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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
April 15, 2009

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production fell 1.5 percent in March after a similar decrease in February. For the first quarter as
a whole, output dropped at an annual rate of 20.0 percent, the largest quarterly decrease of the current
contraction. At 97.4 percent of its 2002 average, output in March fell to its lowest level since December 1998
(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

Nov.r

2002=100
2009
Dec.r
Jan.r

Feb.r

Mar.p

106.2
106.3

104.8
104.9

102.5
102.4

100.3
100.3

98.8
98.8

Major market groups
Final Products
Consumer goods
Business equipment
Nonindustrial supplies
Construction
Materials

107.0
103.0
114.8
102.2
97.8
106.9

106.8
102.1
117.8
99.9
93.7
104.8

106.4
100.7
121.4
96.6
89.2
101.1

103.5
98.5
116.5
94.8
85.6
99.4

Major industry groups
Manufacturing (see note below)
Previous estimates
Mining
Utilities

106.0
106.2
103.5
107.1

103.7
103.9
105.4
109.0

100.9
100.9
103.0
111.2

Industrial production

2008
Oct.r

Total index
Previous estimates

Nov.r

97.4

1.3
1.4

-1.2
-1.3

-2.2
-2.4

-2.1
-2.0

-1.5
-1.5

-1.5

-12.8

102.3
97.8
114.7
92.3
83.9
98.0

101.3
97.4
112.0
90.9
81.6
96.1

.6
1.6
-2.5
-.4
-1.3
2.5

-.2
-.9
2.5
-2.3
-4.2
-1.9

-.4
-1.3
3.1
-3.2
-4.7
-3.6

-2.7
-2.2
-4.1
-1.9
-4.1
-1.7

-1.2
-.7
-1.5
-2.6
-1.9
-1.4

-1.0
-.3
-2.3
-1.6
-2.8
-2.0

-9.5
-7.7
-14.4
-15.4
-21.0
-14.9

98.1
98.0
101.6
112.6

97.5
97.4
100.6
103.8

95.8

.3
.5
7.3
1.3

-2.1
-2.2
1.8
1.8

-2.8
-2.9
-2.3
2.0

-2.7
-2.8
-1.3
1.2

-.6
-.7
-1.0
-7.7

-1.7

-15.0

-3.2
1.8

-6.9
-2.8

Percent of capacity
200102
2008 2008
low
Mar. Oct.r

97.4
105.8

Average
19722008

198889
high

199091
low

199495
high

Total industry
Previous estimates

80.9

85.1

78.7

84.9

73.5

79.8

Manufacturing (see note below)
Previous estimates
Mining
Utilities

79.6

85.4

77.2

84.5

71.4

77.8

87.6
86.8

86.5
92.8

83.8
84.2

89.1
93.3

84.9
84.2

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.6
82.0
77.7

88.3
86.5
83.0

84.7
77.9
77.2

89.9
87.9
80.3

81.7
74.3
70.0

Capacity utilization

Percent change
2009
Dec.r Jan.r Feb.r Mar.p

2008
Oct.r

Mar. ’08 to
Mar. ’09

Capacity
growth
Nov.r

Dec.r

2009
Jan.r

Feb.r

Mar.p

Mar. ’08 to
Mar. ’09

75.4
75.5

74.5
74.6

72.8
72.7

71.3
71.3

70.3
70.2

69.3

.5

71.1
71.3
90.7
83.5

69.2
69.2
88.6
85.1

67.3
67.3
87.4
85.9

66.9
66.8
86.5
79.2

65.8

.4

90.8
84.5

72.7
72.8
89.2
82.1

83.8
80.5

.8
2.0

88.8
79.6
76.3

84.7
75.4
71.5

84.8
73.6
71.2

82.2
71.4
70.5

81.4
70.0
68.5

81.3
67.9
68.5

79.5
66.8
67.9

.6
.1
1.3

r Revised. p Preliminary.
Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise
manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS);
electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry
and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information
respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC)
system. In December 2002 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.

1

and was nearly 13 percent below its year-earlier level. Production in manufacturing moved down 1.7 percent in
March and has registered five consecutive quarterly decreases. Broad-based declines in production continued;
one exception was the output of motor vehicles and parts, which advanced slightly in March but remained well
below its year-earlier level. Outside of manufacturing, the output of mines fell 3.2 percent in March, as oil and
gas well drilling continued to drop. After a relatively mild February, a return to more seasonal temperatures
pushed up the output of utilities. The capacity utilization rate for total industry fell further to 69.3 percent, a
historical low for this series, which begins in 1967.
Market Groups
Most major market groups recorded decreases both for March and for the first quarter as a whole. The
production of consumer goods declined 0.3 percent in March and dropped at an annual rate of nearly 15 percent
in the first quarter. Consumer durables declined 0.5 percent in March, as a gain of nearly 2 percent in the output
of automotive products partially offset declines in home electronics; appliances, furniture, and carpeting; and
miscellaneous goods. Despite the recent increase in automotive-related production, motor vehicle assemblies in
March, at an annual rate of 5.0 million units, were more than 4 million units below the level 12 months earlier.
The production of nondurable goods edged down 0.3 percent in March, as declines in foods and tobacco,
chemical products, and paper products offset gains in clothing and energy.
The output of business equipment decreased 2.3 percent in March, as production in all of its major
categories moved down. For the first quarter as a whole, business equipment fell at an annual rate of
11.7 percent. The production of transit equipment increased at an annual rate of 70 percent in the first quarter;
this advance was more than accounted for by a gain in civilian aircraft after a strike that affected output in the
fourth quarter. Elsewhere in business equipment, the output indexes for information processing equipment and
for industrial and other equipment fell.
The output of defense and space equipment dropped at an annual rate of 1.8 percent in the first quarter
despite a gain of nearly 1 percent in March. Overall, production in this sector has been little changed, on net,
since the third quarter of 2007.
The output of construction supplies decreased 2.8 percent in March. Production of these goods dropped
at an annual rate of nearly 36 percent in the first quarter after falling a bit more than 26 percent in the fourth
quarter of 2008. This index is now about 27 percent below its peak in January 2006. Widespread declines pulled
down the output of business supplies 1.1 percent in March.
The production of materials to be further processed in the industrial sector continued to exhibit
broad-based declines. Materials output decreased 2.0 percent in March, and for the first quarter, output fell at an
annual rate of 22.4 percent after dropping more than 16 percent in the fourth quarter. All major components of
durable and nondurable materials posted steep declines in March, and the production of energy materials slipped
0.7 percent.
Industry Groups
In March, manufacturing output decreased 1.7 percent, and, for the first quarter as a whole,
manufacturing output dropped at an annual rate of 22.5 percent after falling nearly 18 percent in the fourth
quarter. The factory operating rate, which extends back to 1948, dropped 1.1 percentage points to a new
historical low of 65.8 percent. The production index for durable goods fell 2.4 percent in March and contracted
at an annual rate of more than 30 percent for the first quarter. The only major component of durable
manufactures to increase production for the month was motor vehicles and parts; nonetheless, output in this
2

industry fell at an annual rate of about 67 percent for the quarter as a whole. The production of nondurable goods
decreased 1.0 percent in March as a result of substantial declines in textile and product mills, paper products, and
plastics and rubber products. Production for nondurable goods fell about 13 percent in the first quarter and has
fallen for six consecutive quarters.
The index for the other manufacturing category, which consists of publishing and logging, fell nearly
3 percent in March.
The output of electric and natural gas utilities moved up 1.8 percent in March, as production rebounded
after temperatures returned to more seasonal norms. The operating rate for utilities moved up 1.3 percentage
points, to 80.5 percent, yet remained below its 1972–2008 average. Mining output dropped 3.2 percent in March,
and the utilization rate fell to 83.8 percent, roughly 4 percentage points below its 1972–2008 average. For the
first quarter, the output of mines fell nearly 15 percent at an annual rate.
Capacity utilization rates in March at industries grouped by stage of process were as follows: At the
crude stage, utilization dropped 1.8 percentage points, to 79.5 percent, a rate 7.1 percentage points below its
1972–2008 average; at the primary and semifinished stages, utilization dropped 1.1 percentage points, to
66.8 percent, a rate 15.2 percentage points below its long-run average; and at the finished stage, utilization
slipped 0.6 percentage point, to 67.9 percent, a rate 9.8 percentage points below its long-run average.

Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

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
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 website (www.federalreserve.gov/releases/G17/).

3

Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board released its annual revision to the index of industrial production
(IP) and the related measures of capacity utilization on March 27, 2009. The revised IP indexes
incorporated data from selected editions of the U.S. Census Bureau’s 2007 Current Industrial Reports. Detailed data from the 2007 Economic Census, however, were not available. Annual data
from the U.S. Geological Survey regarding metallic and nonmetallic minerals (except fuels) for
2007 were incorporated. Utilization rates were updated to incorporate data from the U.S. Census
Bureau’s Quarterly Survey of Plant Capacity through 2008 as well as data from other government
and trade sources.
The published revision release is available on the Board’s website at
www.federalreserve.gov/releases/G17. The revised data are also available through the website of the Department of Commerce. Further information on the revision can be obtained from
the Board’s Industrial Output Section (telephone number 202-452-3197).

4

1. Industrial production, capacity, and utilization
160

Ratio scale, 2002 output = 100
Total
Manufacturing

135

160

135

110

Capacity

110

85

85

Production

Detail: 2005 to present

60

118

60

Production
114
110
106
102
98
2005 2006 2007 2008 2009

35

1970

1975

1980

1985

1990

1995

2000

94

2005

2010

Percent of capacity

100
95

35

100
95

Utilization
85

85

75

75

65

1970

1975

1980

1985

1990

1995

2000

2005

2010

65

Notes: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).
The last shaded area begins with the peak as defined by the NBER and ends at the trough of a 3 month moving average
of manufacturing IP.

5

2. Industrial production and capacity utilization
Consumer goods

Equipment

Ratio scale, 2002=100

115
110

115
110

105

105

Nondurable

100

100

95

95

90

Ratio scale, 2002=100

140

140

130

130

120

120

90

Durable

85

85

80

110

110

100

100

80

75

Business

75

Defense and Space

90
70

90

70

80

120

120

115

115

120
115

110

110

110

105

105

100

100

95

95

1998

2000

2002

2004

Nonindustrial supplies

110

2006

2008

Ratio scale, 2002=100

Construction

105

100

100

95

95
Other business

2002

2004

2006

2008

80

Ratio scale, 2002=100
120
115

Non-energy

90

90

Energy

90

1998

2000

2002

2004

Capacity utilization

2006

2008

85

85

85

85
80

2000

Industrial materials

105

90

1998

80

80

80

75

1998

2000

2002

2004

Capacity utilization

Percent of capacity

2006

2008

75

Percent of capacity

90

95

85

90

80

80

85

75

75

80

70

75

75

65

70

70

60

65

90
Primary and
semifinished
processing

85

Excluding utilities

70
65
60

1998

2000

2002

2004

2006

2008

95
Crude processing

90
85
80

Finished processing

1998

2000

2002

2004

2006

2008

65

Notes: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).
The last shaded area begins with the peak as defined by the NBER and ends at the trough of a 3 month moving average
of manufacturing IP.
6

3. Industrial production and capacity utilization, high-technology industries
Industrial production

Ratio scale, 2002 = 100

125
115

125
115

Excluding
high-technology
industries

95

95

75

75

Total IP

55

35

1970

1975

1980

1985

55

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

Ratio scale, 2002 = 100

100

2000

2005

95

-15

Percent of capacity
100

100

200
150

Communications eq.

1995

-10

Capacity utilization
400
300

400
300
200
150

1990

-5

Excluding
high-technology
industries

95

85

85

75

75

100

Computers

50

50

65

65
High-technology industries

10

1998

2000

2002

55

55

Semiconductors

2004

2006

2008

10

45

1990

1995

2000

2005

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. The last shaded area begins with the peak
as defined by the NBER and ends at the trough of a 3 month moving average of manufacturing IP.

