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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
April 17, 2001

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production increased 0.4 percent in March, its first increase since September. At 146.5 percent of
its 1992 average, industrial production in March was 0.8 percent higher than in March 2000. Manufacturing output rose
0.3 percent after a 0.3 percent drop in February; excluding motor vehicles and parts, manufacturing output edged down
0.1 percent in March. Output at utilities increased 1.1 percent, and production in mining rose 0.8 percent. For the first
quarter as a whole, total industrial production contracted at an annual rate of 4.7 percent—the biggest quarterly decline
since the first quarter of 1991; the index edged down at a 0.9 percent rate in the fourth quarter of 2000. The rate of
capacity utilization for total industry moved up in March to 79.4 percent but remains at a level more than
2-1/2 percentage points below its 1967–2000 average.
Market Groups
The output of consumer goods rose 0.3 percent in March; an increase of 2.4 percent in the production of
consumer durables more than offset a decline in the production of nondurables. The output of automotive products rose
5.7 percent; nonetheless, because of the sharp cutbacks during the fourth quarter of 2000 and earlier this year, output in
(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

Industrial production

2000
Dec.r

1992=100
2001
Jan.r
Feb.r

Total index
Previous estimates

147.3
147.7

146.4
146.8

145.9
146.0

Major market groups
Products, total
Consumer goods
Business equipment
Construction supplies
Materials

136.0
123.1
199.2
140.6
167.8

135.5
122.1
198.2
140.3
166.2

Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities

152.6
195.1
114.1
99.6
129.1

151.8
192.7
114.6
100.7
124.4

Capacity utilization
Total industry
Manufacturing
Advanced processing
Primary processing
Mining
Utilities

Average
1967–2000

1982
low

Percent change
2000
Dec.r

2001
Jan.r

Feb.r

146.5

–.6
–.3

–.6
–.6

134.9
122.0
196.2
139.5
165.8

135.4
122.3
197.9
139.1
166.5

–.2
.6
–.7
–.7
–1.2

151.3
191.9
114.4
101.1
121.8

151.8
193.6
114.0
101.9
123.1

–1.0
–.8
–1.2
–1.5
5.9

Mar.p

Percent of capacity
1988–89
2000
2000
high
Mar.
Dec.r

Mar.p

Mar. ’00 to
Mar. ’01

–.4
–.6

.4

.8

–.3
–.8
–.5
–.3
–1.0

–.4
–.1
–1.0
–.5
–.2

.4
.3
.9
–.3
.4

.7
.1
4.8
–3.8
1.1

–.5
–1.2
.4
1.1
–3.6

–.3
–.4
–.1
.4
–2.0

.3
.9
–.4
.8
1.1

.4
2.5
–2.3
1.5
7.3

2001
Jan.r

Feb.r

Mar.p

Capacity
growth
Mar. ’00 to
Mar. ’01

82.1
81.1

71.1
69.0

85.4
85.7

82.2
81.6

80.6
79.3

79.9
78.6

79.3
78.2

79.4
78.1

4.4
4.8

80.6
82.2
87.4
87.6

71.0
65.7
80.3
75.9

84.2
88.3
88.0
92.6

79.6
85.9
86.1
87.2

79.0
80.9
86.1
95.7

78.9
79.3
87.1
92.0

78.4
78.8
87.5
89.8

78.5
78.6
88.4
90.5

2.5
8.4
–1.1
3.4

March remained 6.7 percent below its year-ago level. The output of home electronics rose 2.7 percent, but the production
of other consumer durables decreased. Among consumer nondurables, the production of non-energy consumer goods
declined 0.4 percent; declines in the output of paper products, foods and tobacco, and clothing were only partly offset by
a gain in the production of consumer chemicals. The output of consumer energy products, which had fallen in the
preceding two months, rose 0.6 percent and was boosted by an increase in utilities’ sales to residences.
The production of business equipment increased 0.9 percent in March after three months of declines. The
output of transit equipment rebounded 4.5 percent because of gains in the production of autos, trucks, and commercial
aircraft. The production of information processing and related equipment posted a relatively small increase of
0.7 percent. After having risen 23.1 percent last year, this index slowed to a 6.1 percent pace in the first quarter. The
production of industrial and other equipment fell 0.3 percent in March, with declines in the output of construction
equipment, electrical distribution equipment, and special industry machinery.
The production of construction supplies fell 0.3 percent further in March; for the first quarter, it dropped
5.1 percent at an annual rate, a decline close to that for the fourth quarter of last year. The output of materials was up
0.4 percent in March, the first gain since September. The output of durable goods materials rose 0.5 percent, led by an
increase of 2.6 percent in the output of parts for consumer goods. Equipment parts (including the production of
semiconductors and related electronic components) increased 0.5 percent in March and rose only 0.8 percent in the first
quarter; output has decelerated steadily after having peaked at a 57.0 percent annual growth rate in the second quarter of
last year. The output of nondurable goods materials slipped 0.2 percent in March, with declines in the production of
textiles, paper, and chemical materials. The production of energy materials was up 0.8 percent.
Industry Groups
Manufacturing output rose 0.3 percent in March, the first increase since September, because of gains in the
production of durable goods; the production of nondurable goods slipped 0.4 percent. Among durable goods, the largest
increases were in the production of motor vehicles and parts and aerospace and miscellaneous transportation equipment.
For the quarter, however, durable goods production fell at an annual rate of 7.4 percent, the largest drop since the first
quarter of 1991. In March, declines in the output of nondurables were fairly widespread. The only exceptions were small
increases in apparel products and chemicals.
The factory operating rate edged down, to 78.1 percent. The utilization rate for primary-processing
industries decreased slightly, to 78.6 percent, while the rate for advanced-processing industries edged up, to 78.5 percent.
Capacity utilization in high-technology industries (computers, communications equipment, and semiconductors) dropped
for the eighth successive month, to 77.3 percent, a level 12.7 percentage points below its July 2000 peak. The operating
rate at utilities rose to 90.5 percent. The operating rate for mining increased for the third consecutive month, to
88.4 percent.
New Format for the G.17
This statistical release was redesigned beginning with the February issue. Special aggregates were added.
Although some detailed industry data no longer appear in the regular release, they continue to be available on the Federal
Reserve Board’s public web site (www.federalreserve.gov/releases/g17).
Tables
1. Industrial Production: Market and Industry Group Summary; percent change
2. Industrial Production: Special Aggregates and Selected Detail; percent change
3. Motor Vehicle Assemblies
4. Industrial Production: Market and Industry Group Summary; indexes
5. Industrial Production: Special Aggregates and Selected Detail; indexes
6. Capacity Utilization
7. Industrial Capacity
8. Gross Value of Products
9. Diffusion Indexes of Industrial Production
10. Electric Power Use
11. Historical Statistics: Total Industry
12. Historical Statistics: Manufacturing
13. Historical Statistics: Total Industry Excluding Selected High-Technology Industries
14. Historical Statistics: Manufacturing Excluding Selected High-Technology Industries
Further detail is available on the Board’s web site (www.federalreserve.gov/releases/G17/).
2

Industrial Production

Ratio scale, 1992 = 100

160

160
Total IP

145

145

125

125

105

105
Excluding high-tech industries

85

85

65

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

Capacity Utilization

2000

65

Percent of capacity

90

90
Total industry

85

85

80

80
Manufacturing

75

75

70

70

65

1978

1980

1982

Industrial Production

1984

1986

1988

1990

1994

1996

Capacity Utilization

12 month percent change

10

10

1992

1998

2000

65

Percent of capacity

90

90

Total IP
Primary processing

5

5

85

85

0

0

80

80
Advanced processing

Excluding high-tech industries

-5

1994

1996

1998

2000

-5

75

1994

1996

High-tech industries are defined as semiconductors and related electronic components (SIC 3672-9), computers (SIC 357),
and communications equipment (SIC 366).
Shaded areas are periods of business recession as defined by the NBER.

3

1998

2000

75

Table 1

INDUSTRIAL PRODUCTION: MARKET AND INDUSTRY GROUP SUMMARY
Percent change, seasonally adjusted
Fourth quarter to
fourth quarter

