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FEDERAL RESERVE statistical release
G.17 (419) Supplement

For release at Noon (EST)
January 27,1997

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: HISTORICAL REVISION
The Board of Governors of the Federal Reserve System has completed a revision of its measures of
output, capacity, and capacity utilization for the industrial sector. The primary feature of the revision was to
reformulate the indexes and utilization rates back to 1977 based on weights that are updated annually rather than
every five years, as had been the practice. The new formulation eliminates an overstatement of the growth of
production and capacity in earlier figures and is designed to provide more accurate current estimates of
developments in industrial production and capacity utilization. The cyclical profile of the revised statistics is
essentially unchanged. Both the production and capacity indexes are now expressed as percentages of output in
1992; the previous reference year was 1987.
The growth in industrial production (IP) in 1996 (fourth quarter 1995 to fourth quarter 1996) was
revised down 0.8 percentage point, to 3.7 percent. Capacity growth was also revised down in 1996; capacity
utilization for the fourth quarter of 1996 was revised down 0.2 percentage point, to 83.2 percent.
From 1992 onward, the new estimates of IP and capacity also incorporate additional or updated
statistics that are typically available for an annual revision. The primary effect of introducing these data was to
lower IP growth in 1994 to a still robust 5-3/4 percent rate. The revised estimates show that capacity utilization
reached its most recent high at the beginning of 1995, and that pressures on industrial capacity have been lower
since then.
The revised indexes of production and capacity show slower growth over the past two decades, on
average, than the earlier estimates. From 1977 to 1996, the annual rate of growth of total IP averaged 2.3 percent,
about 1/4 percentage point less than previously shown. The rate of growth of industrial capacity was revised down
similarly. As a result, capacity utilization rates were generally little changed.
The capacity indexes and capacity utilization rates were recomputed back to 1977 to reflect the new
production indexes and updated physical capacity data for recent years and to fully incorporate revised measures of
capital input derived from Federal Reserve estimates of manufacturers' real net capital stocks. Aggregate
utilization rates between 1967 and 1976 were revised slightly to improve consistency with the new formulation.
Along with the annual updating, additional changes made to selected production and capacity series
improve coverage and reliability of the measures. Some of the series and definitional improvements were
introduced before 1992, depending on the availability of source data.
The Federal Reserve's accompanying statistics for industrial electric power use also have been
revised. These indexes, which begin in 1972, now more fully reflect the increase in cogeneration that took place in
the 1980s and incorporate more complete reports from utilities for the past few years.

New Aggregation Methods
As indicated, the most important improvement for this revision is the introduction of new aggregation
methods from 1977 onward. In the new formulations, series that measure the actual or capacity output of an




individual industry are still weighted according to their proportion in the total value-added output or capacity of all
industries. However, the value-added weights used in the aggregation procedures are now updated annually, and
the total DP index and its major industry and market subtotals are constructed using a superlative index formula
similar to that recently introduced by the Bureau of Economic Analysis for its featured measure of real output.
If prices and costs were to change uniformly across industries, different weights for different years
would not be needed; but relative prices do change. To represent the changing relative price and cost structure of
industries, the industrial production index was previously built for the most part in five-year chronological
segments, each with value-added weights drawn from the first year of the segment. Chaining the segments
together formed a continuous index expressed as a percentage of output in a reference year. The periodic
introduction of new weight years for the IP index, as well as for the related capacity statistics, updated the
measures so that they reflected the gradual evolution of relative prices over time.
Because of persistent, rapid declines in the relative price of computers, as well as computer
peripherals and semiconductors, a quinquennial updating of weights has proved too infrequent to provide the most
accurate estimates of current changes in industrial production and capacity. Applying outdated weights to these
fast growing industries can also introduce small distortions in current measures of capacity utilization.
In formulating the revised IP measures, the Federal Reserve adapted an approach developed by the
Bureau of Economic Analysis (BEA) to create their chain-type annual-weighted quantity indexes. However, rather
than follow the BEA practice of applying weights based on the most recently available comprehensive data to all
subsequent years (the so-called Laspeyres tail), the Board's adaptation applies estimates of the appropriate annual
weights for the most current periods. The estimates are developed from related information or, if required, by
extrapolation. As a result, the aggregate industrial production and capacity utilization measures are consistently
formulated through the most recent period.

New Methods For Individual Production, Capacity, and Electric Power Use Series
The revision also incorporated improvements in the composition of selected IP market aggregates and
enhancements to the structure of selected production and capacity series. As part of the annual updating, from
1992 onward, monthly source data for all IP series—physical product data and measures of inputs to
production—were updated to reflect revisions by the data providers and were adjusted to eliminate seasonal,
calendar, and holiday variation by the Federal Reserve. The revised IP series reflect further adjustments that
control their annual average results to conform to benchmark indexes derived from more comprehensive, and
newly available, annual source data.
Measures of industry capital input, which are used in estimating capacity, were updated with Federal
Reserve estimates of manufacturers' real net stocks that are now built from investment data expressed in chained
1992 dollars; formerly, the net stocks were derived from investment flows in constant 1987 dollars. No new broad
survey results on capacity utilization rates were available for this revision. For the 1997 annual update, the Federal
Reserve will have results from the Census Bureau's Survey of Plant Capacity for the fourth quarters of 1995 and
1996.
Modifications to Series
To improve the analytical use of the IP market aggregates, the portion of the output of computer and
office equipment (SIC 357) designated as final product is now further split into production of consumer goods,
mainly personal computers for home use, and business equipment. Formerly, all of the final product of the
computer industry was in business equipment (as in the earlier index, the industry's semi-finished product is
allocated to the materials market group).
To improve coverage and reliability, monthly source data for four IP series were modified. With these
changes, the monthly IP index now comprises 264 series for the period since 1992, and the proportion that is
2



