FEDERAL RESERVE STATISTICAL RELEASE                                 
 
 G.17 (419)                                                          For release at 9:15 a.m. (EST)
                                                                     November 17, 2008


 Industrial Production and Capacity Utilization




        Industrial production increased 1.3 percent in October after a downwardly revised decline of 3.7 percent
 in September.  The revision to September output resulted, in part, from a larger estimate of the impact of
 Hurricanes Gustav and Ike on the chemical industry.  Manufacturing production, which dropped 3.7 percent in
 September, rose 0.6 percent in October.  The output of mines advanced 6.1 percent, as most crude oil and
 natural gas operations in the Gulf of Mexico were brought back online after the hurricanes.  The output of
 utilities rose 0.4 percent.


        Industrial production in September and October was substantially affected by the hurricanes and a strike
 in the commercial aircraft industry.  Excluding these special factors, total industrial production is
 estimated to have fallen around 2/3 percent in both September and October.  The hurricane-related
 disruptions, which are now estimated to have been larger than previously reported, lowered the change in
 total industrial production in September about 2-1/2 percentage points, and the return to operation in
 October of most of the affected facilities boosted the change in output about 2 percentage points.  The
 strike in the commercial aircraft industry reduced industrial production 1/2 percentage point in September
 and an additional 0.1 percentage point in October.


        At 107.3 percent of its 2002 average, total industrial production in October was 4.1 percent below its
 level of a year earlier.  The capacity utilization rate for total industry rose to 76.4 percent in October,
 a level 4.6 percentage points below its average level from 1972 to 2007.


 Market Groups
 -------------


        The production of consumer goods increased 1.3 percent in October.  The output of durable goods moved down
 2.1 percent, while the output of nondurable goods rose 2.2 percent.  Among consumer durable goods, the
 index for automotive products dropped 3.6 percent.  The production of appliances, furniture, and carpeting
 fell 1.1 percent, and the output of home electronics edged down 0.2 percent.  The output of miscellaneous
 goods declined 0.7 percent.  Among consumer nondurable goods, the production of consumer energy products
 jumped 6.9 percent, as the output of gasoline and distillate fuels recovered after the hurricanes.
 Non-energy consumer nondurable goods increased 0.3 percent.  The indexes for foods and tobacco and for
 paper products moved higher, while the indexes for chemical products and for clothing decreased.


        The output of business equipment fell 2.2 percent in October.  The production of transit equipment, after
 plunging more than 30 percent in September, fell an additional 10 percent in October because of the effects
 of the strike in the commercial aircraft industry, which concluded around the end of the month.  The index
 for industrial and other equipment moved down 1.7 percent, partly because of declines in construction
 machinery and in office furniture.  The index for information processing equipment edged down 0.2 percent
 after a decline of 0.9 percent in September.


        The output of defense and space equipment increased 1.0 percent in October after having fallen 2.0 percent
 in September; military shipbuilding had been curtailed in September by the hurricanes in the Gulf region.
 On net, output in October was little changed from its level 12 months earlier.


        Among nonindustrial supplies, the production of construction supplies decreased 1.1 percent in October,
 partly because of drops in construction steel and in architectural and structural metals.  The index for
 business supplies rose 0.7 percent but was more than 4 percent below its year-earlier level.


        The output of materials gained 2.3 percent in October.  The ongoing recovery after the hurricanes in
 natural gas and crude oil extraction contributed to an increase of 5.2 percent in the production of energy
 materials.  The production of durable materials dropped 1.7 percent, with declines in all its major
 components.  The production of nondurable materials rose 4.6 percent after a drop of 8.8 percent in
 September.  In October, the index for textile materials fell 1.0 percent, the index for paper materials
 declined 0.7 percent, and the index for chemical materials increased 10.6 percent.  The gain in chemical
 materials followed a drop of 15.8 percent in September.  Large decreases in organic chemicals and plastic
 resins contributed significantly to the September plunge.  Although the drop for organic chemicals was
 mostly hurricane related, only a portion of the drop for resins was attributable to the storms.


 Industry Groups
 ---------------


        Manufacturing output rose 0.6 percent in October after a decline of 3.7 percent in September.  Excluding
 the effects of the hurricanes and the aircraft strike, factory production is estimated to have declined
 about 1 percent in both months.  The factory operating rate stood at 73.8 percent in October and was about
 6 percentage points below its 1972-2007 average.  The production of durable goods industries decreased 1.8
 percent in October, with declines widespread among its components.  In addition to a particularly large
 drop in primary metals, which was due to lower production of iron and steel, decreases also occurred in
 most other durable goods industries.  Only the index for electrical equipment, appliances, and components
 moved up.  The production of nondurable goods rose 3.1 percent after a decline of 4.5 percent in September.
 The results for its major components were mixed in October.  The output of petroleum and coal products
 jumped 9.9 percent, as refinery output recovered from the post-hurricane levels.  Gains were also recorded
 in food, beverage, and tobacco products and in chemicals.  However, the indexes for textile and product
 mills, apparel and leather, paper, printing, and plastics and rubber products all declined.


        The index for other manufacturing (that is, industries formerly considered manufacturing but not
 classified as manufacturing under the North American Industry Classification System, or NAICS), which
 consists of publishing and logging declined 0.4 percent in October, its tenth consecutive monthly decrease.


        Capacity utilization rates at industries grouped by stage of process were as follows:  At the crude stage,
 utilization recovered 5.5 percentage points in October, to 85.6 percent, a rate 1.0 percentage point below
 its 1972-2007 average; for the primary and semifinished stages, utilization moved back up 0.6 percentage
 point, to 76.5 percent, a rate 5.7 percentage points below its long-run average; and for the finished
 stage, utilization declined 0.6 percentage point, to 72.7 percent, a rate 5.0 percentage points below its
 long-run average.


 Notice


        Revision of Industrial Production and Capacity Utilization


        The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP)
 and the related measures of capacity utilization in late March of 2009.  The revised IP indexes will
 incorporate data from selected editions of the U.S. Census Bureau's 2007 Current Industrial Reports.
 Detailed data from the 2007 Economic Census, however, are not expected to be available.  Annual data from
 the U.S. Geological Survey regarding metallic and nonmetallic minerals (except fuels) for 2007 will also be
 incorporated.  The updating will include revisions to the monthly indicator (either product data or input
 data) and to seasonal factors for each industry as well as changes in the estimation methods for some
 series.  Any changes to the methods for estimating the output of an industry will affect the index from
 1972 to the present.


        Capacity and capacity utilization will be revised to incorporate data from the Census Bureau's Quarterly
 Survey of Plant Capacity, which covers manufacturing, along with new data on capacity from the U.S.
 Geological Survey, the Department of Energy, and other organizations.


        Once the revision is published, it will be available on the Board's website at
 www.federalreserve.gov/releases/G17.  The revised data will also be available through the website of the
 Department of Commerce.  Further information on the revision can be obtained from the Board's Industrial
 Output Section (telephone number 202-452-3197).
 
