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FEDERAL RESERVE statistical release G.17 (419) For release at 9:15 a.m. (EDT) April 15, 2005 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production increased 0.3 percent in March after a downwardly revised gain of 0.2 percent in February. For the first quarter as a whole, industrial production rose at an annual rate of 3.6 percent after an advance of 4.5 percent in the fourth quarter. In the manufacturing sector, output edged down 0.1 percent in March, in part because of a drop in motor vehicle production. The output of mines increased 0.7 percent, and a return to more-seasonal temperatures pushed the output of utilities up 3.6 percent. At 118.5 percent of the 1997 average, overall industrial output (over) INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY Seasonally adjusted Industrial production 2004 Dec.r 1997=100 2005 Jan.r Feb.r Total index Previous estimates 117.9 117.9 117.9 118.0 118.2 118.4 Major market groups Final Products Consumer goods Business equipment Nonindustrial supplies Construction Materials 116.0 113.1 123.7 114.6 107.8 121.0 115.9 112.6 124.9 114.8 108.0 121.1 Major industry groups Manufacturing (see note below) Previous estimates Mining Utilities 119.7 119.7 91.4 118.5 120.1 120.3 91.4 115.8 Capacity utilization Average 1972–2004 Percent change 2004 Dec.r 2005 Jan.r Feb.r Mar.p 118.5 .8 .8 .0 .1 .2 .3 .3 3.9 116.4 113.2 125.1 114.7 108.7 121.1 116.5 113.0 125.3 115.3 108.6 121.7 .9 .8 1.3 .8 .0 .8 -.1 -.5 1.0 .2 .1 .1 .4 .5 .1 -.1 .7 .0 .1 -.1 .2 .6 -.1 .4 4.3 2.4 8.7 3.6 2.7 3.5 120.5 120.9 91.8 114.5 120.4 .5 .5 .9 3.1 .3 .5 -.1 -2.3 .3 .5 .4 -1.1 -.1 4.1 .7 3.6 .3 4.9 1982 low 1988–89 high Mar.p 92.4 118.7 Percent of capacity 2004 2004 Mar. Dec.r 2005 Jan.r Feb.r Mar.p Mar. ’04 to Mar. ’05 Capacity growth Mar. ’04 to Mar. ’05 Total industry Previous estimates 81.0 70.8 85.1 77.4 79.2 79.2 79.2 79.2 79.3 79.4 79.4 1.2 Manufacturing (see note below) Previous estimates Mining Utilities 79.8 68.5 85.6 75.9 85.8 92.8 87.1 84.4 78.2 78.5 87.1 84.1 1.3 78.6 77.7 78.0 78.2 86.6 85.1 78.0 87.1 86.8 77.9 77.9 86.7 87.2 87.8 87.1 -.5 1.7 86.4 82.1 77.9 77.3 68.0 71.1 88.9 86.5 83.1 85.3 79.3 73.5 86.4 80.7 76.2 86.2 80.5 76.3 86.3 80.1 76.9 86.7 80.6 76.6 -.3 2.3 .3 Stage-of-process groups Crude Primary and semifinished Finished r Revised. p Preliminary. NOTE– The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines as manufacturing, mining, and electric and gas utilities. Manufacturing comprises those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus the logging and newspaper, periodical, book and directory publishing industries that have traditionally been considered manufacturing and included in the industrial sector. was 3.9 percent above its March 2004 level. The rate of capacity utilization for total industry edged up 0.1 percentage point, to 79.4 percent, a rate 1.6 percentage points below its 1972–2004 average. Market Groups The output of consumer goods declined 0.1 percent in March but, nevertheless, posted a modest gain in the first quarter. Consumer goods output is now shown to have increased 0.5 percent in February, a rate 0.6 percentage point lower than originally reported; in large part, the revision reflected widespread downward revisions in nondurables. In March, the index of consumer durable goods fell 1.9 percent. Of the major categories, only the index for appliances, furniture, and carpeting reported a gain. The output of automotive products tumbled 3.6 percent after a surge of 6.3 percent in February. The index of consumer nondurable goods advanced 0.5 percent in March. Increases in consumer energy products and in the production of paper products were only partly offset by declines elsewhere. Among non-energy nondurables, the index for clothing fell for the fourth straight month, and the indexes for foods and tobacco and for chemical products both declined 0.3 percent. The production of business equipment edged up 0.2 percent; in the first quarter, this index increased at an annual rate of 7.5 percent. In March, a drop in transit equipment was more than offset by advances in information processing and in industrial and other equipment. The output of defense and space equipment posted another strong gain and was up at an annual rate of 10 percent in the first quarter. Nonindustrial supplies rose 0.6 percent in March. Business supplies jumped 0.9 percent and increased at an annual rate of 4.7 percent in the first quarter—a rate similar to the fourth-quarter pace. The output of construction supplies edged down in March but still posted a modest first-quarter gain. The index for materials rose 0.4 percent and was boosted by a 1.4 percent surge in the production of energy materials. However, the indexes for both durable and nondurable non-energy materials were little changed. Industry Groups Manufacturing output edged down 0.1 percent in March, and the factory operating rate fell to 78.0 percent. The decline of 0.2 percent in the index for durable goods reflected a drop in the output of motor vehicles and parts and in the production of nonmetallic mineral products. Output in other major durable goods categories rose or was little changed. Computer and electronic products advanced 1.1 percent and rose at an annual rate of 22.6 percent in the first quarter. Among selected high-technology industries, the index for computer and peripheral equipment rose at an annual rate of 12.7 percent in the first quarter, and the output of semiconductors and related electronic components advanced at an annual rate of 39 percent. Although the production of communications equipment fell in March, this index increased at an annual rate of more than 24 percent in the first quarter. In March, the production of nondurable goods slipped 0.2 percent, and declines were widespread. The sole exception among the major subsectors of nondurables was plastics and rubber products, which advanced 0.9 percent. The output of non-NAICS manufacturing industries (logging and publishing) was also up 0.9 percent. Higher oil and gas extraction and coal production boosted the output of mines 0.7 percent, and both electric and gas utilities contributed to the 3.6 percent advance in utility output. Capacity utilization for industries in the crude state of processing rose to 86.7 percent, a rate that is 0.3 percentage point above its 1972–2004 average. The operating rate for industries in the primary and semifinished stages advanced 0.5 percentage point, to 80.6 percent, but the utilization rate for finished goods producers fell 0.3 percentage point, to 76.6 percent. Capacity utilization in both these industry groups remained below their respective long-run averages. 2 Tables 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Industrial Production: Market and Industry Group Summary; percent change Industrial Production: Special Aggregates and Selected Detail; percent change Motor Vehicle Assemblies Industrial Production: Market and Industry Group Summary; indexes Industrial Production: Special Aggregates and Selected Detail; indexes Diffusion Indexes of Industrial Production Capacity Utilization Industrial Capacity Gross Value of Products and Nonindustrial Supplies Gross-Value-Weighted Industrial Production: Stage-of-Process Groups Electric Power Use Historical Statistics: Total Industry Historical Statistics: Manufacturing Historical Statistics: Total Industry Excluding Selected High-Technology Industries Historical Statistics: Manufacturing Excluding Selected High-Technology Industries Further detail is available on the Board’s web site (www.federalreserve.gov/releases/G17/). 