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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
April 17, 2018

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 0.5 percent in March after increasing 1.0 percent in February; the index
advanced 4.5 percent at an annual rate for the first quarter as a whole. After having climbed 1.5 percent in
February, manufacturing production edged up 0.1 percent in March. Mining output rose 1.0 percent, mostly as a
(over)

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Nov.r

2012=100
2018
Dec.r
Jan.r

Feb.r

Mar.p

104.8
104.8

105.3
105.3

105.8
105.7

105.6
105.5

106.6
106.5

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

101.3
104.7
98.8
105.5
111.5
107.2

101.2
104.6
99.0
105.9
112.0
108.3

101.6
105.3
98.7
106.7
112.9
108.8

101.9
105.6
98.8
105.8
110.9
108.3

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

102.6
102.7
111.6
103.0

102.9
102.9
113.8
103.3

103.0
102.9
114.7
106.1

102.6
102.7
113.7
108.3

Industrial production

2017
Oct.r

Total index
Previous estimates

Percent change
2018
Dec.r Jan.r Feb.r Mar.p

2017
Oct.r

Nov.r

107.2

1.5
1.6

.5
.5

.5
.4

-.2
-.2

1.0
.9

.5

4.3

102.3
105.8
99.4
106.9
114.1
109.9

102.9
106.4
99.9
107.0
113.8
110.5

.9
1.2
.7
.7
.4
2.4

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

.4
.6
-.2
.7
.8
.4

.3
.3
.1
-.8
-1.7
-.4

.4
.2
.6
1.0
2.8
1.5

.6
.5
.5
.1
-.3
.6

3.8
3.6
4.4
2.1
3.3
5.5

104.1
104.1
117.0
102.8

104.2

1.3
1.4
1.4
3.2

.3
.2
2.0
.4

.1
.0
.8
2.7

-.4
-.2
-.9
2.1

1.5
1.3
2.9
-5.0

.1

3.0

1.0
3.0

10.8
5.3

118.2
106.0

Mar. ’17 to
Mar. ’18

Capacity
growth

Percent of capacity
Average
19722017

198889
high

199091
low

199495
high

2009
low

2017
Mar.

2017
Oct.r

Nov.r

Dec.r

2018
Jan.r

Feb.r

Mar.p

Mar. ’17 to
Mar. ’18

Total industry
Previous estimates

79.8

85.2

78.8

85.0

66.7

75.5

76.8
76.8

77.1
77.0

77.3
77.3

77.1
77.0

77.7
77.7

78.0

1.0

Manufacturing (see note below)
Previous estimates
Mining
Utilities

78.3

85.6

77.3

84.6

63.7

74.3

84.3
84.4

88.6
92.9

78.2
78.3

82.3
76.4

75.3
75.2
88.3
79.6

74.9
75.0
87.3
81.1

76.0
75.9
89.6
76.8

.8

86.3
92.9

75.3
75.3
87.9
77.6

75.9

87.0
85.3

75.2
75.2
86.4
77.4

90.1
79.0

1.2
1.9

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.0
80.4
76.9

87.8
86.5
83.4

84.7
78.1
77.3

90.0
87.7
80.7

76.4
63.8
66.6

82.1
74.8
73.6

85.4
75.5
74.6

86.6
75.9
74.3

86.8
76.4
74.3

85.8
76.3
74.2

87.7
76.2
75.2

88.2
76.7
75.2

1.0
.9
1.2

Capacity utilization

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

result of gains in oil and gas extraction and in support activities for mining. The index for utilities jumped
3.0 percent after being suppressed in February by warmer-than-normal temperatures. At 107.2 percent of its
2012 average, total industrial production was 4.3 percent higher in March than it was a year earlier. Capacity
utilization for the industrial sector moved up 0.3 percentage point in March to 78.0 percent, a rate that is
1.8 percentage points below its long-run (1972–2017) average.
Market Groups
The output of consumer goods advanced 0.5 percent in March. The production of durable consumer
goods jumped 0.9 percent on the strength of a 2.7 percent gain for automotive products. The output of consumer
nondurables moved up 0.4 percent, as a sharp increase in the index for consumer energy products was mostly
offset by a drop in the index for non-energy nondurable consumer goods. Business equipment registered a gain
of 0.5 percent, and all of its major categories posted increases. The index for defense and space equipment rose
0.7 percent. The output of construction supplies fell 0.3 percent after jumping 2.8 percent in February. In March,
the index for business supplies recorded an increase of 0.4 percent. The production of materials moved up
0.6 percent, primarily as a result of a gain of 1.2 percent for energy materials.
Industry Groups
Manufacturing output edged up 0.1 percent in March and increased 3.1 percent at an annual rate in the
first quarter. In March, a decline of 0.3 percent for nondurables was outweighed by gains of 0.4 percent for
durables and 0.2 percent for other manufacturing (publishing and logging). Among durables, the index for motor
vehicles and parts increased 2.7 percent; vehicle assemblies moved up to 12.0 million units at an annual rate,
their highest level since December 2016.
The index for mining climbed 1.0 percent in March and was 10.8 percent higher than its year-earlier level.
Mining output has increased for six consecutive quarters, but it is still about 4 percent below its peak in 2014.
Capacity utilization for manufacturing decreased 0.1 percentage point in March to 75.9 percent, a rate
that is 2.4 percentage points below its long-run average. The operating rate for durables, at 75.9 percent, was
1.0 percentage point below its long-run average, whereas the rates for nondurables and for other manufacturing
(publishing and logging), at 77.0 percent and 61.3 percent, respectively, were further below their long-run
averages of about 80 percent for each. Utilization for mining rose 0.5 percentage point to 90.1 percent, which is
3.1 percentage points above its long-run average but 1.5 percentage points below its high in 2014. The capacity
utilization rate for utilities jumped 2.2 percentage points to 79.0 percent but remained below its long-run average.

2

Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

Industrial Production: Market and Industry Group Summary; percent change
Industrial Production: Special Aggregates and Selected Detail; percent change
Motor Vehicle Assemblies
Industrial Production: Market and Industry Group Summary; indexes
Industrial Production: Special Aggregates and Selected Detail; indexes
Diffusion Indexes of Industrial Production
Capacity Utilization
Industrial Capacity
Gross Value of Final 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
Industrial Production: Reliability Estimates

Further detail is available on the Board’s website (www.federalreserve.gov/releases/G17/).

Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board issued its annual revision to the index of industrial production
(IP) and the related measures of capacity utilization on March 23, 2018. New annual benchmark
data for 2016 for manufacturing were incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes
included revisions to the monthly indicator (either product data or input data) and to seasonal
factors for each industry. In addition, the estimation methods for some series were changed. Modifications to the methods for estimating the output of an industry affected the index from 1972 to
the present.
Capacity and capacity utilization were revised to incorporate data through the fourth quarter
of 2017 from the U.S. Census Bureau’s Quarterly Survey of Plant Capacity along with new data on
capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

3

1. Industrial production, capacity, and utilization
175
150

Ratio scale, 2012 output = 100
Total
Manufacturing

175
150

125

125

Capacity

100

100

75

75
Production

Production: 2014 to present

50

110

50

106
102
98

2014

25

1970

1975

1980

1985

1990

1995

2016

2000

2018

94

2005

2010

2015

Percent of capacity

100

90

25

100

90

Utilization

80

80

70

70

60

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

60

Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).

4

2. Industrial production and capacity utilization
Consumer goods

Ratio scale, 2012=100

Equipment

130

130

120

120

110

110

100

110

90

Business

90

100

Nondurable

90

Ratio scale, 2012=100

110

70

70

90

Durable

Defense and Space

80

80

70

50

140

140

130

130

130

130

120

120

120

110

110

100

100

100

90

90

90

90

80

80

80

70

70

60

70

2000

2005

Nonindustrial supplies

2010

2015

Ratio scale, 2012=100

120
110

Construction

100

2000

2005

Industrial materials

2010

2015

50

Ratio scale, 2012=100

110

Non-energy

Other business

70

2000

2005

Capacity utilization

2010

2015

Percent of capacity

90
85
80

70

90

80

2005

2010

2015

60

Percent of capacity
95

Crude processing

90

85

85

80

80

75

75

75
70

Excluding utilities

65

65

60

60

70

55

65

55

2000

Capacity utilization
85

75

70

95

90
Primary and
semifinished
processing

80

Energy

2000

2005

2010

2015

70
Finished processing
2000

2005

2010

2015

65

Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).

5

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

Ratio scale, 2012 = 100

130

130

110

110

Excluding
high-technology
industries

90

90

70

70

50

30

50

Total IP

1970

1975

1980

1985

1990

1995

2000

Industrial production

2005

2010

2015

30

Percent change from year earlier

20

20

15

15
Total IP

10

10

5

5

0

0
Excluding the
contribution
of high-technology
industries

-5
-10

-5
-10

-15
-20

-15
1970

1975

1990

1995

180
160

180
160

100

140

140

Industrial production

1980

1985

Ratio scale, 2012 = 100

Communications
equipment

120

95

2010

2015

-20

Percent of capacity
100

Excluding
high-technology
industries

95

85

85

75

75

65

65

100
Computers

80

80

60

60

Semiconductors

High-technology industries

55
40

2005

Capacity utilization

120

100

2000

2008

2010

2012

2014

2016

2018

45

40

1990

1995

2000

2005

2010

55

2015

45

Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 3344),
computers (NAICS 3341), and communications equipment (NAICS 3342).
The shaded areas are periods of business recession as defined by the NBER.