 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION:  SUMMARY
 Seasonally adjusted
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                             2002=100                              |                                   Percent change
                                  | ----------------------------------------------------------------- | -----------------------------------------------------------------------------------
                                  |      2008                                                         |      2008                                                         |    Oct. '07 to 
 Industrial production            |    May[r]    June[r]    July[r]    Aug.[r]   Sept.[r]    Oct.[p]  |    May[r]    June[r]    July[r]    Aug.[r]   Sept.[r]    Oct.[p]  |      Oct. '08 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                   |                                                                   |
  Total index                     |     111.2      111.3      111.4      110.1      105.9      107.3  |       -.2         .1         .1       -1.2       -3.7        1.3  |           -4.1 
     Previous estimates           |     111.3      111.5      111.4      110.4      107.3             |       -.1         .1         .0       -1.0       -2.8             |                
                                  |                                                                   |                                                                   |
  Major market groups             |                                                                   |                                                                   |
  Final Products                  |     112.1      112.6      112.6      111.0      108.2      108.8  |       -.2         .4         .0       -1.4       -2.5         .5  |           -3.7 
     Consumer goods               |     105.8      106.2      106.2      104.1      102.9      104.3  |       -.4         .4         .0       -2.0       -1.1        1.3  |           -2.8 
     Business equipment           |     130.4      130.8      130.8      130.5      121.2      118.5  |        .3         .3         .0        -.2       -7.1       -2.2  |           -8.8 
  Nonindustrial supplies          |     106.1      105.7      105.8      104.8      102.3      102.5  |       -.4        -.4         .1        -.9       -2.4         .2  |           -4.9 
     Construction                 |     101.7      101.3      102.1      101.1       99.2       98.1  |        .3        -.4         .8        -.9       -1.9       -1.1  |           -7.0 
  Materials                       |     112.2      112.1      112.3      111.1      105.1      107.6  |       -.1         .0         .2       -1.1       -5.4        2.3  |           -4.1 
                                  |                                                                   |                                                                   |
  Major industry groups           |                                                                   |                                                                   |
  Manufacturing (see note below)  |     112.3      112.2      112.1      111.0      106.9      107.5  |        .0        -.1        -.1       -1.0       -3.7         .6  |           -5.3 
     Previous estimates           |     112.4      112.3      112.3      111.3      108.5             |        .1        -.1         .0        -.9       -2.6             |                
  Mining                          |     104.1      104.2      105.7      105.5       96.5      102.4  |        .2         .1        1.4        -.2       -8.5        6.1  |            1.1 
  Utilities                       |     108.0      110.0      109.2      104.7      107.3      107.7  |      -2.2        1.9        -.7       -4.1        2.4         .4  |            -.7 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                                                                                             |    Capacity
                                  |                                                             Percent of capacity                                                             |     growth
                                  | ------------------------------------------------------------------------------------------------------------------------------------------- | ---------------
                                  |     Average       1988-       1990-       1994-       2001-             |                                                                   |                
                                  |       1972-          89          91          95          02       2007  |      2008                                                         |    Oct. '07 to 
 Capacity utilization             |       2007         high         low        high         low       Oct.  |    May[r]    June[r]    July[r]    Aug.[r]   Sept.[r]    Oct.[p]  |      Oct. '08 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                         |                                                                   |
  Total industry                  |       81.0        85.0        78.6        85.1        73.6        80.9  |      79.6       79.6       79.6       78.5       75.5       76.4  |            1.6 
     Previous estimates           |                                                                         |      79.7       79.7       79.6       78.7       76.4             |                
                                  |                                                                         |                                                                   |
  Manufacturing (see note below)  |       79.7        85.4        77.1        84.6        71.5        79.3  |      77.6       77.4       77.2       76.4       73.5       73.8  |            1.8 
     Previous estimates           |                                                                         |      77.6       77.5       77.3       76.6       74.5             |                
  Mining                          |       87.5        86.3        83.6        88.7        84.8        88.7  |      90.8       90.8       92.1       91.8       84.0       89.0  |             .7 
  Utilities                       |       86.8        92.7        84.1        93.9        84.6        86.0  |      84.5       85.9       85.2       81.5       83.3       83.5  |            2.2 
                                  |                                                                         |                                                                   |
  Stage-of-process groups         |                                                                         |                                                                   |
  Crude                           |       86.6        88.3        84.4        89.5        81.9        87.8  |      89.6       88.8       89.7       89.4       80.1       85.6  |             .6 
  Primary and semifinished        |       82.2        86.4        77.8        88.2        74.6        81.4  |      79.6       79.6       79.3       77.9       75.9       76.5  |            1.9 
  Finished                        |       77.7        82.8        77.1        80.4        69.9        77.6  |      75.9       76.1       76.0       75.1       73.3       72.7  |            1.8 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 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                        |
                                                   |             |             |------------------------------|------------------------------|------------------------------------------------------------| Oct. '07 
                                                   |             |        2007 |                              |     2008                     |     2008                                                   |     to
 Item                                              |    NAICS    |Proportion<1>|     2005      2006      2007 |       Q1     Q2[r]     Q3[r] |   May[r]   June[r]   July[r]   Aug.[r]  Sept.[r]   Oct.[p] |  Oct. '08 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |                              |                              |                                                            |
  Total IP                                         |             |   100.00    |      2.6       1.7       2.1 |       .4      -3.4      -7.6 |      -.2        .1        .1      -1.2      -3.7       1.3 |      -4.1 
                                                   |             |             |                              |                              |                                                            |
  MARKET GROUP                                     |             |             |                              |                              |                                                            |
  Final products and nonindustrial supplies        |             |    56.13    |      4.4       1.0       1.3 |       .5      -4.3      -6.3 |      -.2        .2        .0      -1.3      -2.4        .4 |      -4.0 
     Consumer goods                                |             |    29.33    |      2.4        .2       1.1 |       .7      -5.4      -6.0 |      -.4        .4        .0      -2.0      -1.1       1.3 |      -2.8 
        Durable                                    |             |     6.68    |      1.5      -3.9        .9 |    -11.4     -16.0      -8.5 |       .4       2.0        .8      -6.2       -.7      -2.1 |     -13.2 
           Automotive products                     |             |     3.23    |     -1.9      -5.3       3.6 |    -13.4     -29.7      -8.5 |       .9       4.9       1.4     -11.1       1.8      -3.6 |     -18.3 
           Home electronics                        |             |      .31    |     11.0      11.5      14.2 |      7.6      24.8       9.6 |      1.4      -1.5       4.4       -.9      -2.5       -.2 |      12.4 
           Appliances, furniture, carpeting        |             |     1.08    |      1.6      -6.1      -6.0 |    -19.8      -7.5     -20.0 |      -.7      -1.0       -.5      -4.0      -4.2      -1.1 |     -17.9 
           Miscellaneous goods                     |             |     2.06    |      5.6      -2.8      -1.5 |     -6.5      -2.1      -5.5 |       .1        .0        .0       -.9      -2.2       -.7 |      -6.6 
        Nondurable                                 |             |    22.65    |      2.7       1.5       1.2 |      4.4      -2.3      -5.4 |      -.6        .0       -.2       -.8      -1.2       2.2 |        .2 
           Non-energy                              |             |    16.27    |      3.0       2.1        .9 |       .6       -.7      -1.6 |       .1       -.2       -.2        .0       -.2        .3 |       -.5 
              Foods and tobacco                    |             |     8.99    |      3.9        .3       1.5 |      -.3        .2      -3.6 |       .1       -.6       -.5        .0       -.3        .7 |       -.7 
              Clothing                             |             |      .54    |     -2.1        .3      -1.9 |     -2.7      -9.1       7.4 |     -1.5       1.7       1.0        .7       -.9      -1.8 |      -2.8 
              Chemical products                    |             |     4.71    |      3.1       7.7        .0 |      1.1        .2       1.2 |       .1        .2        .3       -.4        .2       -.2 |        .2 
              Paper products                       |             |     1.56    |      -.9      -2.4       1.1 |      4.8      -5.8      -3.9 |       .3        .6      -1.3        .1       -.7        .2 |      -1.7 
           Energy                                  |             |     6.38    |      1.7       -.2       1.9 |     14.9      -6.1     -13.8 |     -2.1        .4       -.2      -2.8      -3.7       6.9 |       2.1 
                                                   |             |             |                              |                              |                                                            |
     Business equipment                            |             |     9.38    |     10.3       7.8       2.8 |      3.6      -3.6      -8.7 |       .3        .3        .0       -.2      -7.1      -2.2 |      -8.8 
        Transit                                    |             |     1.71    |     15.9       9.1      -3.4 |     -5.7      -7.3     -41.1 |       .5       1.9        .3      -4.3     -34.3     -10.0 |     -44.1 
        Information processing                     |             |     2.72    |     14.6      12.8       8.9 |     12.4      13.2      -1.5 |       .5        .5       -.5       -.2       -.9       -.2 |       6.2 
        Industrial and other                       |             |     4.95    |      5.9       4.4       1.7 |      2.1     -11.0        .3 |       .2       -.4        .1       1.2      -2.0      -1.7 |      -4.9 
     Defense and space equipment                   |             |     1.73    |      6.9      -2.6       5.2 |      1.8      -1.5      -3.7 |      -.5       1.1      -1.0        .3      -2.0       1.0 |       -.2 
                                                   |             |             |                              |                              |                                                            |
     Construction supplies                         |             |     4.21    |      7.5      -3.5      -1.6 |     -7.4      -4.9      -2.6 |       .3       -.4        .8       -.9      -1.9      -1.1 |      -7.0 
     Business supplies                             |             |    10.64    |      2.6       -.3       1.1 |       .0      -3.5      -8.1 |      -.7       -.4       -.1       -.9      -2.6        .7 |      -4.1 
                                                   |             |             |                              |                              |                                                            |
  Materials                                        |             |    43.87    |       .3       2.5       3.2 |       .3      -2.2      -9.3 |      -.1        .0        .2      -1.1      -5.4       2.3 |      -4.1 
     Non-energy                                    |             |    29.30    |      2.4       1.3       3.5 |     -1.6      -3.0      -9.8 |      -.3        .0       -.3      -1.0      -4.7        .8 |      -5.9 
        Durable                                    |             |    17.55    |      5.4       1.2       5.4 |       .7      -2.3      -4.5 |      -.6        .3        .2      -1.2      -1.8      -1.7 |      -4.4 
           Consumer parts                          |             |     2.92    |       .5      -5.8      -2.0 |    -12.6     -12.3     -12.1 |      -.3        .9        .7      -6.3       -.3      -3.0 |     -14.6 
           Equipment parts                         |             |     6.02    |     11.3       9.4      12.5 |     10.4       4.1        .2 |      -.4        .5        .1        .4      -1.5       -.8 |       2.6 
           Other                                   |             |     8.62    |      2.9      -2.0       3.0 |     -1.4      -3.6      -5.4 |      -.8        .0        .2       -.7      -2.5      -1.8 |      -5.9 
        Nondurable                                 |             |    11.75    |     -2.2       1.6        .6 |     -4.9      -4.0     -17.1 |       .1       -.5       -.9       -.8      -8.8       4.6 |      -8.2 
           Textile                                 |             |      .52    |       .5     -12.2      -9.4 |    -13.1     -11.1      -1.4 |       .3      -2.5        .5       2.7      -3.1      -1.0 |      -9.2 
           Paper                                   |             |     2.23    |     -1.1       1.6      -1.3 |     -4.2      -2.1      -9.6 |      2.2      -2.8       -.6        .0      -2.3       -.7 |      -4.7 
           Chemical                                |             |     5.78    |     -5.8       4.9       2.1 |     -6.0      -4.9     -26.7 |      -.3       -.2       -.9      -1.9     -15.8      10.6 |     -11.9 
     Energy                                        |             |    14.58    |     -4.0       5.2       2.7 |      4.1       -.8      -8.3 |       .1       -.1       1.0      -1.3      -6.6       5.2 |       -.6 
                                                   |             |             |                              |                              |                                                            |
                                                   |             |             |                              |                              |                                                            |
  INDUSTRY GROUP                                   |             |             |                              |                              |                                                            |
  Manufacturing                                    |             |    78.70    |      3.7       1.1       2.3 |     -1.0      -4.0      -7.8 |       .0       -.1       -.1      -1.0      -3.7        .6 |      -5.3 
     Manufacturing (NAICS)                         |       31-33 |    75.02    |      3.9       1.4       2.5 |      -.8      -3.7      -7.8 |       .0       -.1        .0      -1.0      -3.8        .6 |      -5.2 
                                                   |             |             |                              |                              |                                                            |
        Durable manufacturing                      |             |    38.51    |      6.9       1.6       3.9 |      -.4      -5.6      -5.8 |      -.1        .4        .3      -1.5      -3.1      -1.8 |      -6.8 
           Wood products                           |         321 |     1.19    |     11.6     -13.3      -6.8 |    -13.8      -8.3     -10.9 |      -.7       -.7       -.7       -.8      -2.9      -4.2 |     -15.6 
           Nonmetallic mineral products            |         327 |     2.25    |      5.3      -3.5        .7 |     -8.3      -4.7      -3.3 |       .1      -1.1       1.2       -.9      -2.3       -.5 |      -7.0 
           Primary metal                           |         331 |     2.70    |     -1.1      -4.2       4.1 |      9.6     -11.8      -5.6 |     -1.8        .3       1.9      -2.0      -4.9      -4.8 |      -9.6 
           Fabricated metal products               |         332 |     5.58    |      6.2       3.2       3.4 |       .8      -7.5      -5.7 |      -.8      -1.3       -.3        .5      -1.1      -1.5 |      -4.9 
           Machinery                               |         333 |     4.89    |      8.3       2.5       -.7 |     -1.3      -9.4      -2.7 |      -.1       -.1       -.8       1.6      -2.4      -1.7 |      -6.8 
           Computer and electronic products        |         334 |     6.85    |     15.1      12.2      13.9 |     14.1      15.3        .6 |       .3        .5        .3       -.4      -1.1       -.5 |       7.4 
          Electrical equip., appliances,           |             |             |                              |                              |                                                            |
              and components                       |         335 |     1.93    |      1.8       -.5       3.7 |      1.5       3.1      -5.1 |       .9        .1       -.3       -.9      -2.5        .6 |       -.8 
           Motor vehicles and parts                |      3361-3 |     5.12    |      -.3      -5.9      -2.2 |    -14.3     -28.6      -6.8 |       .4       4.1       2.7     -11.1       1.3      -3.5 |     -18.4 
          Aerospace and miscellaneous              |             |             |                              |                              |                                                            |
              transportation equipment             |      3364-9 |     3.50    |     11.5       4.5      10.9 |     -1.0      -3.5     -23.4 |      -.3       1.5      -1.2       -.6     -17.3      -3.1 |     -20.9 
           Furniture and related products          |         337 |     1.43    |      1.6      -1.6      -1.7 |    -16.0     -10.1     -17.3 |      -.2       -.8       -.9      -3.9      -1.8      -2.8 |     -16.3 
           Miscellaneous                           |         339 |     3.09    |      6.6       2.7       1.5 |       .6      -1.4       3.6 |       .2       -.4        .4       2.0      -1.8       -.2 |        .0 
                                                   |             |             |                              |                              |                                                            |
        Nondurable manufacturing                   |             |    36.50    |       .7       1.3        .9 |     -1.3      -1.7      -9.8 |       .2       -.6       -.3       -.6      -4.5       3.1 |      -3.6 
           Food, beverage, and tobacco products    |       311,2 |    10.74    |      4.1        .3       2.1 |       .0        .3      -4.1 |      -.2       -.4       -.5        .0       -.4        .6 |       -.9 
           Textile and product mills               |       313,4 |      .93    |      -.3     -11.7      -8.1 |    -11.2     -10.4      -3.4 |       .2      -1.4        .2        .9      -2.2       -.6 |      -8.5 
           Apparel and leather                     |       315,6 |      .57    |     -1.3       -.8      -2.0 |     -2.7      -8.2       8.0 |     -1.4       1.8       1.1        .6       -.8      -1.8 |      -2.4 
           Paper                                   |         322 |     2.54    |      -.7        .3      -2.2 |     -2.9        .0      -7.2 |      2.7      -1.9       -.8        .7      -3.4       -.4 |      -3.4 
           Printing and support                    |         323 |     1.87    |       .5       1.9      -1.3 |     -4.3      -7.4     -11.9 |      -.4      -2.9      -1.6       1.5      -1.1       -.5 |      -6.6 
           Petroleum and coal products             |         324 |     5.24    |     -3.7       2.2       -.5 |      8.0       -.2     -15.0 |       .2       -.8        .3      -1.5      -8.5       9.9 |        .4 
           Chemical                                |         325 |    11.57    |     -1.2       5.0       1.4 |     -3.0      -2.4     -15.3 |       .1       -.6       -.3      -1.0      -8.3       5.1 |      -6.4 
           Plastics and rubber products            |         326 |     3.04    |      2.6      -3.6       4.4 |     -8.2      -3.4      -2.7 |       .2        .9        .2      -1.8      -1.2      -2.1 |      -6.8 
                                                   |             |             |                              |                              |                                                            |
     Other manufacturing (non-NAICS)               |   1133,5111 |     3.68    |      -.5      -4.5      -1.4 |     -3.4     -10.4      -8.4 |      -.6       -.1      -1.3       -.6       -.5       -.4 |      -6.8 
                                                   |             |             |                              |                              |                                                            |
  Mining                                           |          21 |    11.62    |     -4.9       8.2        .2 |      3.5       2.0      -5.7 |       .2        .1       1.4       -.2      -8.5       6.1 |       1.1 
  Utilities                                        |      2211,2 |     9.68    |      2.0       -.7       3.1 |      8.2      -4.5      -8.4 |     -2.2       1.9       -.7      -4.1       2.4        .4 |       -.7 
     Electric                                      |        2211 |     7.98    |      3.5      -1.2       3.3 |      3.8      -3.5      -8.4 |     -2.4       2.9       -.9      -4.7       2.7        .5 |      -2.6 
     Natural gas                                   |        2212 |     1.70    |     -4.6       1.5       2.0 |     31.4      -9.1      -8.5 |     -1.4      -2.5        .4      -1.4       1.4        .0 |       9.7 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [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                        |
                                                   |             |             |------------------------------|------------------------------|------------------------------------------------------------| Oct. '07 
                                                   |             |        2007 |                              |     2008                     |     2008                                                   |     to
 Item                                              |    NAICS    |   Proportion|     2005      2006      2007 |       Q1     Q2[r]     Q3[r] |   May[r]   June[r]   July[r]   Aug.[r]  Sept.[r]   Oct.[p] |  Oct. '08 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |                              |                              |                                                            |
  Total industry                                   |             |   100.00    |      2.6       1.7       2.1 |       .4      -3.4      -7.6 |      -.2        .1        .1      -1.2      -3.7       1.3 |      -4.1 
                                                   |             |             |                              |                              |                                                            |
  Energy                                           |             |    24.66    |     -1.8       3.7       2.3 |      7.1      -1.6      -9.0 |      -.6        .2        .6      -1.8      -5.1       5.0 |        .4 
     Consumer products                             |             |     6.38    |      1.7       -.2       1.9 |     14.9      -6.1     -13.8 |     -2.1        .4       -.2      -2.8      -3.7       6.9 |       2.1 
     Commercial products                           |             |     2.94    |       .4       1.2       2.0 |      7.4       -.9      -8.1 |     -1.9       1.2       1.0      -3.7      -2.2       1.8 |      -1.5 
     Oil and gas well drilling                     |      213111 |      .77    |     11.9      14.8       -.8 |      1.2      20.1      16.4 |      1.7       1.5       -.4       2.3       3.4      -1.1 |      14.9 
     Converted fuel                                |             |     4.15    |     -2.6       2.5       5.3 |      2.5      -5.6     -11.2 |      -.4      -1.9       -.3      -1.1      -1.5       3.3 |      -2.8 
     Primary energy                                |             |    10.42    |     -4.6       6.4       1.6 |      4.7       1.2      -7.2 |       .3        .5       1.4      -1.3      -8.4       5.9 |        .3 
                                                   |             |             |                              |                              |                                                            |
  Non-energy                                       |             |    75.34    |      3.9       1.1       2.1 |     -1.7      -4.0      -7.1 |       .0        .1       -.1      -1.0      -3.3       -.1 |      -5.6 
     Selected high-technology industries           |             |     4.31    |     22.4      17.3      22.3 |     18.3      20.7       2.2 |       .1        .5        .8       -.5       -.7       -.9 |       9.9 
        Computers and peripheral equipment         |        3341 |      .98    |     28.8      18.0      16.7 |     26.4      13.3      -3.2 |       .2        .1       -.3       -.6       -.8      -1.1 |       8.4 
        Communications equipment                   |        3342 |     1.28    |     13.7      20.6      20.6 |      7.2      25.4       4.2 |       .5        .4        .3        .2        .4       -.3 |      10.4 
        Semiconductors and related                 |             |             |                              |                              |                                                            |
           electronic components                   |    334412-9 |     2.04    |     24.0      15.4      25.9 |     21.9      21.4       3.4 |      -.2        .8       1.6      -1.0      -1.5      -1.2 |      10.1 
                                                   |             |             |                              |                              |                                                            |
     Excluding selected high-technology            |             |             |                              |                              |                                                            |
           industries                              |             |    71.03    |      2.7        .0        .8 |     -2.9      -5.4      -7.7 |      -.1        .0       -.2      -1.0      -3.4        .0 |      -6.5 
                                                   |             |             |                              |                              |                                                            |
        Motor vehicles and parts                   |      3361-3 |     5.12    |      -.3      -5.9      -2.2 |    -14.3     -28.6      -6.8 |       .4       4.1       2.7     -11.1       1.3      -3.5 |     -18.4 
           Motor vehicles                          |        3361 |     2.28    |     -2.3      -7.0      -2.7 |    -16.7     -40.5        .9 |      2.8       9.0       5.1     -17.5       3.6      -5.8 |     -23.2 
           Motor vehicle parts                     |        3363 |     2.47    |      -.6      -4.3        .5 |    -10.8     -15.5      -5.8 |      -.4        .9       2.0      -5.8        .1      -2.0 |     -11.8 
                                                   |             |             |                              |                              |                                                            |
        Excluding motor vehicles and parts         |             |    65.91    |      3.0        .6       1.1 |     -2.0      -3.5      -7.7 |      -.1       -.2       -.4       -.3      -3.7        .2 |      -5.6 
           Consumer goods                          |             |    19.88    |      3.1       1.0        .3 |     -1.7      -1.7      -3.5 |       .0       -.3       -.3       -.4       -.7        .1 |      -2.4 
           Business equipment                      |             |     7.33    |      7.3       5.8       2.8 |      2.8      -6.1     -10.6 |       .3        .1       -.3        .6      -9.0      -2.5 |     -11.5 
           Construction supplies                   |             |     4.17    |      7.5      -3.7      -1.9 |     -7.6      -5.2      -2.8 |       .3       -.4        .8      -1.0      -2.0      -1.2 |      -7.3 
           Business supplies                       |             |     7.41    |      2.4      -1.6       -.1 |     -3.5      -5.5      -8.5 |      -.2      -1.1       -.7        .2      -2.8        .4 |      -5.7 
           Materials                               |             |    25.38    |       .6        .7       1.8 |     -2.5      -3.4     -10.8 |      -.3       -.1       -.6       -.5      -5.2       1.2 |      -6.5 
                                                   |             |             |                              |                              |                                                            |
  Measures excluding selected high-technology      |             |             |                              |                              |                                                            |
        industries                                 |             |             |                              |                              |                                                            |
  Total industry                                   |             |    95.69    |      1.6        .9       1.2 |      -.4      -4.4      -8.1 |      -.2        .1        .0      -1.2      -3.9       1.4 |      -4.7 
     Manufacturing<1>                              |             |    74.39    |      2.5        .1       1.1 |     -2.1      -5.4      -8.4 |       .0       -.2       -.1      -1.0      -3.8        .7 |      -6.1 
        Durable                                    |             |    34.37    |      4.7       -.5       1.5 |     -2.8      -8.8      -6.8 |      -.2        .4        .3      -1.6      -3.4      -1.9 |      -8.9 
                                                   |             |             |                              |                              |                                                            |
  Measures excluding motor vehicles and parts      |             |             |                              |                              |                                                            |
  Total industry                                   |             |    94.88    |      2.8       2.1       2.4 |      1.2      -1.9      -7.7 |      -.2       -.1       -.1       -.7      -4.0       1.5 |      -3.3 
     Manufacturing<1>                              |             |    73.58    |      4.0       1.7       2.6 |       .0      -2.2      -7.9 |       .0       -.4       -.2       -.4      -3.9        .8 |      -4.4 
        Durable                                    |             |    33.56    |      8.1       2.8       4.8 |      1.8      -1.9      -5.7 |      -.2       -.1        .0       -.1      -3.6      -1.5 |      -5.1 
                                                   |             |             |                              |                              |                                                            |
  Measures excluding selected high-technology      |             |             |                              |                              |                                                            |
        industries and motor vehicles and parts    |             |             |                              |                              |                                                            |
  Total industry                                   |             |    90.57    |      1.7       1.4       1.4 |       .4      -3.0      -8.1 |      -.2       -.1       -.1       -.7      -4.1       1.6 |      -4.0 
     Manufacturing<1>                              |             |    69.27    |      2.7        .6       1.3 |     -1.1      -3.7      -8.5 |       .0       -.4       -.3       -.4      -4.2        .9 |      -5.3 
                                                   |             |             |                              |                              |                                                            |
 Measures of non-energy materials                  |             |             |                              |                              |                                                            |
       inputs to                                   |             |             |                              |                              |                                                            |
  Finished processors                              |             |    11.68    |      5.6       2.8       5.1 |       .7      -1.7      -4.7 |       .1       -.2        .1      -1.1      -1.5      -1.3 |      -3.6 
  Primary and semifinished processors              |             |    17.61    |       .1        .3       2.4 |     -3.0      -3.8     -12.9 |      -.6        .1       -.5       -.9      -6.7       2.2 |      -7.5 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised.  [p]  Preliminary.
      <1>  See note on cover page.
 
