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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EST)
March 15, 2002

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 0.4 percent in February after having increased by a revised 0.2 percent in January.
These gains in output represent the first consecutive monthly increases in industrial production since August and
September 2000. At 137.6 percent of its 1992 average, output in February was 4.1 percent below that in February 2001
and 6.5 percent below its recent peak in June 2000. Manufacturing output increased 0.3 percent in February and an
upward revised 0.3 percent in January. The output at utilities increased 2.7 percent, but the production at mines declined
0.7 percent. Capacity utilization for total industry rose 0.3 percentage point in February, to 74.8 percent, after having
increased 0.1 percentage point in January.
Market Groups
The output of consumer goods rose 0.3 percent in February, thereby reversing its January loss. Among
durable consumer goods, the output of appliances, furniture, and carpeting advanced sharply. The output of automotive
(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

Industrial production

2001
Nov.r

1992=100
2002
Dec.r
Jan.r

Total index
Previous estimates

137.2
137.1

136.8
136.7

137.1
136.5

137.6

-.3
-.4

-.3
-.3

.2
-.1

.4

-4.1

Major market groups
Products, total
Consumer goods
Business equipment
Construction supplies
Materials

126.7
120.0
167.2
134.0
154.8

126.6
120.8
164.2
135.3
153.8

126.4
120.4
164.5
135.2
155.0

126.7
120.8
163.9
136.4
156.0

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

-.1
.7
-1.8
.9
-.7

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

.2
.3
-.4
.9
.6

-4.1
-.4
-12.0
-1.6
-4.0

Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities

142.0
174.3
110.2
99.0
116.2

141.5
173.9
109.7
97.3
117.3

141.9
174.6
110.0
97.0
116.9

142.3
175.3
110.1
96.4
120.1

-.1
.2
-.5
-.4
-2.7

-.3
-.2
-.5
-1.8
.9

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

.3
.4
.1
-.7
2.7

-4.1
-5.1
-3.0
-5.7
-2.7

Capacity utilization

Average
1967–2001

1982
low

Feb.p

2001
Nov.r

Percent of capacity
1988–89
2001
2001
high
Feb.
Nov.r

Percent change
2002
Dec.r
Jan.r

Feb.p

Dec.r

2002
Jan.r

Feb.p

Feb. ’01 to
Feb. ’02

Capacity
growth
Feb. ’01 to
Feb. ’02

Total industry
Previous estimates

81.9

71.1

85.4

78.9

74.7
74.7

74.4
74.4

74.5
74.2

74.8

1.2

Manufacturing
Advanced processing
Primary processing
Mining
Utilities

80.9
80.3
82.0
87.6
87.6

69.0
71.0
65.7
80.3
75.9

85.7
84.2
88.3
88.0
92.6

77.2
76.7
77.9
91.3
91.7

73.2
73.1
73.2
87.9
83.0

72.9
73.0
72.7
86.2
83.5

73.0
72.8
73.4
86.0
82.9

73.2
72.7
73.9
85.4
84.8

1.1
.7
1.8
.9
5.2

products, which fell back in January after two sharp monthly increases, decreased slightly further. The production of
home electronics, which surged late last year, also dropped back for a second month. The output of consumer nondurable
goods, which was unchanged in January, rose 0.2 percent in February. On balance, most major groups within this
category have posted small-to-moderate gains in recent months, while the output of consumer paper products, mainly
periodicals, books, and cards, has been curtailed sharply.
Business equipment remained weak; output fell 0.4 percent in February to a level 12 percent below that of a
year earlier. Within this group, the output of transit equipment continued to contract as commercial aircraft assemblies
and related parts declined further. The production of industrial and other equipment has been choppy recently, but, on
balance, has continued to slide; the farm, metalworking, and special industrial machinery industries have been
particularly weak. The output of information-processing equipment has improved recently; the output of computers has
increased, while the production of communications equipment has flattened out at a low level. The production of defense
and space equipment again rose moderately.
The output of construction supplies posted a cumulative gain of nearly 2 percent over the three months
ending in February. The production of business supplies also was up noticeably and was led by increases in
energy-related industries.