7

45

Table 1
I NDUSTRIAL P RODUCTION : M ARKET AND I NDUSTRY G ROUP S UMMARY
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

2008
proportion1

-2.1

-1.5

-1.5

-12.8

-1.2
-1.3
-4.4
-5.6
-2.5
-2.4
-4.1
-.6
-2.0
-2.5
-1.4
-1.8
-.5
3.2

-2.5
-2.2
-9.3
-20.3
-.3
-.3
-.9
-.5
-.6
-.5
-2.9
-.5
-1.7
-.2

-1.6
-.7
2.1
9.5
-1.3
-1.9
-3.2
-1.4
.1
.4
-2.3
-.1
-.2
-5.3

-1.1
-.3
-.5
1.9
-.9
-1.1
-2.9
-.3
-.6
-.4
.6
-.6
-2.0
.6

-11.2
-7.7
-22.8
-28.5
-8.2
-20.7
-18.1
-3.5
-4.8
-4.2
-11.9
-4.1
-8.9
-.2

2.5
32.7
-.8
-1.1
-.3

3.1
34.1
-.4
-2.5
.0

-4.1
-13.7
-1.0
-2.6
.5

-1.5
2.9
-2.3
-2.4
-1.6

-2.3
-.8
-1.8
-3.1
.9

-14.4
-17.0
-9.2
-16.6
-.9

-1.3
.0

-4.2
-1.5

-4.7
-2.5

-4.1
-.9

-1.9
-2.9

-2.8
-1.1

-21.0
-12.9

-22.4
-30.4
-40.0
-61.3
-31.9
-37.7
-15.5
-31.7
-26.6
-9.3
-6.3

2.5
.4
-3.1
-3.9
-3.3
-2.6
5.5
-1.2
-.7
13.2
6.4

-1.9
-4.0
-4.4
-3.9
-4.6
-4.3
-3.5
-4.8
-4.3
-4.8
2.0

-3.6
-5.3
-5.4
-6.8
-4.3
-5.8
-5.2
-6.8
-5.0
-6.3
-.4

-1.7
-2.4
-4.8
-15.8
-2.2
-3.2
.7
1.2
-2.2
3.1
-.3

-1.4
-.9
-2.2
.3
-2.5
-2.7
.7
-4.9
.0
1.8
-2.1

-2.0
-2.6
-3.3
-2.2
-3.5
-3.6
-1.7
-3.0
-1.8
-1.6
-.7

-14.9
-20.4
-24.3
-34.3
-20.1
-24.1
-15.1
-21.3
-17.0
-16.5
-3.9

-17.7
-18.0
-25.9
-39.5
-21.8
-64.8
-15.5
-19.0
-26.2

-22.5
-22.4
-31.0
-41.7
-36.9
-60.4
-32.8
-34.6
-21.9

.3
.4
-2.6
-4.7
.2
-8.6
-1.8
-1.0
-3.0

-2.1
-2.2
-2.3
-2.7
-5.1
-12.4
-1.2
-2.0
-4.0

-2.8
-2.8
-2.5
-9.2
-2.8
-11.7
-3.3
-4.1
-2.4

-2.7
-2.7
-5.1
-3.3
-5.5
-6.2
-4.0
-3.6
-.8

-.6
-.5
-1.2
-2.1
-1.7
-3.3
-2.7
-3.0
-2.3

-1.7
-1.7
-2.4
-3.7
-3.3
-3.9
-3.9
-4.2
-2.5

-15.0
-14.9
-20.1
-29.3
-21.1
-43.2
-19.1
-22.2
-15.5

-3.7
-9.9

-11.8
-36.5

-22.4
-66.9

.1
-3.7

-.9
-3.2

-3.4
-6.4

-.9
-25.0

-2.4
9.4

-3.6
1.5

-12.7
-34.5

-12.4
-17.8
-2.3

-23.3
-14.7
3.1

-17.0
-29.3
-7.7

36.5
-23.3
-10.9

-3.3
-3.1
-.6

9.3
-4.2
-.9

13.9
-2.0
-1.7

-2.9
-1.0
.2

-.5
-3.3
-1.8

-.5
-1.7
-1.2

-4.6
-21.1
-6.3

.8
1.9
-7.3
-.8
-2.1
-1.5
.3
.7
4.5

-6.1
-1.6
-12.6
-8.2
-10.9
-9.6
.5
-9.5
-11.8

-10.6
-4.3
-6.1
6.3
-6.9
-12.6
-17.3
-15.6
-5.5

-9.4
-2.5
-22.6
-23.3
-28.6
-10.0
12.1
-13.9
-23.7

-13.1
-7.1
-27.1
-24.4
-23.9
-25.9
-9.9
-10.3
-27.8

3.4
.6
-1.0
-2.7
-1.7
-.3
13.5
5.6
-1.8

-2.2
-.5
-3.3
-4.0
-4.3
-1.5
-2.5
-3.0
-2.4

-3.2
-2.6
-5.5
-1.8
-5.4
-3.4
-.7
-3.8
-4.5

-.4
-.2
.2
-3.1
-1.5
-2.4
-1.3
.7
-1.4

.1
.6
-3.3
-2.2
1.0
-2.9
.7
.8
-3.1

-1.0
-.5
-2.9
.8
-2.3
-.9
-1.1
-.9
-2.2

-9.5
-4.3
-18.8
-12.9
-16.7
-16.1
-4.0
-11.1
-17.9

-1.2

-1.8

-8.8

-10.0

-11.9

-25.3

-1.4

-.5

-2.1

-3.5

-1.7

-2.9

-16.8

8.7
-.6
-1.1
1.4

.3
3.1
3.5
1.6

.7
.3
-.8
5.8

-6.2
-11.1
-10.2
-15.1

2.9
12.5
9.6
27.5

-14.8
-6.2
-6.1
-6.6

7.3
1.3
.4
5.3

1.8
1.8
1.8
1.8

-2.3
2.0
1.9
2.4

-1.3
1.2
.9
2.8

-1.0
-7.7
-6.7
-12.6

-3.2
1.8
.9
7.0

-6.9
-2.8
-3.3
-.1

1.8

1.8

-6.7

-9.0

-12.7

-20.0

1.3

-1.2

-2.2

57.05
29.54
6.32
2.88
.34
.99
2.11
23.22
17.12
9.39
.42
5.09
1.70
6.10

1.1
.1
-3.2
-5.2
8.8
-5.6
-.7
1.2
1.6
.0
-4.8
5.8
.1
-.1

.8
.2
1.1
3.2
15.3
-5.1
-1.0
-.1
-.9
1.1
-.5
-4.2
-1.8
1.9

-5.8
-4.2
-17.2
-22.4
1.6
-19.9
-10.9
-.3
-1.8
-1.1
-6.6
-2.1
-4.1
3.6

-7.8
-7.3
-10.2
-9.8
-5.8
-19.2
-7.1
-6.5
-2.2
-3.9
5.9
.7
-5.8
-16.2

-9.8
-3.6
-28.5
-32.8
-15.0
-32.2
-22.8
4.0
-4.2
-1.7
-19.6
-5.8
-9.3
28.7

-18.0
-14.9
-40.0
-56.6
-13.3
-18.9
-27.0
-7.6
-9.0
-8.2
-23.0
-8.9
-10.4
-4.7

.3
1.6
-2.3
-3.2
-1.2
-1.7
-1.4
2.6
.1
.6
-2.0
-.2
-1.6
9.5

-.7
-.9
-3.2
-3.1
-1.2
-4.9
-3.0
-.3
-.7
-.6
-3.8
-1.0
.1
.8

9.48
1.53
2.92
5.03
1.66

7.4
9.2
10.8
4.8
-1.9

2.3
-1.4
6.6
1.1
5.7

-8.2
-28.5
2.2
-7.3
-.4

-13.5
-44.2
-11.9
-2.0
-3.3

-17.4
-44.1
-7.7
-14.0
.7

-11.7
69.5
-13.5
-25.8
-1.8

-2.5
-13.5
-.3
-1.4
1.3

4.87
10.65

-3.3
.4

-1.0
1.3

-11.5
-6.9

-4.2
-8.1

-26.1
-13.1

-35.9
-19.6

42.95
28.99
16.83
2.69
5.93
8.21
12.17
.50
2.32
5.88
13.96

2.7
1.4
.4
-5.7
6.9
-1.8
3.1
-11.5
1.8
6.9
5.5

3.2
3.5
4.7
-2.2
10.3
3.2
1.8
-6.9
-1.4
4.3
2.5

-7.8
-11.8
-11.9
-19.8
-6.5
-12.9
-11.8
-13.7
-10.8
-15.4
.1

-10.5
-11.0
-5.8
-12.8
-1.9
-6.3
-17.8
-4.1
-9.8
-28.0
-9.7

-16.3
-26.8
-32.0
-36.8
-29.1
-32.6
-18.9
-27.6
-23.4
-19.6
6.9

321
327
331
332
333
334

79.00
75.30
38.10
1.02
2.23
2.49
5.91
4.89
6.89

1.2
1.3
1.2
-13.0
-3.6
-4.2
3.3
2.8
9.3

1.9
2.0
3.2
-7.5
-1.2
4.3
3.3
-1.0
11.0

-8.6
-8.6
-11.0
-20.7
-10.3
-26.7
-7.0
-10.6
-2.6

-9.3
-9.3
-7.9
-12.7
-4.5
-5.7
-6.9
-7.1
-5.7

335
3361–3

2.00
4.51

-.4
-6.2

3.3
-1.9

-2.9
-23.0

3364–9
337
339

3.54
1.33
3.27

5.6
-1.7
3.5

11.1
-2.6
2.9

311,2
313,4
315,6
322
323
324
325
326

37.20
11.46
.89
.57
2.62
1.80
4.72
12.07
3.08

1.4
.2
-11.4
-.4
.5
2.4
2.3
5.1
-3.0

1133,5111

3.70

21
2211,2
2211
2212

10.59
10.41
8.65
1.76

Materials
Non-energy
Durable
Consumer parts
Equipment parts
Other
Nondurable
Textile
Paper
Chemical
Energy

Mining
Utilities
Electric
Natural gas

Mar.p

100.00

Construction supplies
Business supplies

31–33

Mar. ’08
to
Mar. ’09

Feb.r

2008

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

Other manufacturing (non-NAICS)

Nov.r

Monthly rate
2009
Dec.r
Jan.r

2007

M ARKET G ROUPS
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

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

2008
Oct.r

2006

Total IP

I NDUSTRY G ROUPS
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

Annual rate
2008
2009
Q3
Q4r
Q1p

r Revised. p Preliminary.
NOTE. Under the industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes. The abbreviation pt denotes part of
a NAICS code. Additional industry detail is available on the Board’s web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, miscellaneous consumer
nondurables, oil and gas drilling, and manufactured homes are not shown separately; in the nondurable materials category, containers and miscellaneous nondurable materials are not shown
separately.
1. The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year.

8

Table 2
I NDUSTRIAL P RODUCTION : S PECIAL AGGREGATES AND S ELECTED D ETAIL
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

2008
proportion
100.00

2008

Q4

2008
Oct.r

Nov.