 
 
 Table 3
 Motor Vehicle Assemblies
 Millions of units, seasonally adjusted annual rate
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                   |  2007 |   2007    2008                 |   2008                                         
 Item                                              |Average|     Q4      Q1      Q2      Q3 |    May    June    July    Aug.   Sept.    Oct. 
 --------------------------------------------------------------------------------------------------------------------------------------------
  Total                                            | 10.75 |  10.50    9.91    8.78    8.76 |   8.69    9.21    9.70    8.18    8.41    8.09 
     Autos                                         |  3.92 |   3.97    3.93    3.65    4.21 |   3.66    3.79    4.57    4.07    3.99    3.83 
     Trucks                                        |  6.83 |   6.53    5.98    5.13    4.55 |   5.03    5.42    5.13    4.11    4.42    4.25 
        Light                                      |  6.55 |   6.29    5.74    4.88    4.34 |   4.77    5.20    4.92    3.90    4.21    4.04 
        Medium and heavy                           |   .28 |    .24     .24     .24     .21 |    .25     .21     .21     .21     .20     .21 
                                                   |       |                                |
  Memo:                                            |       |                                |
     Autos and light trucks                        | 10.47 |  10.26    9.67    8.53    8.55 |   8.43    8.99    9.49    7.97    8.21    7.88 
 --------------------------------------------------------------------------------------------------------------------------------------------
      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
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |        2007 |     2008                                                                                 
 Item                                              |    NAICS    |   Proportion|     Feb.      Mar.      Apr.    May[r]   June[r]   July[r]   Aug.[r]  Sept.[r]   Oct.[p] 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |
  Total IP                                         |             |   100.00    |    112.3     112.0     111.4     111.2     111.3     111.4     110.1     105.9     107.3 
                                                   |             |             |
  MARKET GROUP                                     |             |             |
  Final products and nonindustrial supplies        |             |    56.13    |    112.0     111.4     110.8     110.5     110.7     110.7     109.3     106.6     107.1 
     Consumer goods                                |             |    29.33    |    107.9     106.7     106.2     105.8     106.2     106.2     104.1     102.9     104.3 
        Durable                                    |             |     6.68    |    100.0      97.8      94.5      94.9      96.8      97.6      91.5      90.8      88.9 
           Automotive products                     |             |     3.23    |     98.5      93.8      87.2      87.9      92.3      93.6      83.2      84.7      81.6 
           Home electronics                        |             |      .31    |    168.1     169.7     177.4     179.9     177.1     184.8     183.2     178.7     178.4 
           Appliances, furniture, carpeting        |             |     1.08    |     87.3      87.3      86.9      86.3      85.4      85.0      81.5      78.1      77.3 
           Miscellaneous goods                     |             |     2.06    |    100.9     101.4     100.8     100.9     100.9     100.8      99.9      97.6      96.9 
        Nondurable                                 |             |    22.65    |    110.4     109.5     109.8     109.1     109.1     108.9     108.0     106.7     109.0 
           Non-energy                              |             |    16.27    |    109.1     109.5     109.1     109.2     109.0     108.7     108.8     108.5     108.8 
              Foods and tobacco                    |             |     8.99    |    109.2     110.2     109.8     109.9     109.2     108.8     108.8     108.5     109.2 
              Clothing                             |             |      .54    |     76.5      75.3      74.8      73.7      75.0      75.8      76.3      75.6      74.2 
              Chemical products                    |             |     4.71    |    119.0     118.1     118.7     118.7     119.0     119.4     118.9     119.2     119.0 
              Paper products                       |             |     1.56    |     96.6      97.2      94.9      95.2      95.8      94.5      94.6      94.0      94.2 
           Energy                                  |             |     6.38    |    113.8     109.7     111.7     109.4     109.8     109.6     106.6     102.7     109.8 
                                                   |             |             |
     Business equipment                            |             |     9.38    |    131.1     132.3     130.0     130.4     130.8     130.8     130.5     121.2     118.5 
        Transit                                    |             |     1.71    |    121.1     120.7     118.1     118.6     120.8     121.2     115.9      76.2      68.5 
        Information processing                     |             |     2.72    |    167.5     169.9     172.0     172.8     173.7     172.9     172.6     171.0     170.7 
        Industrial and other                       |             |     4.95    |    116.5     117.6     113.8     114.0     113.6     113.7     115.1     112.8     110.9 
     Defense and space equipment                   |             |     1.73    |    119.6     119.6     119.5     119.0     120.2     119.1     119.4     116.9     118.1 
                                                   |             |             |
     Construction supplies                         |             |     4.21    |    102.3     102.3     101.4     101.7     101.3     102.1     101.1      99.2      98.1 
     Business supplies                             |             |    10.64    |    109.2     108.5     108.6     107.9     107.5     107.4     106.3     103.6     104.3 
                                                   |             |             |
  Materials                                        |             |    43.87    |    112.6     112.8     112.3     112.2     112.1     112.3     111.1     105.1     107.6 
     Non-energy                                    |             |    29.30    |    116.0     116.4     115.7     115.4     115.4     115.1     113.9     108.6     109.5 
        Durable                                    |             |    17.55    |    126.0     126.4     125.7     125.0     125.4     125.7     124.2     121.9     119.9 
           Consumer parts                          |             |     2.92    |     89.1      87.6      86.0      85.7      86.5      87.1      81.6      81.3      78.9 
           Equipment parts                         |             |     6.02    |    179.9     182.8     182.3     181.6     182.5     182.6     183.4     180.6     179.1 
           Other                                   |             |     8.62    |    109.6     109.5     109.2     108.4     108.4     108.6     107.8     105.1     103.2 
        Nondurable                                 |             |    11.75    |    101.4     101.8     101.1     101.2     100.8      99.8      99.1      90.4      94.5 
           Textile                                 |             |      .52    |     71.0      69.6      68.9      69.2      67.4      67.8      69.6      67.4      66.8 
           Paper                                   |             |     2.23    |     95.9      96.6      95.8      97.8      95.1      94.5      94.6      92.4      91.8 
           Chemical                                |             |     5.78    |    109.9     109.7     109.4     109.1     108.9     107.9     105.9      89.2      98.6 
     Energy                                        |             |    14.58    |    104.5     104.3     104.1     104.2     104.1     105.1     103.7      96.9     101.9 
                                                   |             |             |
                                                   |             |             |
  INDUSTRY GROUP                                   |             |             |
  Manufacturing                                    |             |    78.70    |    113.1     113.3     112.3     112.3     112.2     112.1     111.0     106.9     107.5 
     Manufacturing (NAICS)                         |       31-33 |    75.02    |    114.5     114.6     113.7     113.7     113.6     113.6     112.4     108.1     108.8 
                                                   |             |             |
        Durable manufacturing                      |             |    38.51    |    122.2     122.4     120.7     120.6     121.0     121.4     119.6     115.9     113.9 
           Wood products                           |         321 |     1.19    |     91.0      91.4      90.2      89.6      89.0      88.4      87.6      85.1      81.5 
           Nonmetallic mineral products            |         327 |     2.25    |    104.9     106.5     104.9     105.0     103.9     105.1     104.2     101.8     101.3 
           Primary metal                           |         331 |     2.70    |    114.1     112.3     111.5     109.5     109.9     112.0     109.8     104.4      99.4 
           Fabricated metal products               |         332 |     5.58    |    113.5     113.6     112.4     111.5     110.1     109.7     110.3     109.1     107.5 
           Machinery                               |         333 |     4.89    |    114.1     116.0     112.4     112.3     112.2     111.2     113.0     110.3     108.4 
           Computer and electronic products        |         334 |     6.85    |    202.2     206.2     208.9     209.5     210.5     211.3     210.4     208.1     207.2 
          Electrical equip., appliances,           |             |             |
              and components                       |         335 |     1.93    |    104.4     106.0     105.7     106.6     106.7     106.4     105.5     102.8     103.4 
           Motor vehicles and parts                |      3361-3 |     5.12    |     93.0      88.6      83.1      83.4      86.8      89.2      79.4      80.4      77.6 
          Aerospace and miscellaneous              |             |             |
              transportation equipment             |      3364-9 |     3.50    |    125.2     125.1     124.4     124.0     125.9     124.3     123.6     102.2      99.1 
           Furniture and related products          |         337 |     1.43    |     96.4      95.9      94.6      94.4      93.7      92.8      89.2      87.6      85.1 
           Miscellaneous                           |         339 |     3.09    |    115.3     117.1     116.3     116.6     116.1     116.6     118.8     116.7     116.4 
                                                   |             |             |
        Nondurable manufacturing                   |             |    36.50    |    106.0     106.2     106.0     106.2     105.5     105.2     104.6      99.8     102.9 
           Food, beverage, and tobacco products    |       311,2 |    10.74    |    109.7     111.0     110.6     110.4     109.9     109.3     109.3     108.9     109.6 
           Textile and product mills               |       313,4 |      .93    |     75.2      74.7      73.3      73.4      72.4      72.5      73.2      71.5      71.1 
           Apparel and leather                     |       315,6 |      .57    |     77.1      76.0      75.6      74.5      75.9      76.7      77.1      76.5      75.1 
           Paper                                   |         322 |     2.54    |     93.7      95.1      93.8      96.4      94.6      93.8      94.5      91.2      90.9 
           Printing and support                    |         323 |     1.87    |     97.3      98.4      97.4      97.0      94.2      92.6      94.0      92.9      92.4 
           Petroleum and coal products             |         324 |     5.24    |    110.6     109.5     110.6     110.9     110.0     110.3     108.6      99.4     109.2 
           Chemical                                |         325 |    11.57    |    113.6     113.2     113.2     113.4     112.7     112.3     111.2     102.0     107.2 
           Plastics and rubber products            |         326 |     3.04    |    102.8     102.0     101.3     101.5     102.4     102.7     100.9      99.6      97.6 
                                                   |             |             |
     Other manufacturing (non-NAICS)               |   1133,5111 |     3.68    |     91.2      91.0      89.1      88.5      88.4      87.3      86.7      86.3      85.9 
                                                   |             |             |
  Mining                                           |          21 |    11.62    |    103.6     103.9     104.0     104.1     104.2     105.7     105.5      96.5     102.4 
  Utilities                                        |      2211,2 |     9.68    |    112.6     108.7     110.4     108.0     110.0     109.2     104.7     107.3     107.7 
     Electric                                      |        2211 |     7.98    |    113.5     110.4     111.8     109.2     112.3     111.3     106.0     108.8     109.4 
     Natural gas                                   |        2212 |     1.70    |    107.9     101.0     103.4     102.0      99.4      99.8      98.4      99.8      99.8 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      Note.  See notes to table 1.
 
