FEDERAL RESERVE STATISTICAL RELEASE
G.17 (419) For release at 9:15 a.m. (EDT)
June 15, 2007
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in May after a downwardly revised increase of 0.4 percent in
April. Output in the manufacturing sector edged up 0.1 percent in May, and mining output moved up 0.5
percent after declining 0.6 percent in April. The output of utilities fell 1.3 percent in May after being
elevated in April because of unusually cold temperatures. At 112.7 percent of its 2002 average, overall
industrial production for May was 1.6 percent above its year-earlier level. The rate of capacity
utilization for total industry fell 0.2 percentage point, to 81.3 percent, a level 0.3 percentage point
above its 1972-2006 average.
Market Groups
-------------
The output of consumer goods decreased 0.2 percent in May after having risen 0.8 percent in April.
The production of consumer durables edged down 0.1 percent in May, and the output of nondurables fell 0.3
percent. Within consumer durables, the output of automotive products declined 0.7 percent, as light
vehicle assemblies decreased. The output indexes for the other major categories of consumer durables all
increased. The output of home electronics rose 1.7 percent because of continued strength in home computers
and audio and video equipment; the indexes for appliances, furniture, and carpeting and for miscellaneous
goods both moved up 0.3 percent. Within consumer nondurables, the output of non-energy goods moved down
0.2 percent after a rise of 0.3 percent in April; a decrease in the production of foods and tobacco in May
outweighed an increase in clothing. The output of consumer energy products dropped 0.6 percent.
Residential sales by gas utilities fell, but the decrease was partly offset by an increase in the output of
fuels.
The output of business equipment was unchanged for a second straight month in May; gains in transit
equipment and in information processing equipment were offset by a decline in industrial and other
equipment. Transit equipment rose 0.7 percent and was supported by continued strength in civilian aircraft
and by a rebound in the production of medium and heavy trucks, and information processing equipment rose
0.5 percent, in part because of output gains in computers produced for businesses. Industrial and other
equipment contracted 0.5 percent. The production of defense and space equipment expanded 1.6 percent, as
the effects of a shipyard strike that started in early March and went into April ended. The output of
construction supplies advanced 0.5 percent in May after being unchanged in April. The output of business
supplies edged down 0.1 percent in May because of weakness in printing and in commercial sales of gas.
The production of materials was unchanged in May, as a gain in durable materials was offset by a
decline in nondurable materials. Within durables, the output of equipment parts edged down 0.1 percent
because of a decline in the output of semiconductors. The output of consumer parts edged down 0.1 percent
because of a decrease in motor vehicle parts. The production of other durables increased 0.6 percent; the
output was boosted by gains in plastic materials, nonferrous metals, and miscellaneous steel. Within
nondurable materials, the production of chemical materials and of paper materials both fell, while the
output of textiles rose 0.6 percent. The production of energy materials was unchanged in May after having
risen 0.7 percent in April.
Industry Groups
---------------
Manufacturing output edged up 0.1 percent in May. However, capacity is estimated to have increased
at a faster pace, and the factory operating rate declined 0.1 percentage point, to 79.9 percent. The
production of durable goods edged up 0.1 percent in May after an increase of 0.5 percent in April.
Increases were recorded in the indexes for nonmetallic mineral products, primary metals, computer and
electronic products, and aerospace and miscellaneous transportation equipment. Decreases were recorded in
the indexes for wood products; machinery; electrical equipment, appliances, and components; motor vehicles
and parts; and miscellaneous manufacturing. The index for nondurable manufacturing was unchanged. The
production of petroleum and coal products advanced 2.3 percent in May and reversed most of its April drop,
which was caused by shutdowns at some petroleum refineries. Among other nondurables, increases were
registered for apparel and leather and plastics and rubber products, but output decreased for textile
product mills; food, beverage, and tobacco products; printing and related activities; and chemicals. The
production of non-NAICS manufacturing (logging and publishing) moved down for a second consecutive month in
May.
Mining production increased 0.5 percent in May due to gains in coal and natural gas. The output of
utilities slipped 1.3 percent after having risen 3.4 percent in April. Capacity utilization for industries
at the crude stage of processing moved down 0.2 percentage point, to 88.7 percent, in May. Capacity
utilization for industries at the primary and semifinished stages also moved down 0.2 percentage point, to
81.8 percent, and capacity utilization for industries at the finished stage edged down 0.1 percentage
point, to 78.4 percent.
Notice: This release includes the semiannual update to the capacity estimates for 2007. The estimated
rate of increase in total industrial capacity from the fourth quarter of 2006 to the fourth quarter of 2007
is 1.8 percent, a downward revision of 0.3 percentage point from the initial estimate in mid-February; the
rate of change for manufacturing capacity was revised down by a similar amount.
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
--------------------------------------------------------------------------------------------------------------------------------------
| 2002=100 | Percent change
| ----------------------------------------------- | -------------------------------------------------
| 2007 | 2007 | May '06 to
Industrial production | Feb. Mar. Apr. May | Feb. Mar. Apr. May | May '07
--------------------------------------------------------------------------------------------------------------------------------------
| | |
Total index | 112.5 112.2 112.7 112.7 | .8 -.3 .4 .0 | 1.6
Previous estimates | 112.6 112.2 113.0 | .8 -.3 .7 |
| | |
Major market groups | | |
Final Products | 114.2 113.5 114.2 114.0 | 1.3 -.6 .6 -.1 | 2.8
Consumer goods | 109.4 108.3 109.2 108.9 | 1.9 -1.0 .8 -.2 | 2.4
Business equipment | 129.2 130.5 130.5 130.6 | .3 1.0 .0 .0 | 4.6
Nonindustrial supplies | 110.2 109.7 109.9 110.0 | .2 -.4 .1 .1 | -.3
Construction | 106.8 107.9 107.9 108.4 | -1.5 1.0 .0 .5 | -2.5
Materials | 111.8 111.9 112.4 112.4 | .4 .1 .4 .0 | 1.2
| | |
Major industry groups | | |
Manufacturing (see note below) | 113.6 114.4 114.6 114.7 | -.1 .6 .2 .1 | 1.9
Previous estimates | 113.8 114.4 115.0 | .0 .6 .5 |
Mining | 100.0 100.9 100.3 100.7 | -.1 .9 -.6 .5 | .1
Utilities | 114.1 104.7 108.2 106.9 | 8.6 -8.3 3.4 -1.3 | 1.1
--------------------------------------------------------------------------------------------------------------------------------------
| | Capacity
| Percent of capacity | growth
| --------------------------------------------------------------------------------- | ---------------
| Average 1994-95 2001-02 2006 | 2007 | May '06 to
Capacity utilization | 1972-2006 High Low May | Feb. Mar. Apr. May | May '07
--------------------------------------------------------------------------------------------------------------------------------------
| | |
Total industry | 81.0 85.1 73.6 81.7 | 81.6 81.2 81.5 81.3 | 2.1
Previous estimates | | 81.6 81.2 81.6 |
| | |
Manufacturing (see note below) | 79.8 84.6 71.6 80.3 | 79.6 80.0 80.0 79.9 | 2.4
Previous estimates | | 79.7 80.0 80.2 |
Mining | 87.4 88.9 84.8 91.2 | 89.9 90.6 90.0 90.5 | .8
Utilities | 86.7 93.7 83.8 85.5 | 90.7 83.1 85.8 84.7 | 2.2
| | |
Stage-of-process groups | | |
Crude | 86.5 89.5 82.0 88.9 | 88.9 89.5 88.9 88.7 | .5
Primary and semifinished | 82.2 88.2 74.6 83.6 | 82.7 81.7 82.0 81.8 | 2.8
Finished | 77.8 80.5 70.0 77.2 | 77.9 78.1 78.5 78.4 | 2.0
--------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
Note. The statistics in this release cover output, capacity, and capacity utilization in the
U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing,
mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the
North American Industry Classification System (NAICS); electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing industries.
Logging and publishing are classified elsewhere in NAICS (under agriculture and information
respectively), but historically they were considered to be manufacturing and were included in
the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002
the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.