Item
It

2000
proportion1

Annual rate

1998

1999

2000

3.2

5.1

4.2

7.9

3.5

–.9

–4.7

–.6

–.6

–.4

.4

.8

60.78
28.73
6.10
2.88
.45
1.37
1.41

3.2
.2
4.3
5.4
11.7
6.9
–2.5

3.4
3.1
8.2
3.3
53.3
6.0
4.6

3.0
.6
–4.4
–6.9
2.8
–1.3
–4.2

4.9
4.3
4.4
5.5
31.8
1.4
–2.9

2.2
–.5
–8.9
–10.8
1.3
–10.9
–6.2

–.5
–2.4
–13.1
–21.9
17.4
–6.2
–9.7

–2.7
–2.0
–9.0
–14.6
–18.3
2.2
–4.9

–.2
.6
–.6
–2.0
1.8
2.3
–1.4

–.3
–.8
–2.8
–4.9
–5.1
–1.7
.9

–.4
–.1
1.1
2.4
–2.5
2.6
–1.5

.4
.3
2.4
5.7
2.7
–1.0
–.5

.7
.1
–4.7
–6.7
8.6
–3.4
–6.4

Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

22.63
19.19
9.97
1.39
4.95
2.88
3.44

–1.0
–.5
.6
–8.1
3.3
–5.4
–4.1

1.6
1.5
.2
–4.9
5.8
2.6
2.5

2.0
1.2
.9
–4.4
2.5
3.1
6.7

4.2
3.6
.2
–2.4
13.8
2.2
7.9

2.0
1.6
1.2
–9.6
.7
10.6
4.5

.6
–1.0
–2.0
–7.0
1.2
1.5
10.0

–.1
.3
.4
–8.7
4.9
–3.6
–2.1

.9
–.3
–.5
–1.0
.4
–.3
7.6

–.3
.6
.3
.4
.8
1.3
–5.1

–.4
–.2
.4
–3.0
.2
–1.9
–1.2

–.3
–.4
–.6
–.7
.4
–1.2
.6

1.5
.5
–.5
–8.5
4.5
1.7
7.4

Business equipment
Transit
Information processing
Industrial and other

14.25
2.60
5.92
5.73

9.1
12.9
16.8
–.1

5.7
–8.9
21.0
–1.5

11.0
–8.8
23.1
8.6

10.7
–2.6
20.2
7.7

12.1
–8.2
26.5
7.7

5.2
–20.5
18.5
4.4

–4.9
–25.2
6.1
–6.9

–.7
–3.6
–.3
.1

–.5
–5.2
1.3
–.6

–1.0
–1.5
–.5
–1.4

.9
4.5
.7
–.3

4.8
–12.8
16.1
1.5

Defense and space equipment

1.94

8.2

–3.1

–3.3

–2.8

.7

3.6

11.4

.6

1.4

–.6

1.7

4.5

Construction supplies
Business supplies

6.13
9.02

7.6
1.8

4.5
2.3

.3
1.3

.3
2.7

–1.1
–2.1

–4.7
–.5

–5.1
–3.4

–.7
–1.8

–.3
.9

–.5
–.7

–.3
–.2

–3.8
–1.7

Materials
Durable
Consumer parts
Equipment parts
Other

39.22
22.78
4.49
8.68
9.61

3.7
7.2
.1
20.5
–.6

8.0
10.9
7.1
22.0
3.4

6.2
12.1
.2
36.1
–1.7

12.7
21.1
4.5
57.0
1.5

5.6
11.9
–1.8
36.2
–2.0

–1.6
–1.0
–6.0
11.5
–9.8

–7.8
–9.6
–28.4
.8
–9.8

–1.2
–1.1
–2.6
.2
–1.7

–1.0
–1.4
–7.2
–.4
.3

–.2
–.3
2.1
.0
–1.7

.4
.5
2.6
.5
–.4

1.1
3.4
–7.0
20.4
–6.3

Nondurable
Textile
Paper
Chemical

8.38
.73
1.53
4.31

–2.8
–8.5
–2.9
–4.0

5.6
–1.2
4.2
9.4

–5.2
–9.7
–4.5
–6.2

–1.1
–1.1
1.4
–.6

–7.6
–13.1
–13.6
–6.8

–7.7
–23.8
–1.8
–11.7

–9.7
–11.7
–8.9
–10.1

–2.0
.8
–3.5
–3.4

–.2
–.2
.6
.6

–.2
–2.4
1.3
–.4

–.2
–.6
–.6
–.1

–6.7
–14.5
–6.2
–7.2

Energy

8.06

–.7

.5

1.4

3.7

1.8

3.1

–1.0

–.8

–.4

.0

.8

2.3

24
25
32
33
34
35
36
371

87.40
47.81
1.82
1.61
2.38
3.32
5.49
9.06
9.02
5.72

4.0
8.0
5.4
6.2
5.6
–3.4
1.5
11.6
20.4
3.3

5.6
8.2
.5
3.1
2.3
8.0
1.6
13.6
25.2
5.9

4.3
8.4
–7.3
5.6
.9
–5.6
1.0
14.4
39.0
–6.4

8.0
13.7
–6.7
6.5
.9
2.7
1.5
12.4
58.8
9.9

3.7
8.1
–10.5
7.2
7.3
–10.0
.5
13.3
39.1
–11.2

–1.6
–.4
–12.4
4.2
–4.3
–16.5
–4.6
7.4
16.7
–23.6

–5.6
–7.4
–15.6
–5.0
–2.8
–13.7
–7.7
–4.8
1.9
–31.5

–1.0
–.8
–1.5
.2
–1.6
–.8
–1.3
.1
1.0
–5.2

–.5
–1.2
–3.4
–.3
2.1
–2.2
.5
–.8
–.5
–8.7

–.3
–.4
1.3
–.8
–1.5
–.6
–2.0
–.7
–.5
3.6

.3
.9
–.4
–.5
.1
–.1
.0
–.3
.7
7.0

.4
2.5
–10.9
2.7
–.9
–10.5
–3.4
4.9
22.9
–10.9

372–6,9
38
39

3.52
4.54
1.31

10.4
3.9
.7

–11.6
4.5
6.6

–.4
1.9
.0

–3.5
5.2
–.9

2.9
5.1
1.7

5.4
1.8
–3.1

–3.0
.9
–5.1

–.1
–1.2
–.6

–1.3
1.5
.8

–.8
–1.2
–1.6

1.5
.2
–1.1

1.0
2.9
–2.8

20,21
22
23
26
27
28
29
30

39.59
10.52
1.23
1.41
3.30
6.58
10.33
2.39
3.65

–.4
.8
–6.5
–6.3
–.1
–1.8
.2
2.1
1.6

2.5
.3
–.2
–4.0
3.0
1.8
6.7
.2
3.6

–.7
.8
–7.9
–5.3
–3.1
1.5
–1.3
1.2
–1.9

1.2
.0
–2.4
–4.2
1.2
.6
3.3
8.2
.1

–1.5
1.5
–13.1
–9.1
–12.7
4.1
–1.4
–3.2
–1.0

–3.0
–2.0
–18.8
–8.0
3.2
.8
–2.8
–4.5
–9.7

–3.4
.2
–9.7
–6.1
–10.0
–1.9
–4.0
–1.7
–5.4

–1.2
–.4
1.8
–1.2
–1.8
–1.8
–1.5
–1.8
–1.2

.4
.3
–2.2
1.1
–1.1
1.8
.3
.1
.9

–.1
.3
.5
–2.8
.9
–.8
–.1
.9
–1.1

–.4
–.6
–1.3
.2
–.5
–.9
.1
.0
–.4

–2.3
–.5
–12.3
–7.9
–5.1
–.5
–1.3
–2.5
–4.6

6.69
5.91
4.45
1.46

–5.3
–1.4
1.6
–11.9

–.5
2.3
1.7
4.6

1.3
6.5
6.3
7.5

2.3
11.8
13.1
6.9

2.8
1.0
–1.1
8.1

–1.5
9.3
12.1
.7

3.8
–1.8
–6.7
14.4

–1.5
5.9
3.0
15.1

1.1
–3.6
–3.4
–4.3

.4
–2.0
–2.2
–1.7

.8
1.1
1.2
.6

1.5
7.3
4.9
15.7

MARKET GROUPS
Products
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods

Q3

2000
Dec.r

Mar. ’00
to
Mar. ’01

100.00

Total IP

Q4r

2001
Q1p

Monthly rate
2001
Jan.r
Feb.r

2000
Q2

Mar.p

INDUSTRY GROUPS
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Electric
Gas

10–14
491,2,3pt

NOTE. Under industry groups, the figures to the right of the series descriptions are 1987 Standard Industrial Classification (SIC) codes. The abbreviation pt denotes part
of an SIC code. Additional industry detail is available on the Board’s web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, 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. Under industry groups, in the nondurables category, leather and products (SIC 31) is 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.
r Revised. p Preliminary.

4

Table 2

INDUSTRIAL PRODUCTION: SPECIAL AGGREGATES AND SELECTED DETAIL
Percent change, seasonally adjusted
Fourth quarter to
fourth quarter

Item
It

2000
proportion

Annual rate

1999

2000

100.00

3.2

5.1

4.2

7.9

3.5

–.9

–4.7

–.6

–.6

–.4

.4

.8

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

13.92
3.44
1.90
.52
2.28
5.78

–3.1
–4.1
–.5
–26.3
–.2
–1.0

1.2
2.5
1.0
5.6
2.8
–.7

4.1
6.7
7.2
18.9
5.2
–.2

6.8
7.9
15.4
17.6
–1.9
6.2

2.9
4.5
.2
20.2
4.2
.9

4.2
10.0
–2.7
8.5
12.9
–.6

.0
–2.1
–.6
33.3
–18.9
7.0

1.4
7.6
.1
.1
–1.2
–.7

–1.4
–5.1
.0
5.5
–4.9
1.3

–.4
–1.2
–1.3
.8
.0
.0

.8
.6
1.3
1.9
.4
.9

4.3
7.4
2.9
18.9
–.3
3.3

Non-energy
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components

357
366

86.08
8.47
2.37
1.94

4.1
37.2
54.0
9.0

5.6
40.6
54.3
13.4

4.2
55.3
42.0
35.5

8.0
70.4
33.0
30.3

3.6
56.9
51.9
41.6

–1.8
25.2
24.8
30.2

–5.5
5.1
9.4
14.1

–.9
.8
.4
.6

–.5
–.3
1.0
1.7

–.3
.2
.7
.2

.3
.9
.7
1.0

.3
31.6
26.1
27.1

3672–9

4.16

45.7

47.8

73.4

120.5

66.4

23.3

–1.2

1.1

–1.9

–.1

.9

36.5

77.61

1.2

2.3

–.7

2.3

–1.6

–4.7

–6.8

–1.2

–.5

–.4

.2

–3.0

5.72
3.10
2.48

3.3
6.9
–1.6

5.9
2.1
10.8

–6.4
–12.3
3.3

9.9
6.9
17.8

–11.2
–20.1
2.9

–23.6
–33.7
–7.1

–31.5
–23.8
–38.1

–5.2
–6.1
–4.8

–8.7
–5.4
–11.6

3.6
1.2
6.3

7.0
9.4
4.6

–10.9
–13.7
–5.1

71.88
22.73
9.48
7.13
24.30

1.1
–.4
3.3
2.3
–1.0

2.0
2.5
–2.4
2.6
3.3

–.2
.4
5.3
–.1
–2.3

1.7
3.3
5.0
–.3
.6

–.8
–.3
6.3
–2.6
–3.1

–3.1
–1.7
3.8
.1
–7.4

–4.7
–.4
–7.8
–4.2
–8.1

–.9
.0
–.6
–2.3
–1.5

.1
.2
–.6
1.1
.1

–.7
–.2
–1.5
–.5
–.9

–.2
–.4
.0
–.6
–.2

–2.4
–.2
.5
–2.9
–5.1

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Durable
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

91.53
78.92
39.34
6.69
2.92

.7
1.2
2.7
.5
–.3

2.2
2.3
2.2
1.2
6.5

.0
–.5
–.4
4.9
.1

2.9
2.4
3.5
5.1
7.9

–.9
–1.4
–1.3
.7
1.7

–3.4
–4.5
–5.9
.9
–1.7

–5.7
–6.8
–10.2
–9.9
–1.8

–.8
–1.2
–1.2
.0
.9

–.6
–.5
–1.5
–1.5
.2

–.4
–.4
–.6
–1.2
–1.7

.3
.2
.9
–.6
.2

–1.9
–2.9
–3.5
–2.6
.7

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

94.28
81.67
42.09

3.2
4.1
8.7

5.0
5.5
8.5

4.9
5.0
10.5

7.8
7.9
14.3

4.5
4.9
11.0

.6
.1
3.1

–3.0
–3.7
–4.0

–.4
–.7
–.3

–.2
.0
–.3

–.6
–.5
–.9

.0
–.1
.2

1.6
1.2
4.4

Primary processing1
Advanced processing2

34.36
53.04

4.3
3.9

8.8
3.7

5.6
3.4

12.5
5.1

3.8
3.7

–3.6
–.2

–10.3
–2.4

–1.5
–.7

–1.3
.0

.0
–.5

.3
.3

–.8
1.1

Total industry

Excluding selected high-technology
industries
Motor vehicles and parts
Motor vehicles
Motor vehicle parts

371
3711,3
3714

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

Q3

2000
Dec.r

Mar. ’00
to
Mar. ’01

1998

Q4r

2001
Q1p

Monthly rate
2001
Jan.r
Feb.r

2000
Q2

Mar.p

NOTE. See notes to table 1.
1. Primary processing consists of textile mill products, paper and products, industrial chemicals, synthetic materials, and fertilizers, petroleum products, rubber and plastics
products, lumber and products, primary metals, fabricated metals, stone, clay, and glass products, semiconductors and related electronic components, and motor vehicle parts.
2. Advanced processing consists of foods, tobacco products, apparel products, printing and publishing, chemical products and other agricultural chemicals, leather and
products, furniture and fixtures, industrial machinery and equipment, electrical machinery except semiconductors and related electronic components, transportation equipment
except motor vehicle parts, instruments, and miscellaneous manufactures.