 
 
 Table 5
 Industrial Production Indexes: Special Aggregates
 2002 = 100, seasonally adjusted
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |        2007 |     2008                                                                                 
 Item                                              |    NAICS    |   Proportion|     Feb.      Mar.      Apr.    May[r]   June[r]   July[r]   Aug.[r]  Sept.[r]   Oct.[p] 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |
  Total industry                                   |             |   100.00    |    112.3     112.0     111.4     111.2     111.3     111.4     110.1     105.9     107.3 
                                                   |             |             |
  Energy                                           |             |    24.66    |    109.4     107.8     108.6     107.9     108.1     108.8     106.8     101.4     106.5 
     Consumer products                             |             |     6.38    |    113.8     109.7     111.7     109.4     109.8     109.6     106.6     102.7     109.8 
     Commercial products                           |             |     2.94    |    119.0     114.3     117.6     115.3     116.7     117.9     113.5     111.0     113.0 
     Oil and gas well drilling                     |      213111 |      .77    |    167.5     171.0     174.3     177.3     179.9     179.2     183.3     189.6     187.5 
     Converted fuel                                |             |     4.15    |    110.0     108.5     109.0     108.5     106.5     106.1     105.0     103.4     106.8 
     Primary energy                                |             |    10.42    |    102.0     102.4     101.9     102.2     102.8     104.2     102.8      94.2      99.7 
                                                   |             |             |
  Non-energy                                       |             |    75.34    |    112.8     113.0     111.9     111.9     112.0     111.8     110.7     107.1     107.0 
     Selected high-technology industries           |             |     4.31    |    257.0     264.5     269.5     269.7     271.1     273.2     271.7     269.7     267.3 
        Computers and peripheral equipment         |        3341 |      .98    |    210.3     214.0     216.3     216.7     216.9     216.3     215.1     213.3     211.0 
        Communications equipment                   |        3342 |     1.28    |    190.9     195.7     202.7     203.6     204.4     205.1     205.6     206.3     205.7 
        Semiconductors and related                 |             |             |
           electronic components                   |    334412-9 |     2.04    |    326.4     338.6     342.7     342.0     344.7     350.2     346.6     341.5     337.4 
                                                   |             |             |
     Excluding selected high-technology            |             |             |
           industries                              |             |    71.03    |    106.3     106.3     105.1     105.0     105.1     104.9     103.8     100.3     100.2 
                                                   |             |             |
        Motor vehicles and parts                   |      3361-3 |     5.12    |     93.0      88.6      83.1      83.4      86.8      89.2      79.4      80.4      77.6 
           Motor vehicles                          |        3361 |     2.28    |     92.8      86.8      76.5      78.6      85.6      90.0      74.3      76.9      72.5 
           Motor vehicle parts                     |        3363 |     2.47    |     92.5      89.2      87.8      87.4      88.2      89.9      84.7      84.8      83.1 
                                                   |             |             |
        Excluding motor vehicles and parts         |             |    65.91    |    107.4     107.8     107.0     106.9     106.7     106.2     105.9     102.0     102.2 
           Consumer goods                          |             |    19.88    |    106.9     107.3     106.8     106.8     106.5     106.3     105.9     105.2     105.3 
           Business equipment                      |             |     7.33    |    120.4     121.5     118.8     119.1     119.3     118.9     119.6     108.9     106.1 
           Construction supplies                   |             |     4.17    |    101.5     101.5     100.5     100.9     100.4     101.2     100.2      98.2      97.1 
           Business supplies                       |             |     7.41    |    100.9     101.6     100.5     100.4      99.3      98.6      98.8      96.1      96.4 
           Materials                               |             |    25.38    |    106.9     107.2     106.6     106.4     106.2     105.6     105.1      99.6     100.7 
                                                   |             |             |
  Measures excluding selected high-technology      |             |             |
        industries                                 |             |             |
  Total industry                                   |             |    95.69    |    107.2     106.8     106.1     105.9     105.9     106.0     104.7     100.6     102.0 
     Manufacturing<1>                              |             |    74.39    |    106.8     106.7     105.6     105.6     105.5     105.3     104.3     100.2     100.9 
        Durable                                    |             |    34.37    |    109.5     109.3     107.3     107.0     107.4     107.7     106.0     102.4     100.5 
                                                   |             |             |
  Measures excluding motor vehicles and parts      |             |             |
  Total industry                                   |             |    94.88    |    113.5     113.5     113.2     113.0     112.9     112.8     112.0     107.6     109.2 
     Manufacturing<1>                              |             |    73.58    |    114.8     115.3     114.7     114.7     114.3     114.0     113.6     109.1     110.0 
        Durable                                    |             |    33.56    |    127.8     128.9     128.0     127.7     127.6     127.6     127.4     122.8     120.9 
                                                   |             |             |
  Measures excluding selected high-technology      |             |             |
        industries and motor vehicles and parts    |             |             |
  Total industry                                   |             |    90.57    |    108.0     107.9     107.5     107.3     107.1     107.0     106.3     101.9     103.5 
     Manufacturing<1>                              |             |    69.27    |    107.9     108.2     107.5     107.5     107.0     106.7     106.3     101.9     102.9 
                                                   |             |             |
 Measures of non-energy materials                  |             |             |
       inputs to                                   |             |             |
  Finished processors                              |             |    11.68    |    127.7     128.4     127.4     127.6     127.4     127.5     126.0     124.2     122.6 
  Primary and semifinished processors              |             |    17.61    |    107.7     107.9     107.5     106.8     107.0     106.5     105.5      98.4     100.6 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 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
  2006     60.9    43.3    52.6    57.4    49.0    52.9    56.1    48.4    44.6    42.0    42.3    59.0 
  2007     42.9    56.4    58.3    62.2    49.7    57.4    55.6    45.5    53.8    44.6    57.1    50.0 
  2008     48.1    45.5    53.5    42.6    53.4    54.5    50.3    41.3    29.5 
 
 Three Months Earlier
  2006     58.3    50.6    56.4    51.9    55.1    51.3    52.6    52.6    49.4    41.7    37.5    45.2 
  2007     46.2    52.9    51.0    62.5    59.6    61.9    59.6    56.7    55.8    43.6    52.9    51.9 
  2008     48.4    42.6    46.8    45.2    52.9    46.2    51.6    44.2    28.2 
 
