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FEDERAL RESERVE statistical release
G.17 (419)

For release at 11:00 a.m. (EST)
December 5, 2000

Industrial Production and Capacity Utilization: A Revision
The Federal Reserve has revised the index of industrial production (IP) and the related measures of
capacity and utilization for the period 1992 to October 2000. In the third quarter of 2000 (2000:Q3), the revision
places the production index at 148.4 percent of output in 1992, compared with 145.8 percent reported previously; it
places the 2000:Q3 capacity index at 180.1 percent of output in 1992, compared with 177.1 percent reported
previously. Because IP was revised up slightly more than capacity over this period, the rate of industrial capacity
utilization—the ratio of production to capacity—was revised up 0.1 percentage point, to 82.4 percent for 2000:Q3
(chart 1 and table 1).
The updated measures of industrial production reflect the incorporation of newly available, more
comprehensive source data, the introduction of new series, and changes in methods. For this revision, two new
years of comprehensive data on manufacturing became available; otherwise, the statistical updating was typical of
annual revisions.
The statistical revisions to the IP index are principally derived from the inclusion of information
contained in annual reports issued by the Bureau of the Census: the 1997 Census of Manufactures, the 1998
Annual Survey of Manufactures, and selected 1999 Current Industrial Reports. Revised annual data from the U.S.
Geological Survey on minerals (except fuels) for 1998 and new data for 1999 have also been introduced.
The capacity indexes and capacity utilization rates now incorporate the preliminary results from the
1999 Survey of Plant Capacity, issued by the Bureau of the Census; the survey covers manufacturing and provides
data for the fourth quarter of the year. The revised measures also include newly available 1999 data on industrial
capacity, expressed in physical units, from the U.S. Geological Survey, the Department of Energy, and other
organizations.
New production measures were introduced for individual series in four industries: communications
equipment, computer and office equipment, drugs and medicines, and bearings. The new series measure
production using detailed information on the major products of the industries. The revision also incorporates
improved source data for three existing production series: electricity generation, electrical housewares, and truck
trailers.
With this revision, the weights used to calculate the production and capacity aggregates change every
month, rather than once a year. The refined aggregation method begins with data for 1992 and has a small effect
on the intra-year changes in monthly IP. Finally, the definitions of advanced- and primary-processing industries
were modified; the change alters the utilization rates for these groups in the recent period.

Results of the Revision
Total industrial output increased 5.4 percent per year, on average, over the 1996–2000:Q3 period. The
rates of increase in output and capacity are now estimated to have been more rapid than previously shown. For
most manufacturing industries, the annual reports issued by the Bureau of the Census implied stronger output
growth in 1997 and 1998 than had been previously reported. Textiles and industrial machinery and equipment,

which includes computers, are the only two-digit industry groups whose production in 2000:Q3 is now lower than
shown previously. Within industrial machinery and equipment, the output of the computer industry was lowered
noticeably in 1998 because of the inclusion of the new Census data.
The Survey of Plant Capacity indicated that the factory operating rate was higher in the fourth quarter
of 1999 than previously estimated. The revised utilization rate for manufacturing was 81.6 percent in 2000:Q3, a
level 0.5 percentage point more than the 1967–99 average. After having incorporated the revised production
indexes and new information on manufacturing capital spending, manufacturing capacity is now estimated to have
increased 5.1 percent in 1999 and to be increasing 5 percent in 2000 (here and in subsequent references, growth
rates for 2000 are measured from the fourth quarter of 1999 to the third quarter of 2000 and annualized). The
previous estimates reported that manufacturing capacity was growing 1/2 percentage point more slowly in 2000
than in 1999.
The capacity utilization rate for mining was revised up, on balance, while the rate for utilities in
2000:Q3 was slightly lower than previously reported.
Production by Market Groups
After having been held down in 1998 by aftershocks from economic turmoil in Asia, growth in
industrial production rebounded in 1999 and accelerated further in 2000. In 1999, robust domestic demand, a
rebound in foreign demand, and the easing of import competition combined to boost the change in IP over the four
quarters of the year, to 5.1 percent. IP has risen 6.0 percent in 2000, with all the acceleration in the first half of the
year; output growth slowed noticeably in the third quarter. Although the acceleration in 1999 was fairly
broad-based, the pickup in the first half of 2000 was concentrated in the production of high-technology goods
(table 5).
Among major market groups, the revised indexes show that the production of consumer durable goods
advanced strongly from 1997 to 1999 and has fallen back in 2000. The decline in the index over the first three
quarters of 2000 reflected declines in the production of automotive products and other durable goods. The output
of automotive products has edged down 1.3 percent this year from the high level reached in 1999. The output of
other consumer durables has fallen so far in 2000, with weakness in appliances, home electronics, and
miscellaneous consumer durables partly offset by an increase in the production of carpeting and furniture.
After stabilizing in 1999 from a broad-based decline in the second half of 1998, the production of
nondurable consumer goods has increased 2.4 percent in 2000, pulled up by rebounds in the production of both
energy and non-energy items. The rise in the output of non-energy nondurable consumer goods in 2000 has been
led by rebounds in the production of paper and food and by continued gains in the production of consumer
chemicals—notably pharmaceutical preparations.
After having decelerated in response to weak export demand and heightened import competition in
1998–99, the output of business equipment accelerated in 2000, increasing at an annual rate of 12.6 percent. This
year’s pickup has reflected not only another robust gain in the production of information processing and related
equipment but also rebounds in the production of industrial equipment and other business equipment; the output of
transit equipment has fallen at a 5.4 percent rate this year, after a drop of nearly 9 percent in 1999. Among other
types of equipment, production of defense and space equipment and of manufactured homes have declined further
in 2000, while the drilling of oil and gas wells increased a brisk 22.5 percent, largely in response to higher oil
prices.
After posting growth rates of 4.0 percent or more for four years, the output of construction supplies,
which peaked in the spring, has risen at only a 2.0 percent rate in 2000, a deceleration that has largely reflected the
slowdown in residential construction. In contrast, the output of durable goods materials has accelerated further as a
result of the surge in the production of semiconductor chips; the output of other durable goods materials has been
little changed, on balance, so far this year. The production of nondurable goods materials has dropped back
4.2 percent in 2000; the widespread declines in the underlying series stem, in part, from heightened foreign
competition. The output of energy materials has increased modestly so far this year.
2

Capacity and Capacity Utilization
The growth of manufacturing capacity is now estimated to have accelerated from 6.1 percent in 1996
to 7.2 percent in 1998 and then to have eased to around 5.0 percent in 1999 and 2000 (table 7). The most rapid
expansion of capacity was concentrated in durable manufacturing, especially in the computer, communications
equipment, and semiconductor industries. Over the 1997–2000:Q3 period, the capacity increase in these industries
averaged more than 40 percent per year, while the capacity increase in the rest of manufacturing averaged only
about 3.0 percent per year. The capacity expansion in mining and utilities was slower. In particular, the capacity at
mines contracted over the 1998–2000:Q3 period after having risen only 1.9 percent in 1997—a pattern that
reflected changes in the capacity for oil and gas well drilling. An increase in capacity at utilities moved up from
1.0 percent in 1997 to more than 3.0 percent in 2000—a pickup that reflected the expansion of electricity
generating capacity.
The rate of manufacturing capacity utilization—the ratio of output to capacity—was revised up
0.3 percentage point in the fourth quarter of 1998, 0.6 percentage point in the fourth quarter of 1999, and
0.2 percentage point in the third quarter of 2000 (table 8). Utilization in manufacturing in the third quarter of this
year was 81.6 percent, a level 0.5 percentage point more than the 1967–99 average. The utilization rate for primary
processing industries increased throughout 1999 and into 2000, rising above 86 percent (in the second quarter) for
the first time since 1995. In contrast, the operating rate for advanced-processing industries fell though most of
1999 before picking up some this year.
In this revision, the definitions of advanced- and primary-processing industries were modified to more
accurately reflect the distinction between industries that produce final products and those producing goods for
further processing. Specifically, the measures for production, capacity, and capacity utilization in primary
processing now include the series for semiconductors and related electronic components (SIC 3672–9) and for
motor vehicle parts (SIC 3714); previously, these industries were included in the measures for advanced-processing
industries.1

95
90

95

Primary processing
Advanced processing

90

85

85

80

80

75

75

70

70

65

1980

1985

1990

1995

2000

65

Utilization rates for the modified aggregates are shown in the chart above. The utilization rate for
primary-processing industries averaged 82.1 percent from 1967 to 1999, and the rate for advanced-processing
industries averaged 80.6 for the same period. These long-term averages are about the same as those for the
previously published measures. In more recent periods, capacity utilization rates for the modified aggregates differ
from the measures that were previously reported: The operating rate for advanced-processing industries in the third
quarter of 2000:Q3 is now 79.9 percent, below the long-term average and lower than the previously published rate.
——————————
1. The new utilization rates for primary and advanced processing were recomputed from January 1967 on and

spliced to the earlier aggregates from January 1948 to December 1966. The new production and capacity indexes
for primary and advanced processing begin with data for January 1967.
3

Primary-processing industries are now shown operating at 85.6 percent in the same period, above their long-term
average and higher than previously reported.
After having fallen sharply between the fourth quarters of 1997 and 1998, utilization in mining rose
more than 2.5 percentage points from 1998:Q4 to 2000:Q3. In the third quarter of 2000, operating rates in mining
and gas utilities were at below-average levels; in contrast, the rate of utilization in electric utilities was
93.6 percent, still a high level.

Technical Aspects of the Annual Revision
The revision incorporated the updating of the comprehensive annual data and of the revised monthly
source data used in the estimation of production, capacity, and utilization. More up-to-date results were obtained
from the 1997 Census of Manufactures, the 1998 Annual Survey of Manufactures, the 1999 Survey of Plant
Capacity, other annual industry reports, recent information on prices, and revised monthly source data on physical
production and on labor and electricity inputs.2 Along with the individual production series and seasonal factors,
the annual value-added weights used in aggregating the indexes to market and industry groups were also updated.
The Bureau of the Census reported its 1997 and 1998 data on industry output according to the new
North American Industrial Classification System (NAICS). Before being included in the IP index, the
manufacturing data for both years were placed on the 1987 Standard Industrial Classification (SIC) basis. The
conversion was developed from information provided by the Census.

Changes to Individual Production Series
In this revision, the production indicators for several industries have been improved. Output in three
of the new industries (telephone and telegraph apparatus, computer printers, and pharmaceutical preparations) are
now measured as chain-type quantity indexes that are calculated using highly detailed monthly or quarterly
physical product data obtained from industry sources. In addition, the bearings industry is now represented by a
weighted combination of unit bearings counts, and the electric houseware industry is represented by deflated
shipments.
The production of telephone and telegraph apparatus (SIC 3661) is now based on two components: a
series for routers, switches, and hubs—computer equipment used for local-area networks (LANs)—and a series for
all other telephone and telegraph apparatus. The new index for LAN equipment is based on (1) quarterly data from
Dataquest on the revenue and unit counts of sales of different types of these devices and (2) annual price indexes
for routers and switches developed from hedonic regressions that used data from a variety of sources. The
incorporation of the new index for LAN equipment into the broader IP index for communications equipment (SIC
366) resulted in a faster rise in output in recent years than had been shown by the previously published index. The
monthly indicator for the other component of telephone and telegraph apparatus continues to be production-worker
hours.
Similarly, the production of computer and office equipment (SIC 357) is now measured as the
aggregate of three components: Computers, computer printers, and other computer and office equipment. The
index for computer output is based on the data that previously were used to measure the production of computer
and office equipment as a whole; these data are highly detailed quarterly estimates from Dataquest on the revenue
and unit count of sales of personal computers, notebook computers, and workstations/servers.
The revision introduces a new index for computer printers based on similar data—that is, highly
detailed quarterly figures on the revenue and unit count of sales of computer printers, also from Dataquest. The
——————————
2. Information about the sources of monthly data used to calculate the indexes can be found in table 1, “Industry

structure of industrial production: classification, value-added weights, and description of series,” on the Board’s
web site at www.federalreserve.gov/releases/g17/About.htm.
4

index for other computer and office equipment is represented by combining the data for computers and computer
printers.
This revision also includes a new method for estimating the production of pharmaceutical preparations
(SIC 2834). The production of drugs and medicines (SIC 283) is now measured as the aggregate of two
components: pharmaceutical preparations and other drugs and medicines. The production index for
pharmaceutical preparations is based on monthly data from IMS-Health covering dollar shipments and price
measures for 500 product classes. IMS-Health provided chain-type price indexes for each product class that it
constructed using highly detailed product data; we then used these indexes to create a chain-type index for
pharmaceutical preparations as a whole. The other drugs and medicines series (medicinals, botanicals, diagnostic
substances, and biological products—SIC 2833,5,6,9) is derived from Bureau of Labor Statistics monthly data on
production-worker hours and productivity trends determined by annual output data.
We have also improved the production estimates for two other industries by obtaining and
incorporating new source data. The production of electrical housewares (SIC 3634) is now measured using data
provided by the Association of Home Appliance Manufacturers; the production of ball and roller bearings (SIC
3562) is now measured using quarterly data from the American Bearing Manufacturers Association. Previously,
these series were derived from monthly input data.
Finally, our measure for electric power generation (SIC 491) has been expanded to include electricity
generation by plants owned by non-utilities (the so-called “power brokers”), a growing segment of this industry.
Finally, the source data for three other physical product series have changed. For two series—textiles (SIC 226)
and metal cans (SIC 341), the sources now report data quarterly, rather than monthly. The source for the
production of truck trailers (SIC 3715) is now Americas Commercial Transportation Research.

