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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
July 15, 2005

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.9 percent in June, and at 119.7 percent of its 1997 average, it was 3.9 percent
higher than its level in June 2004. The increase in June was the largest for the overall index since February 2004; a jump
of 5.3 percent in the output of utilities, the result of warmer-than-usual temperatures, accounted for more than one-half of
the June gain. Despite last month’s large rise, total output advanced only 2.1 percent (annual rate) in the second quarter,
the smallest quarterly increase since the second quarter of 2003. Manufacturing output advanced 0.4 percent in June, and
the index for manufacturing excluding motor vehicles and parts edged up 0.1 percent. Production at mines rose
(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

1997=100

Percent change

Industrial production

2005
Mar.r

Apr.r

Mayr

Junep

Total index
Previous estimates

118.6
118.5

118.2
118.2

118.6
118.6

119.7

.2
.2

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

116.8
113.5
125.6
115.5
109.4
121.4

116.5
112.5
126.9
115.5
110.0
120.9

117.4
113.3
128.2
115.6
110.1
120.9

118.6
114.7
128.4
116.6
109.7
121.8

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

120.5
120.4
92.9
117.5

120.4
120.3
92.9
115.0

120.9
121.0
93.1
114.4

121.4

Capacity utilization

Average
1972-2004

1982
low

1988-89
high

93.5
120.5

2005
Mar.r

June ’04 to
June ’05

Mayr

Junep

-.3
-.3

.3
.4

.9

3.9

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

-.3
-.9
1.0
.0
.5
-.4

.8
.8
1.0
.0
.1
.0

1.0
1.2
.2
.9
-.4
.7

5.5
4.1
8.2
3.6
2.5
2.5

-.1
-.2
-.1
3.6

-.1
-.1
.0
-2.1

.5
.6
.2
-.5

.4

3.8

.4
5.3

2.5
5.9

Percent of capacity
2004
2005
June
Mar.r

Apr.r

Apr.r

Mayr

Junep

Capacity
growth
June ’04 to
June ’05

Total industry
Previous estimates

81.0

70.8

85.1

77.8

79.5
79.4

79.2
79.1

79.4
79.4

80.0

1.2

Manufacturing (see note below)
Previous estimates
Mining
Utilities

79.8

68.5

85.6

76.5

85.8
92.8

86.2
84.5

78.2
78.2
88.6
83.8

1.3

78.6
77.7

77.9
77.9
88.3
84.3

78.4

87.1
86.8

78.1
78.0
88.2
86.2

89.0
88.2

-.6
1.4

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.4
82.1
77.9

77.3
68.0
71.1

88.9
86.5
83.1

85.7
79.7
74.0

87.0
80.5
76.8

86.8
79.9
76.7

86.8
79.8
77.3

87.1
80.7
77.7

-.5
2.0
.5

r Revised. p Preliminary.
NOTE- The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines as manufacturing,
mining, and electric and gas utilities. Manufacturing comprises those industries included in the North American Industry Classification System, or NAICS,
definition of manufacturing plus the logging and newspaper, periodical, book and directory publishing industries that have traditionally been considered
manufacturing and included in the industrial sector.

0.4 percent. Capacity utilization for total industry rose to 80.0 percent; the rate was 2.2 percentage points above its value
in June 2004 but was 1.0 percentage point below its 1972-2004 average.
Market Groups
The production of consumer goods rose 1.2 percent in June. The output of durables moved up 1.8 percent,
although the index declined 2.5 percent (annual rate) in the second quarter. The output of automotive products rose
2.8 percent in June, its second consecutive monthly increase after declines in March and April. All other major categories
of consumer durables advanced in June, though at a slower pace than did automotive products. The production of
consumer nondurables rose 1.0 percent in June and increased 3.2 percent (annual rate) in the second quarter. The output
of consumer energy products moved up 4.2 percent in June, and the production of non-energy nondurables rose
0.2 percent. Output increased for all major categories of nondurables except clothing.
The index for business equipment advanced 0.2 percent in June and moved up at an annual rate of
7.9 percent in the second quarter, its eighth consecutive quarterly rise. The production of transit equipment rose
0.8 percent in June, and the output of information processing equipment advanced 0.4 percent. Although the index for
industrial and other equipment fell slightly in June, it increased at an annual rate of 6.2 percent in the second quarter. The
production of defense and space equipment rose 1.4 percent in June and was up 11.3 percent from its June 2004 level.
The index for construction supplies declined 0.4 percent in June but rose at an annual rate of 2.9 percent in
the second quarter. The index for business supplies increased 1.4 percent in June.
The production of materials advanced 0.7 percent in June; the output of non-energy materials posted a
modest gain of 0.1 percent, but the output of energy materials climbed 2.2 percent. The index for non-energy materials
fell at an annual rate of 1.9 percent in the second quarter after a string of seven quarters of increases. Among non-energy
materials, the output of durable materials edged up 0.1 percent in June, as gains in the production of consumer parts and
of equipment parts were nearly offset by a decline in the output of other materials, such as steel. The index for
nondurable materials was unchanged, as the output of paper increased but that of textiles and chemicals declined.
Industry Groups
Manufacturing output rose 0.4 percent in June; at an annual rate, the index moved up just 1.5 percent in the
second quarter. The overall factory operating rate increased 0.2 percentage point last month, to 78.4 percent. The
production of durable manufacturing goods rose 0.6 percent and was led by a 2.9 percent gain in the output of motor
vehicles and parts. Among the other major categories of durable goods, the production of computer and electronic
products rose 0.7 percent in June, and the output of aerospace and miscellaneous transportation equipment increased
0.9 percent. A decline in the output of steel in June contributed to a 2.2 percent drop in the index for primary metals,
which fell at an annual rate of 24.7 percent in the second quarter. The production of nondurable goods edged up
0.1 percent in June, and gains in the output of food, beverage, and tobacco products; paper; petroleum and coal products;
and chemicals contributed to the rise. The indexes for textile and product mills, apparel and leather, printing and support,
and plastics and rubber products industries all posted declines. The output of non-NAICS manufacturing industries
(publishing and logging) rose 0.3 percent.
The output at utilities climbed 5.3 percent in June and was bolstered by a nearly 7 percent jump in electricity
generation. The operating rate at overall utilities rose to 88.2 percent. The output at mines increased 0.4 percent, and the
utilization rate for mining advanced 0.4 percentage point, to 89.0 percent.
By stage of process, capacity utilization for industries in the crude stage moved up 0.3 percentage point, to
87.1 percent. For industries in the primary and semifinished stages, the operating rate rose 0.9 percentage point, to
80.7 percent, and for industries in the finished stage, utilization increased 0.4 percentage point, to 77.7 percent.

2

Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board plans to issue an annual revision to the index of industrial
production (IP) and the related measures of capacity and capacity utilization this fall; the publication date for
the revision is still to be determined. The revised IP indexes will incorporate data from the 2003 Annual
Survey of Manufactures and from selected editions of the 2003 and 2004 Current Industrial Reports, all from
the U.S. Census Bureau. Annual data from the U.S. Geological Survey regarding metallic and nonmetallic
minerals (except fuels) for 2003 and 2004 will also be introduced. The updating will include revisions to the
monthly indicator for each industry (either product data or input data) and revisions to seasonal factors.
Capacity and capacity utilization will be revised to incorporate preliminary data from the
Census Bureau’s 2004 Survey of Plant Capacity, which covers manufacturing, along with new data on
capacity from the U.S. Geological Survey, the Department of Energy, and other organizations.
Once the revision is published, it will be made available on the Board’s website at
www.federalreserve.gov/releases/G17. The revised data will also be available through the website of the
Department of Commerce. Further information on these revisions is available from the Board’s Industrial
Output Section (telephone 202-452-3197).

Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

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
Electric Power Use
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
200
185