Table 1
Industrial Production: Market and Industry Group Summary
Percent change, seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | Fourth quarter to | | |
| | | fourth quarter | Annual rate | Monthly rate |
| | |---------------------|----------------------------|----------------------------| May '06
| | 2006 | | 2006 2007 | 2007 | to
Item | NAICS |Proportion<1>| 2004 2005 2006 | Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May | May '07
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | | | |
Total IP | | 100.00 | 3.0 3.2 3.5 | 6.5 4.0 -1.5 .8 | .8 -.3 .4 .0 | 1.6
| | | | | |
MARKET GROUP | | | | | |
Final products and nonindustrial supplies | | 57.43 | 2.6 4.8 2.6 | 5.7 3.9 -.3 1.1 | 1.0 -.5 .5 -.1 | 2.0
Consumer goods | | 29.36 | 1.8 2.7 1.1 | 3.0 2.6 -.1 3.0 | 1.9 -1.0 .8 -.2 | 2.4
Durable | | 7.16 | -.2 2.3 -2.5 | 1.0 -4.6 -4.0 -.9 | 1.5 .4 1.6 -.1 | .6
Automotive products | | 3.33 | -3.2 -1.8 -4.6 | -1.8 -10.1 -3.4 .0 | 3.7 .6 2.7 -.7 | 1.5
Home electronics | | .36 | 14.2 16.8 13.1 | 44.2 -9.7 8.1 40.7 | 6.2 -2.6 3.9 1.7 | 15.8
Appliances, furniture, carpeting | | 1.23 | 2.2 3.1 -4.7 | -1.6 -5.1 -8.4 -8.2 | -1.0 .3 .1 .3 | -5.4
Miscellaneous goods | | 2.24 | 2.1 6.4 -.6 | .4 5.6 -4.4 -4.1 | -1.0 .6 .4 .3 | .2
Nondurable | | 22.19 | 2.6 2.9 2.2 | 3.7 5.0 1.2 4.3 | 2.0 -1.5 .5 -.3 | 3.0
Non-energy | | 16.90 | 2.2 3.4 2.7 | 2.9 3.0 4.4 2.0 | -.2 .3 .3 -.2 | 3.0
Foods and tobacco | | 9.18 | 2.3 4.8 2.2 | .2 1.3 7.0 4.3 | -.1 .6 .0 -.4 | 3.3
Clothing | | .59 | -10.5 -.3 .7 | 5.3 -1.4 -2.6 1.4 | -1.0 -1.0 .7 .4 | -.4
Chemical products | | 4.83 | 3.8 .9 3.8 | 6.6 7.8 -1.4 -2.6 | -.8 -.7 1.2 .0 | 2.1
Paper products | | 1.79 | 3.2 2.2 3.3 | 5.7 .6 9.8 2.1 | 1.3 .7 -.3 .0 | 4.2
Energy | | 5.29 | 3.7 1.7 .7 | 6.1 10.9 -8.0 12.2 | 9.1 -6.8 1.2 -.6 | 2.7
| | | | | |
Business equipment | | 9.95 | 5.3 11.2 9.7 | 17.2 10.4 5.0 -1.4 | .3 1.0 .0 .0 | 4.6
Transit | | 2.03 | 6.0 20.5 16.9 | 12.5 10.1 11.2 -1.4 | .0 .0 -.1 .7 | 6.1
Information processing | | 2.78 | 7.2 13.7 10.1 | 29.8 8.0 7.7 9.3 | 1.2 .9 .2 .5 | 7.9
Industrial and other | | 5.14 | 3.9 6.7 6.9 | 12.4 11.9 1.2 -7.0 | -.2 1.5 .0 -.5 | 2.3
Defense and space equipment | | 1.75 | 2.5 3.8 2.3 | 3.8 5.6 -3.1 -1.2 | -.8 -2.7 1.1 1.6 | 1.1
| | | | | |
Construction supplies | | 4.55 | 1.6 8.0 -2.1 | .6 -.9 -8.9 -2.9 | -1.5 1.0 .0 .5 | -2.5
Business supplies | | 11.02 | 2.9 3.4 2.4 | 5.0 3.3 -1.0 .0 | .8 -.9 .2 -.1 | .6
| | | | | |
Materials | | 42.57 | 3.4 1.1 4.7 | 7.6 4.3 -3.1 .5 | .4 .1 .4 .0 | 1.2
Non-energy | | 30.80 | 4.8 3.5 4.5 | 7.0 4.9 -4.0 .4 | .0 .8 .3 .0 | 1.4
Durable | | 19.15 | 5.4 7.0 5.6 | 10.3 6.6 -3.9 .1 | -.3 1.0 .5 .2 | 2.2
Consumer parts | | 3.30 | .2 1.7 -3.2 | 4.7 -8.3 -9.8 -2.0 | .3 1.2 .3 -.1 | -3.0
Equipment parts | | 6.64 | 9.4 16.0 19.4 | 20.6 27.9 10.3 -2.0 | -.7 .6 .3 -.1 | 9.1
Other | | 9.21 | 4.5 2.7 -.7 | 5.1 -1.9 -11.6 2.5 | -.3 1.2 .8 .6 | -.9
Nondurable | | 11.64 | 3.8 -2.1 2.6 | 1.7 2.3 -4.2 .9 | .6 .6 .0 -.3 | .1
Textile | | .60 | -3.4 .2 -7.3 | -7.8 -4.2 -13.3 -9.9 | .3 -.5 .4 .6 | -6.1
Paper | | 2.30 | 3.9 -.2 2.5 | .3 3.8 2.8 -3.9 | .9 -.3 -.8 -1.1 | -.9
Chemical | | 5.49 | 7.7 -6.5 4.7 | 4.4 4.7 -10.2 7.4 | 1.1 1.1 -.5 -.3 | .4
Energy | | 11.77 | -.2 -4.2 5.4 | 9.1 2.5 -.7 .5 | 1.4 -1.7 .7 .0 | .6
| | | | | |
| | | | | |
INDUSTRY GROUP | | | | | |
Manufacturing | | 81.86 | 3.4 4.4 3.4 | 5.5 4.4 -1.7 .7 | -.1 .6 .2 .1 | 1.9
Manufacturing (NAICS) | 31-33 | 77.70 | 3.5 4.6 3.6 | 5.7 4.8 -2.1 .9 | -.1 .6 .2 .1 | 2.0
| | | | | |
Durable manufacturing | | 41.46 | 3.7 7.9 4.7 | 9.4 5.5 -1.5 -.5 | .1 .8 .5 .1 | 2.4
Wood products | 321 | 1.39 | 1.8 10.5 -14.5 | -10.8 -11.8 -25.5 -6.9 | -.8 -.7 .7 -.2 | -12.2
Nonmetallic mineral products | 327 | 2.43 | 3.8 5.8 -1.9 | -2.1 -5.2 -9.3 -5.4 | -3.0 1.6 -.2 .5 | -4.1
Primary metal | 331 | 3.25 | 7.4 -2.3 -3.5 | 14.7 -6.8 -28.2 10.4 | .4 1.4 2.0 1.5 | -3.6
Fabricated metal products | 332 | 5.63 | 1.6 6.1 3.8 | 5.8 5.3 -1.4 -.2 | .5 .7 .1 .0 | 2.2
Machinery | 333 | 5.12 | 5.0 8.2 5.3 | 8.6 19.9 -3.1 -9.4 | -.9 2.3 -1.2 -.5 | 1.6
Computer and electronic products | 334 | 7.51 | 10.2 18.3 18.3 | 27.4 20.6 14.6 3.0 | .1 .4 .6 .4 | 10.9
Electrical equipment, appliances, | | | | | |
and components | 335 | 2.03 | 2.0 3.8 2.4 | 6.5 1.9 -3.3 5.4 | .9 .4 1.3 -.9 | 1.5
Motor vehicles and parts | 3361-3 | 5.54 | -1.6 .2 -3.8 | .0 -9.8 -4.0 -7.7 | 2.4 .5 1.4 -.5 | -2.3
Aerospace and miscellaneous | | | | | |
transportation equipment | 3364-9 | 3.76 | 2.0 15.0 14.7 | 14.8 12.4 9.0 10.2 | .2 -.7 .8 .9 | 9.5
Furniture and related products | 337 | 1.57 | 3.5 1.7 -1.2 | 6.9 -3.2 -6.9 -8.6 | -1.1 .3 -.6 .0 | -5.8
Miscellaneous | 339 | 3.22 | 2.2 8.7 4.8 | 4.9 5.8 7.9 1.6 | -.7 1.8 1.0 -.1 | 6.0
| | | | | |
Nondurable manufacturing | | 36.24 | 3.2 .9 2.3 | 1.7 4.1 -2.9 2.5 | -.3 .5 -.1 .0 | 1.4
Food, beverage, and tobacco products | 311,2 | 10.80 | 1.2 5.3 2.6 | .3 1.1 7.4 3.9 | -.1 .7 .2 -.3 | 3.8
Textile and product mills | 313,4 | 1.05 | -.7 2.0 -7.7 | -6.7 -5.5 -14.6 -8.4 | -.2 -.9 .2 -.1 | -7.7
Apparel and leather | 315,6 | .64 | -9.6 .4 -.1 | 4.1 -1.4 -3.9 .3 | -1.0 -.9 .6 .5 | -1.0
Paper | 322 | 2.61 | 3.0 -.1 -.1 | -2.0 2.1 -.4 -6.0 | 1.1 -.3 -.6 -.6 | -1.8
Printing and support | 323 | 2.05 | 1.9 1.9 5.2 | 5.6 -1.5 8.4 3.1 | .4 -.3 -.6 -1.1 | 1.1
Petroleum and coal products | 324 | 3.83 | 10.0 -3.6 2.6 | -4.4 17.4 -13.4 8.8 | -2.7 1.6 -2.9 2.3 | 1.8
Chemical | 325 | 11.81 | 6.1 -2.5 3.8 | 5.1 5.7 -7.5 1.0 | .2 .1 .2 -.2 | .2
Plastics and rubber products | 326 | 3.46 | .8 3.0 .2 | 5.5 1.9 -8.9 6.5 | -.7 1.4 1.4 .8 | 3.2
| | | | | |
Other manufacturing (non-NAICS) | 1133,5111 | 4.16 | 2.6 .6 .2 | 1.5 -3.9 7.5 -1.9 | .2 .5 -.4 -.5 | .2
| | | | | |
Mining | 21 | 8.58 | -.8 -5.5 8.0 | 7.9 .6 3.0 -3.9 | -.1 .9 -.6 .5 | .1
Utilities | 2211,2 | 9.55 | 1.6 2.1 .3 | 14.3 4.6 -3.6 6.1 | 8.6 -8.3 3.4 -1.3 | 1.1
Electric | 2211 | 8.04 | 2.2 3.4 .0 | 11.5 1.7 -2.9 4.9 | 5.6 -6.4 2.0 .2 | .7
Natural gas | 2212 | 1.51 | -1.4 -3.4 1.9 | 28.8 19.9 -7.3 13.3 | 25.5 -17.1 10.7 -8.6 | 2.9
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 a 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 |
| | |---------------------|----------------------------|----------------------------| May '06
| | 2006 | | 2006 2007 | 2007 | to
Item | NAICS | Proportion| 2004 2005 2006 | Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May | May '07
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | | | |
Total industry | | 100.00 | 3.0 3.2 3.5 | 6.5 4.0 -1.5 .8 | .8 -.3 .4 .0 | 1.6
| | | | | |
Energy | | 20.53 | 1.5 -1.8 4.0 | 8.7 5.8 -2.8 3.7 | 3.6 -3.6 .8 -.1 | 1.1
Consumer products | | 5.29 | 3.7 1.7 .7 | 6.1 10.9 -8.0 12.2 | 9.1 -6.8 1.2 -.6 | 2.7
Commercial products | | 2.74 | 4.5 .5 2.3 | 6.9 8.7 -2.5 .4 | 3.4 -5.9 1.1 .5 | .2
Oil and gas well drilling | 213111 | .72 | 8.3 11.8 14.7 | 31.6 11.8 .5 8.6 | .6 -.4 -1.4 -1.3 | 2.2
Converted fuel | | 3.79 | 2.1 -2.5 2.2 | 18.1 6.7 -8.9 4.4 | 5.7 -5.1 2.4 -1.2 | -.5
Primary materials | | 7.98 | -1.3 -4.9 6.8 | 5.3 .8 3.4 -1.3 | -.6 .0 -.2 .5 | 1.1
| | | | | |
Non-energy | | 79.47 | 3.3 4.6 3.3 | 5.9 3.5 -1.1 .1 | .0 .6 .3 .0 | 1.8
Selected high-technology industries | | 4.84 | 10.4 28.1 24.6 | 33.7 27.3 24.7 9.1 | .2 1.2 .8 .3 | 17.0
Computers and peripheral equipment | 3341 | 1.20 | 6.6 30.4 12.1 | 48.2 2.3 24.4 32.8 | 3.1 1.9 1.0 1.4 | 17.9
Communications equipment | 3342 | 1.06 | 6.2 12.9 14.8 | 38.8 6.6 9.6 27.7 | 2.5 2.2 -.1 .4 | 13.3
Semiconductors and related | | | | | |
electronic components | 334412-9 | 2.58 | 13.7 33.8 34.8 | 25.7 51.3 31.1 -7.0 | -2.1 .5 1.2 -.3 | 17.7
| | | | | |
Excluding selected high-technology | | | | | |
industries | | 74.63 | 2.8 3.1 1.9 | 4.2 2.0 -2.7 -.5 | .0 .6 .3 .0 | .7
| | | | | |
Motor vehicles and parts | 3361-3 | 5.54 | -1.6 .2 -3.8 | .0 -9.8 -4.0 -7.7 | 2.4 .5 1.4 -.5 | -2.3
Motor vehicles | 3361 | 2.41 | -3.0 -2.5 -6.0 | -2.0 -16.9 -5.2 -10.6 | 5.4 .1 3.0 -.9 | -3.0
Motor vehicle parts | 3363 | 2.72 | -1.1 1.3 -.2 | 7.1 -3.5 -3.4 -4.0 | .4 1.0 .4 .0 | -.7
| | | | | |
Excluding motor vehicles and parts | | 69.09 | 3.2 3.4 2.4 | 4.5 3.1 -2.6 .1 | -.2 .6 .2 .0 | 1.0
Consumer goods | | 20.91 | 2.4 3.6 1.8 | 2.6 2.7 2.0 .9 | -.3 .2 .4 -.1 | 2.1
Business equipment | | 7.81 | 4.4 8.9 10.2 | 14.6 13.0 4.0 -3.4 | -.1 1.1 .1 -.1 | 4.5
Construction supplies | | 4.52 | 1.5 8.0 -2.2 | .3 -1.0 -9.1 -3.1 | -1.5 1.0 .0 .5 | -2.6
Business supplies | | 7.93 | 2.1 3.1 1.0 | 3.1 -.3 -1.8 .1 | .0 .8 -.2 -.3 | .0
Materials | | 26.14 | 4.4 .7 2.3 | 4.8 2.3 -7.0 1.3 | .1 .8 .2 .0 | .1
| | | | | |
Measures excluding selected high-technology | | | | | |
industries | | | | | |
Total industry | | 95.16 | 2.5 1.9 2.4 | 5.2 2.9 -2.7 .4 | .8 -.3 .4 -.1 | .8
Manufacturing<1> | | 77.02 | 3.0 2.9 2.0 | 3.8 3.0 -3.3 .2 | -.1 .6 .2 .0 | .9
Durable | | 36.79 | 2.8 5.2 2.0 | 6.2 2.5 -4.7 -1.7 | .1 .7 .5 .1 | .5
| | | | | |
Measures excluding motor vehicles and parts | | | | | |
Total industry | | 94.46 | 3.3 3.4 3.9 | 6.9 4.9 -1.3 1.3 | .7 -.3 .4 .0 | 1.9
Manufacturing<1> | | 76.32 | 3.9 4.7 3.9 | 5.9 5.5 -1.5 1.4 | -.2 .6 .1 .1 | 2.2
Durable | | 36.09 | 4.8 9.3 6.0 | 10.9 7.9 -1.0 .7 | -.2 .8 .4 .2 | 3.2
| | | | | |
Measures excluding selected high-technology | | | | | |
industries and motor vehicles and parts | | | | | |
Total industry | | 89.62 | 2.9 2.1 2.8 | 5.5 3.7 -2.7 .9 | .7 -.4 .4 .0 | 1.0
Manufacturing<1> | | 71.48 | 3.4 3.1 2.5 | 4.1 4.0 -3.2 .8 | -.3 .6 .1 .1 | 1.2
| | | | | |
Measures of non-energy materials | | | | | |
inputs to | | | | | |
Finished processors | | 12.85 | 5.2 8.3 9.0 | 11.2 11.9 2.6 -2.7 | -.2 .5 .1 -.3 | 3.5
Primary and semifinished processors | | 17.95 | 4.4 -.1 1.3 | 3.9 .1 -8.6 2.8 | .2 1.0 .5 .2 | -.1
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
<1> See note on cover page.