1.8

-6.7

-9.0

-12.7

-20.0

1.3

-1.2

-2.2

-2.1

-1.5

-1.5

-12.8

3.9
-.1
1.2
14.9
2.6
6.8

2.1
1.9
1.9
-.7
5.7
1.2

1.2
3.6
.5
6.9
-4.4
1.9

-10.2
-16.2
-6.3
17.7
-17.8
-6.8

10.9
28.7
2.4
-6.7
7.5
7.0

-8.7
-4.7
-2.9
-72.3
-11.0
-4.2

6.3
9.5
1.9
-1.4
3.6
7.4

1.4
.8
.2
-1.7
1.4
2.2

.4
3.2
.4
-5.7
-1.9
.1

-.3
-.2
1.9
-10.6
1.6
-1.1

-3.7
-5.3
-4.9
-15.3
-6.2
-.3

-.6
.6
1.1
-17.1
1.7
-1.8

-3.7
-.2
-1.3
-36.7
-7.7
-2.4

76.13

1.2

1.7

-9.2

-8.6

-19.8

-23.7

-.5

-2.2

-3.1

-2.8

-.7

-1.8

-15.8

3341
3342

4.17
1.02
1.32

13.1
22.1
12.4

18.2
24.2
6.6

-6.8
-11.5
10.7

-10.1
-33.2
-8.9

-37.8
-30.4
7.4

-29.5
-35.4
1.2

-4.8
-3.0
1.4

-6.0
-3.0
.7

-4.3
-3.5
.8

-.5
-3.9
1.8

-3.1
-3.7
-2.8

-3.1
-3.3
-1.0

-22.6
-29.4
1.6

334412–9

1.84

9.8

22.3

-15.2

4.4

-61.2

-47.0

-9.9

-12.8

-9.2

-.7

-3.1

-5.0

-34.8

71.95

.4

.7

-9.4

-8.5

-18.6

-23.4

-.2

-1.9

-3.1

-2.9

-.6

-1.7

-15.4

4.51
1.91
2.30

-6.2
-7.6
-4.3

-1.9
-1.9
.3

-23.0
-30.3
-14.3

-9.9
-5.7
-7.3

-36.5
-49.6
-23.2

-66.9
-83.0
-50.0

-3.7
-6.0
-1.9

-3.2
-5.0
-1.8

-6.4
-9.3
-3.9

-25.0
-41.6
-14.7

9.4
26.1
2.7

1.5
4.9
.2

-34.5
-45.3
-23.2

67.44
20.65
7.43
4.83
7.32
25.51

.9
.8
6.2
-3.4
-.6
1.4

.9
-1.1
2.3
-1.0
.4
2.4

-8.4
-4.1
-8.6
-11.7
-9.7
-11.1

-8.4
-4.1
-11.3
-4.3
-9.1
-11.6

-17.3
-8.3
-15.7
-26.4
-17.2
-23.5

-19.7
-11.8
-2.8
-36.3
-25.5
-26.4

.0
-.2
-2.6
-1.3
-.5
1.3

-1.9
-1.2
3.8
-4.2
-2.0
-3.5

-2.9
-2.3
4.8
-4.8
-3.7
-5.1

-1.6
-.7
-3.1
-4.2
-2.2
-1.4

-1.0
-.3
-1.6
-1.9
-2.0
-1.0

-1.9
-.9
-2.4
-2.8
-2.0
-2.6

-14.1
-7.4
-11.8
-21.2
-16.9
-18.5

Measures excluding selected
high-technology industries
Total industry
Manufacturing1
Durable

95.83
74.82
34.07

1.2
.4
-.4

1.1
.9
1.4

-6.7
-8.8
-11.6

-9.0
-9.3
-7.6

-11.5
-16.4
-24.2

-19.6
-22.1
-31.1

1.5
.6
-2.2

-1.0
-1.9
-1.8

-2.1
-2.7
-2.3

-2.2
-2.9
-5.6

-1.4
-.5
-1.0

-1.4
-1.7
-2.3

-12.4
-14.6
-19.8

Measures excluding motor vehicles
and parts
Total industry
Manufacturing1
Durable

95.49
74.49
33.73

2.3
1.8
2.5

2.0
2.1
4.0

-5.8
-7.7
-9.2

-9.0
-9.3
-7.7

-11.5
-16.5
-24.4

-17.2
-19.2
-24.9

1.5
.6
-2.4

-1.2
-2.1
-2.2

-2.0
-2.6
-2.0

-1.2
-1.5
-2.6

-1.8
-1.0
-2.2

-1.6
-1.9
-2.8

-11.7
-13.8
-18.1

Measures excluding selected
high-technology industries
and motor vehicles and parts
Total industry
Manufacturing1

91.31
70.31

1.7
1.0

1.2
1.1

-5.8
-7.7

-8.9
-9.2

-10.1
-15.0

-16.7
-18.5

1.8
.9

-.9
-1.8

-1.9
-2.5

-1.2
-1.6

-1.8
-.9

-1.5
-1.8

-11.2
-13.2

Stage-of-process components
of non-energy materials,
measures of the input to
Finished processors
Primary and semifinished processors

11.43
17.56

1.7
1.3

4.0
3.2

-11.0
-12.4

-6.2
-13.9

-29.8
-24.8

-38.7
-24.5

-2.8
2.5

-4.4
-3.7

-5.1
-5.5

-5.1
-.7

-1.5
-.6

-2.8
-2.5

-22.9
-18.8

213111

Non-energy
Selected high-technology industries
Computers 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

Excluding motor vehicles and parts
Consumer goods
Business equipment
Construction supplies
Business supplies
Materials

1.8

23.87
6.10
3.04
.78
4.25
9.70

Mar. ’08
to
Mar. ’09

2009
Q1p

Energy
Consumer products
Commercial products
Oil and gas well drilling
Converted fuel
Primary energy

2007

Monthly rate
2009
Dec.r
Jan.r

r

Total industry

2006

Annual rate
2008
Q3

r

Feb.

r

Mar.

p

r Revised. p Preliminary.
1. Refer to note on cover page.

Table 3
M OTOR V EHICLE A SSEMBLIES
Millions of units, seasonally adjusted annual rate

2008
average

2008
Q2

Q3

Q4

2009
Q1

2008
Oct.

Nov.

Dec.

2009
Jan.

Feb.

Mar.

Total
Autos
Trucks
Light
Medium and heavy

8.67
3.78
4.90
4.67
.22

8.76
3.63
5.12
4.89
.24

8.60
4.13
4.47
4.27
.21

7.27
3.34
3.94
3.74
.20

4.57
1.62
2.94
2.78
.16

7.84
3.72
4.12
3.91
.21

7.31
3.34
3.97
3.78
.19

6.67
2.95
3.72
3.51
.21

3.87
1.33
2.53
2.39
.14

4.82
1.66
3.16
2.99
.17

5.01
1.87
3.13
2.96
.17

Memo
Autos and light trucks

8.45

8.52

8.39

7.07

4.40

7.64

7.12

6.46

3.72

4.65

4.84

Item

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

9

Table 4
I NDUSTRIAL P RODUCTION I NDEXES : M ARKET AND I NDUSTRY G ROUP S UMMARY
2002 = 100, seasonally adjusted

2008
proportion

2008
July

Aug.

Sept.

Oct.r

Nov.r

Dec.r

2009
Jan.r

Feb.r

Mar.p

100.00

110.4

109.2

104.8

106.2

104.8

102.5

100.3

98.8

97.4

57.05
29.54
6.32
2.88
.34
.99
2.11
23.22
17.12
9.39
.42
5.09
1.70
6.10

109.2
104.5
97.8
92.4
186.6
86.4
101.6
106.6
105.8
108.1
66.6
111.8
92.9
108.8

107.8
102.7
92.2
83.1
184.2
83.1
100.4
105.9
105.9
108.2
67.7
111.3
93.1
106.3

105.3
101.4
91.5
84.2
182.2
80.1
98.5
104.3
105.8
108.4
66.7
111.5
91.9
101.0

105.7
103.0
89.5
81.5
179.9
78.7
97.1
107.0
105.9
109.0
65.4
111.3
90.5
110.5

104.9
102.1
86.6
79.0
177.7
74.8
94.2
106.7
105.2
108.4
62.9
110.2
90.6
111.3

103.7
100.7
82.7
74.5
173.4
73.0
90.4
106.1
103.1
105.8
62.0
108.2
90.1
114.9

101.1
98.5
75.0
59.4
172.8
72.8
89.5
105.6
102.4
105.3
60.2
107.7
88.6
114.7

99.5
97.8
76.6
65.1
170.5
71.5
86.7
104.1
102.5
105.8
58.9
107.5
88.5
108.7

98.4
97.4
76.2
66.3
169.0
70.7
84.2
103.8
101.9
105.3
59.2
106.9
86.7
109.3

9.48
1.53
2.92
5.03
1.66

127.4
119.8
163.7
111.5
120.2

126.2
113.0
161.7
112.4
120.8

117.7
74.9
160.1
110.7
118.9

114.8
64.8
159.7
109.1
120.4

117.8
86.0
158.4
107.9
120.1

121.4
115.3
157.8
105.2
120.0

116.5
99.5
156.3
102.4
120.6

114.7
102.4
152.8
99.9
118.6

112.0
101.6
150.0
96.8
119.6

4.87
10.65

102.4
107.3

101.2
106.6

99.1
104.3

97.8
104.3

93.7
102.8

89.2
100.2

85.6
99.3

83.9
96.4

81.6
95.3

42.95
28.99
16.83
2.69
5.93
8.21
12.17
.50
2.32
5.88
13.96

111.9
114.4
122.8
86.6
173.8
107.6
102.1
70.6
94.2
110.6
105.2

110.9
113.5
121.5
81.2
175.0
107.0
101.8
72.8
94.1
109.1
104.0

104.3
107.8
118.9
80.6
172.7
103.7
92.6
70.2
92.1
91.5
96.2

106.9
108.2
115.3
77.5
166.9
100.9
97.7
69.4
91.5
103.6
102.3

104.8
103.9
110.2
74.5
159.2
96.5
94.3
66.1
87.6
98.6
104.3

101.1
98.4
104.3
69.5
152.4
90.9
89.4
61.6
83.2
92.4
103.9

99.4
96.0
99.3
58.5
149.0
88.0
90.0
62.3
81.4
95.3
103.5

98.0
95.1
97.1
58.7
145.3
85.6
90.6
59.3
81.4
96.9
101.3

96.1
92.6
93.9
57.4
140.3
82.6
89.1
57.5
80.0
95.4
100.6

321
327
331
332
333
334

79.00
75.30
38.10
1.02
2.23
2.49
5.91
4.89
6.89

110.8
112.0
119.0
86.7
102.7
110.1
109.8
109.2
198.0

109.7
111.0
117.2
86.1
101.6
108.6
110.2
110.2
196.6

105.7
106.7
113.7
82.8
99.1
102.0
109.2
107.3
194.2

106.0
107.2
110.8
79.0
99.3
93.2
107.3
106.1
188.4

103.7
104.8
108.2
76.8
94.3
81.6
106.0
104.0
180.9

100.9
101.8
105.6
69.7
91.7
72.1
102.4
99.8
176.4

98.1
99.1
100.2
67.5
86.7
67.6
98.3
96.1
175.1

97.5
98.5
99.0
66.0
85.2
65.4
95.6
93.2
171.0

95.8
96.9
96.6
63.6
82.4
62.9
91.9
89.4
166.8

335
3361–3

2.00
4.51

106.2
88.7

105.4
79.2

103.4
79.9

103.5
76.9

102.6
74.5

99.1
69.7

98.2
52.3

95.9
57.3

92.4
58.1

3364–9
337
339

3.54
1.33
3.27

123.0
92.1
117.6

122.6
89.1
119.7

103.2
87.9
118.2

99.8
85.2
117.5

109.0
81.6
116.4

124.1
80.0
114.5

120.5
79.2
114.7

120.0
76.5
112.6

119.3
75.2
111.2

311,2
313,4
315,6
322
323
324
325
326

37.20
11.46
.89
.57
2.62
1.80
4.72
12.07
3.08

104.5
108.7
73.0
77.0
94.0
91.9
111.5
110.6
101.5

104.1
108.9
73.8
77.7
94.2
93.0
110.1
109.7
99.4

99.3
108.8
71.9
76.7
91.3
92.3
98.7
101.0
97.7

102.7
109.4
71.2
74.6
89.7
91.9
112.0
106.7
96.0

100.4
108.9
68.9
71.6
85.9
90.6
109.2
103.4
93.7

97.3
106.1
65.1
70.3
81.3
87.5
108.4
99.5
89.5

96.9
105.9
65.2
68.2
80.1
85.4
107.0
100.2
88.2

97.0
106.6
63.1
66.6
80.9
82.9
107.7
101.0
85.5

96.1
106.0
61.3
67.2
79.0
82.2
106.5
100.1
83.6

1133,5111

3.70

89.3

88.9

88.1

86.9

86.4

84.6

81.6

80.2

77.9

21
2211,2
2211
2212

10.59
10.41
8.65
1.76

106.9
107.9
110.1
97.6

106.4
104.3
106.0
95.9

96.4
105.7
108.0
95.2

103.5
107.1
108.5
100.2

105.4
109.0
110.5
102.1

103.0
111.2
112.6
104.5

101.6
112.6
113.6
107.4

100.6
103.8
106.0
93.8

97.4
105.8
106.9
100.4

Item
Total IP
M ARKET G ROUPS
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
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
Construction supplies
Business supplies
Materials
Non-energy
Durable
Consumer parts
Equipment parts
Other
Nondurable
Textile
Paper
Chemical
Energy
I NDUSTRY G ROUPS
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

31–33

r Revised. p Preliminary.
NOTE. Refer to notes on table 1.

