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FEDERAL RESERVE statistical release G.17 (419) Supplement For release at Noon (EST) January 27,1997 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: HISTORICAL REVISION The Board of Governors of the Federal Reserve System has completed a revision of its measures of output, capacity, and capacity utilization for the industrial sector. The primary feature of the revision was to reformulate the indexes and utilization rates back to 1977 based on weights that are updated annually rather than every five years, as had been the practice. The new formulation eliminates an overstatement of the growth of production and capacity in earlier figures and is designed to provide more accurate current estimates of developments in industrial production and capacity utilization. The cyclical profile of the revised statistics is essentially unchanged. Both the production and capacity indexes are now expressed as percentages of output in 1992; the previous reference year was 1987. The growth in industrial production (IP) in 1996 (fourth quarter 1995 to fourth quarter 1996) was revised down 0.8 percentage point, to 3.7 percent. Capacity growth was also revised down in 1996; capacity utilization for the fourth quarter of 1996 was revised down 0.2 percentage point, to 83.2 percent. From 1992 onward, the new estimates of IP and capacity also incorporate additional or updated statistics that are typically available for an annual revision. The primary effect of introducing these data was to lower IP growth in 1994 to a still robust 5-3/4 percent rate. The revised estimates show that capacity utilization reached its most recent high at the beginning of 1995, and that pressures on industrial capacity have been lower since then. The revised indexes of production and capacity show slower growth over the past two decades, on average, than the earlier estimates. From 1977 to 1996, the annual rate of growth of total IP averaged 2.3 percent, about 1/4 percentage point less than previously shown. The rate of growth of industrial capacity was revised down similarly. As a result, capacity utilization rates were generally little changed. The capacity indexes and capacity utilization rates were recomputed back to 1977 to reflect the new production indexes and updated physical capacity data for recent years and to fully incorporate revised measures of capital input derived from Federal Reserve estimates of manufacturers' real net capital stocks. Aggregate utilization rates between 1967 and 1976 were revised slightly to improve consistency with the new formulation. Along with the annual updating, additional changes made to selected production and capacity series improve coverage and reliability of the measures. Some of the series and definitional improvements were introduced before 1992, depending on the availability of source data. The Federal Reserve's accompanying statistics for industrial electric power use also have been revised. These indexes, which begin in 1972, now more fully reflect the increase in cogeneration that took place in the 1980s and incorporate more complete reports from utilities for the past few years. New Aggregation Methods As indicated, the most important improvement for this revision is the introduction of new aggregation methods from 1977 onward. In the new formulations, series that measure the actual or capacity output of an individual industry are still weighted according to their proportion in the total value-added output or capacity of all industries. However, the value-added weights used in the aggregation procedures are now updated annually, and the total DP index and its major industry and market subtotals are constructed using a superlative index formula similar to that recently introduced by the Bureau of Economic Analysis for its featured measure of real output. If prices and costs were to change uniformly across industries, different weights for different years would not be needed; but relative prices do change. To represent the changing relative price and cost structure of industries, the industrial production index was previously built for the most part in five-year chronological segments, each with value-added weights drawn from the first year of the segment. Chaining the segments together formed a continuous index expressed as a percentage of output in a reference year. The periodic introduction of new weight years for the IP index, as well as for the related capacity statistics, updated the measures so that they reflected the gradual evolution of relative prices over time. Because of persistent, rapid declines in the relative price of computers, as well as computer peripherals and semiconductors, a quinquennial updating of weights has proved too infrequent to provide the most accurate estimates of current changes in industrial production and capacity. Applying outdated weights to these fast growing industries can also introduce small distortions in current measures of capacity utilization. In formulating the revised IP measures, the Federal Reserve adapted an approach developed by the Bureau of Economic Analysis (BEA) to create their chain-type annual-weighted quantity indexes. However, rather than follow the BEA practice of applying weights based on the most recently available comprehensive data to all subsequent years (the so-called Laspeyres tail), the Board's adaptation applies estimates of the appropriate annual weights for the