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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EST)
December 15, 2009

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production increased 0.8 percent in November after having been unchanged in October.
Manufacturing production advanced 1.1 percent, with broad-based gains among both durables and nondurables.
The output of mines climbed 2.1 percent, but the index for utilities fell 1.8 percent, primarily as a result of lower
(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

2002=100

Percent change

2009
Juner

Julyr

Aug.r

Sept.r

Oct.r

Nov.p

95.8
95.8

96.8
96.7

98.1
97.9

98.6
98.6

98.6
98.6

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

98.9
96.3
105.8
90.5
82.1
94.7

100.0
97.3
106.9
90.5
82.5
96.2

101.4
98.7
108.3
91.0
82.9
97.7

102.2
99.7
107.9
90.6
81.9
98.4

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

94.4
94.5
93.7
103.8

95.8
95.6
94.8
102.6

97.1
97.0
96.5
103.4

Industrial production
Total index
Previous estimates

2009
Juner

Julyr

Aug.r

Sept.r

Oct.r

Nov.p

99.4

-.5
-.4

1.1
.9

1.3
1.3

.6
.6

.0
.1

.8

-5.1

102.1
99.8
107.6
90.4
80.6
98.5

102.5
100.1
108.1
91.3
81.9
99.7

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

1.1
1.0
1.0
.0
.5
1.6

1.4
1.4
1.3
.5
.5
1.6

.8
1.0
-.3
-.4
-1.3
.7

-.1
.1
-.3
-.3
-1.5
.1

.4
.3
.4
1.0
1.6
1.3

-4.0
-1.9
-8.1
-8.6
-12.6
-4.8

97.7
97.7
96.4
103.7

97.5
97.6
96.2
105.4

98.6

-.4
-.3
-1.5
-.5

1.4
1.2
1.2
-1.2

1.4
1.4
1.7
.8

.7
.8
-.1
.2

-.2
-.1
-.2
1.7

1.1

-4.9

2.1
-1.8

-6.8
-5.1

Percent of capacity
200102
2008 2009
low
Nov. Juner

98.2
103.5

Average
19722008

198889
high

199091
low

199495
high

Total industry
Previous estimates

80.9

85.1

78.7

84.9

73.5

74.4

Manufacturing (see note below)
Previous estimates
Mining
Utilities

79.6

85.4

77.2

84.5

71.4

71.1

87.6
86.8

86.5
92.8

83.8
84.2

89.1
93.3

84.9
84.2

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.6
82.0
77.7

88.3
86.5
83.0

84.7
77.9
77.2

89.9
87.9
80.3

81.7
74.3
70.0

Capacity utilization

Nov. ’08 to
Nov. ’09

Capacity
growth
Julyr

Aug.r

Sept.r

Oct.r

Nov.p

Nov. ’08 to
Nov. ’09

68.3
68.3

69.1
69.0

70.1
70.0

70.6
70.5

70.6
70.7

71.3

-.9

66.1
66.0
81.8
77.6

67.1
67.0
83.3
78.2

67.6
67.6
83.4
78.2

67.6
67.6
83.3
79.4

68.4

-1.2

90.7
83.5

65.1
65.1
80.7
78.7

85.2
77.9

-.7
1.8

84.7
73.5
71.2

79.5
65.8
66.6

80.7
66.4
67.6

82.1
67.1
68.8

83.3
67.3
69.3

83.4
67.4
69.4

85.2
67.8
70.0

-1.2
-1.0
-.6

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

output of gas utilities—temperatures in November were unseasonably mild and reduced the need for heating. At
99.4 percent of its 2002 average, total industrial production was 5.1 percent below its level of a year earlier.
Capacity utilization for total industry moved up 0.7 percentage point to 71.3 percent, a rate 9.6 percentage points
below its average for the period from 1972 through 2008.
Market Groups
The production of consumer goods moved up 0.3 percent in November, a gain that reflected an increase
in the output of durable goods. Among consumer durables, the indexes for automotive products and for
appliances, furniture, and carpeting moved up, while the index for home electronics fell for the 10th month in a
row. The production of consumer nondurables was unchanged in November; an increase in non-energy
nondurables offset a decrease in consumer energy products. The advance in the production of non-energy
nondurable goods resulted from sizable gains in paper products and in chemical products, but declines in the
output of clothing and of food and tobacco products limited the increase in this category. The decrease in
consumer energy products reflected the drop in utilities, and the output of fuels advanced.
The index for business equipment rose 0.4 percent in November. Results for its major components were
mixed: The output of industrial and other equipment rose 0.9 percent, the output of information processing
equipment was unchanged, and the output of transit equipment declined. The production of defense and space
equipment fell for a second month; these decreases, which averaged just more than 1 percent per month, retraced
nearly half of the gains accumulated over the three previous months.
Within nonindustrial supplies, the production of construction supplies increased 1.6 percent in November
after having fallen in each of the previous two months. The output of business supplies rose 0.7 percent last
month; an increase in general business supplies more than offset a decline in commercial energy products.
The production of materials moved up 1.3 percent in November. The index for non-energy materials
jumped 1.7 percent, and the index for energy materials increased 0.3 percent. Among non-energy materials, both
the durable and nondurable materials categories recorded substantial gains. Within durables, output in the
consumer parts category decreased 0.3 percent; however, the output of equipment parts gained 1.1 percent, and
the output of other durable materials advanced 2.2 percent. Production for all major categories of nondurable
materials moved up, and the largest gain, 2.9 percent, was in chemical materials. The small rise in energy
materials came as increases in crude oil extraction and support activities for oil and gas well drilling offset a
decrease in utilities.
Industry Groups
Manufacturing output increased 1.1 percent in November after having edged down 0.2 percent in
October, and capacity utilization for manufacturing increased 0.8 percentage point to 68.4 percent. The index for
durable goods increased 1.0 percent, and robust gains were posted for nonmetallic mineral products, primary
metals, motor vehicles and parts, and furniture and related products. Assemblies of motor vehicles moved up
200,000 units in November to 7.2 million units (annual rate). Among other durable goods categories, production
of wood products, machinery, computer and electronic products, and miscellaneous goods also increased in
November, while production of fabricated metal products; electrical equipment, appliances, and components;
and aerospace and miscellaneous transportation equipment decreased.
The production of nondurable goods rose 1.1 percent in November. Gains of more than 1 percent were
registered for the majority of nondurable goods categories, including textile and product mills, paper, printing
and support, petroleum and coal products, chemicals, and plastics and rubber products. Production of food,
2

beverage, and tobacco products slipped 0.2 percent, and the output of apparel and leather edged up 0.1 percent.
Production in the non-NAICS manufacturing industries (logging and publishing) rose 2.1 percent.
The output of mines increased 2.1 percent in November after two months of small declines, and the
capacity utilization rate for mining moved up 1.9 percentage points to 85.2 percent. The gains in mining
primarily reflected advances in oil and gas well drilling; related support activity; and stone, sand, and gravel
mining. The output of utilities fell 1.8 percent, and the operating rate for utilities fell back 1.5 percentage points
to 77.9 percent. The output of natural gas utilities dropped 8.1 percent, and the output of electric utilities fell
0.6 percent.
Capacity utilization at industries grouped by stage of process changed as follows: For the crude stage,
utilization rose 1.8 percentage points to 85.2 percent, a rate 1.4 percentage points below its 1972–2008 average;
for the primary and semifinished stages, utilization moved up 0.4 percentage point to 67.8 percent, a rate
14.2 percentage points below its long-run average; and for the finished stage, utilization increased 0.6 percentage
point to 70.0 percent, a rate 7.7 percentage points below its long-run average.

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

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

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

3

Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board plans to issue its annual revision to the index of industrial
production (IP) and the related measures of capacity utilization in the second quarter of 2010. The
revised IP indexes will incorporate detailed data from the 2007 Economic Census and the 2008
Annual Survey of Manufactures (ASM), both conducted by the U.S. Census Bureau. Data from
selected editions of the Census Bureau’s 2008 Current Industrial Reports will also be incorporated,
as will annual data from the U.S. Geological Survey regarding metallic and nonmetallic minerals
(except fuels) for 2008. The updating will include revisions to the monthly indicator (either product
data or input data) and to seasonal factors for each industry as well as changes in the estimation
methods for some series. Any changes to the methods for estimating the output of an industry will
affect the index from 1972 to the present.
Capacity and capacity utilization will be revised to incorporate data from the Census Bureau’s Quarterly Survey of Plant Capacity, which covers manufacturing, along with new data on
capacity from the U.S. Geological Survey, the Department of Energy, and other organizations.
Once the revision is published, it will be available on the Board’s website at
www.federalreserve.gov/releases/G17. The revised data will also be available through the website of the Department of Commerce. Further information on the revision can be obtained from the
Board’s Industrial Output Section (telephone number 202-452-3197).

4

1. Industrial production, capacity, and utilization
160

Ratio scale, 2002 output = 100
Total
Manufacturing

135

160

135

110

Capacity

110

85

85

Production

Detail: 2005 to present

60

Production

118

60

114
110
106
102
98
94

2005 2006 2007 2008 2009

35

1970

1975

1980

1985

1990

1995

2000

90

2005

2010

Percent of capacity

100

90

35

100

90

Utilization

80

80

70

70

60

1970

1975

1980

1985

1990

1995

2000

2005

2010

60

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

5

2. Industrial production and capacity utilization
Consumer goods

Equipment

Ratio scale, 2002=100

115
110

115
110

105

105

Nondurable

100

100

95

95

90

Ratio scale, 2002=100

140

140

130

130

120

120

90

Durable

85

85

80

110

110

100

100

80

75

Business

75

Defense and Space

90
70

90

70

80

120

120

115

115

120
115

110

110

110

105

105

100

100

95

95

1998

2000

2002

2004

Nonindustrial supplies

110

2006

2008

Ratio scale, 2002=100

Construction

105

100

100

95

95
Other business

2002

2004

2006

2008

80

Ratio scale, 2002=100
120
115

Non-energy

90

90

Energy

90

1998

2000

2002

2004

Capacity utilization

2006

2008

85

85

85

85
80

2000

Industrial materials

105

90

1998

80

80

80

75

1998

2000

2002

2004

Capacity utilization

Percent of capacity

2006

2008

75

Percent of capacity

90

95

85

90

80

80

85

75

75

80

70

75

75

65

70

70

60

65

90
Primary and
semifinished
processing

85

Excluding utilities

70
65
60

1998

2000

2002

2004

2006

2008

95
Crude processing

90
85
80

Finished processing

1998

2000

2002

2004

2006

2008

65

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

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

Ratio scale, 2002 = 100

125
115

125
115

Excluding
high-technology
industries

95

95

75

75

Total IP

55

35

1970

1975

1980

1985

55

1990

1995

Industrial production

2000

2005

2010

35

Percent change from year earlier

15

15
Total IP

10

10

5

5

0

0
Excluding the
contribution
of high-technology
industries

-5
-10
-15

1970

1975

Industrial production

1980

1985

Ratio scale, 2002 = 100

100

Computers

2000

2005

2010

95

-15

Percent of capacity
100

100

200
150

Communications eq.