6

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

2017
proportion1

Annual rate
2017
2018
Q3 Q4r
Q1p

2017
Oct.r

Nov.r

Monthly rate
2018
Dec.r Jan.r

Feb.r

Mar.p

-.2

1.0

.5

4.3

.5
.6
.5
1.4
-2.8
-.1
-.3
.7
.3
.2
2.1
.6
-.2
2.0

.0
.3
-.6
-1.5
-1.0
.1
.6
.6
-.1
.3
.6
-.5
-1.7
2.8

.6
.2
2.9
3.5
2.3
2.0
2.2
-.6
1.6
1.9
1.2
1.1
1.3
-7.0

.5
.5
.9
2.7
2.6
-2.8
-.4
.4
-.6
-1.3
-.6
.4
.5
3.9

3.3
3.6
4.6
7.3
11.4
-.4
1.9
3.3
2.8
3.1
-1.8
4.4
-3.5
5.2

.1
.1
.1
.1
.2

-.2
-.9
-.2
.1
-.3

.1
.2
1.6
-.6
.6

.6
2.0
.7
-.1
1.4

.5
1.3
.7
.1
.7

4.4
5.5
4.5
3.8
-.3

.4
.8

.5
.3

.8
.7

-1.7
-.3

2.8
.0

-.3
.4

3.3
1.5

5.6
2.5
5.1
10.0
5.2
3.3
-1.2
15.0
-1.1
-4.3
10.4

2.4
2.7
.4
.4
.2
.5
6.3
.7
-1.8
12.6
1.8

1.1
.9
1.1
1.0
.9
1.3
.6
-2.3
1.1
.9
1.3

.4
-.2
-.2
1.2
.3
-1.0
-.1
2.5
.7
-1.0
1.3

-.4
-.8
-.3
-1.8
.4
-.2
-1.5
1.3
-1.9
-1.6
.1

1.5
1.8
2.0
4.3
.6
1.9
1.5
2.8
1.1
.9
1.0

.6
.1
.1
.8
-.2
.0
.2
-1.5
.2
.7
1.2

5.5
2.9
3.4
5.3
2.2
3.5
2.2
3.5
-2.3
2.7
9.5

5.5
5.6
5.5
7.2
13.8
7.4
6.6
12.8
7.9

3.1
3.3
5.5
8.5
12.1
5.5
8.0
-2.1
7.8

1.3
1.3
.4
-.2
.3
-.1
.6
.5
1.2

.3
.3
.4
1.5
1.1
1.7
.3
.7
.8

.1
.1
.2
-.5
1.6
-1.4
.1
1.1
.1

-.4
-.4
-.2
.1
-1.5
.1
.5
-1.5
.6

1.5
1.5
1.8
2.7
4.3
2.2
1.9
.2
.9

.1
.1
.4
.0
.5
.5
-.2
-.4
1.0

3.0
3.3
3.8
4.9
7.3
4.1
5.0
5.4
5.2

-1.3
-11.4

-.1
10.8

7.4
14.7

-.5
.9

.0
-.2

-.5
.8

2.1
-.5

1.0
3.9

-1.9
2.7

1.6
8.2

-2.4
-3.4
-3.4

-3.9
-6.6
-2.9

-7.7
2.9
-6.8

.2
2.1
-4.2

-.9
1.0
.0

.0
.1
-1.3

-.3
.1
-.9

-.5
-.4
-1.0

1.0
1.0
2.0

.2
.3
-1.0

-1.6
-1.2
-4.4

.6
.7
.2
-2.5
1.0
1.1
3.8
-.6
1.6

2.4
3.5
-1.7
-9.4
-2.3
-2.1
2.6
3.2
2.0

-1.4
5.1
-2.8
-4.7
-2.1
-3.6
-14.4
-4.8
3.8

5.8
1.0
.0
-1.4
-1.1
-2.0
10.9
13.2
2.3

1.1
4.9
8.2
8.8
-.9
.2
-3.9
-.8
.5

2.4
.2
.4
.7
-1.4
-.1
5.3
5.9
-.8

.3
-.2
-1.3
-1.3
1.3
.1
-.1
.3
1.9

.0
.3
1.4
2.2
.7
.9
.3
-.5
-.9

-.5
.1
.7
.6
-2.0
-.6
.1
-.9
-.7

1.2
2.1
1.7
1.2
1.2
.5
-2.8
1.3
1.7

-.3
-1.3
-1.1
-.6
.2
-1.0
1.8
.3
-.7

2.7
3.6
1.2
-1.5
-1.2
-2.0
1.0
3.9
2.2

.1

-5.1

-6.3

-10.4

2.0

-4.6

1.6

-2.0

.0

-1.4

1.2

.2

-4.7

-10.2
-4.1
-3.1
-12.1

-6.2
2.3
2.2
3.6

10.5
2.0
.9
9.7

2.7
-2.5
-3.4
4.4

15.7
13.9
11.0
34.2

10.8
6.1
8.3
-6.3

1.4
3.2
3.6
.5

2.0
.4
.0
2.8

.8
2.7
1.1
12.9

-.9
2.1
3.5
-6.1

2.9
-5.0
-3.8
-12.9

1.0
3.0
1.2
15.6

10.8
5.3
4.0
14.8

2015

2016

2017

100.00

-3.3

-.5

3.0

-1.5

7.8

4.5

1.5

.5

.5

54.37
28.03
6.34
3.31
.14
.88
2.02
21.68
16.70
9.65
.20
5.29
1.12
4.98

-2.2
.5
2.6
3.9
4.4
3.4
.1
.0
.8
1.7
-6.0
-.3
.9
-3.2

-.1
.8
2.5
4.2
2.1
.3
.8
.2
-.8
.2
-2.7
-1.9
-3.9
4.4

2.1
1.3
-.5
-.8
5.5
-2.1
.2
1.9
1.6
3.2
-9.9
.7
-3.1
2.5

-1.5
-1.1
-4.6
-9.2
8.1
-3.3
1.9
.0
3.4
4.6
-5.2
5.3
-11.6
-10.8

4.9
5.6
5.1
10.8
23.8
.6
-2.9
5.7
2.2
.3
-2.0
4.9
10.5
18.5

3.6
4.1
7.8
9.8
1.3
1.5
7.8
3.0
2.9
4.6
8.9
2.2
-5.1
3.5

.9
1.2
.4
1.1
1.8
.1
-.7
1.4
.4
.0
.5
.8
1.9
4.9

.0
-.2
-.3
-.9
2.4
.0
.4
-.1
-.5
-.3
-1.2
-.5
-1.6
1.1

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

9.51
2.46
2.14
4.92
2.12

-6.2
-2.9
-1.6
-9.6
-3.1

-2.2
-6.0
3.3
-2.4
.0

4.6
1.0
3.2
7.0
-3.3

-1.8
-1.8
.5
-2.7
-5.6

5.6
-2.2
3.6
10.7
-5.7

2.2
5.5
9.0
-2.2
6.8

.7
-.8
.9
1.3
-.6

Construction supplies
Business supplies

5.12
8.98

.0
-1.0

.5
.5

3.4
1.0

-1.2
-1.4

7.8
4.1

2.9
1.4

45.63
27.59
16.31
2.99
4.79
8.53
11.27
.35
1.88
5.78
18.04

-4.6
-2.7
-3.9
-2.0
-5.9
-3.4
-.7
-7.3
-2.1
-.3
-7.2

-1.1
-.2
-.8
-.2
.3
-1.6
.7
.5
.1
.2
-2.7

4.1
2.3
2.3
.8
1.0
3.5
2.3
-2.9
-3.5
4.2
7.1

-1.6
-5.1
-2.3
-8.4
-3.3
.5
-9.1
-2.7
-2.2
-17.6
4.3

11.2
9.1
7.1
10.7
4.2
7.5
11.9
2.2
-5.0
22.7
14.7

321
327
331
332
333
334

75.52
73.45
37.58
1.42
2.20
2.63
5.45
5.30
4.88

-1.6
-1.6
-3.4
3.3
1.9
-8.2
-5.2
-12.4
-.9

-.1
.1
-.3
4.2
-.4
-4.0
-1.8
-2.3
4.5

1.9
2.2
2.0
3.8
5.5
4.6
3.0
9.1
2.6

-2.1
-1.9
-2.3
5.5
1.7
2.9
2.6
-1.6
-1.7

335
3361–3

1.82
5.62

-1.0
2.8

-.1
2.2

.9
-1.2

3364–9
337
339

4.32
1.19
2.74

-5.2
3.9
-.5

-3.1
-.7
-1.8

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

35.87
11.71
.65
.21
2.50
1.41
3.41
12.38
3.60

.4
1.8
-7.0
-5.9
-2.3
1.8
3.4
-.9
.8

1133,5111

2.08

21
2211,2
2211
2212

14.12
10.36
8.99
1.37

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

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 metals
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
Chemicals
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities
Electric
Natural gas

31–33

Mar. ’17
to
Mar. ’18

r Revised. p Preliminary.
NOTE. Under the industry groups, the figures to the right of the series descriptions are 2012 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 website (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 the relative weights for the rates of change for each series in the computation of the change in total industrial production in the following year.

7

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

Fourth quarter to
fourth quarter
Item

2017
proportion

2015

2016

100.00

-3.3

25.91
4.98
2.37
.52
4.63
13.42

Annual rate

Monthly rate
2018
Dec.r Jan.r

Mar. ’17
to
Mar. ’18

2017

2017
Q3

r

Q4

2018
Q1p

2017
Oct.r

Nov.

-.5

3.0

-1.5

7.8

4.5

1.5

.5

.5

-.2

1.0

.5

4.3

-7.6
-3.2
.0
-45.6
-2.6
-8.4

-1.5
4.4
2.4
-26.6
.7
-4.2

6.2
2.5
1.8
36.4
.7
9.7

.3
-10.8
-4.0
-3.8
.0
6.0

14.2
18.5
11.2
-19.2
13.9
14.9

9.1
3.5
6.1
32.7
9.5
10.7

2.3
4.9
1.9
-.9
3.7
1.2

1.2
1.1
.7
-2.7
.7
1.6

1.5
2.0
2.8
.9
3.2
.6

.7
2.8
1.0
1.6
1.3
-.3

-.9
-7.0
-3.6
6.7
-2.8
2.4

1.9
3.9
2.6
4.1
1.6
1.1

8.2
5.2
2.9
17.0
6.3
10.7

74.09

-1.7

-.3

2.0

-2.1

5.6

2.9

1.3

.3

.1

-.5

1.7

.0

3.0

3341
3342

2.07
.35
.51

1.9
-4.1
6.7

8.5
13.2
7.1

3.5
20.8
-2.8

-1.9
3.1
13.5

17.0
26.8
8.4

9.0
16.9
5.0

1.7
3.0
.7

1.4
-1.1
.5

1.6
3.8
.5

-.1
2.0
.4

.5
-1.5
.3

1.2
2.5
.4

8.9
17.5
7.9

3344

1.21

1.6

7.9

1.9

-8.8

17.9

8.5

1.8

2.5

1.4

-.9

1.2

1.2

6.9

72.02

-1.8

-.6

1.9

-2.1

5.2

2.7

1.3

.3

.0

-.6

1.7

.0

2.8

5.62
2.72
2.45

2.8
4.6
1.2

2.2
1.5
3.7

-1.2
-5.2
1.5

-11.4
-19.5
-8.1

10.8
11.0
10.7

14.7
22.6
11.1

.9
1.4
1.0

-.2
-.6
.5

.8
1.0
.8

-.5
-.3
-.7

3.9
5.4
3.4

2.7
4.3
1.4

8.2
9.8
6.2

66.40
20.11
8.00
5.10
6.30
24.73

-2.2
.9
-8.1
.0
-1.4
-3.1

-.8
-.7
-2.5
.5
-.9
-.7

2.2
1.4
5.1
3.5
.6
2.5

-1.3
2.9
-1.5
-1.3
-.5
-4.3

4.8
1.9
4.9
7.8
1.0
8.4

1.8
3.1
-.7
2.9
-.4
1.4

1.3
.3
.7
.4
.4
2.9

.3
-.4
.1
.5
.1
.9

.0
.2
-.3
.8
-.1
-.3

-.6
-.2
-.2
-1.7
-.8
-.8

1.6
1.7
.2
2.8
1.4
1.6

-.3
-.7
.2
-.3
-.5
-.1

2.4
2.6
2.8
3.3
.6
2.5

Measures excluding selected
high-technology industries
Total industry
Manufacturing1
Durable