3 1. Industrial production, capacity, and utilization 200 185 Ratio scale, 1997 output = 100 Total Manufacturing 200 185 160 160 135 135 Capacity 110 110 85 85 Production Detail: 2001 to present 122 60 60 118 Production 114 110 2001 2002 2003 2004 2005 35 1970 1975 1980 1985 1990 1995 106 2000 2005 Percent of capacity 100 95 35 100 95 Utilization 85 85 75 75 65 1970 1975 1980 1985 1990 1995 2000 2005 65 Notes: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER). See note on cover page. 4 2. Industrial production and capacity utilization Consumer goods Equipment Ratio scale, 1997=100 130 125 125 120 Ratio scale, 1997=100 130 125 130 125 130 120 120 120 Business 115 115 115 110 110 110 110 105 105 105 105 100 100 115 Durable 95 95 100 100 Nondurable 95 Defense and Space 90 90 95 85 90 80 130 130 130 130 125 125 125 125 120 120 120 115 115 90 1998 2000 Nonindustrial supplies 120 2002 2004 115 110 1998 2000 2002 Industrial materials Ratio scale, 1997=100 Other business 85 2004 80 Ratio scale, 1997=100 115 Non-energy 110 110 105 105 100 100 100 100 95 95 95 95 90 90 105 90 Construction 1998 2000 Capacity utilization 2002 2004 Percent of capacity 90 85 80 1998 2000 2002 2004 90 Percent of capacity 90 85 Primary and semifinished processing 105 Energy Capacity utilization 90 110 90 85 85 Finished processing 80 80 75 75 75 70 75 80 70 70 65 65 Excluding utilities 70 65 1998 2000 2002 2004 5 1998 2000 2002 2004 65 3. Industrial production and capacity utilization, high-technology industries Industrial production Ratio scale, 1997 = 100 125 115 125 115 Excluding high-technology industries 95 95 75 75 Total IP 55 35 55 1970 1975 1980 1985 1990 1995 Industrial production 2000 2005 35 Percent change from year earlier 15 15 Total IP 10 10 5 5 0 0 Excluding the contribution of high-technology industries -5 -10 -15 1970 1975 Industrial production 1980 1985 1990 Ratio scale, 1997 = 100 1,200 1,000 800 Capacity utilization 1,200 1,000 800 600 1995 -10 2005 95 -15 Percent of capacity 100 600 Semiconductors 2000 -5 100 95 Excluding high-technology industries 400 Computers 200 200 100 80 60 2000 2002 85 75 75 65 100 80 Communications eq. 1998 85 65 400 2004 60 High-technology industries 55 1990 1995 2000 2005 55 Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 334412-9), computers (NAICS 3341),and communications equipment (NAICS 3342). The shaded areas are periods of business recession as defined by the NBER. 6 Table 1 INDUSTRIAL PRODUCTION: MARKET AND INDUSTRY GROUP SUMMARY Percent change, seasonally adjusted Fourth quarter to fourth quarter Item It 2004 proportion1 Annual rate 2003 2004 100.00 1.5 1.2 4.3 4.3 2.7 4.5 3.6 .8 .0 .2 .3 3.9 57.99 30.29 8.44 4.46 .32 1.40 2.25 21.85 17.69 9.69 .68 4.80 2.03 4.16 .6 1.6 6.4 10.1 -4.0 1.8 4.3 -.2 -2.3 -3.6 -9.7 .9 -.8 10.1 1.7 1.3 3.3 5.2 34.8 1.4 -3.5 .4 .8 2.4 -14.9 .6 .6 -1.4 4.7 3.0 1.5 1.1 -8.0 3.0 2.6 3.7 4.3 4.4 -5.1 4.1 7.1 1.0 4.2 .6 -5.2 -10.8 -27.1 2.8 6.3 3.1 6.4 5.4 -1.5 9.3 7.9 -10.6 3.2 .8 -1.5 -.9 -23.5 -1.0 .7 1.8 2.5 2.7 -17.6 4.3 4.4 -1.2 5.3 6.0 6.7 13.9 6.3 1.3 -3.4 5.7 4.5 4.0 -1.0 5.0 6.0 11.0 3.5 1.3 1.3 2.0 11.8 1.3 -1.3 1.3 1.7 .6 -11.9 1.2 10.7 -.2 .9 .8 .3 .8 -6.7 .6 .1 .9 .4 .1 -1.2 .4 1.8 3.4 .0 -.5 -1.4 -2.6 4.2 -1.3 .2 -.1 .6 .5 -.8 .1 1.8 -2.9 .3 .5 3.6 6.3 8.3 .8 -.7 -.6 -.4 -.6 -1.9 .6 -1.5 -1.5 .2 -.1 -1.9 -3.6 -1.9 1.4 -.4 .5 -.2 -.3 -1.7 -.3 .8 3.6 4.1 2.4 .6 1.0 -11.4 3.6 .2 3.1 2.8 2.2 -10.4 3.9 6.5 4.3 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.01 1.82 2.88 5.30 1.97 -2.6 -12.6 -3.7 2.1 3.8 4.7 .2 16.3 -.5 5.3 9.8 10.9 9.9 9.4 6.1 11.2 8.8 9.7 12.9 13.6 12.0 8.2 18.5 9.8 9.1 5.4 12.8 11.5 -.2 5.3 7.5 6.2 15.1 3.9 10.0 1.3 1.3 1.7 1.1 .6 1.0 .5 1.5 .8 .4 .1 1.3 .6 -.5 1.0 .2 -1.3 .7 .5 2.1 8.7 8.4 14.2 5.9 10.2 Construction supplies Business supplies 4.37 10.95 .1 1.4 .6 .0 3.9 4.8 7.2 4.8 3.7 .7 .2 4.6 1.5 4.7 .0 1.1 .1 .2 .7 -.4 -.1 .9 2.7 4.0 42.01 30.11 18.80 4.02 6.21 8.57 11.32 .60 2.58 4.55 11.90 2.8 3.5 4.6 7.1 6.2 1.9 1.7 2.0 2.1 2.1 .4 .5 .8 2.2 2.7 5.8 -.9 -1.3 -13.0 -4.3 2.0 -.3 3.6 5.4 7.0 2.1 16.1 2.7 2.9 -4.4 3.2 4.9 -1.2 4.5 6.5 7.1 -6.8 20.2 4.8 5.5 -10.3 6.0 11.0 -.7 1.9 4.5 5.4 -2.7 13.4 3.5 2.9 7.3 3.7 4.6 -4.8 3.4 4.9 7.0 10.1 11.8 2.2 1.5 -4.3 -.6 3.4 -.7 3.9 3.6 6.0 3.5 18.1 -1.4 -.3 -3.6 .6 -4.6 4.6 .8 .3 .3 .3 1.3 -.5 .4 .1 .5 .6 1.9 .1 .4 .7 -.3 1.8 .3 -.1 .3 .0 -2.1 -.7 .0 .1 .4 2.3 1.1 -1.0 -.4 -1.6 -.2 .2 -.1 .4 .1 .1 -1.6 .8 .4 -.1 -.6 -1.0 .1 1.4 3.5 4.3 5.8 .8 15.1 1.4 1.8 -2.5 1.1 2.7 1.3 321 327 331 332 333 334 81.91 77.18 42.78 1.55 2.22 2.77 5.65 5.46 7.36 1.3 1.6 3.2 .0 .3 7.1 -.2 1.3 5.6 1.5 1.6 3.3 3.2 1.7 .6 -2.9 .6 14.5 5.1 5.1 6.6 .8 4.4 3.3 3.2 11.9 15.2 6.0 5.9 6.0 4.7 3.3 4.3 6.2 12.1 19.4 4.0 4.1 5.9 -2.2 5.5 12.2 2.6 7.0 16.9 4.6 4.8 6.4 .9 4.0 2.4 -.2 4.6 12.3 3.6 3.3 5.7 -4.1 4.1 -8.9 .5 7.4 22.6 .5 .5 .7 -.1 2.0 -2.1 .2 .3 1.5 .3 .3 .3 1.6 -.6 .1 .3 1.2 2.4 .3 .4 .9 -3.4 .9 -2.1 -.3 .3 1.7 -.1 -.2 -.2 1.0 -.9 .3 .0 .6 1.1 4.1 4.0 5.7 -.2 2.4 .1 2.1 7.3 17.5 335 3361–3 2.15 7.24 -5.2 11.3 1.1 4.8 6.0 2.9 4.5 -8.6 11.1 -1.1 -.7 16.3 1.0 4.9 1.8 1.2 -.4 -1.6 -1.2 5.2 .4 -3.6 3.9 2.1 3364–9 337 339 3.55 1.70 3.13 -7.5 4.2 7.4 .8 -1.8 -2.2 4.5 2.4 4.3 5.9 6.5 5.9 4.7 -1.4 1.3 5.0 -.9 4.2 4.7 -4.6 5.2 .8 .9 .2 -.7 -1.0 .8 1.1 -1.0 .1 1.3 .0 .4 6.1 -.8 4.5 311,2 313,4 315,6 322 323 324 325 326 34.41 11.44 1.07 .74 2.97 2.17 1.98 10.46 3.57 -.4 -2.9 .4 -9.3 4.1 -3.2 4.1 1.0 2.4 -.4 2.1 -8.5 -14.3 -3.3 -3.5 1.2 1.2 -2.2 3.1 3.9 -2.5 -4.6 3.3 .9 4.0 4.2 1.6 5.7 4.4 -6.7 -1.0 8.5 -1.6 3.5 9.9 7.3 1.7 1.9 5.1 -16.1 2.8 -.2 6.4 3.1 -2.0 2.9 3.9 -5.2 -1.0 -.7 1.3 5.9 4.7 .5 .3 1.8 -2.5 -11.8 1.9 .9 -2.7 -1.4 4.2 .2 .1 -1.5 -1.1 .3 -.3 1.5 .4 .2 .2 .8 1.5 -1.0 1.3 .8 -2.5 -.8 1.2 -.2 -.5 -.7 -1.7 -1.0 -.2 1.2 .2 -.6 -.2 -.2 -.1 -1.7 -.3 -.8 -1.3 -.1 .9 2.0 2.2 .2 -9.8 2.3 -.7 1.7 3.1 2.8 1133,5111 4.73 -3.9 .3 5.2 8.2 3.4 .5 8.7 1.6 1.4 -1.3 .9 4.4 21 2211,2 2211 2212 8.28 9.82 8.15 1.67 -3.8 7.1 5.7 15.4 .2 -.6 .5 -6.2 -2.0 2.7 3.7 -2.5 -3.2 -3.7 .5 -23.1 -2.0 -4.7 -7.4 11.3 -3.6 10.4 13.0 -2.2 6.6 1.4 .6 5.9 .9 3.1 2.9 4.1 -.1 -2.3 -2.0 -3.8 .4 -1.1 -1.0 -1.4 .7 3.6 3.0 6.7 .3 4.9 4.0 9.9 Total IP MARKET GROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy INDUSTRY GROUPS Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Electric Natural gas Q4r 2004 Dec.r Mar. ’04 to Mar. ’05 2002 Q3 2005 Q1p Monthly rate 2005 Jan.r Feb.r 2004 Q2 Mar.p r Revised. p Preliminary. NOTE. Under industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes. The abbreviation pt denotes part of an NAICS code. Additional industry detail is available on the Board’s web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, miscellaneous consumer nondurables, oil and gas drilling, and manufactured homes are not shown separately; in the nondurable materials category, containers and miscellaneous nondurable materials are not shown separately. 1. The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year. 7 Table 2 INDUSTRIAL PRODUCTION: SPECIAL AGGREGATES AND SELECTED DETAIL Percent change, seasonally adjusted Fourth quarter to fourth quarter Item It 2004 proportion Annual rate 2003 2004 100.00 1.5 1.2 4.3 4.3 2.7 4.5 3.6 .8 .0 .2 .3 3.9 Energy Consumer products Commercial products Oil and gas well drilling Converted fuel Primary materials 18.87 4.16 2.50 .31 3.87 8.03 2.9 10.1 4.7 -15.5 4.0 -1.5 -.3 -1.4 .1 21.0 .0 -.4 .6 1.0 7.4 8.6 1.7 -2.6 -2.9 -10.6 -1.4 10.3 2.8 -2.4 -3.9 -1.2 -5.2 8.0 -10.0 -2.2 4.3 11.0 16.3 17.1 9.6 -5.4 3.3 -.2 1.3 17.7 6.5 3.7 2.3 3.4 2.6 1.2 2.3 1.8 -1.5 -2.9 -2.7 -.4 -.8 -.7 -.4 -1.5 -.6 2.5 -.5 .1 2.1 3.6 3.0 1.4 1.8 1.2 2.7 4.3 4.9 13.2 4.9 -.4 Non-energy 81.13 1.2 1.5 5.1 6.0 4.2 4.5 3.7 .5 .4 .3 -.1 4.1 3341 3342 4.48 1.02 1.21 8.1 .9 -14.3 18.7 21.8 22.5 18.7 6.9 9.6 24.3 -.4 5.2 15.6 -1.0 22.3 14.5 13.8 13.2 29.0 12.7 24.2 1.6 1.1 1.0 3.4 1.1 4.2 1.7 .9 .5 .9 .9 -1.0 20.0 6.2 16.2 334412–9 2.25 25.2 16.2 29.9 49.9 20.0 15.4 39.0 2.1 3.9 2.6 1.9 28.5 76.65 .7 .4 4.2 4.8 3.4 3.9 2.3 .4 .2 .3 -.2 3.2 7.24 3.30 3.43 11.3 11.1 10.8 4.8 6.7 2.7 2.9 2.4 1.7 -8.6 -14.5 -6.3 -1.1 2.5 -4.0 16.3 18.1 11.8 4.9 1.8 7.5 1.2 .3 1.6 -1.6 -3.0 -.2 5.2 8.9 2.4 -3.6 -6.2 -1.7 2.1 .8 1.7 Excluding motor vehicles and parts Consumer goods Business equipment Construction supplies Business supplies Materials 69.41 21.98 7.74 4.33 8.12 25.22 -.4 -1.2 -2.2 .2 -.2 .7 .0 .7 .1 .6 -.9 -.9 4.4 3.7 9.3 3.8 3.2 3.9 6.4 5.4 12.8 7.2 5.3 5.1 3.9 1.4 11.7 3.6 1.6 4.3 2.7 3.4 1.9 .1 .9 3.0 2.0 1.4 5.2 1.4 4.4 .3 .3 .3 1.4 .0 .6 .0 .4 .4 .5 .1 1.0 .1 -.3 -.3 -.2 .7 -.5 -.4 .2 -.1 .9 -.1 .2 .1 3.3 2.2 7.7 2.5 2.8 2.6 Measures excluding selected high-technology industries Total industry Manufacturing1 Durable 95.52 77.43 38.48 1.0 .7 2.3 .3 .4 1.2 3.5 4.2 5.1 3.3 4.9 3.8 2.0 3.3 4.7 4.0 4.0 5.4 2.5 2.2 3.1 .8 .5 .6 -.1 .1 -.1 .1 .2 .8 .3 -.2 -.3 3.1 3.1 4.0 Measures excluding motor vehicles and parts Total industry Manufacturing1 Durable 92.76 74.67 35.72 .8 .4 1.6 .9 1.2 2.9 4.4 5.3 7.4 5.5 7.6 9.4 3.0 4.5 7.4 3.6 3.5 4.4 3.5 3.5 5.9 .8 .5 .6 .2 .5 .7 -.2 -.1 .1 .6 .2 .5 4.0 4.3 6.5 Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing1 88.28 70.18 .3 -.3 -.1 .0 3.6 4.4 4.4 6.5 2.3 3.8 3.0 2.8 2.3 1.9 .7 .4 .0 .3 -.3 -.3 .6 .2 3.2 3.2 Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors 13.41 16.70 5.5 1.7 1.9 .0 8.4 3.0 7.4 5.7 6.4 2.9 8.1 2.4 9.3 -.9 .8 -.1 .8 .1 1.1 -.7 -.3 .3 7.3 1.9 Total industry Selected high-technology industries Computer and peripheral equipment Communications equipment Semiconductors and related electronic components Excluding selected high-technology industries Motor vehicles and parts Motor vehicles Motor vehicle parts 3361–3 3361 3363 Q4r 2004 Dec.r Mar. ’04 to Mar. ’05 2002 Q3 2005 Q1p Monthly rate 2005 Jan.r Feb.r 2004 Q2 Mar.p r Revised. p Preliminary. 