most current periods. The estimates are developed from related information or, if required, by extrapolation. As a result, the aggregate industrial production and capacity utilization measures are consistently formulated through the most recent period. New Methods For Individual Production, Capacity, and Electric Power Use Series The revision also incorporated improvements in the composition of selected IP market aggregates and enhancements to the structure of selected production and capacity series. As part of the annual updating, from 1992 onward, monthly source data for all IP series—physical product data and measures of inputs to production—were updated to reflect revisions by the data providers and were adjusted to eliminate seasonal, calendar, and holiday variation by the Federal Reserve. The revised IP series reflect further adjustments that control their annual average results to conform to benchmark indexes derived from more comprehensive, and newly available, annual source data. Measures of industry capital input, which are used in estimating capacity, were updated with Federal Reserve estimates of manufacturers' real net stocks that are now built from investment data expressed in chained 1992 dollars; formerly, the net stocks were derived from investment flows in constant 1987 dollars. No new broad survey results on capacity utilization rates were available for this revision. For the 1997 annual update, the Federal Reserve will have results from the Census Bureau's Survey of Plant Capacity for the fourth quarters of 1995 and 1996. Modifications to Series To improve the analytical use of the IP market aggregates, the portion of the output of computer and office equipment (SIC 357) designated as final product is now further split into production of consumer goods, mainly personal computers for home use, and business equipment. Formerly, all of the final product of the computer industry was in business equipment (as in the earlier index, the industry's semi-finished product is allocated to the materials market group). To improve coverage and reliability, monthly source data for four IP series were modified. With these changes, the monthly IP index now comprises 264 series for the period since 1992, and the proportion that is 2 derived from physical product data rises 2 percentage points, in 1994 value-added terms, to 42 percent. The output of stone, sand, and gravel mining (SIC 141-2, and 144), formerly an input-based IP series, is now derived from quarterly production data reported by the Department of the Interior. Portions of two equipment series, farm equipment (SIC 352) and construction and allied equipment (SIC 353), which were based on input data, now make up two new series derived from monthly production estimates reported in Stark's Off-Highway Ledger. Production of original equipment parts for new motor vehicles from 1992 onward now derives from monthly production estimates reported in Stark's Component Ledger. Production of medium and heavy trucks, formerly a single component of business trucks, is now represented by separate series for medium-weight (gross vehicle weight of 14,001-33,000 lbs.)1 and for heavy trucks (33,001 lbs and over) based on the same monthly production figures as previously used (Ward's Automotive Reports) in combination with information on factory shipments by detailed weight class reported by the American *> Automobile Manufacturers Association. The compilation of capacity measures for motor vehicles was also improved with a more explicit accounting of the assembly capability for heavy trucks. Updated Data and New Production Benchmarks The regular updating of source data for industrial production includes the introduction of annual data from the Annual Survey of Manufactures for 1994 and selected Current Industrial Reports for 1995, both series published by the Bureau of the Census. Available annual data on mining for 1994 and 1995 from the Department of the Interior were also introduced. Individual IP series incorporate revisions to the monthly indicators (either physical product data, production worker hours, or electric power usage) back to 1992. Seasonal factors for electric power and most physical product series were calculated on the basis of data through mid-1996; for production worker hours and the unit counts of motor vehicle assemblies, seasonal factors were updated with data through October. Productivity relationships used to extrapolate input-based IP series beyond 1994 or 1995 were updated using the revised output and input data. With this revision, from 1992 onward the annual updating of the IP indexes for manufacturing reflects the incorporation of annual benchmarks of real output that are formulated as Fisher indexes. The new or modified series described earlier were adjusted to the newly formulated benchmarks from the initial year of the series. The sources for the basic data used to construct comprehensive output measures used for benchmarking manufacturing IP series in this revision are the same as those used for calculating former benchmarks. For this revision, the annual IP benchmark quantity indexes for semiconductors and related components and for computers and office equipment were improved from 1977 on. The IP index for semiconductors and related components (SIC 3672-9) was benchmarked to an annual index of real output that incorporated a quality-adjusted price index for domestically-produced integrated microcircuits (the major