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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
August 15, 2008

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production increased 0.2 percent in July after having advanced 0.4 percent in June.
Manufacturing output gained 0.4 percent in July and was boosted by a rise of 3.6 percent in the production of
motor vehicles and parts. Excluding motor vehicles and parts, the index for manufacturing increased 0.2 percent.
(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

2002=100

Percent change

Industrial production

2008
Feb.r

2008
Feb.r

Mar.r

Apr.r

Mayr

Juner

Julyp

Mar.r

Apr.r

Mayr

Juner

Julyp

Total index
Previous estimates

112.3
112.2

112.0
112.2

111.3
111.4

111.1
111.2

111.6
111.7

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

113.8
107.9
131.1
107.2
102.3
112.6

113.1
106.7
132.0
106.7
102.3
112.8

112.1
106.0
129.5
106.3
101.3
112.4

112.0
105.8
129.8
106.0
101.7
112.1

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

113.1
113.1
103.6
112.6

113.2
113.4
103.9
108.7

112.2
112.3
103.9
110.4

111.8

-.3
-.4

-.2
.1

-.6
-.7

-.2
-.2

.4
.5

.2

-.1

112.8
106.7
130.1
106.0
101.5
112.5

113.2
107.0
131.1
105.7
101.7
112.7

-.2
-.1
-.2
-.5
-1.3
-.3

-.6
-1.1
.7
-.4
.0
.2

-.9
-.7
-1.9
-.4
-1.0
-.3

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

.7
.8
.2
-.1
-.2
.3

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

-.4
-1.1
1.2
-2.3
-5.3
.8

112.3
112.3
103.9
107.9

112.4
112.5
104.8
110.3

112.8

-.6
-.7
.4
1.6

.1
.2
.2
-3.5

-.9
-.9
.0
1.6

.0
-.1
.1
-2.2

.1
.2
.9
2.3

.4

-1.1

.9
-1.9

4.2
2.5

Percent of capacity
200102
2007 2008
low
July Feb.r

105.8
108.3

Average
19722007

198889
high

199091
low

199495
high

Total industry
Previous estimates

81.0

85.0

78.6

85.1

73.6

81.4

Manufacturing (see note below)
Previous estimates
Mining
Utilities

79.7

85.4

77.1

84.6

71.5

80.1

87.5
86.8

86.3
92.7

83.6
84.1

88.7
93.9

84.8
84.6

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.6
82.2
77.7

88.3
86.4
82.8

84.4
77.8
77.1

89.5
88.2
80.4

81.9
74.6
69.9

Capacity utilization

July ’07 to
July ’08

Capacity
growth
Mar.r

Apr.r

Mayr

Juner

Julyp

July ’07 to
July ’08

80.3
80.3

80.5
80.5

79.8
79.9

79.6
79.6

79.8
79.9

79.9

1.7

78.5
78.5
90.5
86.7

77.6
77.7
90.6
86.5

77.5
77.6
90.6
84.4

77.5
77.6
91.4
86.2

77.7

1.9

89.2
84.2

78.4
78.4
90.5
85.8

92.1
84.4

.9
2.2

88.4
81.9
78.3

89.4
80.3
77.0

89.6
80.6
77.1

89.1
80.2
75.9

89.7
79.6
75.7

89.4
79.8
76.1

90.1
79.5
76.4

.7
2.2
1.9

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

The output of mines moved up 0.9 percent, while the output of utilities contracted 1.9 percent. At 111.8 percent
of its 2002 average, total industrial production was 0.1 percent below its level of a year earlier. In July, the
capacity utilization rate for total industry edged up to 79.9 percent, a level 1.1 percentage points below its
average for 1972–2007.
Market Groups
The production of consumer goods increased 0.3 percent in July. The output of durable consumer goods
rose 1.0 percent; an increase of 2.5 percent in the index for automotive products was partly offset by drops in the
indexes for appliances, furniture, and carpeting and for home electronics. The index for miscellaneous consumer
goods was unchanged. The production of nondurable consumer goods edged up 0.1 percent in July; the increase
reflected a rise in the output of consumer energy goods, particularly gasoline. Non-energy nondurable consumer
goods declined 0.2 percent; lower indexes for foods and tobacco, clothing, and paper products more than offset
an increase in the output of chemical products.
The output of business equipment climbed 0.8 percent in July. Production of transit equipment jumped
2.8 percent, and the output of industrial and other equipment rose 0.6 percent, an increase that reversed its June
decline. The index for information processing and related equipment slipped 0.2 percent. The output of defense
and space equipment gained 0.6 percent.
The production of construction supplies increased 0.3 percent. On net, the output of construction supplies
advanced over the past three months; its average monthly decrease over the preceding nine months had been
about 0.7 percent. The index for business supplies fell 0.5 percent in July.
Materials output moved up 0.3 percent in July following a similarly sized increase in June. The
production of durable materials advanced 0.6 percent, and gains were widespread across its components.
Consumer parts showed the largest advance, 2.1 percent, as the output of motor vehicle parts rose markedly. The
production of nondurable materials edged down 0.1 percent, with declines in textile materials and paper
materials partly offset by an increase in chemical materials. The index for energy materials rose 0.2 percent.
Industry Groups
Production in manufacturing advanced 0.4 percent in July. The factory operating rate increased to
77.7 percent, a level 2.0 percentage points below its 1972–2007 average. The production of durable goods rose
0.6 percent, and gains were widespread. The largest increase in July was for motor vehicles and parts, which
advanced for a third consecutive month; nevertheless, this index remained 10.4 percent below its year-earlier
level. The only durable goods industries to have registered declines in July were wood products, fabricated metal
products, and furniture and related products. The output of nondurable goods rose 0.3 percent. Declines in the
indexes for food, beverage, and tobacco products; textile and product mills; apparel and leather products; paper;
and printing and support were more than offset by higher output of petroleum and coal products, chemicals, and
plastics and rubber products.
The index for non-NAICS manufacturing industries (logging and publishing) fell 1.3 percent. Production
in publishing has fallen nearly 7 percent in the past 12 months.
The output of electric and gas utilities dropped 1.9 percent in July, and the operating rate for utilities
decreased 1.8 percentage points, to 84.4 percent, a rate 2.4 percentage points below its 1972–2007 average.
Mining production increased 0.9 percent. Capacity utilization for mining rose to 92.1 percent, a rate just above
the peak attained in 2000–01 and just below the peak in January 1998. Within mining, the rate of capacity

2

utilization in oil and gas extraction was particularly high.
Capacity utilization rates at industries grouped by stage of process were as follows: For the crude stage,
utilization rose 0.7 percentage point, to 90.1 percent, a rate 3.5 percentage points above its 1972–2007 average;
for the primary and semifinished stages, utilization moved down 0.3 percentage point, to 79.5 percent, a rate
2.7 percentage points below its long-run average; and for the finished stage, utilization increased 0.3 percentage
point, to 76.4 percent, a rate 1.3 percentage points below its long-run average.

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

Industrial Production: Market and Industry Group Summary; percent change
Industrial Production: Special Aggregates and Selected Detail; percent change
Motor Vehicle Assemblies
Industrial Production: Market and Industry Group Summary; indexes
Industrial Production: Special Aggregates and Selected Detail; indexes
Diffusion Indexes of Industrial Production
Capacity Utilization
Industrial Capacity
Gross Value of Products and Nonindustrial Supplies
Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
Historical Statistics: Total Industry
Historical Statistics: Manufacturing
Historical Statistics: Total Industry Excluding Selected High-Technology Industries
Historical Statistics: Manufacturing Excluding Selected High-Technology Industries

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

3

1. Industrial production, capacity, and utilization
160

Ratio scale, 2002 output = 100
Total
Manufacturing

135

160

135

110

Capacity

110

85

85

Production

Detail: 2004 to present

60

118

60

Production
114
110
106
102

2004 2005 2006 2007 2008

35

1970

1975

1980

1985

1990

1995

98

2000

2005

Percent of capacity

100
95

35

100
95

Utilization
85

85

75

75

65

1970

1975

1980

1985

1990

1995

2000

2005

65

Notes: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).
See note on cover page.

4

2. Industrial production and capacity utilization
Consumer goods

Ratio scale, 2002=100

Equipment

Ratio scale, 2002=100

115

115

140

140

110

110

130

130

105

105

100

Nondurable

120

100

120

Business

95

90

Durable

110

110

90

95

100

100

85

85

80

80

90

75

80

120

120

120

115

115

90

Defense and Space

75

1998

2000

2002

2004

Nonindustrial supplies

2006

2008

Ratio scale, 2002=100

1998

2000

2002

Industrial materials

2004

2006

2008

80

Ratio scale, 2002=100
120

115

115

Non-energy

110
110

Construction

105
100
95

95

100

95

100

105

100

105

110

105

110

95

90

90
85

2000

2002

2004

Capacity utilization

2006

2008

85

85

90

Other business

1998

80

80

85

75

Percent of capacity

2002

2004

2006

2008

Percent of capacity

Crude processing

90
85

85

processing

75

95

90

semifinished
80

2000

95

85

Primary and

1998

Capacity utilization
90

90

85

90

Energy

80
80
75

75

80

Finished processing

75

75

Excluding utilities
70

1998

2000

2002

2004

2006

2008

70

70

5

1998

2000

2002

2004

2006

2008

70

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

Ratio scale, 2002 = 100

125
115

125
115

Excluding
high-technology
industries

95

95

75

75

Total IP

55

35

1970

1975

1980

1985

55

1990

1995

Industrial production

2000

2005

35

Percent change from year earlier

15

15
Total IP

10

10

5

5

0

0
Excluding the
contribution
of high-technology
industries

-5
-10
-15

1970

1975

Industrial production

1980

1985

1990

Ratio scale, 2002 = 100
400
300

200
150

200
150

100

95

2005

Percent of capacity
100
95

Excluding
high-technology
industries

85

75

75

65

65
Semiconductors
10

1998

2000

2002

-15

85

50

50

2000

100

100

Computers

-10

Capacity utilization

400
300
Communications eq.

1995

-5

High-technology industries
2004

2006

2008

10

55

1990

1995

2000

2005

55

Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 334412-9),
computers (NAICS 3341),and communications equipment (NAICS 3342).
The shaded areas are periods of business recession as defined by the NBER.