Table 3
Motor Vehicle Assemblies
Millions of units, seasonally adjusted annual rate
-------------------------------------------------------------------------------------------------------------------------------
| 2006 | 2006 2007 | 2007
Item | Average| Q2 Q3 Q4 Q1 | Feb. Mar. Apr. May
-------------------------------------------------------------------------------------------------------------------------------
Total | 11.26 | 11.56 10.98 10.96 10.57 | 10.75 10.70 11.02 10.95
Autos | 4.37 | 4.35 4.28 4.38 3.97 | 3.95 3.82 3.84 3.72
Trucks | 6.89 | 7.21 6.69 6.57 6.61 | 6.81 6.88 7.18 7.23
Light | 6.43 | 6.76 6.21 6.13 6.25 | 6.44 6.55 6.91 6.89
Medium and heavy | .46 | .45 .49 .45 .36 | .36 .33 .27 .34
| | |
Memo: | | |
Autos and light trucks | 10.80 | 11.11 10.49 10.51 10.22 | 10.39 10.37 10.76 10.61
-------------------------------------------------------------------------------------------------------------------------------
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
2002 = 100, seasonally adjusted
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2006 | 2006 2007
Item | NAICS | Proportion| Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | |
Total IP | | 100.00 | 112.2 112.0 111.5 112.2 111.7 112.5 112.2 112.7 112.7
| | |
MARKET GROUP | | |
Final products and nonindustrial supplies | | 57.43 | 112.2 112.0 111.9 112.6 111.9 113.1 112.5 113.0 112.9
Consumer goods | | 29.36 | 107.6 107.3 107.6 107.8 107.4 109.4 108.3 109.2 108.9
Durable | | 7.16 | 105.4 102.8 104.4 106.2 103.1 104.6 105.0 106.7 106.6
Automotive products | | 3.33 | 98.4 94.5 98.2 100.6 95.2 98.7 99.3 102.0 101.3
Home electronics | | .36 | 174.1 171.1 173.1 180.7 184.6 196.0 191.0 198.4 201.8
Appliances, furniture, carpeting | | 1.23 | 103.4 102.0 101.9 102.2 100.5 99.5 99.8 99.9 100.2
Miscellaneous goods | | 2.24 | 109.2 108.3 107.5 108.4 107.4 106.3 107.0 107.4 107.7
Nondurable | | 22.19 | 108.2 108.7 108.5 108.2 108.7 110.9 109.2 109.8 109.5
Non-energy | | 16.90 | 108.3 108.7 108.8 109.8 109.7 109.5 109.8 110.1 109.9
Foods and tobacco | | 9.18 | 109.8 110.2 111.2 111.8 112.1 111.9 112.7 112.6 112.2
Clothing | | .59 | 79.1 80.0 79.1 78.9 80.4 79.6 78.8 79.3 79.6
Chemical products | | 4.83 | 112.1 111.6 110.4 112.9 111.8 110.9 110.1 111.4 111.4
Paper products | | 1.79 | 102.0 104.7 103.9 103.3 103.3 104.7 105.4 105.1 105.1
Energy | | 5.29 | 108.4 109.0 107.8 103.7 106.1 115.8 107.9 109.2 108.6
| | |
Business equipment | | 9.95 | 128.5 128.4 129.5 132.1 128.8 129.2 130.5 130.5 130.6
Transit | | 2.03 | 140.7 141.1 146.0 146.8 144.2 144.1 144.1 143.9 145.0
Information processing | | 2.78 | 140.8 141.9 142.5 144.0 144.4 146.2 147.5 147.7 148.4
Industrial and other | | 5.14 | 117.8 116.9 117.0 120.7 115.6 115.4 117.2 117.2 116.6
Defense and space equipment | | 1.75 | 113.6 113.3 112.0 112.5 113.9 113.0 109.9 111.1 113.0
| | |
Construction supplies | | 4.55 | 110.3 108.4 107.4 109.7 108.4 106.8 107.9 107.9 108.4
Business supplies | | 11.02 | 110.8 111.9 110.5 110.3 110.6 111.5 110.5 110.7 110.6
| | |
Materials | | 42.57 | 112.2 112.0 111.0 111.7 111.3 111.8 111.9 112.4 112.4
Non-energy | | 30.80 | 117.4 116.4 115.4 116.6 115.9 116.0 116.9 117.3 117.3
Durable | | 19.15 | 125.9 124.9 123.7 124.7 124.4 123.9 125.1 125.8 126.1
Consumer parts | | 3.30 | 100.0 97.5 97.6 98.5 96.8 97.1 98.2 98.5 98.4
Equipment parts | | 6.64 | 168.5 169.6 170.0 170.8 169.8 168.6 169.5 170.0 169.8
Other | | 9.21 | 110.1 108.6 106.1 107.3 107.8 107.5 108.8 109.6 110.3
Nondurable | | 11.64 | 104.5 103.7 102.9 104.2 103.2 103.9 104.4 104.4 104.0
Textile | | .60 | 84.8 83.8 82.6 83.3 81.1 81.3 80.9 81.2 81.7
Paper | | 2.30 | 101.4 100.9 100.7 103.2 100.1 101.0 100.7 99.9 98.8
Chemical | | 5.49 | 110.5 108.5 107.3 108.7 108.9 110.1 111.3 110.8 110.4
Energy | | 11.77 | 100.0 101.3 100.6 100.2 100.5 101.9 100.1 100.8 100.8
| | |
| | |
INDUSTRY GROUP | | |
Manufacturing | | 81.86 | 114.3 113.4 113.2 114.4 113.7 113.6 114.4 114.6 114.7
Manufacturing (NAICS) | 31-33 | 77.70 | 115.3 114.3 114.1 115.4 114.7 114.6 115.3 115.6 115.7
| | |
Durable manufacturing | | 41.46 | 122.2 121.2 121.3 122.7 121.2 121.3 122.3 122.9 123.0
Wood products | 321 | 1.39 | 104.8 100.4 98.0 100.3 98.5 97.7 97.1 97.7 97.5
Nonmetallic mineral products | 327 | 2.43 | 110.6 109.1 109.1 111.0 109.8 106.5 108.3 108.1 108.6
Primary metal | 331 | 3.25 | 112.8 109.2 103.8 102.7 107.1 107.6 109.0 111.2 112.8
Fabricated metal products | 332 | 5.63 | 110.5 110.5 109.7 109.8 109.3 109.8 110.7 110.8 110.8
Machinery | 333 | 5.12 | 120.6 118.1 117.6 122.6 116.4 115.3 117.9 116.5 115.9
Computer and electronic products | 334 | 7.51 | 177.2 179.3 180.0 181.7 181.3 181.5 182.2 183.3 184.0
Electrical equipment, appliances, | | |
and components | 335 | 2.03 | 105.1 105.5 105.1 107.1 106.5 107.4 107.9 109.3 108.3
Motor vehicles and parts | 3361-3 | 5.54 | 100.9 97.3 100.7 102.4 96.4 98.7 99.2 100.6 100.2
Aerospace and miscellaneous | | |
transportation equipment | 3364-9 | 3.76 | 125.2 126.3 127.7 128.3 130.7 131.0 130.1 131.2 132.4
Furniture and related products | 337 | 1.57 | 104.7 104.2 103.4 102.7 101.8 100.7 101.0 100.3 100.3
Miscellaneous | 339 | 3.22 | 118.0 118.8 120.0 121.0 120.2 119.4 121.6 122.9 122.7
| | |
Nondurable manufacturing | | 36.24 | 107.8 106.7 106.2 107.4 107.5 107.2 107.7 107.6 107.6
Food, beverage, and tobacco products | 311,2 | 10.80 | 110.1 110.6 111.5 112.2 112.3 112.2 113.0 113.2 112.8
Textile and product mills | 313,4 | 1.05 | 91.3 89.8 88.6 88.6 87.4 87.3 86.5 86.7 86.6
Apparel and leather | 315,6 | .64 | 80.2 80.9 80.0 79.7 81.1 80.3 79.6 80.0 80.4
Paper | 322 | 2.61 | 99.3 98.3 97.9 99.5 96.4 97.5 97.2 96.7 96.1
Printing and support | 323 | 2.05 | 103.1 104.1 104.3 106.3 105.6 106.0 105.6 105.0 103.8
Petroleum and coal products | 324 | 3.83 | 115.3 110.4 108.5 108.9 113.0 110.0 111.7 108.4 110.9
Chemical | 325 | 11.81 | 111.7 110.1 108.8 110.5 109.9 110.1 110.2 110.5 110.3
Plastics and rubber products | 326 | 3.46 | 106.1 104.4 103.9 105.6 106.3 105.5 107.0 108.4 109.3
| | |
Other manufacturing (non-NAICS) | 1133,5111 | 4.16 | 97.2 99.6 99.4 98.7 98.4 98.6 99.1 98.7 98.3
| | |
Mining | 21 | 8.58 | 101.0 100.9 100.7 102.5 100.2 100.0 100.9 100.3 100.7
Utilities | 2211,2 | 9.55 | 104.5 109.8 106.8 102.5 105.1 114.1 104.7 108.2 106.9
Electric | 2211 | 8.04 | 105.5 110.6 108.8 105.8 108.1 114.1 106.8 109.0 109.2
Natural gas | 2212 | 1.51 | 100.0 106.0 97.6 87.0 91.0 114.2 94.7 104.7 95.7
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
Note. See notes to table 1.