product of SIC 3674, which is the largest industry covered by the IP series for semiconductors). Board staff constructed this index from detailed price indexes for selected semiconductor components, mainly memory and logic chips, developed by the BEA as part of its recent comprehensive revision of the NIPAs. The BEA also revised its price index for computers for that revision, and the IP benchmark index for computers and office equipment incorporates those results. Revised Estimates of Industrial Capacity The capacity utilization estimates fully incorporate the more detailed data from the 1993-94 Survey of Plant Capacity of the Bureau of the Census. At the time of the 1995 annual update, Census survey data on utilization for 1993-94 were generally available only at a two-digit SIC industry level. In early 1996, the detailed Census survey information was incorporated in the models used for the 1995-96 capacity extrapolations. With this revision, the capacity estimates were updated based on the revised production estimates, revised estimates of capital input, and revised or newly available estimates of capacity in physical volume terms for selected industries from 1977 on. 3 Revised Estimates of Electric Power Use The Federal Reserve's monthly indexes of industrial electric power use, which begin in 1972, have been revised. The indexes are now expressed as percentages of electric power use in 1992; the comparison base year formerly was 1987. The revisions of the electric power series stem from three sources: more complete reports from utilities and changes in the Federal Reserve's utility reporting panel for recent years; more accurate staff estimates of the increase in cogeneration that took place during the last half of the 1980s; and adjustments of the detailed series on purchased power consumption to annual benchmarks derived from data published in the Annual Surveys of Manufactures from 1972 to 1993. Compared with the previously published data, the revised index of total electric power use in manufacturing and mining shows somewhat stronger growth since 1989 and a slightly greater decline from 1979 to 1982; the overall pattern, however, is quite similar to previous results. The revised cogeneration component grows noticeably faster. Data Availability Files containing the revised data and the text and tables from this release are available on the Internet at http://www.bog.frb.fecLus, the Board's World Wide Web site. Files will also be available through the Economic Bulletin Board of the Department of Commerce; for information, call 202-482-1986. Diskettes containing either historical data (through 1985) or more recent data (1986 to those most recently published in the G.17 statistical release) are available from Publications Services, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202-452-3245), More details on the technical aspects of the revision will be published in the February 1997 Federal Reserve Bulletin. Copies of this article will be available at the Board's World Wide Web site. A summary of the new aggregation procedure is presently available in the 1996 revision announcement on the World Wide Web (http://www.bog.frb.fed.us/releases/G17Aev96.htm). A document with printed tables of the revised estimates of major aggregates shown in the G.17 release will be sent to subscribers to the release. This document will also be available at the Board's World Wide Web site. 1. Industrial production, capacity, and utilization Ratio scale, 1992 output = 100 170 170 - = Previous •= Revised 160 160 150 150 140 140 130 130 120 120 110 110 100 ,100, Capacity 90 90 80 80 Production 70 70 60 60 I I I I I I I I I I I I I I I I I I I I I I50 50 1967 1972 1977 1982 1987 1992 1997 Percent of capacity 90 90 88 88 86 86 84 84 82 82, 80 80 78 78 76 76 74 74 72 72 70 I I I I I I I I I I I I I I I I I I I I | | I I I I I I I I 1967 1972 1977 1982 1987 1992 1997 70 Table 1 RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY MAJOR MARKET GROUPS, 1992-1996 1 Difference between revised and earlier indexes toercentaae points) Revised index (Dercentt 1992 1993 1994 1995 1996 1992 1993 1994 3.9 3.0 5.7 1.8 3.7 -.1 -.2 3.9 4.0 3.7 7.4 11.7 4.2 2.7 2.8 2.5 1.9 2.0 2.2 10.3 11.6 9.4 .1 -.4 3.4 4.3 4.3 3.9 6.6 5.7 7.2 3.2 4.4 -4.0 1.1 1.4 .7 1.1 -.9 2.5 .7 -.3 6.6 3.7 3.9 2.1 2.7 1.0 3.9 2.0 2.4 -.4 -.2 _3 4.6 6.8 3.7 13.2 .8 3.4 -5.8 1.5 3.4 6.8 2.0 -2.1 9.6 -6.5 4.9 8.1 8.9 11.5 1.1 5.4 -8.0 2.4 4.6 7.3 12.2 -13.4 -.8 -8.2 3.3 3.7 3.1 1.8 5.8 -.5 4.3 6.6 3,0 3.9 6.5 2.4 .0 4.6 8.2 1.7 -.6 7.9 10.9 5.9 2.1 Total excluding: Computer ana office equipment 3.5 2.7 5.3 Business equipment excluding: Computer and office equipment 4.7 2.4 6.2 Item Total index Products, total Final products Consumer goods Durable Automotive products Other durable goods Nondurable Nonenergy products Energy products Equipment, total Business equipment Industrial Information processing & related Transit Other Defense and space equipment Intermediate products Construction supplies Business supplies Materials Durable Nondurable Energy 1995 1996 -.9 :2 -.8 -1.3 -1.1 -.1 .5 -1.6 2.3 -.3 -.3 .0 .1 .6 .3 1.1 .2 .2 .0 -.6 -.6 .3 -.3 -2.8 2.2 .3 .2 .9 .2 2.0 .3 3.2 -.3 _5 .0 -.9 -1.3 .1 2.2 -1.0 4.8 -.5 -.2 -1.7 6.9 8.0 -.2 11.2 21.6 2.4 -.9 -1.1 -1.4 -.7 -1.7 .3 -1.3 .0 -2.0 -2.5 .9 -5.5 -2.9 -.4 .5 -2.6 -3.3 .3 -6.3 -1.4 -2.5 2.3 -.1 :1 3,8 -1.8 .8 2.8 .9 -3.0 -3.0 -.1 -6.2 5.3 -1.2 -2.1 .1 -.8 .7 3.1 5.9 1.3 .1 -.3 .4 -.8 -.2 -1.1 -2.0 -1.5 -2.3 .2 -.4 ,7 .3 .6 2 2.9 5.7 -2.3 .9 3.7 5.1 1.7 1.9 .2 .2 .1 .0 .4 1.0 -.6 -.2 -.2 -.3 -1.0 .3 .5 .4 .4 .8 -.7 -.3 -1.4 -1.2 2.3 .7 •3 .. ;o ; SPECIAL AGGREGATES -.8 2.9 1.1 4.4 -.1 -1.1 -2.4 1. Growth rates are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column heading. Table 2 RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS, 1992-1996 1 " SIC Item 1992 Revised index (percent) 1993 1994 1995 1996 1992 Difference between revised and earlier indexes toercentaae DointsV 1995 1993 1994 1996 Total index 3.9 3.0 5.7 1.8 3.7 -.1 -.2 -.9 .2 -.8 Manufacturing 4.4 3.3 6.5 1.6 4.0 -.1 -.4 -1.1 .2 -.8 Primary processing Advanced processing 3.9 4.6 4.0 3.0 6.2 6.7 -.9 2.8 2.6 4.7 -.1 -.1 -.3 -•4 -.8 -1.1 .2 .3 -.4 -.9 Durable Lumber and products 24 Furniture and fixtures 25 Stone, clay, and glass products. 