10

Table 5
I NDUSTRIAL P RODUCTION I NDEXES : S PECIAL AGGREGATES
2002 = 100, seasonally adjusted

2008
proportion

2008
July

Aug.

Sept.

Oct.r

Nov.r

Dec.r

2009
Jan.r

Feb.r

Mar.p

100.00

110.4

109.2

104.8

106.2

104.8

102.5

100.3

98.8

97.4

23.87
6.10
3.04
.78
4.25
9.70

108.7
108.8
116.9
180.2
104.9
104.8

107.0
106.3
114.0
182.7
102.6
104.0

100.8
101.0
112.8
189.0
100.7
94.1

107.1
110.5
114.9
186.4
104.3
101.1

108.6
111.3
115.2
183.2
105.8
103.4

109.0
114.9
115.6
172.7
103.8
103.5

108.7
114.7
117.8
154.4
105.4
102.4

104.7
108.7
112.1
130.7
98.9
102.1

104.1
109.3
113.3
108.3
100.6
100.3

76.13

110.5

109.4

105.9

105.4

103.1

99.9

97.1

96.4

94.7

3341
3342

4.17
1.02
1.32

246.6
217.9
171.0

243.6
209.7
168.9

240.0
205.0
169.0

228.4
198.9
171.4

214.6
192.9
172.6

205.4
186.2
173.9

204.3
178.9
177.0

198.0
172.4
172.1

191.9
166.7
170.3

334412–9

1.84

314.2

314.4

307.8

277.3

241.9

219.6

218.2

211.4

200.9

71.95

104.4

103.4

99.9

99.7

97.8

94.8

92.0

91.5

89.9

4.51
1.91
2.30

88.7
88.9
89.5

79.2
73.8
84.3

79.9
76.2
84.1

76.9
71.6
82.5

74.5
68.0
81.0

69.7
61.7
77.8

52.3
36.1
66.4

57.3
45.5
68.2

58.1
47.7
68.3

67.44
20.65
7.43
4.83
7.32
25.51

105.7
104.1
116.8
102.0
99.1
106.3

105.5
103.8
117.2
100.8
99.2
106.0

101.6
103.3
107.5
98.6
96.7
100.1

101.7
103.1
104.7
97.3
96.2
101.4

99.8
101.9
108.7
93.2
94.3
97.8

96.9
99.5
113.8
88.7
90.9
92.9

95.4
98.9
110.4
85.0
88.9
91.6

94.4
98.6
108.6
83.4
87.1
90.7

92.6
97.7
105.9
81.1
85.4
88.3

95.83
74.82
34.07

105.6
104.8
106.9

104.4
103.8
105.3

100.2
99.9
101.9

101.7
100.5
99.6

100.7
98.6
97.8

98.5
95.9
95.6

96.3
93.1
90.3

95.0
92.7
89.4

93.6
91.2
87.3

95.49
74.49
33.73

111.8
112.6
124.7

111.0
112.2
124.5

106.4
107.8
120.1

108.0
108.4
117.3

106.7
106.2
114.7

104.6
103.4
112.5

103.3
101.8
109.5

101.4
100.8
107.1

99.8
98.9
104.1

91.31
70.31

106.7
106.1

106.0
105.8

101.4
101.5

103.3
102.4

102.3
100.5

100.3
98.0

99.1
96.5

97.3
95.6

95.8
93.9

11.43
17.56

123.6
107.5

122.3
106.9

120.5
99.1

117.1
101.7

112.0
97.8

106.3
92.5

100.8
91.8

99.3
91.3

96.5
89.0

Item
Total industry
Energy
Consumer products
Commercial products
Oil and gas well drilling
Converted fuel
Primary energy

213111

Non-energy
Selected high-technology industries
Computers 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

Excluding motor vehicles and parts
Consumer goods
Business equipment
Construction supplies
Business supplies
Materials

Measures excluding selected high-technology
industries
Total industry
Manufacturing1
Durable
Measures excluding motor vehicles and parts
Total industry
Manufacturing1
Durable
Measures excluding selected high-technology
industries and motor vehicles and parts
Total industry
Manufacturing1

Stage-of-process components of non-energy
materials, measures of the input to
Finished processors
Primary and semifinished processors
r Revised. p Preliminary.
1. Refer to note on cover page.

Table 6
D IFFUSION I NDEXES OF I NDUSTRIAL P RODUCTION
Percent

Item
One month earlier
2007
2008
2009
Three months earlier
2007
2008
2009
Six months earlier
2007
2008
2009

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

44.9
43.9
30.0

57.7
42.0
33.8

54.5
46.2

59.9
42.3

45.8
50.3

58.3
50.6

51.9
46.2

45.5
41.3

58.3
29.5

45.5
39.7

58.0
28.8

53.8
21.5

50.0
49.4
16.3

55.6
40.7
16.0

52.1
37.5

63.1
40.1

58.7
44.2

56.7
41.0

54.8
43.6

52.9
38.1

54.5
26.6

44.6
30.1

56.1
23.7

51.9
23.4

43.3
46.5
15.1

46.9
47.4
14.7

49.5
47.1

56.3
44.9

58.2
39.1

53.1
34.6

59.9
36.9

54.5
38.5

53.8
25.0

47.1
25.3

52.2
26.0

56.4
16.3

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.

11

Table 7
C APACITY U TILIZATION
Percent of capacity, seasonally adjusted

2008
proportion

19722008
ave.

199495
high

200102
low

2008
Q3

Q4r

2009
Q1p

2008
Oct.r

Nov.r

Dec.r

2009
Jan.r

Feb.r

Mar.p

100.00

80.9

84.9

73.5

76.9

74.3

70.3

75.4

74.5

72.8

71.3

70.3

69.3

31–33

79.68
76.08

79.6
79.4

84.5
84.6

71.4
70.9

74.6
74.6

71.0
70.9

66.7
66.6

72.7
72.7

71.1
71.1

69.2
69.1

67.3
67.2

66.9
66.9

65.8
65.8

321
327
331
332
333
334

39.36
1.27
2.42
2.69
5.61
4.80
7.11

77.8
79.2
77.7
80.5
77.5
78.6
78.3

83.7
87.5
82.5
94.7
85.5
87.9
84.4

67.8
70.4
70.4
68.0
69.4
62.8
58.8

72.6
61.8
67.0
79.9
77.2
74.2
75.6

67.2
54.8
63.1
61.5
74.1
70.3
69.4

61.2
48.2
56.3
48.8
67.3
63.3
64.5

68.8
57.4
65.8
69.7
75.5
72.2
72.2

67.2
56.0
62.5
61.0
74.6
70.8
69.0

65.5
50.9
60.8
53.9
72.2
67.9
67.1

62.2
49.4
57.5
50.5
69.3
65.4
66.3

61.4
48.4
56.6
48.9
67.6
63.5
64.5

60.0
46.8
54.8
47.0
65.0
60.9
62.7

335
3361–3

1.83
5.52

83.2
76.7

93.1
88.7

72.1
69.2

81.2
60.2

78.4
53.8

73.5
41.0

79.8
56.0

79.1
54.3

76.3
50.9

75.6
38.3

73.8
42.0

71.2
42.8

3364–9
337
339

3.32
1.39
3.40

73.2
78.4
76.5

68.6
83.1
81.3

64.4
68.3
71.0

75.9
70.4
71.4

72.2
65.1
69.4

77.9
61.6
67.2

65.0
67.2
70.4

71.0
64.6
69.6

80.7
63.5
68.3

78.3
63.1
68.3

78.0
61.3
67.0

77.5
60.5
66.2

311,2
313,4
315,6
322
323
324
325
326

36.72
10.86
.96
.56
2.41
1.79
5.00
12.17
2.97

81.5
81.5
81.6
79.5
87.6
83.4
86.1
78.2
83.6

85.7
85.0
91.7
88.1
92.7
87.0
91.1
81.1
92.2

75.0
75.6
68.7
63.6
78.8
72.7
86.0
69.5
74.6

76.8
77.8
68.9
76.7
80.6
73.9
83.6
73.0
77.9

74.9
77.2
65.5
72.2
74.4
72.8
85.7
70.3
72.7

72.5
75.7
61.5
67.9
69.7
68.4
83.4
68.5
67.3

76.8
78.1
67.9
74.5
77.8
74.0
87.5
72.6
75.0

75.2
77.7
66.0
71.7
74.6
73.2
85.2
70.4
73.2

72.8
75.7
62.7
70.5
70.7
71.0
84.5
67.8
70.0

72.6
75.5
63.2
68.6
69.7
69.7
83.3
68.3
69.1

72.8
76.0
61.4
67.2
70.5
68.0
83.9
68.9
67.0

72.1
75.6
60.0
68.0
69.0
67.7
83.0
68.4
65.7

1133,5111

3.61

84.2

83.0

79.8

74.9

72.5

67.5

73.3

72.9

71.4

68.9

67.7

65.8

21
2211,2

11.14
9.17

87.6
86.8

89.1
93.3

84.9
84.2

89.1
81.5

89.5
83.6

85.9
81.9

89.2
82.1

90.7
83.5

88.6
85.1

87.4
85.9

86.5
79.2

83.8
80.5

3341
3342

4.24
.98
1.33

78.2
78.1
76.2

86.5
87.3
82.9

56.5
66.8
41.6

79.3
80.3
75.2

69.8
74.5
74.5

63.1
67.0
73.1

74.1
76.6
74.6

69.4
74.6
74.5

66.1
72.2
74.5

65.5
69.5
75.2

63.1
66.9
72.6

60.8
64.6
71.4

334412–9

1.92

80.6

91.7

58.0

82.0

64.3

54.1

72.6

63.2

57.2

56.5

54.5

51.4

Measures excluding selected
high-technology industries
Total industry
Manufacturing1

95.76
75.44

81.0
79.7

84.9
84.4

74.7
72.7

76.8
74.4

74.4
71.1

70.6
66.9

75.5
72.6

74.7
71.2

73.1
69.3

71.5
67.4

70.6
67.1

69.6
66.1

S TAGE - OF - PROCESS GROUPS
Crude
Primary and semifinished
Finished

15.83
46.62
37.55

86.6
82.0
77.7

89.9
87.9
80.3

81.7
74.3
70.0

85.2
76.8
73.5

83.9
73.5
71.1

80.7
68.2
68.3

84.7
75.4
71.5

84.8
73.6
71.2

82.2
71.4
70.5

81.4
70.0
68.5

81.3
67.9
68.5

79.5
66.8
67.9

Item

Total industry
1

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
Computers and peripheral equipment
Communications equipment
Semiconductors and related
electronic components

r Revised. p Preliminary.
1. Refer to note on cover page.

12

Table 8
I NDUSTRIAL C APACITY
Percent change

Average annual rate
19721980198979
88
94

Item

Total industry

Fourth quarter to fourth quarter

Annual rate

19952009

2006

2007

2008

2009

2008
Q2

Q3

Q4

2009
Q1

Monthly
rate
2009
Mar.