Ratio scale, 1997 output = 100
Total
Manufacturing

200
185

160

160

135

135

Capacity

110

110

85

85
Production

Detail: 2001 to present

122

60

60

118
Production

114
110

2001 2002 2003 2004 2005

35

1970

1975

1980

1985

1990

1995

106

2000

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, 1997=100

130
125

125

120

Ratio scale, 1997=100
130
125

130
125

130

120

120

120

Business

115

115

115

110

110

110

110

105

105

105

105

100

100

115

Durable

100
95

95

95

100

Nondurable

Defense and Space

90

90

95

85

90

80

130

130

130

130

125

125

125

125

120

120

120

115

115

90

1998

2000

Nonindustrial supplies

120

2002

2004

115
110

1998

2000

2002

Industrial materials

Ratio scale, 1997=100

Other business

85
2004

80

Ratio scale, 1997=100

115
Non-energy

110

110

105

105

100

100

100

100

95

95

95

95

90

90

105

90

Construction

1998

2000

Capacity utilization

2002

2004

Percent of capacity

90
85
80

1998

2000

105

2002

2004

90

Percent of capacity

90

85

Primary and
semifinished
processing

Energy

Capacity utilization
90

110

90

85

85
Finished processing

80

80

75

75

75

70

75

80

70

70

65

65

Excluding utilities
70

65

1998

2000

2002

2004

5

1998

2000

2002

2004

65

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

Ratio scale, 1997 = 100

125
115

125
115

Excluding
high-technology
industries

95

95

75

75
Total IP

55

35

55

1970

1975

1980

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

400

400
Computers

200

200

60

100
80

Communications eq.
1998

2000

2002

2004

60

2000

-10

2005

95

-15

Percent of capacity

100

600

Semiconductors

1995

Capacity utilization
1,200
1,000
800

100
80

1990

Ratio scale, 1997 = 100

1,200
1,000
800
600

1985

-5

100
95

Excluding
high-technology
industries

85

85

75

75

65

65
High-technology industries

55

1990

1995

2000

2005

55

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

6

Table 1

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

Fourth quarter to
fourth quarter

Annual rate
2005
Q4
Q1r

Monthly rate

2002

2003

2004

100.00

1.5

1.2

4.3

2.7

4.5

3.6

2.1

.2

-.3

.3

.9

3.9

57.99
30.29
8.44
4.46
.32
1.40
2.25
21.85
17.69
9.69
.68
4.80
2.03
4.16

.6
1.6
6.4
10.1
-4.0
1.8
4.3
-.2
-2.3
-3.6
-9.7
.9
-.8
10.1

1.7
1.3
3.3
5.2
34.8
1.4
-3.5
.4
.8
2.4
-14.9
.6
.6
-1.4

4.7
3.0
1.5
1.1
-8.0
3.0
2.6
3.7
4.3
4.4
-5.1
4.1
7.1
1.0

3.2
.8
-1.5
-.9
-23.5
-1.0
.7
1.8
2.5
2.7
-17.6
4.3
4.4
-1.2

5.3
6.0
6.7
13.9
6.3
1.3
-3.4
5.7
4.5
4.0
-1.0
5.0
6.0
11.0

3.9
1.7
.5
.6
-1.2
1.9
-.3
2.2
2.9
-.2
-9.8
5.5
14.5
-.8

3.5
1.6
-2.5
-1.7
-10.8
-2.4
-3.2
3.2
2.8
1.8
-11.6
4.3
8.2
5.0

.3
.2
-1.6
-2.4
-4.3
.8
-.9
.9
.2
.0
-1.4
.4
.9
4.1

-.2
-.9
-1.6
-2.1
-3.0
-2.7
.1
-.6
-.1
-.3
.8
-.1
.7
-3.0

.6
.8
.7
1.1
1.0
1.6
-.6
.8
.8
1.3
-3.4
.3
1.2
.5

1.0
1.2
1.8
2.8
1.3
1.2
.2
1.0
.2
.2
-.7
.3
.5
4.2

5.0
4.1
3.4
7.4
-5.5
1.5
-2.0
4.4
3.8
2.7
-10.2
5.4
9.2
6.8

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

10.01
1.82
2.88
5.30
1.97

-2.6
-12.6
-3.7
2.1
3.8

4.7
.2
16.3
-.5
5.3

9.8
10.9
9.9
9.4
6.1

12.0
8.2
18.5
9.8
9.1

5.4
12.8
11.5
-.2
5.3

8.6
12.1
16.4
3.3
9.4

7.9
3.9
13.5
6.2
16.7

.2
-1.5
.6
.5
.8

1.0
1.0
1.1
1.0
1.9

1.0
.4
2.0
.7
.8

.2
.8
.4
-.2
1.4

8.2
9.9
14.5
4.3
11.3

Construction supplies
Business supplies

4.37
10.95

.1
1.4

.6
.0

3.9
4.8

3.7
.7

.2
4.6

4.4
4.0

2.9
3.1

-.1
.8

.5
-.2

.1
.0

-.4
1.4

2.5
4.0

42.01
30.11
18.80
4.02
6.21
8.57
11.32
.60
2.58
4.55
11.90

2.8
3.5
4.6
7.1
6.2
1.9
1.7
2.0
2.1
2.1
.4

.5
.8
2.2
2.7
5.8
-.9
-1.3
-13.0
-4.3
2.0
-.3

3.6
5.4
7.0
2.1
16.1
2.7
2.9
-4.4
3.2
4.9
-1.2

1.9
4.5
5.4
-2.7
13.4
3.5
2.9
7.3
3.7
4.6
-4.8

3.4
4.9
7.0
10.1
11.8
2.2
1.5
-4.3
-.6
3.4
-.7

3.3
3.5
5.1
2.3
16.4
-1.6
.9
-4.7
5.2
-4.7
2.8

.2
-1.9
-1.8
-5.7
10.6
-8.8
-2.1
-5.5
-6.4
-.4
5.7

.2
.0
-.2
-1.9
.4
.2
.2
-1.1
1.7
-.3
.7

-.4
-.6
-.6
-1.6
1.3
-1.5
-.6
-.7
-2.2
.0
-.1

.0
.1
.1
.2
.8
-.5
.0
1.1
-.9
-.2
-.2

.7
.1
.1
1.8
.5
-1.0
.0
-.4
.4
-.1
2.2

2.5
2.4
3.6
3.0
12.3
-2.4
.5
-2.5
-.2
.0
2.6

321
327
331
332
333
334

81.91
77.18
42.78
1.55
2.22
2.77
5.65
5.46
7.36

1.3
1.6
3.2
.0
.3
7.1
-.2
1.3
5.6

1.5
1.6
3.3
3.2
1.7
.6
-2.9
.6
14.5

5.1
5.1
6.6
.8
4.4
3.3
3.2
11.9
15.2

4.0
4.1
5.9
-2.2
5.5
12.2
2.6
7.0
16.9

4.6
4.8
6.4
.9
4.0
2.4
-.2
4.6
12.3

4.0
3.5
5.1
-6.7
5.2
-8.7
-.1
6.4
22.6

1.5
1.1
2.0
-6.8
1.6
-24.7
.0
9.5
13.9

-.1
-.2
-.4
.2
-1.4
.4
.0
.2
.7

-.1
-.2
-.1
-.9
.5
-4.6
.1
1.5
1.1

.5
.4
.5
1.3
-.1
-1.8
.2
.9
1.5

.4
.4
.6
-2.0
1.1
-2.2
-.4
.2
.7

3.8
3.7
5.3
-3.3
4.9
-8.8
.0
6.9
15.6

335
3361- 3
-

2.15
7.24

-5.2
11.3

1.1
4.8

6.0
2.9

11.1
-1.1

-.7
16.3

-3.9
2.7

.2
-4.3

.5
-3.1

-.3
-1.6

1.0
.4

-.1
2.9

1.0
7.0

3364- 9
337
339

3.55
1.70
3.13

-7.5
4.2
7.4

.8
-1.8
-2.2

4.5
2.4
4.3

4.7
-1.4
1.3

5.0
-.9
4.2

8.4
-3.7
5.2

14.8
-5.4
1.1

.5
.9
-.3

1.9
-1.8
.1

.6
.3
-.3

.9
.1
1.1

9.2
-2.8
3.7

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

34.41
11.44
1.07
.74
2.97
2.17
1.98
10.46
3.57

-.4
-2.9
.4
-9.3
4.1
-3.2
4.1
1.0
2.4

-.4
2.1
-8.5
-14.3
-3.3
-3.5
1.2
1.2
-2.2

3.1
3.9
-2.5
-4.6
3.3
.9
4.0
4.2
1.6

1.7
1.9
5.1
-16.1
2.8
-.2
6.4
3.1
-2.0

2.9
3.9
-5.2
-1.0
-.7
1.3
5.9
4.7
.5

1.5
1.5
2.2
-10.5
5.9
2.9
.8
1.1
1.4

.0
1.6
-5.1
-11.2
-8.1
.5
8.4
1.8
-4.4

.1
.1
-.2
-1.4
1.4
1.2
-2.2
.1
-.4

-.3
-.4
-1.1
.7
-2.0
-.8
1.6
-.1
.3

.3
1.3
.9
-3.1
-1.0
.6
.3
.1
-1.0

.1
.2
-1.5
-.6
.3
-.3
2.4
.1
-.5

1.6
2.9
-1.6
-9.8
-.6
.8
6.0
2.7
-2.0

1133,5111

4.73

-3.9

.3

5.2

3.4

.5

11.7

7.1

1.1

.4

1.1

.3

6.5

21
2211,2
2211
2212

8.28
9.82
8.15
1.67

-3.8
7.1
5.7
15.4

.2
-.6
.5
-6.2

-2.0
2.7
3.7
-2.5

-2.0
-4.7
-7.4
11.3

-3.6
10.4
13.0
-2.2

8.4
-3.2
-4.1
1.7

4.3
6.0
7.6
-1.5

-.1
3.6
3.1
6.2

.0
-2.1
-1.5
-4.9

.2
-.5
-1.2
3.2

.4
5.3
6.9
-1.9

2.5
5.9
6.7
2.1

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

Q2p

2005
Mar.r

Apr.r

Mayr

Junep

June ’04
to
June ’05

2004
Q3

2004
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 an 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
2005
Q4
Q1r

Monthly rate

2002

2003

2004

100.00

1.5

1.2

4.3

2.7

4.5

3.6

2.1

.2

-.3

.3

.9

3.9

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

18.87
4.16
2.50
.31
3.87
8.03

2.9
10.1
4.7
-15.5
4.0
-1.5

-.3
-1.4
.1
21.0
.0
-.4

.6
1.0
7.4
8.6
1.7
-2.6

-3.9
-1.2
-5.2
8.0
-10.0
-2.2

4.3
11.0
16.3
17.1
9.6
-5.4

1.4
-.8
-3.4
18.1
1.5
3.4

5.3
5.0
4.9
.0
8.5
4.3

1.6
4.1
1.8
1.7
3.2
-.5

-.9
-3.0
-1.6
-.4
-.7
.2

-.2
.5
-1.2
-3.4
-.3
-.1

3.2
4.2
6.3
2.3
3.7
1.5

4.2
6.8
7.1
11.4
5.2
1.3

Non-energy

81.13

1.2

1.5

5.1

4.2

4.5

4.2

1.4

-.1

-.2

.5

.3

3.8

3341
3342

4.48
1.02
1.21

8.1
.9
-14.3

18.7
21.8
22.5

18.7
6.9
9.6

15.6
-1.0
22.3

14.5
13.8
13.2

29.4
14.9
23.6

12.8
15.2
6.9

.5
1.2
-1.2

.9
1.3
.2

1.8
1.3
4.1

.2
1.2
-1.6

17.0
12.5
14.6

334412- 9
-

2.25

25.2

16.2

29.9

20.0

15.4

39.1

14.8

1.2

1.1

1.0

.8

20.0

76.65

.7

.4

4.2

3.4

3.9

2.7

.7

-.1

-.2

.4

.3

3.0

7.24
3.30
3.43

11.3
11.1
10.8

4.8
6.7
2.7

2.9
2.4
1.7

-1.1
2.5
-4.0

16.3
18.1
11.8

2.7
-.7
5.7

-4.3
-7.8
-1.0

-3.1
-4.6
-2.2

-1.6
-3.3
.0

.4
1.3
-.4

2.9
3.9
2.3

7.0
8.5
5.4

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

69.41
21.98
7.74
4.33
8.12
25.22

-.4
-1.2
-2.2
.2
-.2
.7

.0
.7
.1
.6
-.9
-.9

4.4
3.7
9.3
3.8
3.2
3.9

3.9
1.4
11.7
3.6
1.6
4.3

2.7
3.4
1.9
.1
.9
3.0

2.7
2.3
6.7
4.3
5.1
.4

1.2
1.7
9.7
2.9
2.1
-3.3

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

-.1
-.2
1.3
.5
.2
-.8

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

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

2.6
2.9
7.0
2.4
2.4
.5

Measures excluding selected high-technology
industries
Total industry
Manufacturing1
Durable