32 5.2 5.4 * 5.1 3.6 5:8 2.2 3.4 4.2 8.2 4.1 3.9 4.7 3.7 -.1 -1.7 -.5 5.6 2.5 3.2 2-4 -.3 -.4 .2 -.2 -.4 -1.7 -1.8 .0 -1.1 -1.6 -3.4 .7 .3 .1 2.0 -.6 -.9 .7 .4 -.3 Primary metals 33 Iron and steel 331,2 Raw steel Nonferrous 333-6,9 Fabricated metal products 34 Industrial machinery and equipment 35 Computer and office equip. 357 Electrical machinery 36 Semiconductors 3672-9 1.1 1.3 1.3 .9 4.1 7.2 9.0 5.6 4.9 4.6 8.4 7.0 6.1 10.3 8.5 -.9 -1.2 .6 -.7 .9 2.9 2.9 -1.9 2.9 3.2 .1 .2 -.3 .0 -1.0 -.3 -.1 -.2 -.5 .7 -1.4 -1.3 -.3 -1.5 .1 .8 1.2 -.1 .0 .0 .8 -1.3 .8 3.4 .0 7.1 26.8 13.1 26.6 12.0 20.1 8.6 16.5 14.7 31.2 18.6 37.3 11.7 40.7 15.9 36.4 10.0 38.1 7.2 15.6 -3.3 -1.2 3.2 8.9 -.9 -6.6 .4 4.6 -.2 1.6 .9 8.4 -.8 4.5 4.0 10.4 -5.2 -2.5 2.8 7.9 Transportation equipment 37 Motor vehicles and parts 371 Autos and light trucks Aerospace and misc. 372-6,9 Instruments 38 Miscellaneous 39 2.8 10.1 9.1 -4.3 1.2 2.1 4.8 18.0 13.6 -8.9 -1.7 5.5 1.2 6.8 5.7 -6.0 1.2 2.6 -6.1 -3.0 -3.3 -10.6 .5 .9 5.4 -3.7 -.5 19.3 3.0 2.5 -.1 -.6 .3 .0 .2 .0 -.1 1.2 -2.1 -1.0 -.6 -.5 -2.0 -1.8 -.3 -1.9 -2.8 -3.6 .1 -.4 -.6 1.2 -.1 .3 -1.9 -6.0 -2.0 3.5 .2 .9 20 21 22 23 26 3.5 1.8 4.1 6.5 .4 .3 .5 1.6 -16.3 5.1 2.2 6.5 4.6 2.1 40.5 5.9 5.2 4.7 -.9 .8 -8.8 -5.5 -7.6 -2.6 2.2 2.1 2.3 2.0 -2.5 1.4 .3 .2 -1.5 .2 -.5 -.1 -.4 -1.0 3.3 .5 .9 -.3 -.9 -1.5 15.8 .9 1.2 .5 .1 .4 -2.7 .2 1.4 .4 -.3 .1 -3.6 .2 .3 -.6 27 28 29 30 31 2.6 4.9 3.6 9.0 5.0 -2.6 -1.4 2.8 6.4 -3.8 1.2 4.6 -.9 9.5 -8.3 -1.3 1.6 .4 -.5 -8.9 1.2 3.6 3.1 2.9 -3.4 -1.2 -.4 -.3 -.3 -1.2 -1.4 -2.4 -.9 -.9 -5.1 .6 -.8 .2 .0 .3 .5 -1.2 -.4 -.6 1.5 10 12 13 14 .3 5.7 -.7 -.3 3.4 -.3 2.2 -3.3 -.6 5.6 1.6 -3.0 8.9 —3 70 -1.3 4.7 -.2 -2.5 .2 3,9 .1 4.1 4.1 5.6 .0 -.4 -.2 .2 -1.1 .2 -.3 -.1 .0 2.7 .4 -.2 -.2 .4 .6 .5 ^3.3 2.9 .5 -1.8 -.8 3.7 -6.2 -.2 .3 491,3pt 492,3pt 1.9 2.1 1.1 2.0 1.0 5.5 -.1 1.9 -7.2 6.5 5.3 10.9 .4 1.1 -2.1 -.1 .2 -1.0 .5 .1 1.6 -.3 .1 -1.2 .3 .2 .4 -1.2 -.6 -3.1 3.9 3.0 6.0 .7 3.1 .2 -.2 -1-0 .4 -.1 Nondurable Foods Tobacco products Textile mill products Apparel products Paper and products Printing and publishing Chemicals and products Petroleum products Rubber and plastics products Leather and products Mining Metaimining Coal mining Oil and gas extraction Stone and earth minerals Utilities Electric Gas .3 .5 .0 .3 —1 SPECIAL AGGREGATES Manufacturing excluding: Computer and office equipment [ 1. Growth rates are calculated as the.percent change in the-seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column heading. Table 3 INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1987-1996 1 TOTAL INDUSTRY Seasonally ad usted Jan. Feb. Mar. Apr. May June July Auq. Sep. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual2 -.6 .1 .5 -.5 -.5 .0 .4 .4 .6 .3 -.6 .3 .7 .3 .9 .0 -.2 .0 1:2 -.3 .2 .5 .2 .6 .6 .7 -1.0 -.1 -.1 -.4 -.2 .1 .9 .5 1.0 .1 .4 .1 1.3 .3 -.5 -.5 -.1 .8 .3 .6 -.4 .0 .6 .5 .5 -.6 -.6 .1 .3 .5 .0 .0 .1 .5 .4 .2 .1 -.4 -.2 .0 .8 .3 .3 .7 .4 -1.3 -.1 .6 .5 .7 .3 .3 -.4 1.2 .3 -.8 .5 -.8 .7 .5 .5 -.2 1.3 .6 .2 .8 .9 4.3 3.1 3.8 1.9 -8.2 1.1 3.7 6.2 3.9 1.6 6.7 3.0 .5 .8 1,3 6.7 .8 6.7 -.7 6.2 5.6 3.8 -4.4 .9 6.3 2.2 1.7 4.4 3.2 3.3 6.9 3.6 .0 -5.7 1.1 5.6 5.8 5.6 .8 3.8 4.6 4.4 1.8 -.2 -2.0 3.2 3.4 5.0 3.3 2.7 Industrial Production 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 90.2 95.8 99.7 98.5 96.7 97.5 102.3 105.7 111.9 112.4 Capacity 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Year Industrial Production, Percent Change 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Utilization 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 .7 .1 -.5 -.3 .9 .4 .1 -.6 .4 .8 .4 -.6 .6 .1 .4 91.2 96.1 98.9 .99.0 95.9 .98.1 102.8 106.2 111.6 113.8 91.5 96.2 99.8 99.4 95:0 98.9 102.8 107.0 111.7 113.2 91.9 96.7 100.1 98.9 95.3 99.6 103.2 107.4 111.4 114.3 92.3 96.8 99.5 99.3 96.0 100.0 102.6 108.1 111.5 114.8 93.1 96.8 •99.3 99.3 97.2 99.7 102.8 108.6 111.7 115.5 93.7 97.4 98.3 99.2 97.2 100.4 103.1 109.1 111.7 115.5 93.8 98.0 98.7 99.4 97.4 100.1 102.8 109.2 112.6 115.8 93.7 97.6 98.5 99.5 98.3 100.5 103.9 109.3 113.0 116.0 94.9 97.9 98.1 99.0 98.2 101.3 104.1 109.9 112.5 116.0 95.2 98.6 98.5 97.7 98.1 101.9 104.6 110.6 112.7 116.9 91.0 95.8 99.1 96.0 99.5 98.9 99.0 97.1 95.8 97.4 101.9 98.2 105.4 '102.6 111.6 106.3 112.8 111.8 117.7 113.1 92.5 96.8 99.6 99.2 96.2 99.8 102.8 108.0 111.6 114.8 93.7 97.7 98.5 99.4 97.6 100.3 103.3 109.2 112.4 115.8 95.3 98.5 98.5 97.9 97.9 101.7 104.7 110.7 112.7 116.8 93.1 97.3 99.0 98.9 96.9 100.0 103.4 108.6 112.1 115.1 113.9 115.3 116.8 119.2 121.4 123.3 125.7 128.0 131.8 136.3 114.0 115.5 117.0 119.3 121.5 123.6 125.8 128.3 132.1 136.7 114.1 115.6 117.2 119.5 121:7 123.8 126.0 128.6 