derived from physical product data rises 2 percentage points, in 1994 value-added terms, to 42 percent. The output
of stone, sand, and gravel mining (SIC 141-2, and 144), formerly an input-based IP series, is now derived from
quarterly production data reported by the Department of the Interior. Portions of two equipment series, farm
equipment (SIC 352) and construction and allied equipment (SIC 353), which were based on input data, now make
up two new series derived from monthly production estimates reported in Stark's Off-Highway Ledger. Production
of original equipment parts for new motor vehicles from 1992 onward now derives from monthly production
estimates reported in Stark's Component Ledger.
Production of medium and heavy trucks, formerly a single component of business trucks, is now
represented by separate series for medium-weight (gross vehicle weight of 14,001-33,000 lbs.)1 and for heavy
trucks (33,001 lbs and over) based on the same monthly production figures as previously used (Ward's Automotive
Reports) in combination with information on factory shipments by detailed weight class reported by the American *
>
Automobile Manufacturers Association. The compilation of capacity measures for motor vehicles was also
improved with a more explicit accounting of the assembly capability for heavy trucks.
Updated Data and New Production Benchmarks
The regular updating of source data for industrial production includes the introduction of annual data
from the Annual Survey of Manufactures for 1994 and selected Current Industrial Reports for 1995, both series
published by the Bureau of the Census. Available annual data on mining for 1994 and 1995 from the Department
of the Interior were also introduced. Individual IP series incorporate revisions to the monthly indicators (either
physical product data, production worker hours, or electric power usage) back to 1992. Seasonal factors for
electric power and most physical product series were calculated on the basis of data through mid-1996; for
production worker hours and the unit counts of motor vehicle assemblies, seasonal factors were updated with data
through October. Productivity relationships used to extrapolate input-based IP series beyond 1994 or 1995 were
updated using the revised output and input data.
With this revision, from 1992 onward the annual updating of the IP indexes for manufacturing
reflects the incorporation of annual benchmarks of real output that are formulated as Fisher indexes. The new or
modified series described earlier were adjusted to the newly formulated benchmarks from the initial year of the
series. The sources for the basic data used to construct comprehensive output measures used for benchmarking
manufacturing IP series in this revision are the same as those used for calculating former benchmarks.
For this revision, the annual IP benchmark quantity indexes for semiconductors and related
components and for computers and office equipment were improved from 1977 on. The IP index for
semiconductors and related components (SIC 3672-9) was benchmarked to an annual index of real output that
incorporated a quality-adjusted price index for domestically-produced integrated microcircuits (the major product
of SIC 3674, which is the largest industry covered by the IP series for semiconductors). Board staff constructed
this index from detailed price indexes for selected semiconductor components, mainly memory and logic chips,
developed by the BEA as part of its recent comprehensive revision of the NIPAs. The BEA also revised its price
index for computers for that revision, and the IP benchmark index for computers and office equipment incorporates
those results.
Revised Estimates of Industrial Capacity
The capacity utilization estimates fully incorporate the more detailed data from the 1993-94 Survey of
Plant Capacity of the Bureau of the Census. At the time of the 1995 annual update, Census survey data on
utilization for 1993-94 were generally available only at a two-digit SIC industry level. In early 1996, the detailed
Census survey information was incorporated in the models used for the 1995-96 capacity extrapolations. With this
revision, the capacity estimates were updated based on the revised production estimates, revised estimates of
capital input, and revised or newly available estimates of capacity in physical volume terms for selected industries
from 1977 on.
3



Revised Estimates of Electric Power Use
The Federal Reserve's monthly indexes of industrial electric power use, which begin in 1972, have
been revised. The indexes are now expressed as percentages of electric power use in 1992; the comparison base
year formerly was 1987. The revisions of the electric power series stem from three sources: more complete reports
from utilities and changes in the Federal Reserve's utility reporting panel for recent years; more accurate staff
estimates of the increase in cogeneration that took place during the last half of the 1980s; and adjustments of the
detailed series on purchased power consumption to annual benchmarks derived from data published in the Annual
Surveys of Manufactures from 1972 to 1993. Compared with the previously published data, the revised index of
total electric power use in manufacturing and mining shows somewhat stronger growth since 1989 and a slightly
greater decline from 1979 to 1982; the overall pattern, however, is quite similar to previous results. The revised
cogeneration component grows noticeably faster.

Data Availability
Files containing the revised data and the text and tables from this release are available on the
Internet at http://www.bog.frb.fecLus, the Board's World Wide Web site. Files will also be available
through the Economic Bulletin Board of the Department of Commerce; for information, call
202-482-1986. Diskettes containing either historical data (through 1985) or more recent data (1986 to
those most recently published in the G.17 statistical release) are available from Publications Services,
Board of Governors of the Federal Reserve System, Washington, DC 20551 (202-452-3245),
More details on the technical aspects of the revision will be published in the February 1997
Federal Reserve Bulletin. Copies of this article will be available at the Board's World Wide Web site. A
summary of the new aggregation procedure is presently available in the 1996 revision announcement on
the World Wide Web (http://www.bog.frb.fed.us/releases/G17Aev96.htm).
A document with printed tables of the revised estimates of major aggregates shown in the G.17
release will be sent to subscribers to the release. This document will also be available at the Board's
World Wide Web site.




1. Industrial production, capacity, and utilization
Ratio scale, 1992 output = 100
170

170
- = Previous
•= Revised

160

160

150

150

140

140

130

130

120

120

110

110

100

,100,

Capacity

90

90

80

80
Production

70

70

60

60

I I I I I I I I I I I I I I I I I I I I I I50

50
1967

1972

1977

1982

1987

1992

1997

Percent of capacity
90

90

88

88

86

86

84

84

82

82,

80

80

78

78

76

76

74

74
72

72
70

I I I I I I I I I I I I I I I I I I I I | | I I I I I I I I
1967




1972

1977

1982

1987

1992

1997

70

Table 1
RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY MAJOR MARKET GROUPS, 1992-1996 1
Difference between
revised and earlier indexes
toercentaae points)

Revised index
(Dercentt
1992

1993

1994

1995

1996

1992

1993

1994

3.9

3.0

5.7

1.8

3.7

-.1

-.2

3.9
4.0
3.7
7.4
11.7
4.2
2.7
2.8
2.5

1.9
2.0
2.2
10.3
11.6
9.4
.1
-.4
3.4

4.3
4.3
3.9
6.6
5.7
7.2
3.2
4.4
-4.0

1.1
1.4
.7
1.1
-.9
2.5
.7
-.3
6.6

3.7
3.9
2.1
2.7
1.0
3.9
2.0
2.4
-.4

-.2
_3

4.6
6.8
3.7
13.2
.8
3.4
-5.8

1.5
3.4
6.8
2.0
-2.1
9.6
-6.5

4.9
8.1
8.9
11.5
1.1
5.4
-8.0

2.4
4.6
7.3
12.2
-13.4
-.8
-8.2

3.3
3.7
3.1

1.8
5.8
-.5

4.3
6.6
3,0

3.9
6.5
2.4
.0

4.6
8.2
1.7
-.6

7.9
10.9
5.9
2.1

Total excluding:
Computer ana office equipment

3.5

2.7

5.3

Business equipment excluding:
Computer and office equipment

4.7

2.4

6.2

Item
Total index
Products, total
Final products
Consumer goods
Durable
Automotive products
Other durable goods
Nondurable
Nonenergy products
Energy products
Equipment, total
Business equipment
Industrial
Information processing & related
Transit
Other
Defense and space equipment
Intermediate products
Construction supplies
Business supplies
Materials
Durable
Nondurable
Energy

1995

1996

-.9

:2

-.8

-1.3
-1.1
-.1
.5
-1.6
2.3
-.3
-.3
.0

.1

.6
.3
1.1
.2
.2
.0

-.6
-.6
.3
-.3
-2.8
2.2
.3
.2
.9

.2
2.0
.3
3.2
-.3
_5
.0

-.9
-1.3
.1
2.2
-1.0
4.8
-.5
-.2
-1.7

6.9
8.0
-.2
11.2
21.6
2.4
-.9

-1.1
-1.4
-.7
-1.7
.3
-1.3
.0

-2.0
-2.5
.9
-5.5
-2.9
-.4
.5

-2.6
-3.3
.3
-6.3
-1.4
-2.5
2.3

-.1
:1
3,8
-1.8
.8
2.8
.9

-3.0
-3.0
-.1
-6.2
5.3
-1.2
-2.1

.1
-.8
.7

3.1
5.9
1.3

.1
-.3
.4

-.8
-.2
-1.1

-2.0
-1.5
-2.3

.2
-.4
,7

.3
.6
2

2.9
5.7
-2.3
.9

3.7
5.1
1.7
1.9

.2
.2
.1
.0

.4
1.0
-.6
-.2

-.2
-.3
-1.0
.3

.5
.4
.4
.8

-.7
-.3
-1.4
-1.2

2.3

.7

•3

..