6

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

Fourth quarter to
fourth quarter
Item

2007
proportion1

Mayr

Juner

Julyp

100.00

2.6

1.7

2.1

.3

.4

-3.2

-.3

-.2

-.6

-.2

.4

.2

-.1

56.13
29.33
6.68
3.23
.31
1.08
2.06
22.65
16.27
8.99
.54
4.71
1.56
6.38

4.4
2.4
1.5
-1.9
11.0
1.6
5.6
2.7
3.0
3.9
-2.1
3.1
-.9
1.7

1.0
.2
-3.9
-5.3
11.5
-6.1
-2.8
1.5
2.1
.3
.3
7.7
-2.4
-.2

1.3
1.1
.9
3.6
14.2
-6.0
-1.5
1.2
.9
1.5
-1.9
.0
1.1
1.9

-1.6
-2.9
-7.2
-8.2
33.1
-12.9
-7.9
-1.5
-2.1
-4.6
-3.5
3.5
-5.1
.2

.4
.6
-11.4
-13.4
6.8
-19.8
-6.5
4.4
.6
-.4
-2.7
1.0
4.8
14.9

-4.4
-5.1
-16.1
-30.0
22.2
-6.7
-2.0
-1.9
-.6
.7
-10.0
-.2
-5.2
-5.0

-.2
-.1
-1.2
-1.1
.2
-2.1
-1.1
.2
-.1
-.1
-1.0
-.1
.1
1.1

-.6
-1.1
-2.2
-4.8
.5
.0
.5
-.8
.3
.9
-1.5
-.8
.6
-3.6

-.8
-.7
-3.7
-7.8
3.9
-.2
-.6
.1
-.4
-.4
-.6
.4
-2.1
1.4

-.1
-.2
.6
1.2
2.1
-.7
.1
-.4
.0
.0
-1.5
-.2
.5
-1.2

.5
.8
2.6
6.2
-1.7
-1.0
.1
.4
.2
-.1
1.0
.8
.0
.9

.2
.3
1.0
2.5
-.5
-1.0
.0
.1
-.2
-.3
-.7
.5
-1.4
.6

-.9
-1.1
-7.2
-9.3
14.4
-12.2
-4.3
.7
-.7
-1.6
-5.5
2.0
-2.9
4.7

9.38
1.71
2.72
4.95
1.73

10.3
15.9
14.6
5.9
6.9

7.8
9.1
12.8
4.4
-2.6

2.8
-3.4
8.9
1.7
5.2

1.8
-4.2
13.3
-2.2
4.8

3.4
-6.3
11.8
2.1
1.7

-5.0
-8.1
8.7
-11.2
-2.2

-.2
-1.1
1.4
-.8
-1.1

.7
-.7
1.0
.9
.0

-1.9
-2.3
.6
-3.1
-.1

.3
.8
.2
.1
-.5

.2
1.8
.5
-.5
.8

.8
2.8
-.2
.6
.6

1.2
-1.2
9.6
-2.6
2.0

4.21
10.64

7.5
2.6

-3.5
-.3

-1.6
1.1

-8.3
.8

-7.4
.0

-4.8
-3.7

-1.3
-.1

.0
-.6

-1.0
-.2

.4
-.5

-.2
.0

.3
-.5

-5.3
-1.1

43.87
29.30
17.55
2.92
6.02
8.62
11.75
.52
2.23
5.78
14.58

.3
2.4
5.4
.5
11.3
2.9
-2.2
.5
-1.1
-5.8
-4.0

2.5
1.3
1.2
-5.8
9.4
-2.0
1.6
-12.2
1.6
4.9
5.2

3.2
3.5
5.4
-2.0
12.5
3.0
.6
-9.4
-1.3
2.1
2.7

2.9
.9
2.1
-10.6
13.1
-.9
-.9
-8.8
2.9
-1.1
7.1

.3
-1.6
.7
-12.6
10.3
-1.3
-4.9
-13.1
-4.2
-5.9
4.0

-1.7
-2.6
-2.4
-11.6
4.8
-4.5
-2.8
-9.8
-2.5
-2.5
.0

-.3
-.6
.0
-1.1
.9
-.2
-1.6
-.1
-1.9
-1.7
.3

.2
.3
.3
-1.7
1.6
.0
.4
-1.8
.8
-.2
-.2

-.3
-.6
-.6
-1.8
.0
-.7
-.7
-1.0
-.9
-.3
.2

-.3
-.1
-.6
-.4
-.5
-.7
.6
.3
2.2
.6
-.5

.3
.1
.4
1.6
.4
.1
-.4
-1.5
-3.1
.1
.6

.3
.3
.6
2.1
.4
.2
-.1
-1.9
-.9
.3
.2

.8
-.7
.7
-6.6
7.6
-1.8
-2.7
-12.3
-3.6
-1.9
3.9

321
327
331
332
333
334

78.70
75.02
38.51
1.19
2.25
2.70
5.58
4.89
6.85

3.7
3.9
6.9
11.6
5.3
-1.1
6.2
8.3
15.1

1.1
1.4
1.6
-13.3
-3.5
-4.2
3.2
2.5
12.2

2.3
2.5
3.9
-6.8
.7
4.1
3.4
-.7
13.9

-.6
-.4
.3
-17.5
-6.5
.0
1.4
-5.8
20.6

-1.0
-.9
-.5
-13.8
-8.5
10.3
.8
-1.4
13.7

-3.9
-3.7
-5.9
-7.2
-4.4
-12.8
-5.7
-9.7
13.1

-.6
-.6
-.5
-1.4
-1.1
-1.0
.1
-.9
1.9

.1
.1
.1
.4
1.4
-1.1
.1
1.6
1.7

-.9
-.9
-1.5
-1.5
-1.4
-1.4
-.8
-3.2
1.1

.0
.1
-.1
-.3
.2
-1.9
-.8
.0
.2

.1
.1
.6
-.1
-1.1
1.0
-.9
.0
.4

.4
.4
.6
-1.3
.7
.8
-.4
.7
.1

-1.1
-.9
-.8
-12.3
-4.7
-1.9
-1.9
-3.9
12.7

335
3361–3

1.93
5.12

1.8
-.3

-.5
-5.9

3.7
-2.2

-2.1
-13.1

1.5
-14.4

3.0
-28.9

-1.5
-1.0

1.5
-4.8

-.4
-6.6

.9
.6

.1
4.8

.2
3.6

.9
-10.4

3364–9
337
339

3.50
1.43
3.09

11.5
1.6
6.6

4.5
-1.6
2.7

10.9
-1.7
1.5

6.7
-7.5
-1.2

-1.2
-16.0
.6

-4.2
-9.3
-1.0

-1.7
-1.7
-2.2

-.3
-.5
1.6

-.6
-1.0
-.7

-.2
-.5
.2

1.3
-.5
-.1

1.0
-.8
.4

2.7
-9.8
.1

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

36.50
10.74
.93
.57
2.54
1.87
5.24
11.57
3.04

.7
4.1
-.3
-1.3
-.7
.5
-3.7
-1.2
2.6

1.3
.3
-11.7
-.8
.3
1.9
2.2
5.0
-3.6

.9
2.1
-8.1
-2.0
-2.2
-1.3
-.5
1.4
4.4

-1.1
-3.7
-8.9
-2.1
.3
.3
.2
.1
1.8

-1.3
.0
-11.2
-2.7
-2.9
-4.3
8.0
-3.0
-8.2

-1.3
.6
-8.1
-9.2
-.3
-7.3
.6
-1.8
-4.0

-.7
-.2
.0
-.9
-2.4
-1.2
-1.0
-.9
-.2

.1
1.1
-.8
-1.4
1.5
1.2
-1.0
-.4
-.8

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

.3
-.3
.1
-1.4
2.7
-.4
.2
.5
.2

-.4
-.1
-1.0
1.0
-2.1
-2.9
-.2
-.1
.5

.3
-.1
-1.8
-.5
-.9
-1.4
1.9
.3
.6

-.9
-1.2
-11.1
-4.6
-2.5
-5.7
4.1
-.8
-1.8

1133,5111

3.68

-.5

-4.5

-1.4

-4.7

-3.4

-9.8

-.1

-.2

-1.9

-.4

-.6

-1.3

-6.4

21
2211,2
2211
2212

11.62
9.68
7.98
1.70

-4.9
2.0
3.5
-4.6

8.2
-.7
-1.2
1.5

.2
3.1
3.3
2.0

5.4
2.2
3.3
-3.3

3.5
8.0
3.8
30.6

2.4
-4.1
-4.6
-2.0

.4
1.6
1.0
4.5

.2
-3.5
-2.8
-6.8

.0
1.6
1.2
3.2

.1
-2.2
-2.7
-.2

.9
2.3
2.9
-.7

.9
-1.9
-2.3
-.1

4.2
2.5
1.5
7.5

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

Mining
Utilities
Electric
Natural gas

Apr.r

2007

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

Other manufacturing (non-NAICS)

Mar.r

July ’07
to
July ’08

2006

M ARKET G ROUPS
Final products and nonindustrial supplies
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

Nondurable manufacturing
Food, beverage, and tobacco products
Textile and product mills
Apparel and leather
Paper
Printing and support
Petroleum and coal products
Chemical
Plastics and rubber products

Monthly rate
2008
Feb.r

2005

Total IP

I NDUSTRY G ROUPS
Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metal
Fabricated metal products
Machinery
Computer and electronic products
Electrical equip., appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Furniture and related products
Miscellaneous

Annual rate
2007 2008
Q4
Q1r
Q2r

31–33

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

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

Annual rate
2008
Q1r
Q2r

2007
proportion

2005

2006

2007

2007
Q4

100.00

2.6

1.7

2.1

.3

.4

24.66
6.38
2.94
.77
4.15
10.42

-1.8
1.7
.4
11.9
-2.6
-4.6

3.7
-.2
1.2
14.8
2.5
6.4

2.3
1.9
2.0
-.8
5.3
1.6

4.7
.2
3.9
-.9
6.4
7.3

75.34

3.9

1.1

2.1

3341
3342

4.31
.98
1.28

22.4
28.8
13.7

17.3
18.0
20.6

334412–9

2.04

24.0

71.03

Monthly rate
2008
Feb.r

Mar.