132.5 137.1 114.3 115.7 117.4 119.7 121.9 124.0 126.2 128.9 132.8 137.5 114.4 115.8 117.6 119.9 122.0 124.2 126.4 129.2 133.2 137.9 114.5 115.9 117.8 120.0 122.2 124.4 126.6 129.5 133.6 138.4 114.6 116.0 118.0 120.2 122.4 124.6 126.7 129.8 134.0 138.8 114.7 116.2 118.2 120.4 122.5 124.7 126.9 130.1 134.3 139.2 114.8 116.3 118.4 120.6 122.7 124.9 127.1 130.5 134.7 139.6 115.0 116.4 118.6 120.8 122.8 125.1 127.3 130.8 135.1 140.0 115.1 116.5 118.8 121.0 123.0 125.3 127.5 131.1 135.5 140.5 115.2 116.7 119.0 121.2 123.2 125.5 127.7 131.4 135.9 140.9 114.0 115.5 117.0 119.3 121.5 123.6 125.8 128.3 132.1 136.7 114.4 115.8 117.6 119.9 122.0 124.2 126.4 129.2 133.2 137.9 114.7 116.2 118.2 120.4 122,5 124.7 126.9 130.1 134.3 139.2 115.1 116.5 118.8 121.0 123.0 125.3 127.5 131.1 135.5 140.5 114.6 116.0 117.9 120.1 122.3 124.4 126.7 129.7 133.8 138.6 79.1 83.1 85.3 82.6 79.6 79.0 81.4 82.6 84.9 82.4 80.0 83.3 84.5 82.9 78.9 79.4 81.7 82.8 84.5 83.2 80.2 83.2 85.1 83.2 78.1 79.9 81.6 83.2 84.3 82,6 80.5 83.6 85.2 82.6 78.2 80.4 81.7 83.3 83.9 83.1 80.7 83.6 84.6 82.8 78.7 80.6 81.2 83.7 83.7 83.2 81.3 83.5 84.3 82.7 79.5 80.2 81.2 83.9 83.6 83.5 81.8 84.0 83.3 82.5 79.5 80.6 81.3 84.1 83.4 83.2 81.7 84.3 83.5 82.5 79.5 80.2 81.0 83.9 83.8 83.2 81.6 84.0 83.2 82.5 80.1 80.-5 81.7 83.7 83.9 83.1 82.6 84.1 82.7 81.9 79.9 81.0 81.8 84.1 83.3 82.8 82.7 84.6 82.9 80.7 79.7 81.3 82.1 84.4 83.2 83.2 83.1 85.0 83.2 80.1 79.1 81.2 82.5 84.9 83.0 83.5 79.8 83.2 85.0 82.9 78.9 79.5 81.6 82.9 84.6 82.8 80.8 83.6 84.7 82.7 78.8 80.4 81.4 83.6 83.7 83.3 81.7 84.1 83.3 82.5 79.7 80.4 81.3 "83.9 83.7 83.2 82.8 84.6 82.9 80.9 79.6 81.2 82.1 84.4 83.2 83.2 81.3 83.9 84.0 82.3 79.2 80.4 81.6 83.7 83.8 83.1 .4 .0 .9 .5 -.9 .8 .1 .4 .1 .7 .1 .7 1. Estimates from October 1996 through December 1996 are subject to further revision in the upcoming monthly releases. 2. Annual averages of industrial production are calculated from not seasonally adjusted indexes. Table 4 INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1987-19961 MANUFACTURING Seasonally ad usted Year Industrial Production, Percent Change 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual2 -.8 -.2 .9 -.2 1.6 .4 .5 1.0 .1 -.8 .3 .6 .5 .3 -.1 -.7 .4 .7 .4 -.5 .7 -.1 1.0 .7 .7 -1.1 .0 .2 .7 .3 .8 -.1 :5 -.2 .3 .4 .3 .2 -.3 -.3 .1 .7 .0 .5 1.0 .4 -1.3 -.2 .6 .5 .7 -.1 .6 .6 .6 .1 -.6 .1 .1 .2 -.3 .0 1.1 .4 1.1 .2 .7 .2 1.3 .2 -.6 -.6 -.1 •4 .0 .0 -.1 1.4 -.1 .0 .2 .2 .7 5.0 2.4 4.3 2.9 -9.7 2.3 4.5 6.3 4.2 1.1 7.0 4.1 -.7 -.1 1.2 7.3 1.4 8.1 -1.4 6.3 5.5 3.7 -4.5 .8 7.8 2.8 1.2 5.0 2.6 5.0 7.6 5.2 -1.4 -6,3 1.7 5.1 6.2 6.7 1.0 3.7 5.3 4.7 1.9 -.5 -2.4 4.0 3.7 5.5 3.5 2.7 93.4 97.5 98.5 99.0 97.0 100.5 103.5 110.2 113.4 117.2 95.1 98.7 98.1 97.4 97.5 101.7 105.1 111.9 113.7 118.3 92.8 97.1 99.0 98.5 96.2 100.0 103.7 109.4 113.2 116.3 .9 .2 -.1 .8 .3 —9 -.7 -1.1 .2 .8 .1 .4 -.4 .8 .3 .6 -.4 1.3 .9 .1 .9 .1 -.8 Industrial Production 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 89.6 95.4 100.3 98.1 95.8 97.2 102.6 106.0 113.3 113.4 91.0 95.8 99.1 99.0 95.1 98.0 102.9 106.6 112.9 114.8 91.2 95.7 99.9 99.3 94.1 98.9 103.0 107.5 113.1 113.9 91.6 96.7 100.0 98.6 94.4 99.5 103.6 108.2 112.7 1-15.2 91.9 96.6 99.4 99.0 95.0 100.0 103.0 109.0 112.6 115.7 92.8 96.6 99.4 98.9 96.3 99.9 103.0 109.2 112.9 116.4 93.4 97.2 98.3 98.8 96.6 100.5 103.4 110.0 112.7 117.0 93.3 97.5 98.7 99.1 96.8 100.2 103.0 110.1 113.4 117.2 93.4 97.7 98.4 99.1 97.8 100.6 104.2 110.3 114.2 117.4 94.6 97.9 97.9 98.5 97.8 101.4 104.4 111.1 113.8 117.4 95.0 98.9 98.2 97.2 97.6 102.0 105.0 111.9 113.6 118.1 92:1 90.6 95.6 96.6 95.7 99.4 99.6 98.3 99.8 98.8 98.8 96.6 95.2 95.0 97.1 99.8 98.0 101.8 105.9 102.9 103.2 112.9 106.7 108.8 113.8 . 113.1 112.7 119.3. 114.0 .115.8, Capacity 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 113.2 115.1 117.0 119.9 122.4 124.5 127.2 129.8 134.0 139.1 113.4 115.3 117.3 120.1 122.6 124.7 127.4 130.1 134.4 139.6 113.6 115.4 117.5 120.3 122.7 125.0 127.6 130.5 134.8 140.1 113.8 115.5 117.8 120.5 122.9 125.2 127.8 130.8 135.2 140.5 113.9 115.7 118.0 120.7 123.1 125.4 128.0 131.2 135.6 141.0 114.1 115.8 118.3 120.9 123.3 125.7 128.2 131.5 136.0 141.5 114.2 116.0 118.5 121.1 123.5 125.9 128.4 131.9 136.5 142.0 114.4 116.1 118.7 121.3 123.6 126.1 128.6 132.2 136.9 142.5 114.6 116.3 119.0 121.5 123.8 126.3 ,128.9 132.6 137.3 142.9 114.7 116.5 119.2 121.7 124.0 126.5 129,1 132.9 137.8 143.4 114.9 116.6 119.5 121.9 124.2 126.8 129.3 133.3 138.2 143.9 115.0 116.8 119.7 122.2 124.3 127.0 129.5 133.6 138.7 144.4 113.4 115.3 117.3 120.1 122.6 124.7 127.4 130.1 134.4 139.6 113.9 115,7 118.0 120.7 123.1 125.4 128.0 131.2 135.6 141.0 114.4 116.1 118.7 121.3 123.6 126.1 128.7 132.2 136.9 142.5 114.9 116.6 119.5 121.9 124.1 126.8 129.3 133.3 138.2 143.9 114.1 115.9 118.4 121.0 123,4 125.8 128.3 131.7 136.3 141.7 79.1 82.9 85.7 81.8 78.2 78.1 80.7 81.6 84.6 81.5 80.2 83.1 84.5 82.4 77.6 78.6 80.8 81.9 84.0 82.2 80.3 82.9 85.0 82.6 76.6 79.1 80.7 82.4 83.9 81.3 80.6 83.7 84.9 81.8 76.8 79.5 81.0 82.7 83.4 82.0 80.7 83.5 84.2 82.0 77.2 79.7 80.5 83.1 83.0 82.0 81.4 83.4 84.1 81.8 78.1 79.5 80.4 83.0 83.0 82.3 81.8 83.8 83.0 81.6 78.2 79.9 80.5 83.4 82.6 82.4 81.5 84.0 83.1 81.7 78.3 79.5 80.1 83.3 82.9 82.3 81.5 84.0 82.7 81.5 79.0 79.7 80.9 83.2 83.2 82.1 82.5 84.1 82.1 80.9 78.9 80.1 80.9 83.6 82.6 81.8 82.8 84.8 82.2 79.7 78.6 80.4 81.2 84.0 82.2 82.1 83.1 85.1 82.2 79.1 78.1 80.2 81.7 84.5 82.0 82.6 79.9 83.0 85.1 82.3 77.5 78.6 80.7 82.0 84.2 81.7 80.9 83.5 84.4 81.9 77.4 79.5 80.6 83.0 83.1 82.1 81.6 83.9 82.9 81.6 78.5 79.7 80.5 83.3 82.9 82.3 82.8 84.7 82.1 79.9 78.5 80.2 81.3 84.0 82.3 82.2 81.3 83.8 83.6 81.4 78.0 79.5 80.8 83.1 83.1 82.1 Utilization 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 -1.2 .7 —3 i!i .7 .2 .7 -.4 -.5 -.1 .8 .9 .1 1.0 1. Estimates from October 1996 through December 1996 are subject to further revision in the upcoming monthly releases. 