95.52
77.43
38.48

1.0
.7
2.3

.3
.4
1.2

3.5
4.2
5.1

2.0
3.3
4.7

4.0
4.0
5.4

2.5
2.6
2.5

1.6
.8
.7

.2
-.1
-.5

-.4
-.2
-.2

.3
.4
.4

.9
.4
.6

3.3
3.0
3.9

Measures excluding motor vehicles and parts
Total industry
Manufacturing1
Durable

92.76
74.67
35.72

.8
.4
1.6

.9
1.2
2.9

4.4
5.3
7.4

3.0
4.5
7.4

3.6
3.5
4.4

3.7
4.1
5.7

2.6
2.0
3.3

.5
.2
.2

-.2
.0
.2

.3
.5
.5

.7
.1
.1

3.7
3.5
4.9

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

88.28
70.18

.3
-.3

-.1
.0

3.6
4.4

2.3
3.8

3.0
2.8

2.4
2.6

2.1
1.3

.5
.2

-.3
-.1

.3
.4

.7
.1

3.0
2.6

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

13.41
16.70

5.5
1.7

1.9
.0

8.4
3.0

6.4
2.9

8.1
2.4

9.0
-.9

1.7
-4.8

-.1
.0

-.3
-.8

.4
-.1

.8
-.6

6.4
-.8

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

Q2p

2005
Mar.r

Apr.r

Mayr

Junep

June ’04
to
June ’05

2004
Q3

2004
proportion

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

Table 3

MOTOR VEHICLE ASSEMBLIES
Millions of units, seasonally adjusted annual rate
2004
average

2004
Q3

Q4

2005
Q1

Q2

2005
Mar.

Apr.

May

June

Total
Autos
Trucks
Light
Medium and heavy

11.96
4.23
7.73
7.37
.36

11.84
4.27
7.57
7.19
.38

12.02
4.15
7.87
7.46
.41

12.09
4.39
7.69
7.25
.45

11.70
4.22
7.48
7.06
.42

11.99
4.34
7.65
7.23
.42

11.50
4.15
7.35
6.93
.42

11.50
4.14
7.36
6.92
.43

12.10
4.37
7.73
7.31
.42

MEMO
Autos and light trucks

11.60

11.46

11.61

11.64

11.28

11.57

11.08

11.06

11.69

Item

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

8

Table 4

INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY
1997 = 100, seasonally adjusted
2004
proportion

Item
It

Total IP

2004
Oct.

Nov.

Dec.

2005
Jan.

Feb.

Mar.r

Apr.r

Mayr

Junep

100.00

116.6

116.9

117.9

117.8

118.3

118.6

118.2

118.6

119.7

57.99
30.29
8.44
4.46
.32
1.40
2.25
21.85
17.69
9.69
.68
4.80
2.03
4.16

114.6
112.3
126.2
137.8
234.9
113.3
102.4
107.0
105.9
104.9
47.6
128.3
110.5
112.7

114.6
112.3
125.7
136.8
225.2
114.0
102.5
107.2
105.8
105.1
48.0
126.9
111.5
114.2

115.6
113.1
126.1
137.9
210.1
114.7
102.5
108.2
106.2
105.2
47.4
127.5
113.5
118.1

115.5
112.4
124.3
134.3
217.0
113.9
102.7
107.8
106.7
105.5
47.1
127.5
115.9
113.4

116.1
113.3
128.1
141.1
230.5
114.4
102.7
107.7
106.7
104.7
46.5
130.0
115.1
113.1

116.5
113.5
126.0
137.7
220.6
115.3
101.8
108.7
106.9
104.7
45.9
130.4
116.1
117.7

116.2
112.5
124.0
134.8
214.1
112.2
101.9
108.0
106.8
104.4
46.2
130.3
116.9
114.2

116.9
113.3
124.9
136.3
216.2
114.0
101.3
108.9
107.7
105.8
44.7
130.6
118.3
114.7

118.0
114.7
127.2
140.2
219.0
115.4
101.5
109.9
108.0
106.1
44.3
131.1
118.9
119.5

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

10.01
1.82
2.88
5.30
1.97

122.7
93.5
180.8
101.8
113.8

122.1
92.8
182.3
100.7
114.5

123.7
94.0
185.3
101.9
115.1

125.2
95.6
188.6
102.6
115.6

125.4
97.2
189.9
101.9
117.4

125.6
95.7
191.1
102.4
118.2

126.9
96.6
193.1
103.4
120.5

128.2
96.9
196.9
104.2
121.4

128.4
97.7
197.8
104.0
123.2

Construction supplies
Business supplies

4.37
10.95

108.3
115.3

107.8
115.9

107.8
117.2

108.5
117.1

109.6
117.0

109.4
117.9

110.0
117.7

110.1
117.7

109.7
119.3

42.01
30.11
18.80
4.02
6.21
8.57
11.32
.60
2.58
4.55
11.90

119.4
126.4
144.8
110.7
243.9
98.9
98.1
67.1
93.3
105.1
97.6

120.1
127.1
145.8
110.6
247.2
99.5
98.4
67.0
94.0
106.4
98.2

121.0
127.5
146.2
110.9
250.4
99.1
98.8
67.1
94.4
107.1
100.1

120.8
128.1
147.2
110.6
255.2
99.2
98.7
67.3
94.7
104.5
98.4

121.2
128.2
147.6
112.8
256.9
98.4
98.5
66.1
94.5
105.3
99.4

121.4
128.1
147.4
110.7
258.0
98.6
98.7
65.4
96.1
105.0
100.1

120.9
127.4
146.6
108.9
261.3
97.1
98.1
64.9
94.0
104.9
100.0

120.9
127.5
146.8
109.2
263.5
96.7
98.1
65.6
93.1
104.8
99.9

121.8
127.6
147.0
111.2
264.9
95.7
98.1
65.4
93.5
104.7
102.1

321
327
331
332
333
334

81.91
77.18
42.78
1.55
2.22
2.77
5.65
5.46
7.36

119.0
120.0
135.7
106.2
106.5
94.3
97.2
98.6
301.0

119.1
120.0
135.9
104.2
106.7
95.2
97.0
98.7
303.5

119.7
120.6
136.8
104.1
108.8
93.1
97.2
99.0
308.0

120.2
120.9
137.3
105.4
108.0
93.2
97.2
100.2
316.2

120.6
121.5
138.4
101.8
109.8
91.3
97.1
100.3
320.9

120.5
121.3
137.9
101.9
108.2
91.7
97.0
100.4
323.1

120.4
121.1
137.8
101.0
108.8
87.4
97.1
101.9
326.5

120.9
121.6
138.5
102.3
108.7
85.9
97.3
102.9
331.6

121.4
122.1
139.3
100.4
109.9
84.0
96.9
103.1
333.8

335
3361- 3
-

2.15
7.24

94.9
127.4

95.3
126.7

97.1
128.2

95.9
126.0

94.0
131.4

94.5
127.3

94.2
125.3

95.2
125.8

95.1
129.4

3364- 9
337
339

3.55
1.70
3.13

101.3
108.7
122.4

101.7
108.5
122.9

102.6
109.4
123.1

102.7
108.3
124.2

104.3
107.2
124.7

104.8
108.1
124.3

106.8
106.2
124.5

107.5
106.4
124.2

108.4
106.5
125.5

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

34.41
11.44
1.07
.74
2.97
2.17
1.98
10.46
3.57

101.2
105.6
76.5
48.2
95.8
87.8
110.1
112.1
104.6

101.2
105.4
75.1
48.7
95.2
88.0
112.0
112.2
104.1

101.4
105.6
74.0
48.1
95.5
87.8
113.6
112.7
104.3

101.6
106.3
76.0
47.6
97.2
88.4
110.7
111.8
105.5

101.6
105.7
75.5
47.1
96.0
88.0
114.1
112.9
104.5

101.7
105.8
75.4
46.4
97.3
89.1
111.5
113.1
104.1

101.4
105.4
74.6
46.7
95.4
88.3
113.3
113.0
104.4

101.7
106.7
75.2
45.3
94.4
88.9
113.6
113.1
103.3

101.9
106.9
74.1
45.0
94.7
88.6
116.3
113.3
102.8

1133,5111

4.73

103.8

104.4

106.1

107.8

107.1

108.3

108.7

109.9

110.2

21
2211,2
2211
2212

8.28
9.82
8.15
1.67

89.0
114.3
118.5
93.4

90.6
114.9
118.2
97.3

91.4
118.5
121.7
101.4

90.8
114.0
117.2
97.3

93.0
113.4
116.9
95.1

92.9
117.5
120.5
101.0

92.9
115.0
118.7
96.0

93.1
114.4
117.2
99.1

93.5
120.5
125.3
97.1

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
1997 = 100, seasonally adjusted
2004
proportion

Item
It

Total industry

2004
Oct.

Nov.

Dec.

2005
Jan.

Feb.