97.93
73.45
35.67

-3.5
-1.7
-3.7

-.8
-.3
-.9

3.0
1.9
1.8

-1.6
-2.1
-2.4

7.6
5.2
4.8

4.4
2.9
5.3

1.5
1.3
.3

.5
.2
.3

.4
.0
.1

-.2
-.4
-.3

1.0
1.5
1.9

.5
.0
.3

4.2
2.8
3.5

Measures excluding motor vehicles
and parts
Total industry
Manufacturing1
Durable

94.38
69.90
32.12

-3.7
-1.9
-4.3

-.7
-.3
-.8

3.3
2.2
2.5

-.9
-1.3
-.7

7.6
5.1
4.6

3.9
2.2
4.0

1.6
1.4
.3

.6
.3
.5

.4
.0
.1

-.2
-.4
-.2

.8
1.3
1.5

.4
-.1
.0

4.1
2.6
3.0

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

92.31
67.83

-3.8
-2.1

-1.0
-.6

3.3
2.1

-.9
-1.3

7.4
4.8

3.8
2.0

1.6
1.4

.5
.3

.4
.0

-.2
-.4

.8
1.3

.4
-.2

4.0
2.4

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

10.02
17.57

-4.2
-1.7

.1
-.4

.0
3.6

-4.6
-5.4

4.2
11.9

5.7
.7

-.1
4.4

.8
1.0

.7
-.7

-.7
-.9

1.9
1.7

.1
.1

2.3
3.3

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

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

2017
average

2017
Q2

Q3

Q4

2018
Q1

2017
Oct.

Nov.

Dec.

2018
Jan.

Feb.

Mar.

Total
Autos
Trucks
Light
Medium and heavy

11.19
3.03
8.16
7.88
.28

11.42
3.27
8.15
7.87
.28

10.53
2.72
7.81
7.51
.30

10.95
2.73
8.22
7.93
.29

11.45
2.90
8.54
8.24
.31

10.98
2.74
8.25
7.96
.29

10.87
2.73
8.15
7.84
.31

10.99
2.72
8.27
7.98
.29

10.78
2.56
8.22
7.91
.31

11.52
2.96
8.56
8.25
.31

12.04
3.19
8.85
8.54
.30

Memo
Autos and light trucks

10.91

11.14

10.22

10.65

11.14

10.69

10.57

10.70

10.47

11.21

11.73

Item

NOTE. Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board’s website, www.federalreserve.gov/releases/G17/mvsf.htm

8

Table 4
I NDUSTRIAL P RODUCTION I NDEXES : M ARKET AND I NDUSTRY G ROUP S UMMARY
2012 = 100, seasonally adjusted

2017
proportion

2017
July

Aug.

Sept.

Oct.r

Nov.r

Dec.r

2018
Jan.r

Feb.r

Mar.p

100.00

103.6

103.2

103.2

104.8

105.3

105.8

105.6

106.6

107.2

54.37
28.03
6.34
3.31
.14
.88
2.02
21.68
16.70
9.65
.20
5.29
1.12
4.98

101.3
103.4
115.7
125.6
108.5
108.4
106.4
100.2
98.8
106.8
72.8
90.4
83.6
104.5

101.2
103.4
116.2
127.1
110.4
107.3
106.0
100.2
99.0
107.1
72.3
90.3
83.8
103.5

101.5
103.5
117.5
129.4
114.3
108.1
106.0
100.0
99.5
107.3
71.5
91.1
85.9
101.0

102.4
104.7
118.0
130.9
116.4
108.1
105.2
101.4
99.9
107.3
71.9
91.8
87.5
106.0

102.4
104.6
117.6
129.7
119.2
108.1
105.6
101.3
99.4
107.0
71.1
91.4
86.2
107.1

102.9
105.3
118.2
131.5
115.9
108.0
105.3
102.0
99.7
107.2
72.5
91.9
86.0
109.2

102.9
105.6
117.5
129.5
114.7
108.1
105.9
102.5
99.5
107.5
73.0
91.4
84.5
112.3

103.5
105.8
120.9
134.1
117.4
110.2
108.3
102.0
101.1
109.5
73.8
92.4
85.7
104.4

104.0
106.4
122.0
137.7
120.4
107.1
107.8
102.4
100.4
108.1
73.4
92.8
86.1
108.5

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

9.51
2.46
2.14
4.92
2.12

97.1
110.2
102.8
89.5
89.5

97.2
111.7
103.0
89.0
89.2

98.2
111.7
102.9
90.8
88.2

98.8
110.9
103.8
92.0
87.6

99.0
110.9
103.9
92.1
87.8

98.7
109.9
103.7
92.2
87.5

98.8
110.1
105.4
91.6
88.1

99.4
112.3
106.1
91.5
89.3

99.9
113.8
106.8
91.6
89.9

Construction supplies
Business supplies

5.12
8.98

109.9
102.4

109.2
102.0

111.0
101.7

111.5
102.6

112.0
102.9

112.9
103.6

110.9
103.3

114.1
103.3

113.8
103.7

45.63
27.59
16.31
2.99
4.79
8.53
11.27
.35
1.88
5.78
18.04

105.9
102.2
102.5
105.3
102.7
101.4
101.6
91.0
93.8
102.1
109.7

105.1
101.4
102.6
107.7
101.9
101.2
99.6
92.5
94.8
96.9
108.9

104.7
100.2
103.5
108.2
102.5
102.5
95.3
92.5
93.8
89.7
109.9

107.2
102.9
103.9
108.6
102.7
103.0
101.3
93.2
92.0
101.0
111.8

108.3
103.8
105.1
109.8
103.6
104.4
101.9
91.0
93.0
101.9
113.3

108.8
103.7
104.9
111.1
103.9
103.3
101.8
93.3
93.7
100.9
114.8

108.3
102.8
104.5
109.0
104.4
103.1
100.3
94.5
91.9
99.3
114.9

109.9
104.7
106.6
113.7
105.0
105.0
101.8
97.1
92.9
100.2
116.1

110.5
104.8
106.7
114.6
104.9
105.0
102.0
95.7
93.1
100.9
117.5

321
327
331
332
333
334

75.52
73.45
37.58
1.42
2.20
2.63
5.45
5.30
4.88

101.7
102.4
102.3
120.8
113.4
92.3
97.0
87.3
113.2

101.4
102.2
102.6
121.9
111.9
93.7
97.4
86.4
113.6

101.3
102.0
103.5
123.4
115.6
94.8
98.2
89.0
113.6

102.6
103.4
103.9
123.1
115.9
94.7
98.8
89.5
115.0

102.9
103.7
104.3
125.0
117.2
96.3
99.2
90.1
115.9

103.0
103.8
104.4
124.4
119.0
94.9
99.3
91.1
116.0

102.6
103.4
104.2
124.6
117.2
95.0
99.8
89.7
116.8

104.1
105.0
106.1
127.9
122.2
97.1
101.7
89.9
117.8

104.2
105.0
106.5
127.8
122.9
97.6
101.5
89.6
118.9

335
3361–3

1.82
5.62

102.7
118.8

100.7
121.5

102.7
123.1

102.1
124.2

102.2
123.9

101.7
124.8

103.8
124.2

104.8
129.0

102.9
132.6

3364–9
337
339

4.32
1.19
2.74

100.4
103.3
97.8

100.2
103.2
97.8

98.8
102.6
97.0

97.9
103.6
96.9

97.9
103.7
95.7

97.7
103.9
94.8

97.2
103.5
93.9

98.1
104.5
95.7

98.3
104.9
94.8

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

35.87
11.71
.65
.21
2.50
1.41
3.41
12.38
3.60

102.5
108.2
97.5
73.9
95.7
98.7
106.4
97.2
109.5

101.7
108.8
97.6
73.4
97.1
98.8
105.7
94.7
108.8

100.4
108.6
97.5
72.7
96.4
97.6
102.0
92.2
109.8

102.8
108.9
97.9
73.2
95.1
97.5
107.4
97.6
109.0

103.1
108.6
96.7
72.3
96.3
97.6
107.3
97.9
111.1

103.1
109.0
98.0
73.8
97.0
98.5
107.7
97.5
110.0

102.6
109.1
98.7
74.3
95.1
97.9
107.8
96.5
109.2

103.7
111.4
100.4
75.1
96.2
98.4
104.8
97.8
111.0

103.5
109.9
99.3
74.6
96.4
97.4
106.6
98.1
110.2

1133,5111

2.08

80.4

79.9

80.4

81.7

80.1

80.1

78.9

79.9

80.1

21
2211,2
2211
2212

14.12
10.36
8.99
1.37

109.3
102.1
101.5
106.8

108.7
100.6
99.7
107.6

110.1
99.8
98.6
108.4

111.6
103.0
102.2
109.0

113.8
103.3
102.2
112.0

114.7
106.1
103.3
126.5

113.7
108.3
106.9
118.8

117.0
102.8
102.9
103.5

118.2
106.0
104.1
119.6

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

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 metals
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
Chemicals
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.

9

Table 5
I NDUSTRIAL P RODUCTION I NDEXES : S PECIAL AGGREGATES
2012 = 100, seasonally adjusted

2017
proportion

2017
July

Aug.

Sept.