Aggregation and Weights
This revision includes a refinement to the method used for aggregating industrial production.
Previously, the aggregate industrial production indexes were annually weighted chain-type indexes with annual
weights that were reestimated in the middle of the year.3 With the publication of this revision, the weights change
monthly rather than at midyear for the period since July 1992. This change affects industry weights within each
year and does not affect weights from one year to the next.
The value-added weights for the aggregation of IP and capacity utilization, which are derived from
annual estimates of industry value added, were updated and extrapolated. Reports from the 1997 Census of
Manufactures and the 1998 Annual Survey of Manufactures, as well as revenue and expense data reported by the
Department of Energy and the American Gas Association, provided industry value-added data for selected
manufacturing industries and utilities through 1998. The latest value-added data for mining came from reports
from the Census of Mineral Industries for 1997. Generally, the unit value-added measures track broad changes in
corresponding producer prices. The weights required for aggregating IP in the most recent period are estimated
from available data on producer prices through the most recent month.

Revised Monthly Data
The monthly physical product data that are used to measure the monthly movements of many IP
indexes have been updated to capture data that became available after the closing of the regular four-month
reporting window. Monthly data on production-worker hours or sales of electric power in kilowatt-hours to
industry groups, along with estimates of trends in output per worker-hour or kilowatt-hour, are used to indicate the
——————————
3. The aggregation procedures are described in Carol Corrado, Charles Gilbert, and Richard Raddock,

“Industrial Production and Capacity Utilization: Historical Revision and Recent Developments,” Federal Reserve
Bulletin, vol .83 (February 1997), pp. 67–92.
5

monthly change in output for many individual IP indexes. The Bureau of Labor Statistics benchmark of the
employment data for March 1999 was incorporated in this revision. Revised data on the sales of electricity to
industries since 1996 were incorporated as well. Large upward revisions in the reported data for 1999 generated a
1.3 percentage point upward revision to the change in electric power use that year; revisions to data for earlier
years were small (table 10). Seasonal factors for all series were reestimated using more recent data.4

Measurement of Capacity
The initial step in constructing a capacity index for an individual industry is to divide a production
index by a utilization rate obtained from a survey for the end-of-year period, thereby obtaining a preliminary,
implied end-of-year index of capacity. Those preliminary indexes are expressed, like the indexes of industrial
production, as percentages of production in 1992, and they give the general level and trend of the individual
capacity estimates.
Once the preliminary implied capacity indexes are calculated, measures of physical capacity or of
capital input are used to refine the annual movements in capacity and to extrapolate the annual changes in the
capacity indexes beyond the most recent Census survey date. For most manufacturing industries, physical
measures of capacity are not available; in these cases, the annual changes in the capacity estimates are related to the
changes in an industry’s capital input. The capital input measures are developed principally from investment data
reported in the Annual Survey of Manufactures and Census of Manufactures; also used were revised estimates of
business investment from the Bureau of Economic Analysis and its deflators by asset type through mid-2000.

Data Availability and Publication Changes

Files containing the revised data and the text and tables from this release are available
on the Board’s web site, at www.federalreserve.gov/releases/g17, and on diskettes from Publications
Services (telephone 202-452-3245). The revised data will also be available through the STAT-USA
web site of the Department of Commerce (www.stat-usa.gov). Further information on these revisions is available from the Board’s Industrial Output Section (telephone 202-452-3197).
A document with printed tables of the revised estimates of series shown in the G.17 release is available upon request to the Industrial Output Section, Mail Stop 82, Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.
An expanded version of this release will be published in a forthcoming article in the
Federal Reserve Bulletin.

——————————
4. Seasonal factors for the production worker hours were based on data through October 2000; factors for the

electric power series were reestimated using data through May 2000; and factors for the monthly physical product
series were based on data through June (or later in the summer) 2000.
6

1. Industrial production, capacity, and utilization
200
180

Ratio scale, 1992 output = 100
= Revised
= Previous

200
180

160

160

140

140

120

120

100

100
Capacity

90

90

80

80
Production

70

70

60

60

50

1970

1975

1980

1985

1990

1995

2000

Percent of Capacity

90

Utilization

85

90

85

80

75

50

80

1988

1990

1992

1994

1996

7

1998

2000

75

Table 1
INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1988–20001
TOTAL INDUSTRY
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

Industrial
Production,
Percent
Change
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