Mar.r

Apr.r

Mayr

Junep

100.00

116.6

116.9

117.9

117.8

118.3

118.6

118.2

118.6

119.7

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

18.87
4.16
2.50
.31
3.87
8.03

104.2
112.7
122.1
116.4
103.3
94.4

105.4
114.2
124.7
122.0
105.2
94.4

107.8
118.1
128.0
123.5
107.6
96.1

105.0
113.4
122.2
123.0
105.5
94.5

105.9
113.1
123.6
126.1
104.2
96.6

107.6
117.7
125.7
128.2
107.5
96.2

106.6
114.2
123.7
127.7
106.8
96.3

106.3
114.7
122.3
123.4
106.5
96.3

109.7
119.5
130.0
126.3
110.4
97.7

Non-energy

81.13

119.0

119.1

119.7

120.2

120.6

120.6

120.4

120.9

121.3

3341
3342

4.48
1.02
1.21

422.2
272.2
157.3

429.8
275.0
160.5

436.6
277.9
162.2

453.3
282.3
168.9

459.3
284.3
169.6

461.8
287.6
167.6

466.0
291.3
167.9

474.6
295.0
174.8

475.8
298.7
171.9

334412- 9
-

2.25

863.7

881.5

900.0

941.0

960.3

971.5

982.3

991.9

999.9

76.65

104.2

104.2

104.6

104.9

105.2

105.1

104.9

105.3

105.6

7.24
3.30
3.43

127.4
132.6
121.0

126.7
131.5
120.7

128.2
131.8
122.7

126.0
127.6
122.4

131.4
136.9
124.9

127.3
130.6
122.2

125.3
126.3
122.2

125.8
127.9
121.8

129.4
132.9
124.6

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

69.41
21.98
7.74
4.33
8.12
25.22

102.1
106.5
103.3
108.1
100.3
97.6

102.2
106.3
102.4
107.6
100.2
98.1

102.5
106.6
103.8
107.6
100.8
98.1

102.9
107.0
104.7
108.3
101.9
98.2

102.9
107.1
104.6
109.3
101.3
97.9

103.1
107.2
105.3
109.2
101.9
98.0

103.0
106.9
106.7
109.8
102.1
97.3

103.4
107.7
107.5
109.9
102.3
97.3

103.5
108.0
107.7
109.4
102.3
97.0

Measures excluding selected high-technology
industries
Total industry
Manufacturing1
Durable

95.52
77.43
38.48

104.2
104.3
107.1

104.4
104.3
107.0

105.2
104.8
107.6

104.9
105.0
107.5

105.3
105.3
108.3

105.6
105.2
107.8

105.2
105.0
107.6

105.5
105.3
108.0

106.4
105.8
108.6

Measures excluding motor vehicles and parts
Total industry
Manufacturing1
Durable

92.76
74.67
35.72

115.8
118.2
136.6

116.2
118.4
136.9

117.1
118.9
137.7

117.1
119.6
138.8

117.3
119.6
138.9

117.9
119.9
139.2

117.7
119.9
139.5

118.1
120.4
140.3

118.9
120.6
140.5

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

88.28
70.18

102.5
102.3

102.7
102.3

103.5
102.7

103.3
103.1

103.4
103.0

103.9
103.2

103.7
103.1

103.9
103.5

104.7
103.6

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

13.41
16.70

158.1
101.2

159.3
101.6

160.5
101.6

162.0
101.6

163.2
101.1

163.1
101.1

162.6
100.3

163.2
100.2

164.6
99.6

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

43.7
59.0
54.7

50.7
61.7
46.8

43.0
49.7
53.0

37.0
61.7
49.7

52.7
58.3
59.7

56.0
53.5

49.7
58.3

48.3
56.3

59.0
44.7

60.3
58.7

71.0
56.7

58.7
57.7

Three months earlier
2003
2004
2005

42.7
66.3
59.2

40.3
61.0
55.7

40.7
62.0
52.3

35.3
62.7
47.7

37.3
61.7
55.8

47.3
61.3

57.3
60.0

55.7
58.0

57.3
53.0

61.7
56.7

71.7
56.3

66.3
62.7

Six months earlier
2003
2004
2005

39.7
67.3
62.0

36.0
70.3
55.7

36.3
67.7
60.7

34.7
72.3
52.3

38.7
65.7
55.7

43.3
62.0

44.0
66.3

43.7
62.7

51.7
58.3

62.0
60.7

69.7
60.0

67.7
65.0

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
19722004
ave.