1. See note on cover page. Table 3 MOTOR VEHICLE ASSEMBLIES Millions of units, seasonally adjusted annual rate 2004 average 2004 Q2 Q3 Q4 2005 Q1 2004 Dec. 2005 Jan. Feb. Mar. Total Autos Trucks Light Medium and heavy 11.96 4.23 7.73 7.37 .36 11.89 4.20 7.69 7.36 .33 11.84 4.27 7.57 7.19 .38 12.02 4.15 7.87 7.46 .41 12.16 4.43 7.73 7.28 .44 12.09 4.32 7.78 7.38 .40 11.89 4.37 7.51 7.03 .49 12.58 4.56 8.03 7.59 .44 12.01 4.37 7.63 7.23 .40 MEMO Autos and light trucks 11.60 11.56 11.46 11.61 11.72 11.69 11.40 12.14 11.60 Item It 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 8 Table 4 INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY 1997 = 100, seasonally adjusted 2004 proportion Item It 2004 July Aug. Sept. Oct. Nov. Dec.r 2005 Jan.r Feb.r Mar.p 100.00 115.9 116.0 115.7 116.6 116.9 117.9 117.9 118.2 118.5 57.99 30.29 8.44 4.46 .32 1.40 2.25 21.85 17.69 9.69 .68 4.80 2.03 4.16 113.5 110.8 123.0 130.9 213.7 113.7 104.1 106.1 104.7 104.1 48.1 125.4 109.4 113.3 113.6 111.4 125.4 135.3 225.2 114.4 103.6 106.1 105.1 103.9 47.5 126.9 111.5 111.2 113.3 110.7 123.5 133.1 221.2 112.8 102.3 105.8 104.7 104.0 47.8 125.7 109.7 111.5 114.6 112.3 126.2 137.8 234.9 113.3 102.4 107.0 105.9 104.9 47.6 128.3 110.5 112.7 114.6 112.3 125.7 136.8 225.2 114.0 102.5 107.2 105.8 105.1 48.0 126.9 111.5 114.2 115.6 113.1 126.1 137.9 210.1 114.7 102.5 108.2 106.2 105.2 47.4 127.5 113.5 118.1 115.6 112.6 124.3 134.3 219.0 113.2 102.7 108.1 106.8 105.7 47.1 127.6 115.6 114.7 116.0 113.2 128.7 142.7 237.3 114.2 102.0 107.4 106.4 105.1 46.2 128.4 113.8 113.0 116.2 113.0 126.3 137.6 232.8 115.8 101.6 108.0 106.2 104.8 45.4 127.9 114.8 117.1 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.01 1.82 2.88 5.30 1.97 121.9 90.7 176.7 103.0 112.8 120.7 90.5 177.7 100.7 112.7 121.1 90.7 179.3 100.9 113.5 122.7 93.5 180.8 101.8 113.8 122.1 92.8 182.3 100.7 114.5 123.7 94.0 185.3 101.9 115.1 124.9 94.5 188.1 102.7 115.6 125.1 95.7 189.3 102.1 116.8 125.3 94.4 190.6 102.6 119.2 Construction supplies Business supplies 4.37 10.95 107.9 114.9 108.3 114.8 107.6 114.9 108.3 115.3 107.8 115.9 107.8 117.2 108.0 117.5 108.7 117.0 108.6 118.0 42.01 30.11 18.80 4.02 6.21 8.57 11.32 .60 2.58 4.55 11.90 119.2 125.2 142.6 106.5 239.6 98.7 98.2 67.7 94.3 105.2 99.6 119.3 125.8 143.6 109.2 240.0 98.9 98.3 68.0 93.5 106.0 98.6 118.9 125.5 143.3 108.5 241.5 98.3 97.8 67.6 94.2 104.9 98.2 119.4 126.4 144.8 110.7 243.9 98.9 98.1 67.1 93.3 105.1 97.6 120.1 127.1 145.8 110.6 247.2 99.5 98.4 67.0 94.0 106.4 98.2 121.0 127.5 146.2 110.9 250.4 99.1 98.8 67.1 94.4 107.1 100.1 121.1 128.0 147.3 110.6 255.1 99.4 98.7 67.3 94.4 104.8 99.4 121.1 128.2 147.9 113.1 257.9 98.3 98.3 66.2 94.3 105.0 99.2 121.7 128.2 148.1 111.4 260.0 98.7 98.2 65.8 93.3 105.2 100.6 321 327 331 332 333 334 81.91 77.18 42.78 1.55 2.22 2.77 5.65 5.46 7.36 117.8 118.7 133.7 106.3 105.5 93.4 97.1 99.1 292.9 118.3 119.0 134.4 104.7 106.9 93.2 97.6 96.6 295.4 117.7 118.6 134.1 102.8 106.4 94.2 96.9 97.3 298.0 119.0 120.0 135.7 106.2 106.5 94.3 97.2 98.6 301.0 119.1 120.0 135.9 104.2 106.7 95.2 97.0 98.7 303.5 119.7 120.6 136.8 104.1 108.8 93.1 97.2 99.0 308.0 120.1 120.9 137.3 105.8 108.1 93.2 97.5 100.2 315.4 120.5 121.4 138.6 102.2 109.1 91.3 97.1 100.5 320.7 120.4 121.2 138.3 103.2 108.0 91.6 97.1 101.0 324.2 335 3361–3 2.15 7.24 95.4 120.5 96.3 124.5 96.1 123.1 94.9 127.4 95.3 126.7 97.1 128.2 96.6 126.2 95.5 132.7 95.9 127.9 3364–9 337 339 3.55 1.70 3.13 100.8 109.6 121.7 100.8 109.7 122.1 100.3 108.1 120.9 101.3 108.7 122.4 101.7 108.5 122.9 102.6 109.4 123.1 101.9 108.3 124.2 102.9 107.3 124.3 104.3 107.3 124.8 311,2 313,4 315,6 322 323 324 325 326 34.41 11.44 1.07 .74 2.97 2.17 1.98 10.46 3.57 100.7 104.6 76.8 48.8 96.5 87.0 111.2 110.9 105.0 100.7 104.4 76.4 48.1 95.2 86.9 111.6 111.8 104.4 100.2 104.5 75.5 48.5 95.2 88.8 108.0 110.5 103.2 101.2 105.6 76.5 48.2 95.8 87.8 110.1 112.1 104.6 101.2 105.4 75.1 48.7 95.2 88.0 112.0 112.2 104.1 101.4 105.6 74.0 48.1 95.5 87.8 113.6 112.7 104.3 101.6 106.4 75.1 47.7 96.7 88.4 110.7 111.8 105.5 101.3 105.9 74.6 46.9 95.7 88.2 112.1 112.0 104.9 101.1 105.7 74.5 46.0 95.4 87.5 110.6 111.9 105.8 1133,5111 4.73 104.0 105.9 104.0 103.8 104.4 106.1 107.6 106.2 107.2 21 2211,2 2211 2212 8.28 9.82 8.15 1.67 92.3 113.3 116.4 97.1 91.9 111.1 113.4 98.5 89.4 114.8 117.9 98.1 89.0 114.3 118.5 93.4 90.6 114.9 118.2 97.3 91.4 118.5 121.7 101.4 91.4 115.8 119.3 97.6 91.8 114.5 118.1 96.2 92.4 118.7 121.6 102.6 Total IP MARKET GROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy INDUSTRY GROUPS Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Electric Natural gas r Revised. p Preliminary. NOTE. See notes to table 1. 9 Table 5 INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES 1997 = 100, seasonally adjusted 2004 proportion Item It 2004 July Aug. Sept. Oct. Nov. Dec.r 2005 Jan.r Feb.r Mar.p 100.00 115.9 116.0 115.7 116.6 116.9 117.9 117.9 118.2 118.5 Energy Consumer products Commercial products Oil and gas well drilling Converted fuel Primary materials 18.87 4.16 2.50 .31 3.87 8.03 105.5 113.3 120.6 115.5 103.7 97.1 104.2 111.2 118.5 116.4 101.8 96.6 104.4 111.5 121.7 116.0 103.4 95.2 104.2 112.7 122.1 116.4 103.3 94.4 105.4 114.2 124.7 122.0 105.2 94.4 107.8 118.1 128.0 123.5 107.6 96.1 106.2 114.7 124.5 123.0 106.7 95.4 105.8 113.0 123.8 126.1 106.2 95.5 108.0 117.1 127.6 127.9 108.1 96.6 Non-energy 81.13 117.8 118.2 117.8 119.0 119.1 119.7 120.1 120.5 120.4 3341 3342 4.48 1.02 1.21 411.5 264.7 154.0 415.7 265.5 155.8 418.4 268.6 155.5 422.2 272.2 157.3 429.8 275.0 160.5 436.6 277.9 162.2 451.3 280.9 168.9 458.8 283.4 169.8 463.1 286.0 168.0 334412–9 2.25 841.3 851.7 858.9 863.7 881.5 900.0 935.2 959.3 977.5 76.65 103.3 103.6 103.2 104.2 104.2 104.6 104.8 105.1 104.9 7.24 3.30 3.43 120.5 122.9 116.4 124.5 129.7 119.4 123.1 127.1 118.6 127.4 132.6 121.0 126.7 131.5 120.7 128.2 131.8 122.7 126.2 127.9 122.4 132.7 139.2 125.4 127.9 130.5 123.3 Excluding motor vehicles and parts Consumer goods Business equipment Construction supplies Business supplies Materials 69.41 21.98 7.74 4.33 8.12 25.22 101.7 105.5 103.7 107.8 100.3 97.2 101.7 105.9 102.1 108.1 100.5 97.4 101.4 105.3 102.3 107.4 99.8 97.0 102.1 106.5 103.3 108.1 100.3 97.6 102.2 106.3 102.4 107.6 100.2 98.1 102.5 106.6 103.8 107.6 100.8 98.1 102.9 107.1 104.3 107.7 101.8 98.2 102.6 106.8 104.1 108.4 101.3 97.8 102.8 106.7 105.0 108.3 101.5 97.9 Measures excluding selected high-technology industries Total industry Manufacturing1 Durable 95.52 77.43 38.48 103.7 103.4 105.6 103.7 103.7 106.1 103.4 103.2 105.8 104.2 104.3 107.1 104.4 104.3 107.0 105.2 104.8 107.6 105.1 105.0 107.6 105.2 105.2 108.5 105.5 105.0 108.2 Measures excluding motor vehicles and parts Total industry Manufacturing1 Durable 92.76 74.67 35.72 115.6 117.6 135.6 115.4 117.7 135.6 115.1 117.2 135.5 115.8 118.2 136.6 116.2 118.4 136.9 117.1 118.9 137.7 117.3 119.6 138.7 117.1 119.4 138.8 117.8 119.6 139.6 Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing1 88.28 70.18 102.4 101.9 102.2 101.9 101.9 101.4 102.5 102.3 102.7 102.3 103.5 102.7 103.5 103.0 103.2 102.8 103.8 102.9 Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors 13.41 16.70 155.4 100.9 156.4 101.3 156.8 100.5 158.1 101.2 159.3 101.6 160.5 101.6 161.8 101.6 163.6 100.9 163.2 101.2 Total industry Selected high-technology industries Computer and peripheral equipment Communications equipment Semiconductors and related electronic components Excluding selected high-technology industries Motor vehicles and parts Motor vehicles Motor vehicle parts 3361–3 3361 3363 r Revised. p Preliminary. 