-3.2

-.3

-.2

7.0
14.9
7.4
1.2
2.3
4.7

-1.0
-5.0
-2.0
20.1
.1
.0

.6
1.1
1.5
-1.1
-.1
.4

-1.0

-1.7

-4.0

22.3
16.7
20.6

29.5
19.9
30.4

17.6
25.0
6.4

15.4

25.9

33.7

2.7

.0

.8

5.12
2.28
2.47

-.3
-2.3
-.6

-5.9
-7.0
-4.3

65.91
19.88
7.33
4.17
7.41
25.38

3.0
3.1
7.3
7.5
2.4
.6

Measures excluding selected
high-technology industries
Total industry
Manufacturing1
Durable

95.69
74.39
34.37

Measures excluding motor vehicles
and parts
Total industry
Manufacturing1
Durable

r

r

r

p

June

-.6

-.2

.4

.2

-.1

-1.5
-3.6
-3.9
2.1
-1.6
.3

.8
1.4
2.0
1.9
1.4
-.3

-.8
-1.2
-1.5
1.7
-.6
-.5

.9
.9
2.1
1.5
.3
.7

.2
.6
-.9
-.4
-1.2
.7

4.1
4.7
3.2
5.7
4.1
3.8

-.6

.2

-1.0

.0

.2

.2

-1.5

16.9
8.4
15.7

2.2
2.2
.2

2.5
.9
1.9

1.5
.2
2.5

-.2
.3
-.2

.5
.7
.0

.3
.6
-.2

17.4
15.4
15.4

21.8

21.9

3.3

3.7

1.6

-.5

.8

.4

19.7

-2.8

-2.9

-5.2

-.7

.0

-1.2

.1

.2

.2

-2.6

-2.2
-2.7
.5

-13.1
-17.6
-8.0

-14.4
-16.7
-10.8

-28.9
-39.6
-17.6

-1.0
-1.8
-.6

-4.8
-6.4
-3.6

-6.6
-11.9
-2.5

.6
3.2
-.5

4.8
9.3
1.8

3.6
5.5
2.6

-10.4
-12.6
-6.3

.6
1.0
5.8
-3.7
-1.6
.7

1.1
.3
2.8
-1.9
-.1
1.8

-1.9
-3.0
.0
-8.8
-1.5
-.8

-2.0
-1.7
2.6
-7.6
-3.5
-2.5

-3.3
-1.4
-6.6
-5.1
-5.3
-2.9

-.7
-.4
-.5
-1.3
-.9
-.9

.4
.3
.8
.0
.7
.4

-.8
-.4
-2.2
-1.0
-1.1
-.6

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

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

.0
-.2
.5
.3
-.4
.1

-2.0
-1.9
-.3
-5.6
-3.5
-1.7

1.6
2.5
4.7

.9
.1
-.5

1.2
1.1
1.5

-1.0
-2.3
-3.2

-.4
-2.1
-2.8

-4.1
-5.2
-8.6

-.4
-.8
-.9

-.4
-.1
-.2

-.7
-1.1
-1.9

-.2
.1
-.1

.4
.1
.6

.2
.4
.7

-1.0
-2.2
-3.1

94.88
73.58
33.56

2.8
4.0
8.1

2.1
1.7
2.8

2.4
2.6
4.8

1.1
.3
2.6

1.2
.0
1.7

-1.7
-2.1
-2.1

-.2
-.6
-.4

.0
.4
.8

-.3
-.6
-.8

-.2
.0
-.2

.2
-.2
.0

.1
.2
.3

.4
-.4
.8

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

90.57
69.27

1.7
2.7

1.4
.6

1.4
1.3

-.2
-1.4

.4
-1.1

-2.6
-3.3

-.4
-.8

-.1
.3

-.4
-.7

-.2
.0

.2
-.2

.1
.2

-.4
-1.6

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

11.68
17.61

5.6
.1

2.8
.3

5.1
2.4

4.0
-1.1

.6
-3.0

-1.2
-3.5

-.2
-.9

.5
.2

-.6
-.6

.1
-.2

-.1
.2

.5
.2

1.0
-1.8

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

July

July ’07
to
July ’08

May

Total industry

Apr.

r

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

2007
average

2007
Q3

Q4

2008
Q1

Q2

2008
Feb.

Mar.

Apr.

May

June

July

Total
Autos
Trucks
Light
Medium and heavy

10.75
3.92
6.83
6.55
.28

10.93
3.93
7.01
6.75
.25

10.50
3.97
6.53
6.29
.24

9.91
3.93
5.98
5.74
.24

8.79
3.62
5.17
4.92
.25

10.14
3.86
6.28
6.05
.23

9.39
3.98
5.41
5.15
.26

8.44
3.51
4.94
4.67
.27

8.68
3.62
5.07
4.80
.26

9.25
3.74
5.50
5.29
.21

9.80
4.68
5.12
4.88
.24

Memo
Autos and light trucks

10.47

10.68

10.26

9.67

8.54

9.90

9.13

8.17

8.42

9.04

9.56

Item

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

8

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

2007
proportion

2007
Nov.

Dec.

2008
Jan.

Feb.r

Mar.r

Apr.r

Mayr

Juner

Julyp

100.00

112.3

112.4

112.6

112.3

112.0

111.3

111.1

111.6

111.8

56.13
29.33
6.68
3.23
.31
1.08
2.06
22.65
16.27
8.99
.54
4.71
1.56
6.38

111.8
107.4
102.9
101.1
167.6
92.9
103.2
108.8
108.8
109.5
76.2
118.0
95.2
109.0

111.9
107.4
102.7
101.6
170.1
91.7
102.3
108.8
109.2
109.6
78.0
118.5
95.9
108.1

112.3
108.0
101.1
99.6
167.7
89.1
101.9
110.1
109.3
109.3
77.2
119.1
96.5
112.6

112.0
107.9
100.0
98.5
168.1
87.3
100.9
110.4
109.1
109.2
76.5
119.0
96.6
113.8

111.3
106.7
97.8
93.8
168.8
87.3
101.3
109.5
109.5
110.2
75.3
118.0
97.2
109.7

110.5
106.0
94.2
86.5
175.4
87.1
100.8
109.6
109.1
109.8
74.8
118.5
95.1
111.2

110.4
105.8
94.7
87.5
179.1
86.5
100.9
109.2
109.1
109.9
73.7
118.3
95.6
109.9

110.9
106.7
97.2
93.0
176.1
85.6
101.0
109.6
109.2
109.7
74.5
119.2
95.6
110.8

111.2
107.0
98.2
95.3
175.1
84.7
101.0
109.7
109.1
109.3
73.9
119.8
94.3
111.5

9.38
1.71
2.72
4.95
1.73

130.2
123.2
162.7
116.2
120.2

131.2
123.9
164.8
116.7
119.9

131.4
122.5
165.2
117.4
120.9

131.1
121.1
167.5
116.5
119.6

132.0
120.2
169.3
117.5
119.5

129.5
117.4
170.3
113.8
119.4

129.8
118.3
170.7
113.9
118.8

130.1
120.4
171.6
113.4
119.7

131.1
123.8
171.3
114.1
120.4

4.21
10.64

104.5
109.2

104.2
108.9

103.6
109.3

102.3
109.2

102.3
108.5

101.3
108.3

101.7
107.8

101.5
107.8

101.7
107.2

43.87
29.30
17.55
2.92
6.02
8.62
11.75
.52
2.23
5.78
14.58

113.0
117.2
126.4
92.9
176.5
110.4
103.5
73.1
97.7
112.5
103.3

113.1
116.9
125.8
90.7
176.7
110.0
103.7
72.6
99.3
112.3
104.1

113.0
116.7
126.0
90.1
178.3
109.8
103.1
71.0
97.8
111.9
104.2

112.6
116.0
126.0
89.1
179.9
109.6
101.4
71.0
95.9
109.9
104.5

112.8
116.4
126.4
87.6
182.7
109.6
101.8
69.6
96.6
109.7
104.3

112.4
115.7
125.6
86.0
182.7
108.9
101.1
68.9
95.8
109.3
104.5

112.1
115.6
125.0
85.7
181.9
108.1
101.7
69.2
97.8
110.0
103.9

112.5
115.6
125.5
87.1
182.6
108.2
101.3
68.1
94.8
110.1
104.6

112.7
116.0
126.2
88.9
183.4
108.4
101.1
66.9
93.9
110.4
104.8

321
327
331
332
333
334

78.70
75.02
38.51
1.19
2.25
2.70
5.58
4.89
6.85

113.8
115.1
122.9
94.2
109.7
111.0
113.7
115.4
196.2

113.8
115.1
122.8
94.3
105.9
112.9
113.1
114.6
198.1

113.8
115.2
122.9
92.3
106.1
115.2
113.4
115.2
198.5

113.1
114.5
122.2
91.0
104.9
114.1
113.5
114.1
202.2

113.2
114.6
122.4
91.4
106.4
112.8
113.6
115.9
205.7

112.2
113.6
120.5
90.1
104.8
111.2
112.8
112.2
207.9

112.3
113.7
120.4
89.8
105.0
109.1
111.9
112.2
208.2

112.4
113.8
121.1
89.7
103.9
110.2
110.9
112.1
209.1

112.8
114.3
121.9
88.5
104.7
111.0
110.5
112.9
209.2

335
3361–3

1.93
5.12

105.0
95.8

106.1
95.5

106.1
93.9

104.4
93.0

106.0
88.6

105.7
82.7

106.6
83.2

106.7
87.2

106.8
90.3

3364–9
337
339

3.50
1.43
3.09

126.9
101.4
116.0

126.4
100.1
117.2

127.4
98.1
117.8

125.2
96.4
115.3

124.8
95.9
117.1

124.1
94.9
116.3

123.8
94.4
116.6

125.4
94.0
116.4

126.7
93.2
116.9

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

36.50
10.74
.93
.57
2.54
1.87
5.24
11.57
3.04

106.6
110.0
77.1
76.8
95.4
99.4
108.1
114.7
105.4

106.8
110.1
77.2
78.7
97.3
99.0
108.5
114.6
104.5

106.8
110.0
75.3
77.8
96.0
98.4
111.7
114.6
103.0

106.0
109.7
75.2
77.1
93.7
97.3
110.6
113.6
102.8

106.2
111.0
74.7
76.0
95.1
98.4
109.5
113.1
102.0

105.9
110.6
73.7
75.6
93.8
97.4
110.6
112.9
101.3

106.2
110.3
73.7
74.5
96.4
97.0
110.9
113.5
101.5

105.8
110.2
73.0
75.3
94.3
94.2
110.7
113.3
102.0

106.1
110.1
71.7
74.9
93.5
92.9
112.8
113.7
102.6

1133,5111

3.68

91.7

91.9

91.3

91.2

91.0

89.3

88.9

88.4

87.3

21
2211,2
2211
2212

11.62
9.68
7.98
1.70

102.9
109.1
111.1
99.4

103.9
108.2
109.7
101.2

103.2
110.8
112.4
103.2

103.6
112.6
113.5
107.9

103.9
108.7
110.4
100.6

103.9
110.4
111.7
103.7

103.9
107.9
108.7
103.5

104.8
110.3
111.9
102.8

105.8
108.3
109.4
102.7

Item
Total IP
M ARKET G ROUPS
Final products and nonindustrial supplies
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
Construction supplies
Business supplies
Materials
Non-energy
Durable
Consumer parts
Equipment parts
Other
Nondurable
Textile
Paper
Chemical
Energy
I NDUSTRY G ROUPS
Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metal
Fabricated metal products
Machinery
Computer and electronic products
Electrical equip., appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Furniture and related products
Miscellaneous
Nondurable manufacturing
Food, beverage, and tobacco products
Textile and product mills
Apparel and leather
Paper
Printing and support
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities
Electric
Natural gas

31–33

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

9

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

2007
proportion

2007
Nov.

Dec.