 Six Months Earlier
  2006     56.4    54.2    58.0    57.7    52.9    52.2    49.0    53.8    49.0    44.2    44.9    47.1 
  2007     38.8    43.6    45.5    57.4    58.7    56.4    65.4    57.7    61.2    51.6    53.5    54.8 
  2008     46.5    43.9    47.1    44.2    44.6    45.8    47.4    46.2    30.8 
 -------------------------------------------------------------------------------------------------------
      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-     1994-     2001-|                              |
                                                  |             |      2007   |     2007         95        02|     2008                     |     2008                                                   
 Item                                             |    NAICS    |   proportion|     ave.       high       low|       Q1     Q2[r]     Q3[r] |   May[r]   June[r]   July[r]   Aug.[r]  Sept.[r]   Oct.[p] 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                  |             |      100.00 |     81.0      85.1      73.6 |     80.7      79.7      77.9 |     79.6      79.6      79.6      78.5      75.5      76.4 
                                                  |             |             |                              |                              |
  Manufacturing<1>                                |             |       80.83 |     79.7      84.6      71.5 |     78.7      77.5      75.7 |     77.6      77.4      77.2      76.4      73.5      73.8 
     Manufacturing (NAICS)                        |       31-33 |       77.04 |     79.5      84.7      71.0 |     78.7      77.6      75.7 |     77.6      77.4      77.3      76.4      73.4      73.8 
                                                  |             |             |                              |                              |
        Durable manufacturing                     |             |       41.25 |     78.0      84.2      68.1 |     77.1      75.4      73.8 |     75.3      75.4      75.5      74.2      71.8      70.3 
           Wood products                          |         321 |        1.36 |     79.9      87.9      70.7 |     67.7      66.3      64.5 |     66.3      65.9      65.5      65.0      63.1      60.5 
           Nonmetallic mineral products           |         327 |        2.35 |     79.4      84.0      74.9 |     76.1      74.9      74.0 |     75.2      74.3      75.1      74.4      72.6      72.1 
           Primary metal                          |         331 |        2.64 |     80.9      95.8      68.5 |     85.5      82.6      81.2 |     82.0      82.2      83.7      82.0      77.9      74.1 
           Fabricated metal products              |         332 |        5.64 |     77.5      85.5      69.5 |     81.3      79.6      78.3 |     79.7      78.6      78.3      78.7      77.8      76.6 
           Machinery                              |         333 |        5.15 |     78.7      87.6      63.7 |     76.6      74.4      73.6 |     74.4      74.2      73.5      74.6      72.7      71.4 
           Computer and electronic products       |         334 |        7.82 |     78.3      83.7      58.2 |     77.9      78.5      76.6 |     78.4      78.1      77.7      76.8      75.4      74.4 
          Electrical equip., appliances,          |             |             |                              |                              |
              and components                      |         335 |        1.87 |     83.2      93.1      72.0 |     83.3      83.4      81.9 |     83.6      83.6      83.2      82.3      80.1      80.4 
           Motor vehicles and parts               |      3361-3 |        5.82 |     77.4      89.0      69.7 |     69.7      64.1      62.9 |     63.3      65.9      67.7      60.1      60.9      58.7 
          Aerospace and miscellaneous             |             |             |                              |                              |
              transportation equipment            |      3364-9 |        3.69 |     72.7      68.8      62.8 |     79.9      78.8      73.4 |     78.4      79.4      78.3      77.7      64.2      62.2 
           Furniture and related products         |         337 |        1.53 |     78.6      83.2      68.2 |     73.5      71.7      68.5 |     71.9      71.4      70.7      68.0      66.9      65.0 
           Miscellaneous                          |         339 |        3.38 |     76.6      81.2      70.5 |     74.3      73.7      74.1 |     73.9      73.4      73.6      75.0      73.5      73.3 
                                                  |             |             |                              |                              |
        Nondurable manufacturing                  |             |       35.78 |     81.6      85.4      74.8 |     80.6      80.1      77.9 |     80.3      79.7      79.5      79.0      75.3      77.6 
           Food, beverage, and tobacco products   |       311,2 |       10.68 |     81.5      84.0      75.7 |     80.9      80.8      79.8 |     80.8      80.4      79.9      79.9      79.5      80.0 
           Textile and product mills              |       313,4 |        1.08 |     82.0      91.8      68.9 |     67.3      66.0      65.9 |     66.4      65.6      65.9      66.6      65.3      65.1 
           Apparel and leather                    |       315,6 |         .66 |     78.4      87.5      60.2 |     73.1      72.1      74.1 |     71.3      72.8      73.8      74.5      74.1      73.0 
           Paper                                  |         322 |        2.50 |     87.6      92.4      78.5 |     82.1      82.2      80.8 |     83.5      82.0      81.3      82.0      79.2      78.9 
           Printing and support                   |         323 |        2.00 |     83.5      86.5      72.6 |     75.4      73.7      71.2 |     74.3      72.1      70.8      71.8      70.9      70.4 
           Petroleum and coal products            |         324 |        4.21 |     85.9      90.5      83.8 |     90.6      90.6      87.0 |     90.9      90.2      90.4      89.0      81.5      89.6 
           Chemical                               |         325 |       11.69 |     78.3      81.2      69.4 |     78.1      77.3      74.0 |     77.5      77.0      76.7      75.8      69.4      72.9 
           Plastics and rubber products           |         326 |        2.98 |     83.6      91.8      74.6 |     82.4      81.3      80.4 |     81.1      81.7      81.8      80.2      79.1      77.4 
                                                  |             |             |                              |                              |
     Other manufacturing (non-NAICS)              |   1133,5111 |        3.79 |     84.5      83.0      80.3 |     78.4      76.2      74.5 |     76.1      76.0      74.9      74.4      74.1      73.8 
                                                  |             |             |                              |                              |
  Mining                                          |          21 |        9.90 |     87.5      88.7      84.8 |     90.5      90.8      89.3 |     90.8      90.8      92.1      91.8      84.0      89.0 
  Utilities                                       |      2211,2 |        9.27 |     86.8      93.9      84.6 |     87.1      85.6      83.3 |     84.5      85.9      85.2      81.5      83.3      83.5 
                                                  |             |             |                              |                              |
  Selected high-technology industries             |             |        4.93 |     78.1      85.6      55.9 |     80.1      80.6      78.1 |     80.5      79.9      79.5      78.1      76.6      75.0 
     Computers and peripheral equipment           |        3341 |        1.13 |     77.9      86.3      66.8 |     80.5      80.8      78.2 |     80.8      80.2      79.3      78.2      77.0      75.5 
     Communications equipment                     |        3342 |        1.45 |     75.7      82.8      40.4 |     80.3      82.8      81.6 |     82.8      82.5      82.1      81.6      81.2      80.3 
     Semiconductors and related                   |             |             |                              |                              |
        electronic components                     |    334412-9 |        2.35 |     80.8      92.2      57.4 |     80.0      79.5      76.3 |     79.2      78.5      78.5      76.4      74.1      72.1 
                                                  |             |             |                              |                              |
  Measures excluding selected high-technology     |             |             |                              |                              |
        industries                                |             |             |                              |                              |
  Total industry                                  |             |       95.07 |     81.2      85.0      74.8 |     80.7      79.7      77.8 |     79.6      79.6      79.6      78.5      75.4      76.4 
     Manufacturing<1>                             |             |       75.90 |     79.8      84.5      72.8 |     78.6      77.4      75.5 |     77.4      77.2      77.1      76.2      73.3      73.7 
                                                  |             |             |                              |                              |
  Stage-of-process groups                         |             |             |                              |                              |
  Crude                                           |             |       13.93 |     86.6      89.5      81.9 |     89.5      89.2      86.4 |     89.6      88.8      89.7      89.4      80.1      85.6 
  Primary and semifinished                        |             |       47.15 |     82.2      88.2      74.6 |     80.9      79.8      77.7 |     79.6      79.6      79.3      77.9      75.9      76.5 
  Finished                                        |             |       38.92 |     77.7      80.4      69.9 |     77.2      76.0      74.8 |     75.9      76.1      76.0      75.1      73.3      72.7 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [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-|                                    |  2008                      |         2008 
 Item                                   |     79     88     94  2008 |    2005     2006     2007     2008 |    Q1     Q2     Q3     Q4 |         Oct. 
 -----------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                        |   3.0    2.0    2.2    3.0 |      .8      1.3      1.8      1.5 |   1.8    1.6    1.4    1.3 |           .1 
                                        |                            |                                    |                            |
  Manufacturing<1>                      |   3.2    2.2    2.5    3.4 |     1.4      1.4      2.0      1.7 |   2.0    1.8    1.6    1.5 |           .1 
                                        |                            |                                    |                            |
  Mining                                |    .8     .0    -.8    -.4 |    -1.1      1.4      1.7       .7 |    .9     .7     .6     .7 |           .1 
  Utilities                             |   4.2    2.3    1.5    2.2 |      .7       .8      1.2      2.2 |   2.3    2.4    2.2    2.0 |           .2 
                                        |                            |                                    |                            |
                                        |                            |                                    |                            |
  Selected high-technology industries   |  19.7   17.4   15.6   24.7 |    13.1     10.3     21.4     17.6 |  20.8   18.0   16.1   15.5 |          1.2 
  Manufacturing<1> ex. selected         |                            |                                    |                            |
        high-technology industries      |   2.6    1.3    1.6    1.5 |      .7       .8       .8       .8 |    .9     .8     .8     .8 |           .1 
                                        |                            |                                    |                            |
  Stage-of-process groups               |                            |                                    |                            |
  Crude                                 |   1.7     .3    -.4     .0 |     -.8       .9      1.4       .5 |    .7     .5     .4     .5 |           .0 
  Primary and semifinished              |   3.0    1.4    2.4    3.5 |      .8      1.2      2.1      1.9 |   2.3    2.0    1.7    1.5 |           .1 
  Finished                              |   3.8    3.4    2.6    3.2 |     2.3      1.8      1.7      1.8 |   1.9    1.8    1.8    1.7 |           .1 
 -----------------------------------------------------------------------------------------------------------------------------------------------------
      <1>  Refer to note on cover page.
 
 
 
