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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EST)
February 15, 2006

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production decreased 0.2 percent in January after upwardly revised gains of 0.9 percent in
December and 1.1 percent in November. The output of utilities plummeted 10.1 percent in January as a result of the
unseasonably warm temperatures. This drop is the largest monthly decline recorded in the thirty-four-year history of the
index. Elsewhere, however, production expanded in January. Mining output climbed 1.7 percent, and manufacturing
production rose 0.7 percent after increases of 0.5 percent in December and 0.7 percent in November; the gains in
(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

2002=100
Industrial production

2005
Oct.r

Nov.r

Dec.r

Total index
Previous estimates

108.4
108.2

109.5
109.1

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

111.5
106.5
123.1
109.6
112.4
104.9

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

110.9
110.9
89.1
105.9

Capacity utilization

Percent change
2006
Jan.p

2005
Oct.r

Nov.r

110.5
109.8

110.3

1.1
1.0

1.1
.8

.9
.6

-.2

3.1

111.7
105.9
125.5
110.4
113.5
107.1

112.1
106.2
126.3
111.2
113.5
108.8

111.9
105.8
127.5
110.1
113.5
108.6

1.9
.1
7.0
1.1
2.3
.4

.2
-.5
2.0
.8
1.1
2.1

.3
.3
.7
.7
.0
1.6

-.1
-.4
.9
-1.0
.0
-.1

4.3
1.8
10.7
3.4
7.1
1.8

111.7
111.4
93.9
106.2

112.2
111.6
96.5
109.2

113.0

1.8
1.8
-1.3
-2.0

.7
.4
5.4
.3

.5
.2
2.8
2.8

.7

4.5

1.7
-10.1

-1.8
-4.7

Average 1994-95
1972-2005
high

2001-02
low

98.1
98.1

Percent of capacity
2005
2005
Jan.
Oct.r

Dec.r

Nov.r

Dec.r

2006
Jan.p

Jan. ’05 to
Jan. ’06

2006
Jan.p

Capacity
growth
Jan. ’05 to
Jan. ’06

Total industry
Previous estimates

81.0

85.0

73.9

79.8

79.9
79.8

80.6
80.3

81.2
80.7

80.9

1.7

Manufacturing (see note below)
Previous estimates
Mining
Utilities

79.8

84.5

72.0

78.6

85.6
83.7

88.9
83.7

80.1
79.6
86.2
89.0

2.2

89.0
93.7

79.8
79.6
83.9
86.5

80.5

87.3
86.7

79.4
79.5
79.6
86.2

87.7
79.9

-.4
-.2

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.4
82.1
77.9

89.4
88.1
80.5

83.2
74.6
70.8

88.2
81.7
75.6

78.2
82.2
78.2

82.4
82.7
78.2

84.6
83.3
78.3

86.2
81.8
78.8

-.8
2.6
1.3

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.

manufacturing in November and December have both been revised up 0.3 percentage point. At 110.3 percent of its 2002
average, overall industrial output in January was 3.1 percent above its January 2005 level. Because of the drop in utilities
output, the rate of capacity utilization for total industry decreased 0.3 percentage point, to 80.9 percent, just below its
1972-2005 average. Capacity utilization in manufacturing moved up in January to 80.5 percent, a rate 0.7 percentage
point above its 1972-2005 average.
Market Groups
The output of consumer goods moved down 0.4 percent in January; a drop of 7.0 percent in the production
of nondurable consumer energy goods more than accounted for the decline. The production of consumer durables
increased 1.3 percent and was bolstered by jumps in the indexes for home electronics; appliances, furniture, and
carpeting; and automotive products. The output of non-energy nondurable consumer goods advanced 0.6 percent. The
indexes for paper products, chemical products, clothing, and foods and tobacco all moved up for the second month in a
row.
The production of business equipment rose 0.9 percent to a level that was 10.7 percent above its year-ago
level. All of the major categories of business equipment contributed significantly to the overall increase; the largest
increase, of 2.6 percent, was in transit equipment. After three months of increases, the index for defense and space
equipment declined 0.7 percent and now stands nearly 8 percent above its year-ago level. Production of business supplies
fell 1.4 percent, held down by a drop in commercial energy products; production of non-energy business supplies
increased 0.8 percent. The index for construction supplies was unchanged for a second consecutive month after three
months of large increases.
The production of industrial materials inched down in January. A drop of 1.3 percent in the output of energy
materials was mostly offset by a gain of 0.5 percent in the output of nondurable materials and an increase of 0.4 percent
in durable materials; the indexes for equipment parts, consumer parts, chemicals, and textiles all rose.
Industry Groups
Manufacturing production increased 0.7 percent in January and was 4.5 percent higher than it was in January
2005. The factory operating rate, at 80.5 percent, was the highest since July 2000. The output of durable goods rose
0.7 percent; significant increases were registered in electrical equipment, appliances, and components; motor vehicles and
parts; and miscellaneous manufacturing. Durable goods industries with decreases in output in January included wood
products, machinery, and primary metals. The production of nondurable goods rose 0.7 percent. Industries with output
gains of 1 percent or more were petroleum and coal products, textile and product mills, and chemicals. Food, beverage,
and tobacco products; printing and support; and plastics and rubber products posted small gains. Paper was the only
nondurable industry with decreased output; production in this industry reversed some of the previous month’s gain.
Production in the non-NAICS manufacturing industries (logging and publishing) rose 1.0 percent after a gain of
0.8 percent in December.
Capacity utilization for industries in the crude stage of processing rose 1.6 percentage points, to
86.2 percent, a rate just 0.2 percentage point below its 1972-2005 average. For industries in the primary and
semifinished stages, the utilization rate declined 1.5 percentage points, to 81.8 percent, as a result of the drop in utilities
output. For finished goods producers, the utilization rate increased 0.5 percentage point, to 78.8 percent, a rate that is
nearly 1 percentage point above its 1972-2005 average of 77.9 percent.
Notice
The data in this release include preliminary estimates of industrial capacity for 2006. Total industrial
capacity is projected to expand 2.0 percent in 2006, nearly one-half percentage point faster than in 2005 but considerably
less than the average gain of 3.4 percent over the past ten years. Manufacturing capacity is estimated to rise 2.5 percent
after having expanded 2.1 percent in 2005; this acceleration primarily reflects a step-up in the pace of expansion outside
of the high-technology industries. In 2006, as a result of small gains in electricity-generating capability, capacity at
utilities is expected to increase 0.7 percent after being unchanged in 2005. Capacity at mines is expected to contract
0.9 percent.
2

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 web site (www.federalreserve.gov/releases/G17/).

3

1. Industrial production, capacity, and utilization
160

Ratio scale, 2002 output = 100
Total
Manufacturing

160

135

135

110

110

Capacity

85

85

Production

Detail: 2002 to present

60

114

60

110
106

Production

102

2002 2003 2004 2005 2006

35

1970

1975

1980

1985

1990

1995

2000

98

2005

Percent of capacity

100

35

100
95

95
Utilization
85

85

75

75

65

1970

1975

1980

1985

1990

1995

2000

2005

65

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

4

2. Industrial production and capacity utilization
Consumer goods

Equipment

Ratio scale, 2002=100

115
110

110

105
100

105

Nondurable

Ratio scale, 2002=100

130
125
120
115

115

130
125
120
115

Business

100

90

110

95

95

110
105

105

100

100

95

95

90

Durable

85

85

80

80

85

75

80

115

115

110

110

110

105

105

100

100

95

95

75

1998

2000

2002

Nonindustrial supplies

2004

2006

110

Construction

105

105

100

100

95

95

90

1998

2000

2002

Capacity utilization

2004

2006

2002

2004

2006

80

Ratio scale, 2002=100
115

Non-energy

Energy

90

85

85

80

80

80

75

Percent of capacity

90

1998

2000

2002

Capacity utilization

2004

2006

75

Percent of capacity

90

90

90

85

Primary and

85

85

85

semifinished

Finished processing

processing

80

80

Excluding utilities
1998

2000

2002

2004

2006

80

80

75

75

70

2000

85

85
80

1998

90

90

Other business

90
85

Industrial materials

Ratio scale, 2002=100

115

Defense and Space

90

75

75

70

70

5

1998

2000

2002

2004

2006

70

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

Ratio scale, 2002 = 100

125
115

125
115

Excluding
high-technology
industries

95

95

75

75

Total IP

55

35

1970

1975

1980

55

1985

1990

1995

Industrial production

2000

2005

35

Percent change from year earlier
15

15
Total IP

10

10

5

5

0

0
Excluding the
contribution
of high-technology
industries

-5
-10
-15

1970

1975

Industrial production

1980

1985

Ratio scale, 2002 = 100

150

95

150

100
80

Computers

2000

-10

2005

100
80

60

100
95

Excluding
high-technology
industries

85

75

75

65

40

85

65

60

40

-15

Percent of capacity

100

200

Communications eq.

1995

Capacity utilization
300

300
200

1990

-5

20

10

20

Semiconductors

1998

2000

High-technology industries
2002

2004

2006

55

10

1990

1995

2000

2005

55

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

6

Table 1

INDUSTRIAL PRODUCTION: MARKET AND INDUSTRY GROUP SUMMARY
Percent change, seasonally adjusted
Item
It