;o

;

SPECIAL AGGREGATES
-.8

2.9
1.1

4.4

-.1

-1.1

-2.4

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.




Table 2
RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS, 1992-1996 1

"

SIC

Item

1992

Revised index
(percent)
1993
1994

1995

1996

1992

Difference between
revised and earlier indexes
toercentaae DointsV
1995
1993
1994

1996

Total index

3.9

3.0

5.7

1.8

3.7

-.1

-.2

-.9

.2

-.8

Manufacturing

4.4

3.3

6.5

1.6

4.0

-.1

-.4

-1.1

.2

-.8

Primary processing
Advanced processing

3.9
4.6

4.0
3.0

6.2
6.7

-.9
2.8

2.6
4.7

-.1
-.1

-.3
-•4

-.8
-1.1

.2
.3

-.4
-.9

Durable
Lumber and products
24
Furniture and fixtures
25
Stone, clay, and glass products. 32

5.2
5.4 *
5.1
3.6

5:8
2.2
3.4
4.2

8.2
4.1
3.9
4.7

3.7
-.1
-1.7
-.5

5.6
2.5
3.2
2-4

-.3
-.4
.2
-.2

-.4
-1.7
-1.8
.0

-1.1
-1.6
-3.4
.7

.3
.1
2.0
-.6

-.9
.7
.4
-.3

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
3672-9

1.1
1.3
1.3
.9
4.1

7.2
9.0
5.6
4.9
4.6

8.4
7.0
6.1
10.3
8.5

-.9
-1.2
.6
-.7
.9

2.9
2.9
-1.9
2.9
3.2

.1
.2
-.3
.0
-1.0

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

-1.4
-1.3
-.3
-1.5
.1

.8
1.2
-.1
.0
.0

.8
-1.3
.8
3.4
.0

7.1
26.8
13.1
26.6

12.0
20.1
8.6
16.5

14.7
31.2
18.6
37.3

11.7
40.7
15.9
36.4

10.0
38.1
7.2
15.6

-3.3
-1.2
3.2
8.9

-.9
-6.6
.4
4.6

-.2
1.6
.9
8.4

-.8
4.5
4.0
10.4

-5.2
-2.5
2.8
7.9

Transportation equipment
37
Motor vehicles and parts
371
Autos and light trucks
Aerospace and misc.
372-6,9
Instruments
38
Miscellaneous
39

2.8
10.1
9.1
-4.3
1.2
2.1

4.8
18.0
13.6
-8.9
-1.7
5.5

1.2
6.8
5.7
-6.0
1.2
2.6

-6.1
-3.0
-3.3
-10.6
.5
.9

5.4
-3.7
-.5
19.3
3.0
2.5

-.1
-.6
.3
.0
.2
.0

-.1
1.2
-2.1
-1.0
-.6
-.5

-2.0
-1.8
-.3
-1.9
-2.8
-3.6

.1
-.4
-.6
1.2
-.1
.3

-1.9
-6.0
-2.0
3.5
.2
.9

20
21
22
23
26

3.5
1.8
4.1
6.5
.4
.3

.5
1.6
-16.3
5.1
2.2
6.5

4.6
2.1
40.5
5.9
5.2
4.7

-.9
.8
-8.8
-5.5
-7.6
-2.6

2.2
2.1
2.3
2.0
-2.5
1.4

.3
.2
-1.5
.2
-.5
-.1

-.4
-1.0
3.3
.5
.9
-.3

-.9
-1.5
15.8
.9
1.2
.5

.1
.4
-2.7
.2
1.4
.4

-.3
.1
-3.6
.2
.3
-.6

27
28
29
30
31

2.6
4.9
3.6
9.0
5.0

-2.6
-1.4
2.8
6.4
-3.8

1.2
4.6
-.9
9.5
-8.3

-1.3
1.6
.4
-.5
-8.9

1.2
3.6
3.1
2.9
-3.4

-1.2
-.4
-.3
-.3
-1.2

-1.4
-2.4
-.9
-.9
-5.1

.6
-.8
.2
.0
.3

.5
-1.2
-.4
-.6
1.5

10
12
13
14

.3
5.7
-.7
-.3
3.4

-.3
2.2
-3.3
-.6
5.6

1.6
-3.0
8.9
—3
70

-1.3
4.7
-.2
-2.5
.2

3,9
.1
4.1
4.1
5.6

.0
-.4
-.2
.2
-1.1

.2
-.3
-.1
.0
2.7

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

.5
^3.3
2.9
.5
-1.8

-.8
3.7
-6.2
-.2
.3

491,3pt
492,3pt

1.9
2.1
1.1

2.0
1.0
5.5

-.1
1.9
-7.2

6.5
5.3
10.9

.4
1.1
-2.1

-.1
.2
-1.0

.5
.1
1.6

-.3
.1
-1.2

.3
.2
.4

-1.2
-.6
-3.1

3.9

3.0

6.0

.7

3.1

.2

-.2

-1-0

.4

-.1

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
Metaimining
Coal mining
Oil and gas extraction
Stone and earth minerals
Utilities
Electric
Gas

.3
.5
.0
.3
—1

SPECIAL AGGREGATES
Manufacturing excluding:
Computer and office equipment

[

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.




Table 3
INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1987-1996 1
TOTAL INDUSTRY
Seasonally ad usted
Jan.

Feb.

Mar.

Apr.

May

June

July

Auq.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

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

.4

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

.9
.0
-.2
.0
1:2
-.3
.2
.5
.2
.6

.6
.7
-1.0
-.1

-.1
-.4
-.2
.1
.9
.5
1.0
.1
.4
.1

1.3
.3
-.5
-.5
-.1
.8
.3
.6
-.4
.0

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

.3
.5
.0
.0

.1
.5
.4
.2
.1
-.4
-.2
.0
.8
.3

.3
.7
.4
-1.3
-.1
.6

.5

.7

.3
.3
-.4

1.2
.3
-.8
.5
-.8
.7
.5
.5
-.2
1.3

.6
.2
.8

.9

4.3
3.1
3.8
1.9
-8.2
1.1
3.7
6.2
3.9
1.6

6.7
3.0
.5
.8
1,3
6.7
.8
6.7
-.7
6.2

5.6
3.8
-4.4
.9
6.3
2.2
1.7
4.4
3.2
3.3

6.9
3.6
.0
-5.7
1.1
5.6
5.8
5.6
.8
3.8

4.6
4.4
1.8
-.2
-2.0
3.2
3.4
5.0
3.3
2.7

Industrial
Production
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

90.2
95.8
99.7
98.5
96.7
97.5
102.3
105.7
111.9
112.4

Capacity
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

Year
Industrial
Production,
Percent
Change
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