2008
Jan.

Feb.r

Mar.r

Apr.r

Mayr

Juner

Julyp

100.00

112.3

112.4

112.6

112.3

112.0

111.3

111.1

111.6

111.8

24.66
6.38
2.94
.77
4.15
10.42

107.1
109.0
115.7
169.1
108.0
101.2

107.3
108.1
113.9
174.1
108.8
101.9

108.8
112.6
117.2
169.3
110.2
101.6

109.4
113.8
119.0
167.5
110.0
102.0

107.8
109.7
114.3
171.0
108.3
102.4

108.6
111.2
116.6
174.3
109.8
102.1

107.8
109.9
114.8
177.3
109.2
101.5

108.7
110.8
117.3
179.9
109.6
102.3

108.9
111.5
116.3
179.2
108.3
103.1

75.34

113.6

113.7

113.4

112.8

113.0

111.8

111.8

112.1

112.4

3341
3342

4.31
.98
1.28

247.5
198.1
188.6

250.6
201.4
192.4

251.6
205.7
190.5

257.0
210.3
190.9

263.4
212.1
194.6

267.5
212.6
199.4

266.9
213.4
199.0

268.3
214.8
199.0

269.0
216.2
198.7

334412–9

2.04

312.6

314.5

315.8

326.4

338.3

343.6

342.0

344.6

346.0

71.03

107.4

107.4

107.1

106.3

106.3

105.0

105.1

105.3

105.5

5.12
2.28
2.47

95.8
96.1
94.8

95.5
96.4
93.5

93.9
94.5
93.0

93.0
92.8
92.5

88.6
86.8
89.2

82.7
76.5
87.0

83.2
78.9
86.6

87.2
86.3
88.1

90.3
91.0
90.4

65.91
19.88
7.33
4.17
7.41
25.38

108.4
107.4
120.0
103.8
102.4
108.3

108.4
107.6
120.5
103.4
102.5
108.1

108.2
107.3
121.0
102.9
101.9
107.9

107.4
106.9
120.4
101.5
100.9
106.9

107.8
107.2
121.3
101.5
101.6
107.3

106.9
106.8
118.7
100.4
100.5
106.6

107.0
106.8
119.0
100.8
100.4
106.6

106.9
106.8
119.0
100.6
99.5
106.5

106.9
106.6
119.6
100.9
99.1
106.6

95.69
74.39
34.37

107.4
107.7
110.7

107.4
107.6
110.5

107.6
107.6
110.5

107.2
106.8
109.5

106.7
106.7
109.3

106.0
105.6
107.2

105.8
105.6
107.0

106.3
105.7
107.7

106.5
106.1
108.4

94.88
73.58
33.56

113.4
115.3
128.0

113.5
115.4
128.0

113.8
115.5
128.4

113.5
114.8
127.8

113.5
115.3
128.9

113.2
114.7
127.9

112.9
114.7
127.6

113.2
114.5
127.6

113.2
114.7
127.9

90.57
69.27

108.1
108.7

108.2
108.7

108.4
108.8

108.0
107.9

107.9
108.2

107.5
107.5

107.3
107.5

107.5
107.3

107.5
107.4

11.68
17.61

128.3
109.2

128.0
109.0

127.9
108.7

127.7
107.7

128.3
108.0

127.6
107.3

127.7
107.0

127.5
107.3

128.1
107.4

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
2006
2007
2008
Three months earlier
2006
2007
2008
Six months earlier
2006
2007
2008

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

60.9
42.9
48.1

43.3
56.4
45.5

52.6
58.3
52.2

57.4
62.2
41.3

49.0
49.7
53.4

52.9
57.4
53.4

56.1
55.6

48.4
45.5

44.6
53.8

42.0
44.6

42.3
57.1

59.0
50.0

58.3
46.2
48.4

50.6
52.9
42.6

56.4
51.0
46.5

51.9
62.5
41.0

55.1
59.6
48.1

51.3
61.9
48.1

52.6
59.6

52.6
56.7

49.4
55.8

41.7
43.6

37.5
52.9

45.2
51.9

56.4
38.8
46.5

54.2
43.6
43.9

58.0
45.5
46.8

57.7
57.4
43.9

52.9
58.7
44.6

52.2
56.4
48.1

49.0
65.4

53.8
57.7

49.0
61.2

44.2
51.6

44.9
53.5

47.1
54.8

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

2007
proportion

19722007
ave.

199495
high

200102
low

2007
Q4

2008
Q1r

Q2r

2008
Feb.r

Mar.r

Apr.r

Mayr

Juner

Julyp

100.00

81.0

85.1

73.6

81.0

80.6

79.7

80.3

80.5

79.8

79.6

79.8

79.9

31–33

80.83
77.04

79.7
79.5

84.6
84.7

71.5
71.0

79.3
79.3

78.7
78.7

77.6
77.6

78.4
78.4

78.5
78.6

77.6
77.6

77.5
77.6

77.5
77.6

77.7
77.8

321
327
331
332
333
334

41.25
1.36
2.35
2.64
5.64
5.15
7.82

78.0
79.9
79.4
80.9
77.5
78.7
78.3

84.2
87.9
84.0
95.8
85.5
87.6
83.7

68.1
70.7
74.9
68.5
69.5
63.7
58.2

77.8
70.1
78.2
83.9
81.3
77.3
77.4

77.0
67.7
75.9
85.7
81.1
76.5
77.6

75.4
66.5
74.9
82.5
79.9
74.3
78.0

76.8
67.6
74.9
85.6
81.0
76.0
77.4

76.8
67.3
76.3
84.7
81.0
76.9
78.5

75.4
66.6
75.2
83.3
80.6
74.4
78.5

75.2
66.5
75.2
81.7
80.0
74.3
77.9

75.4
66.4
74.3
82.4
79.2
74.2
77.6

75.8
65.6
74.8
83.0
78.9
74.6
77.0

335
3361–3

1.87
5.82

83.2
77.4

93.1
89.0

72.0
69.7

83.4
72.4

83.4
69.8

83.4
64.0

82.5
70.7

83.8
67.2

83.1
62.8

83.6
63.1

83.5
66.1

83.5
68.5

3364–9
337
339

3.69
1.53
3.38

72.7
78.6
76.6

68.8
83.2
81.2

62.8
68.2
70.5

80.4
76.6
74.7

80.2
73.6
74.3

78.6
71.9
73.8

79.8
73.3
73.3

79.8
72.9
74.6

78.5
72.2
73.8

78.2
71.9
73.9

79.1
71.6
73.6

79.8
71.0
73.9

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

35.78
10.68
1.08
.66
2.50
2.00
4.21
11.69
2.98

81.6
81.5
82.0
78.4
87.6
83.5
85.9
78.3
83.6

85.4
84.0
91.8
87.5
92.4
86.5
90.5
81.2
91.8

74.8
75.7
68.9
60.2
78.5
72.6
83.8
69.4
74.6

81.0
81.1
68.9
73.0
82.6
76.4
88.9
78.9
84.6

80.6
80.9
67.5
73.1
82.1
75.4
90.5
78.2
82.4

80.1
80.8
66.4
71.9
82.1
73.7
90.7
77.4
81.2

80.3
80.1
67.4
73.3
81.1
74.7
90.6
78.1
82.8

80.5
81.7
67.5
72.2
82.3
75.7
89.6
77.8
81.6

80.1
81.1
66.4
72.1
81.2
74.7
90.6
77.3
81.0

80.3
80.8
66.7
71.3
83.5
74.3
90.9
77.6
81.1

80.0
80.7
66.2
72.3
81.7
72.1
90.7
77.4
81.4

80.2
80.5
65.1
72.1
81.1
71.0
92.5
77.6
81.7

1133,5111

3.79

84.5

83.0

80.3

79.2

78.2

76.3

77.8

78.1

76.7

76.4

75.9

74.9

21
2211,2

9.90
9.27

87.5
86.8

88.7
93.9

84.8
84.6

90.2
85.9

90.4
86.7

90.9
85.7

90.5
85.8

90.5
86.7

90.6
86.5

90.6
84.4

91.4
86.2

92.1
84.4

3341
3342

4.93
1.13
1.45

78.1
77.9
75.7

85.6
86.3
82.8

55.9
66.8
40.4

79.9
78.3
80.1

79.6
79.6
80.7

79.9
79.6
81.0

79.2
80.0
80.9

80.9
80.0
80.7

80.9
80.0
81.8

79.7
79.5
81.0

79.1
79.4
80.3

78.3
79.3
79.5

334412–9

2.35

80.8

92.2

57.4

80.5

79.1

79.5

78.0

81.6

81.0

79.2

78.5

77.5

Measures excluding selected
high-technology industries
Total industry
Manufacturing1

95.07
75.90

81.2
79.8

85.0
84.5

74.8
72.8

81.0
79.2

80.7
78.6

79.7
77.4

80.4
78.4

80.5
78.4

79.8
77.4

79.6
77.4

79.8
77.4

79.9
77.7

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

13.93
47.15
38.92

86.6
82.2
77.7

89.5
88.2
80.4

81.9
74.6
69.9

89.3
81.3
77.6

89.5
80.8
77.2

89.4
79.8
75.9

89.4
80.3
77.0

89.6
80.6
77.1

89.1
80.2
75.9

89.7
79.6
75.7

89.4
79.8
76.1

90.1
79.5
76.4

Item

Total industry
1

Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metal
Fabricated metal products
Machinery
Computer and electronic products
Electrical equip., appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Furniture and related products
Miscellaneous
Nondurable manufacturing
Food, beverage, and tobacco products
Textile and product mills
Apparel and leather
Paper
Printing and support
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities

Selected high-technology industries
Computers and peripheral equipment
Communications equipment
Semiconductors and related
electronic components

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

11

Table 8
I NDUSTRIAL C APACITY
Percent change

Average annual rate
19721980198979
88
94

Item

Total industry

Fourth quarter to fourth quarter
19952008

2005

2006

2007

2008

Q3

Annual rate
2008
Q1
Q2

2007
Q4

Monthly
rate
2008
July

3.0

2.0

2.2

3.0

.8

1.3

1.8

1.5

1.9

1.8

1.6

1.4

.1

Manufacturing

3.2

2.2

2.5

3.4

1.4

1.4

2.0

1.7

2.2

2.0

1.8

1.6

.1

Mining
Utilities

.8
4.2

.0
2.3

-.8
1.5

-.4
2.2

-1.1
.7

1.4
.8

1.7
1.2

.7
2.2

1.3
2.1

.9
2.3

.7
2.4

.6
2.2

.0
.2

19.7

17.4

15.6

24.7

13.1

10.3

21.4

17.6

23.0

20.8

18.0

16.1

1.2

2.6

1.3

1.6

1.5

.7

.8

.8

.8

.9

.9

.8

.8

.1

1.7
3.0
3.8

.3
1.4
3.4

-.4
2.4
2.6

.0
3.5
3.2

-.8
.8
2.3

.9
1.2
1.8

1.4
2.1
1.7

.5
1.9
1.8

1.0
2.4
1.9

.7
2.3
1.9

.5
2.0
1.8

.4
1.7
1.8

.0
.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 2000 dollars at annual rate, seasonally adjusted

2000

2007

2007
Q4

2008
Q1r

Q2r

2008
Feb.r

Mar.r

Apr.r

Mayr

Juner

Julyp

2,813.4

3,034.7

3,039.0

3,046.2

3,002.9

3,051.2

3,025.4

2,998.4

2,996.0

3,014.3

3,033.7

2,114.3
1,476.4
471.7
278.6
193.0
1,004.8

2,311.5
1,606.3
495.0
299.3
195.8
1,105.3

2,316.7
1,605.4
492.2
298.8
193.5
1,106.5

2,325.8
1,610.6
476.3
287.9
188.4
1,122.6

2,288.4
1,582.2
449.8
261.7
188.0
1,115.5

2,330.6
1,616.8
478.9
291.6
187.4
1,126.4

2,309.1
1,593.6
465.2
277.1
188.1
1,115.0

2,283.0
1,578.3
441.6
253.4
188.1
1,117.7

2,282.3
1,576.6
445.7
257.1
188.4
1,113.3

2,299.9
1,591.5
462.3
274.6
187.6
1,115.4

2,320.8
1,605.0
470.4
283.4
187.0
1,122.1

Equipment, total
Business and defense
Business
Defense and space

637.9
621.5
561.2
60.3

715.4
698.4
622.5
77.1

722.8
706.8
629.0
78.8

727.1
710.8
632.9
78.9

718.8
700.7
622.9
78.5

724.7
708.5
631.0
78.6

729.4
712.8
635.4
78.7

717.2
699.3
621.4
78.6

718.8
700.6
623.3
78.2

720.4
702.2
624.1
78.8

728.3
710.5
632.1
79.3

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

699.1
196.8
502.3
135.7

724.5
200.3
524.2
155.1

723.8
197.9
525.9
155.6

722.2
194.6
527.5
158.6

715.9
191.8
524.1
158.3

722.4
193.6
528.7
161.0

717.9
193.4
524.4
155.3

716.7
191.2
525.5
158.5

715.0
192.3
522.7
156.7

716.0
191.8
524.1
159.8

715.0
192.4
522.5
159.0

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

r Revised. p Preliminary.

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

Fourth quarter to
fourth quarter
Item

Finished
Semifinished
Primary
Crude

2007
gross value1

2005

2006

2007

2007
Q4

1996.8
1719.2
985.6
426.2

5.3
4.8
-.7
-7.9

2.3
-1.6
-.6
7.6

1.4
2.4
2.0
2.3

-1.9
-1.1
-.5
4.8

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

12

Annual rate
2008
Q1r
Q2r
-1.5
-1.7
4.2
.4

-6.7
-3.5
-3.4
-.3

Monthly rate
2008
Feb.r

Mar.

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

-.2
-.7
-.7
.2

r

Apr.