Table 5
Industrial Production Indexes: Special Aggregates
2002 = 100, seasonally adjusted
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2006 | 2006 2007
Item | NAICS | Proportion| Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | |
Total industry | | 100.00 | 112.2 112.0 111.5 112.2 111.7 112.5 112.2 112.7 112.7
| | |
Energy | | 20.53 | 104.9 106.4 104.9 103.3 104.6 108.4 104.5 105.3 105.2
Consumer products | | 5.29 | 108.4 109.0 107.8 103.7 106.1 115.8 107.9 109.2 108.6
Commercial products | | 2.74 | 114.0 118.5 113.0 110.0 113.7 117.6 110.7 111.9 112.5
Oil and gas well drilling | 213111 | .72 | 171.6 170.6 167.7 170.3 172.6 173.7 173.0 170.6 168.4
Converted fuel | | 3.79 | 102.4 104.9 102.9 101.3 102.1 108.0 102.4 104.8 103.6
Primary materials | | 7.98 | 98.7 99.5 99.3 99.5 99.5 98.9 98.9 98.8 99.3
| | |
Non-energy | | 79.47 | 114.1 113.5 113.3 114.6 113.6 113.6 114.3 114.7 114.7
Selected high-technology industries | | 4.84 | 210.7 214.4 216.2 218.6 219.9 220.4 223.1 225.0 225.7
Computers and peripheral equipment | 3341 | 1.20 | 158.3 161.4 163.7 166.6 171.3 176.6 179.8 181.6 184.1
Communications equipment | 3342 | 1.06 | 154.2 152.9 155.0 157.8 161.1 165.1 168.8 168.6 169.2
Semiconductors and related | | |
electronic components | 334412-9 | 2.58 | 271.2 278.4 279.4 281.0 278.0 272.2 273.5 276.8 275.9
| | |
Excluding selected high-technology | | |
industries | | 74.63 | 109.1 108.3 108.1 109.4 108.2 108.3 108.9 109.2 109.2
| | |
Motor vehicles and parts | 3361-3 | 5.54 | 100.9 97.3 100.7 102.4 96.4 98.7 99.2 100.6 100.2
Motor vehicles | 3361 | 2.41 | 99.3 93.8 99.7 102.2 92.4 97.5 97.6 100.5 99.6
Motor vehicle parts | 3363 | 2.72 | 100.2 98.1 99.5 100.4 97.7 98.1 99.1 99.6 99.6
| | |
Excluding motor vehicles and parts | | 69.09 | 109.8 109.3 108.7 110.0 109.3 109.1 109.7 110.0 110.0
Consumer goods | | 20.91 | 108.4 108.4 108.4 109.4 109.1 108.8 109.0 109.4 109.3
Business equipment | | 7.81 | 122.2 122.3 123.0 125.6 122.2 122.0 123.4 123.6 123.5
Construction supplies | | 4.52 | 109.8 107.9 106.8 109.2 107.9 106.2 107.2 107.3 107.8
Business supplies | | 7.93 | 105.7 105.6 105.4 106.1 105.4 105.4 106.3 106.1 105.7
Materials | | 26.14 | 109.0 107.9 106.5 107.6 107.3 107.5 108.3 108.6 108.6
| | |
Measures excluding selected high-technology | | |
industries | | |
Total industry | | 95.16 | 108.2 107.9 107.4 108.0 107.4 108.3 107.9 108.3 108.3
Manufacturing<1> | | 77.02 | 109.4 108.4 108.2 109.3 108.5 108.4 109.1 109.3 109.3
Durable | | 36.79 | 112.6 111.2 111.2 112.6 110.9 111.0 111.8 112.3 112.4
| | |
Measures excluding motor vehicles and parts | | |
Total industry | | 94.46 | 112.9 113.0 112.2 112.9 112.7 113.4 113.1 113.5 113.5
Manufacturing<1> | | 76.32 | 115.4 114.8 114.3 115.4 115.1 114.9 115.6 115.8 115.9
Durable | | 36.09 | 126.1 125.5 125.0 126.5 125.8 125.5 126.5 127.0 127.3
| | |
Measures excluding selected high-technology | | |
industries and motor vehicles and parts | | |
Total industry | | 89.62 | 108.6 108.6 107.8 108.4 108.1 108.9 108.4 108.8 108.8
Manufacturing<1> | | 71.48 | 110.1 109.3 108.8 109.9 109.5 109.2 109.9 110.0 110.1
| | |
Measures of non-energy materials | | |
inputs to | | |
Finished processors | | 12.85 | 129.4 128.8 128.9 130.1 128.3 128.1 128.8 128.9 128.6
Primary and semifinished processors | | 17.95 | 108.7 107.5 105.8 106.9 107.0 107.2 108.3 108.8 109.0
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
2005 54.8 50.5 52.1 52.5 56.4 56.1 56.8 51.2 61.1 58.4 58.4 52.1
2006 63.4 48.2 58.7 60.4 50.2 61.1 59.4 51.2 46.5 41.6 43.2 59.4
2007 46.9 53.6 59.7 56.4
Three Months Earlier
2005 58.7 61.4 54.8 53.1 57.8 60.1 57.8 57.8 56.8 56.1 56.4 57.8
2006 61.4 56.8 63.0 59.7 56.1 61.1 58.1 57.4 52.5 43.2 36.6 45.5
2007 45.2 53.5 49.8 59.4
Six Months Earlier
2005 58.7 57.4 59.7 58.1 62.7 59.1 61.1 55.8 62.4 63.0 59.4 56.4
2006 59.1 57.4 64.0 63.0 62.0 64.0 61.4 64.4 59.4 47.5 44.2 46.9
2007 36.3 42.2 42.2 52.1
-------------------------------------------------------------------------------------------------------
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- 1994- 2001-| |
| | 2006 | 2006 89 95 02| 2006 2007 | 2007
Item | NAICS | Proportion| Ave. High High Low| Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total industry | | 100.00 | 81.0 85.0 85.1 73.6 | 82.0 82.3 81.5 81.3 | 81.6 81.2 81.5 81.3
| | | | |
Manufacturing<1> | | 82.52 | 79.8 85.4 84.6 71.6 | 80.6 80.9 80.1 79.8 | 79.6 80.0 80.0 79.9
Manufacturing (NAICS) | 31-33 | 78.53 | 79.6 85.3 84.7 71.0 | 80.4 80.8 79.9 79.6 | 79.4 79.8 79.8 79.7
| | | | |
Durable manufacturing | | 42.55 | 78.0 84.5 84.2 68.1 | 79.3 79.5 78.5 77.7 | 77.5 77.9 78.1 77.9
Wood products | 321 | 1.41 | 80.2 88.2 87.7 71.0 | 83.3 80.4 74.3 72.8 | 72.8 72.3 72.8 72.6
Nonmetallic mineral products | 327 | 2.34 | 79.5 85.1 84.1 75.8 | 84.1 82.3 79.6 78.0 | 76.8 78.0 77.7 78.0
Primary metal | 331 | 2.86 | 80.8 93.8 95.6 68.5 | 89.9 88.8 82.2 84.5 | 84.2 85.4 87.0 88.2
Fabricated metal products | 332 | 5.63 | 77.3 81.6 85.1 69.2 | 79.9 80.7 80.2 79.9 | 79.8 80.3 80.3 80.2
Machinery | 333 | 5.14 | 78.7 85.2 87.6 63.7 | 79.0 82.1 80.9 78.4 | 77.6 79.2 78.1 77.6
Computer and electronic products | 334 | 8.43 | 78.3 81.4 84.3 58.6 | 76.1 77.2 77.3 75.3 | 75.3 74.7 74.3 73.8
Electrical equip., appliances, | | | | |
and components | 335 | 1.90 | 83.2 89.1 93.1 71.8 | 85.3 85.4 84.3 85.0 | 85.2 85.4 86.4 85.6
Motor vehicles and parts | 3361-3 | 5.92 | 77.5 89.7 89.0 68.9 | 77.8 75.6 74.7 73.5 | 74.0 74.6 75.9 75.8
Aerospace and miscellaneous | | | | |
transportation equipment | 3364-9 | 3.96 | 72.5 87.1 68.5 62.8 | 75.8 77.6 78.8 80.2 | 80.5 79.8 80.3 80.9
Furniture and related products | 337 | 1.61 | 78.5 82.2 82.9 67.8 | 80.0 79.5 78.3 76.6 | 76.2 76.5 76.0 75.9
Miscellaneous | 339 | 3.36 | 76.7 82.5 81.3 70.6 | 77.7 78.1 78.8 78.3 | 77.6 78.8 79.3 78.9
| | | | |
Nondurable manufacturing | | 35.98 | 81.7 86.8 85.4 74.9 | 81.8 82.4 81.6 81.9 | 81.7 82.1 81.9 81.9
Food, beverage, and tobacco products | 311,2 | 10.67 | 81.6 85.9 84.1 75.6 | 81.2 81.1 82.2 82.6 | 82.4 82.8 82.8 82.5
Textile and product mills | 313,4 | 1.09 | 82.3 91.2 91.4 68.8 | 78.9 78.3 75.8 74.6 | 74.8 74.3 74.6 74.7
Apparel and leather | 315,6 | .70 | 78.7 84.3 87.1 59.5 | 73.6 74.1 74.1 74.9 | 74.9 74.4 75.1 75.7
Paper | 322 | 2.46 | 87.8 92.5 92.0 78.9 | 84.8 85.4 85.5 84.3 | 84.7 84.5 84.1 83.6
Printing and support | 323 | 2.08 | 83.7 91.8 86.4 72.7 | 80.1 79.3 80.5 80.6 | 80.8 80.4 79.8 78.8
Petroleum and coal products | 324 | 3.77 | 86.2 89.0 90.6 83.7 | 89.3 93.1 90.1 92.3 | 91.0 92.4 89.7 91.8
Chemical | 325 | 12.01 | 78.3 85.1 81.4 70.2 | 78.5 79.5 77.7 77.8 | 77.8 77.8 77.9 77.7
Plastics and rubber products | 326 | 3.20 | 83.9 89.8 91.9 75.1 | 87.9 87.5 84.8 85.4 | 84.8 85.8 86.8 87.3
| | | | |
Other manufacturing (non-NAICS) | 1133,5111 | 3.99 | 84.7 91.0 83.3 81.3 | 84.3 83.2 84.6 84.0 | 83.9 84.2 83.9 83.4
| | | | |
Mining | 21 | 8.25 | 87.4 86.1 88.9 84.8 | 91.0 90.9 91.3 90.2 | 89.9 90.6 90.0 90.5
Utilities | 2211,2 | 9.23 | 86.7 92.7 93.7 83.8 | 85.9 86.4 85.0 85.8 | 90.7 83.1 85.8 84.7
| | | | |