1. See note on cover page. Table 6 DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION Percent Item It Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. One month earlier 2003 2004 2005 43.7 59.0 53.7 50.7 61.7 45.7 43.0 49.7 37.0 61.7 52.7 58.3 56.0 53.5 49.7 58.3 48.3 56.3 59.0 44.7 60.3 58.7 71.0 56.7 58.7 57.7 Three months earlier 2003 2004 2005 42.7 66.3 57.8 40.3 61.0 55.3 40.7 62.0 35.3 62.7 37.3 61.7 47.3 61.3 57.3 60.0 55.7 58.0 57.3 53.0 61.7 56.7 71.7 56.3 66.3 62.7 Six months earlier 2003 2004 2005 39.7 67.3 62.0 36.0 70.3 56.0 36.3 67.7 34.7 72.3 38.7 65.7 43.3 62.0 44.0 66.3 43.7 62.7 51.7 58.3 62.0 60.7 69.7 60.0 67.7 65.0 NOTE. The diffusion indexes are calculated as the percentage of series that increased over the indicated span (one, three, or six months) plus one-half the percentage that were unchanged. 10 Table 7 CAPACITY UTILIZATION Percent of capacity, seasonally adjusted 19722004 ave. 198889 high 199091 low 199495 high 2004 Q2 Q3 Q4r 2005 Q1p 2004 Dec.r 2005 Jan.r Feb.r Mar.p 100.00 81.0 85.1 78.6 84.9 77.9 78.2 78.8 79.3 79.2 79.2 79.3 79.4 84.08 79.81 79.8 79.6 85.6 85.5 77.2 77.0 84.3 84.4 76.5 75.9 77.0 76.4 77.6 77.1 78.1 77.5 77.9 77.3 78.0 77.4 78.2 77.6 78.0 77.4 321 327 331 332 333 334 45.64 1.56 2.19 2.60 6.36 5.63 8.65 78.0 80.0 79.2 80.5 76.6 78.8 78.7 84.5 88.9 84.9 94.3 80.2 84.8 81.7 73.4 73.1 72.0 74.6 71.6 73.0 76.6 83.6 87.7 83.6 95.5 83.6 86.9 83.9 73.8 78.5 79.3 79.4 69.6 76.3 69.8 74.4 78.2 80.2 81.9 70.1 77.5 70.9 75.2 78.5 80.8 82.6 70.1 78.4 71.1 75.7 77.7 81.4 80.8 70.1 79.7 72.9 75.4 78.0 81.9 81.8 70.1 78.5 71.4 75.5 79.3 81.3 81.8 70.3 79.4 72.5 76.0 76.5 81.9 80.1 70.0 79.6 73.1 75.7 77.3 81.0 80.3 70.0 80.1 73.3 335 3361–3 2.16 7.11 82.7 77.8 87.5 90.3 75.1 56.0 92.5 87.8 77.8 80.4 80.1 79.8 80.2 82.6 80.7 83.1 81.4 82.9 81.1 81.5 80.3 85.5 80.6 82.3 3364–9 337 339 4.31 1.83 3.24 72.4 78.7 76.5 88.7 83.6 81.7 82.1 69.4 77.7 67.9 83.4 80.6 64.3 73.6 76.3 64.9 73.5 76.5 65.5 73.5 77.2 66.1 72.8 78.0 65.9 74.0 77.4 65.4 73.3 78.0 66.0 72.6 77.9 66.8 72.6 78.2 311,2 313,4 315,6 322 323 324 325 326 34.16 11.09 1.15 .86 2.71 2.39 1.68 10.88 3.40 81.8 81.9 83.1 79.3 88.1 83.7 86.1 78.4 83.7 87.1 85.6 91.5 84.2 93.7 91.6 88.9 85.7 91.1 81.7 81.0 77.2 77.3 85.2 82.7 82.9 80.9 77.1 85.4 84.0 90.7 89.2 92.5 86.0 90.3 81.1 92.2 78.9 80.6 73.2 69.2 86.1 72.1 89.1 75.4 83.4 79.3 80.9 74.8 68.5 86.8 72.0 90.2 75.9 83.2 79.8 81.6 74.5 70.6 86.6 72.1 91.3 76.6 83.5 79.9 82.0 74.8 70.6 87.0 72.1 90.5 76.2 84.5 80.0 81.7 73.6 71.0 86.6 72.0 92.6 76.8 83.5 80.1 82.3 74.9 71.1 87.7 72.5 90.3 76.2 84.5 79.9 81.9 74.7 70.6 86.8 72.2 91.3 76.3 84.0 79.8 81.7 74.8 70.0 86.6 71.6 90.0 76.1 84.8 1133,5111 4.28 84.9 90.5 80.4 83.9 87.0 87.6 87.6 89.2 88.6 89.8 88.6 89.3 21 2211,2 6.99 8.92 87.1 86.8 85.8 92.8 83.5 84.2 89.1 93.9 86.6 85.1 86.3 83.7 85.6 85.4 87.2 85.4 86.7 87.2 86.6 85.1 87.1 84.1 87.8 87.1 3341 3342 5.49 1.17 1.83 78.3 78.4 76.0 81.0 80.2 80.8 74.3 67.5 73.4 86.4 85.0 87.4 69.7 74.2 53.7 69.9 73.7 56.7 69.8 75.9 58.8 71.7 77.6 62.3 70.1 76.6 59.7 71.6 77.2 62.3 71.9 77.6 62.6 71.7 77.9 62.0 334412–9 2.50 81.1 82.8 77.5 90.4 80.5 78.5 75.6 76.5 75.3 76.4 76.6 76.5 94.51 78.59 81.1 79.9 85.5 86.0 78.8 77.3 84.8 84.2 78.6 77.2 78.9 77.8 79.6 78.5 80.1 78.9 80.1 78.8 80.0 78.9 80.0 79.0 80.2 78.8 10.28 47.74 41.98 86.4 82.1 77.9 88.9 86.5 83.1 84.8 77.5 77.2 89.3 87.8 80.5 85.8 79.8 74.1 85.7 79.7 74.9 85.5 80.2 76.0 86.4 80.4 76.6 86.4 80.7 76.2 86.2 80.5 76.3 86.3 80.1 76.9 86.7 80.6 76.6 Monthly rate 2005 Mar. 2004 proportion Item Total industry Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Selected high-technology industries Computer and peripheral equipment Communications equipment Semiconductors and related electronic components Measures excluding selected high-technology industries Total industry Manufacturing1 STAGE-OF-PROCESS GROUPS Crude Primary and semifinished Finished r Revised. p Preliminary. 1. See note on cover page. Table 8 INDUSTRIAL CAPACITY Percent change Item 197279 Average annual rate 1980198988 94 Fourth quarter to fourth quarter 19952005 2002 2003 2004 2005p Annual rate 2004 Q2 Q3 Q4 2005 Q1 Total industry 3.0 1.9 2.3 3.5 .5 -.2 1.2 1.3 1.2 1.3 1.2 1.2 .1 Manufacturing1 3.2 2.2 2.6 3.9 .0 -.1 1.1 1.5 1.2 1.3 1.3 1.4 .1 Mining Utilities .8 4.3 .1 2.1 -.9 1.6 -.5 2.4 -.6 4.6 -1.7 3.0 -.4 1.9 -.8 1.1 -.2 2.0 -.3 1.8 -.6 1.8 -.8 1.4 -.1 .1 18.3 16.9 15.8 28.4 8.0 8.4 13.4 14.4 12.8 14.1 15.3 15.7 1.2 2.5 1.3 1.7 1.6 -.4 -.6 .1 .5 .1 .1 .1 .3 .0 1.7 3.0 3.7 .3 1.5 3.2 -.3 2.6 2.6 -.3 4.3 3.2 -.8 .8 .3 -2.2 -.2 .6 -.2 2.0 .3 -.4 2.1 .8 .0 2.1 .3 -.1 2.3 .2 -.3 2.3 .2 -.5 2.2 .4 .0 .2 .1 Selected high-technology industries Manufacturing1 ex. selected high-technology industries STAGE-OF-PROCESS GROUPS Crude Primary and semifinished Finished p Preliminary. 1. See note on cover page. 11 Table 9 GROSS VALUE OF FINAL PRODUCTS AND NONINDUSTRIAL SUPPLIES Billions of 2000 dollars at annual rate, seasonally adjusted 2000 2004 2004 Q1 Q2 Q3 Q4r 2005 Q1p 2004 Dec.r 2005 Jan.r Feb.r Mar.p 2,815.1 2,859.0 2,824.5 2,842.8 2,863.9 2,905.0 2,928.8 2,924.4 2,919.2 2,934.4 2,932.8 2,113.6 1,481.0 470.8 279.5 191.4 1,010.2 2,163.9 1,542.9 509.9 317.1 193.0 1,033.6 2,139.0 1,539.9 517.0 323.1 194.2 1,024.5 2,148.8 1,534.9 507.4 313.3 194.2 1,028.2 2,167.5 1,536.6 505.0 312.6 192.6 1,032.0 2,201.3 1,560.1 515.1 323.3 192.0 1,045.7 2,219.7 1,566.5 517.0 325.1 192.1 1,050.2 2,216.3 1,571.2 515.1 324.5 190.9 1,056.3 2,212.2 1,559.6 506.0 315.2 191.0 1,053.0 2,226.3 1,573.1 528.8 336.5 192.6 1,046.4 2,220.5 1,566.8 516.0 323.5 192.8 1,051.3 Equipment, total Business and defense Business Defense and space 632.7 616.8 558.7 58.1 623.2 609.9 536.7 72.6 599.5 586.8 516.3 69.8 615.8 602.7 529.7 72.2 634.1 620.9 546.7 73.6 644.5 630.4 555.2 74.6 657.5 642.7 565.6 76.4 648.4 634.0 558.4 75.1 657.2 642.3 566.6 75.4 657.3 642.7 565.9 76.1 658.1 643.1 564.4 77.7 Nonindustrial supplies Construction supplies Business supplies Commercial energy products 701.4 196.8 504.6 136.0 695.3 192.0 503.3 148.5 685.8 188.5 497.3 147.8 694.0 191.8 502.2 147.5 696.6 193.7 502.9 146.1 704.0 193.9 510.1 151.5 709.4 194.4 515.1 151.4 708.4 193.2 515.3 155.1 707.3 193.4 514.0 150.3 708.5 195.0 513.6 150.5 712.5 194.9 517.7 153.4 Item It Final products and nonindustrial supplies Final products Consumer goods Durable Automotive products Other durable goods Nondurable r Revised. p Preliminary. Table 10 GROSS-VALUE-WEIGHTED INDUSTRIAL PRODUCTION: STAGE-OF-PROCESS GROUPS Percent change, seasonally adjusted Fourth quarter to fourth quarter Item It 2004 gross value1 Finished Semifinished Primary Crude Annual rate 2002 2003 2004 2004 Q2 .3 3.8 3.4 -.6 3.5 .2 .1 -1.3 5.2 5.2 1.6 2.3 3.9 4.4 -.2 3.2 1,830.4 1,631.9 948.6 400.2 Q3 Q4r 4.6 .7 2.2 2.4 6.1 7.0 3.6 .3 Feb.p 2004 Sept. 2005 Q1p 4.4 4.4 -1.0 3.9 Monthly rate 2005 Jan.r Feb.r 2004 Dec.r .6 .9 1.1 1.1 .3 .2 -1.1 -.2 Mar.p 1.1 .1 -.6 -.2 Mar. ’04 to Mar. ’05 -.7 .6 .8 .3 4.3 4.4 1.8 2.5 r Revised. p Preliminary. 1. Billions of 2000 dollars. Table 11 ELECTRIC POWER USE 1997 = 100 Item 1997 billion kWh Seasonally adjusted 2004 Sept. Oct. Nov. Dec.r Not seasonally adjusted 2005 Jan.r Oct. Nov. Dec.r 2005 Jan.r Feb.p Total Industry 983.9 93.0 93.3 93.6 93.6 93.5 93.8 96.1 95.2 93.2 92.0 91.4 90.9 Manufacturing1 Durable Nondurable 890.9 386.5 498.4 93.5 95.3 92.2 94.0 95.1 93.3 94.2 95.1 93.6 94.0 95.9 92.6 94.1 95.8 92.9 94.4 96.6 92.7 96.8 98.3 95.6 96.0 96.5 95.7 93.7 93.6 93.8 92.2 92.8 91.8 91.8 92.5 91.3 91.3 93.5 89.6 93.0 85.3 83.2 85.2 86.8 84.3 86.0 85.7 83.8 86.3 88.5 86.5 85.9 962.6 913.5 70.4 94.6 90.6 131.4 94.2 90.9 132.2 94.5 91.1 135.7 94.6 90.9 132.6 94.5 91.2 130.7 94.8 91.3 129.7 97.9 94.0 128.7 95.7 92.9 132.4 93.6 90.7 133.3 92.4 89.1 137.6 91.8 88.6 135.9 91.3 88.7 125.9 Mining Total ex. nuclear nondefense Utility sales to industry Industrial generation r Revised. p Preliminary. 