Utilization
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

.7
.1
-.5

-.3
.9

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

91.2
96.1
98.9
.99.0
95.9
.98.1
102.8
106.2
111.6
113.8

91.5
96.2
99.8
99.4
95:0
98.9
102.8
107.0
111.7
113.2

91.9
96.7
100.1
98.9
95.3
99.6
103.2
107.4
111.4
114.3

92.3
96.8
99.5
99.3
96.0
100.0
102.6
108.1
111.5
114.8

93.1
96.8
•99.3
99.3
97.2
99.7
102.8
108.6
111.7
115.5

93.7
97.4
98.3
99.2
97.2
100.4
103.1
109.1
111.7
115.5

93.8
98.0
98.7
99.4
97.4
100.1
102.8
109.2
112.6
115.8

93.7
97.6
98.5
99.5
98.3
100.5
103.9
109.3
113.0
116.0

94.9
97.9
98.1
99.0
98.2
101.3
104.1
109.9
112.5
116.0

95.2
98.6
98.5
97.7
98.1
101.9
104.6
110.6
112.7
116.9

91.0
95.8
99.1
96.0
99.5
98.9
99.0
97.1
95.8
97.4
101.9
98.2
105.4 '102.6
111.6 106.3
112.8 111.8
117.7 113.1

92.5
96.8
99.6
99.2
96.2
99.8
102.8
108.0
111.6
114.8

93.7
97.7
98.5
99.4
97.6
100.3
103.3
109.2
112.4
115.8

95.3
98.5
98.5
97.9
97.9
101.7
104.7
110.7
112.7
116.8

93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.1

113.9
115.3
116.8
119.2
121.4
123.3
125.7
128.0
131.8
136.3

114.0
115.5
117.0
119.3
121.5
123.6
125.8
128.3
132.1
136.7

114.1
115.6
117.2
119.5
121:7
123.8
126.0
128.6
132.5
137.1

114.3
115.7
117.4
119.7
121.9
124.0
126.2
128.9
132.8
137.5

114.4
115.8
117.6
119.9
122.0
124.2
126.4
129.2
133.2
137.9

114.5
115.9
117.8
120.0
122.2
124.4
126.6
129.5
133.6
138.4

114.6
116.0
118.0
120.2
122.4
124.6
126.7
129.8
134.0
138.8

114.7
116.2
118.2
120.4
122.5
124.7
126.9
130.1
134.3
139.2

114.8
116.3
118.4
120.6
122.7
124.9
127.1
130.5
134.7
139.6

115.0
116.4
118.6
120.8
122.8
125.1
127.3
130.8
135.1
140.0

115.1
116.5
118.8
121.0
123.0
125.3
127.5
131.1
135.5
140.5

115.2
116.7
119.0
121.2
123.2
125.5
127.7
131.4
135.9
140.9

114.0
115.5
117.0
119.3
121.5
123.6
125.8
128.3
132.1
136.7

114.4
115.8
117.6
119.9
122.0
124.2
126.4
129.2
133.2
137.9

114.7
116.2
118.2
120.4
122,5
124.7
126.9
130.1
134.3
139.2

115.1
116.5
118.8
121.0
123.0
125.3
127.5
131.1
135.5
140.5

114.6
116.0
117.9
120.1
122.3
124.4
126.7
129.7
133.8
138.6

79.1
83.1
85.3
82.6
79.6
79.0
81.4
82.6
84.9
82.4

80.0
83.3
84.5
82.9
78.9
79.4
81.7
82.8
84.5
83.2

80.2
83.2
85.1
83.2
78.1
79.9
81.6
83.2
84.3
82,6

80.5
83.6
85.2
82.6
78.2
80.4
81.7
83.3
83.9
83.1

80.7
83.6
84.6
82.8
78.7
80.6
81.2
83.7
83.7
83.2

81.3
83.5
84.3
82.7
79.5
80.2
81.2
83.9
83.6
83.5

81.8
84.0
83.3
82.5
79.5
80.6
81.3
84.1
83.4
83.2

81.7
84.3
83.5
82.5
79.5
80.2
81.0
83.9
83.8
83.2

81.6
84.0
83.2
82.5
80.1
80.-5
81.7
83.7
83.9
83.1

82.6
84.1
82.7
81.9
79.9
81.0
81.8
84.1
83.3
82.8

82.7
84.6
82.9
80.7
79.7
81.3
82.1
84.4
83.2
83.2

83.1
85.0
83.2
80.1
79.1
81.2
82.5
84.9
83.0
83.5

79.8
83.2
85.0
82.9
78.9
79.5
81.6
82.9
84.6
82.8

80.8
83.6
84.7
82.7
78.8
80.4
81.4
83.6
83.7
83.3

81.7
84.1
83.3
82.5
79.7
80.4
81.3
"83.9
83.7
83.2

82.8
84.6
82.9
80.9
79.6
81.2
82.1
84.4
83.2
83.2

81.3
83.9
84.0
82.3
79.2
80.4
81.6
83.7
83.8
83.1

.4

.0
.9
.5
-.9
.8

.1

.4

.1
.7

.1
.7

1. Estimates from October 1996 through December 1996 are subject to further revision in the upcoming monthly releases.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.




Table 4
INDUSTRIAL PRODUCTION, CAPACITY AND UTILIZATION: 1987-19961
MANUFACTURING
Seasonally ad usted
Year
Industrial
Production,
Percent
Change
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