1995

-10

Capacity utilization
400
300

400
300
200
150

1990

-5

Excluding
high-technology
industries

95

85

85

75

75

100
50

50

65

65
High-technology industries

10

1998 2000 2002 2004 2006 2008 2010

55

55

Semiconductors
10

45

1990

1995

2000

2005

Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 334412-9),
computers (NAICS 3341),and communications equipment (NAICS 3342).
The shaded areas are periods of business recession as defined by the NBER. The last shaded area begins with the peak
as defined by the NBER and ends at the trough of a 3 month moving average of manufacturing IP.

7

2010

45

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

Fourth quarter to
fourth quarter
Item

2008
proportion1

Sept.r

Oct.r

Nov.p

100.00

1.8

1.8

-6.7

-19.0

-10.4

6.1

-.5

1.1

1.3

.6

.0

.8

-5.1

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

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

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

-5.8
-4.2
-17.2
-22.4
1.6
-20.4
-10.9
-.4
-1.8
-1.2
-6.7
-2.2
-4.1
3.6

-16.9
-12.5
-40.8
-58.0
-7.4
-20.9
-26.8
-4.2
-5.7
-5.2
-23.8
-2.3
-13.3
-.8

-10.4
-5.9
-6.6
4.4
-27.2
-10.3
-12.7
-5.7
-3.3
-.6
-13.0
-3.5
-16.0
-12.4

4.3
6.5
40.2
119.1
-24.7
-7.7
5.4
-.3
1.9
1.8
2.4
2.4
-1.0
-7.4

-.4
-.6
-1.9
-3.5
-2.1
-3.1
.5
-.3
-.3
-1.1
-5.8
1.8
-.2
-.4

.8
1.0
8.6
19.1
-2.1
1.3
1.8
-.7
-.7
-1.0
3.6
-.7
-.5
-.6

1.2
1.4
1.8
5.4
-2.4
-2.1
-.6
1.4
2.0
2.6
1.9
.9
1.9
-.8

.5
1.0
3.8
7.8
-2.5
2.0
.1
.4
.0
.1
.9
.2
-1.4
1.6

-.1
.1
-1.1
-1.8
-1.1
-.7
-.3
.4
.5
.8
-2.9
.8
-1.6
-.2

.5
.3
1.5
2.1
-.8
3.3
.1
.0
.4
-.4
-.1
1.4
1.9
-1.3

-5.2
-1.9
-3.2
5.2
-19.1
-6.1
-10.0
-1.7
-.7
-.3
-10.2
1.3
-8.2
-5.2

9.48
1.53
2.92
5.03
1.66

7.4
9.2
10.8
4.8
-1.9

2.3
-1.4
6.6
1.1
5.7

-8.4
-29.0
2.0
-7.4
-.5

-14.3
49.1
-13.3
-27.1
-2.4

-20.9
-23.8
-7.0
-27.7
.4

3.2
23.8
2.1
-2.1
14.8

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

1.0
4.2
1.0
.1
1.9

1.3
1.4
.4
1.8
1.2

-.3
3.2
-1.0
-1.1
1.6

-.3
-.5
-1.7
.7
-1.5

.4
-.3
.0
.9
-.8

-8.1
13.6
-6.7
-14.4
2.2

4.87
10.65

-3.3
.4

-1.0
1.3

-11.6
-6.9

-33.7
-18.6

-10.5
-9.4

1.9
-.8

.0
.1

.5
-.2

.5
.5

-1.3
.0

-1.5
.3

1.6
.7

-12.6
-6.8

42.95
28.99
16.83
2.69
5.93
8.21
12.16
.50
2.32
5.87
13.96

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

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

-7.9
-12.0
-12.0
-20.3
-6.5
-12.9
-12.0
-13.7
-10.8
-15.8
.2

-21.8
-30.2
-40.2
-63.7
-29.8
-38.6
-14.6
-32.5
-25.4
-9.6
-4.6

-10.3
-9.2
-21.4
-24.7
-18.6
-22.6
8.1
-7.0
-5.0
22.8
-12.6

8.9
12.4
14.3
49.4
5.1
12.7
10.2
-9.8
13.3
16.9
1.2

-.6
-.4
-1.0
-4.9
-.8
.0
.4
.4
1.7
.9
-1.0

1.6
2.2
3.7
14.2
2.0
2.1
.5
-3.2
.3
1.5
.2

1.6
1.5
1.2
.8
.6
1.8
1.9
2.6
1.4
1.8
1.7

.7
.9
1.6
4.4
1.4
.8
.2
-2.6
-.4
1.3
.0

.1
-.2
-.3
-.3
-.6
-.1
.0
3.8
-1.3
.2
.8

1.3
1.7
1.4
-.3
1.1
2.2
2.0
2.1
1.6
2.9
.3

-4.8
-6.0
-12.5
-18.7
-10.4
-12.1
2.7
-9.5
-5.1
11.2
-3.2

321
327
331
332
333
334

78.99
75.29
38.10
1.02
2.23
2.49
5.91
4.89
6.89

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

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

-8.7
-8.7
-11.1
-20.7
-10.3
-26.8
-7.0
-10.6
-2.6

-22.0
-21.7
-31.6
-35.7
-37.8
-62.8
-33.4
-34.4
-18.6

-8.8
-8.1
-16.1
-9.1
-9.6
-22.7
-26.3
-32.9
-4.2

8.3
8.9
14.1
9.4
16.3
92.3
-2.8
-7.2
7.0

-.4
-.4
-.8
2.3
.8
3.1
-.4
-2.3
-.4

1.4
1.6
3.4
-.3
4.6
10.6
-.3
.1
2.2

1.4
1.4
1.3
2.1
-.7
6.0
.5
1.8
.5

.7
.8
1.1
-.4
-1.1
2.6
.6
-1.6
-.3

-.2
-.2
-.6
.4
-3.5
.6
-.2
1.0
-.6

1.1
1.1
1.0
.8
2.9
6.3
-.2
.6
.4

-4.9
-4.4
-8.7
-11.0
-10.8
-3.6
-17.3
-19.7
-4.0

335
3361–3

2.00
4.51

-.4
-6.2

3.3
-1.9

-2.9
-23.3

-22.3
-69.5

-18.0
-12.2

-1.4
124.7

-1.4
-5.5

.0
23.9

1.4
3.7

.1
8.6

.1
-1.8

-.5
1.8

-11.7
-6.9

3364–9
337
339

3.54
1.33
3.27

5.6
-1.7
3.5

11.1
-2.6
2.9

-12.7
-17.8
-2.3

29.3
-23.6
-10.8

-12.6
-24.3
-1.2

7.2
-9.8
6.2

.4
-1.6
-.3

.9
.7
.8

.5
-3.5
1.8

2.2
1.1
-.2

-1.4
-1.4
.4

-.1
2.9
1.2

6.6
-13.4
.1

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

37.20
11.46
.89
.57
2.62
1.80
4.72
12.06
3.08

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

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

-6.3
-1.6
-13.8
-8.2
-10.9
-9.6
.5
-9.8
-11.9

-11.1
-4.3
-29.9
-24.6
-21.5
-26.9
-7.6
-7.4
-27.4

.0
-.2
-12.9
-17.1
-.3
-14.8
1.2
7.6
-15.1

4.3
.6
-4.9
-3.3
16.3
-.5
.1
8.0
6.3

.0
-1.3
-.1
-5.8
2.0
.8
1.3
.7
.0

-.2
-1.0
-1.7
2.7
.2
-.4
-.4
.4
1.2

1.5
2.6
1.9
.9
2.2
.4
-.5
1.2
.5

.4
-.2
-.5
-.3
-.8
-1.0
1.7
1.2
.7

.2
1.1
1.8
-1.1
-2.4
-.2
-2.8
.6
.5

1.1
-.2
1.3
.1
1.8
1.2
1.7
2.1
1.2

-.2
-.1
-10.0
-11.9
-3.1
-11.5
-1.3
5.4
-8.6

1133,5111

3.70

-1.2

-1.8

-8.8

-27.6

-21.5

-3.8

.1

-1.1

1.1

-1.2

-1.5

2.1

-14.4

21
2211,2
2211
2212

10.60
10.41
8.65
1.76

8.7
-.6
-1.1
1.4

.3
3.1
3.5
1.6

.8
.3
-.8
5.9

-11.7
-4.1
-2.9
-10.2

-21.7
-11.2
-9.7
-18.6

4.1
-6.1
-9.5
15.3

-1.5
-.5
-1.3
4.3

1.2
-1.2
-1.5
.8

1.7
.8
.6
2.1

-.1
.2
.1
.8

-.2
1.7
1.7
1.9

2.1
-1.8
-.6
-8.1

-6.8
-5.1
-4.3
-9.0

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

Mining
Utilities
Electric
Natural gas

Aug.r

2008

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

Other manufacturing (non-NAICS)

Julyr

Nov. ’08
to
Nov. ’09

2007

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

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

Monthly rate
2009
Juner

2006

Total IP

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

Annual rate
2009
Q1
Q2r
Q3r

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 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.

8

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

Fourth quarter to
fourth quarter
Item

2008
proportion

2008

100.00

Q2

Q3

July

Aug.