.1
.6
–.5
–.5
.1
.4
.2
.6
–.2
.5
.4
.6
.5

.3
–.8
.5
–.8
.5
.5
.3
–.1
1.1
1.0
.0
.3
.5

.0
.9
.5
–.9
.9
.2
.8
.2
–.1
.2
.3
.7
.7

.6
.2
–.6
.3
.7
.3
.5
–.2
1.1
.6
.5
.1
.7

.1
–.6
.4
.8
.3
–.5
.8
.4
.8
.3
.4
.7
.7

.1
–.2
.0
1.2
–.2
.3
.4
.4
.8
.6
–.7
.2
.5

.7
–1.0
.0
.1
.7
.2
.6
–.4
.0
.7
–.1
.8
–.2

.5
.4
.2
.1
–.3
–.2
.3
1.3
.6
.9
2.1
.4
.7

–.4
–.2
.1
1.0
.4
1.1
.1
.6
.5
.6
–.3
.1
.2

.3
–.5
–.6
–.1
.7
.3
.5
–.4
.0
.6
.5
.8
–.1

.8
.4
–1.3
–.1
.5
.4
.7
.3
1.0
.6
–.4
.3

.5
.5
–.6
–.6
.0
.8
1.0
.1
.4
.3
.1
.7

3.2
3.8
2.0
–8.3
1.0
3.8
5.5
6.0
2.8
7.6
3.6
3.9
6.7

3.1
.5
.6
1.5
6.5
1.5
7.7
1.1
9.2
6.1
3.0
4.9
7.9

3.9
–4.4
1.0
6.2
2.4
1.9
5.8
4.4
5.4
7.9
3.4
5.8
3.5

3.6
–.1
–5.8
1.1
5.0
6.2
6.3
2.9
5.3
7.3
2.9
5.7

4.5
1.8
–.2
–2.0
3.1
3.5
5.4
4.8
4.6
6.8
4.9
4.2

Industrial
Production
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

95.9
99.8
98.6
96.7
97.6
102.2
105.9
113.3
115.6
123.5
132.0
135.9
143.6

96.2
99.0
99.1
95.9
98.1
102.7
106.2
113.2
116.9
124.8
132.0
136.3
144.3

96.3
100.0
99.6
95.0
99.0
102.9
107.1
113.4
116.8
125.0
132.4
137.3
145.2

96.8
100.2
99.0
95.4
99.7
103.2
107.6
113.1
118.1
125.8
133.1
137.4
146.3

96.9
99.6
99.4
96.1
100.0
102.7
108.5
113.6
119.0
126.2
133.6
138.4
147.2

97.0
99.4
99.3
97.2
99.7
102.9
109.0
114.0
120.0
126.9
132.7
138.6
147.9

97.6
98.4
99.3
97.3
100.4
103.2
109.6
113.6
119.9
127.7
132.5
139.7
147.6

98.1
98.8
99.5
97.4
100.2
103.0
110.0
115.1
120.6
128.8
135.3
140.3
148.6

97.8
98.6
99.6
98.4
100.5
104.1
110.2
115.7
121.2
129.5
134.9
140.4
149.0

98.0
98.2
99.1
98.3
101.3
104.4
110.7
115.3
121.2
130.3
135.5
141.5
148.8

98.8
98.6
97.7
98.1
101.8
104.9
111.5
115.7
122.4
131.1
135.0
141.9

99.3
99.0
97.2
97.5
101.8
105.7
112.6
115.9
122.9
131.5
135.1
142.8

96.1
99.6
99.1
95.9
98.2
102.6
106.4
113.3
116.4
124.4
132.1
136.5
144.4

96.9
99.7
99.2
96.2
99.8
102.9
108.4
113.6
119.0
126.3
133.1
138.1
147.1

97.8
98.6
99.5
97.7
100.4
103.4
109.9
114.8
120.6
128.7
134.2
140.1
148.4

98.7
98.6
98.0
98.0
101.6
105.0
111.6
115.6
122.2
131.0
135.2
142.1

97.4
99.1
98.9
97.0
100.0
103.5
109.1
114.3
119.6
127.7
134.0
139.6

Capacity
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

115.3
116.8
119.2
121.4
123.4
126.0
129.1
134.2
141.2
148.8
158.0
167.9
175.4

115.5
117.0
119.3
121.6
123.6
126.3
129.4
134.7
141.9
149.4
158.9
168.6
176.1

115.6
117.2
119.5
121.7
123.8
126.5
129.7
135.3
142.5
150.1
159.8
169.2
176.7

115.7
117.4
119.7
121.9
124.1
126.7
130.1
135.8
143.1
150.8
160.7
169.9
177.4

115.8
117.6
119.9
122.1
124.3
126.9
130.5
136.4
143.8
151.5
161.6
170.5
178.1

115.9
117.8
120.1
122.2
124.5
127.2
130.9
137.0
144.4
152.3
162.5
171.1
178.7

116.0
118.0
120.2
122.4
124.7
127.4
131.3
137.6
145.0
153.0
163.4
171.7
179.4

116.2
118.2
120.4
122.6
124.9
127.7
131.8
138.2
145.6
153.8
164.2
172.3
180.1

116.3
118.4
120.6
122.7
125.2
127.9
132.2
138.8
146.2
154.6
165.0
172.9
180.7

116.4
118.6
120.8
122.9
125.4
128.2
132.7
139.4
146.9
155.4
165.7
173.5
181.4

116.5
118.8
121.0
123.0
125.6
128.5
133.2
140.0
147.5
156.2
166.5
174.1

116.7
119.0
121.2
123.2
125.8
128.8
133.7
140.6
148.1
157.1
167.2
174.8

115.5
117.0
119.3
121.6
123.6
126.3
129.4
134.7
141.9
149.4
158.9
168.6
176.1

115.8
117.6
119.9
122.1
124.3
126.9
130.5
136.4
143.8
151.5
161.6
170.5
178.1

116.2
118.2
120.4
122.6
124.9
127.7
131.8
138.2
145.6
153.8
164.2
172.3
180.1

116.5
118.8
121.0
123.0
125.6
128.5
133.2
140.0
147.5
156.2
166.5
174.1

116.0
117.9
120.2
122.3
124.6
127.3
131.2
137.3
144.7
152.7
162.8
171.4

83.2
85.4
82.7
79.6
79.1
81.0
82.1
84.4
81.9
83.0
83.5
81.0
81.9

83.4
84.6
83.0
78.9
79.4
81.3
82.1
84.0
82.4
83.5
83.1
80.9
82.0

83.3
85.3
83.3
78.1
79.9
81.3
82.5
83.8
82.0
83.3
82.9
81.1
82.2

83.7
85.3
82.7
78.2
80.4
81.4
82.7
83.3
82.5
83.4
82.8
80.9
82.5

83.7
84.7
82.9
78.7
80.4
80.9
83.2
83.3
82.8
83.3
82.7
81.2
82.7

83.6
84.4
82.7
79.6
80.1
80.9
83.3
83.2
83.1
83.3
81.6
81.0
82.7

84.1
83.4
82.6
79.5
80.5
81.0
83.5
82.5
82.7
83.5
81.1
81.3
82.3

84.5
83.6
82.6
79.5
80.2
80.7
83.5
83.3
82.8
83.8
82.4
81.4
82.5

84.1
83.3
82.6
80.2
80.3
81.4
83.3
83.4
82.9
83.8
81.8
81.2
82.4

84.2
82.8
82.0
80.0
80.8
81.5
83.5
82.8
82.5
83.9
81.8
81.5
82.0

84.8
83.0
80.8
79.8
81.0
81.6
83.7
82.7
83.0
83.9
81.1
81.5

85.1
83.2
80.2
79.2
80.9
82.1
84.3
82.4
83.0
83.7
80.8
81.7

83.3
85.1
83.0
78.9
79.5
81.2
82.2
84.1
82.1
83.3
83.2
81.0
82.0

83.7
84.8
82.8
78.8
80.3
81.1
83.1
83.3
82.8
83.3
82.4
81.0
82.6

84.2
83.4
82.6
79.7
80.3
81.0
83.4
83.1
82.8
83.7
81.8
81.3
82.4

84.7
83.0
81.0
79.6
80.9
81.7
83.8
82.6
82.8
83.8
81.2
81.6

84.0
84.1
82.3
79.3
80.2
81.3
83.1
83.3
82.6
83.5
82.1
81.2

Year

Utilization
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

1. Estimates from August 2000 through October 2000 are subject to further revision in the upcoming monthly releases.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

8

Table 2
INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1988–20001
MANUFACTURING
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

–.2
.9
–.2
–.9
.3
.7
.0
.6
–.2
.5
.6
.5
.6

.4
–1.2
.9
–.7
.6
.3
.4
–.2
1.0
1.2
.0
.5
.4

–.1
.8
.3
–1.1
1.0
.2
1.0
.3
–.2
.4
.2
.5
.9

1.0
.1
–.8
.3
.6
.5
.8
–.3
1.3
.5
.6
.2
.6

–.1
–.7
.4
.7
.4
–.4
.9
.2
.9
.3
.3
.8
.6

.0
.0
–.1
1.4
–.1
.0
.2
.5
.9
.8
–.8
.2
.4

.7
–1.1
.0
.2
.7
.2
.8
–.6
.2
.6
–.1
.6
–.1

.3
.3
.3
.2
–.2
–.2
.5
1.3
.6
1.1
2.3
.6
.6

.2
–.3
–.1
1.1
.3
1.3
.2
.9
.6
.5
–.2
.1
.3

.2
–.6
–.6
–.1
.7
.2
.6
–.3
.0
.6
.7
.9
.0

.9
.4
–1.3
–.2
.5
.5
.9
.2
1.0
.7
–.2
.5

.6
.1
–.6
–.5
–.1
.9
1.0
.1
.6
.4
.2
.6

2.3
4.3
2.9
–9.7
2.4
4.4
5.6
6.5
2.3
8.5
4.8
4.1
7.1

4.1
–.7
–.1
1.2
7.3
2.0
9.4
.7
10.1
6.7
2.8
5.4
8.0

3.7
–4.5
.8
7.8
3.0
1.5
6.6
3.9
7.1
9.0
3.9
6.0
3.7

5.2
–1.4
–6.3
1.7
4.5
6.6
7.6
3.6
5.7
7.7
4.7
6.8

4.7
1.9
–.5
–2.4
4.0
3.7
6.0
5.3
4.9
7.8
5.6
4.8

Industrial
Production
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

95.4
100.3
98.1
95.8
97.3
102.5
106.1
114.8
117.1
125.9
135.8
140.5
149.2

95.8
99.1
99.0
95.1
97.9
102.8
106.5
114.6
118.3
127.3
135.9
141.2
149.9

95.7
99.9
99.3
94.1
98.9
103.0
107.6
114.9
118.0
127.8
136.1
141.9
151.3

96.7
100.0
98.6
94.4
99.5
103.5
108.4
114.6
119.5
128.4
136.9
142.2
152.2

96.6
99.4
99.0
95.0
99.9
103.1
109.4
114.9
120.6
128.9
137.4
143.4
153.1

96.6
99.4
98.9
96.3
99.9
103.1
109.6
115.4
121.7
129.9
136.3
143.6
153.8

97.3
98.3
98.8
96.6
100.6
103.4
110.5
114.8
122.0
130.7
136.2
144.5
153.7

97.5
98.7
99.1
96.8
100.4
103.1
111.0
116.2
122.7
132.1
139.4
145.3
154.6

97.7
98.4
99.0
97.8
100.6
104.4
111.3
117.3
123.4
132.8
139.0
145.6
155.0

97.9
97.8
98.4
97.8
101.3
104.6
111.9
116.9
123.4
133.6
139.9
146.8
155.0

98.9
98.2
97.2
97.6
101.9
105.1
112.9
117.1
124.6
134.5
139.6
147.5

99.4
98.3
96.6
97.1
101.7
106.1
114.1
117.3
125.3
135.0
139.8
148.4

95.6
99.8
98.8
95.0
98.1
102.7
106.7
114.8
117.8
127.0
135.9
141.2
150.1

96.6
99.6
98.8
95.2
99.8
103.2
109.2
115.0
120.6
129.1
136.9
143.1
153.0

97.5
98.5
99.0
97.0
100.5
103.6
110.9
116.1
122.7
131.9
138.2
145.1
154.4

98.7
98.1
97.4
97.5
101.6
105.3
113.0
117.1
124.4
134.4
139.8
147.6

97.1
99.0
98.5
96.2
100.0
103.7
109.9
115.7
121.4
130.8
138.2
144.8

Capacity
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

115.2
117.0
119.9
122.4
124.6
127.5
130.9
136.6
144.7
153.4
163.9
175.3
183.8

115.3
117.3
120.1
122.6
124.8
127.7
131.3
137.3
145.4
154.2
164.9
176.0
184.6

115.4
117.5
120.3
122.8
125.0
128.0
131.6
137.9
146.2
154.9
165.9
176.8
185.3

115.6
117.8
120.5
123.0
125.3
128.2
132.1
138.5
146.9
155.7
167.0
177.5
186.1

115.7
118.0
120.7
123.1
125.5
128.5
132.5
139.2
147.7
156.5
168.0
178.3
186.9

115.8
118.3
120.9
123.3
125.8
128.8
132.9
139.8
148.4
157.4
169.0
179.0
187.6

116.0
118.5
121.1
123.5
126.0
129.0
133.4
140.5
149.1
158.2
170.0
179.7
188.4

116.1
118.7
121.3
123.7
126.3
129.3
133.9
141.2
149.8
159.1
171.0
180.3
189.1

116.3
119.0
121.5
123.8
126.5
129.6
134.4
141.9
150.5
160.0
171.9
181.0
189.9

116.5
119.2
121.7
124.0
126.7
129.9
134.9
142.6
151.2
160.9
172.8
181.7
190.7

116.6
119.5
122.0
124.2
127.0
130.2
135.5
143.3
151.9
161.9
173.6
182.4

116.8
119.7
122.2
124.3
127.2
130.5
136.1
144.0
152.7
162.9
174.5
183.1

115.3
117.3
120.1
122.6
124.8
127.7
131.3
137.3
145.4
154.2
164.9
176.0
184.6

115.7
118.0
120.7
123.1
125.5
128.5
132.5
139.2
147.7
156.5
168.0
178.3
186.9

116.1
118.7
121.3
123.7
126.3
129.3
133.9
141.2
149.8
159.1
171.0
180.3
189.2

116.6
119.5
122.0
124.2
127.0
130.2
135.5
143.3
151.9
161.9
173.6
182.4

115.9
118.4
121.0
123.4
125.9
128.9
133.3
140.2
148.7
157.9
169.4
179.3

82.9
85.7
81.8
78.2
78.1
80.4
81.1
84.0
80.9
82.1
82.9
80.2
81.2

83.1
84.5
82.5
77.5
78.5
80.4
81.1
83.5
81.3
82.6
82.4
80.2
81.2

82.9
85.0
82.6
76.6
79.1
80.4
81.7
83.3
80.7
82.5
82.0
80.3
81.6

83.7
85.0
81.8
76.8
79.5
80.7
82.1
82.7
81.4
82.5
82.0
80.1
81.8

83.5
84.2
82.0
77.1
79.6
80.2
82.6
82.5
81.7
82.3
81.8
80.4
81.9

83.4
84.1
81.8
78.1
79.4
80.1
82.5
82.6
82.0
82.5
80.6
80.2
82.0

83.8
83.0
81.6
78.2
79.8
80.1
82.8
81.7
81.8
82.6
80.1
80.4
81.6

84.0
83.1
81.7
78.2
79.5
79.7
82.9
82.3
81.9
83.1
81.5
80.6
81.7

84.0
82.7
81.5
79.0
79.6
80.6
82.8
82.7
82.0
83.0
80.9
80.4
81.6

84.1
82.1
80.9
78.9
79.9
80.6
83.0
82.0
81.6
83.0
81.0
80.8
81.3

84.8
82.2
79.7
78.6
80.2
80.7
83.3
81.7
82.0
83.1
80.4
80.9

85.1
82.1
79.0
78.1
79.9
81.3
83.8
81.4
82.1
82.9
80.2
81.0

83.0
85.1
82.3
77.5
78.6
80.4
81.3
83.6
81.0
82.4
82.4
80.2
81.3

83.5
84.4
81.9
77.3
79.5
80.3
82.4
82.6
81.7
82.5
81.5
80.3
81.9

83.9
82.9
81.6
78.5
79.6
80.1
82.8
82.2
81.9
82.9
80.8
80.5
81.6

84.7
82.1
79.9
78.5
80.0
80.9
83.4
81.7
81.9
83.0
80.5
80.9

83.8
83.6
81.4
77.9
79.4
80.4
82.5
82.5
81.6
82.7
81.3
80.5

Year
Industrial
Production,
Percent
Change
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

Utilization
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

1. Estimates from August 2000 through October 2000 are subject to further revision in the upcoming monthly releases.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

9

Table 3
INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1988–20001
TOTAL INDUSTRY EXCLUDING SELECTED HIGH-TECHNOLOGY INDUSTRIES2
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual3