Fourth quarter to
fourth quarter

Annual rate

Monthly rate

2003

2004

2005

100.00

1.5

4.3

3.1

3.8

1.6

1.4

5.6

1.1

1.1

.9

-.2

3.1

57.57
29.68
8.35
4.55
.25
1.35
2.19
21.34
16.92
9.14
.68
4.69
1.90
4.42

1.7
1.3
4.3
6.5
18.5
2.2
-.7
.1
.6
2.1
-9.3
1.0
-3.5
-1.9

4.3
2.0
1.3
.4
-3.7
2.4
3.0
2.3
2.5
1.8
-2.8
3.0
5.9
1.7

4.7
2.3
3.1
2.5
16.4
2.4
3.2
2.0
1.9
2.4
-1.0
.4
3.5
2.4

4.3
2.4
1.7
2.0
3.5
2.2
.4
2.7
3.2
1.2
-6.7
4.0
13.9
.8

3.0
1.5
-2.5
-4.2
31.8
-2.2
-2.9
3.1
2.4
3.2
-8.0
2.2
2.7
5.9

3.5
3.7
10.8
16.7
-17.7
10.3
3.0
1.0
-.7
1.2
6.3
-4.4
-5.3
8.3

8.2
1.7
2.8
-3.4
63.8
-.3
12.9
1.3
2.9
4.0
5.4
.0
3.6
-4.8

1.7
.1
.4
-.4
10.4
-.1
1.3
-.1
.5
.7
-.4
-.1
1.3
-2.2

.3
-.5
-2.7
-4.7
4.5
-2.0
.4
.4
-.1
.0
1.0
-.2
-.3
2.2

.4
.3
-1.0
-1.8
.9
-.8
.2
.8
.4
.4
1.0
.4
.6
2.1

-.3
-.4
1.3
1.8
2.6
2.1
-.3
-1.0
.6
.1
.3
.9
1.5
-7.0

4.1
1.8
3.8
3.3
25.3
3.2
2.8
1.0
2.0
2.2
1.6
1.3
1.5
-2.4

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

10.15
1.98
2.82
5.35
2.05

2.8
3.6
6.5
.4
5.4

10.8
9.7
14.6
9.2
9.7

10.4
14.1
19.4
4.4
9.2

9.5
15.7
17.7
3.2
12.0

6.7
15.7
12.7
.5
11.5

2.4
-28.2
23.0
5.4
5.8

24.2
76.5
24.7
8.9
7.8

7.0
36.7
2.3
1.2
2.6

2.0
4.0
2.5
1.0
.6

.7
1.2
.4
.6
.8

.9
2.6
.5
.5
-.7

10.7
17.4
17.4
4.8
7.8

Construction supplies
Business supplies

4.45
10.63

1.7
.9

4.6
3.9

6.8
3.8

.9
4.2

4.1
2.2

4.7
2.7

18.3
6.0

2.3
.6

1.1
.7

.0
1.0

.0
-1.4

7.1
1.9

42.43
29.44
18.76
3.54
6.69
8.54
10.68
.61
2.30
4.43
12.99

1.2
1.7
3.8
-1.2
11.8
.0
-1.7
-6.5
-6.5
1.6
-.1

4.3
6.0
7.6
2.0
14.1
4.9
3.2
-6.4
4.6
5.3
-.2

.9
3.4
7.2
2.1
16.5
2.2
-3.0
-4.7
-.9
-8.2
-5.1

3.2
4.1
6.8
2.0
20.2
-1.0
-.5
-6.5
2.3
-5.4
1.0

-.3
-.8
1.2
-3.4
10.4
-4.0
-4.3
-9.8
-6.0
-5.3
1.1

-1.5
1.7
7.0
6.8
13.7
1.9
-7.1
4.1
-4.3
-15.7
-8.6

2.1
9.0
14.2
3.4
22.1
12.8
.2
-5.9
4.8
-5.9
-13.0

.4
1.3
1.2
1.1
1.3
1.1
1.7
.1
1.4
2.3
-2.1

2.1
1.2
.7
-2.2
2.5
.4
2.1
-.8
-.7
5.9
4.4

1.6
1.2
1.2
-.1
2.4
.6
1.2
-2.0
1.4
1.9
2.5

-.1
.4
.4
.7
.7
-.1
.5
.5
-.5
1.2
-1.3

1.8
4.0
7.1
1.9
15.6
2.6
-1.2
-5.8
-1.2
-2.9
-3.5

321
327
331
332
333
334

80.77
76.35
42.89
1.54
2.28
2.44
5.76
5.33
7.88

1.7
2.0
4.0
4.0
2.2
1.0
-.7
1.0
15.7

5.1
5.2
7.1
3.0
5.1
3.9
5.2
11.5
16.1

4.2
4.3
7.8
7.8
3.2
-1.6
4.1
6.4
23.3

4.5
4.2
6.8
3.4
-3.6
-9.0
2.0
3.4
27.0

1.3
1.2
2.6
-5.2
.2
-17.2
1.5
1.8
16.2

2.0
2.6
7.0
1.3
1.4
1.8
3.4
3.1
22.3

9.0
9.4
15.3
36.0
15.7
22.2
9.6
17.9
28.2

1.8
1.8
2.7
5.2
1.5
.9
2.1
2.6
1.8

.7
.8
.4
1.1
2.6
.8
.0
1.0
3.3

.5
.5
.4
.6
-1.1
.7
-.2
1.4
2.1

.7
.7
.7
-1.9
.3
-.3
.7
-.9
.7

4.5
4.8
7.7
3.4
4.2
.1
4.0
5.9
21.4

335
3361- 3
-

2.10
7.09

-.7
4.7

5.2
2.6

6.8
2.3

1.6
3.5

1.9
-4.4

12.4
13.5

11.6
-2.4

1.9
.0

-.5
-4.6

-.3
-1.4

3.0
2.3

8.7
3.1

3364- 9
337
339

3.65
1.63
3.18

-.4
.3
.6

5.3
2.2
3.9

11.5
-2.0
4.8

10.7
.1
6.5

16.2
-7.7
1.7

-15.3
2.1
7.0

41.7
-2.2
4.0

19.2
-1.2
.6

3.1
-.3
-.3

1.7
-.7
-.5

.2
-.1
1.4

13.1
-3.1
4.3

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

33.46
10.66
1.09
.73
2.68
2.01
2.51
10.19
3.59

-.4
1.7
-4.2
-9.4
-6.0
-3.0
.3
.7
-.2

2.8
1.7
-3.9
-2.2
4.5
1.5
6.2
4.2
3.2

-.1
3.0
.5
-.2
-.7
1.6
-6.3
-3.3
3.6

.9
2.6
.3
-7.1
2.7
1.7
.4
-.9
1.7

-.4
3.1
-7.6
-7.1
-8.4
-1.8
2.2
-.4
-1.8

-2.8
1.7
9.3
7.7
-4.7
4.1
-14.2
-9.9
5.4

2.1
4.7
.7
6.5
8.4
2.5
-12.4
-1.5
9.5

.6
.8
.7
-.3
2.4
.4
-3.1
1.3
-.2

1.3
.0
-1.0
1.2
-1.5
.1
6.8
2.7
1.1

.5
.5
-1.1
.9
2.0
-.1
-1.0
1.1
.0

.7
.2
1.6
.0
-.5
.1
3.6
1.1
.1

1.1
2.7
.2
2.2
-1.2
.4
-.7
-.2
3.4

1133,5111

4.41

-3.0

3.7

1.7

10.0

1.8

-6.9

2.7

1.0

-.3

.8

1.0

.4

21
2211,2
2211
2212

9.77
9.47
7.75
1.72

.5
.7
1.9
-5.5

-.4
1.2
2.0
-2.9

-6.3
3.3
4.8
-3.6

4.2
-1.9
-3.0
3.5

-.1
6.4
5.9
9.3

-14.9
13.8
17.8
-3.7

-12.9
-4.1
-.3
-20.7

-1.3
-2.0
-1.0
-7.2

5.4
.3
-.5
4.6

2.8
2.8
2.5
4.3

1.7
-10.1
-9.1
-15.0

-1.8
-4.7
-2.5
-14.7

Total IP

MARKET GROUPS

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

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

INDUSTRY GROUPS

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

Q2

Q3

Q4r

2005
Oct.r

Nov.r

Dec.r

2006
Jan.p

Jan. ’05
to
Jan. ’06

2005
Q1

2005
proportion1

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

7

Table 2

INDUSTRIAL PRODUCTION: SPECIAL AGGREGATES AND SELECTED DETAIL
Percent change, seasonally adjusted
Item
It

Fourth quarter to
fourth quarter

Annual rate

Monthly rate

2003

2004

2005

100.00

1.5

4.3

3.1

3.8

1.6

1.4

5.6

1.1

1.1

.9

-.2

3.1

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

20.38
4.42
2.49
.49
3.81
9.18

.5
-1.9
5.1
21.2
.6
-.4

.7
1.7
2.4
8.3
1.6
-1.0

-2.1
2.4
3.0
11.8
-1.7
-6.5

.9
.8
-1.8
19.1
-.1
1.5

2.9
5.9
6.9
1.8
6.1
-1.0

-2.8
8.3
5.2
19.9
1.5
-12.6

-9.0
-4.8
1.8
7.5
-13.3
-13.0

-1.8
-2.2
-.6
2.3
-2.6
-1.8

3.3
2.2
.8
-.9
2.2
5.4

2.3
2.1
2.1
-1.0
1.7
2.8

-3.4
-7.0
-8.7
1.8
-5.2
.2

-2.9
-2.4
-4.0
9.3
-4.8
-3.0

Non-energy

79.62

1.7

5.1

4.4

4.5

1.3

2.5

9.5

1.8

.6

.6

.6

4.6

3341
3342

4.80
.79
1.21

21.1
5.8
9.9

18.4
4.6
22.3

26.1
11.3
25.7

32.8
10.9
24.4

16.4
14.0
12.1

27.0
8.8
33.3

28.5
11.6
34.2

1.0
.7
3.4

3.4
1.1
2.8

3.1
1.1
.1

1.5
1.1
2.2

24.3
11.9
23.1

334412- 9
-

2.80

34.1

21.4

30.7

43.8

18.9

30.0

31.1

.0

4.3

4.9

1.4

28.4

74.81

.5

4.2

3.0

2.8

.3

1.0

8.3

1.9

.4

.4

.5

3.4

7.09
3.53
3.09

4.7
10.4
-1.5

2.6
1.6
2.2

2.3
-.2
3.3

3.5
.8
4.7

-4.4
-6.4
-.9

13.5
21.1
7.8

-2.4
-13.1
1.8

.0
-.8
.6

-4.6
-8.3
-2.1

-1.4
-3.9
-.2

2.3
4.6
1.8

3.1
1.7
3.6

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

67.73
21.01
8.01
4.42
7.75
24.41

.0
.7
.5
1.7
-1.6
-.8

4.4
2.3
9.0
4.6
3.3
4.7

3.1
2.1
9.5
6.7
2.6
.8

2.7
2.9
7.3
.8
4.2
.2

.8
1.5
7.4
3.9
-.2
-2.8

-.3
.0
-1.8
4.6
.4
-1.6

9.4
3.9
26.8
18.2
6.2
7.6

2.1
.6
8.6
2.3
.9
1.5

.9
-.1
2.7
1.0
.5
1.2

.6
.3
.8
.0
.5
.9

.3
.6
.3
.0
.7
.1

3.4
2.2
10.1
7.0
2.5
1.6

Measures excluding selected high-technology
industries
Total industry
Manufacturing1
Durable

95.20
75.97
38.29

.5
.4
1.7

3.6
4.2
5.6

1.9
2.8
5.5

2.4
2.8
3.5

.8
.3
.7

.1
.5
4.5

4.5
7.8
13.6

1.1
1.8
3.0

.9
.5
.0

.8
.3
.1

-.3
.6
.5

2.0
3.3
5.6

Measures excluding motor vehicles and parts
Total industry
Manufacturing1
Durable

92.91
73.68
36.00

1.3
1.4
3.8

4.5
5.4
8.0

3.2
4.4
8.9

3.9
4.6
7.4

2.1
1.8
3.9

.5
1.0
5.7

6.2
10.2
19.1

1.2
2.0
3.3

1.5
1.2
1.4

1.1
.7
.7

-.4
.5
.4

3.1
4.7
8.6

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

88.11
68.88

.1
.0

3.6
4.4

1.9
2.9

2.3
2.7

1.3
.8

-.9
-.7

5.0
8.9

1.3
2.0

1.4
1.1

1.0
.5

-.6
.5

1.9
3.3

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

13.14
16.30

3.6
.2

7.9
4.3

8.4
-.5

10.6
-.9

2.7
-3.7

8.1
-3.3

12.5
6.2

1.2
1.5

.6
1.7

1.4
1.0

.5
.3

7.8
1.0

Total industry

Selected high-technology industries
Computer 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

Q2

Q3

Q4r

2005
Oct.r

Nov.r

Dec.r

2006
Jan.p

Jan. ’05
to
Jan. ’06

2005
Q1

2005
proportion

r Revised. p Preliminary.
1. See note on cover page.