2. Annual averages of industrial production are calculated from not seasonally adjusted indexes. Table 5 RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY MARKET GROUPS, 1977-1996 Item SIC Total index Products, total Final products Consumer goods Durable Automotive products Other durable goods Nondurable Nonenergy products Energy products Equipment, total Business equipment Industrial Information processing & related Transit Other Defense and space equipment Intermediate products Construction supplies Business supplies Materials Durable Nondurable Energy 19771982 Revised index (percent) 198219871987 1992 19921996 Difference between revised and earlier indexes toercentaae points) 19921982198719771996 1992 1987 1982 -.1 -.4 -.6 -.8 .1 .7 -.5 1.6 -.1 -.1 _ •) _2 -.3 .1 .7 -.3 1.4 .0 .0 -.1 -.6 -.6 .1 1.1 -1.0 2.8 -.2 -.2 -.2 -1.7 -2.5 .0 -3.7 -.4 -.1 .0 -1.7 -2.7 .0 -5.3 -.6 -.1 1.3 -.8 -1.0 -.2 -1.8 -.5 -.3 .1 -1.8 -2.0 1.0 -4.5 .1 -.7 .5 .0 -]i .0 .0 .0 .0 .1 -.1 -.5 -.3 -.6 .0 -.1 JO -.2 .5 .6 .0 .1 .2 .3 .0 .0 .0 .2 -.5 .0 -.1 -.1 -.2 .5 4.0 1.4 3.6 -.5 _ 1.2 1.6 -.2 -4.3 -7.5 -2.2 1.1 1.5 ^.6 4.1 3.6 3.5 8.5 11.2 6.7 2.1 2.2 1.7 1.0 1.4 1.3 1.3 -.1 2.3 1.3 1.3 1.5 2.9 3.0 2.5 6.0 5.9 6.0 1.6 1.4 2.7 -.7 -.9 .0 .0 -.2 .1 -.1 -.1 -.1 3.9 2.6 -2.6 14.5 -1.2 -2.4 6.0 3.6 3.8 -1.7 9.1 4.0 3.2 10.1 1.5 3.3 1.0 4.8 5.8 .3 -3.2 4.0 6.1 6.1 9.4 .0 3.8 -6.3 .0 -2.7 2.1 5.9 6.7 5.3 -.1 -.9 .3 2.3 4.0 1.2 -.5 -.6 -1.1 -.3 3.8 6.9 4.0 -.1 2.0 2.7 1.9 .8 4.7 7.6 1.5 1.0 3,6 1.3 3.1 1.6 2.8 3.7 •) SPECIAL AGGREGATES Total excluding: Computer and office equipment Business equipment excluding: Computer and office equipment -.2 -.2 Note- Growth rates are calculated as the average annual percent change from the first to the last period indicated. 10 Table 6 RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS, 1977-1996 Item SIC Total index 19771982 Revised index (percent} 198719821992 1987 19921996 Difference between revised and earlier indexes (oercentaae oointsi 19771992198719821987 1982 '1996 1992 .5 4.0 1.4 3.6 -.5 -.1 -.1 -.4 .3 5.2 1.5 3.9 -.6 -.3 -.1 -.4 Primary processing Advanced processing -2.7 1.9 4.7 5.4 1.0 1.8 2.9 4.3 -.1 -.8 .0 -.5 .0 -.1 -.3 -.5 Durable Lumber arid products 24 Furniture arrd fixtures 25 Stone, clay, and glass products 32 .0 -4.0 -.1 -3.1 6.2 8.3 6.2 4.5 1.7 -1.0 -.2 -.9 5.9 2.3 2.2 2.7 -1.1 .0 .0 -.1 -.4 .1 .0 .0 -.1 .0 .0 .0 -.5 -.8 -.7 .0 Primary metals 33 331,2 Iron and steel Raw steel 333-6,9 Nonferrous Fabricated metal products 34 Industrial machinery and equipment 35 Computer and office equip . 357 Electrical machinery 36 Semiconductors 3672-9 -7.5 -10.2 -9.8 -2.8 -2.1 4.0 3.5 3.5 4.6 3.7 .5 .9 .2 -.2 -.4 4.0 3.9 2.9 4.1 4.4 -.2 -.3 .0 .3 .0 .2 .5 .0 .0 .0 .1 .0 .0 .2 -.2 -.1 -.4 .0 .2 .1 3.1 33.4 6.3 23.1 5.5 23.9 7.9 15.8 3.1 10.0 5.7 14.6 118 31.3 13.0 26.7 -4.2 -1.6 .9 6.9 -3.9 -4.5 2.3 9.5 -1.3 -1.6 1.4 5.2 -1.6 -.9 1.8 7.4 37 Transportation equipment Motor vehicles and parts 371 Autos and light trucks Aerospace and misc. 372-6,9 Instruments 38 Miscellaneous 39 -2.6 -9.2 SA 4.2 4.9 -1.6 8.8 10.8 12.6 7.4 4.2 1.8 .8 1.0 .3 .5 1.3 1.3 1.4 6.0 5.6 -3.8 .7 3.0 -.1 -.1 -.2 .0 .0 .0 -.3 -.4 -.1 -.1 .1 .1 -.1 -.4 -.1 .1 .1 :0 -.7 -1,1 -.7 .1 -.8 -.7 20 21 22 23 26 .5 2.0 .6 -1.9 -.3 1.2 3.9 2.6 -.3 3.7 1.8 4.1 1.3 1.3 -.9 .8 -1.1 1.9 1.5 1.5 1.4 1.7 -.4 1.9 -.1 -.1 .0 .0 .0 .2 -.1 -.1 .0 .0 -.3 .0 .0 .0 -.1 .0 .0 .0 -.3 -.5 2.6 .5 .9 -V1 27 28 29 30 31 3.2 -.4 -3.1 .3 -4.1 5.7 4.1 2.3 8.7 -7.2 -.5 2.8 .6 3.1 -2.3 -.3 2.1 1.6 4.8 -5.3 .0 .0 .0 -.1 .0 -.1 .0 .0 .0 .0 -.1 .1 .1 .0 .0 -.3 -1.0 -.3 -.3 -1.3 10 12 13 14 1.5 -2.2 3.7 1.5 -4.6 -1.7 2.5 1.8 -2.8 5.1 -.3 10.1 1.6 -1.5 -.2 .8 .4 1.4 .1 4.3 .0 .9 .0 -.3 .0 .1 -.3 .0 -.2 .3 -.1 -.3 .0 -.1 ,0 .2 .1 -.1 .2 .3 .1 1.6 -3.2 1.7 3.1 -2.8 2.3 2.3 2.4 3.0 3.0 2.7 -.3 .0 -.6 -.1 .0 .3 .0 .0 -.1 -.1 491,3pt 492,3pt -.4 4.7 1.3 3.3 -.1 .2 .1 -.2 Manufacturing Nondurable Foods Tobacco products Textile mill products Apparel products Paper arid products Printing and publishing Chemicals and products Petroleum products Rubber and plastics products Leather and products Mining Metar mining Coal mining Oil and gas extraction Stone and earth minerals Utilities Electric Gas .0 -.4 SPECIAL AGGREGATES Manufacturing excluding: Computer and office equipment Note- Growthrates are, calculatedas the average annual percent change from the- first to the last period indicated. 11 Table 7 RATES OF GROWTH IN CAPACITY, BY INDUSTRY GROUPS, 1992-19961 Item SIC 1992 Revised index (percent) 1993 1994 Difference between revised and earlier indexes (Dercentacie Doints) 1995 1996 1992 1993 Total index 1.9 1:8 2.8 3.3 3.7 -.2 -.4 Manufacturing 2.1 2.0 3.1 3.7 4.1 -.3 -.5 Primary processing Advanced processing 1.0 2.6 1.2 2.4 2.0 3.7 2.1 4.6 2.4 4.9 -.3 -.3 Durable Lumber and products 24 Furniture and fixtures 25 Stone, clay, and glass products 32 2.0 .1 .5 .1 2.5 .3 1.3 .1 4.1 2.4 1.4 .9 5.5 2.1 1.3 1.2 6.1 2.8 2.3 2.2 Primary metals 33 Iron and steel 331,2 Raw steel Nonferrous 333-6,9 Fabricated metal products 34 Industrial machinery and equipment 35 Computer and office equip. 