 Table 9
 Gross Value of Final Products and Nonindustrial Supplies
 Billions of 2000 dollars at annual rate, seasonally adjusted
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      |            |            |       2008                         |       2008                                                             
 Item                                 |    2000    |       2007 |         Q1       Q2[r]       Q3[r] |     May[r]     June[r]     July[r]     Aug.[r]    Sept.[r]     Oct.[p] 
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      |            |            |                                    |
  Final products and nonindustrial    |            |            |                                    |
        supplies                      |    2,813.4 |    3,034.7 |    3,046.7     3,003.2     2,946.7 |    2,998.4     3,005.8     3,014.8     2,958.9     2,866.5     2,904.9 
                                      |            |            |                                    |
     Final products                   |    2,114.3 |    2,311.5 |    2,326.3     2,288.4     2,245.0 |    2,283.6     2,293.6     2,300.2     2,251.6     2,183.0     2,217.9 
                                      |            |            |                                    |
        Consumer goods                |    1,476.4 |    1,606.3 |    1,610.7     1,580.3     1,551.1 |    1,576.3     1,583.2     1,589.2     1,547.3     1,516.9     1,557.4 
           Durable                    |      471.7 |      495.0 |      476.4       449.9       441.8 |      446.5       460.0       467.0       429.6       428.9       417.6 
              Automotive products     |      278.6 |      299.3 |      287.9       261.9       257.9 |      258.1       272.6       278.9       245.0       249.9       239.9 
              Other durable goods     |      193.0 |      195.8 |      188.5       187.9       183.8 |      188.3       187.4       188.1       184.4       179.0       177.6 
           Nondurable                 |    1,004.8 |    1,105.3 |    1,122.7     1,113.7     1,092.9 |    1,112.5     1,109.5     1,110.1     1,097.7     1,071.0     1,114.6 
                                      |            |            |                                    |
        Equipment, total              |      637.9 |      715.4 |      727.5       721.4       706.4 |      720.8       724.0       724.0       720.7       674.6       662.0 
           Business and defense       |      621.5 |      698.4 |      711.2       703.4       687.1 |      702.7       705.8       705.6       702.0       653.7       641.1 
              Business                |      561.2 |      622.5 |      633.4       625.5       609.4 |      625.4       627.4       628.2       624.2       575.8       561.6 
              Defense and space       |       60.3 |       77.1 |       79.0        78.7        78.0 |       78.3        79.2        78.4        78.6        77.0        77.8 
                                      |            |            |                                    |
     Nonindustrial supplies           |      699.1 |      724.5 |      722.2       716.2       703.1 |      716.1       713.8       716.1       708.4       684.7       688.7 
        Construction supplies         |      196.8 |      200.3 |      194.7       191.8       190.9 |      192.4       191.6       193.5       191.7       187.5       184.7 
        Business supplies             |      502.3 |      524.2 |      527.5       524.4       512.3 |      523.7       522.2       522.7       516.7       497.3       504.0 
           Commercial energy products |      135.7 |      155.1 |      158.6       158.5       154.4 |      157.3       158.7       160.1       155.0       148.1       151.8 
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [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                        |
                                                             |                  |------------------------------|------------------------------|------------------------------------------------------------| Oct. '07 
                                                             |             2007 |                              |     2008                     |     2008                                                   |     to
 Item                                                        |    gross value<1>|     2005      2006      2007 |       Q1     Q2[r]     Q3[r] |   May[r]   June[r]   July[r]   Aug.[r]  Sept.[r]   Oct.[p] |  Oct. '08 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |                  |                              |                              |                                                            |
  Finished                                                   |        1996.8    |      5.3       2.3       1.4 |     -1.4      -6.5      -4.7 |       .2        .6        .4      -2.1      -2.2      -1.1 |      -6.1 
  Semifinished                                               |        1719.2    |      4.8      -1.6       2.4 |     -1.7      -3.1      -4.6 |      -.7        .7       -.1      -1.6       -.7       -.6 |      -4.4 
  Primary                                                    |         985.6    |      -.7       -.6       2.0 |      4.1      -4.5     -14.7 |      -.8       -.5       -.3      -1.5      -6.0       4.6 |      -3.8 
  Crude                                                      |         426.2    |     -7.9       7.6       2.3 |       .3      -2.4     -15.7 |       .5      -1.6       1.0       -.4     -12.0       8.0 |      -4.4 
                                                             |                  |                              |                              |                                                            |
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [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>     |                                                                                    |                            |
  1986           |    .5    -.7    -.6     .1     .1    -.3     .6    -.2     .2     .5     .5     .9 |   2.3   -2.4    1.7    4.6 |    1.0 
  1987           |   -.3    1.3     .2     .6     .7     .5     .6     .7     .3    1.5     .5     .5 |   5.4    7.2    7.3   10.2 |    5.2 
  1988           |    .0     .4     .3     .6    -.1     .2     .2     .5    -.3     .6     .2     .4 |   3.5    3.5    2.1    3.2 |    5.2 
  1989           |    .2    -.5     .2     .0    -.7     .0    -.9     .9    -.3    -.1     .3     .7 |   1.5   -1.8   -2.5    1.8 |     .9 
                 |                                                                                    |                            |
  1990           |   -.5     .9     .5    -.1     .2     .3    -.1     .2     .2    -.7   -1.2    -.7 |   3.2    2.8    1.4   -6.0 |    1.0 
  1991           |   -.5    -.7    -.5     .2    1.0    1.0     .0     .1     .8    -.2    -.2    -.3 |  -7.5    2.6    5.5     .7 |   -1.6 
  1992           |   -.6     .7     .8     .7     .4     .0     .8    -.5     .2     .7     .4     .0 |   -.3    7.3    2.9    3.9 |    2.8 
  1993           |    .5     .3     .0     .3    -.4     .2     .3     .0     .4     .7     .4     .5 |   3.5    1.2    2.1    6.0 |    3.3 
  1994           |    .4     .0    1.1     .5     .6     .7     .2     .5     .2     .8     .7    1.1 |   5.2    7.4    5.2    8.2 |    5.3 
                 |                                                                                    |                            |
  1995           |    .3     .0     .1    -.1     .2     .3    -.4    1.3     .4    -.2     .3     .5 |   5.3     .9    3.8    3.3 |    4.8 
  1996           |   -.6    1.7    -.2     .7     .6     .9    -.1     .6     .5     .0     .9     .7 |   3.5    7.7    5.1    5.6 |    4.4 
  1997           |    .1    1.2     .8     .0     .6     .5     .6    1.4     .9     .7     .9     .4 |   8.0    6.3    9.7   10.7 |    7.3 
  1998           |    .4     .0     .0     .5     .6    -.5    -.4    2.1    -.3     .7    -.1     .3 |   4.1    3.1    2.9    5.2 |    5.9 
  1999           |    .5     .4     .2     .2     .7    -.2     .6     .5    -.4    1.3     .6     .8 |   4.3    3.8    4.0    8.0 |    4.3 
                 |                                                                                    |                            |
  2000           |    .1     .4     .4     .6     .2     .1    -.2    -.2     .4    -.4     .0    -.3 |   4.9    5.0    -.3   -1.3 |    4.2 
  2001           |   -.7    -.6    -.3    -.3    -.7    -.6    -.5    -.4    -.4    -.6    -.5     .0 |  -5.5   -5.2   -5.9   -5.2 |   -3.4 
  2002           |    .5     .1     .7     .4     .5    1.0    -.3     .1     .0    -.3     .4    -.5 |   2.3    6.3    2.3    -.5 |    -.1 
  2003           |    .6     .4    -.2    -.8     .0     .2     .4    -.1     .5     .1     .8    -.1 |   2.7   -2.9    2.8    3.7 |    1.2 
  2004           |    .3     .5    -.5     .5     .7    -.8     .7     .3    -.1    1.0     .3     .6 |   2.6    2.0    2.0    5.8 |    2.5 
                 |                                                                                    |                            |
  2005           |    .5     .6     .0    -.1     .3     .4     .0     .2   -1.8    1.2    1.1     .5 |   5.4    1.9    -.4    3.7 |    3.3 
  2006           |    .1    -.1     .2     .4    -.1     .5     .3     .1    -.4    -.1    -.2     .6 |   3.2    2.6    1.9    -.9 |    2.2 
  2007           |   -.4     .7    -.1     .5     .0     .3     .6     .0     .3    -.4     .4     .1 |   1.5    3.2    3.6     .3 |    1.7 
  2008           |    .2    -.3    -.2    -.5    -.2     .1     .1   -1.2   -3.7    1.3               |    .4   -3.4   -7.6        |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2002=100)      |                                                                                    |                            |
  2006           | 108.8  108.7  109.0  109.4  109.3  109.9  110.1  110.2  109.8  109.7  109.5  110.2 | 108.9  109.5  110.1  109.8 |  109.6 
  2007           | 109.8  110.5  110.4  111.0  111.0  111.4  112.0  112.0  112.3  111.8  112.3  112.4 | 110.2  111.1  112.1  112.2 |  111.4 
  2008           | 112.6  112.3  112.0  111.4  111.2  111.3  111.4  110.1  105.9  107.3               | 112.3  111.3  109.1        |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2002 output)    |                                                                                    |                            |
  2006           | 134.6  134.7  134.9  135.0  135.2  135.3  135.4  135.6  135.7  135.9  136.0  136.2 | 134.7  135.2  135.6  136.1 |  135.4 
  2007           | 136.4  136.6  136.8  137.0  137.2  137.4  137.6  137.9  138.1  138.3  138.5  138.7 | 136.6  137.2  137.9  138.5 |  137.5 
  2008           | 139.0  139.1  139.3  139.5  139.7  139.9  140.0  140.2  140.3  140.5               | 139.1  139.7  140.2        |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1986           |  79.7   79.0   78.4   78.4   78.4   78.1   78.5   78.3   78.3   78.6   78.8   79.4 |  79.0   78.3   78.4   78.9 |   78.7 
  1987           |  79.0   79.9   79.9   80.2   80.6   80.8   81.2   81.6   81.7   82.8   83.1   83.4 |  79.6   80.5   81.5   83.1 |   81.2 
  1988           |  83.3   83.5   83.7   84.1   83.9   84.1   84.2   84.5   84.2   84.6   84.6   84.9 |  83.5   84.0   84.3   84.7 |   84.1 
  1989           |  85.0   84.5   84.6   84.4   83.7   83.6   82.6   83.2   82.8   82.6   82.6   83.1 |  84.7   83.9   82.9   82.8 |   83.6 
                 |                                                                                    |                            |
  1990           |  82.5   83.0   83.2   82.9   82.9   83.0   82.7   82.8   82.8   82.1   80.9   80.3 |  82.9   83.0   82.8   81.1 |   82.4 
  1991           |  79.8   79.1   78.6   78.6   79.3   80.0   79.9   79.9   80.5   80.2   80.0   79.6 |  79.2   79.3   80.1   79.9 |   79.6 
  1992           |  79.0   79.5   80.0   80.4   80.5   80.4   80.9   80.3   80.4   80.8   80.9   80.8 |  79.5   80.5   80.5   80.9 |   80.3 
  1993           |  81.1   81.2   81.1   81.3   80.9   81.1   81.2   81.1   81.4   81.8   82.0   82.3 |  81.2   81.1   81.2   82.1 |   81.4 
  1994           |  82.5   82.3   83.0   83.2   83.4   83.7   83.7   83.8   83.7   84.2   84.4   85.1 |  82.6   83.4   83.7   84.5 |   83.6 
                 |                                                                                    |                            |
  1995           |  85.0   84.7   84.5   84.1   84.0   83.9   83.3   84.1   84.1   83.6   83.5   83.5 |  84.7   84.0   83.8   83.5 |   84.0 
  1996           |  82.6   83.6   83.1   83.3   83.4   83.7   83.2   83.4   83.4   83.0   83.4   83.5 |  83.1   83.5   83.3   83.3 |   83.3 
  1997           |  83.2   83.8   84.0   83.6   83.7   83.6   83.6   84.2   84.5   84.6   84.8   84.6 |  83.7   83.6   84.1   84.7 |   84.0 
  1998           |  84.4   83.9   83.4   83.3   83.3   82.4   81.6   82.9   82.3   82.5   82.0   82.0 |  83.9   83.0   82.3   82.2 |   82.8 
  1999           |  82.0   82.0   81.8   81.7   82.0   81.6   81.8   81.9   81.3   82.0   82.2   82.6 |  82.0   81.8   81.6   82.3 |   81.9 
                 |                                                                                    |                            |
  2000           |  82.4   82.4   82.4   82.6   82.5   82.4   81.9   81.5   81.6   81.0   80.7   80.2 |  82.4   82.5   81.6   80.6 |   81.8 
  2001           |  79.4   78.7   78.2   77.8   77.1   76.4   75.9   75.4   74.9   74.3   73.8   73.6 |  78.8   77.1   75.4   73.9 |   76.3 
  2002           |  73.8   73.8   74.2   74.4   74.7   75.4   75.1   75.2   75.2   75.0   75.4   75.1 |  73.9   74.8   75.2   75.2 |   74.8 
  2003           |  75.6   75.9   75.9   75.3   75.4   75.6   75.9   75.9   76.3   76.4   77.0   77.0 |  75.8   75.4   76.1   76.8 |   76.0 
  2004           |  77.2   77.6   77.1   77.5   78.0   77.4   77.9   78.1   78.0   78.7   79.0   79.4 |  77.3   77.6   78.0   79.1 |   78.0 
                 |                                                                                    |                            |
  2005           |  79.8   80.2   80.1   80.0   80.2   80.5   80.4   80.5   79.0   79.8   80.6   80.9 |  80.0   80.3   80.0   80.4 |   80.2 
  2006           |  80.9   80.7   80.8   81.1   80.9   81.2   81.3   81.3   80.9   80.8   80.5   80.9 |  80.8   81.0   81.2   80.7 |   80.9 
  2007           |  80.5   80.9   80.7   81.0   80.9   81.0   81.4   81.2   81.3   80.9   81.1   81.0 |  80.7   81.0   81.3   81.0 |   81.0 
  2008           |  81.0   80.7   80.4   79.9   79.6   79.6   79.6   78.5   75.5   76.4               |  80.7   79.7   77.9        |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <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>     |                                                                                    |                            |
  1986           |   1.1    -.6    -.3     .4     .1    -.3     .6     .2     .2     .4     .5     .9 |   4.4    -.1    2.6    5.0 |    2.2 
  1987           |   -.3    1.4     .1     .5     .8     .4     .7     .5     .6    1.6     .6     .6 |   6.0    6.9    7.1   11.7 |    5.7 
  1988           |   -.2     .2     .3     .9    -.1     .1     .1     .1     .3     .6     .3     .4 |   2.5    4.5    1.4    4.9 |    5.4 
  1989           |    .7   -1.0    -.1     .1    -.8     .1   -1.1     .9    -.2    -.2     .2     .2 |   1.7   -3.2   -3.0     .6 |     .8 
                 |                                                                                    |                            |
  1990           |   -.1    1.4     .4    -.3     .1     .2    -.2     .3     .0    -.8   -1.1    -.7 |   4.7    2.6     .7   -6.6 |     .8 
  1991           |   -.8    -.6    -.7     .3     .7    1.1     .2     .3    1.0    -.2    -.3    -.1 |  -8.8    2.1    7.1    1.4 |   -2.0 
  1992           |   -.6     .9    1.0     .6     .6     .3     .8    -.5     .1     .6     .4    -.2 |    .7    8.3    3.9    2.7 |    3.6 
  1993           |   1.0     .2    -.1     .6    -.1    -.1     .3    -.1     .6     .8     .4     .5 |   4.3    1.8    1.3    6.7 |    3.5 
  1994           |    .2     .1    1.3     .8     .7     .3     .5     .7     .3    1.0     .8    1.2 |   5.0    9.4    6.1    9.9 |    5.9 
                 |                                                                                    |                            |
  1995           |    .3    -.1     .2    -.2     .0     .4    -.6    1.2     .8    -.2     .1     .5 |   5.6     .3    3.1    4.1 |    5.2 
  1996           |   -.7    1.7    -.3    1.0     .6    1.1     .3     .6     .6    -.1     .8     .9 |   2.8    8.7    7.5    5.9 |    4.8 
  1997           |    .1    1.4    1.2    -.2     .9     .7     .5    1.7     .9     .7    1.1     .5 |   9.6    7.5   10.9   11.6 |    8.5 
  1998           |    .7     .0    -.2     .7     .5    -.7    -.5    2.5    -.3     .9     .2     .5 |   5.7    2.6    3.1    7.5 |    6.7 
  1999           |    .3     .7    -.1     .4     .9    -.3     .5     .7    -.4    1.6     .8     .7 |   4.8    4.2    3.7    9.6 |    5.0 
                 |                                                                                    |                            |
  2000           |    .2     .3     .7     .6    -.1     .2     .0    -.5     .4    -.4    -.3    -.6 |   5.4    4.8    -.4   -2.9 |    4.5 
  2001           |   -.6    -.6    -.3    -.2    -.7    -.7    -.4    -.7    -.4    -.7    -.3     .2 |  -6.3   -5.4   -6.4   -5.1 |   -4.1 
  2002           |    .4     .1     .7     .1     .7    1.1    -.4     .3     .0    -.5     .4    -.5 |   2.8    5.7    3.1   -1.1 |    -.1 
  2003           |    .5     .2     .3   -1.0     .1     .6     .2    -.3     .7     .1    1.0    -.2 |   2.0   -1.9    2.6    4.1 |    1.3 
  2004           |    .0     .6    -.1     .5     .7    -.7     .8     .7    -.2    1.0     .1     .5 |   2.1    3.3    3.9    5.4 |    2.9 
                 |                                                                                    |                            |
  2005           |    .7     .7    -.3     .0     .6     .2     .0     .3   -1.0    1.5     .8    -.1 |   5.8    2.2    1.0    6.0 |    4.0 
  2006           |    .7    -.4     .0     .5    -.3     .4     .1     .3    -.2    -.5    -.1    1.0 |   2.7    1.4    1.6   -1.1 |    2.4 
  2007           |   -.6     .1     .7     .4     .2     .5     .8    -.4     .4    -.4     .2     .0 |   1.1    4.7    4.0    -.6 |    1.7 
  2008           |    .0    -.6     .1    -.9     .0    -.1    -.1   -1.0   -3.7     .6               |  -1.0   -4.0   -7.8        |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2002 = 100)    |                                                                                    |                            |
  2006           | 110.9  110.5  110.5  111.1  110.8  111.2  111.3  111.7  111.5  110.9  110.8  111.8 | 110.6  111.0  111.5  111.2 |  111.1 
  2007           | 111.1  111.3  112.0  112.4  112.6  113.2  114.1  113.6  114.0  113.5  113.8  113.8 | 111.5  112.8  113.9  113.7 |  112.9 
  2008           | 113.8  113.1  113.3  112.3  112.3  112.2  112.1  111.0  106.9  107.5               | 113.4  112.3  110.0        |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2002 output)    |                                                                                    |                            |
  2006           | 139.1  139.3  139.4  139.6  139.7  139.9  140.0  140.2  140.3  140.5  140.7  140.8 | 139.3  139.7  140.2  140.7 |  140.0 
  2007           | 141.0  141.2  141.4  141.7  141.9  142.1  142.4  142.7  142.9  143.2  143.4  143.7 | 141.2  141.9  142.7  143.4 |  142.3 
  2008           | 143.9  144.1  144.4  144.6  144.8  145.0  145.2  145.3  145.5  145.7               | 144.1  144.8  145.3        |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1986           |  78.8   78.2   77.9   78.2   78.2   77.9   78.2   78.3   78.4   78.5   78.8   79.3 |  78.3   78.1   78.3   78.9 |   78.4 
  1987           |  78.9   79.9   79.7   80.0   80.4   80.5   80.8   81.1   81.4   82.5   82.9   83.3 |  79.5   80.3   81.1   82.9 |   80.9 
  1988           |  83.0   83.1   83.3   83.9   83.8   83.8   83.9   83.9   84.1   84.5   84.7   84.9 |  83.1   83.8   84.0   84.7 |   83.9 
  1989           |  85.4   84.5   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           |  81.6   82.5   82.6   82.3   82.2   82.2   81.9   81.9   81.8   81.0   79.9   79.2 |  82.2   82.2   81.9   80.0 |   81.6 
  1991           |  78.4   77.8   77.1   77.3   77.7   78.5   78.5   78.6   79.3   79.1   78.7   78.6 |  77.8   77.8   78.8   78.8 |   78.3 