1.8

-6.7

-19.0

-10.4

6.1

-.5

1.1

1.3

.6

.0

.8

-5.1

3.9
-.1
1.2
14.9
2.6
6.8

2.1
1.9
1.9
-.7
5.7
1.2

1.3
3.6
.5
6.9
-4.4
2.0

-6.5
-.8
-.8
-72.3
-9.9
-2.4

-14.4
-12.4
-8.6
-75.0
-11.4
-13.2

-2.3
-7.4
-4.1
-9.3
1.2
1.1

-.8
-.4
.0
-4.0
-1.9
-.5

-.1
-.6
-.4
-.2
-.8
.8

.7
-.8
-.1
1.2
3.2
.8

.6
1.6
.7
5.0
1.0
-.6

.6
-.2
1.0
3.3
1.2
.6

-.2
-1.3
-1.1
7.7
-.9
1.0

-5.1
-5.2
-3.0
-43.0
-4.3
-2.9

76.12

1.2

1.7

-9.4

-23.1

-9.0

8.6

-.4

1.4

1.5

.5

-.2

1.1

-5.3

3341
3342

4.17
1.02
1.32

13.1
22.1
12.4

18.2
24.2
6.6

-6.9
-11.9
10.4

-24.3
-26.5
-3.5

-1.2
-23.1
-5.5

8.9
9.6
-12.3

.3
.0
1.1

2.9
3.2
-1.7

.1
.9
-1.1

-.8
-2.0
-3.0

.3
-4.2
1.2

.4
-2.6
.5

-4.1
-17.7
-6.4

334412–9

1.84

9.8

22.3

-15.0

-38.1

19.0

31.9

-.3

7.2

.8

1.9

2.0

1.8

6.4

71.95

.4

.7

-9.5

-23.1

-9.5

8.5

-.4

1.4

1.6

.6

-.2

1.1

-5.4

4.51
1.92
2.30

-6.2
-7.6
-4.3

-1.9
-1.9
.3

-23.3
-30.3
-14.8

-69.5
-83.7
-53.7

-12.2
-5.5
-17.4

124.7
335.9
42.1

-5.5
-9.8
-3.8

23.9
48.4
12.4

3.7
6.3
.6

8.6
15.5
3.7

-1.8
-4.0
-.1

1.8
4.3
.1

-6.9
-.1
-12.4

67.44
20.65
7.43
4.83
7.32
25.51

.9
.8
6.2
-3.4
-.6
1.4

.9
-1.1
2.3
-1.0
.4
2.4

-8.5
-4.2
-8.8
-11.8
-9.8
-11.2

-19.1
-9.2
-5.9
-34.1
-24.8
-26.5

-9.3
-4.7
-22.2
-10.5
-10.6
-9.2

4.4
2.1
.2
2.0
.0
9.0

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

.3
-.4
.3
.5
-.3
1.1

1.4
1.7
1.4
.5
.8
1.6

.1
.1
-.4
-1.2
-.4
.7

-.1
.4
-.1
-1.6
-.1
-.3

1.1
.5
.5
1.6
1.5
1.8

-5.3
-2.0
-6.6
-12.7
-8.7
-5.7

Measures excluding selected
high-technology industries
Total industry
Manufacturing1
Durable

95.83
74.82
34.07

1.2
.4
-.4

1.1
.9
1.4

-6.7
-8.9
-11.7

-18.8
-21.9
-32.3

-10.7
-9.2
-17.8

6.0
8.3
14.7

-.5
-.4
-1.0

1.0
1.4
3.5

1.4
1.4
1.4

.6
.7
1.3

.0
-.3
-.7

.8
1.1
1.1

-5.1
-4.9
-9.3

Measures excluding motor vehicles
and parts
Total industry
Manufacturing1
Durable

95.49
74.48
33.73

2.3
1.8
2.5

2.0
2.1
4.0

-5.9
-7.8
-9.3

-16.0
-18.3
-25.0

-10.3
-8.6
-16.5

3.1
4.5
5.7

-.3
-.1
-.3

.3
.5
1.4

1.2
1.2
1.0

.2
.2
.2

.1
-.2
-.4

.8
1.1
.9

-5.1
-4.8
-8.9

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

91.32
70.31

1.7
1.0

1.2
1.1

-5.8
-7.8

-15.6
-18.0

-10.6
-9.0

2.8
4.2

-.3
-.2

.2
.4

1.3
1.3

.3
.3

.1
-.2

.8
1.1

-5.1
-4.8

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

11.43
17.56

1.7
1.3

4.0
3.2

-11.1
-12.5

-38.2
-24.5

-16.5
-4.3

13.9
11.4

-1.0
.0

3.6
1.3

.9
1.9

1.4
.6

-.5
.0

1.0
2.1

-11.1
-2.7

213111

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

3361–3
3361
3363

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

1.8

23.88
6.10
3.04
.78
4.25
9.71

Nov. ’08
to
Nov. ’09

2009
Juner

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

2007

Monthly rate
r

Total industry

2006

Annual rate
2009
Q1

r

r

r

Sept.

r

Oct.

r

Nov.

p

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

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

2008
average

2008
Q4

2009
Q1

Q2

Q3

2009
June

July

Aug.

Sept.

Oct.

Nov.

Total
Autos
Trucks
Light
Medium and heavy

8.67
3.78
4.90
4.67
.22

7.27
3.34
3.93
3.73
.20

4.57
1.66
2.91
2.76
.15

4.53
1.91
2.62
2.51
.11

6.53
2.53
4.00
3.88
.12

4.11
1.89
2.22
2.09
.13

5.87
2.21
3.66
3.54
.13

6.44
2.54
3.90
3.78
.12

7.29
2.84
4.44
4.32
.12

6.98
2.88
4.10
3.95
.14

7.22
2.74
4.49
4.32
.17

Memo
Autos and light trucks

8.45

7.07

4.42

4.42

6.41

3.98

5.74

6.32

7.16

6.83

7.06

Item

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

9

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

2008
proportion

2009
Mar.

Apr.

May

Juner

Julyr

Aug.r

Sept.r

Oct.r

Nov.p

100.00

97.7

97.2

96.2

95.8

96.8

98.1

98.6

98.6

99.4

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

98.8
98.3
76.1
66.2
170.1
69.4
84.5
105.0
103.2
106.6
58.8
109.9
84.5
110.2

98.1
97.9
76.2
66.4
165.1
70.2
84.6
104.4
102.3
105.6
58.9
108.6
84.2
110.5

97.0
96.9
74.1
63.5
159.6
69.3
83.4
103.8
102.4
106.9
58.1
107.1
83.2
107.5

96.6
96.3
72.7
61.3
156.2
67.2
83.8
103.5
102.1
105.8
54.7
108.9
83.0
107.1

97.4
97.3
78.9
72.9
153.0
68.1
85.3
102.8
101.4
104.7
56.7
108.1
82.6
106.4

98.5
98.7
80.3
76.8
149.3
66.6
84.8
104.2
103.4
107.5
57.8
109.1
84.2
105.5

99.0
99.7
83.4
82.8
145.6
68.0
84.9
104.5
103.4
107.6
58.3
109.3
83.0
107.1

98.8
99.8
82.5
81.3
144.1
67.5
84.7
104.9
104.0
108.5
56.6
110.2
81.6
106.9

99.4
100.1
83.7
83.1
142.9
69.8
84.8
104.9
104.4
108.0
56.5
111.7
83.2
105.5

9.48
1.53
2.92
5.03
1.66

110.6
96.6
150.9
95.6
119.2

108.5
92.7
150.8
93.4
119.0

106.2
89.8
149.8
90.8
119.7

105.8
90.2
149.4
90.1
119.8

106.9
93.9
150.9
90.2
122.0

108.3
95.3
151.5
91.9
123.4

107.9
98.4
150.0
90.8
125.5

107.6
97.9
147.5
91.4
123.6

108.1
97.7
147.5
92.3
122.6

4.87
10.65

82.7
95.6

82.0
95.5

82.1
94.5

82.1
94.6

82.5
94.4

82.9
94.9

81.9
94.8

80.6
95.1

81.9
95.8

42.95
28.99
16.83
2.69
5.93
8.21
12.16
.50
2.32
5.87
13.96

96.5
92.7
93.8
55.8
142.9
81.9
89.5
57.4
79.1
95.5
101.3

96.2
92.9
92.9
55.9
142.1
80.6
91.0
58.9
78.3
99.8
100.1

95.2
92.0
90.4
52.9
137.6
79.3
91.9
58.1
80.5
100.2
99.0

94.7
91.7
89.5
50.3
136.5
79.4
92.2
58.4
81.8
101.1
98.0

96.2
93.7
92.8
57.5
139.2
81.0
92.7
56.5
82.1
102.7
98.2

97.7
95.1
93.9
57.9
140.1
82.5
94.5
58.0
83.2
104.5
99.8

98.4
96.0
95.3
60.5
142.0
83.1
94.7
56.5
82.9
105.9
99.8

98.5
95.8
95.0
60.3
141.2
83.1
94.7
58.6
81.8
106.1
100.7

99.7
97.5
96.4
60.1
142.7
84.9
96.6
59.8
83.1
109.1
101.0

321
327
331
332
333
334

78.99
75.29
38.10
1.02
2.23
2.49
5.91
4.89
6.89

96.1
97.3
96.4
66.2
81.9
60.7
91.3
88.7
171.4

95.7
96.9
95.7
65.5
82.7
60.3
89.4
86.6
172.5

94.8
96.0
93.7
65.1
81.8
59.2
87.5
83.9
170.3

94.4
95.7
92.9
66.6
82.4
61.1
87.2
82.0
169.6

95.8
97.1
96.1
66.4
86.2
67.5
86.9
82.0
173.3

97.1
98.5
97.3
67.8
85.6
71.6
87.4
83.5
174.1

97.7
99.2
98.3
67.5
84.6
73.5
87.9
82.2
173.7

97.5
99.0
97.8
67.8
81.7
73.9
87.8
83.0
172.7

98.6
100.1
98.8
68.3
84.1
78.5
87.6
83.5
173.4

335
3361–3

2.00
4.51

92.7
56.7

92.0
56.6

91.0
52.4

89.7
49.5

89.7
61.3

91.0
63.6

91.1
69.1

91.1
67.8

90.7
69.1

3364–9
337
339

3.54
1.33
3.27

116.8
75.1
111.6

115.0
72.3
113.0

113.4
72.0
112.4

113.9
70.8
112.1

114.8
71.3
113.0

115.4
68.8
115.0

117.9
69.6
114.7

116.2
68.6
115.2

116.1
70.6
116.6

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

37.20
11.46
.89
.57
2.62
1.80
4.72
12.06
3.08

96.9
107.3
59.7
66.8
78.9
81.6
108.8
101.3
83.4

97.0
106.4
60.3
65.4
78.2
80.1
109.0
102.7
82.9

97.1
107.7
59.4
65.4
80.9
79.6
106.9
102.4
82.2

97.2
106.3
59.3
61.7
82.5
80.2
108.3
103.1
82.2

97.0
105.3
58.3
63.3
82.7
79.9
107.8
103.5
83.2

98.4
108.0
59.4
63.9
84.5
80.2
107.3
104.7
83.6

98.9
107.8
59.1
63.7
83.8
79.4
109.1
106.0
84.2

99.0
108.9
60.2
63.0
81.8
79.2
106.1
106.6
84.6

100.1
108.7
60.9
63.1
83.3
80.2
107.8
108.8
85.6

1133,5111

3.70

76.1

75.1

74.4

74.4

73.6

74.5

73.6

72.5

74.0

21
2211,2
2211
2212

10.60
10.41
8.65
1.76

98.7
106.1
108.5
95.0

96.1
106.4
108.5
96.5

95.1
104.3
107.0
91.7

93.7
103.8
105.5
95.7

94.8
102.6
103.9
96.4

96.5
103.4
104.6
98.5

96.4
103.7
104.7
99.3

96.2
105.4
106.4
101.1

98.2
103.5
105.8
93.0

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

31–33

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

10

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

2008
proportion

2009
Mar.

Apr.