1. See note on cover page. NOTE. Additional industry detail is available on the Board’s web site, www.federalreserve.gov/releases/g17/download.htm. 12 Table 12 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual IP (percent change)1 1983 1984 1985 1986 1987 1.9 2.1 -.3 .5 -.3 -.6 .4 .4 -.8 1.3 .9 .5 .1 -.6 .1 1.2 .6 -.2 .0 .6 .7 .5 .1 .2 .7 .6 .4 .0 -.3 .5 1.6 .3 -.7 .6 .6 1.1 .1 .5 -.2 .7 1.6 -.2 .4 .2 .2 .8 -.1 -.4 .4 1.5 .3 .4 .3 .5 .5 .5 .1 1.0 .9 .5 4.4 12.5 1.1 2.4 5.5 9.4 6.2 .5 -2.6 7.0 14.8 2.9 -.7 1.6 7.0 10.9 .5 2.6 4.6 9.8 2.6 9.0 1.3 1.0 5.1 1988 1989 1990 1991 1992 .0 .3 -.6 -.5 -.6 .4 -.5 .9 -.6 .7 .3 .3 .5 -.5 .8 .5 -.1 .0 .2 .7 -.1 -.7 .1 1.0 .5 .2 .0 .3 1.0 .0 .2 -.9 -.2 .0 .8 .5 1.0 .3 .1 -.4 -.3 -.3 .2 .8 .2 .6 .0 -.7 -.2 .7 .2 .3 -1.2 -.1 .4 .4 .7 -.7 -.3 .0 3.4 1.5 2.6 -7.5 -.3 3.3 -1.9 2.9 2.6 7.1 2.1 -2.5 1.3 5.6 2.7 3.2 2.0 -5.9 .9 3.9 5.0 .9 .9 -1.5 2.8 1993 1994 1995 1996 1997 .5 .4 .3 -.9 .3 .4 .0 .0 1.5 1.2 .0 1.0 .1 -.2 .5 .3 .5 .0 .9 .2 -.4 .6 .2 .7 .4 .2 .7 .3 .9 .5 .3 .2 -.4 -.1 .6 .1 .5 1.4 .7 1.0 .4 .2 .4 .6 .9 .7 .9 -.2 .1 .8 .5 .6 .2 .9 .6 .5 1.1 .5 .7 .4 3.7 5.2 5.2 1.7 8.6 1.1 7.5 1.0 8.3 5.7 2.2 5.2 3.8 5.5 8.6 6.3 8.1 3.7 6.4 9.5 3.3 5.4 4.8 4.3 7.3 1998 1999 2000 2001 2002 .5 .6 -.1 -1.0 .7 .2 .4 .4 -.6 -.2 .2 .4 .6 -.3 .6 .6 .2 .7 -.2 .4 .5 .7 .6 -.5 .2 -.4 .0 .0 -.6 .7 -.2 .6 -.5 -.4 -.1 1.9 .6 -.3 -.1 .0 -.3 -.3 .4 -.5 .0 .8 1.2 -.5 -.4 -.5 -.2 .5 -.1 -.5 .1 .2 1.0 -.2 .0 -.4 4.6 4.4 4.7 -6.7 2.3 4.3 4.3 6.7 -4.6 4.4 3.4 4.7 -1.4 -4.7 1.7 4.5 7.4 -2.0 -4.2 -2.3 5.8 4.5 4.3 -3.6 -.3 2003 2004 2005 .2 .3 .0 .1 1.1 .2 -.4 -.3 .3 -.9 .5 .1 .7 .3 -.4 .6 .7 -.1 .1 .7 -.3 .2 .8 1.0 .3 .2 .8 -.7 5.6 3.6 -4.0 4.3 4.1 2.7 5.7 4.5 .0 4.2 IP (1997=100) 2003 2004 2005 110.9 113.2 117.9 111.0 114.4 118.2 110.6 114.1 118.5 109.5 114.7 109.6 115.5 109.9 115.1 110.6 115.9 110.5 116.0 111.3 115.7 111.6 116.6 112.7 116.9 112.9 117.9 110.8 113.9 118.2 109.7 115.1 110.8 115.9 112.4 117.2 110.9 115.5 Capacity (percent of 1997 output) 2003 2004 2005 147.1 147.2 148.9 147.0 147.3 149.1 146.9 147.5 149.3 146.9 147.6 146.8 147.8 146.8 147.9 146.7 148.1 146.8 148.2 146.8 148.4 146.9 148.5 146.9 148.7 147.0 148.8 147.0 147.3 149.1 146.8 147.8 146.8 148.2 146.9 148.7 146.9 148.0 Utilization (percent) 1983 1984 1985 1986 1987 72.1 79.5 80.0 80.0 79.1 71.6 79.8 80.2 79.2 80.0 72.1 80.1 80.2 78.6 80.0 73.0 80.4 79.9 78.5 80.3 73.5 80.7 79.7 78.6 80.7 73.9 80.9 79.6 78.2 81.0 75.0 81.0 78.9 78.6 81.3 75.8 80.9 79.1 78.4 81.8 76.9 80.6 79.3 78.4 81.8 77.5 80.4 78.9 78.7 82.9 77.7 80.5 79.0 78.9 83.3 78.0 80.4 79.7 79.5 83.5 71.9 79.8 80.1 79.3 79.7 73.4 80.7 79.7 78.5 80.7 75.9 80.8 79.1 78.5 81.6 77.7 80.4 79.2 79.0 83.2 74.7 80.4 79.5 78.8 81.3 1988 1989 1990 1991 1992 83.5 85.1 82.4 79.7 79.1 83.7 84.6 83.0 79.1 79.5 83.9 84.7 83.2 78.6 80.0 84.2 84.5 83.0 78.6 80.4 84.1 83.8 82.9 79.4 80.6 84.2 83.6 83.0 80.0 80.4 84.3 82.7 82.7 79.9 80.8 84.7 83.3 82.7 79.9 80.3 84.4 82.9 82.8 80.5 80.3 84.8 82.7 82.0 80.2 80.7 84.8 82.7 80.9 80.0 80.9 85.1 83.1 80.2 79.6 80.8 83.7 84.8 82.9 79.2 79.5 84.2 84.0 82.9 79.4 80.4 84.5 82.9 82.7 80.1 80.5 84.9 82.8 81.1 79.9 80.8 84.3 83.6 82.4 79.6 80.3 1993 1994 1995 1996 1997 81.1 82.4 84.8 81.9 83.1 81.3 82.2 84.5 82.7 83.7 81.1 82.8 84.3 82.1 83.7 81.3 83.0 83.9 82.5 83.5 80.9 83.3 83.7 82.7 83.4 80.9 83.6 83.6 83.1 83.4 81.1 83.6 82.9 82.6 83.5 81.0 83.7 83.7 82.8 83.8 81.2 83.6 83.7 82.9 84.1 81.7 84.1 83.2 82.6 84.3 81.9 84.3 83.0 83.0 84.3 82.2 84.9 83.0 83.2 84.1 81.2 82.5 84.5 82.2 83.5 81.0 83.3 83.7 82.8 83.4 81.1 83.6 83.4 82.8 83.8 81.9 84.4 83.0 82.9 84.2 81.3 83.5 83.7 82.7 83.7 1998 1999 2000 2001 2002 84.0 82.1 82.5 79.3 74.8 83.6 82.1 82.5 78.6 74.6 83.3 82.1 82.7 78.1 74.9 83.4 81.9 82.9 77.8 75.1 83.3 82.2 83.2 77.2 75.3 82.5 81.9 82.9 76.6 75.8 81.9 82.1 82.2 76.1 75.7 83.1 82.3 81.7 75.9 75.7 82.4 81.7 81.7 75.4 75.7 82.7 82.3 81.1 75.0 75.4 82.1 82.4 80.7 74.5 75.5 82.0 82.9 80.3 74.4 75.2 83.7 82.1 82.6 78.7 74.7 83.1 82.0 83.0 77.2 75.4 82.5 82.0 81.9 75.8 75.7 82.3 82.5 80.7 74.6 75.4 82.9 82.2 82.0 76.6 75.3 2003 2004 2005 75.4 76.9 79.2 75.5 77.7 79.3 75.2 77.4 79.4 74.6 77.7 74.7 78.2 74.9 77.8 75.4 78.3 75.3 78.3 75.8 78.0 76.0 78.5 76.7 78.7 76.8 79.2 75.4 77.3 79.3 74.7 77.9 75.5 78.2 76.5 78.8 75.5 78.1 1. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 13 Table 13 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing1 Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual IP (percent change) 2 1983 1984 1985 1986 1987 2.5 1.9 -.4 1.2 -.3 -.2 1.1 -.3 -.7 1.5 1.0 .5 .8 -.3 .0 1.2 .5 -.3 .3 .5 1.3 .3 .1 .2 .7 .8 .5 .1 -.4 .4 1.5 .5 -.6 .5 .7 .8 .2 .6 .3 .5 1.9 -.2 .1 .2 .5 1.1 .4 -.2 .4 1.6 .3 .4 .6 .5 .6 .2 .4 .4 .9 .6 8.7 12.9 .1 4.6 6.0 12.3 6.1 1.0 -.3 6.7 15.5 3.8 .0 2.4 6.9 12.5 2.8 2.4 5.0 11.2 4.6 9.9 1.7 2.2 5.5 1988 1989 1990 1991 1992 -.2 .8 -.2 -.8 -.6 .1 -1.0 1.4 -.6 .9 .3 -.1 .4 -.6 .9 .8 .1 -.2 .3 .5 -.1 -.9 .0 .8 .7 .1 .2 .3 1.1 .2 .1 -1.1 -.2 .3 .8 .1 .9 .3 .3 -.3 .4 -.3 .0 1.0 .0 .6 -.1 -.8 -.2 .6 .2 .2 -1.1 -.2 .4 .4 .2 -.8 -.1 -.2 2.4 1.6 4.1 -8.9 .8 4.2 -3.4 2.7 2.1 8.0 1.4 -3.0 .6 7.3 3.8 4.9 .8 -6.5 1.6 2.7 5.2 .8 .7 -2.0 3.7 1993 1994 1995 1996 1997 1.1 .2 .4 -1.1 .3 .2 .1 -.1 1.5 1.4 -.1 1.3 .2 -.3 .8 .5 .8 -.1 1.2 .1 -.1 .7 .0 .7 .5 -.1 .3 .4 1.1 .7 .3 .5 -.6 .3 .5 .0 .7 1.2 .6 1.2 .6 .3 .9 .8 .9 .8 1.1 -.1 .0 .7 .5 .7 .0 .9 .8 .6 1.1 .5 1.0 .5 4.7 5.1 5.6 .7 10.2 1.6 9.5 .4 9.5 6.8 1.4 6.1 3.1 8.0 9.5 7.1 9.8 4.6 6.8 10.2 3.5 6.0 5.3 4.6 8.5 1998 1999 2000 2001 2002 .8 .4 .0 -.9 .7 .2 .7 .3 -.6 -.2 .1 .1 .9 -.4 .4 .8 .4 .7 -.2 .2 .3 .9 .4 -.5 .3 -.5 -.2 .0 -.7 .8 -.2 .4 -.3 -.3 -.2 2.2 .9 -.6 -.4 .1 -.4 -.3 .3 -.5 .0 1.0 1.3 -.5 -.5 -.7 .0 .6 -.5 -.2 .0 .4 .9 -.5 .2 -.5 6.3 4.9 5.2 -7.6 2.8 3.9 4.9 6.7 -4.8 3.4 3.6 4.5 -1.8 -5.2 2.2 6.6 9.0 -3.7 -4.0 -3.2 6.6 5.2 4.6 -4.2 -.4 2003 2004 2005 .3 .2 .3 -.1 1.2 .3 -.2 .1 -.1 -.9 .6 .1 .6 .6 -.1 .3 .8 -.2 .4 1.0 -.4 .3 1.1 1.1 .1 .0 .5 -.6 5.6 3.6 -3.3 6.0 3.9 4.0 6.5 4.6 .0 4.8 IP (1997=100) 2003 2004 2005 111.8 114.1 120.1 111.6 115.5 120.5 111.5 115.6 120.4 110.4 116.4 110.5 117.1 111.1 116.9 111.5 117.8 111.3 118.3 112.4 117.7 112.7 119.0 113.9 119.1 113.9 119.7 111.6 115.1 120.3 110.7 116.8 111.7 117.9 113.5 119.3 111.9 117.2 Capacity (percent of 1997 output) 2003 2004 2005 151.9 152.1 153.9 151.8 152.2 154.1 151.8 152.3 154.3 151.7 152.5 151.7 152.6 151.6 152.8 151.6 153.0 151.7 153.1 151.7 153.3 151.8 153.4 151.9 153.6 152.0 153.8 151.8 152.2 154.1 151.7 152.6 151.7 153.1 151.9 153.6 151.8 152.9 Utilization (percent) 1983 1984 1985 1986 1987 70.1 78.2 79.2 79.2 79.1 70.0 78.9 78.7 78.5 80.0 70.6 79.2 79.2 78.2 79.9 71.4 79.4 78.7 78.4 80.1 72.3 79.4 78.6 78.4 80.6 72.8 79.6 78.6 78.1 80.7 73.9 79.8 77.9 78.4 81.1 74.4 79.8 78.3 78.4 81.3 75.8 79.4 78.2 78.5 81.6 76.6 79.6 77.8 78.6 82.8 76.7 79.6 78.2 78.9 83.2 76.8 79.7 78.4 79.4 83.5 70.3 78.8 79.0 78.7 79.7 72.2 79.5 78.6 78.3 80.5 74.7 79.7 78.1 78.4 81.3 76.7 79.6 78.1 79.0 83.2 73.5 79.4 78.5 78.6 81.2 1988 1989 1990 1991 1992 83.3 85.6 81.5 78.4 78.1 83.4 84.6 82.5 77.8 78.6 83.6 84.3 82.6 77.2 79.1 84.2 84.2 82.3 77.3 79.3 84.0 83.3 82.1 77.8 79.7 84.1 83.2 82.2 78.5 79.7 84.1 82.1 81.8 78.6 80.2 84.1 82.7 81.9 78.7 79.7 84.3 82.3 81.7 79.4 79.5 84.8 82.0 81.0 79.1 79.8 84.9 81.9 79.9 78.8 79.9 85.1 81.9 79.2 78.6 79.6 83.4 84.8 82.2 77.8 78.6 84.1 83.6 82.2 77.9 79.6 84.2 82.4 81.8 78.9 79.8 84.9 81.9 80.0 78.8 79.8 84.1 83.2 81.6 78.3 79.4 1993 1994 1995 1996 1997 80.3 81.1 84.3 80.5 81.9 80.3 81.0 83.9 81.3 82.7 80.0 81.8 83.6 80.6 82.9 80.3 82.2 83.2 81.1 82.5 80.1 82.6 82.8 81.2 82.4 79.9 82.5 82.7 81.7 82.6 79.9 82.7 81.8 81.5 82.5 79.8 83.0 82.4 81.6 83.0 80.1 82.9 82.7 81.8 83.2 80.6 83.4 82.2 81.4 83.2 80.8 83.7 81.8 81.8 83.3 81.1 84.3 81.8 82.1 83.2 80.2 81.3 83.9 80.8 82.5 80.1 82.4 82.9 81.3 82.5 79.9 82.8 82.3 81.7 82.9 80.8 83.8 82.0 81.8 83.2 80.3 82.6 82.8 81.4 82.8 1998 1999 2000 2001 2002 83.3 81.0 81.4 77.1 73.0 82.8 81.2 81.3 76.5 72.9 82.3 80.9 81.6 76.0 73.1 82.4 80.9 81.8 75.6 73.2 82.2 81.2 81.8 75.1 73.5 81.2 80.7 81.5 74.4 74.1 80.6 80.8 80.9 74.1 73.9 81.9 81.1 80.1 73.7 74.1 81.2 80.5 80.1 73.2 74.1 81.6 81.2 79.4 72.8 73.6 81.1 81.4 78.8 72.5 73.7 81.1 81.8 78.1 72.6 73.3 82.8 81.1 81.4 76.5 73.0 81.9 81.0 81.7 75.0 73.6 81.2 80.8 80.4 73.7 74.0 81.3 81.5 78.8 72.6 73.5 81.8 81.1 80.6 74.5 73.5 2003 2004 2005 73.6 75.1 78.0 73.5 75.9 78.2 73.4 75.9 78.0 72.8 76.3 72.8 76.7 73.3 76.5 73.5 77.0 73.4 77.2 74.1 76.8 74.3 77.5 75.0 77.5 75.0 77.9 73.5 75.6 78.1 73.0 76.5 73.7 77.0 74.8 77.6 73.7 76.7 1. See note on cover page. 2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 14 Table 14 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry Excluding Selected High-Technology Industries Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual IP (percent change) 1 1983 1984 1985 1986 1987 1.9 2.0 -.3 .6 -.4 -.7 .3 .5 -.8 1.2 .8 .4 .1 -.7 .1 1.2 .5 .0 .0 .5 .7 .4 .1 .1 .6 .5 .2 .0 -.2 .4 1.5 .2 -.6 .3 .5 1.2 .0 .4 -.3 .6 1.3 -.2 .5 .2 .1 .8 -.2 -.4 .4 1.4 .2 .4 .3 .4 .5 .5 .1 1.1 .8 .4 3.7 11.4 .9 2.5 4.5 8.5 4.8 1.0 -2.9 6.3 13.8 1.6 -.3 .6 6.0 9.6 -.2 2.7 4.0 9.0 1.8 7.9 1.0 .9 4.2 1988 1989 1990 1991 1992 .0 .3 -.7 -.4 -.8 .4 -.5 .8 -.8 .7 .2 .4 .4 -.6 .7 .4 -.1 -.1 .2 .6 -.1 -.7 .1 1.0 .3 .2 .0 .3 1.0 -.2 .1 -1.1 -.2 .0 .7 .5 .9 .3 .1 -.5 -.4 -.3 .2 .9 .1 .5 -.1 -.8 -.2 .6 .2 .2 -1.3 -.2 .3 .4 .7 -.7 -.5 .0 3.2 1.7 2.0 -8.0 -1.8 2.7 -2.1 2.4 2.1 6.1 1.5 -3.3 .9 5.4 1.6 2.9 1.3 -6.5 .3 2.9 4.4 .6 .3 -2.0 1.9 1993 1994 1995 1996 1997 .5 .4 .1 -1.1 .0 .3 .0 -.2 1.3 .8 .0 .8 -.2 -.4 .2 .3 .3 -.2 .8 .0 -.4 .5 .0 .4 .1 .2 .6 .2 .7 .3 .3 .0 -.6 -.4 .4 .0 .3 1.2 .4 .7 .3 .0 .1 .5 .7 .6 .7 -.5 -.2 .7 .4 .4 .0 .8 .4 .4 .9 .4 .5 .1 3.1 4.2 2.8 -.5 4.9 .6 5.5 -1.4 6.0 2.0 1.4 3.2 1.4 2.5 5.8 5.1 5.7 .5 3.8 7.1 2.5 4.0 2.4 1.7 4.2 1998 1999 2000 2001 2002 .2 .2 -.6 -1.0 .8 .0 .1 .1 -.6 -.2 .1 .1 .3 -.3 .6 .5 -.1 .3 -.1 .4 .3 .5 .3 -.4 .2 -.8 -.3 -.1 -.5 .7 -.6 .3 -.7 -.3 -.2 1.7 .5 -.4 .0 -.2 -.5 -.5 .2 -.5 -.1 .7 1.0 -.6 -.4 -.5 -.5 .2 -.3 -.5 -.1 -.1 .7 -.3 .0 -.5 1.8 .3 .5 -6.9 2.6 2.1 .7 2.8 -3.5 4.2 -.2 1.6 -3.5 -3.7 .9 2.3 4.9 -3.6 -4.4 -3.4 3.1 1.2 1.1 -4.1 -.2 2003 2004 2005 .1 .2 -.1 .0 1.0 .1 -.5 -.4 .3 -1.0 .5 .0 .6 .2 -.4 .6 .7 -.2 .0 .7 -.3 .1 .8 1.0 .2 .2 .8 -1.8 4.9 2.5 -5.1 3.3 3.3 2.0 5.1 4.0 -1.0 3.4 IP (1997=100) 2003 2004 2005 100.5 101.7 105.1 100.4 102.7 105.2 99.9 102.3 105.5 98.9 102.8 98.9 103.4 99.1 103.0 99.7 103.7 99.5 103.7 100.2 103.4 100.3 104.2 101.3 104.4 101.5 105.2 100.3 102.2 105.3 99.0 103.1 99.8 103.6 101.0 104.6 100.0 103.4 Capacity (percent of 1997 output) 2003 2004 2005 131.6 131.1 131.4 131.5 131.1 131.5 131.5 131.1 131.5 131.4 131.2 131.3 131.2 131.2 131.2 131.1 131.3 131.1 131.3 131.1 131.3 131.0 131.4 131.0 131.4 131.0 131.4 131.5 131.1 131.5 131.3 131.2 131.1 131.3 131.0 131.4 131.2 131.2 Utilization (percent) 1983 1984 1985 1986 1987 72.0 79.3 79.7 80.3 79.3 71.4 79.5 80.0 79.6 80.2 72.0 79.7 79.9 78.9 80.2 72.8 80.1 79.8 78.8 80.6 73.3 80.3 79.7 78.9 81.0 73.7 80.4 79.6 78.7 81.2 74.8 80.5 79.0 78.9 81.6 75.7 80.4 79.2 78.6 82.0 76.7 80.1 79.5 78.6 82.1 77.2 79.9 79.1 78.9 83.2 77.4 80.1 79.2 79.2 83.5 77.7 80.1 80.0 79.7 83.8 71.8 79.5 79.9 79.6 79.9 73.3 80.3 79.7 78.8 80.9 75.7 80.4 79.2 78.7 81.9 77.4 80.0 79.4 79.3 83.5 74.6 80.0 79.6 79.1 81.6 1988 1989 1990 1991 1992 83.8 85.5 82.7 80.1 79.0 84.1 85.0 83.3 79.4 79.5 84.2 85.2 83.5 78.8 80.0 84.6 84.9 83.3 78.9 80.4 84.4 84.2 83.2 79.5 80.6 84.5 84.1 83.3 80.2 80.4 84.6 83.0 83.0 80.1 80.9 85.0 83.6 83.1 80.1 80.4 84.6 83.2 83.1 80.7 80.4 85.0 83.0 82.4 80.5 80.8 85.1 83.0 81.2 80.2 81.0 85.4 83.4 80.5 79.7 80.9 84.1 85.2 83.2 79.4 79.5 84.5 84.4 83.3 79.5 80.5 84.7 83.3 83.1 80.3 80.6 85.1 83.1 81.4 80.1 80.9 84.6 84.0 82.7 79.9 80.4 1993 1994 1995 1996 1997 81.2 82.4 84.7 81.8 83.2 81.3 82.3 84.4 82.7 83.7 81.2 82.9 84.1 82.2 83.6 81.4 83.0 83.7 82.7 83.3 80.9 83.3 83.5 82.9 83.1 81.0 83.7 83.5 83.3 83.1 81.2 83.6 82.8 82.8 83.2 81.1 83.7 83.6 83.0 83.5 81.2 83.6 83.5 83.2 83.9 81.7 84.0 82.9 82.8 84.2 81.9 84.2 82.8 83.2 84.2 82.2 84.8 82.9 83.4 84.0 81.2 82.5 84.4 82.2 83.5 81.1 83.3 83.6 83.0 83.2 81.2 83.6 83.3 83.0 83.5 81.9 84.3 82.9 83.2 84.1 81.4 83.5 83.5 82.8 83.6 1998 1999 2000 2001 2002 83.9 82.2 81.9 79.1 76.1 83.7 82.1 81.8 78.5 75.9 83.5 82.0 82.0 78.2 76.3 83.7 81.7 82.2 78.1 76.5 83.7 82.0 82.3 77.8 76.7 82.8 81.5 82.1 77.3 77.2 82.1 81.6 81.5 77.0 77.1 83.3 81.9 81.0 76.9 77.0 82.7 81.3 81.1 76.5 76.9 83.1 82.0 80.6 76.1 76.5 82.5 82.0 80.3 75.6 76.5 82.3 82.5 79.9 75.6 76.2 83.7 82.1 81.9 78.6 76.1 83.4 81.7 82.2 77.7 76.8 82.7 81.6 81.2 76.8 77.0 82.6 82.2 80.2 75.8 76.4 83.1 81.9 81.4 77.2 76.6 2003 2004 2005 76.3 77.6 80.0 76.4 78.3 80.0 76.0 78.0 80.2 75.3 78.4 75.3 78.8 75.6 78.5 76.0 79.0 75.9 79.0 76.4 78.7 76.5 79.3 77.3 79.5 77.5 80.1 76.2 78.0 80.1 75.4 78.6 76.1 78.9 77.1 79.6 76.2 78.8 1. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. NOTE. Selected high–technology industries are computers, communications equipment, and semiconductors and related electronic components. 15 Table 15 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing1 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 1983 1984 1985 1986 1987 2.5 1.8 -.5 1.3 -.4 -.2 .9 -.2 -.7 1.4 .9 .4 .8 -.3 .0 1.1 .3 -.2 .3 .4 1.3 .1 .1 .1 .7 .7 .3 .1 -.2 .3 1.3 .4 -.4 .2 .6 .9 .0 .6 .2 .3 1.6 -.3 .2 .2 .4 1.1 .4 -.3 .3 1.5 .2 .3 .6 .4 .6 .2 .3 .4 .8 .5 8.0 11.5 -.2 4.8 4.9 11.3 4.3 1.8 -.5 5.8 14.3 2.1 .5 1.2 5.5 10.9 1.9 2.5 4.3 10.3 3.6 8.4 1.4 2.2 4.6 1988 1989 1990 1991 1992 -.2 .8 -.3 -.8 -.8 .2 -1.1 1.4 -.8 .8 .3 .0 .3 -.8 .9 .7 .0 -.2 .3 .4 -.2 -.9 .0 .7 .6 .0 .1 .2 1.1 .1 .0 -1.3 -.2 .3 .7 .1 .9 .3 .2 -.4 .3 -.3 -.1 1.1 -.1 .6 -.2 -.8 -.2 .4 .3 .1 -1.2 -.3 .3 .4 .1 -.8 -.3 -.3 2.1 2.0 3.3 -9.6 -1.0 3.5 -3.7 2.1 1.4 6.9 .6 -4.0 .2 7.0 2.5 4.6 -.1 -7.2 .9 1.4 4.5 .4 .0 -2.6 2.5 1993 1994 1995 1996 1997 1.1 .1 .1 -1.3 -.1 .1 .1 -.3 1.3 1.0 -.2 1.1 -.1 -.5 .4 .5 .6 -.4 1.0 -.3 -.1 .6 -.2 .4 .2 -.2 .1 .3 .9 .5 .2 .3 -.8 .0 .3 -.2 .5 1.0 .4 1.0 .5 .0 .6 .6 .7 .7 .8 -.4 -.3 .6 .4 .5 -.2 .7 .5 .5 .9 .3 .7 .2 3.9 3.9 2.7 -1.9 5.9 1.0 7.2 -2.5 6.8 2.6 .4 3.8 .3 4.5 6.3 5.7 7.0 .9 3.7 7.4 2.6 4.4 2.5 1.6 4.9 1998 1999 2000 2001 2002 .5 .0 -.6 -.9 .8 -.1 .3 -.1 -.5 -.2 -.1 -.3 .6 -.4 .4 .6 .0 .2 .0 .1 .2 .7 -.1 -.4 .3 -1.0 -.6 .0 -.6 .7 -.7 .0 -.6 -.2 -.2 2.1 .8 -.8 -.3 .0 -.7 -.5 .1 -.5 -.1 .9 1.1 -.6 -.5 -.8 -.2 .3 -.7 -.3 -.1 .1 .6 -.6 .2 -.6 3.0 .2 .4 -8.0 3.2 1.3 .8 2.2 -3.4 3.1 -.7 .8 -4.3 -4.0 1.3 4.1 6.2 -5.7 -4.2 -4.6 3.5 1.4 .9 -4.9 -.3 2003 2004 2005 .3 .0 .1 -.3 1.1 .2 -.3 .1 -.2 -1.0 .6 .0 .5 .5 -.2 .3 .8 -.4 .3 .9 -.5 .2 1.1 1.2 .0 .0 .5 -2.0 4.7 2.2 -4.6 4.9 2.9 3.3 5.9 4.0 -1.2 3.9 IP (1997=100) 2003 2004 2005 99.6 100.7 105.0 99.3 101.7 105.2 99.0 101.8 105.0 98.0 102.4 97.9 102.9 98.5 102.6 98.8 103.4 98.4 103.7 99.3 103.2 99.5 104.3 100.6 104.3 100.6 104.8 99.3 101.4 105.0 98.1 102.6 98.8 103.5 100.2 104.5 99.1 102.9 Capacity (percent of 1997 output) 2003 2004 2005 133.6 132.9 133.1 133.5 132.9 133.1 133.4 132.9 133.2 133.4 132.9 133.3 132.9 133.2 133.0 133.1 133.0 133.1 133.0 133.0 133.0 133.0 133.0 133.0 133.0 132.9 133.1 133.5 132.9 133.1 133.3 132.9 133.1 133.0 133.0 133.0 133.2 133.0 Utilization (percent) 1983 1984 1985 1986 1987 69.9 77.8 78.6 79.6 79.3 69.7 78.4 78.3 79.0 80.3 70.3 78.7 78.8 78.6 80.2 71.1 78.9 78.6 78.8 80.4 72.1 78.9 78.5 78.8 80.9 72.6 79.0 78.5 78.6 81.0 73.5 79.2 78.0 78.7 81.4 74.2 79.1 78.4 78.7 81.6 75.4 78.7 78.4 78.8 81.9 76.2 78.9 78.1 78.9 83.1 76.3 79.0 78.4 79.2 83.5 76.4 79.2 78.7 79.7 83.9 70.0 78.3 78.6 79.1 79.9 71.9 78.9 78.5 78.7 80.8 74.4 79.0 78.2 78.7 81.6 76.3 79.0 78.4 79.3 83.5 73.1 78.8 78.4 78.9 81.5 1988 1989 1990 1991 1992 83.7 86.0 81.8 78.7 78.0 83.8 85.0 82.8 78.0 78.5 84.0 84.9 83.0 77.3 79.2 84.6 84.7 82.6 77.5 79.4 84.4 83.8 82.5 77.9 79.8 84.4 83.8 82.5 78.7 79.7 84.4 82.5 82.2 78.8 80.2 84.4 83.1 82.3 78.8 79.7 84.6 82.7 82.1 79.6 79.6 85.0 82.3 81.3 79.3 79.8 85.2 82.3 80.2 79.0 79.9 85.4 82.2 79.4 78.7 79.6 83.8 85.3 82.5 78.0 78.6 84.5 84.1 82.6 78.0 79.6 84.5 82.8 82.2 79.1 79.8 85.2 82.3 80.3 79.0 79.8 84.5 83.6 81.9 78.5 79.4 1993 1994 1995 1996 1997 80.3 81.0 84.1 80.3 82.0 80.3 81.0 83.7 81.1 82.5 80.0 81.8 83.4 80.5 82.6 80.4 82.1 82.9 81.2 82.2 80.1 82.5 82.5 81.3 82.0 79.9 82.5 82.5 81.8 82.1 80.0 82.6 81.6 81.6 82.0 79.8 82.9 82.2 81.7 82.5 80.0 82.8 82.4 82.0 82.8 80.5 83.3 81.9 81.5 83.0 80.7 83.6 81.5 81.9 83.1 81.0 84.2 81.6 82.3 82.9 80.2 81.3 83.7 80.7 82.4 80.1 82.4 82.6 81.4 82.1 79.9 82.8 82.1 81.8 82.5 80.8 83.7 81.6 81.9 83.0 80.3 82.5 82.5 81.5 82.5 1998 1999 2000 2001 2002 83.1 81.1 80.6 76.7 74.4 82.7 81.1 80.4 76.2 74.3 82.4 80.7 80.7 75.9 74.6 82.7 80.5 80.8 75.8 74.7 82.5 80.9 80.6 75.5 74.9 81.5 80.3 80.5 75.1 75.5 80.7 80.1 79.9 74.9 75.4 82.1 80.5 79.2 74.7 75.4 81.3 80.0 79.2 74.3 75.3 81.9 80.7 78.6 73.9 74.8 81.5 80.8 78.0 73.7 74.7 81.3 81.2 77.5 73.8 74.3 82.7 81.0 80.6 76.3 74.4 82.2 80.6 80.6 75.5 75.0 81.4 80.2 79.4 74.6 75.4 81.6 80.9 78.0 73.8 74.6 82.0 80.7 79.7 75.1 74.9 2003 2004 2005 74.5 75.7 78.9 74.4 76.5 79.0 74.2 76.6 78.8 73.5 77.0 73.5 77.4 73.9 77.2 74.2 77.8 73.9 78.0 74.7 77.6 74.8 78.4 75.7 78.4 75.7 78.8 74.4 76.3 78.9 73.6 77.2 74.3 77.8 75.4 78.5 74.4 77.4 1. See note on cover page. 2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. NOTE. Selected high–technology industries are computers, communications equipment, and semiconductors and related electronic components. 