198889
high

199091
low

199495
high

2004
Q3

Q4

2005
Q1r

Q2p

2005
Mar.r

Apr.r

Mayr

Junep

100.00

81.0

85.1

78.6

84.9

78.2

78.8

79.3

79.5

79.5

79.2

79.4

80.0

84.08
79.81

79.8
79.6

85.6
85.5

77.2
77.0

84.3
84.4

77.0
76.4

77.6
77.1

78.1
77.5

78.2
77.4

78.1
77.4

77.9
77.2

78.2
77.4

78.4
77.7

321
327
331
332
333
334

45.64
1.56
2.19
2.60
6.36
5.63
8.65

78.0
80.0
79.2
80.5
76.6
78.8
78.7

84.5
88.9
84.9
94.3
80.2
84.8
81.7

73.4
73.1
72.0
74.6
71.6
73.0
76.6

83.6
87.7
83.6
95.5
83.6
86.9
83.9

74.4
78.2
80.2
81.9
70.1
77.5
70.9

75.2
78.5
80.8
82.6
70.1
78.4
71.1

75.6
77.2
81.6
80.8
70.1
79.5
72.9

75.4
75.9
81.5
75.0
70.2
81.5
73.5

75.4
76.4
81.1
80.4
70.1
79.7
73.0

75.2
75.7
81.4
76.6
70.2
80.9
73.2

75.4
76.7
81.1
75.1
70.3
81.7
73.7

75.7
75.2
81.9
73.4
70.1
81.9
73.5

335
3361- 3
-

2.16
7.11

82.7
77.8

87.5
90.3

75.1
56.0

92.5
87.8

80.1
79.8

80.2
82.6

79.8
82.5

80.4
80.8

79.8
81.6

79.7
80.1

80.7
80.1

80.8
82.2

3364- 9
337
339

4.31
1.83
3.24

72.4
78.7
76.5

88.7
83.6
81.7

82.1
69.4
77.7

67.9
83.4
80.6

64.9
73.5
76.5

65.5
73.5
77.2

66.6
73.0
78.1

68.5
71.9
78.0

67.0
73.1
77.9

68.2
71.8
78.0

68.5
72.0
77.7

68.9
72.0
78.4

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

34.16
11.09
1.15
.86
2.71
2.39
1.68
10.88
3.40

81.8
81.9
83.1
79.3
88.1
83.7
86.1
78.4
83.7

87.1
85.6
91.5
84.2
93.7
91.6
88.9
85.7
91.1

81.7
81.0
77.2
77.3
85.2
82.7
82.9
80.9
77.1

85.4
84.0
90.7
89.2
92.5
86.0
90.3
81.1
92.2

79.3
80.9
74.8
68.5
86.8
72.0
90.2
75.9
83.2

79.8
81.6
74.5
70.6
86.6
72.1
91.3
76.6
83.5

80.2
81.9
75.8
70.9
87.9
72.6
91.4
76.7
84.0

80.3
82.1
75.8
71.0
86.0
72.9
93.2
77.1
83.4

80.3
81.7
75.8
70.7
88.3
73.1
90.9
77.0
83.6

80.1
81.4
75.4
71.9
86.5
72.6
92.2
77.0
84.0

80.3
82.4
76.4
70.4
85.6
73.1
92.5
77.0
83.3

80.5
82.5
75.6
70.7
85.8
73.0
94.7
77.2
83.0

1133,5111

4.28

84.9

90.5

80.4

83.9

87.6

87.6

89.9

91.4

90.3

90.6

91.6

91.9

21
2211,2

6.99
8.92

87.1
86.8

85.8
92.8

83.5
84.2

89.1
93.9

86.3
83.7

85.6
85.4

87.5
84.4

88.6
85.4

88.2
86.2

88.3
84.3

88.6
83.8

89.0
88.2

3341
3342

5.49
1.17
1.83

78.3
78.4
76.0

81.0
80.2
80.8

74.3
67.5
73.4

86.4
85.0
87.4

69.9
73.7
56.7

69.8
75.9
58.8

71.8
78.2
62.3

71.7
80.1
63.7

71.6
78.8
62.0

71.5
79.5
62.2

72.0
80.1
64.9

71.4
80.8
63.9

334412- 9
-

2.50

81.1

82.8

77.5

90.4

78.5

75.6

76.6

74.8

76.1

75.5

74.8

74.0

94.51
78.59

81.1
79.9

85.5
86.0

78.8
77.3

84.8
84.2

78.9
77.8

79.6
78.5

80.1
79.0

80.3
79.1

80.3
79.0

80.0
78.8

80.2
79.1

80.8
79.3

10.28
47.74
41.98

86.4
82.1
77.9

88.9
86.5
83.1

84.8
77.5
77.2

89.3
87.8
80.5

85.7
79.7
74.9

85.5
80.2
76.0

86.5
80.3
76.7

86.9
80.1
77.3

87.0
80.5
76.8

86.8
79.9
76.7

86.8
79.8
77.3

87.1
80.7
77.7

2004
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

19952005

Fourth quarter to fourth quarter
2002

2003

2004

2005p

2004
Q3

Annual rate
2005
Q4
Q1

Q2

Monthly rate
2005
June

Total industry

3.0

1.9

2.3

3.4

.5

-.2

1.2

1.2

1.3

1.2

1.2

1.1

.1

Manufacturing1

3.2

2.2

2.6

3.8

.0

-.1

1.1

1.4

1.3

1.3

1.4

1.4

.1

Mining
Utilities

.8
4.3

.1
2.1

-.9
1.6

-.5
2.4

-.6
4.6

-1.7
3.0

-.4
1.9

-.7
1.1

-.3
1.8

-.6
1.8

-.7
1.4

-.8
1.0

-.1
.1

18.3

16.9

15.8

28.4

8.0

8.4

13.4

14.9

14.1

15.3

15.3

14.0

1.1

2.5

1.3

1.7

1.6

-.4

-.6

.1

.3

.1

.1

.3

.4

.0

1.7
3.0
3.7

.3
1.5
3.2

-.3
2.6
2.6

-.4
4.3
3.3

-.8
.8
.3

-2.2
-.2
.6

-.2
2.0
.3

-.7
1.8
1.0

-.1
2.3
.2

-.3
2.3
.2

-.5
2.1
.5

-.8
1.6
1.0

-.1
.1
.1

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

2004

2004
Q2

Q3

Q4

2005
Q1r

Q2p

2005
Mar.r

Apr.r

Mayr

Junep

2,815.1

2,859.0

2,842.8

2,863.9

2,905.0

2,931.5

2,952.1

2,940.0

2,928.6

2,946.1

2,981.7

2,113.6
1,481.0
470.8
279.5
191.4
1,010.2

2,163.9
1,542.9
509.9
317.1
193.0
1,033.6

2,148.8
1,534.9
507.4
313.3
194.2
1,028.2

2,167.5
1,536.6
505.0
312.6
192.6
1,032.0

2,201.3
1,560.1
515.1
323.3
192.0
1,045.7

2,223.0
1,569.2
515.6
323.9
192.0
1,053.9

2,237.2
1,572.8
511.6
321.9
190.0
1,060.7

2,229.3
1,575.4
515.1
323.7
191.6
1,060.3

2,215.6
1,556.0
505.1
316.2
189.2
1,050.3

2,234.5
1,569.2
509.3
319.8
189.7
1,059.3

2,261.6
1,593.1
520.5
329.6
191.2
1,072.6

Equipment, total
Business and defense
Business
Defense and space

632.7
616.8
558.7
58.1

623.2
609.9
536.7
72.6

615.8
602.7
529.7
72.2

634.1
620.9
546.7
73.6

644.5
630.4
555.2
74.6

658.2
643.6
566.8
76.2

669.8
655.8
575.9
78.9

657.9
643.7
566.1
76.8

665.1
650.8
571.8
78.1

670.9
657.3
577.7
78.7

673.3
659.2
578.3
79.8

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

701.4
196.8
504.6
136.0

695.3
192.0
503.3
148.5

694.0
191.8
502.2
147.5

696.6
193.7
502.9
146.1

704.0
193.9
510.1
151.5

708.8
195.7
513.1
149.5

715.2
197.1
518.2
152.3

711.1
196.4
514.7
150.3

713.2
197.3
515.9
150.7

712.0
197.5
514.5
148.7

720.5
196.4
524.2
157.5

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

2004
gross value1

Finished
Semifinished
Primary
Crude

Fourth quarter to
fourth quarter
2002

2003

2004

2004
Q3

.3
3.8
3.4
-.6

3.5
.2
.1
-1.3

5.2
5.2
1.6
2.3

4.6
.7
2.2
2.4

1,830.4
1,631.9
948.6
400.2

Annual rate
2005
Q4
Q1r
6.1
7.0
3.6
.3

4.9
3.5
-.7
2.1

Mayp

2004
Dec.

Monthly rate

Q2p

2005
Mar.r

Apr.r

Mayr

Junep

2.2
3.6
-2.9
-.5

-.4
.4
.5
.0

-.4
.1
-1.4
-.4

1.0
-.1
.2
.1

June ’04
to
June ’05

.7
1.7
.9
.1

5.5
4.8
1.0
1.1

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

Table 11

ELECTRIC POWER USE
1997 = 100
Item

1997
billion
kWh

2004
Dec.

2005
Jan.

Seasonally adjusted
Feb.

Mar.r

Apr.r

2005
Jan.

Not seasonally adjusted
Feb.

Mar.r

Apr.r

Mayp

Total Industry

983.9

93.6

94.0

94.3

94.4

93.7

93.1

92.0

91.9

91.3

92.4

93.4

93.2

Manufacturing1
Durable
Nondurable

890.9
386.5
498.4

94.0
95.9
92.6

94.6
96.1
93.4

95.0
97.0
93.5

95.1
95.4
95.0

94.4
94.7
94.3

93.7
94.1
93.5

92.2
92.8
91.8

92.2
92.8
91.8

91.9
94.0
90.3

93.0
94.1
92.3

94.1
94.9
93.6

93.9
94.9
93.2

93.0

86.8

85.5

83.6

84.5

82.9

83.9

88.5

87.7

83.4

83.6

82.5

82.9

962.6
913.5
70.4

94.6
90.9
132.6

95.0
91.6
132.7

95.2
91.6
132.0

95.4
91.8
135.4

94.5
91.5
129.7

94.2
90.7
134.1

92.4
89.1
137.6

92.3
89.0
138.0

91.7
89.0
128.2

92.8
89.6
137.1

93.8
91.3
126.8

94.3
90.7
133.2

Mining
Total ex. nuclear nondefense
Utility sales to industry
Industrial generation

r Revised. p Preliminary.
1. See note on cover page.
NOTE. Additional industry detail is available on the Board’s web site, www.federalreserve.gov/releases/g17/download.htm.