3.1

1.9

2.3

2.7

1.5

2.0

1.1

-.9

1.4

1.0

.4

-.2

-.1

Manufacturing

3.3

2.2

2.5

3.1

1.4

2.2

1.3

-1.2

1.6

1.1

.4

-.4

-.1

Mining
Utilities

.7
4.2

.0
2.2

-.8
1.8

-.3
2.2

2.3
1.3

1.4
1.3

1.1
2.3

-.7
1.8

1.2
2.5

1.3
2.2

1.0
1.9

.3
1.8

.0
.1

19.8

17.3

15.6

22.3

5.7

22.9

6.3

8.4

6.1

3.0

3.6

5.8

.6

2.6

1.3

1.6

1.4

1.1

1.0

1.0

-1.6

1.4

1.0

.2

-.7

-.1

1.7
3.0
3.9

.3
1.4
3.3

-.4
2.5
2.7

.0
3.2
3.0

1.5
1.3
1.8

1.4
2.0
2.4

1.2
.8
2.2

-1.2
-1.0
-.6

1.5
1.1
2.6

1.3
.6
2.0

.7
.0
1.2

-.2
-.5
.2

-.1
-.1
.0

1

Selected high-technology industries
Manufacturing1 ex. selected
high-technology industries

S TAGE - OF - PROCESS GROUPS
Crude
Primary and semifinished
Finished
1. Refer to note on cover page.

Table 9
G ROSS VALUE OF F INAL P RODUCTS AND N ONINDUSTRIAL S UPPLIES
Billions of 2000 dollars at annual rate, seasonally adjusted

2000

2008

2008
Q3

Q4r

2009
Q1p

2008
Oct.r

Nov.r

Dec.r

2009
Jan.r

Feb.r

Mar.p

2,815.3

2,947.1

2,916.4

2,853.1

2,710.4

2,880.0

2,854.2

2,825.0

2,737.8

2,709.4

2,684.0

2,106.9
1,475.5
472.7
278.7
194.0
1,002.9

2,239.0
1,559.9
445.7
258.1
187.6
1,097.4

2,208.2
1,536.0
443.4
255.7
187.7
1,077.6

2,180.6
1,532.9
403.4
228.8
174.5
1,102.5

2,081.7
1,464.6
343.2
179.6
163.2
1,083.8

2,188.1
1,550.0
419.7
239.1
180.6
1,106.4

2,179.5
1,532.6
405.6
230.9
174.6
1,100.6

2,174.2
1,516.1
384.9
216.4
168.3
1,100.4

2,094.7
1,467.3
333.1
165.5
167.1
1,093.8

2,083.4
1,465.5
347.7
184.4
163.0
1,081.3

2,066.8
1,461.1
348.7
188.9
159.5
1,076.5

Equipment, total
Business and defense
Business
Defense and space

631.4
615.0
560.4
54.5

690.0
671.7
599.4
72.5

684.0
664.3
592.3
72.1

652.8
633.8
560.5
72.2

622.0
611.9
537.9
72.0

639.1
618.3
544.2
72.4

652.0
632.5
559.2
72.2

667.4
650.5
577.9
72.1

634.3
620.3
546.0
72.5

623.0
613.1
540.1
71.4

608.7
602.1
527.7
72.1

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

708.4
211.8
496.5
135.7

709.7
203.0
507.3
156.7

709.1
205.0
504.5
155.0

675.3
188.7
487.5
155.1

632.5
168.3
465.8
154.1

693.4
197.3
496.7
155.2

677.3
188.9
489.4
155.3

655.2
179.9
476.4
154.8

646.0
172.1
475.5
157.7

629.9
168.8
462.7
151.5

621.5
164.1
459.1
153.0

Item
Final products and nonindustrial
supplies
Final products
Consumer goods
Durable
Automotive products
Other durable goods
Nondurable

r Revised. p Preliminary.

Table 10
G ROSS -VALUE -W EIGHTED I NDUSTRIAL P RODUCTION : S TAGE - OF -P ROCESS G ROUPS
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

Finished
Semifinished
Primary
Crude

2008
gross value1

2006

2007

2008

2008
Q3

1927.2
1668.6
960.3
417.9

2.2
-1.5
-.3
7.8

1.0
2.1
2.2
2.0

-7.5
-7.6
-7.2
-7.8

-6.8
-6.2
-16.4
-15.9

r Revised. p Preliminary.
1. Billions of 2000 dollars.

13

Annual rate
2009
Q4r
Q1p
-14.2
-17.0
-8.0
-12.5

-20.5
-27.4
-17.1
-12.8

2008
Oct.r

Nov.

-1.3
-1.3
6.5
8.3

-.3
-1.9
-2.9
-1.3

r

Monthly rate
2009
Dec.r
Jan.r
-1.2
-2.8
-2.7
-4.3

-4.7
-2.9
-.2
.2

Feb.

r

.5
-2.9
-2.0
.4

Mar.

p

-1.0
-1.8
-1.1
-1.5

Mar. ’08
to
Mar. ’09
-12.6
-15.6
-12.5
-12.1

Table 11
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : 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
1987
1988
1989
1990
1991

-.3
.0
.2
-.5
-.5

1.3
.4
-.4
.9
-.6

.1
.2
.3
.5
-.5

.6
.5
.0
-.1
.2

.7
-.1
-.7
.2
1.0

.5
.2
.0
.3
1.0

.6
.2
-.9
-.1
.0

.7
.5
.9
.2
.1

.3
-.3
-.3
.2
.9

1.5
.5
-.1
-.7
-.2

.5
.2
.3
-1.2
-.1

.5
.4
.6
-.7
-.4

5.5
3.6
1.6
3.1
-7.4

7.0
3.6
-1.7
2.8
2.6

7.3
2.1
-2.4
1.2
5.5

10.2
2.9
1.8
-6.1
.9

5.2
5.2
.9
1.0
-1.6

1992
1993
1994
1995
1996

-.6
.5
.4
.3
-.7

.8
.3
.0
.0
1.7

.8
.0
1.1
.2
-.2

.7
.3
.5
.0
.8

.4
-.4
.6
.2
.6

.0
.2
.7
.3
.9

.8
.4
.2
-.4
-.1

-.5
.0
.5
1.4
.6

.2
.4
.2
.4
.6

.7
.7
.9
-.2
.0

.4
.4
.6
.3
.8

.0
.5
1.1
.4
.6

-.5
3.6
5.2
5.1
2.9

7.2
.9
7.5
1.2
8.1

2.9
2.1
5.1
3.9
5.4

4.0
6.0
8.1
3.4
5.6

2.8
3.3
5.3
4.8
4.4

1997
1998
1999
2000
2001

.1
.5
.5
.0
-.7

1.2
.0
.4
.4
-.6

.8
.1
.2
.4
-.3

.0
.4
.2
.6
-.3

.7
.7
.7
.2
-.7

.5
-.6
-.2
.1
-.6

.5
-.4
.6
-.2
-.4

1.4
2.1
.5
-.2
-.4

.9
-.3
-.3
.5
-.3

.7
.7
1.4
-.4
-.6

.9
-.1
.6
.0
-.5

.4
.3
.8
-.4
.0

7.9
4.4
4.4
4.8
-5.7

6.4
3.2
3.7
4.9
-5.3

9.6
2.9
4.1
-.3
-5.7

10.4
5.1
8.1
-1.2
-5.0

7.3
5.9
4.3
4.2
-3.4

2002
2003
2004
2005
2006

.5
.7
.3
.4
.0

.0
.3
.5
.6
.0

.8
-.1
-.6
-.1
.2

.3
-.8
.5
.0
.4

.5
.0
.7
.3
-.1

.9
.1
-.9
.4
.4

-.3
.4
.7
-.1
.2

.1
-.1
.2
.2
.2

.1
.6
.0
-1.7
-.3

-.3
.1
.9
1.1
-.1

.4
.9
.2
1.1
-.2

-.5
-.1
.7
.6
.8

2.5
2.9
2.8
5.7
3.6

5.9
-3.0
1.8
1.7
2.2

2.1
2.6
1.9
-.7
2.0

-.4
4.1
5.7
4.0
-.6

-.1
1.3
2.5
3.3
2.3

2007
2008
2009

-.5
-.1
-2.1

.8
-.3
-1.5

-.2
-.4
-1.5

.4
-.6

.1
-.3

.0
-.2

.3
-.1

.1
-1.1

.4
-4.0

-.5
1.3

.6
-1.2

.3
-2.2

1.8
.2
-20.0

2.4
-4.6

2.1
-9.0

.8
-12.7

1.5
-2.2

IP (2002=100)
2007
2008
2009

109.9
112.3
100.3

110.8
112.0
98.8

110.6
111.6
97.4

111.1
111.0

111.1
110.7

111.2
110.4

111.5
110.4

111.6
109.2

112.0
104.8

111.4
106.2

112.1
104.8

112.4
102.5

110.5
112.0
98.8

111.1
110.7

111.7
108.1

112.0
104.5

111.3
108.8

Capacity
(percent of
2002 output)
2007
2008
2009

136.9
139.6
140.7

137.1
139.8
140.7

137.3
139.9
140.6

137.6
140.1

137.8
140.2

138.0
140.4

138.3
140.5

138.5
140.6

138.7
140.7

139.0
140.7

139.2
140.7

139.4
140.7

137.1
139.8
140.7

137.8
140.2

138.5
140.6

139.2
140.7

138.1
140.3

Utilization
(percent)
1987
1988
1989
1990
1991

79.0
83.4
85.1
82.5
79.9

79.9
83.6
84.6
83.1
79.2

79.9
83.8
84.7
83.3
78.7

80.2
84.2
84.6
83.0
78.8

80.6
84.1
83.8
83.0
79.5

80.8
84.2
83.7
83.1
80.1

81.2
84.3
82.8
82.8
80.0

81.6
84.7
83.3
82.9
80.0

81.7
84.3
83.0
82.9
80.6

82.8
84.7
82.7
82.2
80.4

83.1
84.8
82.8
81.0
80.2

83.4
85.0
83.1
80.3
79.8

79.6
83.6
84.8
83.0
79.3

80.5
84.2
84.0
83.1
79.5

81.5
84.4
83.0
82.9
80.2

83.1
84.8
82.9
81.2
80.1

81.2
84.3
83.7
82.5
79.8

1992
1993
1994
1995
1996

79.1
81.2
82.5
84.9
82.6

79.6
81.4
82.3
84.6
83.6

80.1
81.3
83.0
84.4
83.1

80.5
81.4
83.2
84.1
83.4

80.6
81.0
83.4
84.0
83.5

80.5
81.1
83.7
83.9
83.9

81.0
81.3
83.6
83.3
83.4

80.4
81.2
83.7
84.2
83.5

80.5
81.4
83.6
84.2
83.6

80.9
81.9
84.1
83.7
83.2

81.1
82.1
84.3
83.6
83.5

80.9
82.3
84.9
83.6
83.7

79.6
81.3
82.6
84.6
83.1

80.6
81.2
83.4
84.0
83.6

80.6
81.3
83.6
83.9
83.5

81.0
82.1
84.4
83.6
83.5

80.4
81.5
83.5
84.0
83.4

1997
1998
1999
2000
2001

83.3
84.6
82.1
82.3
79.3

83.9
84.1
82.1
82.4
78.6

84.2
83.6
81.9
82.4
78.1

83.8
83.5
81.7
82.6
77.7

83.9
83.6
82.0
82.5
76.9

83.8
82.6
81.5
82.3
76.2

83.8
81.8
81.8
81.8
75.7

84.4
83.1
81.9
81.4
75.2

84.7
82.4
81.3
81.5
74.7

84.7
82.6
82.1
80.9
74.1

85.0
82.1
82.2
80.7
73.6

84.7
82.0
82.6
80.1
73.5

83.8
84.1
82.0
82.4
78.7

83.8
83.2
81.8
82.5
76.9

84.3
82.4
81.6
81.6
75.2

84.8
82.2
82.3
80.6
73.7

84.2
83.0
81.9
81.7
76.1

2002
2003
2004
2005
2006

73.7
75.5
77.0
79.7
80.9

73.6
75.8
77.4
80.2
80.8

74.1
75.7
76.9
80.1
80.8

74.2
75.1
77.3
80.0
81.0

74.5
75.2
77.9
80.2
80.8

75.2
75.3
77.2
80.4
81.1

74.9
75.6
77.7
80.3
81.1

75.0
75.6
77.9
80.4
81.2

75.0
76.0
77.9
78.9
80.8

74.9
76.1
78.7
79.7
80.6

75.2
76.8
78.8
80.5
80.3

74.9
76.7
79.4
80.9
80.9

73.8
75.6
77.1
80.0
80.8

74.7
75.2
77.5
80.2
81.0

75.0
75.7
77.9
79.9
81.1

75.0
76.5
79.0
80.4
80.6

74.6
75.8
77.9
80.1
80.9

2007
2008
2009

80.3
80.5
71.3

80.8
80.2
70.3

80.6
79.8
69.3

80.7
79.2

80.7
78.9

80.6
78.7

80.7
78.6

80.6
77.6

80.7
74.5

80.2
75.4

80.5
74.5

80.6
72.8

80.6
80.1
70.3

80.6
78.9

80.7
76.9

80.4
74.3

80.6
77.6

1. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

14

Table 12
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : 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
1987
1988
1989
1990
1991