Table 3

MOTOR VEHICLE ASSEMBLIES
Millions of units, seasonally adjusted annual rate
2000
average

2000
Q2

Q3

Q4

2001
Q1

2000
Dec.

2001
Jan.

Feb.

Mar.

Total
Autos
Trucks
Light
Medium and heavy

12.77
5.54
7.23
6.84
.39

13.36
5.77
7.59
7.15
.44

12.79
5.70
7.09
6.74
.35

11.62
5.00
6.62
6.31
.31

10.81
4.93
5.88
5.65
.24

10.99
4.68
6.31
5.99
.31

10.51
4.94
5.57
5.30
.27

10.53
4.76
5.77
5.56
.21

11.40
5.09
6.31
6.08
.23

MEMO
Autos and light trucks

12.38

12.92

12.44

11.30

10.58

10.67

10.24

10.32

11.17

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

5

Table 4

INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY
1992 = 100, seasonally adjusted
2000
proportion

Item
It

2000
July

Aug.

Sept.

Oct.

Nov.

Dec.r

2001
Jan.r

Feb.r

Mar.p

100.00

147.6

148.6

149.0

148.7

148.2

147.3

146.4

145.9

146.5

60.78
28.73
6.10
2.88
.45
1.37
1.41

135.8
122.9
158.7
149.4
743.3
134.8
121.3

136.6
123.8
160.0
153.8
743.6
133.7
119.7

136.7
123.8
162.8
156.7
786.2
137.8
118.1

136.3
122.7
157.3
148.0
785.9
134.0
117.5

136.3
122.4
154.3
143.6
783.0
131.3
117.1

136.0
123.1
153.4
140.7
796.9
134.4
115.5

135.5
122.1
149.0
133.8
756.0
132.1
116.5

134.9
122.0
150.7
137.0
736.9
135.6
114.8

135.4
122.3
154.4
144.8
756.4
134.2
114.3

Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

22.63
19.19
9.97
1.39
4.95
2.88
3.44

114.5
114.4
111.0
85.6
137.4
112.4
114.9

115.2
114.9
111.4
84.2
139.4
112.4
117.1

114.7
114.1
110.5
83.1
138.4
112.4
118.4

114.5
114.3
110.4
82.7
139.0
113.8
115.5

114.6
114.2
110.7
83.2
138.5
112.5
117.3

115.7
113.9
110.1
82.4
139.0
112.2
126.1

115.3
114.6
110.4
82.8
140.1
113.7
119.7

114.9
114.3
110.9
80.3
140.4
111.5
118.3

114.5
113.8
110.2
79.7
141.0
110.2
118.9

Business equipment
Transit
Information processing
Industrial and other

14.25
2.60
5.92
5.73

195.0
127.6
313.9
145.4

197.8
126.8
322.1
147.0

199.5
127.7
327.2
147.3

200.0
121.6
332.3
148.8

200.6
121.8
336.7
147.8

199.2
117.4
335.9
147.9

198.2
111.3
340.4
147.1

196.2
109.7
338.6
145.0

197.9
114.6
340.9
144.5

Defense and space equipment

1.94

77.9

76.1

73.7

75.3

77.0

77.5

78.5

78.1

79.4

Construction supplies
Business supplies

6.13
9.02

143.8
119.8

142.7
120.6

143.1
120.0

142.3
120.7

141.6
120.7

140.6
118.5

140.3
119.6

139.5
118.7

139.1
118.5

Materials
Durable
Consumer parts
Equipment parts
Other

39.22
22.78
4.49
8.68
9.61

169.0
230.5
158.3
499.9
135.3

170.5
233.8
168.3
505.7
134.7

171.3
235.7
169.0
512.1
135.5

171.1
235.0
168.5
515.9
133.7

169.9
232.9
161.8
521.4
131.8

167.8
230.3
157.6
522.3
129.6

166.2
227.0
146.2
520.0
130.0

165.8
226.3
149.3
520.2
127.8

166.5
227.5
153.3
522.7
127.3

Nondurable
Textile
Paper
Chemical

8.38
.73
1.53
4.31

113.9
97.9
114.9
117.0

112.8
99.3
112.8
116.8

112.7
95.9
113.8
116.3

113.4
94.0
117.2
115.9

110.7
89.5
113.4
113.7

108.6
90.3
109.4
109.8

108.3
90.1
110.0
110.5

108.1
87.9
111.4
110.1

107.9
87.4
110.7
110.0

Energy

8.06

102.9

104.2

104.3

103.9

105.4

104.5

104.0

104.1

104.9

24
25
32
33
34
35
36
371

87.40
47.81
1.82
1.61
2.38
3.32
5.49
9.06
9.02
5.72

153.7
194.7
118.6
142.6
136.3
133.9
136.1
253.9
571.2
163.1

154.6
196.9
115.5
143.8
136.1
132.4
136.3
257.9
580.0
173.9

155.1
198.4
116.8
146.6
136.5
133.9
136.0
260.0
592.2
175.5

154.9
197.6
114.8
147.2
137.3
129.0
136.0
261.5
597.4
167.2

154.1
196.7
113.2
145.0
134.6
127.3
134.7
261.9
604.4
160.1

152.6
195.1
111.5
145.3
132.4
126.3
132.9
262.3
610.2
151.8

151.8
192.7
107.7
144.9
135.2
123.5
133.6
260.1
607.4
138.5

151.3
191.9
109.1
143.8
133.1
122.7
130.9
258.4
604.4
143.6

151.8
193.6
108.6
143.1
133.2
122.6
131.0
257.7
608.6
153.7

372–6,9
38
39

3.52
4.54
1.31

94.9
122.6
132.1

93.5
123.3
130.8

92.1
123.7
130.9

93.6
123.5
131.1

95.4
124.6
130.2

95.3
123.1
129.4

94.1
124.9
130.4

93.4
123.4
128.3

94.7
123.7
126.9

20,21
22
23
26
27
28
29
30

39.59
10.52
1.23
1.41
3.30
6.58
10.33
2.39
3.65

116.3
111.6
101.4
92.0
114.9
110.0
124.8
117.0
144.4

116.3
111.8
99.4
90.7
113.3
110.4
125.9
117.6
142.1

116.0
111.0
98.4
89.5
113.7
110.9
125.4
117.4
141.9

116.3
111.0
96.7
89.2
117.1
111.6
125.8
116.5
141.3

115.5
111.1
92.8
89.2
114.7
111.2
124.8
116.9
139.1

114.1
110.7
94.5
88.2
112.7
109.2
122.9
114.7
137.3

114.6
111.0
92.4
89.1
111.4
111.1
123.3
114.8
138.5

114.4
111.3
92.9
86.6
112.4
110.2
123.1
115.8
137.0

114.0
110.7
91.6
86.7
111.9
109.2
123.2
115.9
136.4

6.69
5.91
4.45
1.46

100.5
119.1
121.1
111.0

101.0
122.1
126.1
108.4

100.4
121.7
124.7
110.5

100.1
120.0
124.2
105.8

101.1
121.9
127.3
104.5

99.6
129.1
131.2
120.2

100.7
124.4
126.7
115.0

101.1
121.8
123.9
113.1

101.9
123.1
125.5
113.7

Total IP

MARKET GROUPS
Products
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods

INDUSTRY GROUPS
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Electric
Gas

10–14
491,2,3pt

NOTE. See notes to table 1.

6

Table 5

INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES
1992 = 100, seasonally adjusted
2000
proportion

Item
It

2000
July

Aug.

Sept.

Oct.

Nov.

Dec.r

2001
Jan.r

Feb.r

Mar.p

100.00

147.6

148.6

149.0

148.7

148.2

147.3

146.4

145.9

146.5

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

13.92
3.44
1.90
.52
2.28
5.78

109.2
114.9
129.2
136.2
110.8
98.7

110.8
117.1
132.3
137.1
115.1
98.9

110.7
118.4
129.3
132.8
116.6
98.5

109.8
115.5
128.9
136.5
117.2
97.8

111.3
117.3
129.5
138.9
118.7
99.3

112.9
126.1
129.7
139.1
117.3
98.6

111.3
119.7
129.7
146.7
111.5
99.9

110.9
118.3
128.1
147.9
111.6
99.9

111.8
118.9
129.7
150.7
112.0
100.9

Non-energy

86.08

154.3

155.2

155.6

155.4

154.5

153.1

152.4

151.9

152.3

357
366

8.47
2.37
1.94

1248.0
1370.4
362.7

1281.6
1421.6
372.3

1310.3
1464.2
378.5

1334.8
1487.4
390.0

1358.1
1502.8
398.6

1368.9
1508.3
400.9

1365.0
1522.7
407.9

1368.0
1533.8
408.7

1379.7
1544.5
412.9

3672–9

4.16

2156.9

2203.2

2248.6

2282.9

2327.1

2353.7

2308.6

2307.2

2326.9

77.61

124.8

125.3

125.3

124.8

123.7

122.3

121.7

121.2

121.5

5.72
3.10
2.48

163.1
152.2
180.6

173.9
158.0
200.9

175.5
160.2
201.0

167.2
147.0
201.0

160.1
143.1
190.0

151.8
134.4
180.8

138.5
127.2
159.8

143.6
128.7
169.9

153.7
140.9
177.6

71.88
22.73
9.48
7.13
24.30

122.5
116.5
136.9
117.5
125.2

122.4
116.6
138.2
117.8
124.5

122.3
116.2
138.6
117.7
124.9

122.3
116.1
139.5
118.6
124.4

121.6
115.8
139.5
118.6
122.4

120.5
115.9
138.6
115.8
120.7

120.6
116.1
137.7
117.1
120.7

119.8
115.9
135.7
116.5
119.6

119.6
115.4
135.7
115.8
119.4

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Durable
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

91.53
78.92
39.34
6.69
2.92

122.5
124.5
133.3
148.7
135.9

123.2
124.9
134.3
149.7
135.6

123.2
125.0
134.8
149.7
138.9

122.6
124.6
133.5
149.9
136.6

122.0
123.6
132.2
149.6
135.4

121.1
122.1
130.6
149.7
136.7

120.3
121.4
128.7
147.4
137.0

119.8
121.0
128.0
145.6
134.8

120.2
121.3
129.1
144.7
135.1

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

94.28
81.67
42.09

146.9
153.2
199.4

147.4
153.5
200.2

147.7
153.9
201.7

147.8
154.3
202.0

147.7
153.8
202.2

147.2
152.7
201.7

146.9
152.8
201.0

146.1
152.0
199.2

146.2
151.8
199.6

Primary processing
Advanced processing

34.36
53.04

179.4
139.5

180.3
140.5

181.2
140.8

181.1
140.5

178.8
140.5

176.1
139.6

173.7
139.6

173.7
139.0

174.1
139.4

Total industry

Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components
Excluding selected high-technology
industries
Motor vehicles and parts
Motor vehicles
Motor vehicle parts

371
3711,3
3714

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

NOTE. See notes to table 2.

7

Table 6

CAPACITY UTILIZATION
Percent of capacity, seasonally adjusted
2000
proportion

19672000
ave.