Selected high-technology industries | | 5.48 | 78.0 80.8 87.4 56.2 | 77.2 78.7 79.7 77.9 | 77.7 77.5 77.0 76.1
Computers and peripheral equipment | 3341 | 1.39 | 78.1 79.9 84.2 62.8 | 74.6 74.5 78.3 82.3 | 82.8 83.1 82.5 82.1
Communications equipment | 3342 | 1.29 | 75.4 80.8 86.6 40.2 | 70.8 71.8 73.3 77.6 | 77.6 79.2 78.9 79.0
Semiconductors and related | | | | |
electronic components | 334412-9 | 2.80 | 80.6 82.9 93.5 58.1 | 81.3 83.5 82.7 75.5 | 74.8 73.7 73.1 71.6
| | | | |
Measures excluding selected high-technology | | | | |
industries | | | | |
Total industry | | 94.52 | 81.2 85.4 85.0 74.7 | 82.3 82.6 81.8 81.6 | 81.9 81.6 81.9 81.8
Manufacturing<1> | | 77.04 | 79.9 85.9 84.5 72.8 | 80.9 81.3 80.3 80.1 | 80.0 80.4 80.4 80.4
| | | | |
Stage-of-process groups | | | | |
Crude | | 12.41 | 86.5 88.1 89.5 82.0 | 88.8 89.4 89.1 88.9 | 88.9 89.5 88.9 88.7
Primary and semifinished | | 48.00 | 82.2 86.5 88.2 74.6 | 83.9 84.1 82.3 82.1 | 82.7 81.7 82.0 81.8
Finished | | 39.59 | 77.8 82.8 80.5 70.0 | 77.6 77.9 78.2 78.0 | 77.9 78.1 78.5 78.4
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
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-| | 2006 2007 | 2007
Item | 79 88 94 2007 | 2004 2005 2006 2007 | Q3 Q4 Q1 Q2 | May
-----------------------------------------------------------------------------------------------------------------------------------------------------
Total industry | 3.1 2.0 2.3 3.3 | .1 1.1 2.4 1.8 | 2.4 2.3 2.1 1.8 | .1
| | | |
Manufacturing<1> | 3.3 2.3 2.6 3.7 | .0 1.7 2.7 2.1 | 2.6 2.4 2.3 2.1 | .2
| | | |
Mining | .8 .1 -.9 -.5 | -.3 -1.7 .6 .4 | 1.0 1.1 .9 .3 | .0
Utilities | 4.3 2.1 1.6 2.2 | 2.6 .0 2.1 1.5 | 2.5 2.5 2.1 1.5 | .1
| | | |
| | | |
Selected high-technology industries | 20.9 19.1 17.3 27.2 | 4.3 18.3 19.6 19.6 | 18.2 18.5 19.5 19.5 | 1.5
Manufacturing<1> ex. selected | | | |
high-technology industries | 2.6 1.3 1.6 1.6 | -.2 .6 1.4 1.0 | 1.4 1.3 1.1 .9 | .1
| | | |
Stage-of-process groups | | | |
Crude | 1.7 .3 -.4 -.1 | -.1 -1.1 .3 .5 | .5 .5 .5 .3 | .0
Primary and semifinished | 3.0 1.4 2.6 3.9 | .4 1.4 3.0 2.3 | 3.1 3.0 2.8 2.2 | .2
Finished | 3.9 3.5 2.7 3.4 | .5 2.0 2.3 1.9 | 2.2 2.1 2.0 1.9 | .2
-----------------------------------------------------------------------------------------------------------------------------------------------------
<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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | 2006 2007 | 2007
Item | 2000 | 2006 | Q1 Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | |
Final products and nonindustrial | | | |
supplies | 2,812.5 | 3,043.0 | 3,012.9 3,045.3 3,075.0 3,060.2 3,069.2 | 3,087.2 3,067.6 3,075.2 3,078.0
| | | |
Final products | 2,112.0 | 2,302.3 | 2,276.5 2,302.5 2,327.4 2,321.5 2,330.8 | 2,346.1 2,331.6 2,338.5 2,338.9
| | | |
Consumer goods | 1,480.7 | 1,606.0 | 1,600.7 1,607.9 1,619.6 1,610.7 1,626.4 | 1,641.9 1,625.7 1,635.4 1,633.3
Durable | 471.7 | 504.6 | 511.4 511.4 503.1 498.2 496.5 | 499.4 500.6 510.5 509.1
Automotive products | 278.9 | 296.1 | 303.3 301.5 293.1 291.1 290.1 | 293.1 294.6 303.1 300.7
Other durable goods | 192.9 | 208.2 | 207.9 209.6 209.6 206.7 206.0 | 206.0 205.7 207.3 208.2
Nondurable | 1,009.0 | 1,097.5 | 1,087.3 1,094.0 1,111.5 1,107.0 1,123.2 | 1,135.3 1,119.2 1,120.1 1,119.3
| | | |
Equipment, total | 631.3 | 706.0 | 683.0 704.0 718.4 722.2 714.3 | 713.5 716.0 712.5 715.3
Business and defense | 614.9 | 689.1 | 666.1 686.5 701.3 706.0 697.2 | 696.3 698.7 695.4 698.9
Business | 556.8 | 619.8 | 596.4 617.0 631.4 637.4 628.1 | 626.5 631.5 627.1 629.0
Defense and space | 58.2 | 71.4 | 71.0 71.5 72.2 71.4 71.5 | 72.0 70.2 70.9 72.1
| | | |
Nonindustrial supplies | 700.5 | 741.1 | 736.6 743.1 748.1 739.6 739.4 | 742.2 737.2 738.0 740.3
Construction supplies | 197.2 | 207.8 | 209.3 209.6 209.2 204.0 202.8 | 201.3 203.0 203.2 204.3
Business supplies | 503.3 | 533.2 | 527.2 533.4 538.9 535.7 536.8 | 541.3 534.3 534.9 536.0
Commercial energy products | 136.0 | 154.7 | 152.4 154.4 157.7 156.3 156.3 | 160.9 152.2 153.1 154.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 |
| |---------------------|----------------------------|----------------------------| May '06
| 2006 | | 2006 2007 | 2007 | to
Item | gross value<1>| 2004 2005 2006 | Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May | May '07
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | | | |
Finished | 1980.5 | 2.4 5.6 3.4 | 6.1 2.3 2.3 -1.4 | .4 .1 .6 -.1 | 2.1
Semifinished | 1754.9 | 2.4 6.2 2.5 | 5.9 5.7 -2.7 -.5 | .7 -.5 .4 .2 | 1.6
Primary | 992.6 | 4.5 -.8 .1 | 4.4 5.0 -13.3 7.2 | 1.7 -1.3 .3 .1 | -.5
Crude | 420.0 | 5.2 -8.3 7.1 | 6.5 2.5 -3.4 1.2 | 1.1 1.1 -.5 -.4 | .1
| | | | |
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. p Preliminary.
<1> Billions of 2000 dollars.
Table 11
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> | | |
1985 | -.3 .4 .2 -.2 .1 .1 -.6 .5 .4 -.4 .3 1.0 | 1.2 .7 -.5 2.7 | 1.4
1986 | .5 -.8 -.6 .1 .2 -.3 .6 -.2 .2 .4 .5 .9 | 2.4 -2.4 1.7 4.6 | 1.1
1987 | -.3 1.3 .2 .6 .7 .5 .6 .7 .3 1.5 .5 .5 | 5.4 7.2 7.3 9.9 | 5.1
1988 | .0 .4 .3 .5 -.1 .2 .2 .5 -.3 .6 .2 .4 | 3.4 3.4 2.1 3.3 | 5.1
| | |
1989 | .2 -.5 .3 .0 -.7 .0 -.9 1.0 -.3 -.1 .3 .7 | 1.5 -1.8 -2.4 1.8 | .9
1990 | -.6 .9 .5 -.1 .2 .3 -.2 .3 .2 -.7 -1.2 -.7 | 3.0 2.8 1.4 -5.9 | 1.0
1991 | -.5 -.7 -.5 .2 1.0 1.0 .0 .2 .9 -.2 -.1 -.3 | -7.6 2.7 5.7 1.0 | -1.5
1992 | -.5 .7 .8 .7 .4 .1 .8 -.5 .2 .7 .4 .1 | -.3 7.1 3.1 4.0 | 2.9
1993 | .5 .3 .0 .3 -.4 .3 .4 .0 .5 .8 .4 .6 | 3.7 1.1 2.4 6.4 | 3.4
| | |
1994 | .5 .0 1.0 .5 .5 .7 .2 .5 .3 .9 .7 1.1 | 5.6 7.3 5.1 8.3 | 5.5
1995 | .4 .1 .1 -.1 .2 .3 -.4 1.3 .4 -.2 .3 .3 | 6.0 1.0 3.8 3.5 | 5.0
1996 | -.8 1.5 -.2 .9 .7 .9 -.2 .7 .5 .0 .9 .7 | 2.0 8.4 5.2 6.1 | 4.3
1997 | .2 1.2 .8 -.1 .6 .4 .5 1.3 .9 .8 1.0 .4 | 8.3 5.5 9.0 11.1 | 7.2
1998 | .5 .1 .0 .5 .7 -.5 -.3 2.2 -.2 .7 -.1 .4 | 4.7 3.3 3.8 5.3 | 6.1
| | |
1999 | .6 .5 .2 .2 .8 -.1 .7 .5 -.4 1.3 .6 .9 | 4.9 4.0 4.4 8.2 | 4.7
2000 | .1 .4 .4 .8 .3 .1 -.3 -.3 .5 -.5 .0 -.4 | 5.3 5.9 -.5 -1.6 | 4.5
2001 | -.7 -.6 -.4 -.3 -.7 -.6 -.4 -.4 -.4 -.6 -.5 .0 | -5.7 -5.4 -5.6 -5.1 | -3.5
2002 | .5 .1 .8 .4 .4 .9 -.3 .2 .1 -.3 .4 -.4 | 2.7 6.4 2.3 -.4 | .0
2003 | .6 .3 -.2 -.8 -.1 .2 .4 -.1 .5 -.1 .8 .0 | 2.3 -3.2 2.5 3.3 | 1.1
| | |
2004 | .2 .7 -.6 .6 .6 -.7 .6 .2 -.2 .7 .2 .6 | 3.3 2.5 1.8 4.3 | 2.5
2005 | .3 .6 -.1 .1 .4 .6 .0 .3 -1.6 1.2 1.1 .8 | 4.6 2.8 .8 4.7 | 3.2
2006 | .0 .3 .5 .9 -.1 .9 .4 .2 -.3 -.2 -.4 .6 | 5.0 6.5 4.0 -1.5 | 3.9
2007 | -.5 .8 -.3 .4 .0 | .8 |
| | |
IP | | |
(2002=100) | | |
2005 | 105.6 106.2 106.1 106.2 106.6 107.3 107.3 107.6 105.8 107.1 108.2 109.1 | 106.0 106.7 106.9 108.1 | 106.9
2006 | 109.1 109.4 110.0 110.9 110.9 111.9 112.3 112.5 112.2 112.0 111.5 112.2 | 109.5 111.2 112.3 111.9 | 111.1
2007 | 111.7 112.5 112.2 112.7 112.7 | 112.2 |
| | |
Capacity | | |
(percent of | | |
2002 output) | | |
2005 | 132.7 132.7 132.8 132.9 133.0 133.1 133.2 133.4 133.6 133.8 134.1 134.3 | 132.7 133.0 133.4 134.1 | 133.3
2006 | 134.6 134.8 135.1 135.4 135.7 136.0 136.2 136.5 136.8 137.0 137.3 137.5 | 134.9 135.7 136.5 137.3 | 136.1
2007 | 137.8 138.0 138.2 138.4 138.6 | 138.0 |
| | |
Utilization | | |
(percent) | | |