Oct.r

Nov.r

Dec.r

2018
Jan.r

Feb.r

Mar.p

100.00

103.6

103.2

103.2

104.8

105.3

105.8

105.6

106.6

107.2

25.91
4.98
2.37
.52
4.63
13.42

107.5
104.5
106.7
70.7
98.4
112.4

106.7
103.5
106.5
68.3
96.2
112.2

106.7
101.0
105.6
66.6
94.6
114.2

109.2
106.0
107.6
65.9
98.1
115.5

110.4
107.1
108.4
64.2
98.7
117.3

112.1
109.2
111.4
64.8
101.9
118.0

112.9
112.3
112.5
65.8
103.3
117.7

111.9
104.4
108.5
70.3
100.4
120.5

114.1
108.5
111.3
73.1
102.0
121.8

74.09

101.7

101.4

101.4

102.7

103.0

103.0

102.5

104.2

104.2

3341
3342

2.07
.35
.51

137.2
131.8
120.4

137.8
132.3
121.6

139.0
137.0
122.6

141.4
141.1
123.4

143.4
139.6
124.0

145.7
144.9
124.6

145.6
147.8
125.1

146.3
145.6
125.5

148.1
149.2
126.0

3344

1.21

145.9

146.2

146.5

149.2

152.9

155.1

153.7

155.5

157.4

72.02

100.5

100.2

100.1

101.4

101.7

101.7

101.1

102.9

102.8

5.62
2.72
2.45

118.8
116.6
120.2

121.5
117.8
124.0

123.1
119.5
123.9

124.2
121.2
125.1

123.9
120.4
125.8

124.8
121.6
126.8

124.2
121.2
125.9

129.0
127.7
130.1

132.6
133.2
131.8

66.40
20.11
8.00
5.10
6.30
24.73

99.2
100.0
94.6
109.8
97.6
99.7

98.7
100.1
94.5
109.1
97.1
98.5

98.5
100.6
95.3
111.0
97.0
97.2

99.8
100.9
96.0
111.4
97.4
100.0

100.1
100.5
96.0
111.9
97.5
100.9

100.1
100.7
95.8
112.9
97.5
100.5

99.5
100.6
95.6
110.9
96.7
99.7

101.0
102.3
95.8
114.0
98.0
101.4

100.8
101.6
95.9
113.7
97.5
101.3

97.93
73.45
35.67

102.8
100.5
100.1

102.4
100.3
100.3

102.3
100.1
101.2

103.9
101.4
101.5

104.4
101.6
101.8

104.9
101.7
101.9

104.7
101.3
101.6

105.7
102.8
103.6

106.2
102.8
103.9

94.38
69.90
32.12

102.9
100.5
100.1

102.3
100.1
100.0

102.2
99.8
100.8

103.9
101.2
101.1

104.4
101.5
101.6

104.9
101.5
101.6

104.7
101.2
101.4

105.6
102.5
102.9

106.0
102.3
102.9

92.31
67.83

102.1
99.3

101.5
98.8

101.3
98.5

102.9
99.8

103.5
100.1

103.9
100.1

103.7
99.7

104.6
101.0

105.0
100.8

10.02
17.57

101.2
102.7

101.7
101.1

102.0
99.1

101.9
103.4

102.7
104.4

103.5
103.7

102.8
102.8

104.7
104.6

104.9
104.7

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
2016
2017
2018
Three months earlier
2016
2017
2018
Six months earlier
2016
2017
2018

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

53.7
60.0
53.3

45.3
51.3
70.0

45.0
47.0

42.3
65.3

50.0
43.7

47.7
57.7

52.0
51.0

45.3
52.3

54.3
55.7

60.3
63.0

52.0
55.0

58.7
61.7

50.7
55.7
60.7

48.3
61.0
69.3

48.7
52.3

37.3
57.7

43.3
45.3

48.7
56.0

56.3
48.0

46.7
50.3

56.0
56.3

58.3
63.0

57.0
69.7

59.3
66.0

47.7
57.0
66.0

41.0
64.3
71.7

39.7
55.7

38.3
60.0

43.0
56.0

48.7
56.3

44.7
49.3

45.7
50.0

52.0
58.7

58.3
53.0

54.7
62.0

58.3
63.7

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

10

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

2017
proportion

19722017
ave.

199495
high

2009
low

2017
Q3

Q4r

2018
Q1p

2017
Oct.r

Nov.r

Dec.r

2018
Jan.r

Feb.r

Mar.p

100.00

79.8

85.0

66.7

75.8

77.1

77.6

76.8

77.1

77.3

77.1

77.7

78.0

31–33

77.37
74.76

78.3
78.2

84.6
84.7

63.7
63.5

74.4
74.9

75.2
75.7

75.6
76.1

75.2
75.6

75.3
75.8

75.3
75.8

74.9
75.4

76.0
76.5

75.9
76.4

321
327
331
332
333
334

39.10
1.39
2.60
2.93
5.42
5.64
5.47

76.9
76.5
73.8
78.3
77.5
77.5
77.5

83.8
86.6
82.4
94.1
84.9
87.2
84.4

58.3
47.7
45.6
49.7
61.9
59.0
70.3

73.8
77.4
64.1
67.8
77.4
72.9
69.7

74.6
78.5
65.7
68.9
78.7
75.3
70.6

75.3
79.6
67.0
69.7
80.1
75.1
71.5

74.4
77.9
65.0
68.5
78.5
74.6
70.4

74.6
79.0
65.5
69.6
78.7
75.2
70.8

74.7
78.5
66.4
68.6
78.8
76.1
70.7

74.4
78.4
65.2
68.6
79.2
75.0
71.0

75.7
80.3
67.8
70.1
80.6
75.2
71.5

75.9
80.1
68.0
70.4
80.4
75.0
72.0

335
3361–3

1.82
5.59

82.2
75.2

92.7
87.7

66.8
33.7

76.7
75.8

76.3
77.2

77.3
79.4

76.5
77.3

76.4
76.9

75.9
77.3

77.4
76.8

78.0
79.6

76.4
81.7

3364–9
337
339

4.36
1.20
2.67

74.2
76.7
76.6

70.4
82.7
81.3

73.0
55.8
68.4

76.9
75.3
79.3

75.4
75.7
77.7

75.5
75.7
76.6

75.4
75.7
78.7

75.5
75.7
77.7

75.3
75.7
76.9

74.9
75.3
76.0

75.7
75.9
77.4

75.8
76.0
76.5

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

35.66
11.80
.73
.25
2.21
1.48
3.05
12.79
3.35

80.1
80.6
78.8
76.3
86.7
79.6
85.1
76.8
82.1

86.0
85.4
91.8
86.9
92.7
84.9
91.0
82.0
93.2

69.0
75.2
54.0
56.4
72.9
58.8
76.3
65.4
57.5

76.1
76.9
68.5
64.5
86.6
73.8
77.4
72.5
82.3

77.0
76.7
68.7
64.9
86.3
73.7
79.5
74.7
82.2

76.9
77.3
70.2
67.1
86.1
73.9
78.4
74.4
81.6

76.9
76.9
68.9
64.8
85.4
73.3
79.6
74.7
81.6

77.1
76.6
68.1
64.2
86.4
73.5
79.4
74.8
83.0

77.0
76.7
69.1
65.8
87.1
74.3
79.6
74.5
82.0

76.5
76.7
69.6
66.4
85.3
73.9
79.6
73.7
81.1

77.3
78.2
70.8
67.5
86.4
74.3
77.2
74.6
82.3

77.0
77.0
70.0
67.3
86.6
73.5
78.4
74.8
81.4

1133,5111

2.61

80.0

83.2

68.3

60.2

61.0

60.8

61.6

60.6

60.7

60.1

61.0

61.3

21
2211,2

12.26
10.37

87.0
85.3

88.6
92.9

78.2
78.3

84.8
76.0

87.5
78.2

89.0
79.0

86.4
77.4

87.9
77.6

88.3
79.6

87.3
81.1

89.6
76.8

90.1
79.0

3341
3342

2.32
.30
.63

77.4
78.0
76.4

86.6
88.0
86.0

71.1
83.0
77.2

71.4
93.4
65.1

73.7
96.4
65.3

74.6
97.1
65.2

72.8
96.8
65.4

73.6
94.8
65.3

74.6
97.5
65.3

74.3
98.4
65.3

74.4
95.9
65.2

75.1
97.2
65.2

3344

1.39

78.6

91.8

62.9

69.4

72.5

73.9

70.9

72.7

73.8

73.1

73.9

74.7

Measures excluding selected
high-technology industries
Total industry
Manufacturing1

97.68
75.05

80.0
78.4

84.9
84.5

66.5
63.3

75.9
74.5

77.1
75.3

77.7
75.7

76.8
75.2

77.2
75.3

77.4
75.3

77.1
74.9

77.8
76.0

78.1
76.0

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

16.40
44.89
38.71

86.0
80.4
76.9

90.0
87.7
80.7

76.4
63.8
66.6

83.6
74.5
74.1

86.3
75.9
74.4

87.2
76.4
74.9

85.4
75.5
74.6

86.6
75.9
74.3

86.8
76.4
74.3

85.8
76.3
74.2

87.7
76.2
75.2

88.2
76.7
75.2

Item

Total industry
1

Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
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
Chemicals
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.

11

Table 8
I NDUSTRIAL C APACITY
Percent change

Average annual rate
19721980198979
88
94

Item

Total industry

Fourth quarter to fourth quarter

Annual rate

19952018

2015

2016

2017

2018

2017
Q2

Q3

Q4

2018
Q1

Monthly
rate
2018
Mar.

3.0

1.9

2.3

2.0

.8

.6

.6

1.9

.4

.6

1.1

1.5

.2

Manufacturing

3.2

2.2

2.6

2.0

-.3

1.3

.7

1.3

.6

.6

.8

1.1

.1

Mining
Utilities

.7
4.4

.1
2.2

-.7
1.8

1.1
1.7

.9
.4

-3.1
1.6

-1.0
1.8

4.8
2.3

-2.1
1.8

-.5
1.8

1.7
1.8

3.6
2.0

.4
.2

18.6

16.7

16.0

17.8

3.3

7.4

3.2

4.4

2.9

2.5

3.0

3.8

.3

2.6

1.3

1.6

.8

-.4

1.1

.7

1.2

.6

.5

.7

1.0

.1

1.5
3.0
3.9

.4
1.3
3.3

-.5
2.5
2.8

1.1
2.2
1.9

.4
-.2
.1

-2.4
1.7
1.0

-.5
.7
1.1

3.6
1.6
1.5

-1.3
.6
1.1

-.2
.6
1.1

1.3
.9
1.2

2.6
1.3
1.3

.3
.1
.1

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 2009 dollars at annual rate, seasonally adjusted