198889
high

199091
low

199495
high

2000
Q2

Q3

Q4r

2001
Q1p

2000
Dec.r

2001
Jan.r

Feb.r

Mar.p

Total industry

100.00

82.1

85.4

78.1

84.4

82.6

82.4

81.3

79.5

80.6

79.9

79.3

79.4

Manufacturing

88.70

81.1

85.7

76.6

84.0

81.9

81.7

80.3

78.3

79.3

78.6

78.2

78.1

24
25
32
33
34
35
36
371

49.19
1.89
1.65
2.31
3.13
5.85
9.34
9.26
5.74

79.6
82.6
81.3
78.9
81.6
77.9
81.4
81.4
77.0

84.6
93.6
86.6
83.5
92.7
82.0
85.4
84.0
89.1

73.1
75.5
72.5
69.7
73.7
71.9
72.3
75.0
55.9

83.6
89.4
83.9
86.8
95.4
85.2
87.3
90.1
85.9

82.7
81.6
79.6
84.5
89.4
77.6
81.9
90.4
84.5

82.5
79.1
80.1
85.5
87.0
77.1
82.7
90.9
81.7

80.7
76.3
80.0
84.0
83.1
75.7
82.5
87.1
76.0

77.6
72.9
78.4
83.0
80.1
73.8
80.0
81.4
68.8

79.5
75.0
79.4
82.3
82.2
74.6
82.1
85.5
72.1

78.0
72.4
79.0
83.9
80.4
74.9
80.9
83.2
65.7

77.2
73.4
78.3
82.5
79.9
73.3
79.9
81.0
68.0

77.5
73.0
77.8
82.4
79.9
73.2
79.2
80.0
72.7

372,6–9
38
39

4.01
4.69
1.32

75.2
81.6
75.9

87.3
81.4
79.0

60.7
74.5
71.7

85.3
82.6
81.9

71.1
79.6
81.3

71.7
80.3
81.4

72.8
80.5
80.5

72.4
80.5
79.3

73.3
80.0
79.9

72.4
81.1
80.5

71.8
80.1
79.2

72.9
80.2
78.2

20,21
22
23
26
27
28
29
30

39.52
10.54
1.26
1.64
3.18
6.59
10.56
1.97
3.58

83.2
83.3
85.5
80.6
88.7
85.4
79.3
87.3
84.7

87.3
85.9
90.4
85.1
93.5
91.7
86.2
88.5
89.6

79.7
79.1
77.7
70.7
83.1
77.8
74.2
85.1
77.4

85.6
85.8
92.6
85.9
91.6
87.7
84.2
97.1
91.3

80.9
81.2
83.4
71.8
85.9
81.0
77.2
96.0
84.6

80.5
81.6
80.9
70.5
82.9
81.8
76.4
95.3
83.7

79.7
81.2
77.1
69.4
83.3
82.0
75.5
94.3
80.9

79.0
81.4
75.6
68.7
80.9
81.6
74.5
93.8
79.2

78.9
81.1
77.1
69.0
81.7
80.9
74.5
93.2
79.5

79.2
81.3
75.5
69.9
80.7
82.3
74.6
93.3
80.1

79.1
81.6
76.0
68.0
81.3
81.6
74.5
94.1
79.0

78.7
81.2
75.1
68.3
80.9
80.9
74.5
94.1
78.5

5.96
5.33

87.4
87.6

88.0
92.6

82.0
83.0

91.0
93.5

85.8
91.2

86.6
90.7

86.6
92.0

87.7
90.8

86.1
95.7

87.1
92.0

87.5
89.8

88.4
90.5

357
366

9.18
2.79
2.03

80.4
81.2
80.4

81.9
86.9
84.8

72.4
66.9
73.4

87.9
91.4
87.8

88.0
76.4
80.8

89.1
79.1
84.9

85.1
78.2
87.3

78.8
75.2
86.6

83.1
76.9
87.1

80.5
76.1
87.4

78.6
75.3
86.4

77.3
74.3
86.0

3672–9

4.36

80.0

81.1

72.6

90.8

98.5

97.0

87.9

77.2

84.7

79.8

76.9

75.0

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

90.82
79.52
6.54
2.88

82.2
81.2
81.3
83.4

85.7
86.1
85.5
87.5

78.4
76.8
72.9
74.3

84.2
83.8
88.1
93.2

82.0
81.1
84.1
84.2

81.5
80.6
84.1
83.9

80.6
79.5
84.2
82.9

79.3
77.9
81.9
82.0

80.0
78.5
84.2
82.9

79.5
78.1
82.8
83.0

79.1
77.8
81.8
81.5

79.3
77.9
81.2
81.5

Primary processing
Advanced processing

33.89
54.81

82.2
80.6

88.3
84.2

76.7
76.6

88.7
82.3

86.4
79.8

85.4
80.1

82.7
79.5

78.9
78.6

80.9
79.0

79.3
78.9

78.8
78.4

78.6
78.5

Monthly rate
2001
Mar.

Item

Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components

NOTE. See notes to table 2.

Table 7

INDUSTRIAL CAPACITY
Percent change
Item

196779

Average annual rate
1980198988
94

Fourth quarter to fourth quarter
19952001

1998

1999

2000

2001p

Annual rate
2000
Q2

Q3

Q4

2001
Q1

Total industry

3.5

2.2

2.2

5.0

6.5

4.6

4.6

3.2

4.6

4.5

4.6

4.1

.3

Manufacturing

3.7

2.5

2.5

5.6

7.2

5.1

5.0

3.5

5.1

5.0

5.1

4.5

.3

Durable
Nondurable

3.6
3.9

3.1
1.8

3.0
2.0

8.8
2.0

10.2
4.1

8.4
1.3

8.8
.8

6.3
.3

8.8
1.0

8.8
.8

9.2
.5

8.2
.3

.6
.0

.4
4.9

.2
1.2

–.6
1.4

–.2
2.1

–.1
1.1

–1.5
2.4

–.8
3.3

–1.0
3.9

–.5
3.4

–.9
3.3

–1.5
3.3

–1.4
3.5

–.1
.3

11.3

15.9

13.5

40.5

39.5

37.8

47.6

31.3

46.2

49.3

50.9

42.7

2.5

3.3

1.4

1.7

2.5

4.4

2.1

1.3

.7

1.4

1.2

1.0

.8

.1

3.8
3.7

1.6
3.1

3.3
2.1

7.8
4.1

9.4
5.7

4.9
5.2

8.0
3.0

5.5
2.2

7.7
3.2

8.6
2.6

9.5
2.4

8.1
2.3

.5
.2

Mining
Utilities
Selected high-technology industries
Manufacturing ex. selected
high-technology industries

Primary processing
Advanced processing

8

Table 8

GROSS VALUE OF PRODUCTS
Billions of 1996 dollars at annual rate, seasonally adjusted
1996

2000

2000
Q1

Q2

Q3

Q4r

2001
Q1p

2000
Dec.r

2001
Jan.r

Feb.r

Mar.p

2,427.8

2,878.0

2,842.8

2,875.0

2,879.2

2,860.3

2,829.0

2,850.2

2,825.2

2,822.5

2,839.3

1,862.5
1,225.0
303.9
162.6
141.3
921.0

2,216.7
1,342.8
372.3
195.0
177.9
970.6

2,180.0
1,338.6
377.3
198.6
179.1
962.0

2,209.0
1,351.6
382.4
201.7
181.0
970.1

2,217.1
1,347.1
371.5
195.3
176.7
975.3

2,202.4
1,332.9
355.0
181.9
175.0
975.8

2,179.2
1,321.7
344.7
174.1
173.1
973.9

2,198.2
1,332.8
349.5
176.3
175.9
980.4

2,172.8
1,314.9
336.8
167.2
173.0
974.1

2,173.4
1,321.6
342.3
171.8
173.3
975.9

2,191.4
1,328.7
355.0
183.3
173.1
971.8

Equipment, total
Business and defense
Business
Defense and space

637.5
610.2
538.6
71.6

872.7
850.4
788.7
65.9

846.8
823.6
765.5
66.4

863.9
841.2
784.1
65.7

878.9
856.4
800.3
65.3

879.7
859.2
802.2
66.1

866.7
846.5
787.0
67.6

874.9
855.0
796.9
66.8

867.9
848.0
788.7
67.6

860.0
839.7
780.8
67.0

872.2
851.7
791.6
68.2

Intermediate products
Construction supplies
Business supplies
Commercial energy products

565.3
235.0
330.3
85.5

661.3
285.4
375.6
95.8

661.7
286.9
374.4
93.9

664.9
286.6
377.9
97.1

661.2
284.9
375.9
96.8

656.9
281.3
375.2
95.9

648.9
277.3
371.1
95.6

651.2
279.8
371.0
95.9

651.4
278.2
372.7
95.4

648.2
277.3
370.4
95.1

647.2
276.4
370.3
96.2

Item
It

Products, total
Final products
Consumer goods
Durable
Automotive products
Other durable goods
Nondurable

Table 9

DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION
Percent
Item
It

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

One month earlier
1999
2000
2001

53.6
58.7
49.3

56.5
50.4
42.4

55.4
56.5

59.4
51.4

55.1
51.4

50.7
56.2

58.2
54.2

55.8
43.5

48.6
54.0

64.5
43.5

53.3
45.7

59.8
37.9

Three months earlier
1999
2000
2001

52.9
61.2
39.3

56.9
62.0
38.0

56.5
59.8

56.5
56.2

55.8
54.0

58.0
52.9

56.2
49.6

63.4
44.9

58.0
48.9

62.0
43.1

58.3
45.3

62.7
42.4

Six months earlier
1999
2000
2001

59.1
68.1
39.5

53.3
65.9
37.7

56.2
68.1

54.3
64.1

58.0
60.0

59.8
55.4

60.1
49.6

60.1
43.8

61.6
47.5

67.4
44.9

62.7
41.7

62.7
39.5

NOTE. The diffusion indexes are calculated as the percentage of series that increased over the indicated span (one, three, or six months) plus one-half
the percentage that were unchanged.

Table 10

ELECTRIC POWER USE
1992 = 100
Item

1992
billion
kWh

Seasonally adjusted
2000
Sept.

Oct.

Nov.

Not seasonally adjusted

Dec.r

2001
Jan.r

Feb.p

2000
Sept.

Oct.

Nov.

Dec.r

2001
Jan.r

Feb.p

Total manufacturing and mining

933.2

109.1

109.8

109.7

108.2

106.9

106.7

112.7

111.5

109.4

107.1

104.3

103.5

Manufacturing
Durable
Nondurable

853.2
366.0
487.2

109.8
111.3
108.6

110.7
111.4
110.1

110.4
110.3
110.5

109.0
109.9
108.3

107.8
109.5
106.4

107.3
108.8
106.0

113.6
115.1
112.4

112.6
113.0
112.2

110.0
109.3
110.6

107.5
107.4
107.6

104.7
105.6
104.0

103.9
106.2
102.0

80.1

100.1

97.5

99.6

97.5

95.1

98.3

99.8

97.0

100.9

101.1

99.2

98.1

908.9
835.5
97.7

110.1
109.6
102.8

110.2
110.3
102.9

109.9
110.1
104.2

108.8
108.5
103.3

108.9
107.0
105.3

108.4
106.7
104.8

114.3
113.5
100.4

111.8
111.9
105.3

109.2
109.8
103.5

107.1
107.1
106.7

105.8
104.1
108.7

104.8
103.7
99.6

Mining
Total ex. nuclear nondefense
Utility sales to industry
Industrial generation

NOTE. Additional industry detail is available on the Board’s web site, www.federalreserve.gov/releases/g17/download.htm.