Table 3

MOTOR VEHICLE ASSEMBLIES
Millions of units, seasonally adjusted annual rate
2005
average

2005
Q1

Q2

Q3

Q4

2005
Oct.

Nov.

Dec.

2006
Jan.

Total
Autos
Trucks
Light
Medium and heavy

11.95
4.32
7.63
7.20
.42

12.12
4.39
7.73
7.29
.44

11.75
4.22
7.53
7.11
.42

12.16
4.31
7.85
7.44
.41

11.76
4.38
7.38
6.96
.42

12.43
4.40
8.03
7.59
.44

11.65
4.44
7.21
6.81
.40

11.19
4.30
6.89
6.49
.40

11.77
4.63
7.14
6.63
.51

MEMO
Autos and light trucks

11.52

11.67

11.33

11.75

11.34

11.99

11.25

10.79

11.26

Item
It

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

8

Table 4

INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY
2002 = 100, seasonally adjusted
2005
proportion

Item
It

Total IP

2005
May

June

July

Aug.

Sept.

Oct.r

Nov.r

Dec.r

2006
Jan.p

100.00

107.4

108.3

108.3

108.6

107.2

108.4

109.5

110.5

110.3

57.57
29.68
8.35
4.55
.25
1.35
2.19
21.34
16.92
9.14
.68
4.69
1.90
4.42

108.1
104.6
107.1
109.3
124.7
104.0
102.5
103.5
103.9
104.2
83.3
105.4
106.2
102.0

109.0
105.8
108.5
111.7
120.4
105.6
102.5
104.7
104.0
104.7
82.9
105.2
105.6
107.2

109.1
105.2
107.1
109.5
116.1
105.2
102.3
104.4
103.8
104.7
84.7
104.2
104.7
107.1

109.5
105.6
110.1
114.4
113.6
106.5
103.1
103.9
103.2
103.8
85.0
103.8
104.4
106.5

109.1
106.4
112.7
117.8
113.5
108.5
104.9
103.9
103.7
104.5
85.7
104.2
103.9
105.0

111.0
106.5
113.1
117.3
125.3
108.4
106.3
103.9
104.2
105.3
85.4
104.1
105.3
102.7

111.4
105.9
110.1
111.8
130.9
106.2
106.7
104.3
104.1
105.2
86.2
103.8
105.0
104.9

111.8
106.2
109.0
109.7
132.1
105.3
106.9
105.1
104.6
105.7
87.1
104.3
105.6
107.1

111.5
105.8
110.4
111.7
135.5
107.5
106.5
104.0
105.2
105.8
87.4
105.2
107.1
99.5

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

10.15
1.98
2.82
5.35
2.05

117.9
118.7
129.2
111.7
124.1

118.4
119.3
131.0
111.6
124.9

120.0
118.5
133.9
113.4
126.8

120.1
118.7
136.1
112.5
127.4

115.1
88.9
138.1
113.1
124.6

123.1
121.5
141.3
114.5
127.8

125.5
126.4
144.7
115.6
128.6

126.3
127.9
145.3
116.2
129.6

127.5
131.2
146.0
116.8
128.7

Construction supplies
Business supplies

4.45
10.63

107.5
106.7

106.9
107.6

107.5
107.4

108.2
107.9

109.8
107.8

112.4
108.4

113.5
109.2

113.5
110.3

113.5
108.7

42.43
29.44
18.76
3.54
6.69
8.54
10.68
.61
2.30
4.43
12.99

106.5
109.3
115.2
99.5
141.0
104.1
99.8
83.6
96.4
102.6
99.2

107.3
109.5
115.5
102.4
141.7
103.0
99.7
84.4
97.2
102.9
101.3

107.2
109.8
115.9
101.1
143.4
103.2
100.0
85.3
96.1
103.3
100.3

107.4
110.2
117.0
101.6
145.7
104.0
99.3
84.5
96.0
102.1
100.0

104.5
109.4
118.8
103.3
147.2
105.8
94.8
84.3
95.7
90.8
92.8

104.9
110.9
120.1
104.4
149.1
107.0
96.4
84.4
97.1
92.9
90.9

107.1
112.2
121.0
102.1
152.9
107.5
98.4
83.7
96.4
98.5
94.9

108.8
113.5
122.4
102.0
156.6
108.2
99.6
82.1
97.8
100.4
97.2

108.6
114.0
122.8
102.7
157.7
108.1
100.1
82.5
97.3
101.6
95.9

321
327
331
332
333
334

80.77
76.35
42.89
1.54
2.28
2.44
5.76
5.33
7.88

108.7
109.0
115.0
105.9
105.9
98.9
105.7
114.5
152.2

109.0
109.4
115.5
104.4
106.4
95.5
105.6
115.0
153.6

109.1
109.6
115.9
104.9
105.9
95.3
106.1
116.3
156.5

109.5
110.1
117.3
104.0
105.9
98.2
106.6
114.1
160.1

108.9
109.5
117.5
107.2
107.2
101.8
106.8
116.1
162.1

110.9
111.5
120.7
112.7
108.8
102.7
109.0
119.0
165.0

111.7
112.3
121.1
114.0
111.6
103.5
109.1
120.2
170.4

112.2
112.8
121.6
114.7
110.4
104.3
108.8
121.8
174.0

113.0
113.6
122.4
112.5
110.7
104.0
109.6
120.8
175.2

335
3361- 3
-

2.10
7.09

104.4
108.8

105.1
111.4

106.3
109.2

107.2
113.1

108.8
116.3

110.9
116.3

110.4
110.9

110.0
109.4

113.4
111.9

3364- 9
337
339

3.65
1.63
3.18

110.4
100.3
109.0

110.2
99.9
109.7

110.9
99.8
109.7

111.7
100.2
111.6

94.2
101.7
111.9

112.2
100.5
112.6

115.7
100.2
112.2

117.6
99.4
111.7

117.9
99.3
113.2

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

33.46
10.66
1.09
.73
2.68
2.01
2.51
10.19
3.59

101.9
104.3
89.8
83.9
96.8
97.0
105.5
103.9
103.1

102.1
104.5
90.8
83.6
97.8
96.5
107.9
103.9
102.9

102.1
104.8
91.9
85.5
96.6
97.9
105.6
103.7
103.2

101.5
103.9
91.9
85.9
96.2
97.2
104.2
102.7
104.1

100.1
104.6
92.6
86.7
96.5
97.9
98.5
97.5
106.5

100.7
105.5
93.2
86.5
98.8
98.2
95.4
98.8
106.2

102.0
105.5
92.3
87.5
97.2
98.3
101.9
101.4
107.4

102.5
106.0
91.3
88.3
99.2
98.2
100.9
102.5
107.4

103.2
106.2
92.8
88.3
98.7
98.3
104.5
103.7
107.5

1133,5111

4.41

103.2

102.0

101.0

100.9

100.4

101.4

101.1

101.9

102.9

21
2211,2
2211
2212

9.77
9.47
7.75
1.72

99.8
102.9
103.2
101.1

100.8
108.3
109.7
101.2

99.8
108.1
109.6
100.9

99.2
108.4
110.1
100.4

90.3
108.1
110.5
96.5

89.1
105.9
109.5
89.6

93.9
106.2
108.9
93.7

96.5
109.2
111.6
97.7

98.1
98.1
101.5
83.0

MARKET GROUPS

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

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

INDUSTRY GROUPS

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
r Revised. p Preliminary.
NOTE. See notes to table 1.

9

Table 5

INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES
2002 = 100, seasonally adjusted
2005
proportion

Item
It

Total industry

2005
May

June

July

Aug.

Sept.

Oct.r

Nov.r

Dec.r

2006
Jan.p

100.00

107.4

108.3

108.3

108.6

107.2

108.4

109.5

110.5

110.3

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

20.38
4.42
2.49
.49
3.81
9.18

101.5
102.0
108.4
135.7
102.1
97.8

104.8
107.2
113.7
140.6
107.2
98.7

103.9
107.1
111.5
143.6
105.9
97.8

103.7
106.5
112.4
146.2
105.3
97.5

98.6
105.0
111.6
146.0
101.1
89.2

96.8
102.7
111.0
149.3
98.4
87.6

100.0
104.9
111.8
147.9
100.6
92.3

102.2
107.1
114.2
146.4
102.3
94.9

98.7
99.5
104.3
149.0
97.0
95.1

Non-energy

79.62

108.8

109.0

109.2

109.7

109.2

111.3

111.9

112.5

113.1

3341
3342

4.80
.79
1.21

166.2
118.5
138.3

167.9
120.1
139.7

171.6
120.0
145.3

176.7
121.0
147.2

179.6
122.1
151.2

181.3
123.0
156.3

187.5
124.4
160.6

193.2
125.8
160.7

196.2
127.2
164.2

334412- 9
-

2.80

203.8

205.7

209.9

218.9

221.9

221.9

231.6

242.9

246.3

74.81

105.5

105.7

105.7

106.0

105.4

107.4

107.8

108.3

108.8

7.09
3.53
3.09

108.8
113.3
101.9

111.4
117.1
103.6

109.2
113.2
103.3

113.1
120.3
104.4

116.3
124.7
105.8

116.3
123.7
106.5

110.9
113.4
104.3

109.4
108.9
104.1

111.9
113.9
106.0

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

67.73
21.01
8.01
4.42
7.75
24.41

105.2
103.8
113.6
107.3
102.9
103.0

105.1
103.8
113.8
106.7
102.5
102.8

105.4
103.6
115.5
107.3
102.7
103.0

105.3
103.3
115.1
107.9
102.9
102.9

104.3
103.9
108.1
109.5
102.9
101.7

106.5
104.6
117.4
112.1
103.9
103.3

107.5
104.5
120.5
113.3
104.4
104.6

108.1
104.8
121.5
113.2
104.9
105.5

108.4
105.4
121.9
113.2
105.7
105.7

Measures excluding selected high-technology
industries
Total industry
Manufacturing1
Durable

95.20
75.97
38.29

104.7
105.4
109.0

105.5
105.7
109.4

105.4
105.6
109.5

105.5
105.9
110.6

104.0
105.2
110.5

105.2
107.1
113.7

106.2
107.6
113.7

107.0
108.0
113.8

106.7
108.7
114.4

Measures excluding motor vehicles and parts
Total industry
Manufacturing1
Durable

92.91
73.68
36.00

107.3
108.7
116.2

108.0
108.8
116.3

108.2
109.1
117.2

108.2
109.2
118.1

106.5
108.2
117.6

107.8
110.4
121.5

109.4
111.7
123.1

110.6
112.5
124.0

110.1
113.1
124.5

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

88.11
68.88

104.4
105.1

105.0
105.1

105.1
105.3

104.9
105.1

103.0
104.0

104.3
106.2

105.8
107.3

106.8
107.8

106.2
108.3

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

13.14
16.30

116.7
103.3

118.1
102.6

118.3
103.0

119.3
103.0

120.4
100.9

121.9
102.4

122.5
104.1

124.3
105.1

124.9
105.5

Selected high-technology industries
Computer 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

r Revised. p Preliminary.
1. See note on cover page.