-.3
-.2
.8
-.1
-.8

1.4
.2
-.9
1.4
-.6

.1
.3
-.1
.5
-.7

.5
.9
.1
-.3
.3

.7
-.1
-.9
.1
.7

.4
.1
.2
.2
1.1

.7
.1
-1.1
-.2
.2

.5
.1
.9
.2
.2

.6
.3
-.2
.0
1.1

1.6
.5
-.2
-.8
-.2

.6
.3
.2
-1.1
-.3

.6
.4
.1
-.8
-.1

6.1
2.6
1.8
4.6
-8.8

6.7
4.5
-3.1
2.7
2.1

7.1
1.4
-2.9
.6
7.1

11.7
4.5
.6
-6.7
1.6

5.7
5.4
.8
.8
-2.0

1992
1993
1994
1995
1996

-.6
1.1
.2
.3
-.8

.9
.1
.1
-.1
1.7

1.0
-.2
1.3
.2
-.2

.5
.6
.8
-.1
1.0

.6
-.1
.7
.0
.7

.3
-.1
.3
.4
1.1

.8
.3
.4
-.6
.3

-.4
-.1
.7
1.2
.6

.1
.6
.3
.9
.7

.6
.8
1.0
-.1
-.1

.4
.4
.8
.1
.8

-.2
.5
1.1
.4
.9

.6
4.5
5.0
5.4
2.1

8.2
1.4
9.5
.6
9.1

4.0
1.3
5.9
3.2
7.8

2.8
6.8
9.8
4.2
5.8

3.6
3.5
5.9
5.2
4.8

1997
1998
1999
2000
2001

.1
.8
.4
.1
-.6

1.4
.0
.7
.3
-.6

1.2
-.1
-.1
.7
-.3

-.2
.6
.3
.6
-.2

.9
.6
.9
-.1
-.8

.7
-.7
-.4
.2
-.7

.4
-.5
.5
.0
-.3

1.7
2.5
.8
-.5
-.7

.9
-.3
-.3
.5
-.3

.6
.9
1.6
-.4
-.7

1.1
.2
.7
-.3
-.2

.5
.5
.7
-.7
.2

9.4
6.0
5.0
5.3
-6.6

7.6
2.7
4.2
4.7
-5.5

10.8
3.0
3.8
-.5
-6.3

11.1
7.3
9.8
-2.8
-4.8

8.5
6.7
5.0
4.5
-4.1

2002
2003
2004
2005
2006

.4
.6
.1
.7
.7

.0
.1
.7
.8
-.3

.7
.3
-.3
-.4
-.1

.0
-1.0
.5
.1
.5

.7
.1
.7
.5
-.3

1.1
.5
-.8
.2
.3

-.4
.1
.8
.0
.1

.3
-.2
.6
.3
.3

.1
.8
-.2
-1.0
-.2

-.5
.1
1.0
1.6
-.5

.4
1.1
.0
.9
-.2

-.5
-.2
.7
.1
1.2

3.0
2.4
2.5
6.2
3.3

5.2
-2.0
2.9
1.9
1.0

2.9
2.3
3.6
.5
1.4

-.9
4.6
5.2
6.6
-.9

-.1
1.3
3.0
4.0
2.5

2007
2008
2009

-.6
-.3
-2.7

.3
-.5
-.6

.4
-.1
-1.7

.3
-.9

.0
-.2

.3
-.4

.6
-.3

-.4
-.9

.4
-3.7

-.4
.3

.4
-2.1

.3
-2.8

1.7
-1.2
-22.5

3.2
-5.4

2.4
-9.3

.1
-17.7

1.4
-3.2

IP (2002=100)
2007
2008
2009

111.4
113.4
98.1

111.7
112.8
97.5

112.2
112.7
95.8

112.5
111.7

112.5
111.5

112.9
111.0

113.5
110.8

113.0
109.7

113.4
105.7

112.9
106.0

113.3
103.7

113.7
100.9

111.7
113.0
97.1

112.6
111.4

113.3
108.7

113.3
103.5

112.7
109.2

Capacity
(percent of
2002 output)
2007
2008
2009

141.3
144.5
145.7

141.5
144.7
145.7

141.8
144.9
145.6

142.0
145.1

142.3
145.3

142.6
145.5

142.9
145.6

143.2
145.7

143.4
145.8

143.7
145.8

144.0
145.8

144.2
145.8

141.5
144.7
145.7

142.3
145.3

143.1
145.7

144.0
145.8

142.7
145.4

Utilization
(percent)
1987
1988
1989
1990
1991

79.0
83.0
85.4
81.6
78.5

79.9
83.1
84.5
82.6
77.9

79.8
83.3
84.3
82.8
77.2

80.0
84.0
84.2
82.4
77.4

80.4
83.8
83.3
82.3
77.8

80.5
83.9
83.3
82.3
78.5

80.8
84.0
82.2
82.0
78.6

81.1
84.0
82.7
82.0
78.7

81.4
84.2
82.3
81.8
79.4

82.5
84.6
82.0
81.0
79.2

82.9
84.7
82.0
80.0
78.9

83.3
84.9
81.9
79.2
78.7

79.6
83.2
84.7
82.3
77.9

80.3
83.9
83.6
82.3
77.9

81.1
84.0
82.4
81.9
78.9

82.9
84.7
82.0
80.1
78.9

81.0
84.0
83.2
81.7
78.4

1992
1993
1994
1995
1996

78.0
80.4
81.2
84.4
81.4

78.6
80.3
81.1
84.0
82.3

79.2
80.1
82.0
83.9
81.7

79.4
80.4
82.4
83.5
82.1

79.7
80.2
82.7
83.2
82.2

79.8
80.0
82.7
83.2
82.6

80.2
80.1
82.7
82.4
82.4

79.7
79.9
83.0
83.0
82.5

79.6
80.3
83.0
83.4
82.6

79.9
80.8
83.5
82.9
82.1

80.0
81.0
83.8
82.5
82.3

79.7
81.2
84.5
82.5
82.5

78.6
80.2
81.4
84.1
81.8

79.6
80.2
82.6
83.3
82.3

79.8
80.1
82.9
82.9
82.5

79.8
81.0
83.9
82.6
82.3

79.5
80.4
82.7
83.2
82.2

1997
1998
1999
2000
2001

82.1
83.8
80.9
81.0
76.9

82.8
83.2
81.1
80.9
76.2

83.3
82.5
80.6
81.1
75.7

82.6
82.4
80.5
81.3
75.3

82.9
82.3
80.9
80.8
74.5

82.9
81.2
80.3
80.7
73.8

82.7
80.3
80.3
80.3
73.4

83.5
81.8
80.5
79.6
72.7

83.7
81.0
79.9
79.6
72.3

83.6
81.3
80.8
79.0
71.7

83.9
81.0
81.0
78.5
71.4

83.7
81.0
81.3
77.7
71.5

82.8
83.2
80.9
81.0
76.3

82.8
82.0
80.6
80.9
74.5

83.3
81.0
80.3
79.9
72.8

83.7
81.1
81.0
78.4
71.5

83.2
81.8
80.7
80.1
73.8

2002
2003
2004
2005
2006

71.7
73.3
74.8
78.1
79.8

71.7
73.5
75.4
78.7
79.5

72.1
73.7
75.2
78.3
79.3

72.1
73.0
75.6
78.3
79.6

72.5
73.1
76.1
78.5
79.3

73.3
73.5
75.5
78.6
79.5

73.0
73.6
76.2
78.4
79.5

73.2
73.4
76.6
78.6
79.6

73.3
74.0
76.5
77.7
79.4

72.9
74.1
77.2
78.8
78.9

73.2
74.9
77.2
79.4
78.7

72.9
74.8
77.6
79.4
79.5

71.8
73.5
75.1
78.3
79.6

72.6
73.2
75.7
78.5
79.5

73.1
73.7
76.4
78.2
79.5

73.0
74.6
77.3
79.2
79.0

72.7
73.7
76.2
78.6
79.4

2007
2008
2009

78.8
78.5
67.3

78.9
78.0
66.9

79.1
77.8
65.8

79.2
77.0

79.1
76.7

79.1
76.3

79.4
76.1

78.9
75.3

79.1
72.5

78.6
72.7

78.7
71.1

78.8
69.2

79.0
78.1
66.7

79.1
76.7

79.1
74.6

78.7
71.0

79.0
75.1

1. Refer to note on cover page.
2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

15

Table 13
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY,
High-Technology Industries1