9

Table 11

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry
Seasonally adjusted
Year

IP (percent
change)1
1979
1980
1981
1982
1983

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

–.5
.5
–.9
–1.6
2.1

.8
.1
.5
2.2
–.2

.3
.0
.5
–.7
1.0

–.9
–1.9
–.7
–.9
1.3

1.2
–2.5
.8
–.8
1.2

.0
–1.3
.6
–.3
.6

–.7
–.6
.9
–.8
1.8

–.4
1.2
–.4
–.5
1.3

.1
1.5
–.8
–.7
1.7

.4
.7
–.8
–.8
.8

–.5
1.6
–1.4
–.3
–.1

–.2
.5
–1.1
–.8
.5

2.2
.8
1.9
–6.4
6.8

1.1
–15.0
2.2
–5.2
11.9

–2.3
–4.2
4.1
–7.3
17.3

–.3
14.2
–10.5
–7.5
10.3

3.3
–2.8
1.6
–5.4
3.7

1984
1985
1986
1987
1988

2.1
.4
.6
–.6
.1

–.2
.9
–.7
1.2
.3

1.1
.3
–1.0
.4
.0

.5
.2
.8
.4
.6

.6
.2
–.2
.4
.1

.5
–.2
–.3
.9
.1

.2
–.4
.3
.6
.7

.0
.6
.3
.1
.5

–.1
.6
–.1
–.1
–.4

–.5
–.9
.9
1.4
.3

.1
.6
.5
.3
.8

–.4
.7
.9
.6
.5

11.1
3.0
2.0
4.2
3.2

7.2
2.8
–1.7
6.7
3.1

2.6
.3
.7
5.6
3.9

–2.6
1.4
6.5
7.1
3.6

8.9
1.6
1.1
4.6
4.5

1989
1990
1991
1992
1993

.6
–.5
–.5
.1
.4

–.8
.5
–.8
.5
.5

.9
.5
–.9
.9
.2

.2
–.6
.3
.7
.3

–.6
.4
.8
.3
–.5

–.2
.0
1.2
–.2
.3

–1.0
.0
.1
.7
.2

.4
.2
.1
–.3
–.2

–.2
.1
1.0
.4
1.1

–.5
–.6
–.1
.7
.3

.4
–1.3
–.1
.5
.4

.5
–.6
–.6
.0
.8

3.8
2.0
–8.3
1.0
3.8

.5
.6
1.5
6.5
1.5

–4.4
1.0
6.2
2.4
1.9

–.1
–5.8
1.1
5.0
6.2

1.8
–.2
–2.0
3.1
3.5

1994
1995
1996
1997
1998

.2
.6
–.2
.5
.4

.3
–.1
1.1
1.0
.0

.8
.2
–.1
.2
.3

.5
–.2
1.1
.6
.5

.8
.4
.8
.3
.4

.4
.4
.8
.6
–.7

.6
–.4
.0
.7
–.1

.3
1.3
.6
.9
2.1

.1
.6
.5
.6
–.3

.5
–.4
.0
.6
.5

.7
.3
1.0
.6
–.4

1.0
.1
.4
.3
.1

5.5
6.0
2.8
7.6
3.6

7.7
1.1
9.2
6.1
3.0

5.8
4.4
5.4
7.9
3.4

6.3
2.9
5.3
7.3
2.9

5.4
4.8
4.6
6.8
4.9

1999
2000
2001

.6
.5
–.6

.3
.5
–.4

.7
.7
.4

.1
.7

.7
.7

.2
.5

.8
–.2

.4
.7

.1
.2

.8
–.2

.3
–.3

.7
–.6

3.9
6.7
–4.7

4.9
7.9

5.8
3.5

5.7
–.9

4.2
5.6

IP (1992=100)
1999
2000
2001

135.9
143.6
146.4

136.3
144.3
145.9

137.3
145.2
146.5

137.4
146.3

138.4
147.2

138.6
147.9

139.7
147.6

140.3
148.6

140.4
149.0

141.5
148.7

141.9
148.2

142.8
147.3

136.5
144.4
146.3

138.1
147.1

140.1
148.4

142.1
148.1

139.6
147.5

Capacity
(percent of
1992 output)
1999
2000
2001

167.9
175.4
183.4

168.6
176.1
183.9

169.2
176.7
184.4

169.9
177.4

170.5
178.1

171.1
178.7

171.7
179.4

172.3
180.1

172.9
180.7

173.5
181.4

174.1
182.1

174.8
182.8

168.6
176.1
183.9

170.5
178.1

172.3
180.1

174.1
182.1

171.4
179.1

Utilization
(percent)
1979
1980
1981
1982
1983

86.7
84.7
81.2
76.3
72.5

87.1
84.6
81.4
77.8
72.3

87.1
84.4
81.6
77.1
72.9

86.1
82.6
80.9
76.2
73.7

86.9
80.4
81.4
75.4
74.5

86.7
79.2
81.8
75.0
74.8

85.9
78.5
82.3
74.2
76.1

85.4
79.3
81.8
73.7
77.0

85.3
80.3
80.9
73.0
78.2

85.5
80.7
80.1
72.2
78.7

84.9
81.8
78.8
71.9
78.6

84.5
82.1
77.7
71.1
78.9

87.0
84.6
81.4
77.1
72.6

86.6
80.7
81.4
75.6
74.4

85.5
79.4
81.7
73.6
77.1

85.0
81.5
78.9
71.7
78.7

86.0
81.5
80.8
74.5
75.7

1984
1985
1986
1987
1988

80.4
79.9
79.8
79.1
83.2

80.1
80.4
79.2
80.0
83.4

80.8
80.4
78.2
80.2
83.3

81.0
80.3
78.7
80.5
83.7

81.3
80.3
78.4
80.7
83.7

81.5
79.9
78.1
81.4
83.6

81.5
79.4
78.2
81.8
84.1

81.3
79.6
78.3
81.8
84.5

81.0
79.9
78.2
81.6
84.1

80.5
79.0
78.8
82.6
84.2

80.4
79.2
79.1
82.8
84.8

79.8
79.5
79.7
83.2
85.1

80.4
80.2
79.1
79.8
83.3

81.3
80.2
78.4
80.8
83.7

81.3
79.6
78.2
81.7
84.2

80.2
79.2
79.2
82.9
84.7

80.8
79.8
78.7
81.3
84.0

1989
1990
1991
1992
1993

85.4
82.7
79.6
79.1
81.0

84.6
83.0
78.9
79.4
81.3

85.3
83.3
78.1
79.9
81.3

85.3
82.7
78.2
80.4
81.4

84.7
82.9
78.7
80.4
80.9

84.4
82.7
79.6
80.1
80.9

83.4
82.6
79.5
80.5
81.0

83.6
82.6
79.5
80.2
80.7

83.3
82.6
80.2
80.3
81.4

82.8
82.0
80.0
80.8
81.5

83.0
80.8
79.8
81.0
81.6

83.2
80.2
79.2
80.9
82.1

85.1
83.0
78.9
79.5
81.2

84.8
82.8
78.8
80.3
81.1

83.4
82.6
79.7
80.3
81.0

83.0
81.0
79.6
80.9
81.7

84.1
82.3
79.3
80.2
81.3

1994
1995
1996
1997
1998

82.1
84.4
81.9
83.0
83.5

82.1
84.0
82.4
83.5
83.1

82.5
83.8
82.0
83.3
82.9

82.7
83.3
82.5
83.4
82.8

83.2
83.3
82.8
83.3
82.7

83.3
83.2
83.1
83.3
81.6

83.5
82.5
82.7
83.5
81.1

83.5
83.3
82.8
83.8
82.4

83.3
83.4
82.9
83.8
81.8

83.5
82.8
82.5
83.9
81.8

83.7
82.7
83.0
83.9
81.1

84.3
82.4
83.0
83.7
80.8

82.2
84.1
82.1
83.3
83.2

83.1
83.3
82.8
83.3
82.4

83.4
83.1
82.8
83.7
81.8

83.8
82.6
82.8
83.8
81.2

83.1
83.3
82.6
83.5
82.1

1999
2000
2001

81.0
81.9
79.9

80.9
82.0
79.3

81.1
82.2
79.4

80.9
82.5

81.2
82.7

81.0
82.7

81.3
82.3

81.4
82.6

81.2
82.4

81.5
82.0

81.5
81.4

81.7
80.6

81.0
82.0
79.5

81.0
82.6

81.3
82.4

81.6
81.3

81.2
82.1

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

10

Table 12

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing
Seasonally adjusted
Year