2009

2017

2017
Q3

Q4r

2018
Q1p

2017
Oct.r

Nov.r

Dec.r

2018
Jan.r

Feb.r

Mar.p

3,235.9

3,635.0

3,619.5

3,671.8

3,707.0

3,663.5

3,667.6

3,684.3

3,690.9

3,701.9

3,728.2

2,409.2
1,780.9
342.0
188.1
153.9
1,438.9

2,698.6
1,953.9
500.3
329.8
170.2
1,468.7

2,687.5
1,943.3
492.3
322.0
170.1
1,465.9

2,725.8
1,973.7
499.7
329.4
170.0
1,489.0

2,753.6
1,993.2
511.8
339.2
172.3
1,497.3

2,722.8
1,971.4
500.0
330.1
169.7
1,486.5

2,723.4
1,970.5
497.8
327.1
170.5
1,487.6

2,731.1
1,979.3
501.3
331.1
169.9
1,493.1

2,742.2
1,988.8
496.9
326.2
170.5
1,506.5

2,748.0
1,987.3
514.5
340.0
174.2
1,489.0

2,770.7
2,003.4
523.9
351.3
172.2
1,496.3

Equipment, total
Business and defense
Business
Defense and space

628.4
609.7
492.9
116.8

750.5
730.8
621.1
110.4

750.2
730.1
621.0
109.9

757.9
737.8
630.7
108.0

766.4
744.8
635.9
109.7

757.2
737.2
630.2
108.0

758.9
738.9
631.7
108.2

757.5
737.2
630.1
108.0

758.9
738.3
630.6
108.6

766.9
745.0
636.0
109.9

773.5
751.0
641.2
110.6

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

826.6
232.1
594.5
218.3

937.7
287.3
650.1
234.5

933.2
285.9
647.0
231.4

947.3
290.9
656.1
237.4

954.6
293.2
661.0
242.6

941.7
289.2
652.1
234.7

945.4
290.4
654.7
235.6

954.9
293.1
661.4
242.0

949.8
288.3
661.5
245.3

955.3
295.9
658.7
238.2

958.6
295.3
662.9
244.2

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

2017
gross value1

2015

2016

2017

2017
Q3

2,130.9
1,906.7
1,452.3
734.2

-1.9
-1.6
-1.9
-5.4

-.2
.7
1.9
-2.0

2.0
1.5
2.3
5.7

-.9
-3.6
-4.7
-6.6

r Revised. p Preliminary.
1. Billions of 2009 dollars.

12

Annual rate
2018
Q4r
Q1p
3.7
6.4
12.3
15.5

5.3
6.0
.4
3.6

2017
Oct.r

Nov.

.5
.8
3.4
5.6

-.2
.6
.7
1.2

r

Monthly rate
2018
Dec.r
Jan.r
.2
.5
.8
.1

-.1
.5
.0
-1.2

Feb.

r

1.9
.6
-1.8
2.2

Mar.