-.8
-.2
.9
-.2

1.6
.4

.5
1.0
.1
-.8
.3
.6
.5

.3
-.1
-.7
.4
.7
.4
-.5
.7
-.1

1.0

.7
.7
-1.1
.0
.2
.7
.3
.8
-.1
:5

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

.0

.5
1.0
.4
-1.3
-.2
.6
.5
.7
-.1
.6

.6
.6
.1
-.6

.1

.1
.2
-.3
.0
1.1
.4
1.1
.2
.7
.2

1.3
.2
-.6
-.6
-.1

•4

.0
.0
-.1
1.4
-.1
.0
.2
.2
.7

5.0
2.4
4.3
2.9
-9.7
2.3
4.5
6.3
4.2
1.1

7.0
4.1
-.7
-.1
1.2
7.3
1.4
8.1
-1.4
6.3

5.5
3.7
-4.5
.8
7.8
2.8
1.2
5.0
2.6
5.0

7.6
5.2
-1.4
-6,3
1.7
5.1
6.2
6.7
1.0
3.7

5.3
4.7
1.9
-.5
-2.4
4.0
3.7
5.5
3.5
2.7

93.4
97.5
98.5
99.0
97.0
100.5
103.5
110.2
113.4
117.2

95.1
98.7
98.1
97.4
97.5
101.7
105.1
111.9
113.7
118.3

92.8
97.1
99.0
98.5
96.2
100.0
103.7
109.4
113.2
116.3

.9

.2
-.1
.8
.3

—9

-.7

-1.1

.2
.8
.1
.4

-.4

.8
.3
.6
-.4
1.3

.9
.1
.9
.1
-.8

Industrial
Production
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

89.6
95.4
100.3
98.1
95.8
97.2
102.6
106.0
113.3
113.4

91.0
95.8
99.1
99.0
95.1
98.0
102.9
106.6
112.9
114.8

91.2
95.7
99.9
99.3
94.1
98.9
103.0
107.5
113.1
113.9

91.6
96.7
100.0
98.6
94.4
99.5
103.6
108.2
112.7
1-15.2

91.9
96.6
99.4
99.0
95.0
100.0
103.0
109.0
112.6
115.7

92.8
96.6
99.4
98.9
96.3
99.9
103.0
109.2
112.9
116.4

93.4
97.2
98.3
98.8
96.6
100.5
103.4
110.0
112.7
117.0

93.3
97.5
98.7
99.1
96.8
100.2
103.0
110.1
113.4
117.2

93.4
97.7
98.4
99.1
97.8
100.6
104.2
110.3
114.2
117.4

94.6
97.9
97.9
98.5
97.8
101.4
104.4
111.1
113.8
117.4

95.0
98.9
98.2
97.2
97.6
102.0
105.0
111.9
113.6
118.1

92:1
90.6
95.6
96.6
95.7
99.4
99.6
98.3
99.8
98.8
98.8
96.6
95.2
95.0
97.1
99.8
98.0
101.8
105.9 102.9 103.2
112.9 106.7 108.8
113.8 . 113.1 112.7
119.3. 114.0 .115.8,

Capacity
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

113.2
115.1
117.0
119.9
122.4
124.5
127.2
129.8
134.0
139.1

113.4
115.3
117.3
120.1
122.6
124.7
127.4
130.1
134.4
139.6

113.6
115.4
117.5
120.3
122.7
125.0
127.6
130.5
134.8
140.1

113.8
115.5
117.8
120.5
122.9
125.2
127.8
130.8
135.2
140.5

113.9
115.7
118.0
120.7
123.1
125.4
128.0
131.2
135.6
141.0

114.1
115.8
118.3
120.9
123.3
125.7
128.2
131.5
136.0
141.5

114.2
116.0
118.5
121.1
123.5
125.9
128.4
131.9
136.5
142.0

114.4
116.1
118.7
121.3
123.6
126.1
128.6
132.2
136.9
142.5

114.6
116.3
119.0
121.5
123.8
126.3
,128.9
132.6
137.3
142.9

114.7
116.5
119.2
121.7
124.0
126.5
129,1
132.9
137.8
143.4

114.9
116.6
119.5
121.9
124.2
126.8
129.3
133.3
138.2
143.9

115.0
116.8
119.7
122.2
124.3
127.0
129.5
133.6
138.7
144.4

113.4
115.3
117.3
120.1
122.6
124.7
127.4
130.1
134.4
139.6

113.9
115,7
118.0
120.7
123.1
125.4
128.0
131.2
135.6
141.0

114.4
116.1
118.7
121.3
123.6
126.1
128.7
132.2
136.9
142.5

114.9
116.6
119.5
121.9
124.1
126.8
129.3
133.3
138.2
143.9

114.1
115.9
118.4
121.0
123,4
125.8
128.3
131.7
136.3
141.7

79.1
82.9
85.7
81.8
78.2
78.1
80.7
81.6
84.6
81.5

80.2
83.1
84.5
82.4
77.6
78.6
80.8
81.9
84.0
82.2

80.3
82.9
85.0
82.6
76.6
79.1
80.7
82.4
83.9
81.3

80.6
83.7
84.9
81.8
76.8
79.5
81.0
82.7
83.4
82.0

80.7
83.5
84.2
82.0
77.2
79.7
80.5
83.1
83.0
82.0

81.4
83.4
84.1
81.8
78.1
79.5
80.4
83.0
83.0
82.3

81.8
83.8
83.0
81.6
78.2
79.9
80.5
83.4
82.6
82.4

81.5
84.0
83.1
81.7
78.3
79.5
80.1
83.3
82.9
82.3

81.5
84.0
82.7
81.5
79.0
79.7
80.9
83.2
83.2
82.1

82.5
84.1
82.1
80.9
78.9
80.1
80.9
83.6
82.6
81.8

82.8
84.8
82.2
79.7
78.6
80.4
81.2
84.0
82.2
82.1

83.1
85.1
82.2
79.1
78.1
80.2
81.7
84.5
82.0
82.6

79.9
83.0
85.1
82.3
77.5
78.6
80.7
82.0
84.2
81.7

80.9
83.5
84.4
81.9
77.4
79.5
80.6
83.0
83.1
82.1

81.6
83.9
82.9
81.6
78.5
79.7
80.5
83.3
82.9
82.3

82.8
84.7
82.1
79.9
78.5
80.2
81.3
84.0
82.3
82.2

81.3
83.8
83.6
81.4
78.0
79.5
80.8
83.1
83.1
82.1

Utilization
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

-1.2

.7
—3

i!i

.7
.2

.7
-.4

-.5
-.1
.8
.9
.1
1.0

1. Estimates from October 1996 through December 1996 are subject to further revision in the upcoming monthly releases.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.




Table 5
RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY MARKET GROUPS, 1977-1996

Item

SIC

Total index
Products, total
Final products
Consumer goods
Durable
Automotive products
Other durable goods
Nondurable
Nonenergy products
Energy products
Equipment, total
Business equipment
Industrial
Information processing & related
Transit
Other
Defense and space equipment
Intermediate products
Construction supplies
Business supplies
Materials
Durable
Nondurable
Energy

19771982

Revised index
(percent)
198219871987
1992

19921996

Difference between
revised and earlier indexes
toercentaae points)
19921982198719771996
1992
1987
1982
-.1

-.4

-.6
-.8
.1
.7
-.5
1.6
-.1
-.1
_ •)

_2
-.3
.1
.7
-.3
1.4
.0
.0
-.1

-.6
-.6
.1
1.1
-1.0
2.8
-.2
-.2
-.2

-1.7
-2.5
.0
-3.7
-.4
-.1
.0

-1.7
-2.7
.0
-5.3
-.6
-.1
1.3

-.8
-1.0
-.2
-1.8
-.5
-.3
.1

-1.8
-2.0
1.0
-4.5
.1
-.7
.5

.0
-]i

.0
.0
.0

.0
.1
-.1

-.5
-.3
-.6

.0
-.1
JO
-.2

.5
.6
.0
.1

.2
.3
.0
.0

.0
.2
-.5
.0

-.1

-.1

-.2

.5

4.0

1.4

3.6

-.5

_

1.2
1.6
-.2
-4.3
-7.5
-2.2
1.1
1.5
^.6

4.1
3.6
3.5
8.5
11.2
6.7
2.1
2.2
1.7

1.0
1.4
1.3
1.3
-.1
2.3
1.3
1.3
1.5

2.9
3.0
2.5
6.0
5.9
6.0
1.6
1.4
2.7

-.7
-.9
.0
.0
-.2
.1
-.1
-.1
-.1

3.9
2.6
-2.6
14.5
-1.2
-2.4
6.0

3.6
3.8
-1.7
9.1
4.0
3.2
10.1

1.5
3.3
1.0
4.8
5.8
.3
-3.2

4.0
6.1
6.1
9.4
.0
3.8
-6.3

.0
-2.7
2.1

5.9
6.7
5.3

-.1
-.9
.3

2.3
4.0
1.2

-.5
-.6
-1.1
-.3

3.8
6.9
4.0
-.1

2.0
2.7
1.9
.8

4.7
7.6
1.5
1.0

3,6

1.3

3.1

1.6

2.8

3.7

•)

SPECIAL AGGREGATES
Total excluding:
Computer and office equipment
Business equipment excluding:
Computer and office equipment

-.2

-.2

Note- Growth rates are calculated as the average annual percent change from the first to the last period indicated.