May

Juner

Julyr

Aug.r

Sept.r

Oct.r

Nov.p

100.00

97.7

97.2

96.2

95.8

96.8

98.1

98.6

98.6

99.4

23.88
6.10
3.04
.78
4.25
9.71

104.8
110.2
113.8
108.3
101.1
101.0

104.0
110.5
114.4
97.5
99.7
99.8

102.1
107.5
111.5
92.1
99.4
98.3

101.3
107.1
111.5
88.4
97.5
97.8

101.2
106.4
111.1
88.3
96.8
98.6

101.9
105.5
111.0
89.3
99.9
99.4

102.6
107.1
111.8
93.8
100.9
98.8

103.2
106.9
112.9
96.9
102.1
99.4

103.0
105.5
111.7
104.4
101.2
100.4

76.12

94.9

94.5

93.7

93.4

94.7

96.1

96.6

96.4

97.5

3341
3342

4.17
1.02
1.32

200.4
173.7
167.6

203.6
168.9
169.5

199.0
164.9
166.7

199.7
165.0
168.6

205.5
170.2
165.7

205.7
171.8
163.8

204.1
168.3
158.9

204.8
161.2
160.8

205.6
157.1
161.5

334412–9

1.84

222.9

233.1

226.7

226.1

242.3

244.1

248.7

253.7

258.2

71.95

90.0

89.5

88.8

88.4

89.6

91.0

91.6

91.4

92.4

4.51
1.92
2.30

56.7
47.4
66.1

56.6
47.4
66.1

52.4
41.4
62.4

49.5
37.3
60.0

61.3
55.4
67.5

63.6
58.8
67.9

69.1
68.0
70.4

67.8
65.2
70.4

69.1
68.0
70.5

67.44
20.65
7.43
4.83
7.32
25.51

92.8
98.7
104.4
82.1
85.5
88.2

92.3
97.9
102.3
81.4
85.1
88.2

91.9
97.9
100.3
81.6
84.7
87.8

91.7
97.6
99.6
81.5
84.9
87.7

92.0
97.2
100.0
82.0
84.6
88.7

93.4
98.9
101.4
82.4
85.2
90.1

93.5
98.9
101.0
81.4
84.9
90.7

93.4
99.3
100.9
80.1
84.8
90.5

94.4
99.8
101.4
81.4
86.1
92.1

95.83
74.82
34.07

93.8
91.2
86.6

93.3
90.7
85.8

92.3
90.0
84.0

91.9
89.6
83.1

92.8
90.8
86.0

94.1
92.1
87.2

94.7
92.8
88.4

94.6
92.5
87.8

95.4
93.6
88.7

95.49
74.48
33.73

100.3
99.3
104.1

99.8
98.9
103.2

99.0
98.3
101.7

98.7
98.1
101.3

99.0
98.6
102.8

100.2
99.8
103.8

100.4
100.1
103.9

100.5
99.9
103.5

101.3
101.0
104.4

91.32
70.31

96.1
94.0

95.5
93.5

94.8
93.0

94.5
92.9

94.7
93.2

95.9
94.4

96.2
94.7

96.2
94.5

97.0
95.6

11.43
17.56

96.7
89.1

96.3
89.7

94.2
89.5

93.3
89.5

96.7
90.7

97.5
92.4

98.9
93.0

98.4
93.0

99.4
95.0

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

213111

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

3361–3
3361
3363

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

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

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

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

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

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

44.9
43.9
33.0

57.7
42.0
41.5

54.5
46.2
33.0

59.9
42.3
45.8

45.8
50.3
39.4

58.3
50.6
42.6

51.9
46.2
59.6

45.5
41.3
60.6

58.3
29.5
54.5

45.5
39.7
52.9

58.0
28.8

53.8
20.2

50.0
49.4
16.3

55.6
40.7
20.2

52.1
37.5
30.4

63.1
40.1
38.8

58.7
44.2
34.5

56.7
41.0
37.8

54.8
43.6
45.5

52.9
38.1
56.7

54.5
26.6
64.4

44.6
30.1
59.9

56.1
23.1

51.9
22.4

43.3
46.5
16.0

46.9
47.4
16.0

49.5
47.1
21.8

56.3
44.9
17.9

58.2
39.1
20.5

53.1
34.6
31.7

59.9
36.9
38.9

54.5
38.5
42.9

53.8
25.0
53.8

47.1
25.3
51.3

52.2
25.6

56.4
16.7

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.

11

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

2008
proportion

19722008
ave.

199495
high

200102
low

2009
Q1

Q2r

Q3r

2009
Juner

Julyr

Aug.r

Sept.r

Oct.r

Nov.p

100.00

80.9

84.9

73.5

70.4

68.7

69.9

68.3

69.1

70.1

70.6

70.6

71.3

31–33

79.68
76.08

79.6
79.4

84.5
84.6

71.4
70.9

66.7
66.7

65.4
65.5

67.0
67.2

65.1
65.2

66.1
66.3

67.1
67.3

67.6
67.9

67.6
67.9

68.4
68.7

321
327
331
332
333
334

39.36
1.27
2.42
2.69
5.61
4.80
7.11

77.8
79.2
77.7
80.5
77.5
78.6
78.3

83.7
87.5
82.5
94.7
85.5
87.9
84.4

67.8
70.4
70.4
68.0
69.4
62.8
58.8

61.0
49.4
56.1
48.0
67.1
63.3
65.1

58.5
48.7
54.9
45.0
62.5
57.5
63.6

60.6
50.3
57.3
53.2
62.5
56.7
63.7

57.8
49.5
55.1
45.7
62.1
56.1
62.8

59.8
49.5
57.7
50.6
62.0
56.2
63.8

60.6
50.7
57.3
53.7
62.5
57.4
63.8

61.3
50.7
56.8
55.2
63.0
56.5
63.3

61.0
51.1
54.9
55.5
63.0
57.2
62.6

61.7
51.7
56.6
59.1
63.1
57.6
62.6

335
3361–3

1.83
5.52

83.2
76.7

93.1
88.7

72.1
69.2

73.6
40.0

70.1
39.1

70.1
48.5

69.3
36.8

69.3
45.8

70.4
47.7

70.5
52.1

70.6
51.4

70.3
52.5

3364–9
337
339

3.32
1.39
3.40

73.2
78.4
76.5

68.6
83.1
81.3

64.4
68.3
71.0

76.7
61.6
67.2

74.1
58.2
66.9

75.4
57.6
67.9

74.0
57.8
66.6

74.6
58.5
67.2

75.0
56.7
68.4

76.7
57.6
68.3

75.6
57.1
68.5

75.5
59.1
69.4

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

36.72
10.86
.96
.56
2.41
1.79
5.00
12.17
2.97

81.5
81.5
81.6
79.5
87.6
83.4
86.1
78.2
83.6

85.7
85.0
91.7
88.1
92.7
87.0
91.1
81.1
92.2

75.0
75.6
68.7
63.6
78.8
72.7
86.0
69.5
74.6

72.8
76.2
60.1
67.9
70.3
68.2
83.9
68.8
67.3

73.1
76.3
59.1
65.5
70.5
66.6
84.2
70.4
65.1

74.3
76.5
59.4
65.8
73.7
67.8
84.4
72.1
66.7

73.3
75.9
59.1
63.2
72.4
67.3
84.5
70.7
65.1

73.3
75.2
58.4
65.2
72.7
67.4
84.1
71.1
66.1

74.5
77.2
59.9
66.0
74.4
68.1
83.7
72.1
66.6

75.0
77.1
59.9
66.1
73.9
67.8
85.2
73.1
67.3

75.3
78.0
61.4
65.7
72.3
68.1
82.9
73.6
67.9

76.2
77.9
62.5
66.1
73.7
69.4
84.3
75.3
68.9

1133,5111

3.61

84.2

83.0

79.8

66.9

63.1

62.7

63.0

62.4

63.2

62.5

61.7

63.0

21
2211,2

11.14
9.17

87.6
86.8

89.1
93.3

84.9
84.2

86.8
82.4

81.8
79.6

82.9
78.0

80.7
78.7

81.8
77.6

83.3
78.2

83.4
78.2

83.3
79.4

85.2
77.9

3341
3342

4.24
.98
1.33

78.2
78.1
76.2

86.5
87.3
82.9

56.5
66.8
41.6

64.1
68.9
72.0

62.7
63.9
69.7

62.6
64.2
66.3

61.9
63.0
69.4

63.2
64.6
67.8

62.7
64.8
66.7

61.8
63.1
64.3

61.5
60.0
64.7

61.3
58.1
64.7

334412–9

1.92

80.6

91.7

58.0

56.4

57.5

59.9

56.4

59.8

59.7

60.3

60.9

61.4

Measures excluding selected
high-technology industries
Total industry
Manufacturing1

95.76
75.44

81.0
79.7

84.9
84.4

74.7
72.7

70.7
66.8

68.9
65.5

70.2
67.2

68.5
65.3

69.3
66.3

70.4
67.3

70.9
68.0

71.0
67.9

71.7
68.8

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

15.83
46.62
37.55

86.6
82.0
77.7

89.9
87.9
80.3

81.7
74.3
70.0

80.9
68.4
68.4

79.6
66.2
67.1

82.0
67.0
68.6

79.5
65.8
66.6

80.7
66.4
67.6

82.1
67.1
68.8

83.3
67.3
69.3

83.4
67.4
69.4

85.2
67.8
70.0

Item

Total industry
1

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

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

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

12

Table 8
I NDUSTRIAL C APACITY
Percent change

Average annual rate
19721980198979
88
94

Item

Total industry

19952009

2006

2007

2008

2009

2009
Q1

Q2

Q3

Q4

Monthly
rate
2009
Nov.