  1992           |  78.0   78.5   79.1   79.4   79.7   79.8   80.2   79.7   79.5   79.8   79.9   79.6 |  78.5   79.6   79.8   79.8 |   79.4 
  1993           |  80.3   80.3   80.0   80.4   80.2   80.0   80.1   79.9   80.3   80.8   81.0   81.2 |  80.2   80.2   80.1   81.0 |   80.4 
  1994           |  81.2   81.1   82.0   82.4   82.7   82.7   82.8   83.1   83.1   83.6   83.9   84.6 |  81.4   82.6   83.0   84.0 |   82.8 
                 |                                                                                    |                            |
  1995           |  84.5   84.1   83.9   83.5   83.2   83.1   82.3   82.9   83.2   82.7   82.4   82.4 |  84.2   83.3   82.8   82.5 |   83.2 
  1996           |  81.4   82.3   81.6   82.0   82.0   82.5   82.3   82.3   82.4   81.9   82.2   82.4 |  81.8   82.2   82.3   82.2 |   82.1 
  1997           |  82.0   82.7   83.2   82.5   82.7   82.8   82.6   83.4   83.6   83.5   83.9   83.7 |  82.7   82.7   83.2   83.7 |   83.1 
  1998           |  83.7   83.1   82.4   82.3   82.2   81.1   80.2   81.7   81.0   81.3   81.0   81.1 |  83.1   81.9   81.0   81.1 |   81.8 
  1999           |  80.9   81.1   80.7   80.6   81.0   80.4   80.4   80.6   80.0   80.9   81.1   81.3 |  80.9   80.7   80.3   81.1 |   80.7 
                 |                                                                                    |                            |
  2000           |  81.1   81.0   81.2   81.3   80.9   80.8   80.4   79.7   79.7   79.1   78.5   77.8 |  81.1   81.0   79.9   78.5 |   80.1 
  2001           |  77.0   76.4   75.9   75.5   74.7   74.0   73.6   72.9   72.5   71.9   71.5   71.6 |  76.4   74.7   73.0   71.7 |   73.9 
  2002           |  71.8   71.8   72.2   72.2   72.7   73.5   73.1   73.4   73.4   73.1   73.4   73.0 |  71.9   72.8   73.3   73.2 |   72.8 
  2003           |  73.4   73.6   73.8   73.2   73.3   73.8   73.9   73.8   74.3   74.4   75.1   75.0 |  73.6   73.4   74.0   74.8 |   74.0 
  2004           |  75.0   75.5   75.4   75.8   76.3   75.7   76.3   76.8   76.6   77.3   77.4   77.7 |  75.3   75.9   76.6   77.5 |   76.3 
                 |                                                                                    |                            |
  2005           |  78.1   78.6   78.3   78.3   78.6   78.7   78.6   78.7   77.8   78.9   79.4   79.3 |  78.4   78.5   78.4   79.2 |   78.6 
  2006           |  79.7   79.3   79.2   79.6   79.3   79.5   79.5   79.7   79.4   78.9   78.7   79.4 |  79.4   79.4   79.5   79.0 |   79.4 
  2007           |  78.8   78.8   79.2   79.4   79.4   79.6   80.1   79.6   79.8   79.3   79.3   79.2 |  78.9   79.5   79.8   79.3 |   79.4 
  2008           |  79.1   78.5   78.5   77.7   77.6   77.4   77.2   76.4   73.5   73.8               |  78.7   77.5   75.7        |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <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>     |                                                                                    |                            |
  1986           |    .5    -.8    -.7     .1     .1    -.2     .4    -.3     .1     .4     .4     .8 |   2.3   -2.6     .6    4.0 |     .9 
  1987           |   -.5    1.2     .2     .5     .6     .4     .5     .6     .2    1.4     .5     .4 |   4.4    6.4    6.0    9.2 |    4.3 
  1988           |    .0     .4     .2     .5    -.2     .2     .1     .5    -.4     .5     .2     .4 |   3.0    2.8    1.4    2.9 |    4.4 
  1989           |    .3    -.5     .3    -.1    -.7     .0   -1.1     .9    -.3    -.2     .2     .7 |   1.8   -2.0   -3.3    1.0 |     .6 
                 |                                                                                    |                            |
  1990           |   -.7     .9     .4    -.2     .1     .2    -.2     .2     .1    -.8   -1.3    -.7 |   2.4    2.2    1.0   -6.6 |     .3 
  1991           |   -.5    -.8    -.6     .2     .9    1.0     .0     .1     .9    -.2    -.2    -.5 |  -8.0    2.1    5.4     .3 |   -2.0 
  1992           |   -.8     .7     .8     .6     .3    -.1     .8    -.6     .1     .6     .3     .0 |  -1.8    6.2    1.7    2.8 |    1.9 
  1993           |    .5     .3    -.1     .3    -.4     .2     .3    -.1     .3     .6     .3     .5 |   3.0     .5    1.5    5.1 |    2.5 
  1994           |    .4    -.1     .9     .3     .4     .6     .1     .3     .0     .6     .4     .9 |   4.3    5.5    3.3    5.5 |    4.0 
                 |                                                                                    |                            |
  1995           |    .2    -.2    -.2    -.3     .1     .1    -.5    1.1     .1    -.5     .1     .2 |   3.1   -1.4    1.4     .3 |    2.5 
  1996           |  -1.0    1.4    -.4     .7     .5     .7    -.5     .4     .4    -.3     .8     .5 |   -.2    6.1    2.2    3.3 |    1.7 
  1997           |   -.1     .9     .5    -.4     .3     .2     .3    1.0     .7     .7     .7     .2 |   5.0    2.2    6.0    8.2 |    4.2 
  1998           |    .2    -.1    -.1     .3     .5    -.9    -.8    2.0    -.6     .5    -.3     .0 |   1.6    1.0    -.4    2.1 |    3.1 
  1999           |    .2     .1    -.1    -.1     .6    -.5     .3     .4    -.5    1.2     .3     .6 |    .8     .4    1.0    5.6 |    1.2 
                 |                                                                                    |                            |
  2000           |   -.3     .0     .1     .4    -.1     .0    -.5    -.4     .4    -.5    -.2    -.5 |    .7    1.7   -2.8   -2.8 |    1.1 
  2001           |   -.7    -.5    -.3    -.1    -.6    -.5    -.3    -.3    -.5    -.6    -.5    -.1 |  -6.2   -4.3   -4.6   -5.3 |   -4.0 
  2002           |    .7     .0     .7     .3     .4     .9    -.3     .0     .0    -.3     .3    -.6 |   2.7    5.8    1.6   -1.1 |     .0 
  2003           |    .6     .2    -.3   -1.0    -.1     .1     .3    -.1     .5     .0     .7    -.1 |   1.3   -4.4    1.6    3.0 |     .2 
  2004           |    .2     .5    -.6     .6     .7    -.9     .7     .2    -.2    1.0     .3     .6 |   1.7    2.1    1.8    5.4 |    1.8 
                 |                                                                                    |                            |
  2005           |    .4     .5    -.1    -.1     .3     .4    -.2     .0   -2.1    1.1    1.0     .5 |   4.8    1.3   -1.8    2.2 |    2.7 
  2006           |    .0    -.2     .2     .3    -.2     .4     .2     .0    -.5    -.1    -.2     .6 |   2.6    1.7    1.1   -1.7 |    1.3 
  2007           |   -.4     .7    -.2     .4    -.1     .2     .4    -.1     .2    -.6     .4     .0 |   1.4    2.2    2.2   -1.0 |     .9 
  2008           |    .2    -.4    -.4    -.6    -.2     .1     .0   -1.2   -3.9    1.4               |   -.4   -4.4   -8.1        |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2002 = 100)    |                                                                                    |                            |
  2006           | 105.8  105.6  105.8  106.2  106.0  106.4  106.6  106.6  106.1  106.0  105.7  106.3 | 105.7  106.2  106.5  106.0 |  106.1 
  2007           | 106.0  106.7  106.5  106.9  106.9  107.1  107.5  107.4  107.6  107.0  107.4  107.4 | 106.4  107.0  107.5  107.3 |  107.0 
  2008           | 107.6  107.2  106.8  106.1  105.9  105.9  106.0  104.7  100.6  102.0               | 107.2  106.0  103.8        |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2002 output)    |                                                                                    |                            |
  2006           | 130.3  130.4  130.5  130.6  130.7  130.8  130.9  131.0  131.1  131.2  131.3  131.4 | 130.4  130.7  131.0  131.3 |  130.9 
  2007           | 131.5  131.5  131.6  131.7  131.8  131.9  132.0  132.1  132.2  132.3  132.4  132.5 | 131.5  131.8  132.1  132.4 |  132.0 
  2008           | 132.7  132.8  132.8  132.9  133.0  133.1  133.2  133.3  133.4  133.5               | 132.7  133.0  133.3        |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  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   84.7   84.4   84.7   84.9   85.2 |  83.8   84.3   84.5   84.9 |   84.4 
  1989           |  85.3   84.8   85.0   84.8   84.1   84.0   83.0   83.6   83.2   82.9   82.9   83.4 |  85.1   84.3   83.2   83.1 |   83.9 
                 |                                                                                    |                            |
  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   79.4   80.1   80.0   80.0   80.6   80.3   80.1   79.6 |  79.3   79.5   80.2   80.0 |   79.8 
  1992           |  78.9   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   81.5   81.1   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   83.3   83.5   83.9   83.8   83.9   83.8   84.2   84.4   85.0 |  82.7   83.5   83.8   84.5 |   83.7 
                 |                                                                                    |                            |
  1995           |  85.0   84.7   84.4   84.1   83.9   83.9   83.3   84.1   84.0   83.4   83.3   83.3 |  84.7   84.0   83.8   83.4 |   84.0 
  1996           |  82.3   83.3   82.8   83.3   83.5   83.9   83.4   83.5   83.6   83.2   83.6   83.8 |  82.8   83.6   83.5   83.6 |   83.4 
  1997           |  83.5   84.0   84.2   83.6   83.6   83.5   83.4   84.0   84.3   84.5   84.8   84.6 |  83.9   83.5   83.9   84.6 |   84.0 
  1998           |  84.5   84.1   83.7   83.7   83.9   82.9   82.0   83.4   82.6   82.8   82.3   82.2 |  84.1   83.5   82.7   82.4 |   83.2 
  1999           |  82.1   82.1   81.8   81.5   81.9   81.3   81.4   81.6   81.0   81.8   82.0   82.3 |  82.0   81.6   81.3   82.0 |   81.7 
                 |                                                                                    |                            |
  2000           |  81.9   81.8   81.8   82.0   81.8   81.7   81.2   80.8   81.0   80.4   80.2   79.7 |  81.8   81.8   81.0   80.1 |   81.2 
  2001           |  79.1   78.5   78.2   78.0   77.5   77.0   76.7   76.4   75.9   75.4   75.0   74.8 |  78.6   77.5   76.3   75.1 |   76.9 
  2002           |  75.3   75.2   75.7   76.0   76.3   76.9   76.7   76.7   76.8   76.6   76.9   76.5 |  75.4   76.4   76.7   76.7 |   76.3 
  2003           |  77.0   77.2   77.1   76.4   76.4   76.5   76.8   76.7   77.1   77.1   77.7   77.6 |  77.1   76.4   76.8   77.4 |   77.0 
  2004           |  77.7   78.1   77.6   78.0   78.6   77.9   78.5   78.6   78.5   79.3   79.6   80.1 |  77.8   78.2   78.6   79.7 |   78.5 
                 |                                                                                    |                            |
  2005           |  80.4   80.8   80.8   80.6   80.9   81.2   81.0   81.0   79.3   80.1   80.9   81.2 |  80.6   80.9   80.4   80.7 |   80.7 
  2006           |  81.2   81.0   81.1   81.3   81.0   81.3   81.4   81.4   80.9   80.8   80.5   80.9 |  81.1   81.2   81.2   80.7 |   81.1 
  2007           |  80.6   81.1   80.9   81.2   81.1   81.2   81.4   81.3   81.4   80.9   81.1   81.0 |  80.9   81.1   81.4   81.0 |   81.1 
  2008           |  81.1   80.7   80.4   79.8   79.6   79.6   79.6   78.5   75.4   76.4               |  80.7   79.7   77.8        |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <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 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>     |                                                                                    |                            |
  1986           |   1.2    -.7    -.3     .4     .1    -.2     .2     .2     .2     .4     .4     .8 |   4.7    -.2    1.3    4.3 |    2.1 
  1987           |   -.5    1.4     .1     .4     .7     .3     .6     .3     .5    1.5     .6     .5 |   4.7    5.9    5.5   10.5 |    4.6 
  1988           |   -.2     .2     .2     .8    -.2     .0     .0     .1     .3     .5     .3     .4 |   1.8    3.6     .5    4.5 |    4.4 
  1989           |    .8   -1.0    -.1     .0    -.8     .1   -1.3     .9    -.3    -.3     .1     .2 |   2.1   -3.5   -4.1    -.5 |     .4 
                 |                                                                                    |                            |
  1990           |   -.2    1.4     .3    -.3     .1     .2    -.2     .3    -.1    -.9   -1.2    -.8 |   3.8    1.9     .2   -7.4 |     .0 
  1991           |   -.8    -.8    -.8     .4     .6    1.1     .3     .2    1.1    -.2    -.4    -.3 |  -9.6    1.5    7.1     .9 |   -2.6 
  1992           |   -.8     .9     .9     .4     .5     .1     .8    -.5    -.1     .5     .3    -.3 |  -1.1    7.0    2.6    1.3 |    2.6 
  1993           |   1.1     .1    -.3     .5    -.2    -.2     .3    -.2     .5     .7     .3     .5 |   3.9     .9     .5    5.7 |    2.5 
  1994           |    .1     .0    1.2     .6     .5     .2     .3     .5     .1     .7     .6    1.0 |   3.9    7.2    3.8    6.7 |    4.4 
                 |                                                                                    |                            |
  1995           |    .2    -.3    -.1    -.4    -.2     .2    -.8     .9     .6    -.5    -.1     .1 |   3.1   -2.5     .2     .6 |    2.5 
  1996           |  -1.2    1.4    -.5    1.0     .4     .9    -.1     .3     .4    -.4     .7     .7 |  -1.7    6.8    4.2    3.1 |    1.5 
  1997           |   -.2    1.0     .9    -.7     .5     .4     .1    1.3     .6     .6     .9     .2 |   6.0    2.6    6.6    8.7 |    4.9 
  1998           |    .5    -.2    -.3     .4     .4   -1.1    -.9    2.4    -.7     .7    -.1     .2 |   2.9     .1    -.8    4.0 |    3.5 
  1999           |    .0     .4    -.4     .0     .8    -.7     .0     .6    -.5    1.4     .4     .4 |    .8     .3     .2    7.0 |    1.4 
                 |                                                                                    |                            |
  2000           |   -.3    -.2     .3     .4    -.5     .1    -.4    -.8     .4    -.5    -.6    -.9 |    .4     .9   -3.5   -4.9 |     .8 
  2001           |   -.6    -.5    -.3    -.1    -.7    -.5    -.1    -.7    -.4    -.7    -.2     .1 |  -7.3   -4.4   -4.9   -5.1 |   -4.9 
  2002           |    .6     .0     .7     .0     .6    1.0    -.5     .3     .0    -.5     .3    -.7 |   3.3    5.0    2.3   -1.9 |     .0 
  2003           |    .4    -.1     .1   -1.1     .0     .4     .0    -.4     .7    -.1     .9    -.3 |    .4   -3.7    1.2    3.2 |     .0 
  2004           |   -.2     .6    -.2     .6     .7    -.8     .9     .6    -.3    1.0     .1     .5 |   1.1    3.5    3.7    4.9 |    2.2 
                 |                                                                                    |                            |
  2005           |    .6     .6    -.3     .0     .5     .2    -.1     .1   -1.3    1.5     .7    -.1 |   5.0    1.4    -.7    4.3 |    3.3 
  2006           |    .7    -.5     .0     .5    -.4     .3     .0     .2    -.3    -.6    -.2    1.0 |   1.9     .3     .5   -2.1 |    1.2 
  2007           |   -.6     .1     .6     .3     .1     .4     .5    -.5     .3    -.7     .1     .0 |    .9    3.5    2.3   -2.3 |     .7 
  2008           |    .0    -.8    -.1   -1.0     .0    -.2    -.1   -1.0   -3.8     .7               |  -2.1   -5.4   -8.4        |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2002 = 100)    |                                                                                    |                            |
  2006           | 107.2  106.6  106.6  107.1  106.7  107.0  107.0  107.2  106.9  106.2  106.1  107.1 | 106.8  106.9  107.0  106.5 |  106.8 
  2007           | 106.4  106.5  107.2  107.5  107.5  107.9  108.5  108.0  108.3  107.5  107.7  107.6 | 106.7  107.6  108.3  107.6 |  107.6 
  2008           | 107.6  106.8  106.7  105.6  105.6  105.5  105.3  104.3  100.2  100.9               | 107.1  105.6  103.3        |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2002 output)    |                                                                                    |                            |
  2006           | 134.0  134.1  134.2  134.3  134.4  134.5  134.6  134.6  134.7  134.8  134.8  134.9 | 134.1  134.4  134.6  134.8 |  134.5 
  2007           | 135.0  135.1  135.1  135.2  135.3  135.4  135.5  135.6  135.7  135.8  135.9  136.0 | 135.1  135.3  135.6  135.9 |  135.5 
  2008           | 136.1  136.2  136.3  136.4  136.5  136.6  136.7  136.7  136.8  136.9               | 136.2  136.5  136.7        |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1986           |  79.4   78.8   78.4   78.7   78.7   78.5   78.6   78.6   78.7   78.8   79.1   79.6 |  78.9   78.6   78.6   79.2 |   78.8 
  1987           |  79.1   80.1   80.1   80.2   80.7   80.8   81.1   81.3   81.6   82.8   83.2   83.6 |  79.8   80.6   81.4   83.2 |   81.2 
  1988           |  83.3   83.5   83.7   84.3   84.1   84.1   84.1   84.1   84.3   84.7   84.9   85.2 |  83.5   84.2   84.2   85.0 |   84.2 
  1989           |  85.8   84.9   84.7   84.5   83.7   83.7   82.4   83.0   82.6   82.2   82.1   82.1 |  85.1   84.0   82.7   82.1 |   83.5 
                 |                                                                                    |                            |
  1990           |  81.8   82.8   82.9   82.5   82.5   82.5   82.2   82.3   82.1   81.3   80.2   79.4 |  82.5   82.5   82.2   80.3 |   81.9 
  1991           |  78.7   77.9   77.2   77.4   77.7   78.5   78.6   78.7   79.4   79.2   78.8   78.5 |  77.9   77.9   78.9   78.8 |   78.4 
  1992           |  77.8   78.4   79.0   79.3   79.6   79.6   80.1   79.6   79.5   79.8   79.9   79.6 |  78.4   79.5   79.8   79.8 |   79.3 
  1993           |  80.4   80.4   80.1   80.5   80.3   80.0   80.2   79.9   80.2   80.7   80.9   81.2 |  80.3   80.2   80.1   81.0 |   80.4 
  1994           |  81.3   81.2   82.0   82.4   82.7   82.7   82.9   83.2   83.1   83.5   83.9   84.5 |  81.5   82.6   83.0   84.0 |   82.8 
                 |                                                                                    |                            |
  1995           |  84.5   84.1   83.8   83.3   83.0   83.0   82.2   82.7   83.0   82.4   82.1   82.1 |  84.1   83.1   82.6   82.2 |   83.0 
  1996           |  80.9   81.9   81.2   81.8   82.0   82.5   82.3   82.4   82.5   82.0   82.4   82.7 |  81.3   82.1   82.4   82.4 |   82.1 
  1997           |  82.3   82.9   83.3   82.4   82.5   82.5   82.3   83.0   83.2   83.3   83.7   83.6 |  82.8   82.5   82.8   83.5 |   82.9 
  1998           |  83.6   83.2   82.6   82.6   82.7   81.5   80.5   82.1   81.3   81.6   81.3   81.2 |  83.1   82.3   81.3   81.3 |   82.0 
  1999           |  81.0   81.1   80.5   80.3   80.7   80.0   79.8   80.1   79.5   80.5   80.7   80.9 |  80.9   80.3   79.8   80.7 |   80.4 
                 |                                                                                    |                            |
  2000           |  80.4   80.2   80.3   80.4   79.9   79.8   79.4   78.7   78.8   78.3   77.7   77.0 |  80.3   80.1   79.0   77.7 |   79.3 
  2001           |  76.4   75.9   75.6   75.5   74.9   74.4   74.3   73.8   73.5   72.9   72.8   72.8 |  76.0   74.9   73.9   72.8 |   74.4 
  2002           |  73.3   73.3   73.8   73.8   74.3   75.1   74.8   75.0   75.1   74.7   75.0   74.5 |  73.4   74.4   74.9   74.7 |   74.4 
  2003           |  74.9   74.9   75.1   74.3   74.3   74.7   74.7   74.5   75.1   75.1   75.8   75.6 |  75.0   74.4   74.8   75.5 |   74.9 
  2004           |  75.5   75.9   75.8   76.3   76.8   76.2   76.9   77.4   77.2   77.9   78.0   78.3 |  75.7   76.4   77.2   78.1 |   76.9 
                 |                                                                                    |                            |
  2005           |  78.8   79.2   79.0   78.9   79.3   79.3   79.2   79.2   78.1   79.2   79.7   79.5 |  79.0   79.2   78.9   79.5 |   79.1 
  2006           |  80.0   79.5   79.4   79.7   79.4   79.5   79.5   79.6   79.4   78.8   78.6   79.4 |  79.7   79.5   79.5   79.0 |   79.4 
  2007           |  78.8   78.9   79.3   79.5   79.5   79.7   80.1   79.6   79.8   79.2   79.2   79.2 |  79.0   79.6   79.8   79.2 |   79.4 
  2008           |  79.1   78.4   78.3   77.5   77.4   77.2   77.1   76.2   73.3   73.7               |  78.6   77.4   75.5        |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <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 are published in a monthly supplement to the G.17, 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 312 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, beginning with the release of March 2008 data,
  subject to revision in each of the subsequent
 five 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,
 98 percent in the third month, and 98 percent in the fourth month.  Data
 availability by data type, based on the four-month reporting window used in 2007,
  is summarized in the table below:
 