16 EXPLANATORY NOTE The Industrial Production and Capacity Utilization statistical release, which is published around the middle of the month, reports measures of output, capacity, and capacity utilization in manufacturing, mining, and the electric and gas utilities industries. The release also includes monthly indexes on the use of electric power in manufacturing and mining. More detailed descriptions of industrial production, capacity utilization, and electric power are available at www.federalreserve.gov/releases/G17 at the Board’s World Wide Web site. In addition, files containing data shown in the release, more detailed series that were published in the G.17 prior to December 2000, and historical data are available at the Board’s Web site. Instructions for searching for and downloading specific series are provided as well. For paid access to the data files through the Department of Commerce’s Economic Bulletin Board or World Wide Web site, please call STAT-USA at 1-800-STAT-USA or 202-452-1986. Diskettes containing historical data and the data published in this release also are available from the Board of Governors of the Federal Reserve System, Publications Services, 202-452-3245. INDUSTRIAL PRODUCTION Coverage. The industrial production (IP) index measures the real output of the manufacturing, mining, and electric and gas utilities industries; the reference period for the index is 1997. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries–logging and newspaper, periodical, book and directory publishing–that have traditionally been considered to be manufacturing and included in the industrial sector. For the period since 1997, the total IP index has been constructed from 300 individual series based on the 2002 North American Industrial Classification System (NAICS) codes. These individual series are classified in two ways: (1) market groups, and (2) industry groups. Market groups consist of products and materials. Total products are the aggregate of final products, such as consumer goods and equipment, and nonindustrial supplies (which are inputs to nonindustrial sectors). Materials are inputs in the manufacture of products. Major industry groups include three-digit NAICS industries and aggregates of these industries—for example, durable and nondurable manufacturing, mining, and utilities. A complete description of the market and industry structures, including details regarding series classification, relative importance weights, and data sources, is available on the Board’s web site (www.federalreserve.gov/releases/G17/About.html) . Changes in output for the market and industry groups are summarized in table 1 and the levels of output (in index form) are shown in table 4. Special aggregates, that highlight the relative importance and contributions of several key industries, such as high-technology and motor vehicles, are summarized in tables 2 and 5. For a detailed description of the contents of the statistical tables, see below. Source data. On a monthly basis, the individual indexes of industrial production are constructed from two main types of source data: (1) output measured in physical units and (2) data on inputs to the production process, from which output is inferred. Data on physical products, such as tons of steel or barrels of oil, are obtained from private trade associations and from government agencies; data of this type are used to estimate monthly IP wherever possible and appropriate. Production indexes for a few industries are derived by dividing estimated nominal output (calculated using unit production or sales and unit values) by a corresponding Fisher price index; the most notable of these fall within the high-technology grouping and include computers, communications equipment, and semiconductors. When suitable data on physical product are not available, estimates of output are based on either production-worker hours or electric power use by industry. Data on hours worked by production workers are collected in the monthly establishment survey conducted by the Bureau of Labor Statistics. The data on electric power use are described below. The factors used to convert inputs into estimates of production are based on historical relationships between the inputs and the comprehensive annual data used to benchmark the IP indexes; these factors also may be influenced by technological or cyclical developments. The annual data used in benchmarking the individual IP indexes are constructed from a variety of source data, such as the quinquennial Censuses of Manufactures and Mineral Industries and the 17 Annual Survey of Manufactures, prepared by the Bureau of the Census; the Minerals Yearbook, prepared by the United States Geological Survey of the Department of the Interior; and publications of the Department of Energy. Aggregation Methodology and Weights. The aggregation method for the IP index is a version of the Fisher-ideal index formula. (For a detailed discussion of the aggregation method, see Federal Reserve Bulletin February 1997 and March 2001.) In the IP index, series that measure the output of an individual industry are combined using weights derived from their proportion in the total value-added output of all industries. The IP index, which extends back to 1919, is built as a chain-type index since 1972. The current formula for the growth in monthly IP (or any of the sub-aggregates) since 1972 is the geometric mean of the change in output (I), and, as can be seen below, is computed using the unit value added estimate for the current month (pm ) and the estimate for previous month: IA m + IA m–1 ȍ Ǹȍ Imp m–1 Im–1p m–1 ȍ Imp m ȍ Im–1p m The IP proportions (typically shown in the first column of the relevant tables in the G.17 release) are estimates of the industries’ relative contributions to overall growth in the following year. For example, the relative importance weight of the motor vehicles and parts industry is about 5 percent. If output in this industry increased 10 percent in a month, then this gain would boost growth in total IP by ½ percentage point (0.05 x 10% = 0.5%). To assist users with calculations, the Federal Reserve’s web site provides supplemental monthly statistics that represent the exact proportionate contribution of a monthly change in a component index to the monthly change in the total index (www.federalreserve.gov/ releases/G17/ipdisk/ipweights.sa ). Timing. The first estimate of output for a month is published around the 15th of the following month. The estimate is preliminary (denoted by the superscript “p” in tables) and subject to revision in each of the subsequent three months as new source data become available. (Revised estimates are denoted by the superscript “r” in tables.) For the first estimate of output for a given month, about 59 percent of the source data (in value-added terms) are available; the fraction of available source data increases to about 86 percent for estimates in the second month that the estimate is published, 96 percent in the third month, and 96 percent in the fourth month. Data availability by data type is summarized in the table below: Availability of Monthly IP Data in Publication Window (Percent of value added in 2004) Month of estimate Type of data 1st 2nd 3rd 4th Physical product 24 40 50 50 Production-worker hours 35 35 35 35 Electric power use 0 11 11 11 IP data received 59 86 96 96 IP data estimated 41 14 4 4 NOTE—The physical product group includes series based on either monthly or quarterly data. As can be seen in the first line of the table, in the first month, a physical product indicator is available for about half of the series (in terms of value added) that ultimately are based on physical product data (24 percent out of total of 59 percent). Of the 24 percent, about five–sixths (20 percent of total IP) include series that are derived from weekly physical product data and for which actual monthly data may lag up to several months. On average, quarterly product data are received for the third estimate of industrial production. Specifically, quarterly data are available for the second estimate of the last month of a quarter, the third estimate of the second month of a quarter, and the fourth estimate of the first month of a quarter. About 4 percent of the source data for monthly IP—all physical product measures—are available too late for direct inclusion in the current index and are incorporated at the time of an annual historical revision. Seasonal adjustment. Individual series are seasonally adjusted using Census X-12 ARIMA. For series based on production-worker hours, the current seasonal