Fourth quarter to fourth quarter

Annual rate

3.1

1.9

2.3

2.7

1.5

2.0

1.1

-.9

-.2

-.8

-1.3

-1.4

-.1

Manufacturing

3.3

2.2

2.5

3.1

1.4

2.2

1.3

-1.2

-.4

-1.1

-1.5

-1.7

-.1

Mining
Utilities

.7
4.2

.0
2.2

-.8
1.8

-.3
2.2

2.3
1.3

1.4
1.3

1.1
2.3

-.7
1.8

.3
1.8

-.5
1.7

-1.3
1.8

-1.5
1.9

-.1
.2

19.8

17.3

15.6

22.3

5.7

22.9

6.3

8.4

5.8

8.4

9.8

9.7

.8

2.6

1.3

1.6

1.4

1.1

1.0

1.0

-1.6

-.7

-1.6

-2.1

-2.2

-.2

1.7
3.0
3.9

.3
1.4
3.3

-.4
2.5
2.7

.0
3.2
3.0

1.5
1.3
1.8

1.4
2.0
2.4

1.2
.8
2.2

-1.2
-1.0
-.6

-.2
-.5
.2

-1.1
-.9
-.5

-1.8
-1.2
-1.0

-1.9
-1.3
-1.0

-.2
-.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

2008

2009
Q1

Q2r

Q3r

2009
Juner

Julyr

Aug.r

Sept.r

Oct.r

Nov.p

2,815.3

2,946.7

2,717.3

2,650.0

2,693.4

2,629.9

2,665.0

2,693.2

2,722.0

2,712.0

2,728.2

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

2,238.6
1,559.7
445.6
258.1
187.5
1,097.3

2,085.3
1,472.6
341.3
178.0
162.9
1,092.5

2,031.2
1,452.3
338.0
180.5
157.2
1,076.6

2,075.4
1,487.2
381.1
225.0
156.3
1,073.6

2,011.8
1,437.9
327.8
172.1
155.3
1,071.4

2,047.2
1,464.9
367.5
210.4
157.3
1,064.0

2,073.7
1,483.8
377.8
222.4
155.6
1,073.2

2,105.4
1,512.8
398.0
242.3
156.2
1,083.7

2,096.3
1,504.9
392.5
237.3
155.7
1,080.8

2,107.5
1,513.5
399.5
242.6
157.4
1,083.1

Equipment, total
Business and defense
Business
Defense and space

631.4
615.0
560.4
54.5

689.7
671.4
599.1
72.5

616.1
605.9
532.0
71.9

577.4
573.1
497.6
72.0

586.1
582.2
503.7
74.5

572.5
568.8
492.9
72.2

580.5
576.7
499.3
73.5

588.2
584.7
506.5
74.3

589.6
585.4
505.4
75.6

588.7
584.0
505.3
74.7

591.3
585.4
507.9
73.9

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

708.4
211.8
496.5
135.7

709.6
202.9
507.3
156.7

635.5
169.4
467.7
154.7

622.0
165.3
458.3
151.3

622.6
166.7
457.4
150.0

620.7
165.6
456.6
150.0

621.6
166.8
456.2
150.2

624.0
167.7
457.6
149.5

622.3
165.6
458.3
150.4

621.2
163.7
459.4
151.3

626.1
166.1
461.6
149.5

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

r Revised. p Preliminary.

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

Fourth quarter to
fourth quarter
Item

Finished
Semifinished
Primary
Crude

2008
gross value1

2006

2007

1926.7
1668.3
960.3
417.8

2.2
-1.5
-.3
7.8

1.0
2.1
2.2
2.0

Annual rate

2008

2009
Q1

-7.6
-7.7
-7.2
-7.9

-20.3
-26.5
-16.1
-10.2

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

13

Monthly rate

Q2

r

Q3

2009
Juner

July

Aug.

-9.7
-14.2
-7.9
5.5

14.1
1.6
5.3
13.9

-1.0
-1.2
1.2
.2

2.6
1.3
.2
1.0

2.0
.5
.9
1.8

r

r

r

Sept.

r

1.3
.4
1.1
1.7

Oct.

r

-.2
.1
-.2
-.4

Nov.

p

.8
.5
.9
1.7

Nov. ’08
to
Nov. ’09
-3.2
-9.9
-3.2
4.1

Table 11
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Total Industry
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)1
1987
1988
1989
1990
1991