Table 6

DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION
Percent
Item
It

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

One month earlier
2003
2004
2005

43.0
61.0
54.7

48.0
62.7
47.3

47.3
53.0
49.7

35.7
66.7
52.7

51.3
58.7
54.0

53.0
46.3
56.7

48.0
66.0
54.3

49.7
56.0
52.0

59.7
47.0
55.3

60.0
61.0
60.0

66.7
53.7
61.0

55.3
58.7
56.2

Three months earlier
2003
2004
2005

46.3
66.0
58.3

39.3
61.3
59.0

42.0
65.0
52.0

36.0
68.3
47.3

38.0
66.7
51.8

46.3
62.3
57.0

55.0
57.7
57.0

54.0
56.3
55.0

58.0
56.3
54.3

61.7
57.7
57.7

70.0
56.7
59.3

62.7
64.3
60.3

Six months earlier
2003
2004
2005

41.3
68.3
62.0

37.3
73.3
60.0

39.0
68.0
60.7

36.7
77.0
52.3

33.0
72.0
52.7

38.3
65.3
55.0

42.7
67.3
57.0

45.3
67.0
53.3

50.0
62.0
56.3

60.7
61.3
60.0

65.7
58.7
59.3

63.7
64.0
56.7

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

10

Table 7

CAPACITY UTILIZATION
Percent of capacity, seasonally adjusted
19722005
ave.

198889
high

199495
high

200102
low

2005
Q1

Q2

Q3

Q4r

2005
Oct.r

Nov.r

Dec.r

2006
Jan.p

100.00

81.0

85.1

85.0

73.9

79.9

79.9

79.8

80.6

79.9

80.6

81.2

80.9

82.87
78.75

79.8
79.5

85.5
85.5

84.5
84.6

72.0
71.5

78.7
78.3

78.5
78.1

78.5
78.1

79.8
79.4

79.4
79.1

79.8
79.5

80.1
79.7

80.5
80.1

321
327
331
332
333
334

45.07
1.51
2.24
2.43
6.20
5.40
8.66

78.1
80.2
79.4
80.5
77.1
78.8
78.6

84.6
88.5
85.2
94.9
81.7
85.3
81.5

84.1
88.2
84.3
94.8
85.1
87.5
83.7

68.4
71.0
75.7
68.8
68.9
63.4
59.7

76.9
81.7
81.3
83.0
74.2
79.0
75.1

76.6
80.6
81.0
79.1
74.3
79.4
75.4

77.1
80.9
80.8
79.4
74.7
80.1
76.5

79.1
87.4
83.4
83.6
76.2
83.5
78.4

79.1
86.6
82.5
82.9
76.3
82.5
77.1

79.1
87.6
84.5
83.6
76.2
83.4
78.7

79.1
88.1
83.4
84.2
76.0
84.5
79.3

79.4
86.4
83.5
84.0
76.4
83.8
78.9

335
3361- 3
-

2.03
7.19

83.3
77.6

89.0
89.3

93.0
88.9

71.7
70.1

81.7
80.7

82.3
79.1

84.9
80.9

87.5
79.6

87.8
82.8

87.4
78.7

87.3
77.3

89.9
78.9

3364- 9
337
339

4.30
1.79
3.32

72.5
78.5
76.6

87.3
82.2
82.4

68.7
83.4
81.3

62.7
69.5
70.5

66.6
75.1
77.5

68.8
73.5
77.3

65.8
73.8
78.2

71.4
73.4
78.4

69.7
73.7
78.9

71.7
73.5
78.4

72.8
72.9
77.9

72.8
72.8
78.7

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

33.67
10.72
1.17
.79
2.59
2.15
2.06
10.85
3.36

81.7
81.8
82.6
79.2
87.7
83.8
86.0
78.2
83.6

86.9
85.9
91.5
84.2
93.6
91.9
89.0
85.0
89.5

85.3
84.1
91.2
88.2
91.5
86.3
90.6
81.1
92.4

75.6
76.7
70.1
60.4
79.5
72.1
84.1
71.4
75.0

80.1
79.8
75.8
73.5
86.0
75.6
93.4
77.1
85.5

80.1
80.4
74.9
74.0
84.2
75.5
93.8
76.8
85.3

79.5
80.7
77.2
77.3
83.2
76.5
90.1
74.7
86.6

80.0
81.6
77.9
80.5
85.0
77.2
87.1
74.3
88.8

79.2
81.5
78.4
78.9
85.3
77.1
83.6
72.7
88.0

80.2
81.5
77.9
80.5
84.0
77.3
89.3
74.6
89.1

80.6
81.9
77.2
81.9
85.7
77.2
88.3
75.4
89.2

81.1
81.9
78.6
82.4
85.3
77.3
91.5
76.2
89.2

1133,5111

4.12

84.8

91.0

83.2

81.2

86.8

87.1

85.5

86.0

85.9

85.7

86.3

87.2

21
2211,2

8.32
8.82

87.3
86.7

86.1
92.7

89.0
93.7

85.6
83.7

89.4
83.9

89.6
85.2

86.1
88.1

83.2
87.2

79.6
86.2

83.9
86.5

86.2
89.0

87.7
79.9

3341
3342

5.51
.87
1.53

78.1
78.2
75.8

80.9
80.2
80.7

86.1
84.2
85.9

57.4
64.7
41.1

75.3
77.3
62.1

74.7
78.6
64.0

75.3
79.0
68.9

75.9
79.9
74.3

74.9
79.4
72.9

76.0
79.9
75.0

76.9
80.4
75.1

76.8
80.8
76.7

334412- 9
-

3.10

80.5

82.7

91.1

58.6

81.7

78.9

77.3

75.6

74.5

75.5

76.9

75.9

94.49
77.35

81.1
79.9

85.5
86.0

85.0
84.4

75.0
73.1

80.2
79.0

80.3
78.9

80.2
78.9

81.0
80.3

80.3
80.0

81.1
80.3

81.7
80.5

81.3
81.0

11.50
47.44
41.06

86.4
82.1
77.9

88.3
86.7
82.8

89.4
88.1
80.5

83.2
74.6
70.8

88.5
81.5
76.1

88.0
81.3
76.4

84.2
81.8
76.9

81.7
82.7
78.2

78.2
82.2
78.2

82.4
82.7
78.2

84.6
83.3
78.3

86.2
81.8
78.8

Monthly rate
2006
Jan.

2005
proportion

Item

Total industry
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
Computer and peripheral equipment
Communications equipment
Semiconductors and related
electronic components

Measures excluding selected high-technology
industries
Total industry
Manufacturing1

STAGE-OF-PROCESS GROUPS
Crude
Primary and semifinished
Finished

r Revised. p Preliminary.
1. See note on cover page.

Table 8

INDUSTRIAL CAPACITY
Percent change
Item

197279

Average annual rate
1980198988
94

19952006

Fourth quarter to fourth quarter
2003

2004

2005

2006p

2005
Q2

Annual rate
Q3

Q4

2006
Q1

Total industry

3.0

1.9

2.2

3.4

-.2

.6

1.6

2.0

1.6

1.7

1.8

2.0

.2

Manufacturing1

3.2

2.2

2.5

3.8

-.1

.5

2.1

2.5

2.0

2.2

2.3

2.5

.2

Mining
Utilities

.7
4.3

.1
2.1

-.9
1.6

-.6
2.2

-1.0
3.1

-.6
2.6

-.6
.0

-.9
.7

-.7
.0

-.4
-.4

-.2
-.4

-.5
.2

-.1
.0

18.5

17.0

15.8

27.1

8.0

6.8

20.8

12.7

20.2

23.0

24.3

21.1

1.7

2.6

1.3

1.6

1.8

-.5

.1

.6

1.7

.6

.7

.7

1.1

.1

1.7
3.1
3.7

.3
1.4
3.3

-.3
2.6
2.5

-.5
4.2
3.3

-2.1
-.1
.6

-1.1
.9
.8

-.9
2.5
1.2

-.7
2.1
2.7

-1.0
2.4
1.2

-.7
2.6
1.3

-.6
2.8
1.3

-.6
2.7
1.9

-.1
.2
.2

Selected high-technology industries
Manufacturing1 ex. selected
high-technology industries

STAGE-OF-PROCESS GROUPS
Crude
Primary and semifinished
Finished

p Preliminary.
1. See note on cover page.

11

Table 9

GROSS VALUE OF FINAL PRODUCTS AND NONINDUSTRIAL SUPPLIES
Billions of 2000 dollars at annual rate, seasonally adjusted
2000

2005

2004
Q4

2005
Q1

Q2

Q3

Q4r

2005
Oct.r

Nov.r

Dec.r

2006
Jan.p

2,815.1

2,990.2

2,920.6

2,951.0

2,967.7

2,988.2

3,039.5

3,022.8

3,042.7

3,053.1

3,052.2

2,114.0
1,480.7
471.7
279.5
192.1
1,009.1

2,263.7
1,593.0
538.1
339.9
198.6
1,056.5

2,206.9
1,569.2
527.0
331.8
195.4
1,043.4

2,233.6
1,581.5
530.2
334.5
196.1
1,052.3

2,244.5
1,583.6
526.3
330.3
196.3
1,057.7

2,262.4
1,597.5
540.7
343.2
197.9
1,058.7

2,299.2
1,600.9
544.8
340.9
204.1
1,058.4

2,289.8
1,599.3
557.7
353.8
204.3
1,045.9

2,301.1
1,601.3
541.5
337.6
204.1
1,061.5

2,306.6
1,602.3
535.1
331.3
203.9
1,067.8

2,314.4
1,602.7
544.4
338.8
205.8
1,060.4

Equipment, total
Business and defense
Business
Defense and space

633.2
616.9
558.7
58.1

674.9
657.9
578.5
78.3

639.8
624.5
549.9
73.7

655.1
639.1
562.5
75.7

664.4
648.9
570.2
77.6

668.2
651.8
571.8
78.7

704.6
684.3
603.8
80.0

696.3
676.0
595.7
79.5

706.4
685.2
604.8
79.8

711.3
691.7
610.7
80.5

719.4
700.8
620.9
79.9

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

701.2
198.0
503.2
136.0

726.8
206.0
520.7
151.4

713.9
200.7
513.2
151.2

717.6
201.2
516.5
149.9

723.5
203.2
520.3
153.0

726.2
205.7
520.4
151.9

740.6
214.5
525.8
151.9

733.4
213.2
519.8
149.3

741.9
215.1
526.5
152.5

746.6
215.3
531.0
154.0

738.2
215.2
522.7
144.2

Jan. ’05
to
Jan. ’06
5.6
4.9
-1.9
-4.8

Item
It

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

r Revised. p Preliminary.

