definition of manufacturing plus those industries-logging and
newspaper, periodical, book and directory publishing-that have
traditionally been considered to be manufacturing and included in the
industrial sector. An aggregate showing total industry excluding nuclear
nondefense is shown separately because the value-added proportion for
the nondefense nuclear material series (part of NAICS 3251) in total IP is
considerably less than its share of total electric power use. In addition,
aggregates for utility sales to industrial users and industry generation are
computed. While only the major aggregates are shown in the release, data
for the 3- and 4-digit industries are available on the Board's web site
(www.federalreserve.gov/releases/G17).
Source Data. Electric power data are collected from a sample of utilities
and cogenerators covering all twelve Federal Reserve Districts. The
primary criterion for inclusion of a utility in the panel is whether the utility
provides electric power to industrial customers. A comparison of Federal
Reserve kilowatt-hour aggregates to estimates from the 1997 Census of
Manufactures (the most recent available) and recent reporting panel
statistics suggests the Federal Reserve data cover about 50 percent of the
overall sales to manufacturing in that year. The cogeneration panel covers
about 50 percent of cogeneration used directly by manufacturers. In order
to provide more complete coverage and correct for any shortcomings of
the survey, the series are benchmarked at the 4-digit industry level to the
latest available data from the Annual Survey of Manufactures and the
Census of Manufactures.
Methodology. The data we receive from utilities and cogenerators are
edited for anomalies and aggregated, using self weights, to the 4-digit
NAICS industry levels and above. Where reports are late or unavailable
for some reason, responses are estimated.
Seasonal Adjustment. Series are seasonal adjusted at the 4-digit NAICS
level, with seasonally-adjusted aggregates typically computed as sums of
seasonally adjusted components. The seasonal adjustment procedure
(Census X-12 program) is used without trading-day adjustments because
the reporting periods of the various utilities are not the same. A leap year
adjustment is also made where appropriate.
References and Release Dates
References. The annual revision published in December 2004 will be
described in an article published in an upcoming Federal Reserve Bulletin.
A description of the aggregation methods for industrial production and
capacity utilization is included in an article in the Federal Reserve
Bulletin, vol. 83 (February 1997), pp. 67-92. The Federal Reserve
methodology for constructing industry-level measures of capital is detailed
in "Capital Stock Estimates for Manufacturing Industries: Methods and
Data" by Mike Mohr and Charles Gilbert (1996), which can be obtained
at:www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf.
Industrial Production-1986 Edition contains a more detailed description
of the other methods used to compile the industrial production index, plus
a history of its development, a glossary of terms, and a bibliography. The
major revisions to the IP indexes and capacity utilization since 1990 have
been described in the Federal Reserve Bulletin (April 1990, June 1990,
June 1993, March 1994, January 1995, January 1996, February 1997,
February 1998, January 1999, March 2000, March 2001, March 2002,
April 2003, Winter 2004).
Release Schedule
At 9:15 a.m. on
2005: January 14, February 16, March 16, April 15, May 17, June 15,
July 15, August 16, September 14, October 14, November 17, and
December 15.