1985 | 80.0 80.1 80.0 79.7 79.6 79.4 78.7 78.9 79.1 78.6 78.8 79.5 | 80.0 79.6 78.9 79.0 | 79.4
1986 | 79.8 79.0 78.4 78.4 78.4 78.1 78.5 78.3 78.3 78.6 78.8 79.4 | 79.1 78.3 78.4 78.9 | 78.7
1987 | 79.0 79.9 79.9 80.2 80.5 80.8 81.1 81.6 81.6 82.7 83.0 83.3 | 79.6 80.5 81.4 83.0 | 81.1
1988 | 83.2 83.5 83.6 84.0 83.9 84.0 84.1 84.5 84.2 84.6 84.7 84.9 | 83.4 84.0 84.2 84.7 | 84.1
| | |
1989 | 85.0 84.5 84.6 84.4 83.7 83.6 82.6 83.3 82.8 82.6 82.7 83.1 | 84.7 83.9 82.9 82.8 | 83.6
1990 | 82.4 83.0 83.2 82.9 82.9 83.0 82.7 82.8 82.8 82.1 80.9 80.2 | 82.9 82.9 82.7 81.1 | 82.4
1991 | 79.7 79.0 78.5 78.6 79.3 79.9 79.8 79.8 80.4 80.1 79.9 79.5 | 79.1 79.3 80.0 79.9 | 79.6
1992 | 79.0 79.4 79.9 80.3 80.4 80.3 80.8 80.3 80.3 80.8 80.9 80.8 | 79.4 80.3 80.5 80.8 | 80.3
1993 | 81.1 81.3 81.1 81.3 80.9 81.0 81.2 81.1 81.4 81.8 82.0 82.3 | 81.2 81.1 81.2 82.1 | 81.4
| | |
1994 | 82.6 82.4 83.1 83.3 83.5 83.8 83.7 83.8 83.8 84.2 84.4 85.1 | 82.7 83.5 83.8 84.6 | 83.6
1995 | 85.1 84.8 84.6 84.1 84.0 83.9 83.2 84.0 84.0 83.5 83.4 83.3 | 84.8 84.0 83.7 83.4 | 84.0
1996 | 82.3 83.2 82.6 83.0 83.2 83.6 83.0 83.2 83.3 83.0 83.3 83.5 | 82.7 83.3 83.2 83.3 | 83.1
1997 | 83.3 83.8 84.1 83.6 83.6 83.5 83.5 84.0 84.3 84.4 84.7 84.5 | 83.7 83.6 83.9 84.5 | 83.9
1998 | 84.3 83.9 83.3 83.2 83.2 82.3 81.6 82.9 82.3 82.5 82.0 81.9 | 83.8 82.9 82.3 82.2 | 82.8
| | |
1999 | 82.1 82.1 81.9 81.8 82.1 81.6 81.8 81.9 81.3 82.0 82.2 82.6 | 82.0 81.8 81.7 82.3 | 81.9
2000 | 82.3 82.3 82.3 82.6 82.5 82.3 81.8 81.3 81.4 80.8 80.5 79.9 | 82.3 82.5 81.5 80.4 | 81.7
2001 | 79.2 78.5 78.0 77.5 76.8 76.2 75.7 75.3 74.8 74.2 73.7 73.6 | 78.5 76.9 75.3 73.8 | 76.1
2002 | 73.8 73.8 74.3 74.5 74.7 75.4 75.1 75.2 75.3 75.1 75.5 75.2 | 74.0 74.9 75.2 75.3 | 74.8
2003 | 75.7 76.0 75.9 75.4 75.4 75.7 76.0 76.0 76.4 76.4 77.1 77.1 | 75.9 75.5 76.1 76.8 | 76.1
| | |
2004 | 77.2 77.8 77.3 77.8 78.2 77.7 78.1 78.3 78.2 78.7 78.9 79.4 | 77.5 77.9 78.2 79.0 | 78.1
2005 | 79.6 80.0 79.9 79.9 80.2 80.6 80.5 80.7 79.2 80.0 80.7 81.3 | 79.8 80.2 80.1 80.7 | 80.2
2006 | 81.1 81.1 81.4 81.9 81.7 82.3 82.4 82.4 82.0 81.7 81.3 81.6 | 81.2 82.0 82.3 81.5 | 81.7
2007 | 81.1 81.6 81.2 81.5 81.3 | 81.3 |
-------------------------------------------------------------------------------------------------------------------------------------------
<1> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages.
Table 12
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> | | |
1985 | -.4 -.3 .8 -.3 .1 .2 -.6 .6 .1 -.2 .7 .4 | .3 1.1 .3 2.5 | 1.9
1986 | 1.1 -.7 -.3 .4 .2 -.3 .5 .3 .2 .4 .5 .9 | 4.6 .0 2.5 5.0 | 2.3
1987 | -.3 1.4 .1 .5 .8 .4 .7 .5 .6 1.6 .6 .6 | 6.0 7.0 7.2 11.4 | 5.7
1988 | -.2 .1 .3 .8 -.1 .1 .1 .1 .4 .6 .3 .4 | 2.4 4.3 1.4 5.0 | 5.3
| | |
1989 | .7 -1.0 -.1 .1 -.8 .1 -1.1 1.0 -.3 -.2 .2 .2 | 1.7 -3.2 -2.9 .6 | .8
1990 | -.2 1.4 .4 -.2 .1 .2 -.2 .3 .0 -.8 -1.1 -.7 | 4.5 2.6 .8 -6.5 | .8
1991 | -.8 -.7 -.6 .3 .7 1.1 .2 .3 1.1 -.2 -.2 -.1 | -9.0 2.3 7.4 1.8 | -1.9
1992 | -.5 .8 .9 .5 .6 .3 .8 -.4 .1 .6 .4 -.1 | .7 8.1 4.2 2.8 | 3.8
1993 | 1.1 .1 -.2 .6 -.1 -.1 .3 -.1 .6 .8 .4 .6 | 4.6 1.6 1.7 7.2 | 3.7
| | |
1994 | .3 .1 1.3 .8 .7 .3 .5 .7 .4 1.0 .8 1.2 | 5.5 9.2 6.0 10.1 | 6.1
1995 | .4 .0 .2 -.2 .0 .4 -.6 1.2 .9 -.1 .1 .3 | 6.4 .4 3.1 4.4 | 5.5
1996 | -.9 1.5 -.3 1.1 .7 1.1 .3 .6 .7 .0 .9 .9 | 1.1 9.6 7.6 6.5 | 4.6
1997 | .1 1.4 1.1 -.3 .8 .6 .4 1.5 .9 .8 1.2 .5 | 9.8 6.6 10.0 12.1 | 8.5
1998 | .8 .0 -.2 .6 .5 -.6 -.4 2.6 -.3 .9 .2 .5 | 6.3 2.8 4.1 7.5 | 6.9
| | |
1999 | .4 .8 -.1 .3 1.0 -.3 .5 .7 -.3 1.6 .8 .8 | 5.4 4.5 4.1 9.9 | 5.4
2000 | .2 .3 .7 .7 .0 .2 -.1 -.6 .5 -.4 -.4 -.7 | 5.8 5.8 -.7 -3.2 | 4.8
2001 | -.6 -.6 -.4 -.3 -.7 -.6 -.3 -.7 -.3 -.7 -.3 .2 | -6.6 -5.7 -6.2 -5.0 | -4.2
2002 | .4 .1 .8 .1 .6 1.1 -.4 .4 .1 -.5 .4 -.4 | 3.1 5.8 3.1 -.8 | .0
2003 | .5 .0 .2 -.9 -.1 .6 .1 -.2 .7 -.1 1.0 -.1 | 1.7 -2.3 2.2 3.7 | 1.1
| | |
2004 | .0 .7 -.1 .6 .6 -.7 .8 .6 -.3 .7 .0 .6 | 2.9 3.7 3.5 3.7 | 2.9
2005 | .5 .6 -.2 .2 .6 .4 .1 .4 -.8 1.5 .9 .4 | 5.1 3.1 1.9 7.5 | 3.9
2006 | .8 -.2 .4 1.0 -.2 .9 .4 .4 .0 -.8 -.2 1.1 | 5.5 5.5 4.4 -1.7 | 4.6
2007 | -.6 -.1 .6 .2 .1 | .7 |
| | |
IP | | |
(2002 = 100) | | |
2005 | 106.4 107.0 106.7 106.9 107.6 108.0 108.1 108.4 107.5 109.2 110.1 110.6 | 106.7 107.5 108.0 110.0 | 108.0
2006 | 111.5 111.2 111.7 112.8 112.6 113.5 113.9 114.3 114.3 113.4 113.2 114.4 | 111.5 113.0 114.2 113.7 | 113.0
2007 | 113.7 113.6 114.4 114.6 114.7 | 113.9 |
| | |
Capacity | | |
(percent of | | |
2002 output) | | |
2005 | 136.0 136.2 136.3 136.5 136.6 136.9 137.1 137.3 137.6 137.9 138.2 138.6 | 136.2 136.6 137.4 138.2 | 137.1
2006 | 138.9 139.2 139.5 139.9 140.2 140.5 140.8 141.1 141.3 141.6 141.9 142.2 | 139.2 140.2 141.1 141.9 | 140.6
2007 | 142.5 142.7 143.0 143.2 143.5 | 142.7 |
| | |
Utilization | | |
(percent) | | |
1985 | 79.1 78.6 79.0 78.5 78.4 78.3 77.7 78.0 77.9 77.6 77.9 78.2 | 78.9 78.4 77.9 77.9 | 78.3
1986 | 78.9 78.3 78.0 78.2 78.3 77.9 78.2 78.3 78.4 78.5 78.8 79.3 | 78.4 78.1 78.3 78.9 | 78.4
1987 | 78.9 79.9 79.7 79.9 80.4 80.5 80.9 81.1 81.4 82.5 82.9 83.2 | 79.5 80.3 81.1 82.9 | 80.9
1988 | 83.0 83.0 83.2 83.9 83.7 83.8 83.8 83.9 84.1 84.5 84.7 84.9 | 83.1 83.8 83.9 84.7 | 83.9
| | |
1989 | 85.4 84.4 84.2 84.1 83.2 83.2 82.1 82.6 82.2 81.9 81.9 81.8 | 84.7 83.5 82.3 81.9 | 83.1
1990 | 81.5 82.5 82.6 82.2 82.2 82.2 81.9 81.9 81.8 81.0 79.9 79.2 | 82.2 82.2 81.8 80.0 | 81.6
1991 | 78.4 77.7 77.1 77.2 77.7 78.4 78.5 78.6 79.3 79.0 78.7 78.5 | 77.7 77.8 78.8 78.8 | 78.3
1992 | 78.0 78.5 79.0 79.3 79.6 79.7 80.2 79.7 79.5 79.8 79.9 79.6 | 78.5 79.5 79.8 79.8 | 79.4
1993 | 80.3 80.3 80.0 80.3 80.1 79.9 80.1 79.9 80.2 80.8 80.9 81.3 | 80.2 80.1 80.0 81.0 | 80.3
| | |
1994 | 81.3 81.2 82.1 82.5 82.7 82.7 82.8 83.1 83.1 83.6 83.9 84.6 | 81.5 82.6 83.0 84.0 | 82.8
1995 | 84.6 84.2 84.0 83.5 83.1 83.1 82.2 82.7 83.1 82.6 82.3 82.1 | 84.3 83.2 82.7 82.3 | 83.1
1996 | 81.0 81.8 81.2 81.7 81.8 82.3 82.0 82.1 82.3 81.8 82.2 82.5 | 81.3 81.9 82.2 82.2 | 81.9
1997 | 82.1 82.8 83.3 82.5 82.7 82.7 82.4 83.2 83.3 83.4 83.8 83.6 | 82.8 82.6 83.0 83.6 | 83.0
1998 | 83.6 83.0 82.3 82.2 82.1 81.0 80.2 81.8 81.1 81.4 81.1 81.1 | 83.0 81.8 81.0 81.2 | 81.7
| | |
1999 | 81.0 81.2 80.8 80.7 81.1 80.5 80.5 80.7 80.0 80.9 81.1 81.4 | 81.0 80.7 80.4 81.1 | 80.8
2000 | 81.1 81.0 81.2 81.4 81.0 80.8 80.4 79.6 79.7 79.0 78.4 77.6 | 81.1 81.1 79.9 78.3 | 80.1
2001 | 76.9 76.2 75.7 75.3 74.6 73.9 73.5 72.9 72.5 71.9 71.6 71.7 | 76.3 74.6 73.0 71.7 | 73.9
2002 | 71.9 71.9 72.4 72.4 72.8 73.6 73.2 73.5 73.6 73.3 73.6 73.3 | 72.0 72.9 73.5 73.4 | 73.0
2003 | 73.7 73.8 74.1 73.5 73.5 74.0 74.1 74.0 74.6 74.5 75.3 75.2 | 73.9 73.6 74.2 75.0 | 74.2
| | |
2004 | 75.3 75.8 75.7 76.2 76.6 76.1 76.7 77.2 76.9 77.4 77.4 77.8 | 75.6 76.3 76.9 77.6 | 76.6
2005 | 78.2 78.6 78.3 78.4 78.7 78.9 78.8 79.0 78.1 79.2 79.7 79.8 | 78.4 78.7 78.6 79.6 | 78.8
2006 | 80.3 79.9 80.1 80.7 80.3 80.8 80.9 81.1 80.9 80.1 79.8 80.5 | 80.1 80.6 80.9 80.1 | 80.4
2007 | 79.8 79.6 80.0 80.0 79.9 | 79.8 |
-------------------------------------------------------------------------------------------------------------------------------------------
<1> See note on cover page.