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

1.3
.4
-.4
.9
-.6

.1
.2
.3
.5
-.5

.6
.5
.0
-.1
.2

.7
-.1
-.7
.2
1.0

.5
.2
.0
.3
1.0

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

.7
.5
.9
.2
.1

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

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

.5
.2
.3
-1.2
-.1

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

5.5
3.6
1.6
3.1
-7.4

7.0
3.6
-1.7
2.8
2.6

7.3
2.1
-2.4
1.2
5.5

10.2
2.9
1.8
-6.1
.9

5.2
5.2
.9
1.0
-1.6

1992
1993
1994
1995
1996

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

.8
.3
.0
.0
1.7

.8
.0
1.1
.2
-.2

.7
.3
.5
.0
.8

.4
-.4
.6
.2
.6

.0
.2
.7
.3
.9

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

-.5
.0
.5
1.4
.6

.2
.4
.2
.4
.6

.7
.7
.9
-.2
.0

.4
.4
.6
.3
.8

.0
.5
1.1
.4
.6

-.5
3.6
5.2
5.1
2.9

7.2
.9
7.5
1.2
8.1

2.9
2.1
5.1
3.9
5.4

4.0
6.0
8.1
3.4
5.6

2.8
3.3
5.3
4.8
4.4

1997
1998
1999
2000
2001

.1
.5
.5
.0
-.7

1.2
.0
.4
.4
-.6

.8
.1
.2
.4
-.3

.0
.4
.2
.6
-.3

.7
.7
.7
.2
-.7

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

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

1.4
2.1
.5
-.2
-.4

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

.7
.7
1.4
-.4
-.6

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

.4
.3
.8
-.4
.0

7.9
4.4
4.4
4.8
-5.7

6.4
3.2
3.7
4.9
-5.3

9.6
2.9
4.1
-.3
-5.7

10.4
5.1
8.1
-1.2
-5.0

7.3
5.9
4.3
4.2
-3.4

2002
2003
2004
2005
2006

.5
.7
.3
.4
.0

.0
.3
.5
.6
.0

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

.3
-.8
.5
.0
.4

.5
.0
.7
.3
-.1

.9
.1
-.9
.4
.4

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

.1
-.1
.2
.2
.2

.1
.6
.0
-1.7
-.3

-.3
.1
.9
1.1
-.1

.4
.9
.2
1.1
-.2

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

2.5
2.9
2.8
5.7
3.6

5.9
-3.0
1.8
1.7
2.2

2.1
2.6
1.9
-.7
2.0

-.4
4.1
5.7
4.0
-.6

-.1
1.3
2.5
3.3
2.3

2007
2008
2009

-.5
-.1
-2.2

.8
-.3
-.8

-.2
-.4
-1.6

.4
-.6
-.5

.1
-.3
-1.1

.0
-.2
-.5

.3
-.1
1.1

.1
-1.1
1.3

.4
-4.0
.6

-.5
1.3
.0

.6
-1.3
.8

.3
-2.3

1.8
.2
-19.0

2.4
-4.6
-10.4

2.1
-9.0
6.1

.8
-13.0

1.5
-2.2

IP (2002=100)
2007
2008
2009

109.9
112.3
100.1

110.8
112.0
99.3

110.6
111.6
97.7

111.1
111.0
97.2

111.1
110.7
96.2

111.2
110.4
95.8

111.5
110.4
96.8

111.6
109.2
98.1

112.0
104.8
98.6

111.4
106.2
98.6

112.1
104.8
99.4

112.4
102.4

110.5
112.0
99.1

111.1
110.7
96.4

111.7
108.1
97.8

112.0
104.4

111.3
108.8

Capacity
(percent of
2002 output)
2007
2008
2009

136.9
139.6
140.7

137.1
139.8
140.7

137.3
139.9
140.6

137.6
140.1
140.5

137.8
140.2
140.4

138.0
140.4
140.2

138.3
140.5
140.1

138.5
140.6
139.9

138.7
140.7
139.8

139.0
140.7
139.6

139.2
140.7
139.4

139.4
140.7

137.1
139.8
140.7

137.8
140.2
140.4

138.5
140.6
139.9

139.2
140.7

138.1
140.3

Utilization
(percent)
1987
1988
1989
1990
1991

79.0
83.4
85.1
82.5
79.9

79.9
83.6
84.6
83.1
79.2

79.9
83.8
84.7
83.3
78.7

80.2
84.2
84.6
83.0
78.8

80.6
84.1
83.8
83.0
79.5

80.8
84.2
83.7
83.1
80.1

81.2
84.3
82.8
82.8
80.0

81.6
84.7
83.3
82.9
80.0

81.7
84.3
83.0
82.9
80.6

82.8
84.7
82.7
82.2
80.4

83.1
84.8
82.8
81.0
80.2

83.4
85.0
83.1
80.3
79.8

79.6
83.6
84.8
83.0
79.3

80.5
84.2
84.0
83.1
79.5

81.5
84.4
83.0
82.9
80.2

83.1
84.8
82.9
81.2
80.1

81.2
84.3
83.7
82.5
79.8

1992
1993
1994
1995
1996

79.1
81.2
82.5
84.9
82.6

79.6
81.4
82.3
84.6
83.6

80.1
81.3
83.0
84.4
83.1

80.5
81.4
83.2
84.1
83.4

80.6
81.0
83.4
84.0
83.5

80.5
81.1
83.7
83.9
83.9

81.0
81.3
83.6
83.3
83.4

80.4
81.2
83.7
84.2
83.5

80.5
81.4
83.6
84.2
83.6

80.9
81.9
84.1
83.7
83.2

81.1
82.1
84.3
83.6
83.5

80.9
82.3
84.9
83.6
83.7

79.6
81.3
82.6
84.6
83.1

80.6
81.2
83.4
84.0
83.6

80.6
81.3
83.6
83.9
83.5

81.0
82.1
84.4
83.6
83.5

80.4
81.5
83.5
84.0
83.4

1997
1998
1999
2000
2001

83.3
84.6
82.1
82.3
79.3

83.9
84.1
82.1
82.4
78.6

84.2
83.6
81.9
82.4
78.1

83.8
83.5
81.7
82.6
77.7

83.9
83.6
82.0
82.5
76.9

83.8
82.6
81.5
82.3
76.2

83.8
81.8
81.8
81.8
75.7

84.4
83.1
81.9
81.4
75.2

84.7
82.4
81.3
81.5
74.7

84.7
82.6
82.1
80.9
74.1

85.0
82.1
82.2
80.7
73.6

84.7
82.0
82.6
80.1
73.5

83.8
84.1
82.0
82.4
78.7

83.8
83.2
81.8
82.5
76.9

84.3
82.4
81.6
81.6
75.2

84.8
82.2
82.3
80.6
73.7

84.2
83.0
81.9
81.7
76.1

2002
2003
2004
2005
2006

73.7
75.5
77.0
79.7
80.9

73.6
75.8
77.4
80.2
80.8

74.1
75.7
76.9
80.1
80.8

74.2
75.1
77.3
80.0
81.0

74.5
75.2
77.9
80.2
80.8

75.2
75.3
77.2
80.4
81.1

74.9
75.6
77.7
80.3
81.1

75.0
75.6
77.9
80.4
81.2

75.0
76.0
77.9
78.9
80.8

74.9
76.1
78.7
79.7
80.6

75.2
76.8
78.8
80.5
80.3

74.9
76.7
79.4
80.9
80.9

73.8
75.6
77.1
80.0
80.8

74.7
75.2
77.5
80.2
81.0

75.0
75.7
77.9
79.9
81.1

75.0
76.5
79.0
80.4
80.6

74.6
75.8
77.9
80.1
80.9

2007
2008
2009

80.3
80.5
71.1

80.8
80.2
70.6

80.6
79.8
69.5

80.7
79.2
69.2

80.7
78.9
68.5

80.6
78.7
68.3

80.7
78.6
69.1

80.6
77.6
70.1

80.7
74.5
70.6

80.2
75.4
70.6

80.5
74.4
71.3

80.6
72.7

80.6
80.1
70.4

80.6
78.9
68.7

80.7
76.9
69.9

80.4
74.2

80.6
77.6

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

14

Table 12
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Manufacturing1
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)2
1987
1988
1989
1990
1991