10

Table 6
RATES OF GROWTH IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS, 1977-1996

Item

SIC

19771982

Revised index
(percent}
198719821992
1987

19921996

Difference between
revised and earlier indexes
(oercentaae oointsi
19771992198719821987
1982
'1996
1992

.5

Total index

4.0

1.4

3.6

-.5

-.1

-.1

-.4

.3

5.2

1.5

3.9

-.6

-.3

-.1

-.4

Primary processing
Advanced processing

-2.7
1.9

4.7
5.4

1.0
1.8

2.9
4.3

-.1
-.8

.0
-.5

.0
-.1

-.3
-.5

Durable
Lumber arid products
24
Furniture arrd fixtures
25
Stone, clay, and glass products 32

.0
-4.0
-.1
-3.1

6.2
8.3
6.2
4.5

1.7
-1.0
-.2
-.9

5.9
2.3
2.2
2.7

-1.1
.0
.0
-.1

-.4
.1
.0
.0

-.1
.0
.0
.0

-.5
-.8
-.7
.0

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

-7.5
-10.2
-9.8
-2.8
-2.1

4.0
3.5
3.5
4.6
3.7

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

4.0
3.9
2.9
4.1
4.4

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

.2
.5
.0
.0
.0

.1
.0
.0
.2
-.2

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

3.1
33.4
6.3
23.1

5.5
23.9
7.9
15.8

3.1
10.0
5.7
14.6

118
31.3
13.0
26.7

-4.2
-1.6
.9
6.9

-3.9
-4.5
2.3
9.5

-1.3
-1.6
1.4
5.2

-1.6
-.9
1.8
7.4

37
Transportation equipment
Motor vehicles and parts
371
Autos and light trucks
Aerospace and misc.
372-6,9
Instruments
38
Miscellaneous
39

-2.6
-9.2
SA
4.2
4.9
-1.6

8.8
10.8
12.6
7.4
4.2
1.8

.8
1.0
.3
.5
1.3
1.3

1.4
6.0
5.6
-3.8
.7
3.0

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

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

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

-.7
-1,1
-.7
.1
-.8
-.7

20
21
22
23
26

.5
2.0
.6
-1.9
-.3
1.2

3.9
2.6
-.3
3.7
1.8
4.1

1.3
1.3
-.9
.8
-1.1
1.9

1.5
1.5
1.4
1.7
-.4
1.9

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

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

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

-.3
-.5
2.6
.5
.9
-V1

27
28
29
30
31

3.2
-.4
-3.1
.3
-4.1

5.7
4.1
2.3
8.7
-7.2

-.5
2.8
.6
3.1
-2.3

-.3
2.1
1.6
4.8
-5.3

.0
.0
.0
-.1
.0

-.1
.0
.0
.0
.0

-.1
.1
.1
.0
.0

-.3
-1.0
-.3
-.3
-1.3

10
12
13
14

1.5
-2.2
3.7
1.5
-4.6

-1.7
2.5
1.8
-2.8
5.1

-.3
10.1
1.6
-1.5
-.2

.8
.4
1.4
.1
4.3

.0
.9
.0
-.3
.0

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

-.1
-.3
.0
-.1
,0

.2
.1
-.1
.2
.3

.1
1.6
-3.2

1.7
3.1
-2.8

2.3
2.3
2.4

3.0
3.0
2.7

-.3
.0
-.6

-.1
.0
.3

.0
.0
-.1

-.1

491,3pt
492,3pt

-.4

4.7

1.3

3.3

-.1

.2

.1

-.2

Manufacturing

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

.0
-.4

SPECIAL AGGREGATES
Manufacturing excluding:
Computer and office equipment

Note- Growthrates are, calculatedas the average annual percent change from the- first to the last period indicated.




11

Table 7
RATES OF GROWTH IN CAPACITY, BY INDUSTRY GROUPS, 1992-19961

Item

SIC

1992

Revised index
(percent)
1993
1994

Difference between
revised and earlier indexes
(Dercentacie Doints)

1995

1996

1992

1993

Total index

1.9

1:8

2.8

3.3

3.7

-.2

-.4

Manufacturing

2.1

2.0

3.1

3.7

4.1

-.3

-.5

Primary processing
Advanced processing

1.0
2.6

1.2
2.4

2.0
3.7

2.1
4.6

2.4
4.9

-.3
-.3

Durable
Lumber and products
24
Furniture and fixtures
25
Stone, clay, and glass products 32

2.0
.1
.5
.1

2.5
.3
1.3
.1

4.1
2.4
1.4
.9

5.5
2.1
1.3
1.2

6.1
2.8
2.3
2.2

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
3672-9

-1.1
-2.3
-3.0
.5
-.1

-.1
-1.0
-4.2
.9
1.5

1.4
2.8
.9
-.3
1.5

1.8
1.9
3.1
1.6
2.7

3.8
14.4
6.5
15.9

4.7
19.0
8.1
20.6

6.3
22.8
11.7
27.3

Transportation equipment
37
Motor vehicles and parts
371
Autos and light trucks
Aerospace and misc.
372-6,9
Instruments
38
Miscellaneous
39