The output of materials, rebounding from sizable declines during the latter part of 2001, rose sharply in both
January and February. The improvement has been widespread in the sector. Among durable goods materials, the output
of basic metals and parts for equipment has picked up, while the expansion in the output of parts for consumer durables,
which began last autumn, has continued. Among nondurables, the recent increases in production have been led by gains
in chemical and paper materials. The production of energy materials also rose noticeably in February as coal and utility
output increased.
Industry Groups
The gains in manufacturing output in January and February were led by a rebound in the production of
durable goods, such as steel and high-technology products, and in nondurable goods, such as paper, chemicals, and
tobacco. The gain in high-technology industries reflected higher output of computers and semiconductors; in addition,
the production of communications equipment, which had been falling precipitously since the fourth quarter of 2000, was
about unchanged in February. The output of motor vehicles and parts, which surged toward the end of 2001, has been
little changed, on net, since December. Most other durable goods industries posted production gains in February after
weak performances in January. Among other nondurable goods, the output of printing and publishing continued to fall.
Capacity utilization in manufacturing rose 0.2 percentage point in February, to 73.2 percent; the turnaround
in factory utilization began with a 0.1 percentage point increase in January. The improvement in the utilization rate for
manufacturing has been concentrated in primary-processing industries. The utilization rate for this grouping increased
0.5 percentage point in February after a 0.7 percentage point gain in the previous month. Although utilization rates for
several primary-processing industries have risen somewhat since the end of last year, the bulk of the overall gain reflected
a nearly 6 percentage point jump in the operating rate for primary metals. The operating rate for advanced-processing
industries edged down again; changes for most of these industries were small. Advanced-processing industries with
exceptionally low operating rates include electrical machinery, industrial machinery and equipment, aerospace and
miscellaneous transportation equipment, apparel, and printing and publishing.
The jump in utility output mainly reflected the return to more normal winter weather, as temperatures in
February were closer to the historic norms than during the previous few months. Even with the increase in utility output
in February, the operating rate at utilities was still nearly 3 percentage points below its 1967–2001 average. The drop in
mining output pushed its operating rate to the lowest level since June 1999.

2

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

Industrial Production: Market and Industry Group Summary; percent change
Industrial Production: Special Aggregates and Selected Detail; percent change
Motor Vehicle Assemblies
Industrial Production: Market and Industry Group Summary; indexes
Industrial Production: Special Aggregates and Selected Detail; indexes
Capacity Utilization
Industrial Capacity
Gross Value of Products
Diffusion Indexes of Industrial Production
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

Industrial Production

Ratio scale, 1992 = 100

160

160
Total IP

145

145

125

125

105

105
Excluding high-tech industries

85

85

65

1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Capacity Utilization

65

Percent of capacity

90

90
Total industry

85

85

80

80
Manufacturing

75

75

70

70

65

1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Industrial Production

Capacity Utilization

12 month percent change

10

Percent of capacity

90

90

10
Total IP

Primary processing

5

5

0

0

80

-5

75

-10

70

85

85

80
Advanced processing

Excluding high-tech industries

-5

-10

1994

1996

1998

65

2000

2002

75

1994

1996

High-tech industries are defined as semiconductors and related electronic components (SIC 3672-9), computers (SIC 357),
and communications equipment (SIC 366).
Shaded areas are periods of business recession as defined by the NBER.