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

1.4
.2
-.9
1.4
-.6

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

.5
.9
.1
-.3
.3

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

.4
.1
.2
.2
1.1

.7
.1
-1.1
-.2
.2

.5
.1
.9
.2
.2

.6
.3
-.2
.0
1.1

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

.6
.3
.2
-1.1
-.3

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

6.1
2.6
1.8
4.6
-8.8

6.7
4.5
-3.1
2.7
2.1

7.1
1.4
-2.9
.6
7.1

11.7
4.5
.6
-6.7
1.6

5.7
5.4
.8
.8
-2.0

1992
1993
1994
1995
1996

-.6
1.1
.2
.3
-.8

.9
.1
.1
-.1
1.7

1.0
-.2
1.3
.2
-.2

.5
.6
.8
-.1
1.0

.6
-.1
.7
.0
.7

.3
-.1
.3
.4
1.1

.8
.3
.4
-.6
.3

-.4
-.1
.7
1.2
.6

.1
.6
.3
.9
.7

.6
.8
1.0
-.1
-.1

.4
.4
.8
.1
.8

-.2
.5
1.1
.4
.9

.6
4.5
5.0
5.4
2.1

8.2
1.4
9.5
.6
9.1

4.0
1.3
5.9
3.2
7.8

2.8
6.8
9.8
4.2
5.8

3.6
3.5
5.9
5.2
4.8

1997
1998
1999
2000
2001

.1
.8
.4
.1
-.6

1.4
.0
.7
.3
-.6

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

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

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

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

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

1.7
2.5
.8
-.5
-.7

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

.6
.9
1.6
-.4
-.7

1.1
.2
.7
-.3
-.2

.5
.5
.7
-.7
.2

9.4
6.0
5.0
5.3
-6.6

7.6
2.7
4.2
4.7
-5.5

10.8
3.0
3.8
-.5
-6.3

11.1
7.3
9.8
-2.8
-4.8

8.5
6.7
5.0
4.5
-4.1

2002
2003
2004
2005
2006

.4
.6
.1
.7
.7

.0
.1
.7
.8
-.3

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

.0
-1.0
.5
.1
.5

.7
.1
.7
.5
-.3

1.1
.5
-.8
.2
.3

-.4
.1
.8
.0
.1

.3
-.2
.6
.3
.3

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

-.5
.1
1.0
1.6
-.5

.4
1.1
.0
.9
-.2

-.5
-.2
.7
.1
1.2

3.0
2.4
2.5
6.2
3.3

5.2
-2.0
2.9
1.9
1.0

2.9
2.3
3.6
.5
1.4

-.9
4.6
5.2
6.6
-.9

-.1
1.3
3.0
4.0
2.5

2007
2008
2009

-.6
-.3
-2.8

.3
-.5
-.1

.4
-.1
-1.7

.3
-.9
-.4

.0
-.2
-.9

.3
-.4
-.4

.6
-.3
1.4

-.4
-.9
1.4

.4
-3.7
.7

-.4
.3
-.2

.4
-2.2
1.1

.3
-2.9

1.7
-1.2
-22.0

3.2
-5.4
-8.8

2.4
-9.3
8.3

.1
-18.1

1.4
-3.2

IP (2002=100)
2007
2008
2009

111.4
113.4
97.8

111.7
112.8
97.7

112.2
112.7
96.1

112.5
111.7
95.7

112.5
111.5
94.8

112.9
111.0
94.4

113.5
110.8
95.8

113.0
109.7
97.1

113.4
105.7
97.7

112.9
106.0
97.5

113.3
103.6
98.6

113.7
100.6

111.7
113.0
97.2

112.6
111.4
95.0

113.3
108.7
96.9

113.3
103.4

112.7
109.1

Capacity
(percent of
2002 output)
2007
2008
2009

141.3
144.5
145.7

141.5
144.7
145.7

141.8
144.9
145.6

142.0
145.1
145.4

142.3
145.3
145.3

142.6
145.5
145.1

142.9
145.6
144.9

143.2
145.7
144.7

143.4
145.8
144.5

143.7
145.8
144.3

144.0
145.8
144.1

144.2
145.8

141.5
144.7
145.7

142.3
145.3
145.3

143.1
145.7
144.7

144.0
145.8

142.7
145.4

Utilization
(percent)
1987
1988
1989
1990
1991

79.0
83.0
85.4
81.6
78.5

79.9
83.1
84.5
82.6
77.9

79.8
83.3
84.3
82.8
77.2

80.0
84.0
84.2
82.4
77.4

80.4
83.8
83.3
82.3
77.8

80.5
83.9
83.3
82.3
78.5

80.8
84.0
82.2
82.0
78.6

81.1
84.0
82.7
82.0
78.7

81.4
84.2
82.3
81.8
79.4

82.5
84.6
82.0
81.0
79.2

82.9
84.7
82.0
80.0
78.9

83.3
84.9
81.9
79.2
78.7

79.6
83.2
84.7
82.3
77.9

80.3
83.9
83.6
82.3
77.9

81.1
84.0
82.4
81.9
78.9

82.9
84.7
82.0
80.1
78.9

81.0
84.0
83.2
81.7
78.4

1992
1993
1994
1995
1996

78.0
80.4
81.2
84.4
81.4

78.6
80.3
81.1
84.0
82.3

79.2
80.1
82.0
83.9
81.7

79.4
80.4
82.4
83.5
82.1

79.7
80.2
82.7
83.2
82.2

79.8
80.0
82.7
83.2
82.6

80.2
80.1
82.7
82.4
82.4

79.7
79.9
83.0
83.0
82.5

79.6
80.3
83.0
83.4
82.6

79.9
80.8
83.5
82.9
82.1

80.0
81.0
83.8
82.5
82.3

79.7
81.2
84.5
82.5
82.5

78.6
80.2
81.4
84.1
81.8

79.6
80.2
82.6
83.3
82.3

79.8
80.1
82.9
82.9
82.5

79.8
81.0
83.9
82.6
82.3

79.5
80.4
82.7
83.2
82.2

1997
1998
1999
2000
2001

82.1
83.8
80.9
81.0
76.9

82.8
83.2
81.1
80.9
76.2

83.3
82.5
80.6
81.1
75.7

82.6
82.4
80.5
81.3
75.3

82.9
82.3
80.9
80.8
74.5

82.9
81.2
80.3
80.7
73.8

82.7
80.3
80.3
80.3
73.4

83.5
81.8
80.5
79.6
72.7

83.7
81.0
79.9
79.6
72.3

83.6
81.3
80.8
79.0
71.7

83.9
81.0
81.0
78.5
71.4

83.7
81.0
81.3
77.7
71.5

82.8
83.2
80.9
81.0
76.3

82.8
82.0
80.6
80.9
74.5

83.3
81.0
80.3
79.9
72.8

83.7
81.1
81.0
78.4
71.5

83.2
81.8
80.7
80.1
73.8

2002
2003
2004
2005
2006

71.7
73.3
74.8
78.1
79.8

71.7
73.5
75.4
78.7
79.5

72.1
73.7
75.2
78.3
79.3

72.1
73.0
75.6
78.3
79.6

72.5
73.1
76.1
78.5
79.3

73.3
73.5
75.5
78.6
79.5

73.0
73.6
76.2
78.4
79.5

73.2
73.4
76.6
78.6
79.6

73.3
74.0
76.5
77.7
79.4

72.9
74.1
77.2
78.8
78.9

73.2
74.9
77.2
79.4
78.7

72.9
74.8
77.6
79.4
79.5

71.8
73.5
75.1
78.3
79.6

72.6
73.2
75.7
78.5
79.5

73.1
73.7
76.4
78.2
79.5

73.0
74.6
77.3
79.2
79.0

72.7
73.7
76.2
78.6
79.4

2007
2008
2009

78.8
78.5
67.1

78.9
78.0
67.1

79.1
77.8
66.0

79.2
77.0
65.8

79.1
76.7
65.3

79.1
76.3
65.1

79.4
76.1
66.1

78.9
75.3
67.1

79.1
72.5
67.6

78.6
72.7
67.6

78.7
71.1
68.4

78.8
69.0

79.0
78.1
66.7

79.1
76.7
65.4

79.1
74.6
67.0

78.7
70.9

79.0
75.1

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

15

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

AND

U TILIZATION : Total Industry Excluding Selected

Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

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

1.2
.4
-.4
.9
-.7

.2
.2
.3
.5
-.6

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

.6
-.1
-.7
.1
1.0

.4
.2
.0
.2
1.0

.5
.1
-1.1
-.2
.0

.6
.5
.9
.2
.0

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

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

.5
.2
.2
-1.3
-.2

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

4.5
3.1
1.9
2.3
-8.0

6.2
2.8
-1.8
2.3
2.2

6.0
1.5
-3.3
.9
5.4

9.1
2.6
1.0
-6.7
.5

4.3
4.4
.6
.3
-2.0

1992
1993
1994
1995
1996

-.8
.5
.4
.2
-1.0

.7
.3
.0
-.2
1.4

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

.6
.3
.3
-.3
.7

.3
-.5
.4
.0
.5

-.1
.2
.6
.1
.7

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

-.6
-.1
.3
1.1
.4

.1
.3
.0
.1
.4

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

.3
.3
.4
.1
.8

.0
.5
.9
.2
.5

-2.0
3.2
4.4
3.0
-.4

6.1
.2
5.4
-1.4
6.2

1.8
1.5
3.2
1.4
2.2

2.9
5.1
5.6
.4
3.2

1.9
2.5
4.0
2.4
1.7

1997
1998
1999
2000
2001

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

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

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

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

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

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

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

1.1
2.0
.4
-.4
-.3

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

.6
.5
1.2
-.5
-.6

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

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

5.1
1.9
.8
.4
-6.3

2.2
1.0
.3
1.7
-4.4

6.0
-.3
1.2
-2.7
-4.6

7.9
2.0
5.8
-2.7
-4.9

4.2
3.1
1.2
1.1
-4.0

2002
2003
2004
2005
2006

.7
.7
.2
.4
.0

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

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

.2
-1.0
.5
-.1
.3

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

.8
.0
-.9
.3
.3

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

.0
-.1
.2
.0
.1

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

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

.4
.8
.3
1.1
-.2

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

2.8
1.5
2.0
5.0
3.1

5.4
-4.5
1.9
.9
1.5

1.3
1.3
1.5
-2.1
1.2

-1.0
3.2
5.4
2.8
-.9

-.1
.2
1.8
2.6
1.5

2007
2008
2009

-.5
-.1
-2.3

.8
-.4
-.7

-.3
-.5
-1.7

.3
-.7
-.6

.0
-.3
-1.0

-.1
-.2
-.5

.2
.0
1.0

.0
-1.1
1.4

.3
-4.1
.6

-.7
1.5
.0

.5
-1.1
.8

.3
-2.2

1.7
-.6
-18.8

1.8
-5.3
-10.7

1.0
-9.0
6.0

-.1
-11.7

.9
-2.8

IP (2002=100)
2007
2008
2009

106.3
107.7
96.1

107.2
107.3
95.4

106.9
106.8
93.8

107.2
106.1
93.3

107.3
105.8
92.3

107.2
105.6
91.9

107.4
105.6
92.8

107.4
104.4
94.1

107.7
100.2
94.7

107.0
101.7
94.6

107.5
100.6
95.4

107.8
98.4

106.8
107.3
95.1

107.2
105.8
92.5

107.5
103.4
93.8

107.5
100.2

107.2
104.2

Capacity
(percent of
2002 output)
2007
2008
2009

132.4
133.8
134.7

132.5
133.9
134.6

132.6
134.0
134.5

132.7
134.2
134.3

132.8
134.3
134.2

132.9
134.4
134.0

133.0
134.5
133.8

133.1
134.6
133.6

133.2
134.7
133.4

133.4
134.7
133.2

133.5
134.7
133.0

133.6
134.7

132.5
133.9
134.6

132.8
134.3
134.2

133.1
134.6
133.6

133.5
134.7

133.0
134.4

Utilization
(percent)
1987
1988
1989
1990
1991

79.2
83.6
85.4
82.7
80.1

80.1
84.0
85.0
83.3
79.4

80.1
84.1
85.2
83.6
78.9

80.4
84.5
85.0
83.3
78.9

80.8
84.3
84.2
83.3
79.6

81.1
84.5
84.1
83.4
80.3

81.4
84.5
83.1
83.1
80.2

81.8
84.9
83.7
83.2
80.1

81.9
84.5
83.3
83.2
80.8

83.0
84.9
83.0
82.5
80.5

83.4
85.0
83.0
81.3
80.3

83.7
85.3
83.4
80.6
79.8

79.8
83.9
85.2
83.2
79.5

80.8
84.4
84.4
83.3
79.6

81.7
84.7
83.3
83.2
80.4

83.4
85.1
83.1
81.4
80.2

81.4
84.5
84.0
82.8
79.9

1992
1993
1994
1995
1996

79.0
81.4
82.6
84.9
82.4

79.6
81.6
82.5
84.6
83.4

80.1
81.4
83.1
84.4
83.0

80.5
81.6
83.2
84.0
83.4

80.6
81.1
83.4
83.9
83.7

80.5
81.2
83.8
83.8
84.1

81.0
81.4
83.7
83.2
83.6

80.5
81.3
83.8
84.0
83.7

80.5
81.5
83.7
84.0
83.8

80.9
82.0
84.1
83.5
83.4

81.1
82.1
84.3
83.4
83.9

81.1
82.4
84.9
83.4
84.1

79.6
81.5
82.8
84.6
82.9

80.5
81.3
83.5
83.9
83.7

80.7
81.4
83.7
83.8
83.7

81.0
82.2
84.4
83.4
83.8

80.4
81.6
83.6
83.9
83.5

1997
1998
1999
2000
2001

83.8
84.7
82.2
81.8
79.0

84.3
84.3
82.1
81.7
78.5

84.5
84.0
81.8
81.7
78.1

83.9
83.8
81.5
81.9
77.9

83.9
84.1
81.8
81.7
77.3

83.8
83.0
81.3
81.6
76.8

83.7
82.1
81.3
81.1
76.5

84.3
83.5
81.5
80.7
76.2

84.6
82.7
81.0
80.9
75.8

84.8
82.9
81.9
80.4
75.3

85.0
82.4
81.9
80.2
74.9

84.8
82.2
82.3
79.6
74.7

84.2
84.3
82.0
81.7
78.5

83.9
83.7
81.5
81.8
77.4

84.2
82.8
81.3
80.9
76.2

84.9
82.5
82.0
80.1
75.0

84.3
83.3
81.7
81.1
76.7

2002
2003
2004
2005
2006

75.2
76.8
77.6
80.2
81.0

75.1
77.0
77.9
80.7
80.8

75.6
76.9
77.4
80.6
80.9

75.8
76.2
77.9
80.5
81.0

76.1
76.2
78.5
80.7
80.8

76.7
76.2
77.7
80.9
81.0

76.4
76.5
78.3
80.7
81.0

76.4
76.4
78.4
80.7
81.0

76.5
76.9
78.4
79.1
80.6

76.3
76.9
79.1
79.9
80.4

76.7
77.5
79.4
80.7
80.2

76.2
77.4
79.9
81.1
80.8

75.3
76.9
77.6
80.5
80.9

76.2
76.2
78.0
80.7
80.9

76.5
76.6
78.4
80.2
80.9

76.4
77.3
79.5
80.5
80.5

76.1
76.7
78.4
80.5
80.8

2007
2008
2009

80.3
80.5
71.4

80.9
80.2
70.9

80.6
79.7
69.8

80.8
79.1
69.4

80.8
78.8
68.8

80.7
78.6
68.5

80.7
78.5
69.3

80.7
77.6
70.4

80.8
74.4
70.9

80.2
75.5
71.0

80.6
74.6
71.7

80.7
73.0

80.6
80.1
70.7

80.7
78.8
68.9

80.7
76.8
70.2

80.5
74.4

80.6
77.5

IP (percent
change)2
1987
1988
1989
1990
1991

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

16

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

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

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

1.4
.2
-1.0
1.4
-.7

.1
.2
.0
.4
-.8

.4
.8
.0
-.3
.4

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

.2
.1
.2
.2
1.1

.6
.0
-1.3
-.2
.3

.4
.1
.9
.2
.1

.5
.3
-.3
-.1
1.1

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

.6
.3
.1
-1.2
-.3

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

4.9
2.0
2.2
3.7
-9.6

5.7
3.6
-3.4
2.0
1.5

5.5
.6
-4.0
.1
7.1

10.5
4.2
-.5
-7.5
1.2

4.6
4.4
.4
.0
-2.6

1992
1993
1994
1995
1996