IP (percent
change)
1979
1980
1981
1982
1983

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

–.3
.2
–.6
–2.0
2.5

.7
.3
.6
2.9
.4

.4
–.4
.3
–.7
1.4

–1.5
–2.1
.2
–.9
1.1

1.5
–3.1
.7
–.4
1.4

.1
–1.5
–.1
.0
.8

–.5
–.7
.6
–.8
1.5

–.9
1.7
–.8
–.5
1.1

.0
1.5
–.8
–.5
2.2

.5
1.1
–1.1
–1.2
.6

–.7
1.7
–1.6
–.3
.3

–.1
.3
–1.6
–.7
–.1

3.4
–.4
2.5
–7.6
11.5

.3
–17.7
4.2
–2.7
14.7

–2.4
–4.7
–.1
–5.6
17.1

–1.5
16.8
–13.1
–8.0
11.2

3.6
–3.9
1.6
–5.9
5.7

1984
1985
1986
1987
1988

2.5
.1
1.5
–.8
–.2

.6
.6
–.5
1.6
.4

.7
.7
–.9
.2
–.1

.5
.2
1.4
.5
1.0

.4
.5
–.1
.3
–.1

.7
–.3
–.3
1.0
.0

.3
–.4
.3
.7
.7

.1
.9
.6
–.2
.3

–.2
.4
.0
.1
.2

.0
–.8
.8
1.3
.2

.1
1.1
.4
.5
.9

–.3
–.1
1.2
.6
.6

13.2
2.1
4.5
5.0
2.3

6.6
4.2
1.7
7.0
4.1

3.4
1.1
1.7
5.5
3.7

–.4
1.6
6.7
7.6
5.2

9.9
2.3
2.8
5.3
4.7

1989
1990
1991
1992
1993

.9
–.2
–.9
.3
.7

–1.2
.9
–.7
.6
.3

.8
.3
–1.1
1.0
.2

.1
–.8
.3
.6
.5

–.7
.4
.7
.4
–.4

.0
–.1
1.4
–.1
.0

–1.1
.0
.2
.7
.2

.3
.3
.2
–.2
–.2

–.3
–.1
1.1
.3
1.3

–.6
–.6
–.1
.7
.2

.4
–1.3
–.2
.5
.5

.1
–.6
–.5
–.1
.9

4.3
2.9
–9.7
2.4
4.4

–.7
–.1
1.2
7.3
2.0

–4.5
.8
7.8
3.0
1.5

–1.4
–6.3
1.7
4.5
6.6

1.9
–.5
–2.4
4.0
3.7

1994
1995
1996
1997
1998

.0
.6
–.2
.5
.6

.4
–.2
1.0
1.2
.0

1.0
.3
–.2
.4
.2

.8
–.3
1.3
.5
.6

.9
.2
.9
.3
.3

.2
.5
.9
.8
–.8

.8
–.6
.2
.6
–.1

.5
1.3
.6
1.1
2.3

.2
.9
.6
.5
–.2

.6
–.3
.0
.6
.7

.9
.2
1.0
.7
–.2

1.0
.1
.6
.4
.2

5.6
6.5
2.3
8.5
4.8

9.4
.7
10.1
6.7
2.8

6.6
3.9
7.1
9.0
3.9

7.6
3.6
5.7
7.7
4.7

6.0
5.3
4.9
7.8
5.6

1999
2000
2001

.5
.6
–.5

.5
.4
–.3

.5
.9
.3

.2
.6

.8
.6

.2
.4

.6
–.1

.6
.6

.1
.3

.9
–.1

.5
–.5

.6
–1.0

4.1
7.1
–5.6

5.4
8.0

6.0
3.7

6.8
–1.6

4.8
6.1

IP (1992=100)
1999
2000
2001

140.5
149.2
151.8

141.2
149.9
151.3

141.9
151.3
151.8

142.2
152.2

143.4
153.1

143.6
153.8

144.5
153.7

145.3
154.6

145.6
155.1

146.8
154.9

147.5
154.1

148.4
152.6

141.2
150.1
151.6

143.1
153.0

145.1
154.4

147.6
153.8

144.8
153.6

Capacity
(percent of
1992 output)
1999
2000
2001

175.3
183.8
193.0

176.0
184.6
193.7

176.8
185.3
194.3

177.5
186.1

178.3
186.9

179.0
187.6

179.7
188.4

180.3
189.1

181.0
189.9

181.7
190.7

182.4
191.5

183.1
192.3

176.0
184.6
193.6

178.3
186.9

180.3
189.2

182.4
191.5

179.3
188.0

Utilization
(percent)
1979
1980
1981
1982
1983

86.4
83.3
79.0
72.6
70.6

86.7
83.3
79.2
74.6
70.8

86.9
82.7
79.3
73.9
71.8

85.3
80.8
79.3
73.1
72.5

86.4
78.1
79.6
72.7
73.4

86.3
76.7
79.3
72.6
73.9

85.6
75.9
79.6
71.8
74.8

84.5
77.0
78.8
71.4
75.6

84.3
77.9
78.0
70.9
77.2

84.5
78.6
77.0
69.9
77.6

83.6
79.7
75.6
69.6
77.7

83.3
79.7
74.2
69.0
77.5

86.7
83.1
79.2
73.7
71.1

86.0
78.5
79.4
72.8
73.2

84.8
76.9
78.8
71.4
75.9

83.8
79.3
75.6
69.5
77.6

85.3
79.5
78.3
71.8
74.4

1984
1985
1986
1987
1988

79.3
78.9
79.1
79.1
82.9

79.5
79.1
78.6
80.2
83.1

79.8
79.3
77.8
80.3
82.9

80.0
79.2
78.7
80.6
83.7

80.1
79.4
78.5
80.7
83.5

80.3
78.9
78.1
81.4
83.4

80.4
78.3
78.2
81.8
83.8

80.2
78.8
78.6
81.5
84.0

79.8
78.8
78.4
81.5
84.0

79.6
77.9
78.9
82.5
84.1

79.5
78.5
79.1
82.8
84.8

79.0
78.2
79.9
83.1
85.1

79.5
79.1
78.5
79.9
83.0

80.1
79.2
78.5
80.9
83.5

80.1
78.6
78.4
81.6
83.9

79.4
78.2
79.3
82.8
84.7

79.8
78.8
78.7
81.3
83.8

1989
1990
1991
1992
1993

85.7
81.8
78.2
78.1
80.4

84.5
82.5
77.5
78.5
80.4

85.0
82.6
76.6
79.1
80.4

85.0
81.8
76.8
79.5
80.7

84.2
82.0
77.1
79.6
80.2

84.1
81.8
78.1
79.4
80.1

83.0
81.6
78.2
79.8
80.1

83.1
81.7
78.2
79.5
79.7

82.7
81.5
79.0
79.6
80.6

82.1
80.9
78.9
79.9
80.6

82.2
79.7
78.6
80.2
80.7

82.1
79.0
78.1
79.9
81.3

85.1
82.3
77.5
78.6
80.4

84.4
81.9
77.3
79.5
80.3

82.9
81.6
78.5
79.6
80.1

82.1
79.9
78.5
80.0
80.9

83.6
81.4
77.9
79.4
80.4

1994
1995
1996
1997
1998

81.1
84.0
80.9
82.1
82.9

81.1
83.5
81.3
82.6
82.4

81.7
83.3
80.7
82.5
82.0

82.1
82.7
81.4
82.5
82.0

82.6
82.5
81.7
82.3
81.8

82.5
82.6
82.0
82.5
80.6

82.8
81.7
81.8
82.6
80.1

82.9
82.3
81.9
83.1
81.5

82.8
82.7
82.0
83.0
80.9

83.0
82.0
81.6
83.0
81.0

83.3
81.7
82.0
83.1
80.4

83.8
81.4
82.1
82.9
80.2

81.3
83.6
81.0
82.4
82.4

82.4
82.6
81.7
82.5
81.5

82.8
82.2
81.9
82.9
80.8

83.4
81.7
81.9
83.0
80.5

82.5
82.5
81.6
82.7
81.3

1999
2000
2001

80.2
81.2
78.6

80.2
81.2
78.2

80.3
81.6
78.1

80.1
81.8

80.4
81.9

80.2
82.0

80.4
81.6

80.6
81.7

80.4
81.7

80.8
81.2

80.9
80.5

81.0
79.3

80.2
81.3
78.3

80.3
81.9

80.5
81.7

80.9
80.3

80.5
81.3

NOTE. See note to table 11.

11

Table 13

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry Excluding Selected
High-Technology Industries
Seasonally adjusted
Year