4

1998

2000

2002

70

Table 1

INDUSTRIAL PRODUCTION: MARKET AND INDUSTRY GROUP SUMMARY
Percent change, seasonally adjusted
Fourth quarter to
fourth quarter

Item
It

2001
proportion1

Annual rate

2000

2001

100.00

4.3

2.6

-5.8

-6.1

-5.9

-4.7

-6.6

-.3

-.3

.2

.4

-4.1

61.89
30.46
6.50
3.49
.28
1.32
1.41

2.6
2.5
6.7
5.8
30.8
2.6
3.8

1.8
.7
-4.2
-7.3
7.4
-2.0
-2.0

-5.2
-1.6
-2.4
3.6
-18.2
-2.2
-11.5

-3.8
-2.4
-13.1
-12.9
-51.7
-.1
-11.3

-4.9
-.2
9.6
25.1
5.0
-7.6
-4.6

-4.7
-.5
2.9
13.4
-25.3
.8
-11.4

-7.2
-3.4
-7.4
-6.7
18.1
-1.8
-18.3

-.1
.3
4.0
6.9
5.4
2.1
-1.6

-.1
.7
2.5
3.1
13.2
1.0
.0

-.1
-.3
-1.3
-1.6
-5.1
-.8
.0

.2
.3
.4
-.2
-1.9
1.5
1.2

-4.1
-.4
3.5
11.1
2.2
-1.3
-8.1

Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

23.96
20.57
11.18
1.30
5.05
3.04
3.39

1.3
1.2
.7
-2.8
4.4
.1
2.3

2.2
1.1
.4
-8.5
5.4
2.4
8.6

-1.4
-.5
-.7
-10.9
5.9
-5.3
-6.2

.8
1.1
-.1
-1.0
5.4
-.1
-.9

-2.7
-.4
-2.1
-11.7
9.2
-3.2
-14.9

-1.4
-1.0
-.8
-16.6
5.4
-4.7
-3.2

-2.2
-1.7
.4
-13.7
3.8
-12.8
-5.1

-.7
-.3
.3
-1.5
-.4
-1.8
-3.0

.2
.1
.6
1.5
-.2
-1.9
.3

.0
.0
.3
.8
.2
-1.8
.0

.2
-.1
.4
-.5
.2
-2.4
2.4

-1.4
-.8
.5
-9.9
4.7
-10.5
-4.6

Business equipment
Transit
Information processing
Industrial and other

13.06
2.93
5.04
5.08

4.4
-3.9
15.6
-1.8

5.8
-7.5
16.4
3.0

-12.7
-13.3
-11.4
-13.5

-7.0
-11.4
-4.7
-7.1

-12.9
3.3
-17.0
-16.8

-16.2
-13.5
-18.2
-15.7

-14.2
-28.6
-5.0
-14.2

.2
-.5
.4
.4

-1.8
-.4
-1.2
-3.1

.1
-2.9
.8
1.2

-.4
-1.2
.5
-.8

-12.0
-13.8
-9.5
-13.3

Defense and space equipment

2.01

-7.6

-2.2

.2

2.5

-4.8

-.7

3.9

.2

.4

.5

.3

1.6

Construction supplies
Business supplies

6.56
8.89

3.9
1.4

.5
.9

-3.9
-6.5

-3.2
-6.3

-1.1
-11.7

-1.5
-2.7

-9.5
-5.1

-.4
-.8

.9
-.9

.0
-.1

.9
.7

-1.6
-5.6

Materials
Durable
Consumer parts
Equipment parts
Other

38.11
22.34
4.65
8.10
9.60

7.2
10.4
5.9
19.7
4.4

3.9
7.5
-2.1
25.1
-3.1

-6.8
-8.6
-4.5
-11.1
-8.1

-9.5
-11.5
-21.0
-10.4
-7.9

-7.3
-7.4
12.7
-19.1
-4.3

-4.8
-7.0
3.3
-13.0
-6.1

-5.7
-8.4
-9.6
-.8
-13.9

-.7
-.6
1.7
-.9
-1.6

-.7
-.3
1.3
-.1
-1.4

.8
1.0
1.2
1.2
.7

.6
.6
.7
.4
.8

-4.0
-4.8
3.5
-7.6
-6.0

Nondurable
Textile
Paper
Chemical

7.64
.75
1.56
3.51

3.9
4.6
4.5
5.3

-4.7
-12.8
-4.5
-4.2

-6.0
-12.5
-5.0
-7.1

-9.1
-4.5
-10.4
-9.7