p

.3
.2
1.7
.5

Mar. ’17
to
Mar. ’18
4.4
3.3
2.4
5.9

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
1996
1997
1998
1999
2000

-.7
.1
.5
.5
.0

1.6
1.2
.1
.5
.3

-.1
.7
.1
.2
.4

.9
.0
.4
.3
.7

.7
.6
.6
.7
.2

.8
.5
-.6
-.2
.1

-.1
.8
-.3
.6
-.1

.6
1.0
2.1
.4
-.3

.7
.9
-.2
-.4
.4

-.1
.9
.8
1.3
-.3

.9
.9
-.1
.5
.0

.7
.3
.4
.8
-.3

2.7
7.9
4.6
4.5
4.1

8.9
5.9
2.7
3.9
5.0

5.3
9.5
3.0
3.6
-.4

5.7
10.5
5.9
7.3
-.9

4.5
7.2
5.8
4.4
3.9

2001
2002
2003
2004
2005

-.6
.6
.6
.3
.5

-.6
.0
.3
.6
.7

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

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

-.6
.4
.0
.8
.1

-.6
1.0
.2
-.8
.4

-.6
-.2
.4
.8
-.3

-.1
.0
-.2
.1
.3

-.4
.1
.6
.1
-1.9

-.4
-.3
.1
.9
1.3

-.5
.5
.8
.2
1.0

.0
-.5
-.1
.7
.6

-5.1
3.0
2.3
2.8
5.9

-5.0
6.3
-2.7
2.3
2.0

-5.4
2.3
2.6
2.3
-1.8

-4.1
-.1
4.0
5.8
3.9

-3.1
.4
1.3
2.7
3.3

2006
2007
2008
2009
2010

.1
-.5
-.3
-2.4
1.2

.0
1.0
-.3
-.7
.4

.2
.2
-.2
-1.6
.7

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

-.1
.0
-.6
-1.0
1.4

.4
.0
-.2
-.4
.1

.0
.0
-.5
1.1
.4

.4
.2
-1.5
1.1
.3

-.2
.4
-4.3
.8
.2

-.1
-.4
1.0
.3
-.3

-.1
.6
-1.3
.4
.0

1.1
.0
-2.9
.3
.9

3.8
3.6
-1.4
-20.7
8.1

2.4
5.0
-5.8
-10.9
8.0

1.5
1.0
-12.6
6.2
5.3

.9
1.2
-16.0
6.5
1.3

2.3
2.5
-3.5
-11.5
5.5

2011
2012
2013
2014
2015

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

-.4
.3
.5
.9
-.4

1.0
-.5
.4
1.0
-.3

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

.2
.2
.1
.3
-.5

.3
.0
.2
.3
-.4

.5
.3
-.5
.1
.5

.6
-.4
.7
-.1
-.1

-.1
.0
.5
.3
-.4

.7
.2
-.1
.0
-.4

-.1
.5
.3
.8
-.6

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

2.3
4.0
3.3
3.0
-3.2

1.6
2.6
1.7
5.7
-5.0

4.7
.1
1.2
2.1
-.3

4.1
2.1
3.0
2.7
-4.7

3.1
3.0
2.0
3.1
-1.0

2016
2017
2018

.7
-.2
-.2

-.7
-.4
1.0

-.8
.6
.5

.2
1.0

-.1
.0

.3
.1

.2
-.1

-.1
-.4

-.1
.0

.1
1.5

-.2
.5

.9
.5

-1.9
1.0
4.5

-2.1
5.0

1.1
-1.5

.7
7.8

-1.9
1.6

IP (2012=100)
2016
2017
2018

103.0
102.5
105.6

102.3
102.2
106.6

101.5
102.7
107.2

101.7
103.7

101.6
103.7

101.9
103.8

102.1
103.6

102.1
103.2

101.9
103.2

102.1
104.8

101.8
105.3

102.8
105.8

102.3
102.5
106.4

101.8
103.7

102.0
103.3

102.2
105.3

102.1
103.7

Capacity
(percent of
2012 output)
2016
2017
2018

135.1
135.9
137.0

135.2
136.0
137.2

135.2
136.0
137.4

135.3
136.0

135.4
136.1

135.5
136.1

135.5
136.2

135.6
136.3

135.7
136.4

135.8
136.5

135.8
136.6

135.9
136.8

135.2
136.0
137.2

135.4
136.1

135.6
136.3

135.8
136.6

135.5
136.2

Utilization
(percent)
1996
1997
1998
1999
2000

82.5
83.3
84.3
81.8
81.9

83.4
83.9
83.9
81.9
81.9

82.9
84.0
83.4
81.7
81.9

83.3
83.6
83.2
81.6
82.2

83.5
83.6
83.2
81.8
82.1

83.8
83.6
82.2
81.4
81.9

83.3
83.7
81.4
81.6
81.5

83.4
84.1
82.6
81.6
81.0

83.6
84.4
82.1
81.0
81.1

83.1
84.6
82.3
81.8
80.6

83.4
84.7
81.9
81.9
80.3

83.6
84.5
81.8
82.2
79.9

82.9
83.7
83.9
81.8
81.9

83.5
83.6
82.8
81.6
82.1

83.4
84.1
82.0
81.4
81.2

83.4
84.6
82.0
81.9
80.2

83.3
84.0
82.7
81.7
81.4

2001
2002
2003
2004
2005

79.1
74.0
75.6
77.1
79.9

78.4
73.8
75.9
77.5
80.4

77.9
74.3
75.8
77.2
80.2

77.5
74.6
75.3
77.5
80.2

76.8
74.8
75.3
78.1
80.2

76.1
75.5
75.5
77.5
80.4

75.5
75.3
75.8
78.1
80.1

75.2
75.2
75.7
78.2
80.2

74.8
75.3
76.2
78.2
78.6

74.3
75.1
76.3
78.9
79.5

73.8
75.5
76.9
79.1
80.2

73.6
75.2
76.8
79.6
80.6

78.5
74.1
75.8
77.3
80.2

76.8
74.9
75.3
77.7
80.3

75.2
75.3
75.9
78.2
79.6

73.9
75.3
76.7
79.2
80.1

76.1
74.9
75.9
78.1
80.0

2006
2007
2008
2009
2010

80.5
79.9
80.9
70.0
70.9

80.4
80.5
80.7
69.4
71.3

80.5
80.5
80.6
68.3
71.9

80.7
80.9
80.0
67.7
72.3

80.5
80.8
79.6
67.0
73.5

80.7
80.7
79.4
66.7
73.8

80.5
80.6
79.0
67.5
74.2

80.7
80.7
77.8
68.3
74.6

80.3
80.9
74.3
68.9
74.9

80.1
80.6
75.0
69.2
74.8

79.9
81.0
74.0
69.6
74.9

80.5
81.1
71.7
69.9
75.6

80.5
80.3
80.7
69.2
71.3

80.6
80.8
79.7
67.1
73.2

80.5
80.7
77.0
68.2
74.6

80.2
80.9
73.6
69.6
75.1

80.4
80.7
77.8
68.5
73.6

2011
2012
2013
2014
2015

75.6
77.4
77.1
77.6
78.8

75.3
77.4
77.4
78.2
78.4

76.0
76.9
77.6
78.9
78.1

75.7
77.4
77.5
78.9
77.7

75.8
77.4
77.4
79.1
77.3

76.0
77.2
77.5
79.2
76.9

76.3
77.3
77.1
79.2
77.3

76.6
76.9
77.6
79.1
77.2

76.5
76.8
77.9
79.2
76.9

76.9
76.8
77.7
79.1
76.6

76.7
77.1
77.9
79.6
76.1

77.0
77.2
78.1
79.4
75.7

75.6
77.2
77.4
78.3
78.5

75.8
77.3
77.5
79.1
77.3

76.5
77.0
77.5
79.2
77.1

76.9
77.1
77.9
79.4
76.1

76.2
77.2
77.6
79.0
77.3

2016
2017
2018

76.3
75.4
77.1

75.7
75.1
77.7

75.1
75.5
78.0

75.2
76.2

75.0
76.2

75.3
76.2

75.4
76.1

75.3
75.7

75.1
75.7

75.2
76.8

75.0
77.1

75.7
77.3

75.7
75.4
77.6

75.2
76.2

75.2
75.8

75.3
77.1

75.3
76.1

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

13

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
1996
1997
1998
1999
2000

-.8
.1
.8
.3
.1

1.6
1.4
.1
.8
.2

-.2
1.0
-.1
-.1
.6

1.1
-.2
.5
.4
.8

.8
.7
.5
.9
-.1

1.0
.7
-.8
-.3
.2

.3
.7
-.4
.5
.1

.5
1.3
2.4
.6
-.7

.8
.9
-.2
-.4
.4

-.1
.9
1.0
1.5
-.3

.9
1.1
.2
.6
-.3

.9
.4
.5
.7
-.5

2.0
9.4
6.1
5.1
4.4

10.0
7.1
2.1
4.5
4.9

7.7
10.4
3.3
3.2
-.4

6.0
11.5
8.0
8.6
-2.4

4.9
8.4
6.7
5.1
4.1

2001
2002
2003
2004
2005

-.6
.6
.5
.0
.8

-.6
.0
.1
.7
.8

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

-.3
.2
-.8
.4
.3

-.6
.5
.1
.8
.3

-.7
1.1
.5
-.7
.1

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

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

-.2
.1
.8
.0
-1.0

-.6
-.4
.1
1.0
1.5

-.3
.4
1.0
.0
.8

.3
-.5
-.2
.7
.2

-5.9
3.7
1.8
2.6
6.6

-5.2
5.8
-1.9
3.3
2.3

-5.8
3.1
2.4
4.0
-.7

-3.8
-.3
4.5
5.5
6.4

-3.6
.5
1.3
3.1
4.1

2006
2007
2008
2009
2010

.8
-.5
-.4
-3.1
1.1

-.3
.4
-.6
-.2
-.1

-.1
.8
-.3
-1.8
1.2

.5
.7
-1.1
-.7
.8

-.4
-.1
-.6
-1.0
1.4

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

-.3
.1
-1.2
1.5
.6

.6
-.3
-1.2
1.1
.1

.1
.5
-3.4
.9
.0

-.4
-.3
-.6
.2
.1

.0
.5
-2.4
1.0
.0

1.5
.2
-3.5
-.2
.5

3.8
4.1
-2.5
-24.4
6.9

.8
5.9
-8.2
-10.6
10.3

1.0
1.0
-14.1
8.1
4.1

1.5
1.2
-21.8
7.2
1.2

2.6
2.8
-4.8
-13.8
5.8

2011
2012
2013
2014
2015

.2
.8
-.3
-1.2
-.5

.1
.4
.5
1.1
-.6

.6
-.5
-.1
.8
.3

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

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

.1
.2
.2
.3
-.4

.6
-.1
-1.0
.3
.6

.4
-.2
1.0
-.4
-.3

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

.6
-.4
.1
-.1
.0

-.3
.7
.0
.8
-.2

.7
.8
.0
-.3
-.2

3.2
5.3
3.0
-.6
-2.9

-.1
.5
-.2
4.2
-1.0

4.4
-1.2
-.3
1.3
.1

3.9
1.2
1.9
.6
-2.4

2.9
2.6
.9
1.1
-.5

2016
2017
2018

.5
.3
-.4

-.4
.1
1.5

-.2
-.5
.1

-.3
1.1

-.1
-.4

.3
.1

.2
-.3

-.3
-.2

.3
-.1

.2
1.3

.0
.3

.3
.1

.0
1.9
3.1

-2.5
2.4

.6
-2.1

1.6
5.5

-.8
1.2

IP (2012=100)
2016
2017
2018

101.3
101.5
102.6

100.9
101.6
104.1

100.7
101.1
104.2

100.3
102.2

100.2
101.8

100.5
101.9

100.6
101.7

100.3
101.4

100.6
101.3

100.8
102.6

100.8
102.9

101.1
103.0

101.0
101.4
103.6

100.3
102.0

100.5
101.5

100.9
102.8

100.7
101.9

Capacity
(percent of
2012 output)
2016
2017
2018

134.2
135.9
136.9

134.3
136.0
137.0

134.4
136.0
137.2

134.6
136.1

134.8
136.2

135.0
136.2

135.1
136.3

135.3
136.4

135.4
136.5

135.6
136.6

135.7
136.7

135.8
136.8

134.3
136.0
137.1

134.8
136.2

135.3
136.4