<2> 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: 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> | | |
1985 | -.3 .5 .2 -.1 .1 .0 -.5 .4 .5 -.4 .3 1.1 | .9 1.1 -.2 2.6 | 1.0
1986 | .5 -.8 -.7 .0 .1 -.2 .3 -.2 .2 .4 .4 .8 | 2.3 -2.7 .5 4.0 | .9
1987 | -.5 1.2 .2 .5 .6 .4 .5 .6 .2 1.4 .5 .4 | 4.4 6.4 6.1 9.0 | 4.3
1988 | .0 .4 .2 .5 -.2 .2 .1 .5 -.4 .5 .2 .4 | 3.0 2.7 1.4 2.9 | 4.4
| | |
1989 | .3 -.5 .3 -.1 -.7 .0 -1.1 .9 -.3 -.2 .3 .7 | 1.8 -2.0 -3.3 1.0 | .6
1990 | -.7 .9 .4 -.2 .1 .2 -.2 .3 .1 -.8 -1.2 -.7 | 2.2 2.3 1.0 -6.5 | .3
1991 | -.5 -.8 -.6 .2 1.0 1.0 .0 .1 .9 -.2 -.2 -.5 | -8.1 2.2 5.4 .4 | -2.0
1992 | -.8 .7 .7 .6 .3 -.1 .8 -.6 .2 .6 .3 .0 | -1.9 6.1 1.8 2.9 | 1.9
1993 | .5 .3 -.1 .3 -.4 .2 .3 -.1 .4 .7 .3 .5 | 3.0 .4 1.6 5.1 | 2.5
| | |
1994 | .4 .0 .9 .3 .4 .6 .1 .3 .0 .6 .4 .9 | 4.2 5.4 3.3 5.5 | 4.0
1995 | .2 -.2 -.2 -.3 .0 .1 -.5 1.1 .1 -.5 .1 .2 | 3.0 -1.4 1.5 .4 | 2.4
1996 | -1.0 1.4 -.4 .8 .4 .7 -.5 .4 .4 -.2 .8 .5 | -.3 6.0 2.2 3.4 | 1.7
1997 | -.1 .8 .5 -.4 .3 .2 .3 1.0 .7 .7 .7 .2 | 5.0 2.1 6.0 8.3 | 4.2
1998 | .2 -.1 -.1 .2 .5 -.9 -.8 2.0 -.6 .5 -.3 .0 | 1.7 1.0 -.2 2.2 | 3.1
| | |
1999 | .2 .2 -.1 -.2 .6 -.5 .3 .4 -.5 1.2 .3 .6 | .9 .3 1.2 5.5 | 1.2
2000 | -.3 .0 .1 .4 .0 -.1 -.5 -.4 .4 -.6 -.2 -.5 | .7 1.7 -2.9 -3.0 | 1.1
2001 | -.7 -.5 -.4 -.1 -.6 -.4 -.3 -.3 -.5 -.6 -.5 -.1 | -6.4 -4.1 -4.3 -5.3 | -4.1
2002 | .7 .1 .8 .4 .4 .9 -.3 .1 .0 -.4 .3 -.6 | 2.9 6.1 1.7 -1.3 | .1
2003 | .5 .2 -.3 -.8 -.1 .2 .3 -.1 .5 -.1 .8 -.1 | 1.0 -4.0 1.7 2.7 | .2
| | |
2004 | .1 .6 -.6 .7 .6 -.8 .7 .2 -.2 .7 .2 .6 | 1.9 2.6 1.6 4.0 | 1.9
2005 | .2 .5 -.2 -.1 .3 .6 -.1 .2 -1.9 1.0 1.0 .8 | 3.8 1.5 -.5 3.0 | 2.5
2006 | -.1 .2 .4 .7 -.2 .8 .3 .1 -.5 -.3 -.5 .6 | 4.5 5.2 2.9 -2.7 | 2.8
2007 | -.5 .8 -.3 .4 -.1 | .4 |
| | |
IP | | |
(2002 = 100) | | |
2005 | 103.9 104.4 104.2 104.2 104.4 105.1 105.0 105.2 103.2 104.2 105.3 106.2 | 104.2 104.6 104.4 105.2 | 104.6
2006 | 106.1 106.3 106.8 107.6 107.4 108.3 108.6 108.7 108.2 107.9 107.4 108.0 | 106.4 107.7 108.5 107.8 | 107.5
2007 | 107.4 108.3 107.9 108.3 108.3 | 107.9 |
| | |
Capacity | | |
(percent of | | |
2002 output) | | |
2005 | 129.7 129.7 129.7 129.7 129.6 129.7 129.7 129.7 129.8 129.9 130.0 130.1 | 129.7 129.7 129.7 130.0 | 129.8
2006 | 130.2 130.4 130.5 130.7 130.8 131.0 131.2 131.3 131.5 131.6 131.8 131.9 | 130.4 130.8 131.3 131.8 | 131.1
2007 | 132.0 132.1 132.2 132.3 132.4 | 132.1 |
| | |
Utilization | | |
(percent) | | |
1985 | 79.7 79.9 79.9 79.7 79.6 79.5 78.9 79.1 79.4 79.0 79.1 79.8 | 79.8 79.6 79.1 79.3 | 79.5
1986 | 80.2 79.4 78.8 78.8 78.8 78.6 78.8 78.5 78.6 78.8 79.1 79.6 | 79.5 78.7 78.6 79.2 | 79.0
1987 | 79.2 80.1 80.1 80.4 80.8 81.1 81.4 81.8 81.9 83.0 83.3 83.6 | 79.8 80.8 81.7 83.3 | 81.4
1988 | 83.6 83.9 84.0 84.4 84.2 84.3 84.4 84.8 84.4 84.8 84.9 85.2 | 83.8 84.3 84.5 85.0 | 84.4
| | |
1989 | 85.4 84.9 85.1 84.9 84.2 84.0 83.0 83.6 83.2 82.9 83.0 83.4 | 85.1 84.3 83.3 83.1 | 84.0
1990 | 82.7 83.3 83.5 83.2 83.2 83.3 83.0 83.1 83.1 82.4 81.2 80.5 | 83.2 83.2 83.1 81.4 | 82.7
1991 | 80.0 79.3 78.7 78.8 79.5 80.1 80.1 80.0 80.6 80.4 80.1 79.6 | 79.4 79.5 80.2 80.1 | 79.8
1992 | 79.0 79.4 79.9 80.4 80.5 80.3 80.9 80.3 80.4 80.8 81.0 80.9 | 79.4 80.4 80.5 80.9 | 80.3
1993 | 81.2 81.4 81.3 81.4 81.0 81.1 81.3 81.2 81.4 81.9 82.1 82.4 | 81.3 81.2 81.3 82.1 | 81.5
| | |
1994 | 82.6 82.5 83.1 83.2 83.5 83.8 83.8 83.9 83.8 84.2 84.4 85.0 | 82.7 83.5 83.8 84.5 | 83.6
1995 | 85.0 84.7 84.4 84.0 83.8 83.8 83.2 83.9 83.9 83.3 83.2 83.2 | 84.7 83.9 83.6 83.2 | 83.9
1996 | 82.2 83.2 82.7 83.2 83.4 83.8 83.2 83.4 83.5 83.1 83.6 83.8 | 82.7 83.4 83.4 83.5 | 83.3
1997 | 83.4 83.9 84.1 83.5 83.4 83.3 83.3 83.8 84.1 84.4 84.7 84.5 | 83.8 83.4 83.7 84.5 | 83.9
1998 | 84.3 84.0 83.6 83.6 83.8 82.8 82.0 83.3 82.6 82.8 82.4 82.2 | 84.0 83.4 82.7 82.5 | 83.1
| | |
1999 | 82.2 82.1 81.8 81.5 81.8 81.3 81.4 81.5 81.0 81.8 81.9 82.2 | 82.1 81.6 81.3 81.9 | 81.7
2000 | 81.8 81.7 81.6 81.8 81.7 81.5 81.0 80.6 80.8 80.2 80.0 79.5 | 81.7 81.7 80.8 79.9 | 81.0
2001 | 78.8 78.3 77.9 77.8 77.3 76.9 76.6 76.3 75.8 75.3 74.9 74.7 | 78.4 77.3 76.2 75.0 | 76.7
2002 | 75.2 75.2 75.7 75.9 76.2 76.9 76.7 76.7 76.8 76.5 76.8 76.4 | 75.3 76.4 76.7 76.6 | 76.3
2003 | 76.9 77.1 77.0 76.4 76.4 76.6 76.8 76.8 77.2 77.1 77.7 77.7 | 77.0 76.4 76.9 77.5 | 77.0
| | |
2004 | 77.7 78.2 77.7 78.2 78.7 78.1 78.6 78.8 78.6 79.2 79.4 79.9 | 77.9 78.4 78.7 79.5 | 78.6
2005 | 80.1 80.5 80.4 80.3 80.6 81.1 80.9 81.1 79.5 80.2 81.0 81.6 | 80.3 80.6 80.5 80.9 | 80.6
2006 | 81.5 81.5 81.8 82.3 82.1 82.7 82.8 82.8 82.3 82.0 81.5 81.9 | 81.6 82.3 82.6 81.8 | 82.1
2007 | 81.4 81.9 81.6 81.9 81.8 | 81.6 |
-------------------------------------------------------------------------------------------------------------------------------------------
<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 14
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> | | |
1985 | -.5 -.3 .9 -.2 .1 .1 -.4 .6 .2 -.3 .6 .4 | -.2 1.7 .7 2.5 | 1.4
1986 | 1.2 -.7 -.3 .4 .1 -.2 .2 .2 .2 .3 .4 .8 | 4.7 -.3 1.2 4.3 | 2.2
1987 | -.5 1.4 .1 .4 .7 .3 .6 .3 .5 1.5 .5 .5 | 4.7 5.9 5.7 10.4 | 4.6
1988 | -.2 .2 .2 .8 -.2 .0 .0 .1 .3 .5 .3 .4 | 1.9 3.5 .5 4.6 | 4.4
| | |
1989 | .8 -1.1 -.1 .0 -.9 .1 -1.3 .9 -.3 -.3 .1 .1 | 2.0 -3.6 -4.0 -.4 | .4
1990 | -.3 1.4 .3 -.3 .1 .2 -.2 .3 -.1 -.8 -1.2 -.8 | 3.7 2.0 .3 -7.2 | .0
1991 | -.8 -.8 -.8 .4 .6 1.1 .3 .2 1.1 -.2 -.3 -.3 | -9.8 1.5 7.1 1.0 | -2.6
1992 | -.8 .8 .9 .4 .5 .1 .7 -.5 .0 .4 .3 -.2 | -1.2 6.9 2.6 1.5 | 2.6
1993 | 1.1 .0 -.3 .5 -.1 -.2 .3 -.2 .5 .7 .3 .5 | 3.8 .8 .6 5.7 | 2.6
| | |
1994 | .1 .0 1.2 .6 .5 .2 .3 .5 .1 .7 .6 .9 | 3.9 7.1 3.9 6.7 | 4.4
1995 | .2 -.3 -.1 -.4 -.2 .2 -.8 .9 .6 -.4 -.1 .1 | 3.0 -2.5 .3 .8 | 2.5
1996 | -1.2 1.3 -.5 1.0 .4 .8 -.1 .4 .5 -.4 .8 .7 | -1.7 6.8 4.1 3.2 | 1.5
1997 | -.2 1.0 .9 -.7 .5 .4 .1 1.3 .7 .6 .9 .2 | 6.0 2.6 6.6 8.8 | 4.9
1998 | .5 -.1 -.3 .4 .4 -1.1 -.9 2.4 -.7 .7 -.1 .2 | 3.0 .0 -.6 4.0 | 3.5
| | |
1999 | .0 .5 -.5 -.1 .8 -.7 .0 .6 -.5 1.4 .4 .4 | .9 .2 .4 6.9 | 1.4