r

-1.9
-.3
.3
-.6

r

r

May

June

.2
-.6
-.8
.9

.8
.9
.0
-.5

p

July

.8
-.1
.5
.7

July ’07
to
July ’08
-1.6
-1.2
.8
1.9

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
1986
1987
1988
1989
1990

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

-.7
1.3
.4
-.5
.9

-.6
.2
.3
.2
.5

.1
.6
.6
.0
-.1

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

-.3
.5
.2
.0
.3

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

-.2
.7
.5
.9
.2

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

.5
1.5
.6
-.1
-.7

.5
.5
.2
.3
-1.2

.9
.5
.4
.7
-.7

2.3
5.4
3.5
1.5
3.2

-2.4
7.2
3.5
-1.8
2.8

1.7
7.3
2.1
-2.5
1.4

4.6
10.2
3.2
1.8
-6.0

1.0
5.2
5.2
.9
1.0

1991
1992
1993
1994
1995

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

-.7
.7
.3
.0
.0

-.5
.8
.0
1.1
.1

.2
.7
.3
.5
-.1

1.0
.4
-.4
.6
.2

1.0
.0
.2
.7
.3

.0
.8
.3
.2
-.4

.1
-.5
.0
.5
1.3

.8
.2
.4
.2
.4

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

-.2
.4
.4
.7
.3

-.3
.0
.5
1.1
.5

-7.5
-.3
3.5
5.2
5.3

2.6
7.3
1.2
7.4
.9

5.5
2.9
2.1
5.2
3.8

.7
3.9
6.0
8.2
3.3

-1.6
2.8
3.3
5.3
4.8

1996
1997
1998
1999
2000

-.6
.1
.4
.5
.1

1.7
1.2
.0
.4
.4

-.2
.8
.0
.2
.4

.7
.0
.5
.2
.6

.6
.6
.6
.7
.2

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

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

.6
1.4
2.1
.5
-.2

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

.0
.7
.7
1.3
-.4

.9
.9
-.1
.6
.0

.7
.4
.3
.8
-.3

3.5
8.0
4.1
4.3
4.9

7.7
6.3
3.1
3.8
5.0

5.1
9.7
2.9
4.0
-.3

5.6
10.7
5.2
8.0
-1.3

4.4
7.3
5.9
4.3
4.2

2001
2002
2003
2004
2005

-.7
.5
.6
.3
.5

-.6
.1
.4
.5
.6

-.3
.7
-.2
-.5
.0

-.3
.4
-.8
.5
-.1

-.7
.5
.0
.7
.3

-.6
1.0
.2
-.8
.4

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

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

-.4
.0
.5
-.1
-1.8

-.6
-.3
.1
1.0
1.2

-.5
.4
.8
.3
1.1

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

-5.5
2.3
2.7
2.6
5.4

-5.2
6.3
-2.9
2.0
1.9

-5.9
2.3
2.8
2.0
-.4

-5.2
-.5
3.7
5.8
3.7

-3.4
-.1
1.2
2.5
3.3

2006
2007
2008

.1
-.4
.2

-.1
.7
-.3

.2
-.1
-.2

.4
.5
-.6

-.1
.0
-.2

.5
.3
.4

.3
.6
.2

.1
.0

-.4
.3

-.1
-.4

-.2
.4

.6
.1

3.2
1.5
.4

2.6
3.2
-3.2

1.9
3.6

-.9
.3

2.2
1.7

IP (2002=100)
2006
2007
2008

108.8
109.8
112.6

108.7
110.5
112.3

109.0
110.4
112.0

109.4
111.0
111.3

109.3
111.0
111.1

109.9
111.4
111.6

110.1
112.0
111.8

110.2
112.0

109.8
112.3

109.7
111.8

109.5
112.3

110.2
112.4

108.9
110.2
112.3

109.5
111.1
111.4

110.1
112.1

109.8
112.2

109.6
111.4

Capacity
(percent of
2002 output)
2006
2007
2008

134.6
136.4
139.0

134.7
136.6
139.1

134.9
136.8
139.3

135.0
137.0
139.5

135.2
137.2
139.7

135.3
137.4
139.9

135.4
137.6
140.0

135.6
137.9

135.7
138.1

135.9
138.3

136.0
138.5

136.2
138.7

134.7
136.6
139.1

135.2
137.2
139.7

135.6
137.9

136.1
138.5

135.4
137.5

Utilization
(percent)
1986
1987
1988
1989
1990

79.7
79.0
83.3
85.0
82.5

79.0
79.9
83.5
84.5
83.0

78.4
79.9
83.7
84.6
83.2

78.4
80.2
84.1
84.4
82.9

78.4
80.6
83.9
83.7
82.9

78.1
80.8
84.1
83.6
83.0

78.5
81.2
84.2
82.6
82.7

78.3
81.6
84.5
83.2
82.8

78.3
81.7
84.2
82.8
82.8

78.6
82.8
84.6
82.6
82.1

78.8
83.1
84.6
82.6
80.9

79.4
83.4
84.9
83.1
80.3

79.0
79.6
83.5
84.7
82.9

78.3
80.5
84.0
83.9
83.0

78.4
81.5
84.3
82.9
82.8

78.9
83.1
84.7
82.8
81.1

78.7
81.2
84.1
83.6
82.4

1991
1992
1993
1994
1995

79.8
79.0
81.1
82.5
85.0

79.1
79.5
81.2
82.3
84.7

78.6
80.0
81.1
83.0
84.5

78.6
80.4
81.3
83.2
84.1

79.3
80.5
80.9
83.4
84.0

80.0
80.4
81.1
83.7
83.9

79.9
80.9
81.2
83.7
83.3

79.9
80.3
81.1
83.8
84.1

80.5
80.4
81.4
83.7
84.1

80.2
80.8
81.8
84.2
83.6

80.0
80.9
82.0
84.4
83.5

79.6
80.8
82.3
85.1
83.5

79.2
79.5
81.2
82.6
84.7

79.3
80.5
81.1
83.4
84.0

80.1
80.5
81.2
83.7
83.8

79.9
80.9
82.1
84.5
83.5

79.6
80.3
81.4
83.6
84.0

1996
1997
1998
1999
2000

82.6
83.2
84.4
82.0
82.4

83.6
83.8
83.9
82.0
82.4

83.1
84.0
83.4
81.8
82.4

83.3
83.6
83.3
81.7
82.6

83.4
83.7
83.3
82.0
82.5

83.7
83.6
82.4
81.6
82.4

83.2
83.6
81.6
81.8
81.9

83.4
84.2
82.9
81.9
81.5

83.4
84.5
82.3
81.3
81.6

83.0
84.6
82.5
82.0
81.0

83.4
84.8
82.0
82.2
80.7

83.5
84.6
82.0
82.6
80.2

83.1
83.7
83.9
82.0
82.4

83.5
83.6
83.0
81.8
82.5

83.3
84.1
82.3
81.6
81.6

83.3
84.7
82.2
82.3
80.6

83.3
84.0
82.8
81.9
81.8

2001
2002
2003
2004
2005

79.4
73.8
75.6
77.2
79.8

78.7
73.8
75.9
77.6
80.2

78.2
74.2
75.9
77.1
80.1

77.8
74.4
75.3
77.5
80.0

77.1
74.7
75.4
78.0
80.2

76.4
75.4
75.6
77.4
80.5

75.9
75.1
75.9
77.9
80.4

75.4
75.2
75.9
78.1
80.5

74.9
75.2
76.3
78.0
79.0

74.3
75.0
76.4
78.7
79.8

73.8
75.4
77.0
79.0
80.6

73.6
75.1
77.0
79.4
80.9

78.8
73.9
75.8
77.3
80.0

77.1
74.8
75.4
77.6
80.3

75.4
75.2
76.1
78.0
80.0

73.9
75.2
76.8
79.1
80.4

76.3
74.8
76.0
78.0
80.2

2006
2007
2008

80.9
80.5
81.0

80.7
80.9
80.3

80.8
80.7
80.5

81.1
81.0
79.8

80.9
80.9
79.6

81.2
81.0
79.8

81.3
81.4
79.9

81.3
81.2

80.9
81.3

80.8
80.8

80.5
81.1

80.9
81.0

80.8
80.7
80.6

81.0
81.0
79.7

81.2
81.3

80.7
81.0

80.9
81.0

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
1986
1987
1988
1989
1990

1.1
-.3
-.2
.7
-.1

-.6
1.4
.2
-1.0
1.4

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

.4
.5
.9
.1
-.3

.1
.8
-.1
-.8
.1

-.3
.4
.1
.1
.2

.6
.7
.1
-1.1
-.2

.2
.5
.1
.9
.3

.2
.6
.3
-.2
.0

.4
1.6
.6
-.2
-.8

.5
.6
.3
.2
-1.1

.9
.6
.4
.2
-.7

4.4
6.0
2.5
1.7
4.7

-.1
6.9
4.5
-3.2
2.6

2.6
7.1
1.4
-3.0
.7

5.0
11.7
4.9
.6
-6.6

2.2
5.7
5.4
.8
.8

1991
1992
1993
1994
1995

-.8
-.6
1.0
.2
.3

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

-.7
1.0
-.1
1.3
.2

.3
.6
.6
.8
-.2

.7
.6
-.1
.7
.0

1.1
.3
-.1
.3
.4

.2
.8
.3
.5
-.6

.3
-.5
-.1
.7
1.2

1.0
.1
.6
.3
.8

-.2
.6
.8
1.0
-.2

-.3
.4
.4
.8
.1

-.1
-.2
.5
1.2
.5

-8.8
.7
4.3
5.0
5.6

2.1
8.3
1.8
9.4
.3

7.1
3.9
1.3
6.1
3.1

1.4
2.7
6.7
9.9
4.1

-2.0
3.6
3.5
5.9
5.2

1996
1997
1998
1999
2000

-.7
.1
.7
.3
.2

1.7
1.4
.0
.7
.3

-.3
1.2
-.2
-.1
.7

1.0
-.2
.7
.4
.6

.6
.9
.5
.9
-.1

1.1
.7
-.7
-.3
.2

.3
.5
-.5
.5
.0

.6
1.7
2.5
.7
-.5

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

-.1
.7
.9
1.6
-.4

.8
1.1
.2
.8
-.3

.9
.5
.5
.7
-.6

2.8
9.6
5.7
4.8
5.4

8.7
7.5
2.6
4.2
4.8

7.5
10.9
3.1
3.7
-.4

5.9
11.6
7.5
9.6
-2.9

4.8
8.5
6.7
5.0
4.5

2001
2002
2003
2004
2005

-.6
.4
.5
.0
.7

-.6
.1
.2
.6
.7

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

-.2
.1
-1.0
.5
.0

-.7
.7
.1
.7
.6

-.7
1.1
.6
-.7
.2

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

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

-.4
.0
.7
-.2
-1.0

-.7
-.5
.1
1.0
1.5

-.3
.4
1.0
.1
.8

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

-6.3
2.8
2.0
2.1
5.8

-5.4
5.7
-1.9
3.3
2.2

-6.4
3.1
2.6
3.9
1.0

-5.1
-1.1
4.1
5.4
6.0

-4.1
-.1
1.3
2.9
4.0

2006
2007
2008

.7
-.6
.0

-.4
.1
-.6

.0
.7
.1

.5
.4
-.9

-.3
.2
.0

.4
.5
.1

.1
.8
.4

.3
-.4

-.2
.4

-.5
-.4

-.1
.2

1.0
.0

2.7
1.1
-1.0

1.4
4.7
-3.9

1.6
4.0

-1.1
-.6

2.4
1.7

IP (2002=100)
2006
2007
2008

110.9
111.1
113.8

110.5
111.3
113.1

110.5
112.0
113.2

111.1
112.4
112.2

110.8
112.6
112.3

111.2
113.2
112.4

111.3
114.1
112.8

111.7
113.6

111.5
114.0

110.9
113.5

110.8
113.8

111.8
113.8

110.6
111.5
113.4

111.0
112.8
112.3

111.5
113.9

111.2
113.7

111.1
112.9

Capacity
(percent of
2002 output)
2006
2007
2008

139.1
141.0
143.9

139.3
141.2
144.1

139.4
141.4
144.4

139.6
141.7
144.6

139.7
141.9
144.8

139.9
142.1
145.0

140.0
142.4
145.2

140.2
142.7

140.3
142.9

140.5
143.2

140.7
143.4

140.8
143.7

139.3
141.2
144.1

139.7
141.9
144.8

140.2
142.7

140.7
143.4

140.0
142.3

Utilization
(percent)
1986
1987
1988
1989
1990

78.8
78.9
83.0
85.4
81.6

78.2
79.9
83.1
84.5
82.5

77.9
79.7
83.3
84.2
82.6

78.2
80.0
83.9
84.1
82.3

78.2
80.4
83.8
83.2
82.2

77.9
80.5
83.8
83.2
82.2

78.2
80.8
83.9
82.1
81.9

78.3
81.1
83.9
82.6
81.9

78.4
81.4
84.1
82.2
81.8

78.5
82.5
84.5
81.9
81.0

78.8
82.9
84.7
81.9
79.9

79.3
83.3
84.9
81.8
79.2

78.3
79.5
83.1
84.7
82.2

78.1
80.3
83.8
83.5
82.2

78.3
81.1
84.0
82.3
81.9

78.9
82.9
84.7
81.9
80.0

78.4
80.9
83.9
83.1
81.6

1991
1992
1993
1994
1995

78.4
78.0
80.3
81.2
84.5

77.8
78.5
80.3
81.1
84.1

77.1
79.1
80.0
82.0
83.9

77.3
79.4
80.4
82.4
83.5

77.7
79.7
80.2
82.7
83.2

78.5
79.8
80.0
82.7
83.1

78.5
80.2
80.1
82.8
82.3

78.6
79.7
79.9
83.1
82.9

79.3
79.5
80.3
83.1
83.2

79.1
79.8
80.8
83.6
82.7

78.7
79.9
81.0
83.9
82.4

78.6
79.6
81.2
84.6
82.4

77.8
78.5
80.2
81.4
84.2

77.8
79.6
80.2
82.6
83.3

78.8
79.8
80.1
83.0
82.8

78.8
79.8
81.0
84.0
82.5

78.3
79.4
80.4
82.8
83.2

1996
1997
1998
1999
2000

81.4
82.0
83.7
80.9
81.1

82.3
82.7
83.1
81.1
81.0

81.6
83.2
82.4
80.7
81.2

82.0
82.5
82.3
80.6
81.3

82.0
82.7
82.2
81.0
80.9

82.5
82.8
81.1
80.4
80.8

82.3
82.6
80.2