AND

U TILIZATION : Total Industry Excluding Selected

Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

-.5
.0
.3
-.7
-.4

1.2
.4
-.4
.9
-.7

.2
.2
.3
.5
-.6

.5
.5
-.1
-.2
.2

.6
-.1
-.7
.1
1.0

.4
.2
.0
.2
1.0

.5
.1
-1.1
-.2
.0

.6
.5
.9
.2
.0

.2
-.4
-.3
.2
.9

1.4
.5
-.2
-.8
-.2

.5
.2
.2
-1.3
-.2

.4
.4
.6
-.7
-.5

4.5
3.1
1.9
2.3
-8.0

6.2
2.8
-1.8
2.3
2.2

6.0
1.5
-3.3
.9
5.4

9.1
2.6
1.0
-6.7
.5

4.3
4.4
.6
.3
-2.0

1992
1993
1994
1995
1996

-.8
.5
.4
.2
-1.0

.7
.3
.0
-.2
1.4

.8
-.1
.9
-.1
-.3

.6
.3
.3
-.3
.7

.3
-.5
.4
.0
.5

-.1
.2
.6
.1
.7

.8
.4
.0
-.5
-.4

-.6
-.1
.3
1.1
.4

.1
.3
.0
.1
.4

.6
.7
.6
-.5
-.3

.3
.3
.4
.1
.8

.0
.5
.9
.2
.5

-2.0
3.2
4.4
3.0
-.4

6.1
.2
5.4
-1.4
6.2

1.8
1.5
3.2
1.4
2.2

2.9
5.1
5.6
.4
3.2

1.9
2.5
4.0
2.4
1.7

1997
1998
1999
2000
2001

-.1
.2
.2
-.4
-.7

.9
-.1
.1
.1
-.5

.5
-.1
-.1
.1
-.3

-.4
.2
-.1
.4
-.1

.3
.6
.6
-.1
-.7

.2
-.9
-.5
.0
-.5

.2
-.8
.3
-.5
-.3

1.1
2.0
.4
-.4
-.3

.7
-.6
-.5
.4
-.4

.6
.5
1.2
-.5
-.6

.7
-.3
.3
-.2
-.4

.1
.0
.5
-.6
-.1

5.1
1.9
.8
.4
-6.3

2.2
1.0
.3
1.7
-4.4

6.0
-.3
1.2
-2.7
-4.6

7.9
2.0
5.8
-2.7
-4.9

4.2
3.1
1.2
1.1
-4.0

2002
2003
2004
2005
2006

.7
.7
.2
.4
.0

-.1
.1
.5
.6
-.1

.8
-.3
-.6
-.2
.2

.2
-1.0
.5
-.1
.3

.5
-.1
.8
.2
-.2

.8
.0
-.9
.3
.3

-.4
.2
.7
-.2
.2

.0
-.1
.2
.0
.1

.1
.6
-.1
-2.0
-.4

-.3
-.1
.9
1.1
-.1

.4
.8
.3
1.1
-.2

-.6
-.1
.7
.6
.9

2.8
1.5
2.0
5.0
3.1

5.4
-4.5
1.9
.9
1.5

1.3
1.3
1.5
-2.1
1.2

-1.0
3.2
5.4
2.8
-.9

-.1
.2
1.8
2.6
1.5

2007
2008
2009

-.5
-.1
-2.2

.8
-.4
-1.4

-.3
-.5
-1.4

.3
-.7

.0
-.3

-.1
-.2

.2
.0

.0
-1.1

.3
-4.1

-.7
1.5

.5
-1.0

.3
-2.1

1.7
-.6
-19.6

1.8
-5.3

1.0
-9.0

-.1
-11.5

.9
-2.8

IP (2002=100)
2007
2008
2009

106.3
107.7
96.3

107.2
107.3
95.0

106.9
106.8
93.6

107.2
106.1

107.3
105.8

107.2
105.6

107.4
105.6

107.4
104.4

107.7
100.2

107.0
101.7

107.5
100.7

107.8
98.5

106.8
107.3
95.0

107.2
105.8

107.5
103.4

107.5
100.3

107.2
104.2

Capacity
(percent of
2002 output)
2007
2008
2009

132.4
133.8
134.7

132.5
133.9
134.6

132.6
134.0
134.5

132.7
134.2

132.8
134.3

132.9
134.4

133.0
134.5

133.1
134.6

133.2
134.7

133.4
134.7

133.5
134.7

133.6
134.7

132.5
133.9
134.6

132.8
134.3

133.1
134.6

133.5
134.7

133.0
134.4

Utilization
(percent)
1987
1988
1989
1990
1991

79.2
83.6
85.4
82.7
80.1

80.1
84.0
85.0
83.3
79.4

80.1
84.1
85.2
83.6
78.9

80.4
84.5
85.0
83.3
78.9

80.8
84.3
84.2
83.3
79.6

81.1
84.5
84.1
83.4
80.3

81.4
84.5
83.1
83.1
80.2

81.8
84.9
83.7
83.2
80.1

81.9
84.5
83.3
83.2
80.8

83.0
84.9
83.0
82.5
80.5

83.4
85.0
83.0
81.3
80.3

83.7
85.3
83.4
80.6
79.8

79.8
83.9
85.2
83.2
79.5

80.8
84.4
84.4
83.3
79.6

81.7
84.7
83.3
83.2
80.4

83.4
85.1
83.1
81.4
80.2

81.4
84.5
84.0
82.8
79.9

1992
1993
1994
1995
1996

79.0
81.4
82.6
84.9
82.4

79.6
81.6
82.5
84.6
83.4

80.1
81.4
83.1
84.4
83.0

80.5
81.6
83.2
84.0
83.4

80.6
81.1
83.4
83.9
83.7

80.5
81.2
83.8
83.8
84.1

81.0
81.4
83.7
83.2
83.6

80.5
81.3
83.8
84.0
83.7

80.5
81.5
83.7
84.0
83.8

80.9
82.0
84.1
83.5
83.4

81.1
82.1
84.3
83.4
83.9

81.1
82.4
84.9
83.4
84.1

79.6
81.5
82.8
84.6
82.9

80.5
81.3
83.5
83.9
83.7

80.7
81.4
83.7
83.8
83.7

81.0
82.2
84.4
83.4
83.8

80.4
81.6
83.6
83.9
83.5

1997
1998
1999
2000
2001

83.8
84.7
82.2
81.8
79.0

84.3
84.3
82.1
81.7
78.5

84.5
84.0
81.8
81.7
78.1

83.9
83.8
81.5
81.9
77.9

83.9
84.1
81.8
81.7
77.3

83.8
83.0
81.3
81.6
76.8

83.7
82.1
81.3
81.1
76.5

84.3
83.5
81.5
80.7
76.2

84.6
82.7
81.0
80.9
75.8

84.8
82.9
81.9
80.4
75.3

85.0
82.4
81.9
80.2
74.9

84.8
82.2
82.3
79.6
74.7

84.2
84.3
82.0
81.7
78.5

83.9
83.7
81.5
81.8
77.4

84.2
82.8
81.3
80.9
76.2

84.9
82.5
82.0
80.1
75.0

84.3
83.3
81.7
81.1
76.7

2002
2003
2004
2005
2006

75.2
76.8
77.6
80.2
81.0

75.1
77.0
77.9
80.7
80.8

75.6
76.9
77.4
80.6
80.9

75.8
76.2
77.9
80.5
81.0

76.1
76.2
78.5
80.7
80.8

76.7
76.2
77.7
80.9
81.0

76.4
76.5
78.3
80.7
81.0

76.4
76.4
78.4
80.7
81.0

76.5
76.9
78.4
79.1
80.6

76.3
76.9
79.1
79.9
80.4

76.7
77.5
79.4
80.7
80.2

76.2
77.4
79.9
81.1
80.8

75.3
76.9
77.6
80.5
80.9

76.2
76.2
78.0
80.7
80.9

76.5
76.6
78.4
80.2
80.9

76.4
77.3
79.5
80.5
80.5

76.1
76.7
78.4
80.5
80.8

2007
2008
2009

80.3
80.5
71.5

80.9
80.2
70.6

80.6
79.7
69.6

80.8
79.1

80.8
78.8

80.7
78.6

80.7
78.5

80.7
77.6

80.8
74.4

80.2
75.5

80.6
74.7

80.7
73.1

80.6
80.1
70.6

80.7
78.8

80.7
76.8

80.5
74.4

80.6
77.5

IP (percent
change)2
1987
1988
1989
1990
1991

1. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

16

Table 14
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Manufacturing1 Excluding Selected
High-Technology Industries2
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

-.4
-.2
.8
-.2
-.8

1.4
.2
-1.0
1.4
-.7

.1
.2
.0
.4
-.8

.4
.8
.0
-.3
.4

.6
-.2
-.9
.1
.6

.2
.1
.2
.2
1.1

.6
.0
-1.3
-.2
.3

.4
.1
.9
.2
.1

.5
.3
-.3
-.1
1.1

1.5
.5
-.3
-.9
-.2

.6
.3
.1
-1.2
-.3

.5
.4
.0
-.8
-.3

4.9
2.0
2.2
3.7
-9.6

5.7
3.6
-3.4
2.0
1.5

5.5
.6
-4.0
.1
7.1

10.5
4.2
-.5
-7.5
1.2

4.6
4.4
.4
.0
-2.6

1992
1993
1994
1995
1996

-.9
1.1
.1
.2
-1.2

.9
.0
.1
-.3
1.4

.9
-.3
1.2
-.1
-.5

.4
.5
.5
-.4
1.0

.5
-.2
.5
-.2
.5

.1
-.2
.2
.2
.8

.8
.3
.3
-.8
.0

-.5
-.2
.5
.9
.3

-.1
.5
.1
.6
.5

.4
.8
.7
-.4
-.4

.3
.3
.5
-.1
.7

-.2
.5
.9
.1
.7

-1.2
4.1
4.0
3.0
-1.9

6.9
.5
7.1
-2.5
7.0

2.6
.5
3.7
.3
4.2

1.4
5.7
6.9
.8
3.0

2.6
2.5
4.4
2.5
1.5

1997
1998
1999
2000
2001

-.2
.6
.0
-.4
-.6

1.1
-.2
.4
-.1
-.5

.9
-.3
-.4
.3
-.3

-.7
.3
.0
.4
-.1

.5
.5
.8
-.5
-.7

.4
-1.1
-.7
.1
-.5

.0
-.9
.0
-.3
-.1

1.4
2.4
.7
-.8
-.7

.6
-.7
-.5
.4
-.3

.5
.7
1.5
-.5
-.7

.9
-.1
.4
-.6
-.2

.2
.2
.4
-.9
.1

6.2
3.1
.8
.1
-7.4

2.7
.1
.2
.9
-4.5

6.5
-.6
.4
-3.4
-5.0

8.3
3.8
7.2
-4.7
-4.8

4.9
3.5
1.4
.8
-4.9

2002
2003
2004
2005
2006

.6
.6
-.1
.6
.7

-.1
-.1
.7
.7
-.4

.8
.1
-.3
-.5
-.2

-.1
-1.1
.5
.0
.5

.6
.0
.8
.4
-.4

1.0
.4
-.9
.1
.2

-.5
-.1
.9
-.2
.0

.2
-.3
.6
.1
.2

.1
.8
-.3
-1.3
-.3

-.5
-.1
1.0
1.5
-.5

.3
1.0
.0
.8
-.2

-.7
-.3
.6
.0
1.2

3.5
.7
1.5
5.5
2.6

4.6
-3.8
3.1
.9
.0

1.9
.8
3.3
-1.2
.3

-1.7
3.6
4.9
5.1
-1.2

.0
.0
2.2
3.2
1.5

2007
2008
2009

-.7
-.3
-2.9

.3
-.7
-.5

.4
-.2
-1.7

.2
-1.0

.0
-.2

.2
-.4

.4
-.2

-.5
-.9

.3
-3.8

-.6
.6

.3
-1.9

.2
-2.7

1.5
-2.3
-22.1

2.4
-6.4

1.0
-9.3

-1.2
-16.4

.7
-4.0

IP (2002=100)
2007
2008
2009

106.9
107.7
93.1

107.1
107.0
92.7

107.5
106.7
91.2

107.8
105.6

107.7
105.4

107.9
105.0

108.4
104.8

107.8
103.8

108.1
99.9

107.5
100.5

107.8
98.6

108.0
95.9

107.2
107.1
92.3

107.8
105.4

108.1
102.8

107.7
98.3

107.7
103.4

Capacity
(percent of
2002 output)
2007
2008
2009

135.8
137.3
138.2

135.9
137.5
138.1

136.0
137.6
137.9

136.1
137.8

136.2
137.9

136.3
138.1

136.4
138.2

136.5
138.3

136.7
138.3

136.8
138.4

137.0
138.3

137.1
138.3

135.9
137.5
138.1

136.2
137.9

136.5
138.3

137.0
138.3

136.4
138.0

Utilization
(percent)
1987
1988
1989
1990
1991

79.2
83.4
85.9
81.8
78.7

80.2
83.5
84.9
82.9
78.0

80.1
83.7
84.8
83.0
77.3

80.3
84.3
84.7
82.6
77.4

80.7
84.2
83.8
82.6
77.8

80.8
84.2
83.7
82.6
78.6

81.1
84.2
82.5
82.3
78.7

81.3
84.2
83.1
82.3
78.7

81.7
84.4
82.7
82.2
79.5

82.8
84.8
82.3
81.3
79.3

83.2
85.0
82.3
80.2
78.9

83.6
85.2
82.1
79.4
78.6

79.8
83.5
85.2
82.6
78.0

80.6
84.2
84.1
82.6
78.0

81.4
84.3
82.8
82.2
79.0

83.2
85.0
82.2
80.3
78.9

81.3
84.3
83.6
81.9
78.5

1992
1993
1994
1995
1996

77.8
80.5
81.3
84.4
81.0

78.4
80.5
81.2
84.0
81.9

79.1
80.2
82.1
83.8
81.4

79.3
80.5
82.4
83.3
82.0

79.6
80.3
82.7
83.0
82.2

79.7
80.0
82.7
83.0
82.7

80.2
80.2
82.8
82.2
82.5

79.7
80.0
83.1
82.7
82.6

79.5
80.3
83.0
83.1
82.7

79.8
80.8
83.5
82.5
82.2

80.0
81.0
83.8
82.3
82.6

79.7
81.3
84.4
82.2
82.9

78.5
80.4
81.5
84.1
81.4

79.5
80.3
82.6
83.1
82.3

79.8
80.2
83.0
82.6
82.6

79.8
81.0
83.9
82.3
82.6

79.4
80.5
82.7
83.0
82.2

1997
1998
1999
2000
2001

82.5
83.8
80.9
80.3
76.3

83.1
83.3
81.0
80.0
75.8

83.6
82.7
80.4
80.2
75.5

82.7
82.7
80.2
80.3
75.4

82.8
82.8
80.6
79.8
74.8

82.8
81.5
79.8
79.7
74.3

82.5
80.5
79.7
79.3
74.2

83.3
82.1
80.0
78.6
73.6

83.5
81.3
79.4
78.8
73.4

83.5
81.5
80.4
78.3
72.8

83.9
81.2
80.6
77.7
72.7

83.7
81.1
80.7
76.9
72.8

83.1
83.3
80.8
80.2
75.9

82.7
82.3
80.2
79.9
74.8

83.1
81.3
79.7
78.9
73.7

83.7
81.3
80.6
77.6
72.7

83.1
82.1
80.3
79.1
74.3

2002
2003
2004
2005
2006

73.2
74.8
75.3
78.6
79.9

73.1
74.8
75.9
79.2
79.5

73.7
74.9
75.7
78.7
79.3

73.7
74.1
76.1
78.7
79.6

74.1
74.1
76.7
79.0
79.2

74.9
74.5
76.0
79.1
79.3

74.5
74.5
76.7
78.9
79.2

74.7
74.3
77.1
78.9
79.3

74.8
74.9
76.9
77.9
79.0

74.5
74.8
77.7
79.0
78.6

74.8
75.6
77.7
79.5
78.4

74.3
75.4
78.2
79.4
79.3

73.3
74.8
75.6
78.8
79.6

74.2
74.2
76.3
78.9
79.4

74.7
74.5
76.9
78.5
79.2

74.5
75.3
77.8
79.3
78.8

74.2
74.7
76.7
78.9
79.2

2007
2008
2009

78.7
78.4
67.4

78.8
77.8
67.1

79.1
77.5
66.1

79.2
76.6

79.1
76.4

79.2
76.1

79.4
75.8

78.9
75.1

79.1
72.2

78.5
72.6

78.7
71.2

78.8
69.3

78.9
77.9
66.9

79.2
76.4

79.2
74.4

78.7
71.1

79.0
74.9

IP (percent
change)3
1987
1988
1989
1990
1991

1. Refer to note on cover page.
2. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
3. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