Table 10

GROSS-VALUE-WEIGHTED INDUSTRIAL PRODUCTION: STAGE-OF-PROCESS GROUPS
Percent change, seasonally adjusted

Item
It

Finished
Semifinished
Primary
Crude

2005
gross value1
1,931.9
1,748.4
945.1
392.2

Fourth quarter to
fourth quarter
2003

2004

2005

2005
Q1

3.0
1.6
-.2
-1.6

4.8
5.0
2.8
3.7

5.3
6.6
-2.5
-9.6

5.9
4.2
-1.0
.3

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

12

Annual rate
Q2

Q3

Q4r

2005
Oct.r

1.9
3.5
-2.4
-4.1

4.1
8.3
-4.5
-20.9

9.5
10.6
-2.1
-12.2

2.4
1.4
-1.5
.8

Monthly rate
Nov.r

Dec.r

2006
Jan.p

-.1
.1
3.4
5.1

.2
.7
1.0
2.9

1.0
-1.2
-1.2
1.8

Table 11

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: 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
1984
1985
1986
1987
1988

2.1
-.3
.5
-.3
.1

.5
.4
-.8
1.2
.3

.5
.2
-.6
.2
.3

.6
-.2
.0
.6
.5

.5
.1
.2
.7
.0

.4
.0
-.3
.5
.2

.3
-.6
.6
.6
.2

.1
.5
-.2
.7
.5

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

-.1
-.4
.4
1.5
.6

.4
.3
.5
.5
.2

.1
1.0
.9
.5
.4

12.4
1.1
2.3
5.4
3.4

6.4
.6
-2.4
7.0
3.2

2.9
-.6
1.7
7.1
2.1

.4
2.5
4.5
9.9
3.3

9.0
1.3
1.0
5.1
5.0

1989
1990
1991
1992
1993

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

-.5
.9
-.7
.7
.3

.3
.5
-.5
.7
.0

-.1
.0
.2
.7
.3

-.7
.1
1.0
.4
-.4

.0
.3
1.0
.0
.3

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

.9
.3
.2
-.5
.0

-.3
.2
.9
.2
.5

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

.3
-1.2
-.1
.4
.4

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

1.5
2.9
-7.6
-.3
3.7

-1.9
2.9
2.7
6.9
1.0

-2.5
1.3
5.7
2.8
2.4

1.8
-5.9
1.0
3.9
6.1

.9
.9
-1.5
2.9
3.3

1994
1995
1996
1997
1998

.5
.3
-.8
.2
.4

.0
.0
1.5
1.2
.1

1.0
.2
-.2
.8
.1

.5
.0
.9
-.1
.5

.6
.2
.7
.6
.6

.7
.3
.8
.5
-.5

.2
-.4
-.2
.5
-.3

.5
1.4
.7
1.2
2.2

.2
.4
.6
.9
-.2

.9
-.2
.0
.7
.7

.6
.3
1.0
.9
-.1

1.1
.4
.7
.4
.3

5.3
5.3
1.8
8.5
4.4

7.5
1.1
8.4
5.7
3.1

5.3
3.7
5.1
8.9
3.6

7.9
3.5
6.2
10.6
5.6

5.4
4.8
4.2
7.3
5.9

1999
2000
2001
2002
2003

.5
.2
-.8
.6
.5

.5
.4
-.7
-.1
.0

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

.2
.7
-.1
.4
-.8

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

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

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

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

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

1.3
-.3
-.5
-.4
.1

.6
.0
-.4
.3
.9

.9
-.4
.0
-.5
.2

4.1
5.4
-6.6
2.9
.8

4.2
5.2
-4.9
6.1
-3.3

4.3
-.9
-5.1
1.7
3.6

7.7
-1.3
-4.5
-1.6
5.1

4.5
4.3
-3.5
.1
.6

2004
2005
2006

.4
.2
-.2

.8
.4

-.3
.0

.8
-.1

.9
.2

-.6
.8

.6
.0

.3
.3

-.2
-1.3

.7
1.1

.2
1.1

.7
.9

5.3
3.8

5.2
1.6

2.6
1.4

4.2
5.6

4.1
3.3

IP (2002=100)
2004
2005
2006

102.7
106.9
110.3

103.5
107.4

103.2
107.3

104.0
107.2

105.0
107.4

104.4
108.3

105.0
108.3

105.3
108.6

105.1
107.2

105.8
108.4

106.0
109.5

106.7
110.5

103.1
107.2

104.4
107.6

105.1
108.0

106.2
109.5

104.7
108.2

Capacity
(percent of
2002 output)
2004
2005
2006

133.0
134.0
136.3

133.0
134.2

133.0
134.3

133.1
134.5

133.1
134.7

133.2
134.9

133.3
135.1

133.4
135.3

133.5
135.5

133.6
135.7

133.7
135.9

133.9
136.1

133.0
134.2

133.1
134.7

133.4
135.3

133.7
135.9

133.3
135.0

Utilization
(percent)
1984
1985
1986
1987
1988

79.5
79.9
79.7
79.0
83.4

79.7
80.1
79.0
79.8
83.6

80.0
80.0
78.4
79.8
83.7

80.4
79.7
78.3
80.1
84.1

80.7
79.6
78.4
80.6
84.0

80.8
79.4
78.0
80.8
84.2

80.9
78.7
78.4
81.2
84.3

80.9
78.9
78.2
81.6
84.6

80.6
79.1
78.3
81.7
84.3

80.3
78.6
78.5
82.8
84.7

80.5
78.8
78.7
83.1
84.8

80.3
79.4
79.3
83.4
85.0

79.7
80.0
79.0
79.6
83.6

80.7
79.6
78.2
80.5
84.1

80.8
78.9
78.3
81.5
84.4

80.4
78.9
78.9
83.1
84.8

80.4
79.4
78.6
81.2
84.2

1989
1990
1991
1992
1993

85.1
82.4
79.7
79.1
81.2

84.6
82.9
79.1
79.5
81.4

84.7
83.2
78.6
80.0
81.3

84.5
83.0
78.6
80.4
81.4

83.8
82.9
79.3
80.6
81.0

83.6
82.9
80.0
80.5
81.1

82.7
82.7
79.9
81.0
81.2

83.3
82.8
79.9
80.4
81.1

82.8
82.8
80.5
80.5
81.4

82.6
82.0
80.2
80.9
81.8

82.7
80.9
80.0
81.0
82.0

83.1
80.2
79.7
81.0
82.3

84.8
82.8
79.1
79.6
81.3

84.0
82.9
79.3
80.5
81.1

82.9
82.7
80.1
80.6
81.2

82.8
81.1
80.0
81.0
82.0

83.6
82.4
79.6
80.4
81.4

1994
1995
1996
1997
1998

82.5
85.0
82.1
83.3
84.2

82.3
84.7
83.0
83.9
83.7

83.0
84.5
82.5
84.1
83.3

83.2
84.1
82.9
83.6
83.1

83.5
83.9
83.1
83.6
83.1

83.8
83.8
83.5
83.5
82.2

83.8
83.1
83.0
83.5
81.5

83.9
83.9
83.2
84.0
82.8

83.8
83.8
83.3
84.3
82.3

84.2
83.3
82.9
84.3
82.5

84.5
83.2
83.3
84.6
82.1

85.0
83.2
83.5
84.4
81.9

82.6
84.7
82.5
83.7
83.7

83.5
83.9
83.2
83.6
82.8

83.8
83.6
83.1
83.9
82.2

84.6
83.2
83.3
84.4
82.2

83.6
83.9
83.0
83.9
82.7

1999
2000
2001
2002
2003

82.0
82.5
79.2
74.3
75.5

82.0
82.5
78.4
74.1
75.6

81.8
82.5
77.9
74.7
75.4

81.7
82.7
77.6
74.9
74.9

82.0
82.7
76.9
75.2
74.9

81.7
82.5
76.3
75.8
75.1

81.9
82.0
75.9
75.6
75.4

82.0
81.4
75.4
75.6
75.5

81.3
81.5
75.0
75.6
76.0

82.1
80.9
74.5
75.3
76.1

82.2
80.7
74.0
75.5
76.8

82.6
80.1
73.9
75.2
76.9

81.9
82.5
78.5
74.4
75.5

81.8
82.6
76.9
75.3
74.9

81.7
81.6
75.4
75.6
75.6

82.3
80.6
74.2
75.3
76.6

81.9
81.8
76.3
75.1
75.7

2004
2005
2006

77.2
79.8
80.9

77.8
80.0

77.6
79.9

78.1
79.7

78.8
79.8

78.4
80.3

78.8
80.2

79.0
80.3

78.7
79.1

79.2
79.9

79.3
80.6

79.7
81.2

77.5
79.9

78.4
79.9

78.8
79.8

79.4
80.6

78.6
80.1

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

13

Table 12

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: 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
1984
1985
1986
1987
1988