135.7
136.7

135.0
136.3

Utilization
(percent)
1996
1997
1998
1999
2000

81.2
82.1
83.5
80.6
80.6

82.1
82.8
83.0
80.8
80.4

81.5
83.1
82.3
80.4
80.6

82.0
82.5
82.0
80.4
80.8

82.1
82.6
81.9
80.7
80.4

82.5
82.7
80.7
80.1
80.2

82.3
82.7
79.9
80.1
80.0

82.3
83.1
81.3
80.3
79.2

82.5
83.3
80.7
79.6
79.2

82.0
83.4
81.0
80.4
78.7

82.2
83.7
80.7
80.6
78.2

82.5
83.4
80.7
80.8
77.5

81.6
82.7
82.9
80.6
80.5

82.2
82.6
81.6
80.4
80.5

82.4
83.0
80.6
80.0
79.5

82.2
83.5
80.8
80.6
78.1

82.1
83.0
81.5
80.4
79.6

2001
2002
2003
2004
2005

76.7
72.0
73.6
74.9
78.3

76.0
71.9
73.7
75.5
78.8

75.6
72.4
73.8
75.4
78.3

75.1
72.5
73.2
75.7
78.4

74.4
72.8
73.3
76.4
78.5

73.7
73.6
73.7
75.8
78.5

73.2
73.3
73.9
76.5
78.0

72.7
73.5
73.6
76.8
78.2

72.4
73.5
74.2
76.8
77.3

71.9
73.3
74.3
77.5
78.3

71.6
73.6
75.0
77.4
78.8

71.7
73.2
74.9
77.8
78.8

76.1
72.1
73.7
75.3
78.5

74.4
73.0
73.4
76.0
78.5

72.8
73.4
73.9
76.7
77.9

71.7
73.4
74.7
77.5
78.6

73.8
73.0
73.9
76.4
78.4

2006
2007
2008
2009
2010

79.3
78.4
78.5
65.8
68.1

78.9
78.5
78.0
65.8
68.2

78.7
79.0
77.8
64.7
69.1

79.0
79.3
77.0
64.4
69.8

78.6
79.0
76.6
63.8
70.9

78.7
79.1
76.2
63.7
70.9

78.4
79.0
75.4
64.8
71.4

78.7
78.6
74.6
65.6
71.6

78.6
78.8
72.1
66.3
71.7

78.2
78.5
71.7
66.5
71.9

78.0
78.8
70.1
67.3
72.0

79.0
78.9
67.8
67.2
72.5

79.0
78.6
78.1
65.5
68.5

78.8
79.2
76.6
64.0
70.5

78.6
78.8
74.0
65.5
71.6

78.4
78.7
69.9
67.0
72.1

78.7
78.8
74.6
65.5
70.7

2011
2012
2013
2014
2015

72.7
75.3
74.9
74.2
76.1

72.8
75.5
75.2
75.0
75.7

73.3
75.0
75.1
75.7
76.0

73.0
75.3
74.7
75.6
76.0

73.1
74.9
74.9
75.8
75.9

73.2
75.0
75.1
76.0
75.7

73.6
74.8
74.3
76.3
76.2

73.9
74.6
75.0
76.0
76.0

74.1
74.5
75.1
76.0
75.6

74.5
74.2
75.1
76.0
75.6

74.2
74.6
75.1
76.6
75.4

74.7
75.2
75.1
76.4
75.2

73.0
75.2
75.0
75.0
75.9

73.1
75.1
74.9
75.8
75.9

73.9
74.6
74.8
76.1
75.9

74.5
74.7
75.1
76.3
75.4

73.6
74.9
75.0
75.8
75.8

2016
2017
2018

75.5
74.7
74.9

75.2
74.7
76.0

74.9
74.3
75.9

74.5
75.1

74.4
74.8

74.5
74.8

74.5
74.6

74.1
74.4

74.3
74.2

74.3
75.2

74.3
75.3

74.5
75.3

75.2
74.6
75.6

74.4
74.9

74.3
74.4

74.4
75.2

74.6
74.8

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

14

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

IP (percent
change)2
1996
1997
1998
1999
2000

-1.0
-.1
.3
.2
-.3

1.3
.9
.0
.2
.0

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

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

.5
.3
.6
.5
-.2

.6
.2
-.9
-.5
-.1

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

.3
.8
1.9
.4
-.5

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

-.3
.7
.6
1.2
-.4

.8
.7
-.3
.2
-.2

.5
.1
.1
.6
-.5

-.6
5.2
2.2
.6
.5

6.6
2.2
.8
.3
1.5

2.2
6.3
-.3
.9
-3.2

3.1
7.6
2.5
5.6
-2.6

1.7
4.2
3.1
1.1
1.0

2001
2002
2003
2004
2005

-.7
.7
.5
.2
.3

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

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

-.2
.4
-.8
.5
.1

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

-.5
.9
.0
-.9
.4

-.4
-.3
.2
.8
-.4

-.1
-.1
-.3
.0
.2

-.4
.1
.5
.0
-2.1

-.5
-.3
.0
.9
1.2

-.5
.5
.7
.2
1.0

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

-5.8
2.6
1.3
1.9
4.8

-4.3
6.0
-4.4
2.1
1.2

-4.3
1.8
.6
2.0
-3.0

-4.4
-.6
2.7
5.3
2.7

-3.9
.3
.2
1.7
2.6

2006
2007
2008
2009
2010

.1
-.6
-.3
-2.4
1.1

-.1
1.0
-.5
-.7
.2

.2
.0
-.4
-1.7
.6

.4
.6
-.8
-.9
.3

-.2
.1
-.7
-1.1
1.4

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

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

.3
.1
-1.6
1.2
.3

-.3
.3
-4.5
.7
.2

-.1
-.6
1.2
.3
-.3

-.2
.4
-1.0
.3
.0

1.1
.0
-2.8
.3
.9

3.2
2.9
-2.6
-20.5
7.1

1.8
4.0
-6.9
-11.7
7.4

.6
1.0
-12.8
6.1
5.1

.1
-.5
-14.9
6.0
.8

1.4
1.8
-4.3
-11.5
4.9

2011
2012
2013
2014
2015

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

-.5
.2
.6
.9
-.4

1.1
-.5
.4
.9
-.3

-.4
.7
-.2
.1
-.5

.2
.2
.0
.3
-.5

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

.5
.3
-.5
.1
.6

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

.0
-.1
.5
.3
-.4

.7
.2
-.2
.0
-.4

-.1
.5
.3
.8
-.6

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

1.8
3.7
3.3
2.9
-3.3

1.6
2.1
1.4
5.4
-5.3

4.5
-.1
.8
2.0
-.3

4.1
1.7
2.8
2.7
-4.9

2.8
2.8
1.8
2.9
-1.1

2016
2017
2018

.7
-.2
-.2

-.7
-.4
1.0

-.8
.6
.5

.2
.9

-.2
.0

.3
.1

.2
-.1

-.1
-.4

-.2
.0

.1
1.5

-.2
.5

1.0
.4

-2.1
1.2
4.4

-2.2
5.0

1.0
-1.6

.4
7.6

-2.1
1.5

IP (2012=100)
2016
2017
2018

102.4
101.7
104.7

101.7
101.4
105.7

100.8
101.9
106.2

101.0
102.9

100.9
102.9

101.2
103.0

101.4
102.8

101.3
102.4

101.1
102.3

101.2
103.9

101.0
104.4

102.0
104.9

101.6
101.7
105.5

101.0
102.9

101.3
102.5

101.4
104.4

101.3
102.9

Capacity
(percent of
2012 output)
2016
2017
2018

134.1
134.7
135.7

134.1
134.7
135.9

134.2
134.8
136.1

134.2
134.8

134.3
134.8

134.4
134.9

134.4
134.9

134.5
135.0

134.5
135.1

134.6
135.2

134.6
135.4

134.7
135.5

134.1
134.7
135.9

134.3
134.8

134.5
135.0

134.6
135.4

134.4
135.0

Utilization
(percent)
1996
1997
1998
1999
2000

82.2
83.6
84.5
81.8
81.5

83.1
84.1
84.1
81.8
81.4

82.7
84.2
83.8
81.5
81.4

83.3
83.7
83.6
81.2
81.7

83.6
83.7
83.8
81.5
81.4

83.9
83.6
82.7
80.9
81.3

83.4
83.7
81.9
81.0
80.8

83.5
84.1
83.1
81.2
80.3

83.7
84.3
82.4
80.6
80.5

83.3
84.6
82.6
81.5
80.0

83.7
84.8
82.1
81.6
79.8

83.9
84.5
81.9
81.9
79.4

82.7
84.0
84.1
81.7
81.4

83.6
83.6
83.4
81.2
81.5

83.5
84.0
82.5
80.9
80.5

83.6
84.6
82.2
81.6
79.7

83.4
84.1
83.0
81.4
80.8

2001
2002
2003
2004
2005

78.8
75.2
77.0
77.5
80.4

78.2
75.0
77.1
78.0
80.8

77.9
75.6
76.9
77.6
80.6

77.7
75.8
76.4
77.9
80.6

77.2
76.1
76.3
78.6
80.7

76.7
76.8
76.3
77.9
80.9

76.3
76.6
76.6
78.6
80.5

76.2
76.6
76.4
78.6
80.5

75.8
76.7
76.8
78.6
78.8

75.3
76.5
76.9
79.4
79.6

74.9
76.9
77.4
79.6
80.3

74.7
76.5
77.4
80.1
80.7

78.3
75.3
77.0
77.7
80.6

77.2
76.3
76.3
78.2
80.7

76.1
76.6
76.6
78.6
79.9

75.0
76.6
77.2
79.7
80.2

76.6
76.2
76.8
78.5
80.4

2006
2007
2008
2009
2010

80.6
79.9
81.1
69.9
70.7

80.5
80.5
80.8
69.3
71.0

80.5
80.5
80.6
68.1
71.6

80.7
80.9
79.9
67.5
72.0

80.4
80.9
79.4
66.7
73.2

80.6
81.0
79.2
66.5
73.5

80.4
80.9
78.8
67.3
74.0

80.5
81.1
77.5
68.1
74.4

80.1
81.3
74.0
68.7
74.6

79.9
80.9
74.8
69.0
74.5

79.7
81.3
73.9
69.4
74.6

80.4
81.3
71.7
69.8
75.4

80.6
80.3
80.8
69.1
71.1

80.6
80.9
79.5
66.9
72.9

80.3
81.1
76.7
68.0
74.3

80.0
81.2
73.5
69.4
74.8

80.4
80.9
77.6
68.4
73.3

2011
2012
2013
2014
2015

75.3
77.6
77.3
77.9
79.0

75.0
77.6
77.7
78.5
78.6

75.9
77.1
77.9
79.1
78.2

75.6
77.6
77.7
79.1
77.8

75.8
77.6
77.7
79.3
77.3

75.9
77.4
77.8
79.4
77.0

76.3
77.5
77.3
79.4
77.4

76.7
77.1
77.8
79.2
77.3

76.6
76.9
78.1
79.3
77.0

77.0
77.0
78.0
79.2
76.7

76.9
77.3
78.1
79.8
76.2

77.2
77.4
78.3
79.6
75.8

75.4
77.4
77.6
78.5
78.6

75.8
77.5
77.7
79.3
77.4

76.5
77.2
77.7
79.3
77.2

77.0
77.2
78.1
79.5
76.2

76.2
77.3
77.8
79.2
77.4

2016
2017
2018

76.3
75.5
77.1

75.8
75.2
77.8

75.1
75.6
78.1

75.3
76.3

75.1
76.3

75.3
76.3

75.4
76.2

75.3
75.8

75.2
75.7

75.2
76.8

75.0
77.2

75.7
77.4

75.8
75.5
77.7

75.2
76.3

75.3
75.9

75.3
77.1

75.4
76.2

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.