.1
.5
–.4
–.5
–.2
.4
.1
.3
–.3
.3
.1
.4
.1

.2
–.7
.5
–.9
.4
.5
.3
–.3
.9
.8
–.2
.0
.1

.1
.9
.5
–1.0
.8
.1
.6
–.1
–.3
–.1
.3
.5
.2

.4
.1
–.5
.4
.7
.3
.3
–.4
1.0
.4
.4
–.3
.3

–.2
–.7
.3
.8
.2
–.6
.7
.2
.6
.1
.3
.5
.3

.1
–.3
–.1
1.2
–.4
.2
.3
.3
.6
.3
–1.1
–.1
.0

.6
–.9
.0
.1
.6
.2
.4
–.6
–.3
.4
–.5
.4
–.7

.5
.4
.1
.0
–.4
–.2
.2
1.1
.3
.8
2.0
.3
.4

–.3
–.3
.2
1.0
.3
1.0
.0
.3
.2
.5
–.6
.0
–.1

.4
–.3
–.6
–.2
.6
.2
.4
–.7
–.4
.6
.2
.6
–.4

.6
.2
–1.4
–.2
.4
.4
.6
.1
.8
.4
–.6
.0

.5
.3
–.7
–.7
.0
.7
.8
–.1
.2
.1
–.2
.3

2.8
3.5
1.7
–8.8
–.6
3.7
4.5
2.9
.7
5.2
1.0
.9
1.7

1.8
–.3
.6
1.4
5.7
.8
5.6
–1.3
7.0
3.0
1.8
1.4
2.9

3.3
–4.8
.7
6.1
1.3
1.2
4.0
2.2
2.2
5.4
–.1
2.9
–1.4

3.5
–.4
–6.4
.4
3.9
5.0
4.2
–.5
2.0
6.4
.0
3.4

3.9
1.4
–.5
–2.4
2.2
2.8
4.1
2.4
2.0
4.1
2.7
1.2

Industrial
Production
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

98.2
101.6
99.9
97.7
98.0
101.8
104.7
109.7
109.2
113.7
118.8
119.3
122.2

98.4
100.8
100.4
96.9
98.4
102.3
105.0
109.4
110.2
114.6
118.6
119.4
122.3

98.5
101.8
100.9
95.9
99.2
102.4
105.6
109.3
109.9
114.5
119.0
119.9
122.6

98.9
101.9
100.4
96.3
99.9
102.7
105.9
108.9
111.0
115.0
119.5
119.6
123.0

98.7
101.2
100.7
97.0
100.1
102.1
106.6
109.1
111.7
115.0
119.8
120.2
123.4

98.9
100.9
100.6
98.2
99.8
102.3
107.0
109.4
112.3
115.3
118.6
120.1
123.4

99.5
99.9
100.6
98.3
100.4
102.5
107.4
108.8
112.0
115.9
117.9
120.6
122.5

99.9
100.3
100.7
98.3
100.0
102.2
107.6
110.0
112.3
116.7
120.3
120.9
123.0

99.6
100.0
100.9
99.3
100.4
103.3
107.6
110.3
112.5
117.3
119.5
120.9
122.9

99.9
99.7
100.3
99.1
100.9
103.5
108.0
109.5
112.1
118.1
119.8
121.7
122.4

100.6
100.0
98.8
98.9
101.4
103.8
108.6
109.6
113.0
118.6
119.1
121.7

101.0
100.3
98.2
98.2
101.4
104.5
109.5
109.6
113.3
118.7
118.9
122.1

98.4
101.4
100.4
96.8
98.6
102.2
105.1
109.5
109.8
114.3
118.8
119.5
122.4

98.8
101.3
100.6
97.2
99.9
102.4
106.5
109.1
111.7
115.1
119.3
119.9
123.2

99.6
100.1
100.7
98.6
100.3
102.7
107.6
109.7
112.3
116.6
119.3
120.8
122.8

100.5
100.0
99.1
98.7
101.2
103.9
108.7
109.6
112.8
118.5
119.3
121.8

99.4
100.7
100.2
97.8
100.0
102.8
107.0
109.5
111.6
116.2
119.4
120.9

Capacity
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

117.6
118.5
120.4
122.1
123.6
125.4
127.3
130.3
133.6
136.8
141.8
147.1
149.6

117.6
118.7
120.5
122.2
123.7
125.6
127.5
130.6
133.8
137.1
142.3
147.3
149.8

117.7
118.8
120.6
122.4
123.9
125.7
127.8
130.9
134.1
137.5
142.8
147.6
150.0

117.7
119.0
120.8
122.5
124.0
125.9
128.0
131.1
134.4
137.8
143.3
147.8
150.2

117.8
119.1
120.9
122.6
124.2
126.0
128.2
131.4
134.6
138.2
143.9
148.1
150.3

117.9
119.3
121.0
122.8
124.3
126.1
128.5
131.7
134.9
138.5
144.4
148.3
150.5

118.0
119.5
121.2
122.9
124.5
126.3
128.7
131.9
135.2
138.9
144.8
148.5
150.7

118.0
119.6
121.3
123.0
124.6
126.4
129.0
132.2
135.4
139.3
145.3
148.7
150.8

118.1
119.8
121.5
123.1
124.8
126.6
129.3
132.5
135.7
139.8
145.7
148.9
150.9

118.2
119.9
121.6
123.3
124.9
126.8
129.5
132.7
136.0
140.3
146.1
149.1
151.1

118.3
120.1
121.8
123.4
125.1
127.0
129.8
133.0
136.3
140.8
146.4
149.3

118.4
120.2
122.0
123.5
125.3
127.1
130.1
133.3
136.5
141.3
146.8
149.5

117.6
118.7
120.5
122.2
123.7
125.6
127.5
130.6
133.8
137.2
142.3
147.3
149.8

117.8
119.1
120.9
122.6
124.2
126.0
128.2
131.4
134.6
138.2
143.9
148.1
150.3

118.0
119.6
121.3
123.0
124.6
126.5
129.0
132.2
135.4
139.4
145.3
148.7
150.8

118.3
120.1
121.8
123.4
125.1
127.0
129.8
133.0
136.3
140.8
146.4
149.3

117.9
119.4
121.1
122.8
124.4
126.2
128.6
131.8
135.0
138.9
144.5
148.3

83.6
85.7
83.0
80.0
79.3
81.2
82.2
84.2
81.8
83.1
83.8
81.1
81.6

83.7
85.0
83.3
79.2
79.5
81.5
82.3
83.8
82.4
83.6
83.3
81.0
81.6

83.7
85.6
83.7
78.4
80.1
81.5
82.7
83.5
81.9
83.3
83.3
81.2
81.7

84.0
85.6
83.1
78.6
80.6
81.6
82.7
83.0
82.6
83.4
83.3
80.9
81.9

83.8
84.9
83.3
79.1
80.6
81.0
83.2
83.0
82.9
83.3
83.3
81.2
82.1

83.9
84.6
83.1
80.0
80.2
81.1
83.3
83.1
83.3
83.3
82.1
81.0
82.0

84.3
83.6
83.0
80.0
80.7
81.2
83.5
82.5
82.8
83.4
81.4
81.2
81.3

84.6
83.9
83.0
79.9
80.3
80.9
83.5
83.2
82.9
83.8
82.8
81.3
81.6

84.3
83.5
83.0
80.6
80.4
81.6
83.3
83.3
82.9
83.9
82.1
81.2
81.4

84.6
83.2
82.4
80.4
80.8
81.6
83.4
82.5
82.5
84.2
82.0
81.7
81.0

85.0
83.3
81.1
80.2
81.0
81.8
83.7
82.4
83.0
84.2
81.3
81.5

85.3
83.4
80.5
79.5
81.0
82.2
84.2
82.2
83.0
84.0
81.0
81.7

83.7
85.4
83.3
79.2
79.7
81.4
82.4
83.8
82.0
83.3
83.5
81.1
81.7

83.9
85.0
83.2
79.2
80.5
81.2
83.1
83.0
82.9
83.3
82.9
81.0
82.0

84.4
83.7
83.0
80.2
80.4
81.2
83.4
83.0
82.9
83.7
82.1
81.3
81.4

85.0
83.3
81.4
80.0
80.9
81.9
83.7
82.4
82.8
84.2
81.4
81.6

84.2
84.4
82.7
79.7
80.4
81.4
83.1
83.1
82.7
83.6
82.5
81.3

Year
Industrial
Production,
Percent
Change
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

Utilization
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

1. Estimates from August 2000 through October 2000 are subject to further revision in the upcoming monthly releases.
2. Computers, communications equipment, and semiconductors and related electronic components.
3. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

10

Table 4
INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1988–20001
MANUFACTURING EXCLUDING SELECTED HIGH-TECHNOLOGY INDUSTRIES2
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual3