-13.3
-17.6
-8.2
-20.6

1.4
-13.6
5.6
3.5

-2.3
-13.9
-6.3
.6

-1.5
-2.9
-4.9
-1.3

-1.6
.5
-3.6
-2.3

1.2
-.7
2.6
1.6

.6
.4
.4
.5

-4.4
-11.4
-5.3
-5.6

Energy

8.13

.6

1.6

-3.1

-4.4

-1.9

-4.4

-1.6

-.1

-.6

.1

.5

-2.0

24
25
32
33
34
35
36
371

86.73
46.80
2.15
1.57
2.66
2.93
5.85
7.69
7.83
6.35

4.8
6.9
1.8
5.0
3.2
6.7
1.2
7.1
23.7
7.5

2.3
4.8
-6.8
.8
-.9
-5.2
2.2
7.5
27.3
-8.0

-6.1
-8.3
-1.1
-7.6
-3.3
-13.9
-6.4
-11.7
-14.3
-.4

-7.1
-9.7
-13.0
-6.4
.4
-16.8
-7.7
-3.9
-15.0
-23.1

-6.2
-6.5
11.3
-8.5
-1.7
-1.1
-9.7
-16.3
-23.3
33.6

-4.9
-7.7
8.4
-7.7
-5.3
-8.6
-.7
-14.4
-17.5
6.6

-6.3
-9.3
-9.0
-7.9
-6.4
-26.9
-7.5
-11.8
.4
-10.1

-.1
.2
-.4
1.0
-1.1
-3.0
-.2
.3
.0
5.5

-.3
-.2
.8
.5
-2.8
-6.5
1.2
-1.3
.5
3.7

.3
.4
-.2
-1.1
-.5
6.4
-.6
1.1
.5
-.1

.3
.4
.6
2.0
2.0
1.3
.5
-.4
.7
.5

-4.1
-5.1
3.9
-5.3
-4.0
-8.2
-3.5
-10.9
-9.2
11.5

372–6,9
38
39

4.10
4.51
1.18

-8.9
.6
4.8

.2
1.3
-1.0

-9.0
-4.4
-8.9

.1
.0
-8.5

-4.5
-7.9
-4.0

-12.0
-7.8
-7.9

-18.5
-1.6
-14.9

-3.0
.1
-2.5

-2.6
-.7
2.8

-2.4
1.0
.1

-1.3
-.3
1.3

-14.2
-4.0
-4.0

20,21
22
23
26
27
28
29
30

39.93
11.77
1.17
1.46
3.29
6.62
9.75
1.92
3.78

2.1
.7
.4
.3
2.3
.7
4.1
-.6
5.9

-.7
.4
-10.6
-6.7
-3.0
.5
.8
2.0
-2.8

-3.5
-.7
-10.6
-10.9
-6.1
-7.9
-.3
-1.2
-5.2

-3.7
-.2
-4.0
-3.7
-11.5
-5.5
-3.3
-1.1
-5.4

-5.9
-2.5
-14.3
-6.9
-1.4
-13.2
-6.4
2.3
-5.5

-1.6
-.6
-11.4
-15.4
-1.4
-5.7
5.0
-7.7
-.9

-2.8
.5
-12.4
-16.8
-9.5
-7.0
4.0
1.9
-8.9

-.5
.5
-1.3
-.7
-1.7
-.9
-.7
-.7
-.8

-.5
.6
1.1
1.1
-3.0
-1.6
-.9
-1.6
.9

.2
.3
-.3
.2
1.3
-1.3
.8
1.8
-.6

.1
.3
.0
.2
.9
-1.2
.4
.0
.5

-3.0
.5
-9.1
-9.2
-4.9
-10.4
.5
-.9
-3.6

6.19
7.08
5.61
1.47

-.2
2.2
1.8
4.7

1.7
6.8
5.2
12.9

-2.5
-5.6
-3.3
-13.2

3.5
-3.4
-2.0
-8.0

3.5
-10.7
-6.2
-24.6

-4.1
-3.0
-4.7
2.9

-12.0
-5.0
-.4
-20.5

-.4
-2.7
-.4
-10.9

-1.8
.9
.2
4.1

-.3
-.3
.3
-3.0

-.7
2.7
1.4
8.2

-5.7
-2.7
-.6
-9.5

MARKET GROUPS
Products
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods

Q3

Q4r

Feb. ’01
to
Feb. ’02

1999

Total IP

Q2

2001
Nov.r

Monthly rate
2002
Dec.r
Jan.r

2001
Q1

Feb.p

INDUSTRY GROUPS
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Electric
Gas

10–14
491,2,3pt

NOTE. Under industry groups, the figures to the right of the series descriptions are 1987 Standard Industrial Classification (SIC) codes. The abbreviation pt denotes part