IP (percent
change)
1979
1980
1981
1982
1983

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

–.7
.3
–.9
–1.6
2.5

.8
.0
.4
2.0
–.4

.2
–.1
.4
–.8
.8

–1.1
–2.2
–.8
–.9
1.2

1.1
–2.7
.8
–.9
1.2

–.1
–1.3
.5
–.4
.4

–.8
–.8
.9
–1.0
1.8

–.5
1.2
–.5
–.4
1.4

.0
1.6
–1.0
–1.0
1.6

.3
.6
–.8
–1.0
.6

–.6
1.6
–1.6
–.3
–.2

–.3
.5
–1.4
–1.2
.5

.9
–.7
1.3
–7.7
6.9

–.1
–16.6
1.1
–5.8
10.6

–3.5
–4.9
3.2
–8.2
16.8

–1.4
13.8
–11.8
–9.1
8.7

2.2
–4.0
.8
–6.5
2.8

1984
1985
1986
1987
1988

1.9
.3
.7
–.8
.1

–.3
.9
–.8
1.2
.2

1.0
.2
–1.1
.3
.1

.4
.1
.8
.4
.4

.4
.2
–.3
.5
–.2

.3
–.1
–.2
.8
.1

.1
–.5
.0
.5
.6

–.1
.6
.2
.1
.5

–.2
.7
–.2
–.2
–.3

–.5
–.8
1.0
1.3
.4

.0
.3
.4
.3
.6

–.5
.7
1.0
.5
.5

9.7
2.3
1.7
3.5
2.8

5.3
2.5
–1.8
6.8
1.8

1.0
.5
–.6
5.0
3.3

–3.5
1.0
6.3
6.5
3.5

7.5
.9
.8
4.2
3.9

1989
1990
1991
1992
1993

.5
–.4
–.5
–.2
.4

–.7
.5
–.9
.4
.5

.9
.5
–1.0
.8
.1

.1
–.5
.4
.7
.3

–.7
.3
.8
.2
–.6

–.3
–.1
1.2
–.4
.2

–.9
.0
.1
.6
.2

.4
.1
.0
–.4
–.2

–.3
.2
1.0
.3
1.0

–.3
–.6
–.2
.6
.2

.2
–1.4
–.2
.4
.4

.3
–.7
–.7
.0
.7

3.5
1.7
–8.8
–.6
3.7

–.3
.6
1.4
5.7
.8

–4.8
.7
6.1
1.3
1.2

–.4
–6.4
.4
3.9
5.0

1.4
–.5
–2.4
2.2
2.8

1994
1995
1996
1997
1998

.1
.3
–.3
.3
.1

.3
–.3
.9
.8
–.2

.6
–.1
–.3
–.1
.3

.3
–.4
1.0
.4
.4

.7
.2
.6
.1
.3

.3
.3
.6
.3
–1.1

.4
–.6
–.3
.4
–.5

.2
1.1
.3
.8
2.0

.0
.3
.2
.5
–.6

.4
–.7
–.4
.6
.2

.6
.1
.8
.4
–.6

.8
–.1
.2
.1
–.2

4.5
2.9
.7
5.2
1.0

5.6
–1.3
7.0
3.0
1.8

4.0
2.2
2.2
5.4
–.1

4.2
–.5
2.0
6.4
.0

4.1
2.4
2.0
4.1
2.7

1999
2000
2001

.4
.1
–.6

.0
.1
–.4

.5
.2
.3

–.3
.3

.5
.3

–.1
.0

.4
–.7

.3
.5

.0
.0

.6
–.4

.0
–.5

.3
–.8

.9
1.7
–5.7

1.4
2.9

2.9
–.9

3.4
–3.4

1.2
1.8

IP (1992=100)
1999
2000
2001

119.3
122.2
120.3

119.4
122.3
119.8

119.9
122.6
120.2

119.6
123.0

120.2
123.4

120.1
123.4

120.6
122.5

120.9
123.2

120.9
123.2

121.7
122.6

121.7
122.0

122.1
121.1

119.5
122.4
120.1

119.9
123.2

120.8
122.9

121.8
121.9

120.5
122.6

Capacity
(percent of
1992 output)
1999
2000
2001

147.1
149.6
151.4

147.3
149.8
151.5

147.6
150.0
151.6

147.8
150.2

148.1
150.3

148.3
150.5

148.5
150.7

148.7
150.8

148.9
150.9

149.1
151.0

149.3
151.2

149.5
151.3

147.3
149.8
151.5

148.1
150.3

148.7
150.8

149.3
151.2

148.3
150.5

Utilization
(percent)
1979
1980
1981
1982
1983

86.6
84.4
81.0
76.0
72.3

87.1
84.3
81.2
77.4
72.0

87.1
84.1
81.5
76.7
72.6

86.1
82.1
80.7
75.9
73.4

86.8
79.8
81.3
75.1
74.2

86.6
78.7
81.6
74.7
74.5

85.8
78.0
82.2
73.9
75.8

85.2
78.8
81.6
73.5
76.8

85.1
80.0
80.7
72.6
78.0

85.3
80.4
79.9
71.8
78.4

84.7
81.6
78.5
71.5
78.2

84.3
81.8
77.3
70.5
78.6

86.9
84.3
81.2
76.7
72.3

86.5
80.2
81.2
75.2
74.0

85.4
78.9
81.5
73.3
76.9

84.7
81.3
78.6
71.3
78.4

85.9
81.2
80.6
74.1
75.4

1984
1985
1986
1987
1988

80.0
79.5
80.1
79.4
83.6

79.7
80.0
79.4
80.2
83.7

80.4
80.1
78.5
80.5
83.7

80.6
80.0
79.0
80.8
84.0

80.8
80.0
78.7
81.1
83.8

81.0
79.8
78.5
81.7
83.9

80.9
79.3
78.4
82.1
84.3

80.7
79.6
78.5
82.2
84.6

80.5
80.0
78.3
81.9
84.3

80.0
79.1
79.0
83.0
84.6

79.9
79.2
79.3
83.2
85.0

79.3
79.6
80.0
83.5
85.3

80.1
79.9
79.3
80.0
83.7

80.8
79.9
78.7
81.2
83.9

80.7
79.6
78.4
82.1
84.4

79.7
79.3
79.4
83.2
85.0

80.3
79.7
79.0
81.6
84.2

1989
1990
1991
1992
1993

85.7
83.0
80.0
79.3
81.2

85.0
83.3
79.2
79.5
81.5

85.6
83.7
78.4
80.1
81.5

85.6
83.1
78.6
80.6
81.6

84.9
83.3
79.1
80.6
81.0

84.6
83.1
80.0
80.2
81.1

83.6
83.0
80.0
80.7
81.2

83.9
83.0
79.9
80.3
80.9

83.5
83.0
80.6
80.4
81.6

83.2
82.4
80.4
80.8
81.6

83.3
81.1
80.2
81.0
81.8

83.4
80.5
79.5
81.0
82.2

85.4
83.3
79.2
79.7
81.4

85.0
83.2
79.2
80.5
81.2

83.7
83.0
80.2
80.4
81.2

83.3
81.4
80.0
80.9
81.9

84.4
82.7
79.7
80.4
81.4

1994
1995
1996
1997
1998

82.2
84.2
81.8
83.1
83.8

82.3
83.8
82.4
83.6
83.3

82.7
83.5
81.9
83.3
83.3

82.7
83.0
82.6
83.4
83.3

83.2
83.0
82.9
83.3
83.3

83.3
83.1
83.3
83.3
82.1

83.5
82.5
82.8
83.4
81.4

83.5
83.2
82.9
83.8
82.8

83.3
83.3
82.9
83.9
82.1

83.4
82.5
82.5
84.2
82.0

83.7
82.4
83.0
84.2
81.3

84.2
82.2
83.0
84.0
81.0

82.4
83.8
82.0
83.3
83.5

83.1
83.0
82.9
83.3
82.9

83.4
83.0
82.9
83.7
82.1

83.7
82.4
82.8
84.2
81.4

83.1
83.1
82.7
83.6
82.5

1999
2000
2001

81.1
81.6
79.5

81.0
81.6
79.1

81.2
81.7
79.3

80.9
81.9

81.2
82.1

81.0
82.0

81.2
81.3

81.3
81.7

81.2
81.6

81.7
81.2

81.5
80.7

81.7
80.0

81.1
81.7
79.3

81.0
82.0

81.3
81.5

81.6
80.6

81.3
81.5

NOTE. Excluded industries are computers, communications equipment, and semiconductors and related electronic components. See also note to table 11.

12

Table 14

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing 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)
1979
1980
1981
1982
1983

–.7
.0
–.6
–2.1
3.1

.7
.1
.4
2.7
.3

.3
–.6
.2
–.8
1.3

–1.7
–2.4
.1
–.9
1.0

1.4
–3.4
.7
–.5
1.4

.0
–1.5
–.3
–.1
.6

–.6
–.9
.5
–1.0
1.5

–1.1
1.7
–.9
–.3
1.1

–.1
1.6
–1.1
–.9
2.1

.4
1.0
–1.2
–1.4
.4

–.9
1.7
–1.8
–.4
.1

–.2
.2
–2.0
–1.1
–.1

1.9
–2.3
1.8
–9.4
12.1

–1.2
–19.9
2.8
–3.4
13.2

–3.8
–5.6
–1.7
–6.7
16.3

–2.9
16.5
–15.0
–10.2
9.1

2.2
–5.4
.5
–7.4
4.7

1984
1985
1986
1987
1988

2.3
.0
1.6
–1.0
–.2

.4
.6
–.6
1.6
.2

.6
.6
–1.0
.1
.1

.3
.1
1.5
.6
.8

.1
.5
–.2
.4
–.4

.5
–.1
–.1
.9
.0

.2
–.5
–.1
.6
.6

–.1
.9
.6
–.2
.1

–.3
.4
–.1
.0
.3

.0
–.8
.9
1.3
.4

.0
.8
.3
.5
.8

–.4
–.1
1.3
.5
.5

11.6
1.2
4.4
4.1
1.8

4.0
4.0
1.9
7.1
2.6

1.4
1.4
.3
4.8
2.9

–1.3
1.1
6.6
6.9
5.3

8.1
1.5
2.5
4.8
4.0

1989
1990
1991
1992
1993

.9
–.1
–.8
.0
.8

–1.1
.9
–.8
.5
.3

.8
.4
–1.2
1.0
.1

.0
–.7
.4
.6
.5

–.7
.4
.7
.3
–.5

–.1
–.2
1.5
–.2
.0

–1.0
.1
.2
.6
.2

.3
.2
.1
–.3
–.4

–.3
.0
1.2
.2
1.2

–.4
–.7
–.2
.5
.1

.2
–1.4
–.3
.5
.4

–.1
–.7
–.6
–.1
.8

4.1
2.7
–10.3
.6
4.3

–1.7
–.1
1.0
6.3
1.3

–5.0
.4
7.8
1.7
.6

–1.8
–7.1
1.0
3.1
5.2

1.4
–.9
–2.8
2.9
2.9

1994
1995
1996
1997
1998

.0
.3
–.3
.3
.3

.4
–.5
.8
.9
–.2

.8
–.1
–.5
.0
.2

.5
–.5
1.2
.3
.6

.8
.1
.7
.0
.2

.0
.3
.7
.5
–1.2

.6
–.8
–.1
.4
–.5

.3
1.0
.2
.9
2.2

.1
.6
.3
.4
–.6

.4
–.7
–.4
.6
.4

.7
–.1
.8
.5
–.5

.8
–.1
.4
.1
–.1

4.5
2.9
–.2
5.8
2.0

7.1
–2.0
7.6
3.2
1.4

4.5
1.3
3.6
6.2
.0

5.2
–.3
2.0
6.7
1.6

4.5
2.4
1.9
4.7
3.2

1999
2000
2001

.2
.1
–.5

.2
.0
–.4

.2
.5
.2

–.2
.1

.6
.2

–.1
.0

.3
–.7

.4
.3

.1
.1

.7
–.4

.2
–.8

.2
–1.2

.7
1.5
–6.8

1.4
2.4

2.7
–1.4

4.4
–4.5

1.5
1.7

IP (1992=100)
1999
2000
2001

121.2
124.3
121.4

121.5
124.3
121.0

121.7
124.9
121.3

121.5
125.1

122.2
125.4

122.0
125.3

122.4
124.5

122.9
124.9

123.0
125.0

123.9
124.6

124.1
123.6

124.3
122.1

121.5
124.5
121.2

121.9
125.2

122.7
124.8

124.1
123.4

122.5
124.5

Capacity
(percent of
1992 output)
1999
2000
2001

151.0
153.7
155.5

151.3
153.9
155.6

151.6
154.1
155.7

151.8
154.3

152.1
154.4

152.3
154.6

152.5
154.8

152.7
154.9

153.0
155.0

153.2
155.2

153.4
155.3

153.5
155.4

151.3
153.9
155.6

152.1
154.4

152.7
154.9

153.4
155.3

152.4
154.6

Utilization
(percent)
1979
1980
1981
1982
1983

86.3
82.8
78.6
71.9
70.1

86.7
82.8
78.8
73.8
70.3

86.8
82.2
78.9
73.2
71.2

85.2
80.1
78.8
72.5
71.9

86.2
77.2
79.3
72.0
72.9

86.0
75.9
78.9
71.9
73.3

85.4
75.1
79.2
71.1
74.4

84.2
76.3
78.4
70.9
75.2

84.0
77.4
77.5
70.2
76.8

84.2
78.0
76.5
69.2
77.0

83.3
79.2
75.0
68.8
77.1

83.0
79.2
73.4
68.0
77.0

86.6
82.6
78.8
72.9
70.5

85.8
77.8
79.0
72.1
72.7

84.5
76.3
78.4
70.7
75.5

83.5
78.8
75.0
68.7
77.1

85.1
78.8
77.8
71.1
73.9

1984
1985
1986
1987
1988

78.7
78.2
79.4
79.3
83.3

79.0
78.5
78.8
80.5
83.5

79.3
78.8
78.0
80.5
83.4

79.4
78.7
79.0
80.9
84.0

79.3
78.9
78.8
81.1
83.6

79.6
78.7
78.6
81.8
83.6

79.6
78.1
78.4
82.2
84.1

79.4
78.7
78.8
82.0
84.1

79.0
78.8
78.6
81.9
84.3

78.9
78.0
79.2
82.9
84.5

78.8
78.5
79.3
83.2
85.1

78.4
78.2
80.2
83.6
85.4

79.0
78.5
78.7
80.1
83.4

79.4
78.8
78.8
81.3
83.8

79.3
78.5
78.6
82.0
84.2

78.7
78.2
79.6
83.2
85.0

79.1
78.5
78.9
81.7
84.1

1989
1990
1991
1992
1993

86.1
82.1
78.5
78.3
80.4

85.0
82.8
77.8
78.6
80.5

85.5
83.0
76.8
79.3
80.5

85.3
82.3
77.0
79.7
80.9

84.5
82.4
77.5
79.8
80.3

84.3
82.1
78.5
79.5
80.2

83.2
82.1
78.6
79.9
80.3

83.4
82.1
78.6
79.6
79.9

82.9
81.9
79.5
79.6
80.7

82.5
81.3
79.3
79.9
80.6

82.5
80.0
78.9
80.1
80.8

82.3
79.3
78.4
79.9
81.3

85.5
82.6
77.7
78.7
80.5

84.7
82.3
77.7
79.7
80.5

83.2
82.0
78.9
79.7
80.3

82.4
80.2
78.9
80.0
80.9

83.9
81.8
78.3
79.5
80.5

1994
1995
1996
1997
1998

81.2
83.8
80.7
82.1
83.1

81.3
83.2
81.1
82.6
82.6

81.8
82.9
80.6
82.4
82.4

82.1
82.4
81.3
82.4
82.5

82.6
82.2
81.7
82.2
82.4

82.4
82.3
82.1
82.4
81.1

82.7
81.5
81.9
82.5
80.4

82.8
82.1
81.9
83.0
81.8

82.7
82.5
81.9
83.1
81.1

82.8
81.7
81.4
83.3
81.2

83.2
81.4
81.9
83.4
80.6

83.7
81.1
82.0
83.1
80.3

81.4
83.3
80.8
82.4
82.7

82.3
82.3
81.7
82.4
82.0

82.7
82.0
81.9
82.8
81.1

83.2
81.4
81.8
83.3
80.7

82.4
82.3
81.6
82.7
81.6

1999
2000
2001

80.3
80.9
78.1

80.3
80.8
77.8

80.3
81.0
77.9

80.0
81.1

80.4
81.2

80.1
81.0

80.2
80.4

80.4
80.6

80.4
80.6

80.9
80.3

80.9
79.6

80.9
78.5

80.3
80.9
77.9

80.2
81.1

80.4
80.6

80.9
79.5

80.4
80.5

NOTE. See note to table 13.