1.9
-.4
1.2
-.3
-.2

1.1
-.3
-.7
1.4
.1

.5
.8
-.3
.1
.3

.5
-.3
.4
.5
.8

.2
.1
.2
.7
-.1

.4
.1
-.4
.4
.1

.5
-.6
.5
.7
.1

.2
.6
.3
.5
.1

-.2
.1
.2
.6
.3

.4
-.3
.3
1.6
.7

.3
.6
.5
.6
.3

.3
.4
.9
.6
.4

12.8
.1
4.4
6.0
2.4

6.3
1.1
-.1
6.7
4.1

3.7
.1
2.5
6.9
1.4

2.8
2.3
4.9
11.3
5.0

9.9
1.8
2.2
5.5
5.2

1989
1990
1991
1992
1993

.8
-.2
-.8
-.5
1.0

-1.0
1.4
-.7
.9
.1

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

.1
-.1
.3
.5
.5

-.8
.0
.7
.7
-.1

.1
.2
1.1
.3
-.1

-1.1
-.2
.3
.8
.3

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

-.3
.0
1.0
.0
.6

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

.2
-1.1
-.2
.4
.4

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

1.7
4.4
-9.1
.7
4.6

-3.4
2.7
2.2
7.9
1.5

-3.0
.6
7.4
3.9
1.6

.5
-6.5
1.8
2.7
6.9

.8
.7
-2.0
3.7
3.5

1994
1995
1996
1997
1998

.3
.4
-1.0
.2
.7

.1
-.1
1.5
1.4
.1

1.3
.3
-.3
1.2
-.1

.8
-.1
1.2
-.3
.6

.7
.0
.7
.8
.5

.3
.4
1.0
.7
-.6

.5
-.6
.2
.3
-.4

.7
1.2
.7
1.5
2.6

.3
.9
.7
.9
-.3

1.0
-.1
.0
.7
1.0

.8
.1
1.0
1.2
.1

1.1
.4
.9
.5
.5

5.2
5.7
.8
10.1
6.0

9.5
.6
9.5
6.8
2.5

6.2
3.0
7.5
9.9
3.9

9.6
4.4
6.5
11.4
7.8

6.0
5.3
4.6
8.5
6.7

1999
2000
2001
2002
2003

.3
.3
-.8
.5
.4

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

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

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

1.0
.0
-.8
.5
-.1

-.2
.2
-.6
1.0
.6

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

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

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

1.5
-.3
-.6
-.6
.1

.7
-.3
-.2
.3
1.1

.8
-.7
.3
-.5
.1

4.6
6.1
-7.5
3.5
.3

4.8
5.0
-5.1
5.3
-2.7

4.0
-1.2
-5.6
2.2
3.3

9.3
-2.9
-4.2
-2.1
6.1

5.2
4.6
-4.2
.1
.5

2004
2005
2006

.3
.5
.7

.9
.5

.2
-.3

.8
.0

.8
.4

-.6
.3

.8
.1

.7
.4

-.4
-.5

.8
1.8

.0
.7

.5
.5

5.7
4.5

6.6
1.3

4.1
2.0

4.0
9.0

4.8
4.0

IP (2002=100)
2004
2005
2006

102.6
108.1
113.0

103.6
108.6

103.7
108.2

104.6
108.3

105.5
108.7

104.9
109.0

105.7
109.1

106.4
109.5

106.0
108.9

106.9
110.9

106.9
111.7

107.5
112.2

103.3
108.3

105.0
108.6

106.1
109.2

107.1
111.6

105.4
109.6

Capacity
(percent of
2002 output)
2004
2005
2006

136.3
137.4
140.4

136.3
137.6

136.3
137.8

136.4
138.1

136.4
138.3

136.5
138.6

136.5
138.8

136.6
139.1

136.7
139.3

136.9
139.6

137.0
139.9

137.2
140.1

136.3
137.6

136.4
138.3

136.6
139.1

137.0
139.9

136.6
138.7

Utilization
(percent)
1984
1985
1986
1987
1988

78.1
79.1
78.9
78.9
83.2

78.9
78.6
78.2
79.8
83.2

79.1
79.0
77.9
79.7
83.4

79.4
78.6
78.1
79.9
84.0

79.5
78.5
78.2
80.4
83.9

79.6
78.4
77.8
80.5
84.0

79.8
77.7
78.1
80.9
84.0

79.8
78.0
78.2
81.1
84.0

79.4
77.9
78.3
81.5
84.2

79.5
77.6
78.4
82.6
84.7

79.6
77.9
78.7
83.0
84.8

79.6
78.1
79.2
83.4
85.0

78.7
78.9
78.4
79.5
83.3

79.5
78.5
78.0
80.3
84.0

79.7
77.9
78.2
81.2
84.1

79.6
77.9
78.8
83.0
84.8

79.4
78.3
78.3
81.0
84.0

1989
1990
1991
1992
1993

85.5
81.5
78.4
78.1
80.5

84.5
82.4
77.7
78.6
80.4

84.3
82.6
77.1
79.2
80.2

84.2
82.3
77.3
79.4
80.4

83.3
82.1
77.7
79.8
80.2

83.2
82.2
78.5
79.8
80.0

82.1
81.8
78.6
80.3
80.1

82.7
81.9
78.7
79.8
79.9

82.2
81.7
79.4
79.7
80.3

81.9
81.0
79.1
80.0
80.7

81.9
79.9
78.9
80.1
80.9

81.8
79.2
78.7
79.8
81.2

84.8
82.2
77.7
78.6
80.4

83.6
82.2
77.8
79.7
80.2

82.4
81.8
78.9
79.9
80.1

81.9
80.0
78.9
79.9
81.0

83.1
81.6
78.3
79.6
80.4

1994
1995
1996
1997
1998

81.3
84.5
80.8
82.2
83.4

81.1
84.1
81.6
82.8
82.9

82.0
83.9
81.0
83.3
82.2

82.4
83.4
81.5
82.5
82.1

82.8
83.0
81.7
82.7
81.9

82.8
82.9
82.1
82.7
80.9

82.9
82.0
81.9
82.4
80.1

83.2
82.6
82.1
83.1
81.7

83.1
82.9
82.2
83.3
81.0

83.6
82.4
81.8
83.3
81.4

84.0
82.1
82.1
83.6
81.1

84.5
82.0
82.4
83.4
81.1

81.4
84.1
81.1
82.8
82.8

82.6
83.1
81.8
82.6
81.7

83.1
82.5
82.1
83.0
80.9

84.0
82.2
82.1
83.4
81.2

82.8
83.0
81.8
83.0
81.7

1999
2000
2001
2002
2003

80.9
81.3
77.0
72.5
73.5

81.1
81.2
76.2
72.3
73.4

80.7
81.4
75.7
72.9
73.5

80.6
81.6
75.4
73.0
72.9

81.1
81.2
74.6
73.3
72.8

80.5
81.0
74.0
74.0
73.2

80.6
80.6
73.7
73.7
73.4

80.8
79.8
73.1
73.9
73.4

80.1
79.8
72.7
73.9
74.0

80.9
79.2
72.2
73.4
74.1

81.2
78.7
72.0
73.6
75.0

81.5
77.8
72.1
73.3
75.1

80.9
81.3
76.3
72.6
73.5

80.7
81.3
74.7
73.4
73.0

80.5
80.0
73.2
73.8
73.6

81.2
78.6
72.1
73.4
74.7

80.8
80.3
74.1
73.3
73.7

2004
2005
2006

75.3
78.6
80.5

76.0
78.9

76.1
78.5

76.7
78.4

77.3
78.6

76.9
78.7

77.4
78.6

77.9
78.8

77.5
78.2

78.1
79.4

78.0
79.8

78.3
80.1

75.8
78.7

77.0
78.5

77.6
78.5

78.2
79.8

77.1
78.9

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

14

Table 13

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

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change) 1
1984
1985
1986
1987
1988