–.2
.9
–.1
–.8
.0
.8
.0
.3
–.3
.3
.3
.2
.1

.2
–1.1
.9
–.8
.5
.3
.4
–.5
.8
.9
–.2
.2
.0

.1
.8
.4
–1.2
1.0
.1
.8
–.1
–.5
.0
.2
.2
.5

.8
.0
–.7
.4
.6
.5
.5
–.5
1.2
.3
.6
–.2
.1

–.4
–.7
.4
.7
.3
–.5
.8
.1
.7
.0
.2
.6
.2

.0
–.1
–.2
1.5
–.2
.0
.0
.3
.7
.5
–1.2
–.1
.0

.6
–1.0
.1
.2
.6
.2
.6
–.8
–.1
.4
–.5
.3
–.7

.1
.3
.2
.1
–.3
–.4
.3
1.0
.2
.9
2.2
.4
.3

.3
–.3
.0
1.2
.2
1.2
.1
.6
.3
.4
–.6
.1
–.1

.4
–.4
–.7
–.2
.5
.1
.4
–.7
–.4
.6
.4
.7
–.4

.8
.2
–1.4
–.3
.5
.4
.7
–.1
.8
.5
–.5
.2

.5
–.1
–.7
–.6
–.1
.8
.8
–.1
.4
.1
–.1
.2

1.8
4.1
2.7
–10.3
.6
4.3
4.5
2.9
–.2
5.8
2.0
.7
1.5

2.6
–1.7
–.1
1.0
6.3
1.3
7.1
–2.0
7.6
3.2
1.4
1.4
2.4

2.9
–5.0
.4
7.8
1.7
.6
4.5
1.3
3.6
6.2
.0
2.7
–1.8

5.3
–1.8
–7.1
1.0
3.1
5.2
5.2
–.3
2.0
6.7
1.6
4.4

4.0
1.4
–.9
–2.8
2.9
2.9
4.5
2.4
1.9
4.7
3.2
1.5

Industrial
Production
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

98.1
102.5
99.7
96.9
97.8
102.0
104.7
110.8
109.6
114.5
120.5
121.2
124.3

98.4
101.3
100.6
96.1
98.3
102.3
105.0
110.2
110.5
115.6
120.2
121.5
124.3

98.4
102.1
101.0
95.0
99.2
102.4
105.9
110.2
110.0
115.5
120.4
121.7
124.9

99.2
102.0
100.2
95.3
99.8
103.0
106.4
109.7
111.3
115.9
121.1
121.5
125.1

98.8
101.3
100.6
96.0
100.1
102.4
107.3
109.7
112.1
116.0
121.4
122.2
125.4

98.8
101.2
100.3
97.4
99.9
102.4
107.3
110.1
112.9
116.5
119.9
122.0
125.3

99.5
100.1
100.4
97.6
100.5
102.6
108.0
109.2
112.8
117.0
119.3
122.4
124.5

99.6
100.4
100.6
97.7
100.2
102.2
108.3
110.3
113.0
118.1
121.9
122.9
124.8

99.9
100.1
100.5
98.9
100.4
103.4
108.3
111.0
113.3
118.6
121.2
123.0
124.7

100.2
99.7
99.8
98.7
100.9
103.5
108.8
110.2
112.9
119.4
121.7
123.9
124.2

101.0
99.8
98.4
98.4
101.4
103.9
109.6
110.1
113.8
120.0
121.1
124.1

101.6
99.8
97.7
97.8
101.3
104.7
110.4
110.0
114.2
120.1
121.0
124.3

98.3
101.9
100.4
96.0
98.5
102.3
105.2
110.4
110.0
115.2
120.4
121.5
124.5

98.9
101.5
100.4
96.2
100.0
102.6
107.0
109.8
112.1
116.1
120.8
121.9
125.2

99.6
100.2
100.5
98.1
100.4
102.7
108.2
110.2
113.1
117.9
120.8
122.7
124.7

100.9
99.8
98.6
98.3
101.2
104.0
109.6
110.1
113.6
119.8
121.3
124.1

99.5
100.9
100.0
97.2
100.0
102.9
107.5
110.1
112.2
117.5
121.2
123.0

Capacity
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

117.8
119.0
121.4
123.4
124.9
126.8
129.0
132.2
135.9
139.6
145.0
151.0
153.7

117.8
119.2
121.5
123.5
125.0
127.0
129.2
132.5
136.2
139.9
145.6
151.3
153.9

117.9
119.4
121.7
123.6
125.2
127.2
129.4
132.8
136.5
140.2
146.2
151.6
154.1

118.0
119.7
121.8
123.8
125.3
127.3
129.7
133.1
136.8
140.6
146.8
151.8
154.3

118.1
119.9
122.0
123.9
125.5
127.5
129.9
133.4
137.1
141.0
147.3
152.1
154.4

118.2
120.1
122.2
124.0
125.6
127.7
130.2
133.7
137.4
141.4
147.9
152.3
154.6

118.3
120.3
122.3
124.2
125.8
127.8
130.5
134.0
137.7
141.8
148.4
152.5
154.8

118.4
120.5
122.5
124.3
126.0
128.0
130.8
134.3
138.0
142.3
148.9
152.7
154.9

118.5
120.7
122.6
124.4
126.1
128.2
131.1
134.6
138.3
142.8
149.4
153.0
155.0

118.6
120.8
122.8
124.5
126.3
128.4
131.4
134.9
138.6
143.3
149.8
153.2
155.2

118.8
121.0
123.0
124.7
126.5
128.5
131.7
135.3
138.9
143.9
150.3
153.4

118.9
121.2
123.2
124.8
126.7
128.7
131.9
135.6
139.2
144.4
150.6
153.5

117.8
119.2
121.5
123.5
125.0
127.0
129.2
132.5
136.2
139.9
145.6
151.3
153.9

118.1
119.9
122.0
123.9
125.5
127.5
129.9
133.4
137.1
141.0
147.3
152.1
154.4

118.4
120.5
122.5
124.3
126.0
128.0
130.8
134.3
138.0
142.3
148.9
152.7
154.9

118.8
121.0
123.0
124.7
126.5
128.5
131.7
135.3
138.9
143.9
150.2
153.4

118.3
120.1
122.3
124.1
125.7
127.8
130.4
133.9
137.6
141.8
148.0
152.4

83.3
86.1
82.1
78.5
78.3
80.4
81.2
83.8
80.7
82.1
83.1
80.3
80.9

83.5
85.0
82.8
77.8
78.6
80.5
81.3
83.2
81.1
82.6
82.6
80.3
80.8

83.4
85.5
83.0
76.8
79.3
80.5
81.8
82.9
80.6
82.4
82.4
80.3
81.0

84.0
85.3
82.3
77.0
79.7
80.9
82.1
82.4
81.3
82.4
82.5
80.0
81.1

83.6
84.5
82.4
77.5
79.8
80.3
82.6
82.2
81.7
82.2
82.4
80.4
81.2

83.6
84.3
82.1
78.5
79.5
80.2
82.4
82.3
82.1
82.4
81.1
80.1
81.0

84.1
83.2
82.1
78.6
79.9
80.3
82.7
81.5
81.9
82.5
80.4
80.2
80.4

84.1
83.4
82.1
78.6
79.6
79.9
82.8
82.1
81.9
83.0
81.8
80.4
80.6

84.3
82.9
81.9
79.5
79.6
80.7
82.7
82.5
81.9
83.1
81.1
80.4
80.4

84.5
82.5
81.3
79.3
79.9
80.6
82.8
81.7
81.4
83.3
81.2
80.9
80.1

85.1
82.5
80.0
78.9
80.1
80.8
83.2
81.4
81.9
83.4
80.6
80.9

85.4
82.3
79.3
78.4
79.9
81.3
83.7
81.1
82.0
83.1
80.3
80.9

83.4
85.5
82.6
77.7
78.7
80.5
81.4
83.3
80.8
82.4
82.7
80.3
80.9

83.8
84.7
82.3
77.7
79.7
80.5
82.3
82.3
81.7
82.4
82.0
80.2
81.1

84.2
83.2
82.0
78.9
79.7
80.3
82.7
82.0
81.9
82.8
81.1
80.4
80.5

85.0
82.4
80.2
78.9
80.0
80.9
83.2
81.4
81.8
83.3
80.7
80.9

84.1
83.9
81.8
78.3
79.5
80.5
82.4
82.3
81.6
82.7
81.6
80.4

Year
Industrial
Production,
Percent
Change
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

Utilization
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000

1. Estimates from August 2000 through October 2000 are subject to further revision in the upcoming monthly releases.
2. Computers, communications equipment, and semiconductors and related electronic components.
3. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

11

Table 5
RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY MAJOR MARKET GROUPS, 1996–20001
Difference between
revised and earlier growth rates
(percentage points)

Revised growth rate
(percent)
Item

1996

1997

1998

1999

2000

1996

1997

1998

1999

2000

Total index

5.6

7.2

3.2

5.1

6.0

.3

.5

.3

.9

–.1

Products, total
Final products

4.7
4.9

6.0
6.5

3.2
2.9

3.4
3.4

4.0
4.7

.4
.5

.8
.8

.7
.6

.9
.8

.1
.0

Consumer goods
Durable
Automotive products
Autos and trucks
Autos
Trucks
Auto parts and allied goods
Other durable goods
Appliances and electronics
Appliances and air cond.
Home electronics
Carpeting and furniture
Miscellaneous
Nondurable
Nonenergy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy products
Fuels
Utilities

2.2
2.7
3.0
4.1
–4.7
10.8
1.0
2.5
5.8
.9
10.9
3.0
.4
2.1
2.0
.6
–.4
5.2
3.5
2.6
3.6
2.1

4.0
8.4
10.6
15.0
5.1
21.1
2.5
6.6
12.1
4.2
19.8
4.2
4.5
2.7
2.9
2.2
–3.1
5.5
5.2
1.8
1.8
1.6

.2
4.3
5.4
5.5
4.1
6.3
6.1
3.4
10.2
8.2
11.7
6.2
–2.5
–1.0
–.5
.6
–8.1
3.3
–5.4
–4.1
–.4
–5.5

3.1
8.2
3.3
2.5
–5.5
6.7
4.4
12.4
32.5
11.5
53.3
2.8
4.6
1.6
1.5
.2
–4.9
5.8
2.6
2.5
1.9
2.5

1.6
–1.2
–1.3
–1.5
3.8
–3.8
–1.0
–1.0
–4.3
–6.0
–1.6
4.7
–1.7
2.4
2.0
1.6
–4.3
3.6
3.6
4.8
1.4
7.0

.2
.9
.6
1.6
1.5
1.6
–1.1
1.2
1.7
1.8
1.5
–.1
1.6
.1
.1
–.6
.0
.4
2.1
.1
.0
.2

1.2
2.9
.3
2.0
1.5
2.0
–3.4
4.8
10.7
6.3
14.2
1.2
2.7
.7
.8
.0
–.7
3.1
.7
–.1
.0
.0

1.1
–.8
.7
1.2
1.4
1.3
.1
–1.7
–13.6
–1.6
–27.7
3.7
.8
1.5
1.8
1.9
–.1
3.4
.0
–.2
.2
–.4

1.1
1.4
.6
.6
.6
.6
.7
1.8
3.0
3.5
–7.0
–.5
.2
.9
.9
.9
–2.7
1.8
1.4
1.2
.0
1.7

.2
.0
1.0
2.5
.1
3.3
–.9
–.8
–3.5
5.2
–14.0
2.1
.2
.3
.7
.4
2.7
.6
.3
–3.0
–.4
–3.9

Equipment, total
Business equipment
Information processing & related
Computer and office
Industrial
Transit
Autos and trucks
Other
Defense and space equipment
Oil and gas well drilling
Manufactured homes

9.3
11.6
20.7
57.6
1.7
15.4
–2.0
4.3
–1.8
7.9
3.5

10.4
13.2
16.5
24.1
5.5
23.5
13.2
7.9
–5.0
8.6
9.5

7.3
9.1
16.8
56.0
–1.0
12.9
9.0
2.9
8.2
–26.3
9.2

3.9
5.7
21.0
55.3
–.9
–8.9
1.6
–3.5
–3.1
5.6
–17.4

10.1
12.6
24.5
51.8
8.9
–5.4
–7.6
11.5
–5.5
22.5
–26.4

.7
.8
2.2
4.1
.5
–.4
1.7
–1.7
.7
.0
–.3

.1
.4
.5
–8.1
.7
1.7
1.5
–2.8
–1.0
–1.0
.6

.1
–.9
–3.2
–21.6
–1.7
2.2
2.6
4.5
7.6
–1.1
2.5

.4
1.0
–.5
4.7
2.0
3.0
2.6
4.6
.6
–.5
.5

.3
.9
2.2
5.1
1.4
.3
–1.5
3.7
–.2
–1.2
1.5

4.1
6.1
2.8

4.5
4.0
4.8

4.1
7.6
1.8

3.2
4.5
2.3

1.7
2.0
1.5

.3
.2
.4

.9
1.2
.7

1.0
2.0
.4

1.2
1.3
1.2

.5
.2
.6

Intermediate products
Construction supplies
Business supplies
Materials

7.0

9.4

3.7

8.0

9.2

.1

.2

.2

.9

–.4

10.6
1.5
23.8

14.1
10.3
26.1

7.2
.1
20.5

10.9
7.1
22.0

17.2
1.9
47.0

.1
–.3
.4

–.3
.7
–.4

–.1
2.9
–1.6

1.2
1.7
1.0

.0
1.4
1.8

53.4
3.9
4.1
3.5
1.4
4.4
4.7
1.3
.7
–1.0
4.0

55.1
5.4
5.5
5.3
3.4
4.5
6.3
4.8
.1
–.1
.4

53.7
–.6
–3.0
–2.8
–8.5
–2.9
–4.0
2.8
–.7
–1.0
–.2

54.6
3.4
6.5
5.6
–1.2
4.2
9.4
2.0
.5
–.7
2.8

110.6
1.0
–1.6
–4.2
–2.4
–4.9
–4.6
–3.5
.9
.2
2.4

1.2
–.1
–.6
.1
–.9
.1
.1
.7
.0
–.2
.2

.9
–.6
.0
1.0
.3
.0
1.9
.5
.0
.0
.0

–2.9
.1
2.6
.1
1.1
–.3
–.4
1.2
.3
–.6
2.0

2.7
1.3
1.5
–.4
–1.7
.2
–1.3
.5
1.3
.1
3.8

3.5
–.2
–.3
.5
4.2
–.1
–.8
2.2
.1
–.5
1.3

SPECIAL AGGREGATES
Total excluding:
Autos and trucks
Motor vehicles and parts
Computers
Computers and semiconductors2
Computers, communications eq. and
semiconductors

5.8
6.0
4.8
3.2

7.0
6.8
7.0
5.4

3.1
3.2
2.3
.9

5.2
5.0
4.0
2.4

6.3
6.4
5.0
1.8

.3
.3
.2
.2

.4
.4
.6
.7

.3
.2
.8
1.0

.9
.8
1.0
.9

–.1
–.2
.1
.2

3.0

5.0

.7

2.2

1.1

.2

.6

1.1

1.0

.3

Consumer goods excluding:
Autos and trucks
Energy

2.1
2.2

3.2
4.3

–.1
.6

3.1
3.2

1.8
1.2

.2
.3

1.1
1.3

1.1
1.2

1.1
1.1

.1
.5

13.1
7.6

13.3
12.2

9.1
4.8

6.1
.5

14.8
7.8

.7
.5

.3
1.2

–1.2
.8

.8
1.3

1.4
1.5

8.7

11.7

4.5

9.5

11.2

.2

.3

.0

.7

–.5

Durable
Consumer parts
Equipment parts
Semiconductors, printed circuit
boards, and oth. elec. comps.
Other
Basic metals
Nondurable
Textile
Paper
Chemical
Other
Energy
Primary
Converted fuel

Business equipment excluding:
Autos and trucks
Computer and office equipment
Materials excluding:
Energy

1. Growth rates are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth
quarter of the year specified in the column heading. For 2000, the growth rates are calculated from the fourth quarter of 1999 to the third quarter
of 2000 and annualized.
2. Semiconductors include related electronic components.