80.4
80.4

82.3
83.4
81.7
80.6
79.7

82.4
83.6
81.0
80.0
79.7

81.9
83.5
81.3
80.9
79.1

82.2
83.9
81.0
81.1
78.5

82.4
83.7
81.1
81.3
77.8

81.8
82.7
83.1
80.9
81.1

82.2
82.7
81.9
80.7
81.0

82.3
83.2
81.0
80.3
79.9

82.2
83.7
81.1
81.1
78.5

82.1
83.1
81.8
80.7
80.1

2001
2002
2003
2004
2005

77.0
71.8
73.4
75.0
78.1

76.4
71.8
73.6
75.5
78.6

75.9
72.2
73.8
75.4
78.3

75.5
72.2
73.2
75.8
78.3

74.7
72.7
73.3
76.3
78.6

74.0
73.5
73.8
75.7
78.7

73.6
73.1
73.9
76.3
78.6

72.9
73.4
73.8
76.8
78.7

72.5
73.4
74.3
76.6
77.8

71.9
73.1
74.4
77.3
78.9

71.5
73.4
75.1
77.4
79.4

71.6
73.0
75.0
77.7
79.3

76.4
71.9
73.6
75.3
78.4

74.7
72.8
73.4
75.9
78.5

73.0
73.3
74.0
76.6
78.4

71.7
73.2
74.8
77.5
79.2

73.9
72.8
74.0
76.3
78.6

2006
2007
2008

79.7
78.8
79.1

79.3
78.8
78.4

79.2
79.2
78.5

79.6
79.4
77.6

79.3
79.4
77.5

79.5
79.6
77.5

79.5
80.1
77.7

79.7
79.6

79.4
79.8

78.9
79.2

78.7
79.3

79.4
79.2

79.4
78.9
78.7

79.4
79.5
77.6

79.5
79.8

79.0
79.3

79.4
79.4

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
1986
1987
1988
1989
1990

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

-.8
1.2
.4
-.5
.9

-.7
.2
.2
.3
.4

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

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

-.2
.4
.2
.0
.2

.4
.5
.1
-1.1
-.2

-.3
.6
.5
.9
.2

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

.4
1.4
.5
-.2
-.8

.4
.5
.2
.2
-1.3

.8
.4
.4
.7
-.7

2.3
4.4
3.0
1.8
2.4

-2.6
6.4
2.8
-2.0
2.2

.6
6.0
1.4
-3.3
1.0

4.0
9.2
2.9
1.0
-6.6

.9
4.3
4.4
.6
.3

1991
1992
1993
1994
1995

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

-.8
.7
.3
-.1
-.2

-.6
.8
-.1
.9
-.2

.2
.6
.3
.3
-.3

.9
.3
-.4
.4
.1

1.0
-.1
.2
.6
.1

.0
.8
.3
.1
-.5

.1
-.6
-.1
.3
1.1

.9
.1
.3
.0
.1

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

-.2
.3
.3
.4
.1

-.5
.0
.5
.9
.2

-8.0
-1.8
3.0
4.3
3.1

2.1
6.2
.5
5.5
-1.4

5.4
1.7
1.5
3.3
1.4

.3
2.8
5.1
5.5
.3

-2.0
1.9
2.5
4.0
2.5

1996
1997
1998
1999
2000

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

1.4
.9
-.1
.1
.0

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

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

.5
.3
.5
.6
-.1

.7
.2
-.9
-.5
.0

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

.4
1.0
2.0
.4
-.4

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

-.3
.7
.5
1.2
-.5

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

.5
.2
.0
.6
-.5

-.2
5.0
1.6
.8
.7

6.1
2.2
1.0
.4
1.7

2.2
6.0
-.4
1.0
-2.8

3.3
8.2
2.1
5.6
-2.8

1.7
4.2
3.1
1.2
1.1

2001
2002
2003
2004
2005

-.7
.7
.6
.2
.4

-.5
.0
.2
.5
.5

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

-.1
.3
-1.0
.6
-.1

-.6
.4
-.1
.7
.3

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

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

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

-.5
.0
.5
-.2
-2.1

-.6
-.3
.0
1.0
1.1

-.5
.3
.7
.3
1.0

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

-6.2
2.7
1.3
1.7
4.8

-4.3
5.8
-4.4
2.1
1.3

-4.6
1.6
1.6
1.8
-1.8

-5.3
-1.1
3.0
5.4
2.2

-4.0
.0
.2
1.8
2.7

2006
2007
2008

.0
-.4
.2

-.2
.7
-.4

.2
-.2
-.4

.3
.4
-.7

-.2
-.1
-.2

.4
.2
.4

.2
.4
.2

.0
-.1

-.5
.2

-.1
-.6

-.2
.4

.6
.0

2.6
1.4
-.4

1.7
2.2
-4.1

1.1
2.2

-1.7
-1.0

1.3
.9

IP (2002=100)
2006
2007
2008

105.8
106.0
107.6

105.6
106.7
107.2

105.8
106.5
106.7

106.2
106.9
106.0

106.0
106.9
105.8

106.4
107.1
106.3

106.6
107.5
106.5

106.6
107.4

106.1
107.6

106.0
107.0

105.7
107.4

106.3
107.4

105.7
106.4
107.2

106.2
107.0
106.0

106.5
107.5

106.0
107.3

106.1
107.0

Capacity
(percent of
2002 output)
2006
2007
2008

130.3
131.5
132.7

130.4
131.5
132.8

130.5
131.6
132.8

130.6
131.7
132.9

130.7
131.8
133.0

130.8
131.9
133.1

130.9
132.0
133.2

131.0
132.1

131.1
132.2

131.2
132.3

131.3
132.4

131.4
132.5

130.4
131.5
132.7

130.7
131.8
133.0

131.0
132.1

131.3
132.4

130.9
132.0

Utilization
(percent)
1986
1987
1988
1989
1990

80.2
79.2
83.6
85.3
82.7

79.4
80.1
83.9
84.8
83.3

78.8
80.1
84.0
85.0
83.5

78.8
80.4
84.4
84.8
83.2

78.8
80.8
84.2
84.1
83.2

78.6
81.1
84.3
84.0
83.3

78.8
81.4
84.4
83.0
83.0

78.5
81.8
84.7
83.6
83.1

78.6
81.9
84.4
83.2
83.1

78.8
83.0
84.7
82.9
82.4

79.1
83.3
84.9
82.9
81.2

79.6
83.6
85.2
83.4
80.5

79.5
79.8
83.8
85.1
83.2

78.7
80.8
84.3
84.3
83.2

78.6
81.7
84.5
83.2
83.1

79.2
83.3
84.9
83.1
81.4

79.0
81.4
84.4
83.9
82.7

1991
1992
1993
1994
1995

80.0
78.9
81.2
82.6
85.0

79.3
79.4
81.4
82.5
84.7

78.7
79.9
81.3
83.1
84.4

78.8
80.4
81.5
83.3
84.1

79.4
80.5
81.1
83.5
83.9

80.1
80.3
81.1
83.9
83.9

80.0
80.9
81.3
83.8
83.3

80.0
80.3
81.2
83.9
84.1

80.6
80.4
81.4
83.8
84.0

80.3
80.8
81.9
84.2
83.4

80.1
81.0
82.1
84.4
83.3

79.6
80.9
82.4
85.0
83.3

79.3
79.4
81.3
82.7
84.7

79.5
80.4
81.2
83.5
84.0

80.2
80.5
81.3
83.8
83.8

80.0
80.9
82.1
84.5
83.4

79.8
80.3
81.5
83.7
84.0

1996
1997
1998
1999
2000

82.3
83.5
84.5
82.1
81.9

83.3
84.0
84.1
82.1
81.8

82.8
84.2
83.7
81.8
81.8

83.3
83.6
83.7
81.5
82.0

83.5
83.6
83.9
81.9
81.8

83.9
83.5
82.9
81.3
81.7

83.4
83.4
82.0
81.4
81.2

83.5
84.0
83.4
81.6
80.8

83.6
84.3
82.6
81.0
81.0

83.2
84.5
82.8
81.8
80.4

83.6
84.8
82.3
82.0
80.2

83.8
84.6
82.2
82.3
79.7

82.8
83.9
84.1
82.0
81.8

83.6
83.5
83.5
81.6
81.8

83.5
83.9
82.7
81.3
81.0

83.6
84.6
82.4
82.0
80.1

83.4
84.0
83.2
81.7
81.2

2001
2002
2003
2004
2005

79.1
75.3
77.0
77.7
80.4

78.5
75.2
77.2
78.1
80.8

78.2
75.7
77.1
77.6
80.8

78.0
76.0
76.4
78.0
80.6

77.5
76.3
76.4
78.6
80.9

77.0
76.9
76.5
77.9
81.2

76.7
76.7
76.8
78.5
81.0

76.4
76.7
76.7
78.6
81.0

75.9
76.8
77.1
78.5
79.3

75.4
76.6
77.1
79.3
80.1

75.0
76.9
77.7
79.6
80.9

74.8
76.5
77.6
80.1
81.2

78.6
75.4
77.1
77.8
80.6

77.5
76.4
76.4
78.2
80.9

76.3
76.7
76.8
78.6
80.4

75.1
76.7
77.4
79.7
80.7

76.9
76.3
77.0
78.5
80.7

2006
2007
2008

81.2
80.6
81.2

81.0
81.1
80.4

81.1
80.9
80.5

81.3
81.2
79.8

81.0
81.1
79.6

81.3
81.2
79.8

81.4
81.4
79.9

81.4
81.3

80.9
81.4

80.8
80.9

80.5
81.1

80.9
81.1

81.1
80.9
80.7

81.2
81.1
79.7

81.2
81.4

80.7
81.0

81.1
81.1

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
1986
1987
1988
1989
1990

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

-.7
1.4
.2
-1.0
1.4

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

.4
.4
.8
.0
-.3

.1
.7
-.2
-.8
.1

-.2
.3
.0
.1
.2

.2
.6
.0
-1.3
-.2

.2
.3
.1
.9
.3

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

.4
1.5
.5
-.3
-.9

.4
.6
.3
.1
-1.2

.8
.5
.4
.2
-.8

4.7
4.7
1.8
2.1
3.8

-.2
5.9
3.6
-3.5
1.9

1.3
5.5
.5
-4.1
.2

4.3
10.5
4.5
-.5
-7.4

2.1
4.6
4.4
.4
.0

1991
1992
1993
1994
1995

-.8
-.8
1.1
.1
.2

-.8
.9
.1
.0
-.3

-.8
.9
-.3
1.2
-.1

.4
.4
.5
.6
-.4

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

1.1
.1
-.2
.2
.2

.3
.8
.3
.3
-.8

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

1.1
-.1
.5
.1
.6

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

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

-.3
-.3
.5
1.0
.1

-9.6
-1.1
3.9
3.9
3.1

1.5
7.0
.9
7.2
-2.5

7.1
2.6
.5
3.8
.2

.9
1.3
5.7
6.7
.6

-2.6
2.6
2.5
4.4
2.5

1996
1997
1998
1999
2000

-1.2
-.2
.5
.0
-.3

1.4
1.0
-.2
.4
-.2

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

1.0
-.7
.4
.0
.4

.4
.5
.4
.8
-.5

.9
.4
-1.1
-.7
.1

-.1
.1
-.9
.0
-.4

.3
1.3
2.4
.6
-.8

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

-.4
.6
.7
1.4
-.5

.7
.9
-.1
.4
-.6

.7
.2
.2
.4
-.9

-1.7
6.0
2.9
.8
.4

6.8
2.6
.1
.3
.9

4.2
6.6
-.8
.2
-3.5

3.1
8.7
4.0
7.0
-4.9

1.5
4.9
3.5
1.4
.8

2001
2002
2003
2004
2005

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

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

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

-.1
.0
-1.1
.6
.0

-.7
.6
.0
.7
.5

-.5
1.0
.4
-.8
.2

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

-.7
.3
-.4
.6
.1

-.4
.0
.7
-.3
-1.3

-.7
-.5
-.1
1.0
1.5

-.2
.3
.9
.1
.7

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

-7.3
3.3
.4
1.1
5.0

-4.4
5.0
-3.7
3.5
1.4

-4.9
2.3
1.2
3.7
-.7

-5.1
-1.9
3.2
4.9
4.3

-4.9
.0
.0
2.2
3.3

2006
2007
2008

.7
-.6
.0

-.5
.1
-.8

.0
.6
-.1

.5
.3
-1.1

-.4
.1
.1

.3
.4
.1

.0
.5
.4

.2
-.5

-.3
.3

-.6
-.7

-.2
.1

1.0
.0

1.9
.9
-2.1

.3
3.5
-5.2

.5
2.3

-2.1
-2.3

1.2
.7

IP (2002=100)
2006
2007
2008

107.2
106.4
107.6

106.6
106.5
106.8

106.6
107.2
106.7

107.1
107.5
105.6

106.7
107.5
105.6

107.0
107.9
105.7

107.0
108.5
106.1

107.2
108.0

106.9
108.3

106.2
107.5

106.1
107.7

107.1
107.6

106.8
106.7
107.1

106.9
107.6
105.6

107.0
108.3

106.5
107.6

106.8
107.6

Capacity
(percent of
2002 output)
2006
2007
2008

134.0
135.0
136.1

134.1
135.1
136.2

134.2
135.1
136.3

134.3
135.2
136.4

134.4
135.3
136.5

134.5
135.4
136.6

134.6
135.5