1.4
3.2
.8
.1
1.1
1.5

.7
2.9
.0
-1.9
.5
1.5

20
22
23
26

2.2
2.6
1.7
.2
1.8

27
28
29
30
31

1995

1996

-.4

-.3

'-.4

-.5

-.3

-.3
-.6

-.2
-.4

-.5
-.3

-.1
-.4

-.5
-.5
-.6

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

-.5
1.6
-.6
.0

-.5
-1.2
-.4
-.5

-.5
.4
-.1

3.3
4.5
1.1
1.8
2.9

.1
.0
.0
.2
-.4

.2
.0
.0
A
.4

-.5
.0
.0
-1,0
-.4

—3
.0
.0
-.7
.5

.2
.9
-2.8
-.6
.9

9.0
29.0
16.6
35.1

11.4
36.1
16.5
29.7

-.3
.4
.1
1.8

-1.1
.4
.8
8.0

-2.4
-2.2
2.0
9.0

r-2.4
2.2
1:8
10.0

-1.1
6.8
.9
4.2

3.0
7.5
5.5
-2.1
.2
1.4

2.8
7.2
5.9
-2.5
.0
1.4

1.3
3.4
1.8
-1.5
.0
1.4

-.6
-1.6
-.2
-.1
-3.4

-1.3
-1.6
-2.7
-1.1
-.4
-2.3

-.4
.9
-.3
-1.8
-.8
-2.4

.7
1.6
2.7
-.3
-.9
-2.5

-.3
-.6
.0
.2
-1.0
-2.5

1.4
1.8
2.5
.5
2.3

1.8
2.0
3,5
.4
1.5

1.6
2.1
4.1
2.9
1.9

1.7
1.9
2.4
1.3
1.6

-.1
.4
-.8
-1.9
-.5

-.4
-.2
-.8
-2.1
.1

_ g
.0
A
-.6
-.6

-.3
.4
.4
.8
-1.3

.1
.3
.6
.8
-1.2

.6
3.8
-1.5
3.8
-2.6

-.8
2.2
-.6
3.3
-2.1

-.1
3.0
1.9
4.3
-1.7

-.2
2.0
-.2
2.3
-1.9

-.5
3.5
.3
1.6
-1.4

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

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

-1.7
.7
1.6
-.4
.8

-.2
-.4
-.8
-1.2
.9

.0
.9
-.5
-1.5
1.0

10
12
13
14

-1.2
2.5
-.3
-1.8
.0

-.6
1.8
1.4
-1.6
1.9

.7
-1.5
4.3
-.2
1.0

-.4
.9
-.9
-.8
1.9

-.4
1.2
.8
-1.1
1.8

.0
.0
-1.2
.3
-.5

.4
.1
.3
.3
1.0

.8
-1.2
3.2
.4
-.5

-.4
-.1
-2.0
.0
-1.1

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

491,3pt
492,3pt

1.4
1.5
.0

.8
1.4
.2

1.2
1.0
.4

1.8
2.2
.5

2.1
2.6

.7

.3
.0
.0

.2
.7
.0

.8
.6
-:1

.8
1.1
-.2

.7
1.0
-.3

Total excluding:
Computer and office equipment

i.i

1.5

2.5

2.8

3.0

-.<:

Manufacturing excluding:
Computer and office equipment

1.9

1.7

2.7

3.1

3.3

-.3

Nondurable
Foods
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

"~*.O

1994

SPECIAL AGGREGATES
—.*:

-.4

-.3

-.3

-.1

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.
Note—Primary processing manufacturing includes textile mill products, paper a n d products, industrial chemicals, synthetic materials, a n d
fertilizers, petroleum products, rubber a n d plastics products, lumber and products, primary metals, fabricated metals, and stone, clay, and giass
products. 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, transportation equipment, instruments, and miscellaneous manufactures.




12

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
19671995
Ave.

19881989
Hiah

19901991
Low

1994
Q4

1995
Q4

1996
04

1994
Q4

1995
Q4

Total index

82.0

85.3

78.1

84.4

83.2

83.2

-.3

.2

-2

Manufacturing

81.1

85.7

76.6

84.0

82.3

82,2

-.3

.2-

-A

Primary processing
Advanced processing

82.0
80.6

88.9
84.2

77.8
76.1

88.7
81.9

86.2
80.5

86.4
80.4

-.6
-.2

Durable
Lumber and products
24
Furniture and fixtures
25
Stone, clay, and glass products 32

79.3
82.6
81.7
77.9

84.5
93.6
86.6
83.6

73.2
75.5
72.5
69.7

83.5
86.6
83.8
80.7

82.0
84.7
81.3
79.3

81.6
84.5
82.0
79.5

—4
-A.0
-2.1
-.1

.1
St.
.3
-2.8
-.1
-.2

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
3672-9

80.1
80.0
79.7
80.5
77.7

92.7
95.2
92.7
89.3
82.0

73.7
71.8
71.5
74.2
72.2

93.6
93.5
94.8
93.9
85.8

91.1
90.7
92.5
91.8
84.3

90.8
89.3'
89.7
92.7
84.6

-1.7
-1.4
-.7
-1.9
1.0

-.7
-.2
-.8
-1.2
.5

80.9
80.9
80.8
79.4

85.4
86.9
84.0
81.0

72.4
66.9
75.1
75.5

88.0
82.2
87.8
87.3

90.2
89.7
87.3
88.2

89.1
91.0
80.3
78.6

.8
-.3
.1
1.9

2.1
1.1
1.7
2.2

-1.2
-5.4
3.1
4.7

Transportation equipment
37
Motor vehicles and parts
371
1
Autos and light trucks
Aerospace and misc.
372-6,9
Instruments
38
Miscellaneous
39

76.0
76.6
75.7
82.1
75.1

85.8
89.1
92.2
87.3
81.4
79.0

68.5
55.9
53.3
79.2
77.2
71.7

76.0
82.5
85.1
68.1
77.2
78.0

69.4
74.7
77.7
62.5
77.6
77.6

72.2
69.5
76.0
75.7
79.9
78.5

-1.3
-2.5
_ -|
A
-.8
2.2

-1.6
-3.7
-2.6
1.4
-.2
4.3

-2.8
-7.6
-4.2
3.6
.7
6.7

20
22
23
26

83.5
83.1
85.6
81.4
89.3

87.3
85.4
90.4
85.1
93.5

80.7
82.7
77.7
75.5
85.0

84.7
82.5
92.2
86.3
93.1

82.6
81.5
83.6
77.5
89.0

82.9
81.7
83.3
74.5
88.8

-.1
—4
1^6
5.1
-.8

.3
-.3
1.3
5.1
.8

-.1
-.5
1.0
4.5
1.4

27
28
29
30
31

86.2
79.6
85.8
84.5
81.7

91.7
86.2
88.5
89.6
83.3

79.6
79.3
85.1
77.4
76.1

82.3
79.2
91.2
93.5
78.6

81.4
78.9
91.7
91.0
73.0

82.8
79.0
94.3
92.1
71.5

.3
-1.5
-1.6
-.3
-€.2

1.0
-1,8
-.6
.8
-6.2

1.4
-3,5
-.5
1.6
-5.7.

10
12
13
14

87.3
77.9
87.0
88.3
84.9

86.8
89.4
91.5
86.6
89.1

86.1
79.9
83.4
87.5
79.4

88.7
84.5
84.4
89.8
92.7

88.0
87.7
84.9
88.3
91.2

91.8
86.8
87.6
92.9
94.5

-.6
.1
-2.2
-.4
2.4

.2
-2.6
1.9
.0
1.6

-.3
.6
-2.9
.0
2.5

491,3pt
492,3pt

87.1
88.9
82.3

92.6
95.0
85.0

83.4
87.1
67.1

86.4
89.1
77.2

90.4
91.8
85.2

88.9
90.5
82.8

-i!i

-1.1
-1.2
-.7

-2.8
-2.7
-3.0

Total excluding:
Computer and office equipment

82.1

85.4

78.2

84.5

83.0

83.0

_

Manufacturing excluding:
Computer and office equipment

81.1

85.8

76.8

84.1

82.1

81.9

-1

.5

.5

Item

SIC

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

-.6
—4

1996
Q4

-.1
-.2
-.1
-2.6
.3
.0
-.1
-7-2.1

2.4
2.5
-.2

SPECIAL AGGREGATES

1. Series begins in 1977.
Note—-The "nigh" columns refer to periods in which utilization in most industries peaked; the "low" columns refer 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.