357 Electrical machinery 36 Semiconductors 3672-9 -1.1 -2.3 -3.0 .5 -.1 -.1 -1.0 -4.2 .9 1.5 1.4 2.8 .9 -.3 1.5 1.8 1.9 3.1 1.6 2.7 3.8 14.4 6.5 15.9 4.7 19.0 8.1 20.6 6.3 22.8 11.7 27.3 Transportation equipment 37 Motor vehicles and parts 371 Autos and light trucks Aerospace and misc. 372-6,9 Instruments 38 Miscellaneous 39 1.4 3.2 .8 .1 1.1 1.5 .7 2.9 .0 -1.9 .5 1.5 20 22 23 26 2.2 2.6 1.7 .2 1.8 27 28 29 30 31 1995 1996 -.4 -.3 '-.4 -.5 -.3 -.3 -.6 -.2 -.4 -.5 -.3 -.1 -.4 -.5 -.5 -.6 -.6 -.8 -.6 -.1 -.5 1.6 -.6 .0 -.5 -1.2 -.4 -.5 -.5 .4 -.1 3.3 4.5 1.1 1.8 2.9 .1 .0 .0 .2 -.4 .2 .0 .0 A .4 -.5 .0 .0 -1,0 -.4 —3 .0 .0 -.7 .5 .2 .9 -2.8 -.6 .9 9.0 29.0 16.6 35.1 11.4 36.1 16.5 29.7 -.3 .4 .1 1.8 -1.1 .4 .8 8.0 -2.4 -2.2 2.0 9.0 r-2.4 2.2 1:8 10.0 -1.1 6.8 .9 4.2 3.0 7.5 5.5 -2.1 .2 1.4 2.8 7.2 5.9 -2.5 .0 1.4 1.3 3.4 1.8 -1.5 .0 1.4 -.6 -1.6 -.2 -.1 -3.4 -1.3 -1.6 -2.7 -1.1 -.4 -2.3 -.4 .9 -.3 -1.8 -.8 -2.4 .7 1.6 2.7 -.3 -.9 -2.5 -.3 -.6 .0 .2 -1.0 -2.5 1.4 1.8 2.5 .5 2.3 1.8 2.0 3,5 .4 1.5 1.6 2.1 4.1 2.9 1.9 1.7 1.9 2.4 1.3 1.6 -.1 .4 -.8 -1.9 -.5 -.4 -.2 -.8 -2.1 .1 _ g .0 A -.6 -.6 -.3 .4 .4 .8 -1.3 .1 .3 .6 .8 -1.2 .6 3.8 -1.5 3.8 -2.6 -.8 2.2 -.6 3.3 -2.1 -.1 3.0 1.9 4.3 -1.7 -.2 2.0 -.2 2.3 -1.9 -.5 3.5 .3 1.6 -1.4 -.3 -.1 -.3 -.4 .1 .0 -.4 .0 -.9 .1 -1.7 .7 1.6 -.4 .8 -.2 -.4 -.8 -1.2 .9 .0 .9 -.5 -1.5 1.0 10 12 13 14 -1.2 2.5 -.3 -1.8 .0 -.6 1.8 1.4 -1.6 1.9 .7 -1.5 4.3 -.2 1.0 -.4 .9 -.9 -.8 1.9 -.4 1.2 .8 -1.1 1.8 .0 .0 -1.2 .3 -.5 .4 .1 .3 .3 1.0 .8 -1.2 3.2 .4 -.5 -.4 -.1 -2.0 .0 -1.1 -.2 .2 -.2 -.2 -.7 491,3pt 492,3pt 1.4 1.5 .0 .8 1.4 .2 1.2 1.0 .4 1.8 2.2 .5 2.1 2.6 .7 .3 .0 .0 .2 .7 .0 .8 .6 -:1 .8 1.1 -.2 .7 1.0 -.3 Total excluding: Computer and office equipment i.i 1.5 2.5 2.8 3.0 -.<: Manufacturing excluding: Computer and office equipment 1.9 1.7 2.7 3.1 3.3 -.3 Nondurable Foods Textile mill products Apparel products Paper and products Printing and publishing Chemicals and products Petroleum products Rubber and plastics products Leather and products Mining Metal mining Coal mining Oil and gas extraction Stone and earth minerals Utilities Electric Gas "~*.O 1994 SPECIAL AGGREGATES —.*: -.4 -.3 -.3 -.1 1. Growth rates are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column heading. Note—Primary processing manufacturing includes textile mill products, paper a n d products, industrial chemicals, synthetic materials, a n d fertilizers, petroleum products, rubber a n d plastics products, lumber and products, primary metals, fabricated metals, and stone, clay, and giass products. Advanced processing manufacturing includes foods, tobacco products, apparel products, printing and publishing, chemical products and other agricultural chemicals, leather and products, furniture and fixtures, industrial and commercial machinery and computer equipment, electrical machinery, transportation equipment, instruments, and miscellaneous manufactures. 12 Table 8 REVISED AND EARLIER CAPACITY UTILIZATION RATES, BY INDUSTRY GROUPS Percent of capacity, seasonally adjusted Difference between revised and earlier rates (percentage points) Revised rate 19671995 Ave. 19881989 Hiah 19901991 Low 1994 Q4 1995 Q4 1996 04 1994 Q4 1995 Q4 Total index 82.0 85.3 78.1 84.4 83.2 83.2 -.3 .2 -2 Manufacturing 81.1 85.7 76.6 84.0 82.3 82,2 -.3 .2- -A Primary processing Advanced processing 82.0 80.6 88.9 84.2 77.8 76.1 88.7 81.9 86.2 80.5 86.4 80.4 -.6 -.2 Durable Lumber and products 24 Furniture and fixtures 25 Stone, clay, and glass products 32 79.3 82.6 81.7 77.9 84.5 93.6 86.6 83.6 73.2 75.5 72.5 69.7 83.5 86.6 83.8 80.7 82.0 84.7 81.3 79.3 81.6 84.5 82.0 79.5 —4 -A.0 -2.1 -.1 .1 St. .3 -2.8 -.1 -.2 Primary metals 33 Iron and steel 331,2 Raw steel Nonferrous 333-6,9 Fabricated metal products 34 Industrial machinery and equipment 35 Computer and office equip. 357 Electrical machinery 36 Semiconductors 3672-9 80.1 80.0 79.7 80.5 77.7 92.7 95.2 92.7 89.3 82.0 73.7 71.8 71.5 74.2 72.2 93.6 93.5 94.8 93.9 85.8 91.1 90.7 92.5 91.8 84.3 90.8 89.3' 89.7 92.7 84.6 -1.7 -1.4 -.7 -1.9 1.0 -.7 -.2 -.8 -1.2 .5 80.9 80.9 80.8 79.4 85.4 86.9 84.0 81.0 72.4 66.9 75.1 75.5 88.0 82.2 87.8 87.3 90.2 89.7 87.3 88.2 89.1 91.0 80.3 78.6 .8 -.3 .1 1.9 2.1 1.1 1.7 2.2 -1.2 -5.4 3.1 4.7 Transportation equipment 37 Motor vehicles and parts 371 1 Autos and light trucks Aerospace and misc. 372-6,9 Instruments 38 Miscellaneous 39 76.0 76.6 75.7 82.1 75.1 85.8 89.1 92.2 87.3 81.4 79.0 68.5 55.9 53.3 79.2 77.2 71.7 76.0 82.5 85.1 68.1 77.2 78.0 69.4 74.7 77.7 62.5 77.6 77.6 72.2 69.5 76.0 75.7 79.9 78.5 -1.3 -2.5 _ -| A -.8 2.2 -1.6 -3.7 -2.6 1.4 -.2 4.3 -2.8 -7.6 -4.2 3.6 .7 6.7 20 22 23 26 83.5 83.1 85.6 81.4 89.3 87.3 85.4 90.4 85.1 93.5 80.7 82.7 77.7 75.5 85.0 84.7 82.5 92.2 86.3 93.1 82.6 81.5 83.6 77.5 89.0 82.9 81.7 83.3 74.5 88.8 -.1 —4 1^6 5.1 -.8 .3 -.3 1.3 5.1 .8 -.1 -.5 1.0 4.5 1.4 27 28 29 30 31 86.2 79.6 85.8 84.5 81.7 91.7 86.2 88.5 89.6 83.3 79.6 79.3 85.1 77.4 76.1 82.3 79.2 91.2 93.5 78.6 81.4 78.9 91.7 91.0 73.0 82.8 79.0 94.3 92.1 71.5 .3 -1.5 -1.6 -.3 -€.2 1.0 -1,8 -.6 .8 -6.2 1.4 -3,5 -.5 1.6 -5.7. 