12

Table 12

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
1983
1984
1985
1986
1987

1.9
2.1
-.3
.5
-.3

-.6
.4
.4
-.8
1.3

.9
.5
.1
-.6
.1

1.2
.6
-.2
.0
.6

.7
.5
.1
.2
.7

.6
.4
.0
-.3
.5

1.6
.3
-.7
.6
.6

1.1
.1
.5
-.2
.7

1.6
-.2
.4
.2
.2

.8
-.1
-.4
.4
1.5

.3
.4
.3
.5
.5

.5
.1
1.0
.9
.5

4.4
12.5
1.1
2.4
5.5

9.4
6.2
.5
-2.6
7.0

14.8
2.9
-.7
1.6
7.0

10.9
.5
2.6
4.6
9.8

2.6
9.0
1.3
1.0
5.1

1988
1989
1990
1991
1992

.0
.3
-.6
-.5
-.6

.4
-.5
.9
-.6
.7

.3
.3
.5
-.5
.8

.5
-.1
.0
.2
.7

-.1
-.7
.1
1.0
.5

.2
.0
.3
1.0
.0

.2
-.9
-.2
.0
.8

.5
1.0
.3
.1
-.4

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

.6
.0
-.7
-.2
.7

.2
.3
-1.2
-.1
.4

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

3.4
1.5
2.6
-7.5
-.3

3.3
-1.9
2.9
2.6
7.1

2.1
-2.5
1.3
5.6
2.7

3.2
2.0
-5.9
.9
3.9

5.0
.9
.9
-1.5
2.8

1993
1994
1995
1996
1997

.5
.4
.3
-.9
.3

.4
.0
.0
1.5
1.2

.0
1.0
.1
-.2
.5

.3
.5
.0
.9
.2

-.4
.6
.2
.7
.4

.2
.7
.3
.9
.5

.3
.2
-.4
-.1
.6

.1
.5
1.4
.7
1.0

.4
.2
.4
.6
.9

.7
.9
-.2
.1
.8

.5
.6
.2
.9
.6

.5
1.1
.5
.7
.4

3.7
5.2
5.2
1.7
8.6

1.1
7.5
1.0
8.3
5.7

2.2
5.2
3.8
5.5
8.6

6.3
8.1
3.7
6.4
9.5

3.3
5.4
4.8
4.3
7.3

1998
1999
2000
2001
2002

.5
.6
-.1
-1.0
.7

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

.2
.4
.6
-.3
.6

.6
.2
.7
-.2
.4

.5
.7
.6
-.5
.2

-.4
.0
.0
-.6
.7

-.2
.6
-.5
-.4
-.1

1.9
.6
-.3
-.1
.0

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

.8
1.2
-.5
-.4
-.5

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

.2
1.0
-.2
.0
-.4

4.6
4.4
4.7
-6.7
2.3

4.3
4.3
6.7
-4.6
4.4

3.4
4.7
-1.4
-4.7
1.7

4.5
7.4
-2.0
-4.2
-2.3

5.8
4.5
4.3
-3.6
-.3

2003
2004
2005

.2
.3
-.1

.1
1.1
.5

-.4
-.3
.2

-.9
.5
-.3

.1
.7
.3

.3
-.4
.9

.6
.7

-.1
.1

.7
-.3

.2
.8

1.0
.3

.2
.8

-.7
5.6
3.6

-4.0
4.3
2.1

4.1
2.7

5.7
4.5

.0
4.2

IP (1997=100)
2003
2004
2005

110.9
113.2
117.8

111.0
114.4
118.3

110.6
114.1
118.6

109.5
114.7
118.2

109.6
115.5
118.6

109.9
115.1
119.7

110.6
115.9

110.5
116.0

111.3
115.7

111.6
116.6

112.7
116.9

112.9
117.9

110.8
113.9
118.2

109.7
115.1
118.8

110.8
115.9

112.4
117.2

110.9
115.5

Capacity
(percent of
1997 output)
2003
2004
2005

147.1
147.2
148.9

147.0
147.3
149.1

146.9
147.5
149.2

146.9
147.6
149.4

146.8
147.8
149.5

146.8
147.9
149.6

146.7
148.1

146.8
148.2

146.8
148.4

146.9
148.5

146.9
148.7

147.0
148.8

147.0
147.3
149.1

146.8
147.8
149.5

146.8
148.2

146.9
148.7

146.9
148.0

Utilization
(percent)
1983
1984
1985
1986
1987

72.1
79.5
80.0
80.0
79.1

71.6
79.8
80.2
79.2
80.0

72.1
80.1
80.2
78.6
80.0

73.0
80.4
79.9
78.5
80.3

73.5
80.7
79.7
78.6
80.7

73.9
80.9
79.6
78.2
81.0

75.0
81.0
78.9
78.6
81.3

75.8
80.9
79.1
78.4
81.8

76.9
80.6
79.3
78.4
81.8

77.5
80.4
78.9
78.7
82.9

77.7
80.5
79.0
78.9
83.3

78.0
80.4
79.7
79.5
83.5

71.9
79.8
80.1
79.3
79.7

73.4
80.7
79.7
78.5
80.7

75.9
80.8
79.1
78.5
81.6

77.7
80.4
79.2
79.0
83.2

74.7
80.4
79.5
78.8
81.3

1988
1989
1990
1991
1992

83.5
85.1
82.4
79.7
79.1

83.7
84.6
83.0
79.1
79.5

83.9
84.7
83.2
78.6
80.0

84.2
84.5
83.0
78.6
80.4

84.1
83.8
82.9
79.4
80.6

84.2
83.6
83.0
80.0
80.4

84.3
82.7
82.7
79.9
80.8

84.7
83.3
82.7
79.9
80.3

84.4
82.9
82.8
80.5
80.3

84.8
82.7
82.0
80.2
80.7

84.8
82.7
80.9
80.0
80.9

85.1
83.1
80.2
79.6
80.8

83.7
84.8
82.9
79.2
79.5

84.2
84.0
82.9
79.4
80.4

84.5
82.9
82.7
80.1
80.5

84.9
82.8
81.1
79.9
80.8

84.3
83.6
82.4
79.6
80.3

1993
1994
1995
1996
1997

81.1
82.4
84.8
81.9
83.1

81.3
82.2
84.5
82.7
83.7

81.1
82.8
84.3
82.1
83.7

81.3
83.0
83.9
82.5
83.5

80.9
83.3
83.7
82.7
83.4

80.9
83.6
83.6
83.1
83.4

81.1
83.6
82.9
82.6
83.5

81.0
83.7
83.7
82.8
83.8

81.2
83.6
83.7
82.9
84.1

81.7
84.1
83.2
82.6
84.3

81.9
84.3
83.0
83.0
84.3

82.2
84.9
83.0
83.2
84.1

81.2
82.5
84.5
82.2
83.5

81.0
83.3
83.7
82.8
83.4

81.1
83.6
83.4
82.8
83.8

81.9
84.4
83.0
82.9
84.2

81.3
83.5
83.7
82.7
83.7

1998
1999
2000
2001
2002

84.0
82.1
82.5
79.3
74.8

83.6
82.1
82.5
78.6
74.6

83.3
82.1
82.7
78.1
74.9

83.4
81.9
82.9
77.8
75.1

83.3
82.2
83.2
77.2
75.3

82.5
81.9
82.9
76.6
75.8

81.9
82.1
82.2
76.1
75.7

83.1
82.3
81.7
75.9
75.7

82.4
81.7
81.7
75.4
75.7

82.7
82.3
81.1
75.0
75.4

82.1
82.4
80.7
74.5
75.5

82.0
82.9
80.3
74.4
75.2

83.7
82.1
82.6
78.7
74.7

83.1
82.0
83.0
77.2
75.4

82.5
82.0
81.9
75.8
75.7

82.3
82.5
80.7
74.6
75.4

82.9
82.2
82.0
76.6
75.3

2003
2004
2005

75.4
76.9
79.1

75.5
77.7
79.4

75.2
77.4
79.5

74.6
77.7
79.2

74.7
78.2
79.4

74.9
77.8
80.0

75.4
78.3

75.3
78.3

75.8
78.0

76.0
78.5

76.7
78.7

76.8
79.2

75.4
77.3
79.3

74.7
77.9
79.5

75.5
78.2

76.5
78.8

75.5
78.1

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

13

Table 13

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
1983
1984
1985
1986
1987

2.5
1.9
-.4
1.2
-.3

-.2
1.1
-.3
-.7
1.5

1.0
.5
.8
-.3
.0

1.2
.5
-.3
.3
.5

1.3
.3
.1
.2
.7

.8
.5
.1
-.4
.4

1.5
.5
-.6
.5
.7

.8
.2
.6
.3
.5

1.9
-.2
.1
.2
.5

1.1
.4
-.2
.4
1.6

.3
.4
.6
.5
.6

.2
.4
.4
.9
.6

8.7
12.9
.1
4.6
6.0

12.3
6.1
1.0
-.3
6.7

15.5
3.8
.0
2.4
6.9

12.5
2.8
2.4
5.0
11.2

4.6
9.9
1.7
2.2
5.5

1988
1989
1990
1991
1992

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

.1
-1.0
1.4
-.6
.9

.3
-.1
.4
-.6
.9

.8
.1
-.2
.3
.5

-.1
-.9
.0
.8
.7

.1
.2
.3
1.1
.2

.1
-1.1
-.2
.3
.8

.1
.9
.3
.3
-.3

.4
-.3
.0
1.0
.0

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

.2
.2
-1.1
-.2
.4

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

2.4
1.6
4.1
-8.9
.8

4.2
-3.4
2.7
2.1
8.0

1.4
-3.0
.6
7.3
3.8

4.9
.8
-6.5
1.6
2.7

5.2
.8
.7
-2.0
3.7

1993
1994
1995
1996
1997

1.1
.2
.4
-1.1
.3

.2
.1
-.1
1.5
1.4

-.1
1.3
.2
-.3
.8

.5
.8
-.1
1.2
.1

-.1
.7
.0
.7
.5

-.1
.3
.4
1.1
.7

.3
.5
-.6
.3
.5

.0
.7
1.2
.6
1.2

.6
.3
.9
.8
.9

.8
1.1
-.1
.0
.7

.5
.7
.0
.9
.8

.6
1.1
.5
1.0
.5

4.7
5.1
5.6
.7
10.2

1.6
9.5
.4
9.5
6.8

1.4
6.1
3.1
8.0
9.5

7.1
9.8
4.6
6.8
10.2

3.5
6.0
5.3
4.6
8.5

1998
1999
2000
2001
2002

.8
.4
.0
-.9
.7

.2
.7
.3
-.6
-.2

.1
.1
.9
-.4
.4

.8
.4
.7
-.2
.2

.3
.9
.4
-.5
.3

-.5
-.2
.0
-.7
.8

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

2.2
.9
-.6
-.4
.1

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

1.0
1.3
-.5
-.5
-.7

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

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

6.3
4.9
5.2
-7.6
2.8

3.9
4.9
6.7
-4.8
3.4

3.6
4.5
-1.8
-5.2
2.2

6.6
9.0
-3.7
-4.0
-3.2

6.6
5.2
4.6
-4.2
-.4

2003
2004
2005

.3
.2
.4

-.1
1.2
.4

-.2
.1
-.1

-.9
.6
-.1

.1
.6
.5

.6
-.1
.4

.3
.8

-.2
.4

1.0
-.4

.3
1.1

1.1
.1

.0
.5

-.6
5.6
4.0

-3.3
6.0
1.5

3.9
4.0

6.5
4.6

.0
4.8

IP (1997=100)
2003
2004
2005

111.8
114.1
120.2

111.6
115.5
120.6

111.5
115.6
120.5

110.4
116.4
120.4

110.5
117.1
120.9

111.1
116.9
121.4

111.5
117.8

111.3
118.3

112.4
117.7

112.7
119.0

113.9
119.1

113.9
119.7

111.6
115.1
120.4

110.7
116.8
120.9

111.7
117.9

113.5
119.3

111.9
117.2

Capacity
(percent of
1997 output)
2003
2004
2005

151.9
152.1
153.9

151.8
152.2
154.1

151.8
152.3
154.3

151.7
152.5
154.5

151.7
152.6
154.7

151.6
152.8
154.8

151.6
153.0

151.7
153.1

151.7
153.3

151.8
153.4

151.9
153.6

152.0
153.8

151.8
152.2
154.1

151.7
152.6
154.7

151.7
153.1

151.9
153.6

151.8
152.9

Utilization
(percent)
1983
1984
1985
1986
1987

70.1
78.2
79.2
79.2
79.1

70.0
78.9
78.7
78.5
80.0

70.6
79.2
79.2
78.2
79.9

71.4
79.4
78.7
78.4
80.1

72.3
79.4
78.6
78.4
80.6

72.8
79.6
78.6
78.1
80.7

73.9
79.8
77.9
78.4
81.1

74.4
79.8
78.3
78.4
81.3

75.8
79.4
78.2
78.5
81.6

76.6
79.6
77.8
78.6
82.8

76.7
79.6
78.2
78.9
83.2

76.8
79.7
78.4
79.4
83.5

70.3
78.8
79.0
78.7
79.7

72.2
79.5
78.6
78.3
80.5

74.7
79.7
78.1
78.4
81.3

76.7
79.6
78.1
79.0
83.2

73.5
79.4
78.5
78.6
81.2

1988
1989
1990
1991
1992

83.3
85.6
81.5
78.4
78.1

83.4
84.6
82.5
77.8
78.6

83.6
84.3
82.6
77.2
79.1

84.2
84.2
82.3
77.3
79.3

84.0
83.3
82.1
77.8
79.7

84.1
83.2
82.2
78.5
79.7

84.1
82.1
81.8
78.6
80.2

84.1
82.7
81.9
78.7
79.7

84.3
82.3
81.7
79.4
79.5

84.8
82.0
81.0
79.1
79.8

84.9
81.9
79.9
78.8
79.9

85.1
81.9
79.2
78.6
79.6

83.4
84.8
82.2
77.8
78.6

84.1
83.6
82.2
77.9
79.6

84.2
82.4
81.8
78.9
79.8

84.9
81.9
80.0
78.8
79.8

84.1
83.2
81.6
78.3
79.4

1993
1994
1995
1996
1997

80.3
81.1
84.3
80.5
81.9

80.3
81.0
83.9
81.3
82.7

80.0
81.8
83.6
80.6
82.9

80.3
82.2
83.2
81.1
82.5

80.1
82.6
82.8
81.2
82.4

79.9
82.5
82.7
81.7
82.6

79.9
82.7
81.8
81.5
82.5

79.8
83.0
82.4
81.6
83.0

80.1
82.9
82.7
81.8
83.2

80.6
83.4