factors were estimated with data through September 2004; for other series, the factors were estimated with data through at least June 2004. Series are pre-adjusted for the effects of holidays or the business cycle when appropriate. For the data since 1972, all seasonally adjusted aggregate indexes are calculated by aggregating the seasonally adjusted indexes of the individual series. Reliability. The average revision to the level of the total IP index, without regard to sign, between the first and the fourth estimates was 0.27 percent during the 1987–2003 period. The average revision to the percent change in total IP, without regard to sign, from the first to the fourth estimates was 0.21 percentage point during the 1987–2003 period. In most cases (about 85 percent), the direction of change in output indicated by the first estimate for a given month is the same as that shown by the fourth estimate. Rounding. The published percent changes are calculated from unrounded indexes, and may not be the same as percent changes calculated from the rounded indexes shown in the release. CAPACITY UTILIZATION Overview. The Federal Reserve Board constructs estimates of capacity and capacity utilization for industries in manufacturing, mining, and electric and gas utilities. For a given industry, the capacity utilization rate is equal to an output index (seasonally adjusted) divided by a capacity index. The Federal Reserve Board’s capacity indexes attempt to capture the concept of sustainable maximum output—the greatest level of output a plant can maintain within the framework of a realistic work schedule, after factoring in normal downtime and assuming sufficient availability of inputs to operate the capital in place. Coverage. Capacity indexes are constructed for 85 detailed industries (67 in manufacturing, 16 in mining, and 2 in utilities), which mostly correspond to industries at the three- and four-digit NAICS level. Estimates of capacity and utilization are available for a variety of groups, including durable and nondurable manufacturing, total manufacturing, mining, utilities, and total industry. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries–logging and newspaper, periodical, book and directory publishing–that have traditionally been considered to be manufacturing and included in the industrial sector. Also, special aggregates are available, such as high-tech industries and manufacturing excluding high-tech industries. Source Data. The monthly rates of capacity utilization are designed to be consistent with both the monthly data on production and the periodically available data on capacity and utilization. Because there is no direct monthly information on overall industrial capacity or utilization rates, the Federal Reserve first estimates annual capacity indexes from the source data. Capacity data reported in physical units from government sources (primarily from the U.S. Geological Survey and the Department of Energy’s Energy Information Administration) and trade sources are available for portions of several industries in manufacturing (e.g., paper, industrial chemicals, petroleum refining, motor vehicles), as well as for electric utilities and mining; these industries represent about 20 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 75 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 5 percent of total industry capacity). A detailed description of the methodology used to construct the capacity indexes is available on the Board’s web site (www.federalreserve.gov/releases/G17/cap_notes.html). Aggregation Methodology. Monthly capacity aggregates are calculated in three steps: (1) utilization aggregates are calculated on an annual basis through the most recent full year as capacity-weighted aggregates of individual utilization rates; (2) the annual aggregate capacity is derived from the corresponding production and utilization aggregates; (3) the monthly capacity aggregate is obtained by interpolating with a Fisher index of its constituent monthly capacity series. Utilization rates for the 18 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 1972–2004 period, the average total industry utilization rate is 81.0 percent; for manufacturing, the average factory operating rate has been 79.8 percent. Industrial plants usually operate at capacity utilization rates that are well below 100 percent: none of the broad aggregates has ever reached 100 percent. For total industry and total manufacturing, utilization rates have exceeded 90 percent only in wartime. The highs and lows in capacity utilization shown in table 7 are specific to each series and do not all occur in the same month. ELECTRIC POWER Coverage. Electric power data for sales by utilities to industry users and for electric power produced by cogenerators (manufacturing and mining firms that produce electricity for their own use or to sell to a utility) are generally collected at the 4-digit NAICS and 3-digit SIC level for mining and manufacturing. Aggregates for 3-digit industries, as well as for total mining, durable, nondurable, total manufacturing and total industrial electric power use, are computed. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries–logging and newspaper, periodical, book and directory publishing–that have traditionally been considered to be manufacturing and included in the industrial sector. An aggregate showing total industry excluding nuclear nondefense is shown separately because the value-added proportion for the nondefense nuclear material series (part of NAICS 3251) in total IP is considerably less than its share of total electric power use. In addition, aggregates for utility sales to industrial users and industry generation are computed. While only the major aggregates are shown in the release, data for the 3- and 4-digit industries are available on the Board’s web site (www.federalreserve.gov/releases/G17). Source Data. Electric power data are collected from a sample of utilities and cogenerators covering all twelve Federal Reserve Districts. The primary criterion for inclusion of a utility in the panel is whether the utility provides electric power to industrial customers. A comparison of Federal Reserve kilowatt-hour aggregates to estimates from the 1997 Census of Manufactures (the most recent available) and recent reporting panel statistics suggests the Federal Reserve data cover about 50 percent of the overall sales to manufacturing in that year. The cogeneration panel covers about 50 percent of cogeneration used directly by manufacturers. In order to provide more complete coverage and correct for any shortcomings of the survey, the series are benchmarked at the 4-digit industry level to the latest available data from the Annual Survey of Manufactures and the Census of Manufactures. Methodology. The data we receive from utilities and cogenerators are edited for anomalies and aggregated, using self weights, to the 4-digit NAICS industry levels and above. Where reports are late or unavailable for some reason, responses are estimated. Seasonal Adjustment. Series are seasonally adjusted at the 4-digit NAICS level, with seasonally-adjusted aggregates typically computed as sums of seasonally adjusted components. The seasonal adjustment procedure (Census X-12 program) is used without trading-day adjustments because the reporting periods of the various utilities are not the same. A leap year adjustment is also made where appropriate. REFERENCES AND RELEASE DATES References. The annual revision published in December 2004 is described in an article published in the Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 9–25. 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. 19 Industrial Production—1986 Edition contains a more detailed description of the other methods used to compile the industrial production index, plus a history of its development, a glossary of terms, and a bibliography. The major revisions to the IP indexes and capacity utilization since 1990 have been described in the Federal Reserve Bulletin (April 1990, June 1990, June 1993, March 1994, January 1995, January 1996, February 1997, February 1998, January 1999, March 2000, March 2001, March 2002, April 2003, Winter 2004). Release Schedule At 9:15 a.m. on 2005: January 14, February 16, March 16, April 15, May 17, June 15, July 15, August 16, September 14, October 14, November 17, and December 15.