12

Table 6
RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS, 1996–20001

Item

SIC

Difference between
revised and earlier growth rates
(percentage points)
1997
1998
1999

2000

1996

Total index

5.6

7.2

3.2

5.1

6.0

.3

.5

.3

.9

–.1

Manufacturing

6.3

8.0

4.0

5.6

6.3

.3

.5

.3

.8

.0

8.3
5.0

10.4
6.4

4.3
3.9

8.8
3.7

9.2
4.4

4.2
–1.9

5.9
–2.6

4.8
–1.8

5.3
–1.6

10.6
–5.3

9.2
1.8
5.2
5.6

11.5
3.7
7.8
3.4

8.0
5.4
6.2
5.6

8.2
.5
3.1
2.3

11.6
–5.5
5.5
2.6

.3
.0
.6
–.2

.0
–.8
4.1
.1

.3
1.2
2.9
.7

1.2
.7
.6
1.1

.1
.7
3.3
.6

5.0
4.4
–1.1
5.8
4.2

6.1
5.8
7.5
6.4
6.2

–3.4
–8.4
–9.4
2.6
1.5

8.0
12.6
16.6
3.0
1.6

–1.7
–2.1
–3.5
–1.3
2.8

–.6
–.8
–1.0
–.4
–.1

.0
–.2
.3
.4
.3

3.0
3.1
3.4
2.7
1.5

.5
.3
–1.2
.8
1.4

.2
.8
1.4
–.5
1.0

10.9
51.5
24.3
18.1

7.3
21.5
28.4
24.6

11.6
54.0
20.4
9.0

13.6
54.3
25.2
13.4

16.7
48.4
48.7
38.0

.3
4.9
.9
1.4

–3.8
–6.3
2.3
3.8

–4.5
–24.9
–1.1
–.8

2.4
3.1
2.5
–.2

–.6
2.5
1.9
5.9

47.7

49.0

45.7

47.8

98.1

.8

–.9

–2.8

3.5

3.1

372–6,9
38
39

4.7
–.5
3.2
13.3
3.8
2.7

14.7
16.0
13.5
12.9
2.9
3.1

5.9
3.3
5.4
10.4
3.9
.7

–1.4
5.9
1.5
–11.6
4.5
6.6

–1.0
.0
–.9
–2.7
1.5
1.1

–.1
.9
1.6
–1.7
1.4
.1

1.5
2.2
2.2
.5
–.4
.0

3.7
2.3
1.4
6.3
1.9
1.3

1.6
1.9
1.0
.5
–.4
2.3

1.0
1.6
1.6
.0
2.2
2.1

20
21
22
23
26

2.9
.3
–.3
.7
–.3
3.6

4.2
2.2
5.5
1.5
–.2
4.9

–.4
3.7
–15.9
–6.5
–6.3
–.1

2.5
.9
–1.9
–.2
–4.0
3.0

.0
1.9
–.7
–3.1
–4.8
–4.6

.4
–.5
–.9
–1.2
.9
.6

1.3
.3
.2
–2.3
2.3
.8

.8
1.9
2.5
–.1
.9
1.1

.6
1.0
.9
–4.7
.9
.0

.4
.6
–.1
5.0
–.3
.4

27
28
29
30
31

3.0
5.4
4.0
5.1
4.3

5.1
5.3
3.1
7.0
–5.4

–1.8
.2
2.1
1.6
–10.1

1.8
6.7
.2
3.6
–6.0

.8
–.5
3.1
1.0
–3.2

1.2
.7
–.1
1.0
2.2

1.2
2.7
.4
2.4
1.7

–.2
.9
.0
–1.5
–1.9

1.3
.9
.2
–.2
3.8

.2
–.2
–.3
.0
4.5

10
12
13
14

1.6
3.2
2.4
1.0
5.1

1.5
3.2
1.7
1.3
2.4

–5.3
–2.3
2.4
–8.7
4.3

–.5
–8.8
–1.3
.3
.6

2.1
–4.2
.6
3.0
–1.8

–.2
–.8
–.2
–.1
.3

–.3
.3
–.2
–.3
–.7

–.3
–.2
–.4
–.2
.6

.4
3.2
–.1
.2
1.1

–1.9
–4.9
.7
–3.0
–.2

491,3pt
492,3pt

1.4
1.1
2.5

2.2
3.2
–1.5

–1.4
1.6
–11.9

2.3
1.7
4.6

5.6
4.3
9.9

.1
.1
.2

.1
.3
.3

.1
.8
.4

2.1
1.7
3.5

.1
.1
–2.9

Computers, communications eq., and
semiconductors3

41.0

35.7

37.2

40.6

68.7

1.9

–.9

–6.7

3.2

7.1

Manufacturing excluding:
Motor vehicles and parts
Computer and office equipment
Computers and semiconductors3
Computers, communications eq., and
semiconductors3

6.7
5.3
3.5

7.5
7.7
5.9

4.1
3.0
1.4

5.5
4.4
2.6

6.7
5.2
1.4

.3
.3
.3

.4
.7
.8

.2
.8
1.1

.7
.9
.9

–.1
.3
.4

3.2

5.4

1.2

2.3

.7

.2

.8

1.2

1.0

.5

Primary processing2
Advanced processing2
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products

24
25
32

Primary metals
33
Iron and steel
331,2
Raw steel
Nonferrous
333–6,9
Fabricated metal products
34
Industrial machinery
and equipment
35
Computer and office equip.
357
Electrical machinery
36
Communications equipment
366
Semiconductors and related
electronic components
3672–9
Transportation equipment
Motor vehicles and parts
Autos and light trucks
Aerospace and misc.
Instruments
Miscellaneous

37
371

Nondurable
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
Mining
Metal mining
Coal mining
Oil and gas extraction
Stone and earth minerals
Utilities
Electric
Gas

1996

Revised growth rate
(percent)
1997
1998
1999

2000

SPECIAL AGGREGATES

1. Growth rates are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth
quarter of the year specified in the column heading. For 2000, the growth rates are calculated from the fourth quarter of 1999 to the third quarter
of 2000 and annualized.
2. The difference between revised and earlier growth rates primarilly reflect the modification to the definition of advanced and primary processing
industries.
3. Semiconductors include related electronic components.
Note—Primary processing manufacturing includes textile mill products, paper and products, industrial chemicals, synthetic materials, and fertilizers,
petroleum products, rubber and plastics products, lumber and products, primary metals, fabricated metals, stone, clay, and glass products,
semiconductors and related electronic components, and motor vehicle parts.
Advanced processing manufacturing includes foods, tobacco products, apparel products, printing and publishing, chemical products and other
agricultural chemicals, leather and products, furniture and fixtures, industrial and commercial machinery and computer equipment, electrical
machinery except semiconductors and related electronic components, transportation equipment except motor vehicle parts, instruments, and
miscellaneous manufactures.

13

Table 7
RATES OF GROWTH IN CAPACITY, BY INDUSTRY GROUPS, 1996–20001

Item

SIC

Difference between
revised and earlier growth rates
(percentage points)
1997
1998
1999

2000

1996

Total index

5.4

5.9

6.5

4.6

4.6

–.1

.5

.3

.4

.8

Manufacturing

6.1

6.5

7.2

5.1

5.0

–.1

.5

.2

.4

.8

9.2
4.0

8.5
4.9

9.4
5.7

4.9
5.2

8.0
3.0

–.7
.3

.1
.2

–.5
.5

–.8
1.3

1.5
–.4

9.3
3.4
4.3
3.0

9.3
3.3
5.4
3.5

10.2
3.7
10.0
3.9

8.4
1.6
2.9
2.1

8.8
1.2
3.9
2.4

.0
–.3
.0
–.4

.5
.0
1.6
.4

–.5
.6
6.8
1.1

1.1
–1.3
.9
–1.4

1.3
1.0
3.3
.2

5.3
4.8
2.4
6.0
.6
.3

3.4
3.9
6.1
2.9
1.0
.1

5.1
5.8
6.5
4.4
–1.1
.7

3.3
3.1
2.8
3.4
–3.1
1.5

.6
.9
1.7
.4
–2.9
1.3

–.4
–.3
–.4
–.4
5.7
–.1

.0
.0
.1
–.2
.3
.0

1.6
.6
.4
2.9
–.6
.7

.8
–.8
1.2
2.6
–.9
1.5

–1.2
–1.5
–.5
–1.0
3.0
.9

Primary processing2
Advanced processing2
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Iron and steel
Raw steel
Nonferrous
Primary copper
Primary aluminum

24
25
32

33
331,2
333–6,9
3331
3334

1996

Revised growth rate
(percent)
1997
1998
1999

2000

Fabricated metal products
34
Industrial machinery
and equipment
35
Computer and office equip.
357
Electrical machinery
36
Semiconductors and related
electronic components
3672–9

4.4

6.3

6.0

1.8

2.5

–.8

.2

.2

1.5

2.5

12.0
39.3
30.4

11.4
44.3
26.5

11.8
37.0
28.2

18.1
72.7
18.4

10.6
39.0
33.2

–.3
–3.2
–.5

–2.9
–6.6
3.7

–4.0
–21.8
–2.3

2.8
10.8
1.2

–1.7
–3.2
7.8

57.6

46.3

55.2

31.8

69.8

–1.5

3.3

–5.8

.2

16.2

Transportation equipment
Motor vehicles and parts
Autos and light trucks
Aerospace and misc.
Instruments
Miscellaneous

372–6,9
38
39

1.4
2.8
–2.1
–.2
1.2
2.4

3.6
6.2
5.2
.6
1.1
1.7

4.1
4.7
4.4
3.1
3.4
2.9

2.2
2.7
.5
1.6
5.8
2.4

1.1
2.1
.9
–.4
1.8
1.3

1.0
1.3
2.4
.9
.9
.0

1.2
2.5
1.0
.0
.3
1.2

1.4
2.0
1.8
.3
1.2
1.4

2.3
2.5
2.1
2.3
1.8
1.2

1.0
.2
–.3
1.6
–.1
1.0

20
22
23
26
261–3
27

2.2
2.4
.7
.0
2.3
2.6
1.0

3.4
2.3
–.2
.8
3.3
1.6
3.0

4.1
2.8
–.2
.8
4.3
.3
3.5

1.3
2.2
–.5
–.9
.9
.9
.9

.9
.4
–1.7
–2.2
.8
.7
–.1

.0
.2
–1.2
–.3
1.0
1.4
.3

.8
.0
–2.4
.2
.0
–.7
1.2

1.6
.6
–.5
.1
1.2
–1.1
1.9

.1
.3
–.8
.0
–1.4
–.3
1.1

.6
–.1
–1.8
.2
.7
.5
–.8

Chemicals and products
28
Plastics materials
2821
Synthetic fibers
2823,4
Petroleum products
29
Rubber and plastics products
30
Leather and products
31

3.4
3.3
–3.3
1.1
3.9
–1.8

5.5
6.8
2.0
2.4
5.2
–.6

7.0
9.6
2.8
2.4
5.7
–2.0

1.4
1.3
–1.5
1.9
3.8
–3.5

2.5
.5
1.4
.0
3.5
–4.4

.0
.1
–1.3
–.3
–.3
–.3

2.7
5.1
1.0
.1
–.2
1.2

4.2
6.0
2.3
–.5
.6
.8

.4
–2.4
–3.2
.3
–1.6
1.4

1.6
–2.7
3.7
–.6
.1
.7

10
12
13
138
14

.6
3.2
1.1
.1
–.5
3.3

1.9
3.0
.9
1.5
3.5
4.8

–.1
.8
.3
–.8
1.4
2.0

–1.5
–.1
.8
–2.4
–1.9
.4

–.8
–1.8
.6
–1.1
–.4
.0

.2
1.7
–.7
.4
.7
–.3

.3
–.2
.7
.3
2.5
.5

–1.0
–.3
–.1
–1.3
–.5
–.9

–1.3
1.4
.4
–1.8
1.2
–1.2

.7
.7
.4
1.0
–1.2
–.4

491,3pt
492,3pt

.9
1.1
1.1

1.0
.2
1.1

1.1
1.1
.5

2.4
3.2
.1

3.3
4.4
–.1

–1.0
–.8
–.7

.8
.4
–.4

.4
.4
–.7

1.0
1.8
–.9

2.1
2.7
–1.1

44.2

40.3

39.5

37.8

48.0

–1.4

2.4

–8.7

2.1

9.0

2.7

3.6

4.4

2.1

1.3

.1

.5

1.4

.8

.8

Nondurable
Foods
Textile mill products
Apparel products
Paper and products
Pulp and paper
Printing and publishing

Mining
Metal mining
Coal mining
Oil and gas extraction
Oil and gas well drilling
Stone and earth minerals
Utilities
Electric
Gas

37
371

SPECIAL AGGREGATES
Computers, communications eq, and
semiconductors3
Manufacturing ex. computers,
communications eq., and
semiconductors3

1. Growth rates are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth
quarter of the year specified in the column heading.
2. The difference between revised and earlier growth rates primarilly reflect the modification to the definition of advanced and primary processing
industries.
3. Semiconductors include related electronic components.
Note—Primary processing manufacturing includes textile mill products, paper and products, industrial chemicals, synthetic materials, and fertilizers,
petroleum products, rubber and plastics products, lumber and products, primary metals, fabricated metals, stone, clay, and glass products,
semiconductors and related electronic components, and motor vehicle parts.
Advanced processing manufacturing includes foods, tobacco products, apparel products, printing and publishing, chemical products and other
agricultural chemicals, leather and products, furniture and fixtures, industrial and commercial machinery and computer equipment, electrical
machinery except semiconductors and related electronic components, transportation equipment except motor vehicle parts, instruments, and
miscellaneous manufactures.