82.2
81.4
83.2

80.8
83.7
81.8
81.8
83.3

81.1
84.3
81.8
82.1
83.2

80.2
81.3
83.9
80.8
82.5

80.1
82.4
82.9
81.3
82.5

79.9
82.8
82.3
81.7
82.9

80.8
83.8
82.0
81.8
83.2

80.3
82.6
82.8
81.4
82.8

1998
1999
2000
2001
2002

83.3
81.0
81.4
77.1
73.0

82.8
81.2
81.3
76.5
72.9

82.3
80.9
81.6
76.0
73.1

82.4
80.9
81.8
75.6
73.2

82.2
81.2
81.8
75.1
73.5

81.2
80.7
81.5
74.4
74.1

80.6
80.8
80.9
74.1
73.9

81.9
81.1
80.1
73.7
74.1

81.2
80.5
80.1
73.2
74.1

81.6
81.2
79.4
72.8
73.6

81.1
81.4
78.8
72.5
73.7

81.1
81.8
78.1
72.6
73.3

82.8
81.1
81.4
76.5
73.0

81.9
81.0
81.7
75.0
73.6

81.2
80.8
80.4
73.7
74.0

81.3
81.5
78.8
72.6
73.5

81.8
81.1
80.6
74.5
73.5

2003
2004
2005

73.6
75.1
78.1

73.5
75.9
78.3

73.4
75.9
78.1

72.8
76.3
77.9

72.8
76.7
78.2

73.3
76.5
78.4

73.5
77.0

73.4
77.2

74.1
76.8

74.3
77.5

75.0
77.5

75.0
77.9

73.5
75.6
78.1

73.0
76.5
78.2

73.7
77.0

74.8
77.6

73.7
76.7

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

14

Table 14

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
1983
1984
1985
1986
1987

1.9
2.0
-.3
.6
-.4

-.7
.3
.5
-.8
1.2

.8
.4
.1
-.7
.1

1.2
.5
.0
.0
.5

.7
.4
.1
.1
.6

.5
.2
.0
-.2
.4

1.5
.2
-.6
.3
.5

1.2
.0
.4
-.3
.6

1.3
-.2
.5
.2
.1

.8
-.2
-.4
.4
1.4

.2
.4
.3
.4
.5

.5
.1
1.1
.8
.4

3.7
11.4
.9
2.5
4.5

8.5
4.8
1.0
-2.9
6.3

13.8
1.6
-.3
.6
6.0

9.6
-.2
2.7
4.0
9.0

1.8
7.9
1.0
.9
4.2

1988
1989
1990
1991
1992

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

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

.2
.4
.4
-.6
.7

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

-.1
-.7
.1
1.0
.3

.2
.0
.3
1.0
-.2

.1
-1.1
-.2
.0
.7

.5
.9
.3
.1
-.5

-.4
-.3
.2
.9
.1

.5
-.1
-.8
-.2
.6

.2
.2
-1.3
-.2
.3

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

3.2
1.7
2.0
-8.0
-1.8

2.7
-2.1
2.4
2.1
6.1

1.5
-3.3
.9
5.4
1.6

2.9
1.3
-6.5
.3
2.9

4.4
.6
.3
-2.0
1.9

1993
1994
1995
1996
1997

.5
.4
.1
-1.1
.0

.3
.0
-.2
1.3
.8

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

.3
.3
-.2
.8
.0

-.4
.5
.0
.4
.1

.2
.6
.2
.7
.3

.3
.0
-.6
-.4
.4

.0
.3
1.2
.4
.7

.3
.0
.1
.5
.7

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

.4
.4
.0
.8
.4

.4
.9
.4
.5
.1

3.1
4.2
2.8
-.5
4.9

.6
5.5
-1.4
6.0
2.0

1.4
3.2
1.4
2.5
5.8

5.1
5.7
.5
3.8
7.1

2.5
4.0
2.4
1.7
4.2

1998
1999
2000
2001
2002

.2
.2
-.6
-1.0
.8

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

.1
.1
.3
-.3
.6

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

.3
.5
.3
-.4
.2

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

-.6
.3
-.7
-.3
-.2

1.7
.5
-.4
.0
-.2

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

.7
1.0
-.6
-.4
-.5

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

-.1
.7
-.3
.0
-.5

1.8
.3
.5
-6.9
2.6

2.1
.7
2.8
-3.5
4.2

-.2
1.6
-3.5
-3.7
.9

2.3
4.9
-3.6
-4.4
-3.4

3.1
1.2
1.1
-4.1
-.2

2003
2004
2005

.1
.2
-.3

.0
1.0
.4

-.5
-.4
.2

-1.0
.5
-.4

.0
.6
.3

.2
-.4
.9

.6
.7

-.2
.0

.7
-.3

.1
.8

1.0
.2

.2
.8

-1.8
4.9
2.5

-5.1
3.3
1.6

3.3
2.0

5.1
4.0

-1.0
3.4

IP (1997=100)
2003
2004
2005

100.5
101.7
104.9

100.4
102.7
105.3

99.9
102.3
105.6

98.9
102.8
105.2

98.9
103.4
105.5

99.1
103.0
106.4

99.7
103.7

99.5
103.7

100.2
103.4

100.3
104.2

101.3
104.4

101.5
105.2

100.3
102.2
105.3

99.0
103.1
105.7

99.8
103.6

101.0
104.6

100.0
103.4

Capacity
(percent of
1997 output)
2003
2004
2005

131.6
131.1
131.4

131.5
131.1
131.5

131.5
131.1
131.5

131.4
131.2
131.5

131.3
131.2
131.6

131.2
131.2
131.6

131.1
131.3

131.1
131.3

131.1
131.3

131.0
131.4

131.0
131.4

131.0
131.4

131.5
131.1
131.5

131.3
131.2
131.6

131.1
131.3

131.0
131.4

131.2
131.2

Utilization
(percent)
1983
1984
1985
1986
1987

72.0
79.3
79.7
80.3
79.3

71.4
79.5
80.0
79.6
80.2

72.0
79.7
79.9
78.9
80.2

72.8
80.1
79.8
78.8
80.6

73.3
80.3
79.7
78.9
81.0

73.7
80.4
79.6
78.7
81.2

74.8
80.5
79.0
78.9
81.6

75.7
80.4
79.2
78.6
82.0

76.7
80.1
79.5
78.6
82.1

77.2
79.9
79.1
78.9
83.2

77.4
80.1
79.2
79.2
83.5

77.7
80.1
80.0
79.7
83.8

71.8
79.5
79.9
79.6
79.9

73.3
80.3
79.7
78.8
80.9

75.7
80.4
79.2
78.7
81.9

77.4
80.0
79.4
79.3
83.5

74.6
80.0
79.6
79.1
81.6

1988
1989
1990
1991
1992

83.8
85.5
82.7
80.1
79.0

84.1
85.0
83.3
79.4
79.5

84.2
85.2
83.5
78.8
80.0

84.6
84.9
83.3
78.9
80.4

84.4
84.2
83.2
79.5
80.6

84.5
84.1
83.3
80.2
80.4

84.6
83.0
83.0
80.1
80.9

85.0
83.6
83.1
80.1
80.4

84.6
83.2
83.1
80.7
80.4

85.0
83.0
82.4
80.5
80.8

85.1
83.0
81.2
80.2
81.0

85.4
83.4
80.5
79.7
80.9

84.1
85.2
83.2
79.4
79.5

84.5
84.4
83.3
79.5
80.5

84.7
83.3
83.1
80.3
80.6

85.1
83.1
81.4
80.1
80.9

84.6
84.0
82.7
79.9
80.4

1993
1994
1995
1996
1997

81.2
82.4
84.7
81.8
83.2

81.3
82.3
84.4
82.7
83.7

81.2
82.9
84.1
82.2
83.6

81.4
83.0
83.7
82.7
83.3

80.9
83.3
83.5
82.9
83.1

81.0
83.7
83.5
83.3
83.1

81.2
83.6
82.8
82.8
83.2

81.1
83.7
83.6
83.0
83.5

81.2
83.6
83.5
83.2
83.9

81.7
84.0
82.9
82.8
84.2

81.9
84.2
82.8
83.2
84.2

82.2
84.8
82.9
83.4
84.0

81.2
82.5
84.4
82.2
83.5

81.1
83.3
83.6
83.0
83.2

81.2
83.6
83.3
83.0
83.5

81.9
84.3
82.9
83.2
84.1

81.4
83.5
83.5
82.8
83.6

1998
1999
2000
2001
2002

83.9
82.2
81.9
79.1
76.1

83.7
82.1
81.8
78.5
75.9

83.5
82.0
82.0
78.2
76.3

83.7
81.7
82.2
78.1
76.5

83.7
82.0
82.3
77.8
76.7

82.8
81.5
82.1
77.3
77.2

82.1
81.6
81.5
77.0
77.1

83.3
81.9
81.0
76.9
77.0

82.7
81.3
81.1
76.5
76.9

83.1
82.0
80.6
76.1
76.5

82.5
82.0
80.3
75.6
76.5

82.3
82.5
79.9
75.6
76.2

83.7
82.1
81.9
78.6
76.1

83.4
81.7
82.2
77.7
76.8

82.7
81.6
81.2
76.8
77.0

82.6
82.2
80.2
75.8
76.4

83.1
81.9
81.4
77.2
76.6

2003
2004
2005

76.3
77.6
79.8

76.4
78.3
80.1

76.0
78.0
80.3

75.3
78.4
80.0

75.3
78.8
80.2

75.6
78.5
80.8

76.0
79.0

75.9
79.0

76.4
78.7

76.5
79.3

77.3
79.5

77.5
80.1

76.2
78.0
80.1

75.4
78.6
80.3

76.1
78.9

77.1
79.6

76.2
78.8

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 15

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
1983
1984
1985
1986
1987

2.5
1.8
-.5
1.3
-.4

-.2
.9
-.2
-.7
1.4

.9
.4
.8
-.3
.0

1.1
.3
-.2
.3
.4

1.3
.1
.1
.1
.7

.7
.3
.1
-.2
.3

1.3
.4
-.4
.2
.6

.9
.0
.6
.2
.3

1.6
-.3
.2
.2
.4

1.1
.4
-.3
.3
1.5

.2
.3
.6
.4
.6

.2
.3
.4
.8
.5

8.0
11.5
-.2
4.8
4.9

11.3
4.3
1.8
-.5
5.8

14.3
2.1
.5
1.2
5.5

10.9
1.9
2.5
4.3
10.3

3.6
8.4
1.4
2.2
4.6

1988
1989
1990
1991
1992

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

.2
-1.1
1.4
-.8
.8

.3
.0
.3
-.8
.9

.7
.0
-.2
.3
.4

-.2
-.9
.0
.7
.6

.0
.1
.2
1.1
.1

.0
-1.3
-.2
.3
.7

.1
.9
.3
.2
-.4

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

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

.3
.1
-1.2
-.3
.3

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

2.1
2.0
3.3
-9.6
-1.0

3.5
-3.7
2.1
1.4
6.9

.6
-4.0
.2
7.0
2.5

4.6
-.1
-7.2
.9
1.4

4.5
.4
.0
-2.6
2.5

1993
1994
1995
1996
1997

1.1
.1
.1
-1.3
-.1

.1
.1
-.3
1.3
1.0

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

.5
.6
-.4
1.0
-.3

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

-.2
.1
.3
.9
.5

.2
.3
-.8
.0
.3

-.2
.5
1.0
.4
1.0

.5
.0
.6
.6
.7

.7
.8
-.4
-.3
.6

.4
.5
-.2
.7
.5

.5
.9
.3
.7
.2

3.9
3.9
2.7
-1.9
5.9

1.0
7.2
-2.5
6.8
2.6

.4
3.8
.3
4.5
6.3

5.7
7.0
.9
3.7
7.4

2.6
4.4
2.5
1.6
4.9

1998
1999
2000
2001
2002

.5
.0
-.6
-.9
.8

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

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

.6
.0
.2
.0
.1

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

-1.0
-.6
.0
-.6
.7

-.7
.0
-.6
-.2
-.2

2.1
.8
-.8
-.3
.0

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

.9
1.1
-.6
-.5
-.8

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

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

3.0
.2
.4
-8.0
3.2

1.3
.8
2.2
-3.4
3.1

-.7
.8
-4.3
-4.0
1.3

4.1
6.2
-5.7
-4.2
-4.6

3.5
1.4
.9
-4.9
-.3

2003
2004
2005

.3
.0
.2

-.3
1.1
.3

-.3
.1
-.1

-1.0
.6
-.2

.0
.5
.4

.5
-.2
.4

.3
.8

-.4
.3

.9
-.5

.2
1.1

1.2
.0

.0
.5

-2.0
4.7
2.6

-4.6
4.9
.8

2.9
3.3

5.9
4.0

-1.2
3.9

IP (1997=100)
2003
2004
2005

99.6
100.7
105.0

99.3
101.7
105.3

99.0
101.8
105.2

98.0
102.4
105.0

97.9
102.9
105.3

98.5
102.6
105.8

98.8
103.4

98.4
103.7

99.3
103.2

99.5
104.3

100.6
104.3

100.6
104.8

99.3
101.4
105.1

98.1
102.6
105.3

98.8
103.5

100.2
104.5

99.1
102.9

Capacity
(percent of
1997 output)
2003
2004
2005

133.6
132.9
133.1

133.5
132.9
133.1

133.4
132.9
133.2

133.4
132.9
133.2

133.3
132.9
133.2

133.2
133.0
133.3

133.1
133.0

133.1
133.0

133.0
133.0

133.0