of an SIC code. Additional industry detail is available on the Board’s web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, 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. Under industry groups, in the nondurables category, leather and products (SIC 31) is 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.
r Revised. p Preliminary.

5

Table 2

INDUSTRIAL PRODUCTION: SPECIAL AGGREGATES AND SELECTED DETAIL
Percent change, seasonally adjusted
Fourth quarter to
fourth quarter

Item
It

2001
proportion

Annual rate

2000

2001

100.00

4.3

2.6

-5.8

-6.1

-5.9

-4.7

-6.6

-.3

-.3

.2

.4

-4.1

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

14.09
3.39
1.84
.72
2.67
5.46

1.2
2.3
.7
5.7
2.7
-.6

4.5
8.6
7.3
19.1
5.6
-.2

-4.0
-6.2
1.2
-16.0
-7.7
-1.0

-1.5
-.9
2.3
31.7
-12.6
-.5

-3.9
-14.9
3.3
8.4
-8.1
1.0

-4.0
-3.2
4.2
-19.4
-9.4
-2.3

-6.5
-5.1
-4.8
-56.6
-.1
-2.3

-1.5
-3.0
-2.5
-10.1
-1.6
.6

-.5
.3
.4
-5.7
.5
-1.1

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

1.2
2.4
3.0
-2.6
1.6
.0

-3.3
-4.6
3.5
-29.3
-3.2
-1.6

Non-energy
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components

357
366

85.91
6.61
1.55
1.53

4.8
34.0
33.0
21.1

2.3
39.5
33.4
25.4

-6.2
-15.7
-8.2
-24.5

-6.9
-13.6
-3.9
-16.8

-6.2
-25.9
-16.3
-26.3

-4.9
-21.8
-14.7
-28.1

-6.7
1.2
3.6
-26.2

-.1
.0
1.7
-2.2

-.3
.3
1.9
-3.6

.2
1.7
1.1
-1.3

.3
1.2
1.5
.1

-4.2
-9.7
-3.2
-23.9

3672–9

3.54

41.1

48.6

-14.9

-16.2

-29.8

-22.2

14.4

.2

1.1

3.1

1.5

-6.3

79.30

2.0

-1.4

-5.1

-6.1

-3.9

-3.1

-7.3

-.1

-.3

.1

.2

-3.6

6.35
3.69
2.56

7.5
6.3
9.2

-8.0
-11.4
-1.2

-.4
2.1
-2.4

-23.1
-17.4
-28.6

33.6
30.9
39.0

6.6
11.5
.8

-10.1
-9.9
-9.2

5.5
8.7
1.1

3.7
4.6
2.5

-.1
-1.1
1.9

.5
.2
.9

11.5
13.9
9.7

72.95
24.03
9.17
7.05
23.95

1.5
1.9
-3.1
1.6
3.3

-.8
.5
1.9
-.5
-2.7

-5.5
-1.7
-11.8
-8.5
-6.9

-4.6
-.8
-4.0
-8.3
-7.7

-6.5
-1.0
-12.8
-15.4
-8.3

-3.9
-1.7
-16.4
-4.6
-2.0

-7.1
-3.1
-13.5
-5.2
-9.3

-.6
-.2
-.3
-.3
-1.2

-.7
.3
-2.9
-1.2
-1.3

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

.1
.1
-1.1
.1
.5

-4.8
-1.4
-13.2
-7.9
-5.4

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Durable
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