2.0
-.3
.6
-.5
.0

.3
.5
-.8
1.2
.3

.4
.2
-.7
.2
.2

.5
.0
.0
.5
.4

.4
.1
.1
.6
-.1

.2
.0
-.2
.4
.2

.2
-.5
.3
.5
.1

.0
.5
-.2
.6
.5

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

-.2
-.4
.4
1.4
.6

.3
.3
.4
.5
.2

.1
1.1
.8
.4
.4

11.4
.9
2.3
4.5
3.1

5.0
1.2
-2.7
6.3
2.6

1.6
-.2
.6
6.0
1.5

-.3
2.6
4.0
9.1
2.9

7.9
1.0
.9
4.2
4.4

1989
1990
1991
1992
1993

.3
-.7
-.5
-.8
.5

-.5
.8
-.8
.7
.3

.4
.4
-.6
.7
.0

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

-.7
.0
1.0
.3
-.4

.0
.2
1.0
-.2
.2

-1.1
-.2
.0
.7
.3

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

-.4
.1
.9
.1
.4

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

.3
-1.2
-.2
.3
.3

.7
-.8
-.5
.0
.5

1.8
2.2
-8.1
-1.9
3.0

-2.1
2.4
2.2
6.1
.4

-3.3
1.0
5.4
1.7
1.6

1.0
-6.5
.3
3.0
5.2

.6
.3
-2.0
1.9
2.5

1994
1995
1996
1997
1998

.4
.2
-1.0
-.1
.1

-.1
-.2
1.4
.8
.0

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

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

.4
.0
.5
.3
.5

.6
.1
.7
.3
-.9

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

.3
1.2
.4
1.0
2.0

.0
.1
.4
.8
-.6

.7
-.4
-.2
.6
.5

.4
.1
.8
.7
-.3

.9
.2
.4
.1
.1

4.2
3.0
-.3
4.9
1.6

5.3
-1.4
6.1
2.1
1.0

3.4
1.3
2.1
6.1
-.3

5.5
.5
3.5
8.3
2.3

4.0
2.4
1.7
4.2
3.1

1999
2000
2001
2002
2003

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

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

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

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

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

-.4
.0
-.4
.9
.2

.3
-.5
-.2
-.3
.4

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

-.5
.3
-.4
-.1
.6

1.2
-.5
-.5
-.5
.0

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

.6
-.5
.0
-.6
.2

.9
.7
-6.7
3.4
-.6

.3
1.7
-4.0
6.2
-4.3

1.2
-3.0
-4.0
1.3
2.6

5.6
-2.9
-4.8
-2.4
4.4

1.2
1.1
-4.1
.3
-.3

2004
2005
2006

.3
.0
-.3

.7
.3

-.4
-.1

.8
-.2

.9
.1

-.7
.8

.5
-.1

.2
.1

-.3
-1.5

.8
1.1

.2
.9

.6
.8

4.3
2.4

4.6
.8

1.6
.1

3.8
4.5

3.2
2.4

IP (2002=100)
2004
2005
2006

101.2
104.5
106.7

101.9
104.9

101.6
104.8

102.4
104.6

103.3
104.7

102.6
105.5

103.1
105.4

103.3
105.5

103.0
104.0

103.8
105.2

104.0
106.2

104.6
107.0

101.6
104.7

102.7
104.9

103.1
105.0

104.1
106.1

102.9
105.3

Capacity
(percent of
2002 output)
2004
2005
2006

130.1
130.5
131.1

130.1
130.5

130.1
130.6

130.1
130.6

130.2
130.7

130.2
130.7

130.2
130.8

130.3
130.8

130.3
130.9

130.4
130.9

130.4
131.0

130.4
131.0

130.1
130.5

130.2
130.7

130.3
130.8

130.4
131.0

130.2
130.7

Utilization
(percent)
1984
1985
1986
1987
1988

79.2
79.6
80.1
79.2
83.7

79.4
79.9
79.3
80.0
84.0

79.7
79.8
78.7
80.1
84.1

80.1
79.7
78.7
80.4
84.4

80.3
79.6
78.7
80.8
84.3

80.4
79.4
78.5
81.1
84.5

80.5
78.9
78.7
81.4
84.5

80.4
79.1
78.4
81.9
84.9

80.1
79.3
78.5
81.9
84.5

79.9
78.9
78.7
83.1
84.9

80.1
79.0
79.0
83.4
85.0

80.0
79.7
79.6
83.7
85.3

79.5
79.8
79.4
79.8
83.9

80.3
79.6
78.6
80.8
84.4

80.4
79.1
78.5
81.7
84.6

80.0
79.2
79.1
83.4
85.1

80.0
79.4
78.9
81.4
84.5

1989
1990
1991
1992
1993

85.5
82.7
80.1
79.0
81.3

85.0
83.2
79.3
79.5
81.5

85.2
83.5
78.8
80.0
81.3

84.9
83.3
78.8
80.5
81.5

84.2
83.2
79.5
80.6
81.0

84.1
83.3
80.2
80.4
81.2

83.0
83.0
80.1
81.0
81.3

83.6
83.1
80.1
80.5
81.2

83.2
83.1
80.7
80.5
81.4

82.9
82.4
80.5
80.9
81.9

83.0
81.2
80.2
81.1
82.1

83.4
80.5
79.7
81.0
82.4

85.2
83.1
79.4
79.5
81.4

84.4
83.2
79.5
80.5
81.2

83.3
83.1
80.3
80.6
81.3

83.1
81.4
80.1
81.0
82.1

84.0
82.7
79.8
80.4
81.5

1994
1995
1996
1997
1998

82.6
85.0
82.1
83.4
84.2

82.5
84.6
83.1
83.8
83.9

83.1
84.4
82.6
84.0
83.6

83.2
84.0
83.1
83.4
83.6

83.5
83.8
83.3
83.4
83.7

83.9
83.7
83.7
83.3
82.8

83.8
83.1
83.1
83.2
81.9

83.9
83.8
83.3
83.8
83.3

83.8
83.7
83.5
84.1
82.6

84.2
83.2
83.1
84.3
82.8

84.4
83.1
83.5
84.6
82.3

85.0
83.1
83.7
84.4
82.2

82.7
84.6
82.6
83.7
83.9

83.5
83.8
83.4
83.4
83.4

83.8
83.5
83.3
83.7
82.6

84.5
83.1
83.4
84.5
82.5

83.6
83.8
83.2
83.8
83.1

1999
2000
2001
2002
2003

82.2
81.9
78.9
75.6
76.7

82.1
81.8
78.4
75.4
76.6

81.9
81.8
78.0
76.1
76.4

81.5
82.0
78.0
76.3
75.8

81.9
81.8
77.3
76.6
75.8

81.4
81.7
76.9
77.3
76.0

81.4
81.2
76.7
77.0
76.3

81.6
80.7
76.4
77.0
76.3

81.0
80.9
76.0
76.9
76.8

81.9
80.4
75.5
76.6
76.8

82.0
80.2
75.1
76.8
77.5

82.3
79.7
75.0
76.3
77.6

82.1
81.8
78.4
75.7
76.6

81.6
81.9
77.4
76.7
75.9

81.4
80.9
76.4
77.0
76.4

82.1
80.1
75.2
76.6
77.3

81.8
81.2
76.9
76.5
76.5

2004
2005
2006

77.8
80.1
81.3

78.4
80.3

78.1
80.3

78.7
80.1

79.3
80.1

78.8
80.7

79.2
80.6

79.3
80.7

79.0
79.5

79.6
80.3

79.7
81.1

80.2
81.7

78.1
80.2

78.9
80.3

79.2
80.2

79.8
81.0

79.0
80.5

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

15

Table 14

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing1 Excluding Selected
High-Technology Industries
Seasonally adjusted
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change) 2
1984
1985
1986
1987
1988

1.8
-.5
1.3
-.4
-.2

.9
-.3
-.7
1.4
.1

.4
.9
-.3
.1
.2

.4
-.1
.4
.4
.7

.1
.1
.1
.7
-.2

.3
.1
-.2
.3
.0

.4
-.4
.2
.5
.0

.1
.6
.2
.3
.1

-.3
.2
.2
.5
.3

.4
-.3
.3
1.5
.6

.3
.6
.4
.5
.3

.3
.4
.8
.5
.4

11.4
-.2
4.7
4.8
2.0

4.4
1.8
-.3
5.8
3.4

2.0
.7
1.2
5.5
.6

1.9
2.4
4.2
10.4
4.7

8.4
1.4
2.2
4.6
4.4

1989
1990
1991
1992
1993

.9
-.3
-.8
-.8
1.0

-1.0
1.4
-.8
.9
.0

.0
.3
-.7
.9
-.2

.0
-.2
.3
.4
.5

-.8
.0
.7
.6
-.1

.1
.2
1.1
.1
-.2

-1.3
-.2
.3
.7
.2

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

-.3
-.1
1.1
-.1
.5

-.3
-.8
-.2
.4
.7

.1
-1.2
-.3
.3
.3

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

2.1
3.7
-9.8
-1.1
3.8

-3.7
2.1
1.5
6.9
.8

-4.0
.2
7.1
2.5
.5

-.4
-7.2
1.0
1.5
5.8

.4
.0
-2.6
2.6
2.6

1994
1995
1996
1997
1998

.1
.2
-1.2
-.2
.4

.0
-.3
1.3
1.0
-.1

1.1
-.1
-.5
.9
-.3

.5
-.4
1.0
-.7
.4

.6
-.3
.4
.5
.4

.2
.2
.8
.4
-1.1

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

.5
.9
.4
1.3
2.4

.0
.5
.5
.7
-.7

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

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

.9
.2
.6
.2
.2

3.9
2.9
-1.8
6.0
2.8

7.0
-2.4
6.9
2.6
.1

4.0
.1
4.1
6.7
-.7

6.8
.9
3.3
8.8
4.1

4.4
2.5
1.5
4.9
3.5

1999
2000
2001
2002
2003

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

.5
-.1
-.6
-.1
-.4

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

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

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

-.7
.0
-.4
1.0
.5

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

.7
-.9
-.7
.1
-.3

-.6
.3
-.3
-.1
.9

1.4
-.4
-.7
-.7
.0

.4
-.6
-.2
.1
1.2

.4
-.9
.2
-.6
.0

.8
.6
-7.8
4.2
-1.5

.3
.8
-4.1
5.3
-3.9

.4
-3.7
-4.3
1.7
2.1

7.1
-4.9
-4.5
-3.2
5.3

1.4
.9
-4.9
.3
-.6

2004
2005
2006

.1
.3
.6

.8
.4

.1
-.4

.9
-.1

.7
.3

-.7
.2

.8
.0

.5
.2

-.5
-.7

.9
1.8

.0
.5

.4
.3

4.4
2.8

6.0
.3

2.9
.5

3.6
7.8

3.8
2.8

IP (2002=100)
2004
2005
2006

100.9
105.2
108.7

101.7
105.6

101.8
105.2

102.7
105.1

103.5
105.4

102.7
105.7

103.5
105.6

104.1
105.9

103.5
105.2

104.5
107.1

104.5
107.6

104.9
108.0

101.5
105.3

103.0
105.4

103.7
105.6

104.6
107.6

103.2
106.1

Capacity
(percent of
2002 output)
2004
2005
2006

133.0
133.2
134.2

133.0
133.3

133.0
133.4

133.0
133.5

133.0
133.5

133.0
133.6

133.0
133.7

133.0
133.8

133.1
133.8

133.1
133.9

133.1
134.0

133.2
134.1

133.0
133.3

133.0
133.5

133.0
133.8

133.1
134.0

133.0
133.6

Utilization
(percent)
1984
1985
1986
1987
1988

77.7
78.6
79.3
79.1
83.6

78.4
78.2
78.6
80.1
83.6

78.6
78.7
78.3
80.0
83.8

78.9
78.5
78.5
80.2
84.4

78.9
78.4
78.5
80.7
84.3

79.0
78.3
78.3
80.8
84.3

79.2
77.8
78.4
81.2
84.3

79.1
78.2
78.5
81.4
84.3

78.7
78.2
78.6
81.7
84.5

78.9
77.8
78.7
82.9
85.0

79.0
78.2
79.0
83.3
85.1

79.1
78.4
79.5
83.7
85.4

78.3
78.5
78.7
79.7
83.7

78.9
78.4
78.5
80.6
84.3

79.0
78.1
78.5
81.4
84.4

79.0
78.1
79.1
83.3
85.2

78.8
78.3
78.7
81.3
84.4

1989
1990
1991
1992
1993

86.0
81.8
78.7
78.0
80.5

85.0
82.8
78.0
78.6
80.4

84.8
82.9
77.3
79.2
80.2

84.7
82.6
77.4
79.4
80.5

83.8
82.5
77.9
79.8
80.3

83.7
82.5
78.6
79.8
80.0

82.5
82.2
78.8
80.3
80.1

83.1
82.3
78.8
79.8
79.9

82.6
82.1
79.6
79.7
80.2

82.2
81.3
79.3
79.9
80.7

82.2
80.2
79.0
80.1
80.9

82.1
79.5
78.7
79.8
81.2

85.3
82.5
78.0
78.6
80.4

84.1
82.5
78.0
79.7
80.2

82.7
82.2
79.1
79.9
80.1

82.2
80.3
79.0
79.9
81.0

83.6
81.9
78.5
79.5
80.4

1994
1995
1996
1997
1998

81.3
84.4
80.6
82.2
83.4

81.2
84.0
81.6
82.7
83.1

82.0
83.7
80.9
83.1
82.5

82.3
83.2
81.6
82.2
82.5

82.7
82.8
81.8
82.3
82.5

82.7
82.8
82.3
82.3
81.4

82.9
81.9
82.0
82.1
80.4

83.2
82.5
82.2
82.8
82.1

83.0
82.7
82.4
83.1
81.3

83.5
82.2
81.8
83.2
81.6

83.9
81.9
82.3
83.6
81.3

84.4
81.8
82.5
83.4
81.3

81.5
84.0
81.0
82.7
83.0

82.6
82.9
81.9
82.3
82.1

83.0
82.3
82.2
82.6
81.3

83.9
81.9
82.2
83.4
81.4

82.8
82.8
81.8
82.7
81.9

1999
2000
2001
2002
2003

81.0
80.6
76.5
73.8
74.7

81.2
80.3
76.0
73.7
74.4

80.6
80.4
75.6
74.3
74.5

80.3
80.6
75.6
74.4
73.9

80.8
80.1
75.0
74.8
73.8

80.1
80.0
74.6
75.5
74.2

79.9
79.6
74.5
75.2
74.3

80.2
78.8
74.0
75.3
74.1

79.6
78.9
73.7
75.3
74.8

80.6
78.4
73.2
74.8
74.8

80.8
77.9
73.1
74.9
75.7

81.0
77.1
73.3
74.5
75.8

80.9
80.4
76.0
73.9
74.6

80.4
80.2
75.0
74.9
73.9

79.9
79.1
74.1
75.3
74.4

80.8
77.8
73.2
74.8
75.4

80.5
79.4
74.6
74.7
74.6

2004
2005
2006

75.9
78.9
81.0

76.5
79.2

76.6
78.9

77.2
78.8

77.8
79.0

77.3
79.1

77.8
79.0

78.2
79.2

77.8
78.6

78.5
80.0

78.5
80.3

78.8
80.5

76.3
79.0

77.4
78.9

78.0
78.9

78.6
80.3

77.6
79.3

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

16

EXPLANATORY NOTE

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

The Industrial Production and Capacity Utilization statistical release,
which is published around the middle of the month, reports measures of
output, capacity, and capacity utilization in manufacturing, mining, and
the electric and gas utilities industries. More detailed descriptions of
industrial production and capacity utilization are available at
www.federalreserve.gov/releases/G17 at the Board’s World Wide Web
site. In addition, files containing data shown in the release, more detailed
series that were published in the G.17 prior to December 2000, and
historical data are available at the Board’s Web site. Instructions for
searching for and downloading specific series are provided as well. For
paid access to the data files through the Department of Commerce’s
Economic Bulletin Board or World Wide Web site, please call STAT-USA
at 1-800-STAT-USA or 202-452-1986. Diskettes containing historical
data and the data published in this release also are available from the
Board of Governors of the Federal Reserve System, Publications Services,
202-452-3245.