2000 | -.3 -.1 .3 .3 -.4 .0 -.4 -.8 .4 -.6 -.6 -.9 | .5 .9 -3.5 -5.0 | .8
2001 | -.6 -.5 -.4 -.1 -.6 -.5 -.1 -.7 -.4 -.7 -.3 .1 | -7.5 -4.1 -4.7 -5.2 | -4.9
2002 | .5 .0 .8 .1 .6 1.0 -.5 .3 .0 -.6 .3 -.6 | 3.4 5.4 2.4 -2.0 | .1
2003 | .4 -.2 .2 -1.0 -.1 .5 .0 -.3 .7 -.2 1.0 -.3 | .1 -3.1 1.2 3.0 | .0
| | |
2004 | -.2 .6 -.2 .7 .6 -.7 .8 .6 -.4 .7 .0 .5 | 1.3 3.9 3.3 3.4 | 2.2
2005 | .4 .5 -.3 .0 .5 .3 -.1 .2 -1.1 1.4 .8 .4 | 4.1 1.6 .4 5.5 | 3.0
2006 | .8 -.3 .3 .8 -.4 .8 .3 .2 -.3 -.9 -.2 1.1 | 4.9 3.8 3.0 -3.3 | 3.2
2007 | -.7 -.1 .6 .2 .0 | .2 |
| | |
IP | | |
(2002 = 100) | | |
2005 | 104.3 104.8 104.5 104.5 105.0 105.3 105.3 105.5 104.3 105.8 106.6 107.0 | 104.5 104.9 105.0 106.5 | 105.2
2006 | 107.9 107.5 107.8 108.7 108.3 109.2 109.5 109.7 109.4 108.4 108.2 109.3 | 107.7 108.7 109.5 108.6 | 108.6
2007 | 108.5 108.4 109.1 109.3 109.3 | 108.7 |
| | |
Capacity | | |
(percent of | | |
2002 output) | | |
2005 | 132.6 132.6 132.7 132.7 132.8 132.8 132.9 133.0 133.1 133.3 133.4 133.6 | 132.6 132.8 133.0 133.4 | 133.0
2006 | 133.7 133.9 134.0 134.2 134.3 134.5 134.7 134.8 135.0 135.1 135.2 135.4 | 133.9 134.3 134.8 135.2 | 134.6
2007 | 135.5 135.6 135.7 135.8 135.9 | 135.6 |
| | |
Utilization | | |
(percent) | | |
1985 | 78.6 78.3 78.8 78.5 78.4 78.3 77.9 78.2 78.2 77.9 78.3 78.5 | 78.6 78.4 78.1 78.2 | 78.3
1986 | 79.4 78.8 78.4 78.7 78.7 78.4 78.5 78.6 78.7 78.8 79.0 79.6 | 78.9 78.6 78.6 79.1 | 78.8
1987 | 79.1 80.1 80.0 80.2 80.7 80.8 81.2 81.4 81.7 82.9 83.3 83.6 | 79.7 80.6 81.4 83.2 | 81.2
1988 | 83.4 83.5 83.7 84.3 84.1 84.2 84.1 84.2 84.4 84.8 85.0 85.3 | 83.5 84.2 84.2 85.0 | 84.3
| | |
1989 | 85.9 84.9 84.7 84.6 83.7 83.7 82.4 83.0 82.7 82.2 82.2 82.2 | 85.2 84.0 82.7 82.2 | 83.5
1990 | 81.8 82.8 82.9 82.6 82.5 82.5 82.2 82.3 82.1 81.3 80.2 79.5 | 82.5 82.5 82.2 80.3 | 81.9
1991 | 78.7 77.9 77.2 77.4 77.8 78.6 78.7 78.7 79.5 79.3 78.9 78.6 | 78.0 77.9 79.0 78.9 | 78.4
1992 | 77.9 78.4 79.0 79.3 79.6 79.7 80.2 79.7 79.6 79.8 80.0 79.7 | 78.4 79.5 79.8 79.8 | 79.4
1993 | 80.4 80.4 80.1 80.4 80.2 80.0 80.1 79.9 80.2 80.7 80.9 81.2 | 80.3 80.2 80.1 81.0 | 80.4
| | |
1994 | 81.2 81.2 82.0 82.4 82.7 82.7 82.8 83.1 83.1 83.5 83.8 84.5 | 81.5 82.6 83.0 83.9 | 82.8
1995 | 84.4 84.0 83.7 83.2 82.9 82.9 82.0 82.6 82.9 82.3 82.0 81.9 | 84.0 83.0 82.5 82.1 | 82.9
1996 | 80.8 81.7 81.1 81.7 81.9 82.4 82.2 82.3 82.4 81.9 82.3 82.6 | 81.2 82.0 82.3 82.3 | 81.9
1997 | 82.2 82.8 83.2 82.3 82.4 82.4 82.1 82.9 83.1 83.2 83.6 83.5 | 82.7 82.4 82.7 83.4 | 82.8
1998 | 83.5 83.1 82.5 82.6 82.6 81.4 80.5 82.1 81.3 81.6 81.3 81.2 | 83.1 82.2 81.3 81.4 | 82.0
| | |
1999 | 81.0 81.2 80.6 80.3 80.7 80.0 79.8 80.2 79.5 80.5 80.7 80.8 | 80.9 80.3 79.8 80.7 | 80.4
2000 | 80.4 80.2 80.3 80.4 79.9 79.8 79.3 78.6 78.8 78.2 77.7 76.9 | 80.3 80.0 78.9 77.6 | 79.2
2001 | 76.3 75.8 75.5 75.4 74.9 74.5 74.4 73.8 73.5 73.0 72.8 72.9 | 75.9 74.9 73.9 72.9 | 74.4
2002 | 73.3 73.3 73.9 73.9 74.4 75.2 74.8 75.1 75.2 74.8 75.0 74.6 | 73.5 74.5 75.0 74.8 | 74.5
2003 | 75.0 74.9 75.1 74.5 74.4 74.9 74.9 74.7 75.3 75.2 76.0 75.8 | 75.0 74.6 75.0 75.7 | 75.1
| | |
2004 | 75.7 76.2 76.0 76.6 77.1 76.5 77.2 77.6 77.3 77.9 77.9 78.3 | 76.0 76.7 77.4 78.1 | 77.0
2005 | 78.7 79.0 78.8 78.7 79.1 79.3 79.2 79.3 78.4 79.4 79.9 80.1 | 78.8 79.0 79.0 79.8 | 79.2
2006 | 80.7 80.3 80.5 81.0 80.6 81.2 81.3 81.4 81.1 80.3 80.0 80.7 | 80.5 80.9 81.3 80.3 | 80.8
2007 | 80.1 80.0 80.4 80.4 80.4 | 80.1 |
-------------------------------------------------------------------------------------------------------------------------------------------
<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. More detailed descriptions of
industrial production and capacity utilization 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 2002. 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 production-worker
hours by industry. Data on hours worked by production workers are
collected in the monthly establishment survey conducted by the Bureau of
Labor Statistics. 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 (p_m) and the estimate for previous month:
% Equation not available in ascii file.
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 8 percent. If output in this industry increased 10 percent in a month,
then this gain would boost growth in total IP by 8/10 percentage point
(0.08 x 10% = 0.8%). 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 70 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,
96 percent in the third month, and 97 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 2005)
Month of estimate
Type of data 1st 2nd 3rd 4th
Physical product 27 42 54 54
Production-worker hours 43 43 43 43
IP data received 70 84 96 97
IP data estimated 30 16 4 3
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 (25 percent out of total of 52 percent). Of the 25 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 3 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 2006;
for other series, the factors were estimated with data through at least
June 2006. 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 1987-2005 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 1987-2005 period. In most cases (about
86 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 87 detailed industries
(69 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 24 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 72 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 1972-2005 period, the average total industry
utilization rate is 81.0 percent; for manufacturing, the average factory
operating rate has been 79.8 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.
References and Release Dates
References. The annual revision published in November 2005 is described
in an article published in the Federal Reserve Bulletin, vol. 92,
pp. A39-A58. 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, Winter 2005).
Release Schedule
At 9:15 a.m. on
2007: January 17, February 15, March 16, April 17, May 16, June 15,
July 17, August 15, September 14, October 16, November 16, and
December 14.