93.39
80.11
40.19
6.14
2.76

1.8
1.9
1.8
-.4
3.9

-.5
-1.3
-1.8
.1
-1.2

-4.9
-5.1
-6.7
-12.6
-6.1

-5.4
-6.3
-8.8
-3.9
-11.8

-3.9
-3.9
-2.0
-16.2
-9.9

-3.3
-3.2
-4.8
-14.3
-2.4

-7.2
-6.9
-11.0
-15.5
.1

-.3
-.1
.3
.0
1.1

-.4
-.4
-.3
-2.2
1.9

.1
.2
.2
1.1
-1.8

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

-3.6
-3.5
-4.0
-12.8
-3.3

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

93.65
80.38
40.45

4.1
4.5
6.8

3.4
3.2
6.8

-6.2
-6.6
-9.4

-4.9
-5.8
-7.6

-7.9
-8.7
-11.2

-5.5
-5.8
-9.7

-6.4
-6.0
-9.2

-.7
-.5
-.6

-.6
-.6
-.8

.3
.3
.5

.4
.2
.4

-5.1
-5.3
-7.4

Primary processing1
Advanced processing2

33.25
53.48

8.0
2.8

3.7
1.4

-7.2
-5.4

-11.2
-4.2

-7.0
-5.7

-4.2
-5.4

-6.2
-6.4

-.8
.3

-.6
-.1

1.2
-.2

.8
-.1

-3.3
-4.6

Excluding selected high-technology
industries
Motor vehicles and parts
Motor vehicles
Motor vehicle parts

371
3711,3
3714

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

Q3

Q4r

Feb. ’01
to
Feb. ’02

1999

Total industry

Q2

2001
Nov.r

Monthly rate
2002
Dec.r
Jan.r

2001
Q1

Feb.p

NOTE. See notes to table 1.
1. Primary processing consists of textile mill products, paper and products, industrial chemicals, synthetic materials, and fertilizers, petroleum products, rubber and plastics
products, lumber and products, primary metals, fabricated metals, stone, clay, and glass products, semiconductors and related electronic components, and motor vehicle parts.
2. Advanced processing consists of foods, tobacco products, apparel products, printing and publishing, chemical products and other agricultural chemicals, leather and
products, furniture and fixtures, industrial machinery and equipment, electrical machinery except semiconductors and related electronic components, transportation equipment
except motor vehicle parts, instruments, and miscellaneous manufactures.

Table 3

MOTOR VEHICLE ASSEMBLIES
Millions of units, seasonally adjusted annual rate
2001
average

2001
Q1

Q2

Q3

Q4

2001
Nov.

Dec.

2002
Jan.

Feb.

Total
Autos
Trucks
Light
Medium and heavy

11.43
4.88
6.54
6.29
.25

11.01
4.97
6.04
5.77
.28

11.65
5.05
6.60
6.33
.27

11.61
4.74
6.87
6.62
.25

11.61
4.80
6.81
6.59
.22

11.80
4.86
6.93
6.73
.20

12.33
5.11
7.22
7.00
.22

12.16
5.07
7.09
6.87
.22

12.29
5.49
6.81
6.58
.23

MEMO
Autos and light trucks

11.17

10.74

11.39

11.36

11.39

11.60

12.11

11.94

12.07

Item
It

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

6

Table 4

INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY
1992 = 100, seasonally adjusted
2001
proportion

Item
It

2001
June

July

Aug.

Sept.

Oct.