10 12 13 14 87.3 77.9 87.0 88.3 84.9 86.8 89.4 91.5 86.6 89.1 86.1 79.9 83.4 87.5 79.4 88.7 84.5 84.4 89.8 92.7 88.0 87.7 84.9 88.3 91.2 91.8 86.8 87.6 92.9 94.5 -.6 .1 -2.2 -.4 2.4 .2 -2.6 1.9 .0 1.6 -.3 .6 -2.9 .0 2.5 491,3pt 492,3pt 87.1 88.9 82.3 92.6 95.0 85.0 83.4 87.1 67.1 86.4 89.1 77.2 90.4 91.8 85.2 88.9 90.5 82.8 -i!i -1.1 -1.2 -.7 -2.8 -2.7 -3.0 Total excluding: Computer and office equipment 82.1 85.4 78.2 84.5 83.0 83.0 _ Manufacturing excluding: Computer and office equipment 81.1 85.8 76.8 84.1 82.1 81.9 -1 .5 .5 Item SIC Nondurable Foods Textile mill products Apparel products Paper and products Printing and publishing Chemicals and products Petroleum products Rubber and plastics products Leather and products Mining Metalmining Coal mining Oil and gas extraction Stone and earth minerals Utilities Electric Gas -.6 —4 1996 Q4 -.1 -.2 -.1 -2.6 .3 .0 -.1 -7-2.1 2.4 2.5 -.2 SPECIAL AGGREGATES 1. Series begins in 1977. Note—-The "nigh" columns refer to periods in which utilization in most industries peaked; the "low" columns refer to recession years in which utilization generally bottomed out. The monthly highs and lows are specific to each series, and all did not occur in the same month. 13 Table 9 VALUE ADDED AND ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS Item SIC Total index 1992 value-added proportion Previous 1994 1995 IP IP 1992 value-added proportion Revised 1994 1995 IP IP proportion proportion 1996 IP oroDortion proportion 100.0 100.0 100.0 100.0 100.0 100.0 100.0 proportion 85.4 86.2 86.5 85.4 86.6 86.6 86.4 Primary processing Advanced processing 26.6 58.9 26.7 59.6 26.3 60.1 26.5 58.9 28.2 58.4 28.3 58.4 27.7 58.7 Durable'"' ' ~ "',i-,.-. Lumber and products 24 Furniture and fixtures 25 Stone, clay, and glass products 32 45-0 2.0 1.4 2.1 47:2 2.0 1.4 2.0 48.1 1.9 1.4 20 45.0,, 2.0 1.4 2.1 46:3 2.2 1.4 2.2 46.5 2.0 1.3" 2.1 46.8 21 1.3 2;i Primary metals 33 Iron and steel 331,2 Raw steel Nonferrous 333-6,9 Fabricated metal products 34 Industrial machinery and equipment 35 Computer and office equip. 357 Electrical machinery 36 Semiconductors 3672-9 3.1 1.7 .1 1.4 5.0 3.2 1.8 .1 1.4 5.1 3.2 1.8 .1 1.4 5.1 3.1; .1 1.4 5.0 3.6 2.0 .1 1.6 5.2 3.6 1.9 .1 1.7 5.3 3.5 1.9 .1 1.6 5.3 8.0 1.8 7.2 2.6 9.2 2.5 8.2 3.3 10.1 3.3 9.1 4.0 8.0 1.8 7.3 2.6 8.6 1.7 7.7 4.2 9.1 2.1 8.3 4.6 9.5 2.5 8.6 4.8 Transportation equipment 37 Motor vehicles and parts 371 Autos and light trucks Aerospace and misc. 372-6,9 Instruments 38 Miscellaneous 39 9.5 4.8 2.5 4.7 5.4 1.3 , 9.5 5.7 3.0 3.8 5.0 1.4 9.1 5.6 2.9 3.5 4.9 1.3 9.5 4.9 2.6 4.6 5.4 1.3 9.3 5.4 2.7 3.8 5.0 1.3 8.6 5.1 2.4 3.5 4.8 1.3 8.4 4.8 2.3 3.6 4.7 1.3 40.5 9.4 1.6 1.8 39.1 9.1 1.4 1.8 40.4 9.4 1.6 1.8 2.2 3.6 40.3 9.3 1.2 1.8 2.1 3.7 40.2 9.3 1.2 1.7 1.9 3.7 39.5 9.4 1.2 1.6 1.8 3.3 Manufacturing Nondurable Foods Tobacco products Textile mill products Apparel products Paper and products 3.6 3.6 38.3 9.0 1.4 1.7 1.9 3.5 . 27 28 29 30 31 6.8 9.9 1.4 3.5 .3 6.3 9.5 1.4 3.8 .2 6.1 9.5 1.3 3.7 .2 6.7 9.9 1.4 3.5 .3 6.6 10.0 1.6 3.8 .2 6.5 10.2 L6 3.8 .,2 6.5 10.1 1.8 3.8 .2 10 12 13 14 6.9 .5 1.0 4.8 .6 6.3 .4 1.0 4.4 .6 6.1 .4 1.0 4.2 .6 6.9 .5 1.0 4.8 .6 5.9 .5 .9 3.9 .6 5.6 .5 .9 3.7 .6 ,5.6 .4 .9 3.7 .6 7.7 6.1 1.6 7.4 5.9 1.5 7.7 491,3pt 492,3pt 5.9 7.5 5.9 7.7 6.0 1.6 1.7 8.0 6.3 1.8 20 21 22 23 26 Printing and publishing Chemicals and products Petroleum products Rubber and plastics products Leather and products Mining Metal mining Coal mining Oil and gas extraction Stone and earth minerals Utilities Electric Gas 1.7 2.2 •2.1 7.4 1.5 • 6.2 1.6 Note- The IP proportion data are estimates of the industries', relative contributions to overall |P growth in the following year. For example, a 1 percent increase in durable goods manufacturing in 1997 would account for a 0.468 percent increase in total IP. 14 Table 10 RATES OF GROWTH IN ELECTRIC POWER USE, 1973-1996 Difference between revised and earlier indexes toercentaoe Doints) Revised index percent) 1992 Billion KWH1 19731979 19791989 19891996 19731979 19791989 19891996 Total Utility sales to industry Industrial generation 934.1 835.3 98.8 2.4 2.6 -1.6 .5 .5 1.0 1.3 1.2 2.4 -.1 -.2 2.8 .0 -.1 1.7 .1 1.1 MAJOR INDUSTRY GROUPS Manufacturing Durable Nondurable Mining 854.0 365.8 488.3 80.1 2.2 1.9 2.5 5.6 .6 .1 1.0 .4 1.3 .6 2.0 1.0 -.1 .1 -.2 -.2 .0 .0 -.1 .2 .2 .1 .2 .0 -.5 .1 .5 .0 1.3 .0 .0 -.1 .1 1.5 Item SIC .2 INDUSTRY GROUPS Chemicals and products Primary metals Paper and products Foods Petroleum products 28 33 26 20 29 171.7 150.9 113.3 58.8 47.0 2.4 1.9 3.2 2.7 3.5 -.5 -1.8 2.7 2.4 1.9 1.5 -.6 1.6 2.9 -.5 .3 .6 -.3 .1 Transportation equipment Rubber and plastics products Oil and gas extraction Stone, day, & glass products Industrial machinery & equipment 37 30 13 32 35 39.6 38.0 36.0 33.8 33.2 .4 4.8 3.1 2.7 3.1 2.0 3.0 .5 .0 1.8 .6 4.3 .2 1.0 .6 .1 .0 .2 .0 .2 .3 -.5 -.1 .1 -.1 .4 .0 .2 .0 -.2 Electrical machinery Textile mill products Fabricated metal products Lumber and products Metal mining 36 22 34 24 10 33.0 31.5 31.4 19.8 18.6 1.4 .4 2.1 2.3 9.3 1.6 1.0 1.4 2.0 .1 2.2 1.4 1.4 2.5 2.9 .1 .0 -.5 -2.2 -.3 -.3 .0 -.4 -1.2 1.0 .8 .1 -.1 -.5 Printing and publishing Instruments Stone and earth minerals Coal mining Apparel products 27 38 14 12 23 17.3 13.7 12.8 12.7 8.2 2.2 2.3 4.5 7.6 -1.9 4.9 4.7 -.1 1.2 -.7 .7 2.6 .8 1.4 -.2 .0 .1 -3.1 -.2 .0 .2 -.3 -1.7 -.1 1.3 -.4 .3 -.5 Furniture and fixtures Miscellaneous manufactures Tobacco products 25 39 21 6.0 4.5 1.5 1.0 2.3 2.5 3.3 1.0 1.9 1.8 4.1 .5 -1.0 -.6 2.3 .2 -.1 2.4 -.4 -.6 -3.0 2.6 .0 -.7 .2 1. Billions of kilowatt hours sold in 1992 to each category as reported by the Bureau of the Census. Note- Growth rates are calculated as the average annual percent change from the first to the last period indicated. 1996 estimate is average through November. 15
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