14

Table 8
REVISED AND EARLIER CAPACITY UTILIZATION RATES, BY INDUSTRY GROUPS
Percent of capacity, seasonally adjusted
Difference between
revised and earlier rates
(percentage points)

Revised rate
19671999
Ave.

19881989
High

19901991
Low

1998
Q4

1999
Q4

2000
Q3

1998
Q4

1999
Q4

2000
Q3

Total index

82.1

85.4

78.1

81.2

81.6

82.4

.2

.6

.1

Manufacturing

81.1

85.7

76.6

80.5

80.9

81.6

.3

.6

.2

82.1
80.6

88.3
84.2

76.7
76.6

81.6
80.4

84.6
79.2

85.6
79.9

.9
.5

1.9
.2

1.3
.3

79.6
82.6
81.3
78.7

84.6
93.6
86.6
83.5

73.1
75.5
72.5
69.7

81.0
84.2
78.6
85.1

81.0
83.3
78.8
85.2

82.6
79.2
79.8
85.4

.6
.5
.0
–.4

.7
2.1
–.3
1.7

.0
2.0
–.1
2.1

81.5
81.3
80.9
81.9
76.2
88.4

92.7
95.2
92.7
89.3
86.3
100.4

73.7
71.8
71.5
74.2
73.5
97.3

84.8
79.9
76.3
90.8
106.4
88.4

88.6
87.2
86.6
90.4
77.5
89.7

87.0
85.2
83.2
89.1
71.8
81.4

1.6
1.6
2.1
1.5
19.6
–.2

1.3
2.6
.5
–.1
2.1
–1.5

2.2
3.9
1.6
.0
9.9
–2.0

78.0

82.0

71.9

77.0

76.9

77.1

1.5

1.5

.6

81.4
81.3
81.2

85.4
86.9
84.0

72.3
66.9
75.0

83.0
85.6
79.0

79.8
76.5
83.4

82.6
79.1
91.6

–1.1
–.1
1.1

–1.3
–3.5
2.0

–1.0
–1.5
–.5

79.6

81.1

75.6

76.8

86.1

98.4

–1.7

.1

–5.8

37
371

76.0
76.9

372–6,9
38
39

75.3
81.7
75.8

85.8
89.1
92.3
87.3
81.4
79.0

68.5
55.9
53.3
79.2
77.2
71.7

81.7
80.4
86.6
83.7
81.4
78.3

78.8
82.9
87.5
72.8
80.4
81.6

77.5
81.5
86.3
71.5
80.1
81.4

1.0
–.2
–.4
2.9
1.0
–.8

.5
–.7
–1.5
1.3
–.7
–.1

.4
.1
–.2
.4
.6
.6

20
22
23
26
261–3
27

83.3
82.8
85.6
80.8
88.9
92.4
85.5

87.3
85.4
90.4
85.1
93.5
98.0
91.7

80.7
82.7
77.7
75.5
85.0
89.9
79.6

80.1
81.2
82.2
74.0
85.0
90.9
80.1

81.0
80.2
82.4
71.7
86.7
94.0
80.8

80.4
81.0
81.4
70.2
83.2
89.1
81.3

–.3
1.1
.9
3.0
–1.1
.1
–1.1

.2
1.6
–2.1
3.6
.0
.5
–.9

.0
2.0
2.2
3.3
.1
–.3
–.4

Chemicals and products
28
Plastics materials
2821
Synthetic fibers
2823,4
Petroleum products
29
Rubber and plastics products
30
Leather and products
31

79.3
86.8
85.1
87.1
84.7
80.9

86.2
97.0
99.7
88.5
89.6
83.3

79.3
74.8
77.6
85.1
77.4
76.1

74.5
89.4
79.9
94.7
85.5
71.2

78.4
94.0
87.6
93.2
85.3
69.3

76.6
89.6
84.1
95.3
83.7
69.9

–2.5
–2.4
2.9
.6
.4
.4

–2.3
–.7
5.3
.5
1.5
2.3

–3.3
4.0
2.1
.7
1.6
4.3

10
12
13
138
14

87.4
79.4
86.7
88.4
73.9
84.8

88.0
89.4
91.5
88.2
69.3
89.0

87.0
79.9
83.4
88.7
60.0
79.4

83.8
87.1
87.3
82.4
62.0
86.4

84.7
79.6
85.4
84.7
66.8
86.6

86.4
78.1
85.4
87.2
78.1
85.4

.5
–.6
–.5
.9
–1.3
.6

1.9
1.2
–.9
2.5
–2.6
2.6

.2
–2.3
–.6
.0
–3.1
2.7

491,3pt
492,3pt

87.5
89.6
82.0

92.6
95.0
85.0

83.4
87.1
67.1

89.3
95.0
72.2

89.2
93.6
75.4

90.6
93.6
81.0

–.1
1.2
1.3

.9
1.2
4.5

–.4
–.5
4.0

Computers, communications eq, and
semiconductors2

80.2

81.9

72.4

79.2

80.8

89.9

–.3

.3

–.3

Manufacturing ex. computers,
communications eq., and
semiconductors2

81.2

86.1

76.8

80.7

80.9

80.5

.2

.3

.1

Item

SIC

Primary processing
Advanced processing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Iron and steel
Raw steel
Nonferrous
Primary copper
Primary aluminum

24
25
32

33
331,2
333–6,9
3331
3334

Fabricated metal products
34
Industrial machinery
and equipment
35
Computer and office equip.
357
Electrical machinery
36
Semiconductors and related
electronic components
3672–9
Transportation equipment
Motor vehicles and parts
Autos and light trucks1
Aerospace and misc.
Instruments
Miscellaneous
Nondurable
Foods
Textile mill products
Apparel products
Paper and products
Pulp and paper
Printing and publishing

Mining
Metal mining
Coal mining
Oil and gas extraction
Oil and gas well drilling
Stone and earth minerals
Utilities
Electric
Gas
SPECIAL AGGREGATES

1. Series begins in 1977.
2. The difference between revised and earlier growth rates primarilly reflect the modification to the definition of advanced and primary processing
industries.
3. Semiconductors include related electronic components.
Note—The “high” column refers to periods in which utilization generally peaked; the “low” column refers to recession years in which utilization
generally bottomed out. The monthly highs and lows are specific to each series, and all did not occur in the same month.

15

Table 9
ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS

Item

SIC

Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products

24
25
32

1995

1996

1997

1998

1999

100.0

100.0

100.0

100.0

100.0

100.0

100.0

85.9

86.7

86.9

87.0

88.2

88.9

88.4

31.0
54.5

Primary processing
Advanced processing

1994

85.4

Manufacturing

1993

100.0

Total index

1992

31.8
54.1

33.4
53.3

33.7
53.2

33.5
53.5

34.0
54.1

33.7
55.2

34.1
54.3

44.8
2.1
1.4
2.1

45.6
2.2
1.4
2.1

46.3
2.2
1.4
2.2

46.8
2.1
1.4
2.2

47.6
2.1
1.4
2.3

48.3
2.1
1.5
2.3

48.9
2.1
1.6
2.4

48.4
2.1
1.6
2.4

3.1
1.8
.1
1.4
5.0

3.3
1.9
.1
1.4
5.1

3.6
2.0
.1
1.6
5.2

3.5
1.9
.1
1.6
5.3

3.5
1.9
.1
1.6
5.5

3.6
2.0
.1
1.6
5.7

3.4
1.8
.1
1.6
5.7

3.4
1.8
.1
1.6
5.6

Primary metals
33
Iron and steel
331,2
Raw steel
Nonferrous
333–6,9
Fabricated metal products
34
Industrial machinery
and equipment
35
Computer and office equip.
357
Electrical machinery
36
Semiconductors and related
electronic components
3672–9

7.8
1.6
7.1

8.1
1.6
7.4

8.4
1.6
7.8

8.9
1.7
8.3

9.1
1.8
8.6

9.0
1.9
8.8

9.1
2.0
8.6

9.0
2.3
8.5

2.5

2.6

2.9

3.4

3.6

3.7

3.5

3.6

Transportation equipment
Motor vehicles and parts
Autos and light trucks
Aerospace and misc.
Instruments
Miscellaneous

372–6,9
38
39

9.4
4.7
2.5
4.7
5.4
1.3

9.5
5.1
2.5
4.4
5.3
1.3

9.3
5.5
2.8
3.8
4.9
1.3

8.9
5.4
2.8
3.5
4.8
1.3

8.9
5.5
2.9
3.4
4.9
1.4

9.3
5.7
3.0
3.6
4.7
1.3

9.9
5.6
2.7
4.3
4.8
1.3

9.7
5.9
2.9
3.9
4.7
1.3

20
21
22
23
26

40.6
9.6
1.6
1.8
2.2
3.5

40.3
9.6
1.1
1.8
2.1
3.5

40.4
9.3
1.2
1.8
2.1
3.8

40.2
9.2
1.3
1.7
2.0
3.9

39.4
9.1
1.3
1.6
1.9
3.5

39.9
9.0
1.4
1.6
1.8
3.4

40.1
9.2
1.7
1.5
1.7
3.4

40.0
9.0
1.7
1.4
1.5
3.4

27
28
29
30
31

6.8
10.0
1.4
3.5
.3

6.8
10.0
1.5
3.6
.3

6.6
10.0
1.6
3.8
.2

6.6
9.9
1.5
3.7
.2

6.6
9.8
1.7
3.7
.2

6.9
10.1
1.6
3.8
.2

6.8
10.2
1.5
3.8
.2

6.6
10.4
2.0
3.8
.2

10
12
13
14

6.8
.4
1.0
4.8
.6

6.3
.4
.9
4.4
.6

5.9
.4
.9
4.0
.6

6.0
.4
.8
4.1
.6

6.3
.4
.8
4.5
.6

5.6
.3
.7
3.9
.6

5.0
.3
.7
3.5
.6

5.6
.2
.6
4.2
.6

491,3pt
492,3pt

7.8
6.2
1.6

7.7
6.1
1.6

7.4
5.8
1.6

7.1
5.6
1.5

6.7
5.3
1.4

6.3
4.9
1.4

6.1
4.8
1.3

5.9
4.6
1.3

Computers, communications eq., and
semiconductors1

5.7

5.8

6.2

6.9

7.3

7.6

7.5

7.8

Manufacturing excluding:
Motor vehicles and parts
Computer and office equipment
Computers and semiconductors1
Computers, communications eq., and
semiconductors1

80.7
83.8
81.3

80.9
84.3
81.7

81.2
85.1
82.2

81.5
85.2
81.8

81.5
85.2
81.6

82.4
86.3
82.6

83.3
86.9
83.4

82.5
86.1
82.5

79.8

80.1

80.5

80.1

79.7

80.5

81.4

80.6

37
371

Nondurable
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
Mining
Metal mining
Coal mining
Oil and gas extraction
Stone and earth minerals
Utilities
Electric
Gas
SPECIAL AGGREGATES

1. Semiconductors include related electronic components.
Note–The IP proportion data are estimates of the industries’ relative contributions to overall IP growth in the following year. For example, a 1
percent increase in durable goods manufacturing in 2000 would account for a 0.485 percent increase in total IP.