13

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 1992. For the period since 1997, the total
IP index has been constructed from 276 individual series based on the
1987 Standard Industrial Classification (SIC) 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 intermediate products (which are inputs to nonindustrial
sectors). Materials are inputs in the manufacture of products. Major
industry groups include two-digit SIC 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 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 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

14

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 an annually weighted
chain-type index since 1977. Between 1977 and 1992, the weights for
months from January to June were drawn from the year containing the
month being estimated and the preceding year; for months from July to
December, the weights are drawn from the current and following year.
Since mid 1992, the weights change monthly, eliminating distortions in
the contributions of several high-technology industries—sectors where
weights shift noticeably year-to-year. Thus, the current formula for the
growth in monthly IP (or any of the sub-aggregates) since mid 1992 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
+
A
I
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 48 percent of the source data (in value-added
terms) are available; the fraction of available source data increases to about
85 percent for estimates in the second month that the estimate is published,
96 percent in the third month, and 97 percent in the fourth month. Data
availability by data type is summarized in the table below:
Proportion (in percent) of industrial production covered by data
available in successive monthly estimates, 1999.
Month of estimate
Type of data

1st

2nd

3rd

4th

Physical product

191

33

462

47

Production-worker
hours

283

28

28

28

Electric power use

0

22

22

22

Federal Reserve
estimates4

53

17

3

35

Total industrial
production

100

100

100

100

1. Includes provisional series totaling nearly 13 percent of IP that are
derived from weekly data and for which the actual data may lag several
months.
2. Includes quarterly data totaling 6 percent of IP that, on average, are
received for the third estimate of industrial production. Specifically, 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.
3. This figure refers only to those individual series that both initially and
ultimately are based on the hours data.
4. Estimates for series not yet covered by data for physical product or
electric power use.

5. Includes monthly and quarterly physical product data totaling 3
percent of IP that typically are available too late for inclusion in the
current index but are included at the time of an annual revision.
Until the source data for a particular series become available for a given
month, estimates for the missing observations are based on other available
data, such as labor input, recent trends in output and orders, and anecdotal
reports from industry sources. After the fourth month that an estimate is
published, indexes are not revised further until the time of an annual
revision or a benchmark revision. These historical revisions are typically
published in the late fall of each year; the most recent revision was
published on December 5, 2000, and incorporated revised source data as
well as data from the 1998 Annual Survey of Manufactures and the 1997
Census of Manufactures.
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 October 2000;
for other series, the factors were estimated with data through at least June
2000. Series are pre-adjusted for the effects of holidays or the business
cycle when appropriate. For the data since 1977, 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 1987–99 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 1987–99 period. In most cases (about 83
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 78 detailed industries (55
in manufacturing, 21 in mining, and 2 in utilities), which mostly
correspond to industries at the two- and three-digit SIC level. Estimates of
capacity and utilization are available for a variety of groups, including
primary and advanced processing industries within manufacturing,
durable and nondurable manufacturing, total manufacturing, mining,
utilities, and total industry. Also, special aggregates are available, such as
high-tech industries and manufacturing excluding high-tech industries.
Component industries of the primary- and advanced-processing groups
within manufacturing are listed in the note on table 2 of the release.
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 15 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 more than 80 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

15

construct the capacity indexes is available on the Board’s web site
(www.federalreserve.gov/releases/G17/cap_notes.html).
Aggregation Methodology. Monthly capacity aggregates are calculated
in three steps: (1) utilization aggregates are calculated on an annual basis
through the most recent full year as capacity-weighted aggregates of
individual utilization rates; (2) the annual aggregate capacity is derived
from the corresponding production and utilization aggregates; (3) the
monthly capacity aggregate is obtained by interpolating with a Fisher
index of its constituent monthly capacity series. Utilization rates for the
individual series and aggregates are calculated by dividing the pertinent
monthly production index by the related capacity index.
Consistency. A major aim is that the Federal Reserve utilization rates be
consistent over time so that, for example, a rate of 85 percent means about
the same degree of tightness that it meant in the past. A major task for the
Federal Reserve in developing reasonable and consistent time series of
capacity and utilization is dealing with inconsistencies between the
movements of the industrial production index and the survey-based
utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was
the primary source of manufacturing utilization rates for many years. This
was a survey of large companies that reported, on average, higher
utilization rates than those reported by establishments covered by the SPC
(currently the primary source of factory operating rates) for the fourteen
years they overlapped. Adjustments have been made to keep the industry
utilization rates currently reported by the Federal Reserve roughly in line
with rates formerly reported by McGraw-Hill. As a consequence, the rates
reported by the Federal Reserve tend to be higher than the rates reported in
the SPC.
Perspective. Over the 1967–1999 period, the average total industry
utilization rate is 82.0 percent; for manufacturing, the average factory
operating rate has been 81.1 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 6 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 3-digit SIC level for mining and manufacturing.
Aggregates for 2-digit industries, as well as for total mining, durable,
nondurable, total manufacturing and total industrial electric power use, are
computed. An aggregate showing total industry excluding nuclear
nondefense is shown separately because the value-added proportion for
the nondefense nuclear material series (part of SIC 2819) 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 2- and 3-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 1998 Annual
Survey of Manufactures (the most recent available) suggests the Federal
Reserve data cover about 75 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 3-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 3-digit SIC
industry levels and above. Where reports are late or unavailable for some
reason, responses are estimated.
Seasonal Adjustment. Series are seasonal adjusted at the 3-digit SIC
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.
Description of Tables.
Table 1 summarizes the latest changes in output for the major market and
industry groupings. Fourth-quarter to fourth-quarter changes for the past
three years are shown. Output changes expressed at an annual rate for the
past four quarters as well as monthly changes for the latest four months are
shown. In addition, year-over-year changes are displayed for the latest IP
month.
Table 2, which is in the same format as table 1, summarizes the latest
changes in output for a special group of aggregates that have been
constructed for analytical purposes. The total index is sub-divided into
two broad categories: an energy grouping, which includes consumer
energy products, commercial energy products, energy materials, and oil
and gas well drilling, and a nonenergy grouping, which includes the
remaining portion of the total index. Within the nonenergy aggregate,
several other analytically useful categories are shown. One of these is a
grouping of high-technology industries, which is composed of
semiconductors and related electronic components, and industries that use
a large concentration of these parts—computers and communication
equipment. Other sub-groupings of the market and industry structures
excluding this high-technology grouping and motor vehicles and parts are
shown.
Table 3 displays the last nine months of motor vehicle assemblies, shown
at seasonally adjusted annual rates. Seasonal factors for auto, light truck,
and medium and heavy truck production are available on the Board’s web
site (www.federalreserve.gov/releases/G17/mvsf.html). Monthly
changes in the IP indexes for the corresponding motor vehicle series will
differ slightly from the monthly changes in assemblies, mainly because the
IP indexes are built from a weighted (based on relative values) aggregate
of the individual models.
Tables 4 and 5 show seasonally adjusted indexes for recent months for
the major market and industry groups included on table 1 and the special
aggregates displayed on table 2.
Table 6 summarizes the capacity utilization for the major industry
groupings as well as for a few special aggregates. In addition to the
utilization rates for the most recent four months and four quarters, the
1967–1999 average of utilization rates and operating rates for relevant
cyclical peaks and troughs also are shown for each series.
Table 7 summarizes capacity growth. Average rates of growth in capacity
for selected historical periods and for the most recent five years (on a
fourth-quarter to fourth-quarter basis) are shown. In addition, growth rates
for capacity on a annual-average basis are shown for the latest four
quarters; the capacity growth rate for the current IP month is shown as
well.
Table 8 shows total products expressed in gross values in billions of
chained 1996 dollars at an annual rate. Compiling the IP index using
gross-value weights facilitates comparison with other dollar-based data.
The gross-value system focuses on products that leave the industrial sector
and includes both final and intermediate products. The materials
consumed in making final and intermediate products are implicitly
included in the value weights applied to product series. The gross-product
weights are derived from Census of Manufactures and Annual Survey of
Manufactures data.
Table 9 shows diffusion indexes, which are calculated as the percentage of
IP series that increased over the relevant span (one, three, or six months)
plus one-half of the percentage of series that were unchanged. Because
available source data for the current IP month account for a little less than
half of the total index, the diffusion indexes are published with a
one-month lag.
Table 10 shows the most recent six months in index form (both seasonally
and not seasonally adjusted) of electric power use by industry for the
major industry aggregates.
Tables 11–14 display historical seasonally adjusted data for total IP and
manufacturing as well as the aggregates excluding high-technology
industries. Monthly changes in output as well as indexes for output,
utilization, and capacity are shown.

16

Note: The summary tables in the G17 release do not include all of the
publicly available data. The more detailed series for IP, utilization,
capacity, and electric power are available at the Board’s web site
(www.federalreserve.gov/releases/G17/download.html).
REFERENCES AND RELEASE DATES
References. The annual revision published in early December 2000 will
be described in an article to be published in the March 2001 Federal
Reserve Bulletin. The annual revision published late 1999 is described
more completely in the Federal Reserve Bulletin, vol.86 (March 2000). A
description of the aggregation methods for industrial production and
capacity utilization is included in an article in the Federal Reserve
Bulletin, vol. 83 (February 1997), pp. 67–92. The Federal Reserve
methodology for constructing industry-level measures of capital is detailed
in “Capital Stock Estimates for Manufacturing Industries: Methods and
Data” by Mike Mohr and Charles Gilbert (1996), which can be obtained at
www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf.
Industrial Production—1986 Edition contains a more detailed description
of the other methods used to compile the industrial production index, plus
a history of its development, a glossary of terms, and a bibliography. The
major revisions to the IP indexes and capacity utilization since 1990 have
been described in the Federal Reserve Bulletin (April 1990, June 1990,
June 1993, March 1994, January 1995, January 1996, February 1997,
February 1998, January 1999, and March 2000).
Release Schedule for 2001
At 9:15 a.m. on
January 17, February 16, March 16, April 17, May 14, June 15, July 17,
August 15, September 14, October 16, November 16, and December 14.