136.7

134.6
135.6

134.7
135.7

134.8
135.8

134.8
135.9

134.9
136.0

134.1
135.1
136.2

134.4
135.3
136.5

134.6
135.6

134.8
135.9

134.5
135.5

Utilization
(percent)
1986
1987
1988
1989
1990

79.4
79.1
83.3
85.8
81.8

78.8
80.1
83.5
84.9
82.8

78.4
80.1
83.7
84.7
82.9

78.7
80.2
84.3
84.5
82.5

78.7
80.7
84.1
83.7
82.5

78.5
80.8
84.1
83.7
82.5

78.6
81.1
84.1
82.4
82.2

78.6
81.3
84.1
83.0
82.3

78.7
81.6
84.3
82.6
82.1

78.8
82.8
84.7
82.2
81.3

79.1
83.2
84.9
82.1
80.2

79.6
83.6
85.2
82.1
79.4

78.9
79.8
83.5
85.1
82.5

78.6
80.6
84.2
84.0
82.5

78.6
81.4
84.2
82.7
82.2

79.2
83.2
85.0
82.1
80.3

78.8
81.2
84.2
83.5
81.9

1991
1992
1993
1994
1995

78.7
77.8
80.4
81.3
84.5

77.9
78.4
80.4
81.2
84.1

77.2
79.0
80.1
82.0
83.8

77.4
79.3
80.5
82.4
83.3

77.7
79.6
80.3
82.7
83.0

78.5
79.6
80.0
82.7
83.0

78.6
80.1
80.2
82.9
82.2

78.7
79.6
79.9
83.2
82.7

79.4
79.5
80.2
83.1
83.0

79.2
79.8
80.7
83.5
82.4

78.8
79.9
80.9
83.9
82.1

78.5
79.6
81.2
84.5
82.1

77.9
78.4
80.3
81.5
84.1

77.9
79.5
80.2
82.6
83.1

78.9
79.8
80.1
83.0
82.6

78.8
79.8
81.0
84.0
82.2

78.4
79.3
80.4
82.8
83.0

1996
1997
1998
1999
2000

80.9
82.3
83.6
81.0
80.4

81.9
82.9
83.2
81.1
80.2

81.2
83.3
82.6
80.5
80.3

81.8
82.4
82.6
80.3
80.4

82.0
82.5
82.7
80.7
79.9

82.5
82.5
81.5
80.0
79.8

82.3
82.3
80.5
79.8
79.4

82.4
83.0
82.1
80.1
78.7

82.5
83.2
81.3
79.5
78.8

82.0
83.3
81.6
80.5
78.3

82.4
83.7
81.3
80.7
77.7

82.7
83.6
81.2
80.9
77.0

81.3
82.8
83.1
80.9
80.3

82.1
82.5
82.3
80.3
80.1

82.4
82.8
81.3
79.8
79.0

82.4
83.5
81.3
80.7
77.7

82.1
82.9
82.0
80.4
79.3

2001
2002
2003
2004
2005

76.4
73.3
74.9
75.5
78.8

75.9
73.3
74.9
75.9
79.2

75.6
73.8
75.1
75.8
79.0

75.5
73.8
74.3
76.3
78.9

74.9
74.3
74.3
76.8
79.3

74.4
75.1
74.7
76.2
79.3

74.3
74.8
74.7
76.9
79.2

73.8
75.0
74.5
77.4
79.2

73.5
75.1
75.1
77.2
78.1

72.9
74.7
75.1
77.9
79.2

72.8
75.0
75.8
78.0
79.7

72.8
74.5
75.6
78.3
79.5

76.0
73.4
75.0
75.7
79.0

74.9
74.4
74.4
76.4
79.2

73.9
74.9
74.8
77.2
78.9

72.8
74.7
75.5
78.1
79.5

74.4
74.4
74.9
76.9
79.1

2006
2007
2008

80.0
78.8
79.1

79.5
78.9
78.4

79.4
79.3
78.4

79.7
79.5
77.4

79.4
79.5
77.4

79.5
79.7
77.4

79.5
80.1
77.7

79.6
79.6

79.4
79.8

78.8
79.2

78.6
79.3

79.4
79.2

79.7
79.0
78.6

79.5
79.6
77.4

79.5
79.8

79.0
79.2

79.4
79.4

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

Aggregation Methodology and Weights. The aggregation method
for the IP index is a version of the Fisher-ideal index formula. (For a
detailed discussion of the aggregation method, see Federal Reserve
Bulletin February 1997 and March 2001.) In the IP index, series that
measure the output of an individual industry are combined using
weights derived from their proportion in the total value-added output
of all industries. The IP index, which extends back to 1919, is built as
a chain-type index since 1972. The current formula for the growth in
monthly IP (or any of the sub-aggregates) since 1972 is the geometric
mean of the change in output (I), and, as can be seen below, is
computed using the unit value added estimate for the current month
(pm ) and the estimate for previous month:

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

A
Im
A
Im−1

=

Im pm−1
×
Im−1 pm−1

Im pm
Im−1 pm

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

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

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

1st

2nd

3rd

4th

Physical product

29

42

56

56

Production-worker hours

42

42

42

42

IP data received

70

84

98

98

IP data estimated

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

30

16

2

2

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

17

calculated by dividing the pertinent monthly production index by the
related capacity index.

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

Consistency. A major aim is that the Federal Reserve utilization rates
be consistent over time so that, for example, a rate of 85 percent
means about the same degree of tightness that it meant in the past. A
major task for the Federal Reserve in developing reasonable and
consistent time series of capacity and utilization is dealing with
inconsistencies between the movements of the industrial production
index and the survey-based utilization rates. The McGraw-Hill/DRI
Survey, now discontinued, was the primary source of manufacturing
utilization rates for many years. This was a survey of large companies
that reported, on average, higher utilization rates than those reported
by establishments covered by the SPC (currently the primary source
of factory operating rates) for the fourteen years they overlapped.
Adjustments have been made to keep the industry utilization rates
currently reported by the Federal Reserve roughly in line with rates
formerly reported by McGraw-Hill. As a consequence, the rates
reported by the Federal Reserve tend to be higher than the rates
reported in the SPC.

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

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

Overview. The Federal Reserve Board constructs estimates of
capacity and capacity utilization for industries in manufacturing,
mining, and electric and gas utilities. For a given industry, the
capacity utilization rate is equal to an output index (seasonally
adjusted) divided by a capacity index. The Federal Reserve Board’s
capacity indexes attempt to capture the concept of sustainable
maximum output—the greatest level of output a plant can maintain
within the framework of a realistic work schedule, after factoring in
normal downtime and assuming sufficient availability of inputs to
operate the capital in place.

R EFERENCES AND R ELEASE DATES

Coverage. Capacity indexes are constructed for 87 detailed industries
(69 in manufacturing, 16 in mining, and 2 in utilities), which mostly
correspond to industries at the three- and four-digit NAICS level.
Estimates of capacity and utilization are available for a variety of
groups, including durable and nondurable manufacturing, total
manufacturing, mining, utilities, and total industry. Manufacturing
consists of those industries included in the North American Industry
Classification System, or NAICS, definition of manufacturing plus
those industries—logging and newspaper, periodical, book and
directory publishing—that have traditionally been considered to be
manufacturing and included in the industrial sector. Also, special
aggregates are available, such as high-tech industries and
manufacturing excluding high-tech industries.

References. The annual revision published in March 2008 will be
described in a Federal Reserve Bulletin article to be published in the
summer of 2008. The annual revision published in December 2006 is
described in an article published in the Federal Reserve Bulletin, vol.
93, pp. A39–A58, www.federalreserve.gov/pubs/bulletin. 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.

Source Data. The monthly rates of capacity utilization are designed
to be consistent with both the monthly data on production and the
periodically available data on capacity and utilization. Because there
is no direct monthly information on overall industrial capacity or
utilization rates, the Federal Reserve first estimates annual capacity
indexes from the source data. Capacity data reported in physical units
from government sources (primarily from the U.S. Geological Survey
and the Department of Energy’s Energy Information Administration)
and trade sources are available for portions of several industries in
manufacturing (e.g., paper, industrial chemicals, petroleum refining,
motor vehicles), as well as for electric utilities and mining; these
industries represent about 24 percent of total industrial capacity.
When physical product data are unavailable for manufacturing
industries, capacity indexes are based on responses to the Bureau of
the Census’s Survey of Plant Capacity (SPC); these industries account
for a bit less than 72 percent of total industry capacity. In the absence
of utilization data for a few mining and petroleum series, capacity is
based on trends through peaks in production (roughly 4 percent of
total industry capacity). A detailed description of the methodology
used to construct the capacity indexes is available on the Board’s web
site (www.federalreserve.gov/releases/G17/cap notes.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, Winter 2006, May 2007).
Release Schedule
At 9:15 a.m. on
2008: January 16, February 15, March 17, April 16, May 15, June 17,
July 16, August 15, September 15, October 16, November 17, and
December 15.

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

18