   Availability of Monthly IP Data in Publication Window
   (Percent of value added in 2007)  
                                 Month of estimate
     Type of data                1st  2nd  3rd  4th 
     Physical product            29   42   56   56
     Production-worker hours     42   42   42   42
     IP data received            70   84   98   98
     IP data estimated           30   16    2    2
   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 (29 percent out of total of 56 percent).  Of the 29 percent,
   about two-thirds (19 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.  The incorporation of a six-month window is expected
   to allow an additional 3 percent to 4 percent of IP to reflect primary source data.
 
 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 January 2008; 
 for other series, the factors were estimated with data through at least
 September 2007.  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 0.26 percent
 during the 1987-2006 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 1987-2006 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 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.htm).
 
 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 1972-2007 period, the average total industry
 utilization rate is 81.0 percent; for manufacturing, the average factory
 operating rate has been 79.7 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 March 2008 will be described
 in a Federal Reserve Bulletin article to be published in the summer of 2008. The 
 annual revision published in December 2006 is described in an article published 
 in the Federal Reserve Bulletin, vol. 93, pp. A39-A58, www.federalreserve.gov/pubs/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, Winter 2005, Winter 2006, May 2007).
 
 Release Schedule
 
 At 9:15 a.m. on
 
 2008: January 16, February 15, March 17, April 16, May 15, June 17,
 July 16, August 15, September 15, October 16, November 17, and
 December 15. 
 
 2009: January 16, February 18, March 16, April 15, May 15, June 16,
 July 15, August 14, September 16, October 16, November 17, and
 December 15.