16

Table 10
RATES OF GROWTH IN ELECTRIC POWER USE, 1996–20001
Difference between
revised and earlier growth rates
(percentage points)

Revised growth rate
(percent)
Item

1996

1997

1998

1999

2000

1996

1997

1998

1999

2000

1.6

1.0

–1.2

1.0

.3

.1

–.1

–.3

1.3

.0

1.6

1.2

–1.2

1.1

.4

.2

–.1

–.3

1.4

.0

.3

3.8

–1.8

1.3

2.6

.6

–.9

–.5

1.9

.5

24
25
32
33
34

4.7
4.8
4.1
–3.0
3.9

1.0
2.7
1.1
5.5
4.1

2.1
1.0
2.2
–4.8
–.7

–.1
1.9
–.4
1.9
.9

3.9
4.8
3.8
2.2
2.9

.5
.7
.6
.8
.2

–2.5
1.1
–.5
–1.2
–.5

.4
.4
–.3
–1.0
.5

.9
.8
1.8
2.4
2.0

1.9
2.0
.0
–.1
.1

35
36
37
38
39

1.3
2.9
–.1
–2.6
8.5

4.1
2.6
4.2
.3
.4

.5
–2.6
–1.0
1.5
6.4

.1
–.4
3.6
–1.9
11.6

3.3
5.1
–1.4
3.8
6.5

.1
.4
.6
.3
1.3

–.1
–.3
–1.4
–.7
–1.7

–.5
–.6
–.1
–2.3
–1.8

2.1
1.8
1.6
–3.0
7.7

1.2
–.6
1.5
4.5
1.4

2.7

–.9

–.8

1.0

–1.3

–.1

.5

–.1

.9

–.4

3.4
1.3
.7
–.7
.6
–.1
5.6
–2.6
3.8
–2.2

3.7
.1
–.2
.1
1.6
1.5
–3.8
–1.5
1.3
–1.4

3.0
–1.7
–2.3
–2.4
–2.5
1.5
–1.6
–2.1
3.3
–4.4

2.2
–6.7
–2.4
2.7
1.6
.8
.8
1.1
1.7
–2.4

1.6
–.5
.8
–2.1
–4.0
–.5
–3.9
3.7
1.8
6.2

1.7
1.3
–2.0
1.1
–.5
–.9
–.4
.6
.5
–.7

.4
–.6
–3.4
1.8
–.9
–1.4
1.8
1.9
–.6
.0

.7
.1
–.9
1.0
–1.7
–.8
.7
–.9
–.3
–.6

2.6
.8
–.5
9.0
4.5
3.0
.3
–4.3
1.2
5.6

–1.1
–.2
–.2
–.1
–1.6
–1.1
.6
–2.0
.5
14.8

1.7

–.8

–.3

–.6

–.7

–1.4

–.6

.3

.5

.1

–1.2
.0
3.6
4.2

.0
–.6
.5
–4.6

.6
.6
–5.8
8.4

–1.1
–4.4
1.7
–.1

2.8
4.0
–3.1
–6.3

–3.8
.1
–.8
–.2

–.4
–.6
–1.0
.2

.8
–.4
.9
–1.0

.5
.4
–.2
1.4

–1.3
.6
.9
–.1

1.2
2.1
–5.5

2.3
1.0
.8

–1.5
–1.3
.5

1.1
1.1
–1.1

.9
1.0
–3.1

.2
.1
.2

–.1
–.2
.1

–.2
–.5
2.4

1.1
1.4
–2.6

.0
.0
.7

Total
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, & glass products
Primary metals
Fabricated metal products
Industrial machinery
and equipment
Electrical machinery
Transportation equipment
Instruments
Miscellaneous manufactures
Nondurable
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products

20
21
22
23
26
27
28
29
30
31

Mining
Metal mining
Coal mining
Oil and gas extraction
Stone and earth minerals

10
12
13
14

SUPPLEMENTARY GROUPS
Total, excluding nuclear nondefense
Utility sales to industry
Industrial generation

1. Growth rates are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth
quarter of the year specified in the column heading. For 2000, the growth rates are calculated from the fourth quarter of 1999 to the third quarter
of 2000 and annualized.

17

Explanatory Note
The statistical release of Industrial Production and Capacity Utilization reports
measures of output, capacity, and capacity utilization in manufacturing, mining, and
the electric and gas utilities industries. The release also includes monthly indexes on
the use of electric power in manufacturing and mining. Files containing data in the
release and historical data are available under statistical releases at
http://www.federalreserve.gov, the Board’s World Wide Web site. For paid access
to these 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 are
available from the Board of Governors of the Federal Reserve System, Publications
Services, (202) 452-3245.

Industrial Production
Coverage. The industrial production (IP) index measures output in the
manufacturing, mining, and electric and gas utilities industries; the reference period
for the index is 1992. For the period since 1992, the total IP index has been
constructed from 267 individual series based on the 1987 Standard Industrial
Classification (SIC). These individual series are classified in two ways: (1) market
groups (shown in table 1), such as consumer goods, equipment, intermediate
products, and materials; and (2) industry groups (shown in tables 2 and 6), such as
two-digit SIC industries and major aggregates of these industries—for example,
durable and nondurable manufacturing, mining, and utilities.
Market groups. For purposes of analysis, the individual IP series are grouped into
final products, intermediate products, and materials. Final products are assumed to be
purchased by consumers, businesses, or government for final use. Intermediate
products are expected to become inputs in nonindustrial sectors, such as
construction, agriculture, and services. Materials are industrial output requiring
further processing within the industrial sector. Total products comprise final and
intermediate products, and final products are divided into consumer goods and
equipment.
Timing. The first estimate of output for a month is published around the 15th of the
following month. The estimate is preliminary (denoted by the superscript “p” in
tables) and subject to revision in each of the subsequent three months as new source
data become available. (Revised estimates are denoted by the superscript “r” in
tables.) After the fourth month, indexes are not revised further until the time of an
annual revision or a benchmark revision. The last three benchmark revisions were
published in 1990, 1985, and 1976.
Source data. In annual or benchmark revisions, 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
Department of the Interior; and publications of the Department of Energy. 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 as well as from government agencies including those listed above; data
of this type are used to estimate monthly IP where possible and appropriate. When
suitable data on physical product are unavailable, estimates of output are based on
either production-worker hours or electric power use by industry. Data on hours
worked by production workers are collected in the monthly establishment survey
conducted by the Bureau of Labor Statistics. The data on electric power use are
described below. The factors used to convert inputs into estimates of production are
based on historical relationships between the inputs and the comprehensive data used
to benchmark the IP indexes; these factors also may be influenced by technological
or cyclical developments. Especially for the first and second estimates for a given
month, the available source data are limited and subject to revision.
Weights. In the index, series that measure the output of an individual industry are
weighted according to their proportion in the total value-added output of all
industries. The industrial production index, which extends back to 1919, is built as an
annually weighted chain-type index since 1977. The components of IP are combined
using estimates of value added per unit of output. For months from January to June,
the weights are drawn from the year containing the month being estimated and the
preceding year; for months from July to December, the weights are drawn from the
current and following year. The IP proportions shown in column 1 of tables 1A, 2A,
and 6 are estimates of the industries’ relative contributions to overall growth in the
following year. For example, a 1 percent increase in durable goods manufacturing in
1997 would account for an increase in total IP of nearly 1/2 percent.

period. In most cases (about 83 percent), the direction of change in output indicated
by the first estimate for a given month is the same as that shown by the fourth estimate.
Rounding. The published percent changes are calculated from unrounded indexes,
and may not be the same as percent changes calculated from the rounded indexes
shown in the release.

Capacity Utilization
Definition. Capacity utilization is calculated for the manufacturing, mining, and
electric and gas utilities industries. For a given industry, the utilization rate is equal to
an output index divided by a capacity index. Output is measured by seasonally
adjusted indexes of industrial production. The capacity indexes attempt to capture
the concept of sustainable practical capacity, which is defined as the greatest level of
output that a plant can maintain within the framework of a realistic work schedule,
taking account of normal downtime, and assuming sufficient availability of inputs to
operate the machinery and equipment in place. The 76 individual capacity indexes
are based on a variety of data, including capacity data measured in physical units
compiled by trade associations, surveys of utilization rates and investment, and
estimates of growth of the capital input.
Groups. Estimates of capacity and utilization are available for a variety of groups,
including primary and advanced processing industries within manufacturing,
durable and nondurable manufacturing, total manufacturing, mining, utilities, and
total industry. Component industries of the primary and advanced processing groups
within manufacturing are listed in the note on tables 2 and 3 of the release.
Weights. Although each utilization rate is the result of dividing an IP series by a
corresponding capacity index, aggregate utilization rates are equivalent to
combinations of individual utilization rates aggregated with proportions that reflect
current capacity levels of output valued in current-period value added per unit of
actual output. The implied proportions of individual industry operating rates in the
rate for total industry for the most recent year are shown in the first column of table 3.
Perspective. The historical highs and lows in capacity utilization shown in the tables
above are specific to each series and did not all occur in the same month. 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.

Electric Power
Data on electric power (expressed in kilowatt hours) are collected by the Federal
Reserve District Banks from electric utilities and also from manufacturing and
mining establishments that generate electric power for their own use (cogenerators).
The indexes of power use shown in table 9 are sums of kilowatt hours used by an
industry or industry group expressed as a percentage of that industry’s or group’s
usage in 1992. The first column of the table shows, for reference, electric power use
in billions of kilowatt hours as reported by manufacturing and mining industries in
the 1992 censuses of those industries. The supplementary group, “Total, less nuclear
nondefense,” is shown separately because the value-added proportion for the
nondefense nuclear material series (part of SIC 2819) in total IP is considerably
smaller than its share of total electric power use. Excluding this component from total
power use facilitates comparisons with total IP.

References
This annual revision will be described more completely in an upcoming Federal
Reserve Bulletin. The annual revision published on November 30, 1999 is described
more completely in the Federal Reserve Bulletin, vol.86 (March 2000). The basic
methodology used to estimate capacity and utilization is discussed in this article.
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. 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. To obtain
Industrial Production—1986 Edition ($9.00 per copy), write to Board of Governors
of the Federal Reserve System, Publications Services, Washington, DC 20551. 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, and January 1996, February 1997, February 1998, January
1999).

Seasonal adjustment. Individual series are seasonally adjusted by the X–11 ARIMA
method, developed at Statistics Canada. For series based on production-worker
hours, the current seasonal factors were estimated with data through October 1998;
for other series, the factors were estimated with data through at least June 1998.
Series are preadjusted for the effects of holidays or the business cycle where
appropriate. For the data since 1977, all seasonally adjusted aggregate indexes are
calculated by aggregating the seasonally adjusted indexes of the individual series.

Release Schedule for 2000

Reliability. The average revision to the level of the total IP index, without regard to
sign, between the first and the fourth estimates was 0.28 percent during the 1987–97
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 1987–97

At 9:15 a.m. on:

At 9:15 a.m. on:
January 14, February 15, March 15, April 14, May 15, June 15, July 14, August 15,
September 15, October 17, November 15, and December 15

Release Schedule for 2001

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

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