IA
m
=
IA
m–1

INDUSTRIAL PRODUCTION
Coverage. The industrial production (IP) index measures the real output
of the manufacturing, mining, and electric and gas utilities industries; the
reference period for the index is 2002. Manufacturing consists of those
industries included in the North American Industry Classification System,
or NAICS, definition of manufacturing plus those industries-logging and
newspaper, periodical, book and directory publishing-that have
traditionally been considered to be manufacturing and included in the
industrial sector. For the period since 1997, the total IP index has been
constructed from 300 individual series based on the 2002 North American
Industrial Classification System (NAICS) codes. These individual series
are classified in two ways: (1) market groups, and (2) industry groups.
Market groups consist of products and materials. Total products are the
aggregate of final products, such as consumer goods and equipment, and
nonindustrial supplies (which are inputs to nonindustrial sectors).
Materials are inputs in the manufacture of products. Major industry
groups include three-digit NAICS industries and aggregates of these
industries—for example, durable and nondurable manufacturing, mining,
and utilities. A complete description of the market and industry structures,
including details regarding series classification, relative importance
weights, and data sources, is available on the Board’s web site
(www.federalreserve.gov/releases/G17/About.html) . Changes in
output for the market and industry groups are summarized in table 1 and
the levels of output (in index form) are shown in table 4. Special
aggregates, that highlight the relative importance and contributions of
several key industries, such as high-technology and motor vehicles, are
summarized in tables 2 and 5. For a detailed description of the contents of
the statistical tables, see below.
Source data. On a monthly basis, the individual indexes of industrial
production are constructed from two main types of source data: (1) output
measured in physical units and (2) data on inputs to the production
process, from which output is inferred. Data on physical products, such as
tons of steel or barrels of oil, are obtained from private trade associations
and from government agencies; data of this type are used to estimate
monthly IP wherever possible and appropriate. Production indexes for a
few industries are derived by dividing estimated nominal output
(calculated using unit production or sales and unit values) by a
corresponding Fisher price index; the most notable of these fall within the
high-technology grouping and include computers, communications
equipment, and semiconductors. When suitable data on physical product
are not available, estimates of output are based on production-worker
hours by industry. Data on hours worked by production workers are
collected in the monthly establishment survey conducted by the Bureau of
Labor Statistics. The factors used to convert inputs into estimates of
production are based on historical relationships between the inputs and the
comprehensive annual data used to benchmark the IP indexes; these
factors also may be influenced by technological or cyclical developments.
The annual data used in benchmarking the individual IP indexes are
constructed from a variety of source data, such as the quinquennial

17




Imp m–1

Im–1p m–1

×

 Imp m
 Im–1p m

The IP proportions (typically shown in the first column of the relevant
tables in the G.17 release) are estimates of the industries’ relative
contributions to overall growth in the following year. For example, the
relative importance weight of the motor vehicles and parts industry is
about 8 percent. If output in this industry increased 10 percent in a month,
then this gain would boost growth in total IP by 8/10 percentage point
(0.08 x 10% = 0.8%). To assist users with calculations, the Federal
Reserve’s web site provides supplemental monthly statistics that represent
the exact proportionate contribution of a monthly change in a component
index to the monthly change in the total index (www.federalreserve.gov/
releases/G17/ipdisk/ipweights.sa).
Timing. The first estimate of output for a month is published around the
15th of the following month. The estimate is preliminary (denoted by the
superscript “p” in tables) and subject to revision in each of the subsequent
three months as new source data become available. (Revised estimates are
denoted by the superscript “r” in tables.) For the first estimate of output
for a given month, about 70 percent of the source data (in value-added
terms) are available; the fraction of available source data increases to about
85 percent for estimates in the second month that the estimate is published,
96 percent in the third month, and 97 percent in the fourth month. Data
availability by data type is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2004)
Month of estimate
Type of data

1st

2nd

3rd

4th

Physical product

25

40

51

52

Production-worker
hours

45

45

45

45

IP data received

70

85

96

97

IP data estimated

30

15

4

3

NOTE—The physical product group includes series based on either
monthly or quarterly data. As can be seen in the first line of the table, in
the first month, a physical product indicator is available for about half of
the series (in terms of value added) that ultimately are based on physical
product data (25 percent out of total of 52 percent). Of the 25 percent,
about two- thirds (17 percent of total IP) include series that are derived
from weekly physical product data and for which actual monthly data may
lag up to several months. On average, quarterly product data are received
for the third estimate of industrial production. Specifically, quarterly data
are available for the second estimate of the last month of a quarter, the
third estimate of the second month of a quarter, and the fourth estimate of
the first month of a quarter. About 3 percent of the source data for
monthly IP—all physical product measures—are available too late for
direct inclusion in the current index and are incorporated at the time of an
annual historical revision.

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 September
2005; for other series, the factors were estimated with data through at least
June 2005. Series are pre-adjusted for the effects of holidays or the
business cycle when appropriate. For the data since 1972, all seasonally
adjusted aggregate indexes are calculated by aggregating the seasonally
adjusted indexes of the individual series.
Reliability. The average revision to the level of the total IP index, without
regard to sign, between the first and the fourth estimates was 0.27 percent
during the 1987-2004 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 1987-2004 period. In most cases (about
86 percent), the direction of change in output indicated by the first
estimate for a given month is the same as that shown by the fourth
estimate.
Rounding. The published percent changes are calculated from unrounded
indexes, and may not be the same as percent changes calculated from the
rounded indexes shown in the release.
CAPACITY UTILIZATION
Overview. The Federal Reserve Board constructs estimates of capacity
and capacity utilization for industries in manufacturing, mining, and
electric and gas utilities. For a given industry, the capacity utilization rate
is equal to an output index (seasonally adjusted) divided by a capacity
index. The Federal Reserve Board’s capacity indexes attempt to capture
the concept of sustainable maximum output—the greatest level of output a
plant can maintain within the framework of a realistic work schedule, after
factoring in normal downtime and assuming sufficient availability of
inputs to operate the capital in place.
Coverage. Capacity indexes are constructed for 85 detailed industries (67
in manufacturing, 16 in mining, and 2 in utilities), which mostly
correspond to industries at the three- and four-digit NAICS level.
Estimates of capacity and utilization are available for a variety of groups,
including durable and nondurable manufacturing, total manufacturing,
mining, utilities, and total industry. Manufacturing consists of those
industries included in the North American Industry Classification System,
or NAICS, definition of manufacturing plus those industries—logging and
newspaper, periodical, book and directory publishing—that have
traditionally been considered to be manufacturing and included in the
industrial sector. Also, special aggregates are available, such as high-tech
industries and manufacturing excluding high-tech industries.
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 21 percent of
total industrial capacity. When physical product data are unavailable for
manufacturing industries, capacity indexes are based on responses to the
Bureau of the Census’s Survey of Plant Capacity (SPC); these industries
account for a bit less than 75 percent of total industry capacity. In the
absence of utilization data for a few mining and petroleum series, capacity
is based on trends through peaks in production (roughly 4 percent of total
industry capacity). A detailed description of the methodology used to
construct the capacity indexes is available on the Board’s web site
(www.federalreserve.gov/releases/G17/cap_notes.html).

18

Aggregation Methodology. Monthly capacity aggregates are calculated
in three steps: (1) utilization aggregates are calculated on an annual basis
through the most recent full year as capacity-weighted aggregates of
individual utilization rates; (2) the annual aggregate capacity is derived
from the corresponding production and utilization aggregates; (3) the
monthly capacity aggregate is obtained by interpolating with a Fisher
index of its constituent monthly capacity series. Utilization rates for the
individual series and aggregates are calculated by dividing the pertinent
monthly production index by the related capacity index.
Consistency. A major aim is that the Federal Reserve utilization rates be
consistent over time so that, for example, a rate of 85 percent means about
the same degree of tightness that it meant in the past. A major task for the
Federal Reserve in developing reasonable and consistent time series of
capacity and utilization is dealing with inconsistencies between the
movements of the industrial production index and the survey-based
utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was
the primary source of manufacturing utilization rates for many years. This
was a survey of large companies that reported, on average, higher
utilization rates than those reported by establishments covered by the SPC
(currently the primary source of factory operating rates) for the fourteen
years they overlapped. Adjustments have been made to keep the industry
utilization rates currently reported by the Federal Reserve roughly in line
with rates formerly reported by McGraw-Hill. As a consequence, the rates
reported by the Federal Reserve tend to be higher than the rates reported in
the SPC.
Perspective. Over the 1972-2004 period, the average total industry
utilization rate is 81.0 percent; for manufacturing, the average factory
operating rate has been 79.8 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.
REFERENCES AND RELEASE DATES
References. The annual revision published in November 2005 will be
described in an article published in an upcoming Federal Reserve Bulletin.
A description of the aggregation methods for industrial production and
capacity utilization is included in an article in the Federal Reserve
Bulletin, vol. 83 (February 1997), pp. 67-92. The Federal Reserve
methodology for constructing industry-level measures of capital is detailed
in “Capital Stock Estimates for Manufacturing Industries: Methods and
Data” by Mike Mohr and Charles Gilbert (1996), which can be obtained
at:
www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf.
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).
Release Schedule
At 9:15 a.m. on
2005: January 14, February 16, March 16, April 15, May 17, June 15,
July 15, August 16, September 14, October 14, November 17, and
December 15.
2006: January 17, February 15, March 17, April 14, May 16, June 15,
July 17, August 16, September 15, October 17, November 16, and
December 15.