-.9
1.1
.1
.2
-1.2

.9
.0
.1
-.3
1.4

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

.4
.5
.5
-.4
1.0

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

.1
-.2
.2
.2
.8

.8
.3
.3
-.8
.0

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

-.1
.5
.1
.6
.5

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

.3
.3
.5
-.1
.7

-.2
.5
.9
.1
.7

-1.2
4.1
4.0
3.0
-1.9

6.9
.5
7.1
-2.5
7.0

2.6
.5
3.7
.3
4.2

1.4
5.7
6.9
.8
3.0

2.6
2.5
4.4
2.5
1.5

1997
1998
1999
2000
2001

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

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

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

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

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

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

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

1.4
2.4
.7
-.8
-.7

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

.5
.7
1.5
-.5
-.7

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

.2
.2
.4
-.9
.1

6.2
3.1
.8
.1
-7.4

2.7
.1
.2
.9
-4.5

6.5
-.6
.4
-3.4
-5.0

8.3
3.8
7.2
-4.7
-4.8

4.9
3.5
1.4
.8
-4.9

2002
2003
2004
2005
2006

.6
.6
-.1
.6
.7

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

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

-.1
-1.1
.5
.0
.5

.6
.0
.8
.4
-.4

1.0
.4
-.9
.1
.2

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

.2
-.3
.6
.1
.2

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

-.5
-.1
1.0
1.5
-.5

.3
1.0
.0
.8
-.2

-.7
-.3
.6
.0
1.2

3.5
.7
1.5
5.5
2.6

4.6
-3.8
3.1
.9
.0

1.9
.8
3.3
-1.2
.3

-1.7
3.6
4.9
5.1
-1.2

.0
.0
2.2
3.2
1.5

2007
2008
2009

-.7
-.3
-2.9

.3
-.7
.0

.4
-.2
-1.8

.2
-1.0
-.5

.0
-.2
-.9

.2
-.4
-.4

.4
-.2
1.4

-.5
-.9
1.4

.3
-3.8
.7

-.6
.6
-.3

.3
-2.0
1.1

.2
-2.9

1.5
-2.3
-21.9

2.4
-6.4
-9.2

1.0
-9.3
8.3

-1.2
-16.8

.7
-4.0

IP (2002=100)
2007
2008
2009

106.9
107.7
92.9

107.1
107.0
92.9

107.5
106.7
91.2

107.8
105.6
90.7

107.7
105.4
90.0

107.9
105.0
89.6

108.4
104.8
90.8

107.8
103.8
92.1

108.1
99.9
92.8

107.5
100.5
92.5

107.8
98.5
93.6

108.0
95.6

107.2
107.1
92.3

107.8
105.4
90.1

108.1
102.8
91.9

107.7
98.2

107.7
103.4

Capacity
(percent of
2002 output)
2007
2008
2009

135.8
137.3
138.2

135.9
137.5
138.1

136.0
137.6
137.9

136.1
137.8
137.8

136.2
137.9
137.5

136.3
138.1
137.3

136.4
138.2
137.1

136.5
138.3
136.8

136.7
138.3
136.6

136.8
138.4
136.3

137.0
138.3
136.1

137.1
138.3

135.9
137.5
138.1

136.2
137.9
137.5

136.5
138.3
136.8

137.0
138.3

136.4
138.0

Utilization
(percent)
1987
1988
1989
1990
1991

79.2
83.4
85.9
81.8
78.7

80.2
83.5
84.9
82.9
78.0

80.1
83.7
84.8
83.0
77.3

80.3
84.3
84.7
82.6
77.4

80.7
84.2
83.8
82.6
77.8

80.8
84.2
83.7
82.6
78.6

81.1
84.2
82.5
82.3
78.7

81.3
84.2
83.1
82.3
78.7

81.7
84.4
82.7
82.2
79.5

82.8
84.8
82.3
81.3
79.3

83.2
85.0
82.3
80.2
78.9

83.6
85.2
82.1
79.4
78.6

79.8
83.5
85.2
82.6
78.0

80.6
84.2
84.1
82.6
78.0

81.4
84.3
82.8
82.2
79.0

83.2
85.0
82.2
80.3
78.9

81.3
84.3
83.6
81.9
78.5

1992
1993
1994
1995
1996

77.8
80.5
81.3
84.4
81.0

78.4
80.5
81.2
84.0
81.9

79.1
80.2
82.1
83.8
81.4

79.3
80.5
82.4
83.3
82.0

79.6
80.3
82.7
83.0
82.2

79.7
80.0
82.7
83.0
82.7

80.2
80.2
82.8
82.2
82.5

79.7
80.0
83.1
82.7
82.6

79.5
80.3
83.0
83.1
82.7

79.8
80.8
83.5
82.5
82.2

80.0
81.0
83.8
82.3
82.6

79.7
81.3
84.4
82.2
82.9

78.5
80.4
81.5
84.1
81.4

79.5
80.3
82.6
83.1
82.3

79.8
80.2
83.0
82.6
82.6

79.8
81.0
83.9
82.3
82.6

79.4
80.5
82.7
83.0
82.2

1997
1998
1999
2000
2001

82.5
83.8
80.9
80.3
76.3

83.1
83.3
81.0
80.0
75.8

83.6
82.7
80.4
80.2
75.5

82.7
82.7
80.2
80.3
75.4

82.8
82.8
80.6
79.8
74.8

82.8
81.5
79.8
79.7
74.3

82.5
80.5
79.7
79.3
74.2

83.3
82.1
80.0
78.6
73.6

83.5
81.3
79.4
78.8
73.4

83.5
81.5
80.4
78.3
72.8

83.9
81.2
80.6
77.7
72.7

83.7
81.1
80.7
76.9
72.8

83.1
83.3
80.8
80.2
75.9

82.7
82.3
80.2
79.9
74.8

83.1
81.3
79.7
78.9
73.7

83.7
81.3
80.6
77.6
72.7

83.1
82.1
80.3
79.1
74.3

2002
2003
2004
2005
2006

73.2
74.8
75.3
78.6
79.9

73.1
74.8
75.9
79.2
79.5

73.7
74.9
75.7
78.7
79.3

73.7
74.1
76.1
78.7
79.6

74.1
74.1
76.7
79.0
79.2

74.9
74.5
76.0
79.1
79.3

74.5
74.5
76.7
78.9
79.2

74.7
74.3
77.1
78.9
79.3

74.8
74.9
76.9
77.9
79.0

74.5
74.8
77.7
79.0
78.6

74.8
75.6
77.7
79.5
78.4

74.3
75.4
78.2
79.4
79.3

73.3
74.8
75.6
78.8
79.6

74.2
74.2
76.3
78.9
79.4

74.7
74.5
76.9
78.5
79.2

74.5
75.3
77.8
79.3
78.8

74.2
74.7
76.7
78.9
79.2

2007
2008
2009

78.7
78.4
67.2

78.8
77.8
67.2

79.1
77.5
66.1

79.2
76.6
65.9

79.1
76.4
65.4

79.2
76.1
65.3

79.4
75.8
66.3

78.9
75.1
67.3

79.1
72.2
68.0

78.5
72.6
67.9

78.7
71.2
68.8

78.8
69.1

78.9
77.9
66.8

79.2
76.4
65.5

79.2
74.4
67.2

78.7
71.0

79.0
74.9

IP (percent
change)3
1987
1988
1989
1990
1991

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

17

E XPLANATORY N OTE

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
A
shown below. An output index for month m is denoted by Im for
aggregate A and Im for each of its components. The monthly price
measure in the formula (pm ) is interpolated from an annual series of
value added divided by the average annual IP index.

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, the website
includes files containing data shown in the release, more detailed
series that are published in a monthly supplement to the G.17, and
historical data. Instructions on searching for and downloading specific
series are provided as well. For paid access to the data files through
the Department of Commerce’s Economic Bulletin Board or World
Wide Web site, please call STAT-USA at 1-800-STAT-USA or
202-452-1986. Diskettes containing historical data and the data
published in this release also are available from the Board of
Governors of the Federal Reserve System, Publications Services,
202-452-3245.

A
Im
A
Im−1

=

Im pm−1
×
Im−1 pm−1

Im pm
Im−1 pm

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

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

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 72 percent of the
source data (in value-added terms) are available; the fraction of
available source data increases to 86 percent for estimates in the
second month that the estimate is published, 95 percent in the third
month, 98 percent in the fourth month, 99 percent in the fifth month,
and 99 percent in the sixth month. Data availability by data type in
late 2008 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2008)
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 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 computers, communications equipment, and semiconductors.
When suitable direct measures of 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.

Type of data

1st

2nd

3rd

4th

5th

6th

Physical product

30

44

54

56

57

57

Production-worker hours

42

42

42

42

42

42

IP data received

72

86

95

98

99

99

IP data estimated

28

14

5

2

1

1

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 about half of the
series (in terms of value added) that ultimately are based on physical
product data (30 percent out of a total of 57 percent). Of the 30
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 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-12 ARIMA. For series based on production-worker hours,
the current seasonal factors were estimated with data through
February 2009; for other series, the factors were estimated with data
through at least September 2008. Series are pre-adjusted for the
effects of holidays or business cycles when appropriate. For the data
since 1972, all seasonally adjusted aggregate indexes are calculated by
aggregating the seasonally adjusted indexes of the individual series.

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 Bulletins of 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

18

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 1987–2008 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 1987–2008
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.

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 Census Bureau’s annual Survey of
Plant Capacity (the predecessor to the QSPC) 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 QSPC.

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 (NAICS) definition of manufacturing plus those
industries— newspaper, periodical, book, and directory publishing
plus logging—that have traditionally been considered to be
manufacturing. 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 27, 2009 is available on the Board’s website (www.federal
reserve.gov/releases/g17/revisions/Current/DefaultRev.htm). A
more detailed version is provided in the Federal Reserve Bulletin, vol.
95 (August 2009), pp. A125–A145. The annual revision published in
March 2008 is described in an article published in the Federal Reserve
Bulletin, vol. 94 (August 2008), pp. A41–A60. A summary of the
annual revision that incorporated back to 1972 production and
capacity indexes reclassified according to the North American
Industry Classification System is available in an article in the Federal
Reserve Bulletin, vol. 89 (April 2003), pp. 151–176. A description of
the aggregation methods for industrial production and capacity
utilization is included in an article in the Federal Reserve Bulletin, vol.
83 (February 1997), pp. 67–92. The Federal Reserve methodology for
constructing industry-level measures of capital is detailed in “Capital
Stock Estimates for Manufacturing Industries: Methods and Data” by
Mike Mohr and Charles Gilbert (1996), which can be obtained at:
www.federalreserve.gov/releases/g17/CapitalStockDocLatest.pdf.

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 25 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 a bit less than 70 percent of total industry
capacity. In the absence of utilization data for a few mining and
petroleum series, capacity is based on trends through peaks in
production (roughly 5 percent of total industry capacity). A detailed
description of the methodology used to construct the capacity indexes
is available on the Board’s web site
(www.federalreserve.gov/releases/G17/CapNotes.htm).

Industrial Production—1986 Edition contains a more detailed
description of the other methods used to compile the industrial
production index, plus a history of its development, a glossary of
terms, and a bibliography. The major revisions to the IP indexes and
capacity utilization since 1990 have been described in the Federal
Reserve Bulletin (April 1990, June 1990, June 1993, March 1994,
January 1995, January 1996, February 1997, February 1998, January
1999, March 2000, March 2001, March 2002, April 2003, Winter
2004, Winter 2005, March 2006, May 2007, August 2008).
Release Schedule
At 9:15 a.m. on
2009: January 16, February 18, March 16, April 15, May 15, June 16,
July 15, August 14, September 16, October 16, November 17, and
December 15.

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

2010: January 15, February 17, March 15, April 15, May 14, June 16,
July 15, August 17, September 15, October 18, November 16, and
December 15.

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

19

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