13

Table 9
VALUE ADDED AND ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, BY INDUSTRY GROUPS

1992
value-added
proportion

Previous
1994

1995

IP

IP

1992
value-added
proportion

Revised
1994
1995
IP
IP
proportion
proportion

1996

SIC

IP

Total index

oroDortion

proportion

100.0

Item

100.0

100.0

100.0

100.0

100.0

100.0

proportion

85.4

86.2

86.5

85.4

86.6

86.6

86.4

Primary processing
Advanced processing

26.6
58.9

26.7
59.6

26.3
60.1

26.5
58.9

28.2
58.4

28.3
58.4

27.7
58.7

Durable'"' '
~
"',i-,.-.
Lumber and products
24
Furniture and fixtures
25
Stone, clay, and glass products 32

45-0
2.0
1.4
2.1

47:2
2.0
1.4
2.0

48.1
1.9
1.4
20

45.0,,
2.0
1.4
2.1

46:3
2.2
1.4
2.2

46.5
2.0
1.3"
2.1

46.8
21
1.3
2;i

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
3672-9

3.1
1.7
.1
1.4
5.0

3.2
1.8
.1
1.4
5.1

3.2
1.8
.1
1.4
5.1

3.1;
.1
1.4
5.0

3.6
2.0
.1
1.6
5.2

3.6
1.9
.1
1.7
5.3

3.5
1.9
.1
1.6
5.3

8.0
1.8
7.2
2.6

9.2
2.5
8.2
3.3

10.1
3.3
9.1
4.0

8.0
1.8
7.3
2.6

8.6
1.7
7.7
4.2

9.1
2.1
8.3
4.6

9.5
2.5
8.6
4.8

Transportation equipment
37
Motor vehicles and parts
371
Autos and light trucks
Aerospace and misc.
372-6,9
Instruments
38
Miscellaneous
39

9.5
4.8
2.5
4.7
5.4
1.3

, 9.5
5.7
3.0
3.8
5.0
1.4

9.1
5.6
2.9
3.5
4.9
1.3

9.5
4.9
2.6
4.6
5.4
1.3

9.3
5.4
2.7
3.8
5.0
1.3

8.6
5.1
2.4
3.5
4.8
1.3

8.4
4.8
2.3
3.6
4.7
1.3

40.5
9.4
1.6
1.8

39.1
9.1
1.4
1.8

40.4
9.4
1.6
1.8
2.2
3.6

40.3
9.3
1.2
1.8
2.1
3.7

40.2
9.3
1.2
1.7
1.9
3.7

39.5
9.4
1.2
1.6
1.8
3.3

Manufacturing

Nondurable
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products

3.6

3.6

38.3
9.0
1.4
1.7
1.9
3.5 .

27
28
29
30
31

6.8
9.9
1.4
3.5
.3

6.3
9.5
1.4
3.8
.2

6.1
9.5
1.3
3.7
.2

6.7
9.9
1.4
3.5
.3

6.6
10.0
1.6
3.8
.2

6.5
10.2
L6
3.8
.,2

6.5
10.1
1.8
3.8
.2

10
12
13
14

6.9
.5
1.0
4.8
.6

6.3
.4
1.0
4.4
.6

6.1
.4
1.0
4.2
.6

6.9
.5
1.0
4.8
.6

5.9
.5
.9
3.9
.6

5.6
.5
.9
3.7
.6

,5.6
.4
.9
3.7
.6

7.7
6.1
1.6

7.4
5.9
1.5

7.7

491,3pt
492,3pt

5.9

7.5
5.9

7.7
6.0

1.6

1.7

8.0
6.3
1.8

20
21
22
23
26

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

1.7

2.2

•2.1

7.4
1.5

•

6.2
1.6

Note- The IP proportion data are estimates of the industries', relative contributions to overall |P growth in the following year. For example, a 1
percent increase in durable goods manufacturing in 1997 would account for a 0.468 percent increase in total IP.




14

Table 10
RATES OF GROWTH IN ELECTRIC POWER USE, 1973-1996
Difference between
revised and earlier indexes
toercentaoe Doints)

Revised index
percent)
1992
Billion
KWH1

19731979

19791989

19891996

19731979

19791989

19891996

Total
Utility sales to industry
Industrial generation

934.1
835.3
98.8

2.4
2.6
-1.6

.5
.5
1.0

1.3
1.2
2.4

-.1
-.2
2.8

.0
-.1
1.7

.1
1.1

MAJOR INDUSTRY GROUPS
Manufacturing
Durable
Nondurable
Mining

854.0
365.8
488.3
80.1

2.2
1.9
2.5
5.6

.6
.1
1.0
.4

1.3
.6
2.0
1.0

-.1
.1
-.2
-.2

.0
.0
-.1
.2

.2
.1
.2
.0

-.5
.1
.5
.0
1.3

.0
.0
-.1
.1
1.5

Item

SIC

.2

INDUSTRY GROUPS
Chemicals and products
Primary metals
Paper and products
Foods
Petroleum products

28
33
26
20
29

171.7
150.9
113.3
58.8
47.0

2.4
1.9
3.2
2.7
3.5

-.5
-1.8
2.7
2.4
1.9

1.5
-.6
1.6
2.9

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

Transportation equipment
Rubber and plastics products
Oil and gas extraction
Stone, day, & glass products
Industrial machinery & equipment

37
30
13
32
35

39.6
38.0
36.0
33.8
33.2

.4
4.8
3.1
2.7
3.1

2.0
3.0
.5
.0
1.8

.6
4.3
.2
1.0
.6

.1
.0
.2
.0
.2

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

.4
.0
.2
.0
-.2

Electrical machinery
Textile mill products
Fabricated metal products
Lumber and products
Metal mining

36
22
34
24
10

33.0
31.5
31.4
19.8
18.6

1.4
.4
2.1
2.3
9.3

1.6
1.0
1.4
2.0
.1

2.2
1.4
1.4
2.5
2.9

.1
.0
-.5
-2.2
-.3

-.3
.0
-.4
-1.2
1.0

.8
.1
-.1
-.5

Printing and publishing
Instruments
Stone and earth minerals
Coal mining
Apparel products

27
38
14
12
23

17.3
13.7
12.8
12.7
8.2

2.2
2.3
4.5
7.6
-1.9

4.9
4.7
-.1
1.2

-.7

.7

2.6
.8
1.4
-.2
.0

.1
-3.1

-.2
.0
.2
-.3
-1.7

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

Furniture and fixtures
Miscellaneous manufactures
Tobacco products

25
39
21

6.0
4.5
1.5

1.0
2.3
2.5

3.3
1.0
1.9

1.8
4.1
.5

-1.0
-.6
2.3

.2
-.1
2.4

-.4
-.6
-3.0

2.6

.0

-.7

.2

1. Billions of kilowatt hours sold in 1992 to each category as reported by the Bureau of the Census.
Note- Growth rates are calculated as the average annual percent change from the first to the last period indicated.
1996 estimate is average through November.




15

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