133.0

133.0
133.0

132.9
133.1

133.5
132.9
133.1

133.3
132.9
133.2

133.1
133.0

133.0
133.0

133.2
133.0

Utilization
(percent)
1983
1984
1985
1986
1987

69.9
77.8
78.6
79.6
79.3

69.7
78.4
78.3
79.0
80.3

70.3
78.7
78.8
78.6
80.2

71.1
78.9
78.6
78.8
80.4

72.1
78.9
78.5
78.8
80.9

72.6
79.0
78.5
78.6
81.0

73.5
79.2
78.0
78.7
81.4

74.2
79.1
78.4
78.7
81.6

75.4
78.7
78.4
78.8
81.9

76.2
78.9
78.1
78.9
83.1

76.3
79.0
78.4
79.2
83.5

76.4
79.2
78.7
79.7
83.9

70.0
78.3
78.6
79.1
79.9

71.9
78.9
78.5
78.7
80.8

74.4
79.0
78.2
78.7
81.6

76.3
79.0
78.4
79.3
83.5

73.1
78.8
78.4
78.9
81.5

1988
1989
1990
1991
1992

83.7
86.0
81.8
78.7
78.0

83.8
85.0
82.8
78.0
78.5

84.0
84.9
83.0
77.3
79.2

84.6
84.7
82.6
77.5
79.4

84.4
83.8
82.5
77.9
79.8

84.4
83.8
82.5
78.7
79.7

84.4
82.5
82.2
78.8
80.2

84.4
83.1
82.3
78.8
79.7

84.6
82.7
82.1
79.6
79.6

85.0
82.3
81.3
79.3
79.8

85.2
82.3
80.2
79.0
79.9

85.4
82.2
79.4
78.7
79.6

83.8
85.3
82.5
78.0
78.6

84.5
84.1
82.6
78.0
79.6

84.5
82.8
82.2
79.1
79.8

85.2
82.3
80.3
79.0
79.8

84.5
83.6
81.9
78.5
79.4

1993
1994
1995
1996
1997

80.3
81.0
84.1
80.3
82.0

80.3
81.0
83.7
81.1
82.5

80.0
81.8
83.4
80.5
82.6

80.4
82.1
82.9
81.2
82.2

80.1
82.5
82.5
81.3
82.0

79.9
82.5
82.5
81.8
82.1

80.0
82.6
81.6
81.6
82.0

79.8
82.9
82.2
81.7
82.5

80.0
82.8
82.4
82.0
82.8

80.5
83.3
81.9
81.5
83.0

80.7
83.6
81.5
81.9
83.1

81.0
84.2
81.6
82.3
82.9

80.2
81.3
83.7
80.7
82.4

80.1
82.4
82.6
81.4
82.1

79.9
82.8
82.1
81.8
82.5

80.8
83.7
81.6
81.9
83.0

80.3
82.5
82.5
81.5
82.5

1998
1999
2000
2001
2002

83.1
81.1
80.6
76.7
74.4

82.7
81.1
80.4
76.2
74.3

82.4
80.7
80.7
75.9
74.6

82.7
80.5
80.8
75.8
74.7

82.5
80.9
80.6
75.5
74.9

81.5
80.3
80.5
75.1
75.5

80.7
80.1
79.9
74.9
75.4

82.1
80.5
79.2
74.7
75.4

81.3
80.0
79.2
74.3
75.3

81.9
80.7
78.6
73.9
74.8

81.5
80.8
78.0
73.7
74.7

81.3
81.2
77.5
73.8
74.3

82.7
81.0
80.6
76.3
74.4

82.2
80.6
80.6
75.5
75.0

81.4
80.2
79.4
74.6
75.4

81.6
80.9
78.0
73.8
74.6

82.0
80.7
79.7
75.1
74.9

2003
2004
2005

74.5
75.7
78.9

74.4
76.5
79.1

74.2
76.6
79.0

73.5
77.0
78.8

73.5
77.4
79.1

73.9
77.2
79.3

74.2
77.8

73.9
78.0

74.7
77.6

74.8
78.4

75.7
78.4

75.7
78.8

74.4
76.3
79.0

73.6
77.2
79.1

74.3
77.8

75.4
78.5

74.4
77.4

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
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. The release also includes monthly
indexes on the use of electric power in manufacturing and mining. More
detailed descriptions of industrial production, capacity utilization, and
electric power 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.
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 1997. 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 either
production-worker hours or electric power use by industry. Data on hours
worked by production workers are collected in the monthly establishment
survey conducted by the Bureau of Labor Statistics. The data on electric
power use are described below. The factors used to convert inputs into
estimates of production are based on historical relationships between the
inputs and the comprehensive annual data used to benchmark the IP
indexes; these factors also may be influenced by technological or cyclical
developments. The annual data used in benchmarking the individual IP
indexes are constructed from a variety of source data, such as the
quinquennial Censuses of Manufactures and Mineral Industries and the

17

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:
IA
m
=
IA
m–1




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 5 percent. If output in this industry increased 10 percent in a month,
then this gain would boost growth in total IP by ½ percentage point (0.05
x 10% = 0.5%). 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 59 percent of the source data (in value-added
terms) are available; the fraction of available source data increases to about
86 percent for estimates in the second month that the estimate is published,
96 percent in the third month, and 96 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

24

40

50

50

Production-worker
hours

35

35

35

35

Electric power use

0

11

11

11

IP data received

59

86

96

96

IP data estimated

41

14

4

4

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 (24 percent out of total of 59 percent). Of the 24 percent,
about five- sixths (20 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 4 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
2004; for other series, the factors were estimated with data through at least
June 2004. 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
85 percent), the direction of change in output indicated by the first
estimate for a given month is the same as that shown by the fourth
estimate.
Rounding. The published percent changes are calculated from unrounded
indexes, and may not be the same as percent changes calculated from the
rounded indexes shown in the release.
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 20 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 5 percent of total
industry capacity). A detailed description of the methodology used to
construct the capacity indexes is available on the Board’s web site
(www.federalreserve.gov/releases/G17/cap_notes.html).
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

18

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.
ELECTRIC POWER
Coverage. Electric power data for sales by utilities to industry users and
for electric power produced by cogenerators (manufacturing and mining
firms that produce electricity for their own use or to sell to a utility) are
generally collected at the 4-digit NAICS and 3-digit SIC level for mining
and manufacturing. Aggregates for 3-digit industries, as well as for total
mining, durable, nondurable, total manufacturing and total industrial
electric power use, are computed. 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. An aggregate showing total industry excluding nuclear
nondefense is shown separately because the value-added proportion for
the nondefense nuclear material series (part of NAICS 3251) in total IP is
considerably less than its share of total electric power use. In addition,
aggregates for utility sales to industrial users and industry generation are
computed. While only the major aggregates are shown in the release, data
for the 3- and 4-digit industries are available on the Board’s web site
(www.federalreserve.gov/releases/G17).
Source Data. Electric power data are collected from a sample of utilities
and cogenerators covering all twelve Federal Reserve Districts. The
primary criterion for inclusion of a utility in the panel is whether the utility
provides electric power to industrial customers. A comparison of Federal
Reserve kilowatt-hour aggregates to estimates from the 1997 Census of
Manufactures (the most recent available) and recent reporting panel
statistics suggests the Federal Reserve data cover about 50 percent of the
overall sales to manufacturing in that year. The cogeneration panel covers
about 50 percent of cogeneration used directly by manufacturers. In order
to provide more complete coverage and correct for any shortcomings of
the survey, the series are benchmarked at the 4-digit industry level to the
latest available data from the Annual Survey of Manufactures and the
Census of Manufactures.
Methodology. The data we receive from utilities and cogenerators are
edited for anomalies and aggregated, using self weights, to the 4-digit
NAICS industry levels and above. Where reports are late or unavailable
for some reason, responses are estimated.
Seasonal Adjustment. Series are seasonally adjusted at the 4-digit
NAICS level, with seasonally-adjusted aggregates typically computed as
sums of seasonally adjusted components. The seasonal adjustment
procedure (Census X-12 program) is used without trading-day

adjustments because the reporting periods of the various utilities are not
the same. A leap year adjustment is also made where appropriate.
REFERENCES AND RELEASE DATES
References. The annual revision published in December 2004 is
described in an article published in the Federal Reserve Bulletin, vol. 91
(Winter 2005), pp. 9-25. 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.

19

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).
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.