17

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:

E XPLANATORY N OTE
The Industrial Production and Capacity Utilization statistical
release, which is published around the middle of the month, reports
measures of output, capacity, and capacity utilization in
manufacturing, mining, and the electric and gas utilities industries.
More detailed descriptions of industrial production and capacity
utilization are available at www.federalreserve.gov/releases/G17 at
the Board’s World Wide Web site. In addition, files containing data
shown in the release, more detailed series that are published in a
monthly supplement to the G.17, and historical data are available at
the Board’s Web site. Instructions for searching for and downloading
specific series are provided as well. For paid access to the data files
through the Department of Commerce’s Economic Bulletin Board or
World Wide Web site, please call STAT-USA at 1-800-STAT-USA or
202-452-1986. Diskettes containing historical data and the data
published in this release also are available from the Board of
Governors of the Federal Reserve System, Publications Services,
202-452-3245.

A
Im
A
Im−1

=

Im pm−1
×
Im−1 pm−1

Im pm
Im−1 pm

The IP proportions (typically shown in the first column of the relevant
tables in the G.17 release) are estimates of the industries’ relative
contributions to overall growth in the following year. For example, the
relative importance weight of the motor vehicles and parts industry is
about 8 percent. If output in this industry increased 10 percent in a
month, then this gain would boost growth in total IP by 8/10
percentage point (0.08 x 10% = 0.8%). To assist users with
calculations, the Federal Reserve’s web site provides supplemental
monthly statistics that represent the exact proportionate contribution
of a monthly change in a component index to the monthly change in
the total index (www.federalreserve.gov/
releases/G17/ipdisk/IPweightsSA.txt).

I NDUSTRIAL P RODUCTION
Coverage. The industrial production (IP) index measures the real
output of the manufacturing, mining, and electric and gas utilities
industries; the reference period for the index is 2002. Manufacturing
consists of those industries included in the North American Industry
Classification System, or NAICS, definition of manufacturing plus
those industries-logging and newspaper, periodical, book and
directory publishing-that have traditionally been considered to be
manufacturing and included in the industrial sector. For the period
since 1997, the total IP index has been constructed from 312
individual series based on the 2002 North American Industrial
Classification System (NAICS) codes. These individual series are
classified in two ways: (1) market groups, and (2) industry groups.
Market groups consist of products and materials. Total products are
the aggregate of final products, such as consumer goods and
equipment, and nonindustrial supplies (which are inputs to
nonindustrial sectors). Materials are inputs in the manufacture of
products. Major industry groups include three-digit NAICS industries
and aggregates of these industries—for example, durable and
nondurable manufacturing, mining, and utilities. A complete
description of the market and industry structures, including details
regarding series classification, relative importance weights, and data
sources, is available on the Board’s web site
(www.federalreserve.gov/releases/G17/About.htm). 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.

Timing. The first estimate of output for a month is published around
the 15th of the following month. The estimate is preliminary (denoted
by the superscript “p” in tables) and, beginning with the release of
March 2008 data, subject to revision in each of the subsequent five
months as new source data become available. (Revised estimates are
denoted by the superscript “r” in tables.) For the first estimate of
output for a given month, about 70 percent of the source data (in
value-added terms) are available; the fraction of available source data
increases to about 84 percent for estimates in the second month that
the estimate is published, 98 percent in the third month, and 98
percent in the fourth month. Data availability by data type, based on
the four-month reporting window used in 2007, is summarized in the
table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2007)
Month of estimate
Type of data

1st

2nd

3rd

4th

Physical product

29

42

56

56

Production-worker hours

42

42

42

42

IP data received

70

84

98

98

IP data estimated

Source data. On a monthly basis, the individual indexes of industrial
production are constructed from two main types of source data: (1)
output measured in physical units and (2) data on inputs to the
production process, from which output is inferred. Data on physical
products, such as tons of steel or barrels of oil, are obtained from
private trade associations and from government agencies; data of this
type are used to estimate monthly IP wherever possible and
appropriate. Production indexes for a few industries are derived by
dividing estimated nominal output (calculated using unit production
or sales and unit values) by a corresponding Fisher price index; the
most notable of these fall within the high-technology grouping and
include computers, communications equipment, and semiconductors.
When suitable data on physical product are not available, estimates of
output are based on production-worker hours by industry. Data on
hours worked by production workers are collected in the monthly
establishment survey conducted by the Bureau of Labor Statistics.
The factors used to convert inputs into estimates of production are
based on historical relationships between the inputs and the
comprehensive annual data used to benchmark the IP indexes; these
factors also may be influenced by technological or cyclical
developments. The annual data used in benchmarking the individual
IP indexes are constructed from a variety of source data, such as the
quinquennial Censuses of Manufactures and Mineral Industries and
the Annual Survey of Manufactures, prepared by the Bureau of the
Census; the Minerals Yearbook, prepared by the United States
Geological Survey of the Department of the Interior; and publications
of the Department of Energy.

30

16

2

2

The physical product group includes series based on either monthly or
quarterly data. As can be seen in the first line of the table, in the first
month, a physical product indicator is available for about half of the
series (in terms of value added) that ultimately are based on physical
product data (29 percent out of total of 56 percent). Of the 29 percent,
about two-thirds (19 percent of total IP) include series that are derived
from weekly physical product data and for which actual monthly data
may lag up to several months. On average, quarterly product data are
received for the third estimate of industrial production. Specifically,
quarterly data are available for the second estimate of the last month
of a quarter, the third estimate of the second month of a quarter, and
the fourth estimate of the first month of a quarter. The incorporation
of a six-month window is expected to allow an additional 3 percent to
4 percent of IP to reflect primary source data.
Seasonal adjustment. Individual series are seasonally adjusted using
Census X-12 ARIMA. For series based on production-worker hours,

18

the current seasonal factors were estimated with data through January
2008; for other series, the factors were estimated with data through at
least September 2007. Series are pre-adjusted for the effects of
holidays or the business cycle when appropriate. For the data since
1972, all seasonally adjusted aggregate indexes are calculated by
aggregating the seasonally adjusted indexes of the individual series.

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.

Reliability. The average revision to the level of the total IP index,
without regard to sign, between the first and the fourth estimates was
0.26 percent during the 1987–2006 period. The average revision to
the percent change in total IP, without regard to sign, from the first to
the fourth estimates was 0.21 percentage point during the 1987–2006
period. In most cases (about 85 percent), the direction of change in
output indicated by the first estimate for a given month is the same as
that shown by the fourth estimate.
Rounding. The published percent changes are calculated from
unrounded indexes, and may not be the same as percent changes
calculated from the rounded indexes shown in the release.
C APACITY U TILIZATION

Perspective. Over the 1972–2007 period, the average total industry
utilization rate is 81.0 percent; for manufacturing, the average factory
operating rate has been 79.7 percent. Industrial plants usually operate
at capacity utilization rates that are well below 100 percent: none of
the broad aggregates has ever reached 100 percent. For total industry
and total manufacturing, utilization rates have exceeded 90 percent
only in wartime. The highs and lows in capacity utilization shown in
table 7 are specific to each series and do not all occur in the same
month.

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.

R EFERENCES AND R ELEASE DATES
References. The annual revision published in March 2008 is
described in an article published in the Federal Reserve Bulletin, vol.
94, pp. A41–A60. A summary of the annual revision that
incorporated back to 1972 production and capacity indexes
reclassified according to the North American Industry Classification
System is available in an article in the Federal Reserve Bulletin, vol.
89 (April 2003), pp.151-176. 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/CapitalStockDocLatest.pdf.

Coverage. Capacity indexes are constructed for 87 detailed industries
(69 in manufacturing, 16 in mining, and 2 in utilities), which mostly
correspond to industries at the three- and four-digit NAICS level.
Estimates of capacity and utilization are available for a variety of
groups, including durable and nondurable manufacturing, total
manufacturing, mining, utilities, and total industry. Manufacturing
consists of those industries included in the North American Industry
Classification System, or NAICS, definition of manufacturing plus
those industries—logging and newspaper, periodical, book and
directory publishing—that have traditionally been considered to be
manufacturing and included in the industrial sector. Also, special
aggregates are available, such as high-tech industries and
manufacturing excluding high-tech industries.
Source Data. The monthly rates of capacity utilization are designed
to be consistent with both the monthly data on production and the
periodically available data on capacity and utilization. Because there
is no direct monthly information on overall industrial capacity or
utilization rates, the Federal Reserve first estimates annual capacity
indexes from the source data. Capacity data reported in physical units
from government sources (primarily from the U.S. Geological Survey
and the Department of Energy’s Energy Information Administration)
and trade sources are available for portions of several industries in
manufacturing (e.g., paper, industrial chemicals, petroleum refining,
motor vehicles), as well as for electric utilities and mining; these
industries represent about 24 percent of total industrial capacity.
When physical product data are unavailable for manufacturing
industries, capacity indexes are based on responses to the Bureau of
the Census’s Survey of Plant Capacity (SPC); these industries account
for a bit less than 72 percent of total industry capacity. In the absence
of utilization data for a few mining and petroleum series, capacity is
based on trends through peaks in production (roughly 4 percent of
total industry capacity). A detailed description of the methodology
used to construct the capacity indexes is available on the Board’s web
site (www.federalreserve.gov/releases/G17/CapNotes.htm).

Industrial Production—1986 Edition contains a more detailed
description of the other methods used to compile the industrial
production index, plus a history of its development, a glossary of
terms, and a bibliography. The major revisions to the IP indexes and
capacity utilization since 1990 have been described in the Federal
Reserve Bulletin (April 1990, June 1990, June 1993, March 1994,
January 1995, January 1996, February 1997, February 1998, January
1999, March 2000, March 2001, March 2002, April 2003, Winter
2004, Winter 2005).
Release Schedule
At 9:15 a.m. on
2009: January 16, February 18, March 16, April 15, May 15, June 16,
July 15, August 14, September 16, October 16, November 17, and
December 15.

Aggregation Methodology. Monthly capacity aggregates are
calculated in three steps: (1) utilization aggregates are calculated on
an annual basis through the most recent full year as capacity-weighted
aggregates of individual utilization rates; (2) the annual aggregate
capacity is derived from the corresponding production and utilization
aggregates; (3) the monthly capacity aggregate is obtained by
interpolating with a Fisher index of its constituent monthly capacity
series. Utilization rates for the individual series and aggregates are

19


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102