15

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

IP (percent
change)3
1996
1997
1998
1999
2000

-1.2
-.2
.6
-.1
-.3

1.3
1.1
.0
.5
-.2

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

1.0
-.5
.3
.0
.4

.5
.4
.4
.7
-.6

.8
.4
-1.2
-.7
.0

-.1
.4
-.8
.0
-.2

.2
1.0
2.3
.6
-1.0

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

-.5
.7
.7
1.4
-.5

.7
.8
-.1
.4
-.5

.7
.1
.2
.4
-.8

-2.1
6.3
3.4
.6
.3

7.4
2.7
-.2
.3
.8

4.2
6.7
-.5
.0
-3.8

2.9
8.2
4.1
6.8
-4.6

1.5
5.0
3.5
1.3
.7

2001
2002
2003
2004
2005

-.6
.7
.4
-.1
.6

-.6
-.2
-.1
.7
.7

-.3
.7
.0
-.2
-.6

-.2
.2
-1.0
.4
.2

-.6
.5
-.1
.8
.3

-.5
1.1
.3
-.8
.1

-.2
-.4
.0
1.0
-.5

-.4
.1
-.6
.4
.3

-.2
.1
.7
-.1
-1.3

-.6
-.4
.0
1.0
1.4

-.2
.4
.9
-.1
.8

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

-6.9
3.2
.5
1.5
5.3

-4.4
5.4
-3.9
3.1
1.3

-4.5
2.4
.0
3.8
-2.1

-4.1
-.9
2.9
4.8
5.0

-4.7
.4
.0
2.0
3.1

2006
2007
2008
2009
2010

.8
-.6
-.5
-3.1
1.0

-.4
.3
-.8
-.2
-.3

-.1
.6
-.5
-2.0
1.1

.5
.5
-1.3
-.8
.8

-.5
.0
-.7
-1.1
1.4

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

-.4
.1
-1.1
1.5
.5

.5
-.4
-1.2
1.2
.0

-.1
.3
-3.6
.8
.0

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

.0
.3
-2.2
.9
-.1

1.5
.1
-3.3
-.2
.3

3.1
3.1
-4.2
-24.4
5.5

-.1
4.7
-9.8
-11.6
9.6

-.2
1.0
-14.5
8.1
3.7

.6
-1.1
-20.7
6.6
.5

1.5
1.8
-5.9
-13.9
5.1

2011
2012
2013
2014
2015

.1
.8
-.4
-1.2
-.5

.1
.3
.5
1.1
-.6

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

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

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

.0
.1
.2
.3
-.4

.7
-.1
-1.1
.4
.7

.3
-.2
1.0
-.5
-.3

.4
-.1
.1
.0
-.4

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

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

.7
.9
.0
-.3
-.3

2.5
4.9
2.9
-1.0
-3.0

-.2
-.3
-.7
3.7
-1.2

4.2
-1.5
-.9
1.2
.1

4.0
.7
1.6
.5
-2.7

2.5
2.3
.5
.8
-.7

2016
2017
2018

.5
.4
-.4

-.4
.2
1.5

-.3
-.5
.0

-.4
1.1

-.1
-.4

.3
.1

.1
-.2

-.4
-.2

.2
-.2

.2
1.3

.0
.2

.3
.0

-.3
2.2
2.9

-2.7
2.3

.4
-2.1

1.3
5.2

-1.0
1.2

IP (2012=100)
2016
2017
2018

100.3
100.3
101.3

99.9
100.5
102.8

99.7
100.0
102.8

99.3
101.1

99.2
100.6

99.4
100.8

99.5
100.5

99.2
100.3

99.4
100.1

99.6
101.4

99.6
101.6

99.9
101.7

100.0
100.2
102.3

99.3
100.8

99.4
100.3

99.7
101.6

99.6
100.7

Capacity
(percent of
2012 output)
2016
2017
2018

132.7
134.2
135.1

132.8
134.3
135.2

132.9
134.3
135.3

133.1
134.4

133.2
134.5

133.4
134.5

133.5
134.6

133.7
134.6

133.8
134.7

133.9
134.8

134.0
134.9

134.1
135.0

132.8
134.3
135.2

133.2
134.5

133.6
134.6

134.0
134.9

133.4
134.6

Utilization
(percent)
1996
1997
1998
1999
2000

80.8
82.3
83.5
80.5
79.9

81.7
83.0
83.2
80.6
79.7

81.1
83.3
82.6
80.0
79.8

81.8
82.5
82.4
79.9
80.0

82.1
82.5
82.5
80.2
79.4

82.6
82.5
81.2
79.4
79.3

82.3
82.5
80.2
79.3
79.0

82.3
83.0
81.8
79.6
78.2

82.6
83.1
81.0
79.0
78.3

82.0
83.3
81.3
80.0
77.9

82.4
83.7
80.9
80.1
77.4

82.7
83.4
80.8
80.3
76.7

81.2
82.9
83.1
80.4
79.8

82.2
82.5
82.0
79.8
79.6

82.4
82.9
81.0
79.3
78.5

82.4
83.5
81.0
80.1
77.3

82.0
82.9
81.8
79.9
78.8

2001
2002
2003
2004
2005

76.1
73.3
75.0
75.3
78.7

75.6
73.1
75.0
75.9
79.2

75.3
73.6
75.1
75.8
78.7

75.1
73.8
74.3
76.1
78.8

74.6
74.2
74.3
76.8
79.0

74.2
75.0
74.6
76.2
78.9

74.0
74.7
74.6
77.0
78.4

73.6
74.9
74.2
77.3
78.6

73.4
74.9
74.8
77.2
77.4

72.9
74.7
74.8
77.9
78.4

72.7
75.0
75.5
77.9
78.9

72.8
74.6
75.4
78.3
78.8

75.7
73.3
75.0
75.7
78.9

74.7
74.3
74.4
76.4
78.9

73.7
74.8
74.6
77.1
78.1

72.8
74.8
75.2
78.0
78.7

74.2
74.3
74.8
76.8
78.7

2006
2007
2008
2009
2010

79.3
78.2
78.6
65.6
67.7

78.9
78.4
78.0
65.5
67.7

78.7
78.8
77.6
64.3
68.6

78.9
79.1
76.7
64.0
69.3

78.4
79.0
76.2
63.4
70.4

78.5
79.4
75.7
63.3
70.4

78.1
79.3
74.9
64.4
71.0

78.4
79.0
74.0
65.3
71.1

78.2
79.2
71.4
65.9
71.3

77.8
78.7
71.2
66.2
71.5

77.7
79.0
69.8
66.9
71.6

78.8
79.0
67.6
66.9
72.0

79.0
78.5
78.1
65.2
68.0

78.6
79.2
76.2
63.5
70.0

78.3
79.2
73.4
65.2
71.1

78.1
78.9
69.5
66.7
71.7

78.5
78.9
74.3
65.1
70.2

2011
2012
2013
2014
2015

72.2
75.4
75.1
74.5
76.2

72.4
75.6
75.4
75.3
75.8

73.0
75.1
75.3
75.9
76.1

72.7
75.5
75.0
75.7
76.0

72.9
75.0
75.1
75.9
76.0

73.0
75.1
75.3
76.2
75.8

73.5
74.9
74.5
76.4
76.3

73.8
74.8
75.2
76.1
76.1

74.1
74.6
75.3
76.1
75.7

74.5
74.2
75.4
76.0
75.7

74.3
74.8
75.3
76.7
75.5

74.8
75.4
75.4
76.5
75.2

72.5
75.4
75.3
75.2
76.0

72.8
75.2
75.1
75.9
75.9

73.8
74.8
75.0
76.2
76.0

74.6
74.8
75.4
76.4
75.5

73.4
75.0
75.2
75.9
75.9

2016
2017
2018

75.6
74.7
74.9

75.2
74.8
76.0

75.0
74.4
76.0

74.6
75.2

74.4
74.8

74.5
74.9

74.6
74.7

74.2
74.5

74.3
74.3

74.4
75.2

74.3
75.3

74.5
75.3

75.3
74.7
75.7

74.5
75.0

74.4
74.5

74.4
75.3

74.6
74.9

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.

16

Table 15
I NDUSTRIAL P RODUCTION : R ELIABILITY E STIMATES
Seasonally adjusted

Item

Annualized
change
2017 2018
Q4
Q1

2017
Oct.

Nov.

2012=100
2018
Dec.
Jan.

Feb.

Mar.

2017
Oct.

Percent change
2018
Nov. Dec.
Jan.

Feb.

Mar.

Total index
85th percentile
Current estimate
15th percentile

7.99
7.77
7.52

5.51
4.51
3.73

104.76
104.76
104.76

105.36
105.30
105.24

105.89
105.78
105.66

105.77
105.56
105.38

106.94
106.62
106.36

107.57
107.17
106.78

1.54
1.54
1.54

.57
.51
.45

.55
.45
.35

-.02
-.20
-.32

1.30
1.00
.77

.83
.51
.20

Manufacturing (SIC)
85th percentile
Current estimate
15th percentile

5.81
5.54
5.37

4.08
3.11
2.13

102.63
102.63
102.63

102.96
102.89
102.83

103.10
102.98
102.85

102.75
102.57
102.38

104.40
104.11
103.86

104.60
104.19
103.77

1.33
1.33
1.33

.32
.26
.20

.18
.08
-.03

-.29
-.40
-.52

1.68
1.50
1.35

.35
.07
-.22

Mining
85th percentile
Current estimate
15th percentile

16.23
15.66
14.87

13.90
10.76
7.58

111.65
111.65
111.65

114.01
113.85
113.68

115.04
114.71
114.33

114.32
113.72
113.07

118.30
117.05
115.84

119.62
118.23
116.63

1.43
1.43
1.43

2.12
1.97
1.82

1.04
.75
.43

-.35
-.86
-1.30

3.79
2.92
2.19

1.96
1.01
.11

Electric and gas utilities
85th percentile
Current estimate
15th percentile

13.99
13.87
13.71

10.87
6.12
4.19

102.96
102.96
102.96

103.36
103.34
103.32

106.17
106.12
106.03

108.92
108.30
107.93

104.64
102.84
101.67

107.73
105.95
104.95

3.20
3.20
3.20

.39
.37
.35

2.74
2.68
2.57

2.92
2.06
1.79

-3.26
-5.04
-6.34

4.82
3.02
1.35

The reliability measures show the likely range of values for the IP indexes after their fifth and final monthly revision. The 15th (85th) percentile estimate is equal to the current
estimate plus an amount such that the equivalent measure revised by a lower (higher) amount for only 15 percent of the months since 2008. More information is available at
https://www.federalreserve.gov/releases/g17/g17 technical qa.htm

17

E XPLANATORY N OTE

month (pm ) and the estimate for previous month:

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 on the Board’s website at
www.federalreserve.gov/releases/G17. 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
from the Data Download Program on the Board’s website.
Instructions for searching for and downloading specific series are
provided as well.

A
Im
A
Im−1

s P
P
I p
I p
P m m−1 × P m m
=
Im−1 pm−1

Im−1 pm

The IP proportions (typically shown in the first column of the relevant
tables in the monthly 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 6 percent. If output in this industry increased
10 percent in a month, then this gain would boost growth in total IP
by 6/10 percentage point (0.06 x 10% = 0.6%). To assist users with
calculations, the Federal Reserve’s website 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 2012. Manufacturing
consists of those industries included in the North American Industry
Classification System, or NAICS, definition of manufacturing plus
those industries— logging and newspaper, periodical, book, and
directory publishing—that have traditionally been considered to be
manufacturing and included in the industrial sector. For the period
since 1997, the total IP index has been constructed from 300
individual series based on the 2012 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 website at
www.federalreserve.gov/releases/G17/About.htm.

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 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 74 percent of the
source data (in value-added terms) are available; the fraction of
available source data increases to 85 percent for estimates in the
second month that the estimate is published, 95 percent in the third
month, 96 percent in the fourth month, 97 percent in the fifth month,
and 97 percent in the sixth month. Data availability by data type in
early 2017 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2017; the numbers may not sum because of
rounding.)
Month of estimate

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 typically 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
and unit values or sales) by a corresponding Fisher price index; the
most notable of these fall within the high-technology grouping and
include 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 U.S.
Geological Survey of the Department of the Interior; and publications
of the Department of Energy.

Type of data

1st

2nd

3rd

4th

5th

6th

Physical product

32

44

54

55

56

56

Production-worker hours

41

41

41

41

41

41

IP data received

74

85

95

96

97

97

IP data estimated

26

15

5

4

3

3

The physical product group includes series based on either monthly or
quarterly data. As can be seen in the first row of the table, in the first
month, a physical product indicator is available for more than one-half
of the series (in terms of value added) that ultimately are based on
physical product data (32 percent out of a total of 56 percent). Of the
27 percent, about four-fifths (25 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 fourth estimate of industrial
production. Specifically, quarterly data are available for the third
estimate of the last month of a quarter, the fourth estimate of the
second month of a quarter, and the fifth estimate of the first month of
a quarter.
Seasonal Adjustment. Individual series are seasonally adjusted using
Census X-13 ARIMA. For series based on production-worker hours,
the current seasonal factors were estimated with data through January
2018; for other series, the factors were estimated with data through at
least December 2017. 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.
Additional documentation and X-13 specifications can be found on
the Board’s website at
www.federalreserve.gov/releases/G17/About.htm.

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 the 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

Reliability. The average revision to the level of the total IP index,
without regard to sign, between the first and the fourth estimates was

18

0.27 percent during the 1987–2017 period. The average revision to
the percent change in total IP, without regard to sign, from the first to
the fourth estimates was 0.22 percentage point during the 1987–2017
period. In most cases (about 85 percent), the direction of the change
in output indicated by the first estimate for a given month is the same
as that shown by the fourth estimate.

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 survey of large companies
reported, on average, higher utilization rates than those reported by
establishments covered by the annual Survey of Plant Capacity (the
primary source of factory operating rates through 2006, after which it
was discontinued) for the fourteen years they overlapped.
Adjustments have been made to keep the industry utilization rates
currently reported by the Federal Reserve (now based on the QSPC)
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 Census utilization surveys.

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
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.

Perspective. Over the 1972–2017 period, the average total industry
utilization rate was 79.8 percent; for manufacturing, the average
factory operating rate was 78.3 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
manufacturing, utilization rates have exceeded 90 percent only in
wartime. The highs and lows in capacity utilization are specific to
each series and do not all occur in the same month.
R EFERENCES AND R ELEASE DATES

Coverage. Capacity indexes are constructed for 89 detailed industries
(71 in manufacturing, 16 in mining, and 2 in utilities), which mostly
correspond to industries at the three- and four-digit North American
Industry Classification System, or 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 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-technology industries and
manufacturing excluding high-technology industries.

References. The release for the annual revision that was published on
March 23, 2018, is available on the Board’s website (www.federal
reserve.gov/releases/g17/revisions/Current/DefaultRev.htm). 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.

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 (for example, paper, industrial chemicals, petroleum
refining, motor vehicles), as well as for electric utilities and mining;
these industries represent about 27 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 Quarterly Survey of Plant Capacity (QSPC); these
industries account for about 64 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 9
percent of total industry capacity). A detailed description of the
methodology used to construct the capacity indexes is available on the
Board’s website
(www.federalreserve.gov/releases/G17/Meth/MethCap.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, March 2006, May 2007, August 2008, August
2009) or in online staff studies
(www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf,
www.federalreserve.gov/releases/g17/articles/rev2012/industrial12.pdf,
www.federalreserve.gov/releases/g17/articles/rev2013/industrial13.pdf).
Release Schedule
In 2018, the G.17 will be published at 9:15 a.m. on:
January 17, February 15, March 16, April 17, May 16, June 15, July
17, August 15, September 14, October 16, November 16, and
December 14.

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.

This release schedule is available on the Board’s website at
http://www.federalreserve.gov/releases/g17.

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

19

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