Nov.r

Dec.r

2002
Jan.r

Feb.p

100.00

140.3

140.4

140.0

138.5

137.7

137.2

136.8

137.1

137.6

61.89
30.46
6.50
3.49
.28
1.32
1.41

130.0
121.1
153.2
152.3
597.5
124.5
116.2

130.3
122.2
157.0
161.1
544.2
122.0
117.7

129.4
121.4
154.1
155.6
575.2
126.2
112.7

127.7
119.9
151.8
152.5
555.5
127.4
110.5

126.8
119.6
146.2
145.4
537.7
122.5
109.2

126.7
120.0
152.1
155.4
566.7
125.1
107.5

126.6
120.8
155.9
160.3
641.7
126.3
107.4

126.4
120.4
153.8
157.7
608.7
125.3
107.4

126.7
120.8
154.4
157.4
597.1
127.2
108.7

Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

23.96
20.57
11.18
1.30
5.05
3.04
3.39

113.4
113.2
108.9
78.2
145.7
106.6
115.8

113.9
113.7
109.3
79.0
147.5
106.0
116.0

113.6
113.0
108.7
76.4
146.7
105.7
117.8

112.3
112.0
107.7
74.8
145.9
105.1
114.8

113.1
112.5
108.2
74.4
148.5
103.9
116.9

112.3
112.2
108.6
73.2
148.0
102.1
113.4

112.5
112.4
109.3
74.3
147.7
100.1
113.8

112.5
112.4
109.6
74.9
148.0
98.4
113.7

112.8
112.3
110.1
74.5
148.3
96.0
116.4

Business equipment
Transit
Information processing
Industrial and other

13.06
2.93
5.04
5.08

177.8
133.1
279.6
129.2

176.1
133.8
275.2
127.5

173.3
128.7
271.9
126.7

168.4
124.6
266.0
122.7

166.9
119.2
267.9
121.8

167.2
118.6
269.1
122.3

164.2
118.1
265.8
118.6

164.5
114.7
267.9
120.0

163.9
113.4
269.3
119.0

Defense and space equipment

2.01

73.4

73.6

73.5

73.8

74.2

74.3

74.6

75.0

75.2

Construction supplies
Business supplies

6.56
8.89

138.0
111.6

137.3
112.0

138.8
111.3

138.1
110.4

134.6
110.7

134.0
109.8

135.3
108.9

135.2
108.7

136.4
109.5

Materials
Durable
Consumer parts
Equipment parts
Other

38.11
22.34
4.65
8.10
9.60

157.4
212.9
157.7
436.1
126.2

157.2
212.6
160.2
429.9
126.4

157.6
212.0
160.8
429.6
125.4

156.5
209.4
155.3
430.4
123.8

155.9
207.9
152.3
431.7
122.5

154.8
206.5
155.0
427.9
120.5

153.8
205.8
157.1
427.7
118.8

155.0
207.8
159.0
432.7
119.6

156.0
209.2
160.0
434.6
120.6

Nondurable
Textile
Paper
Chemical

7.64
.75
1.56
3.51

102.2
90.8
104.8
100.3

102.7
87.6
107.7
100.9

104.0
90.1
109.5
102.2

104.2
89.0
110.5
102.1

104.7
87.2
112.4
103.5

103.1
84.7
106.9
102.2

101.4
85.1
103.1
99.9

102.6
84.5
105.7
101.5

103.2
84.9
106.1
102.0

Energy

8.13

103.1

102.3

103.0

103.1

102.6

102.6

101.9

102.0

102.5

24
25
32
33
34
35
36
371

86.73
46.80
2.15
1.57
2.66
2.93
5.85
7.69
7.83
6.35

145.0
180.1
114.2
138.3
130.0
119.5
129.5
213.8
497.6
167.7

145.2
180.0
114.0
138.4
130.0
119.5
131.1
210.2
485.9
174.6

144.5
178.9
116.2
138.7
130.8
117.5
131.0
211.0
485.5
169.9

142.9
176.1
116.4
135.1
129.9
116.4
128.7
205.1
484.6
164.2

142.1
173.9
112.8
133.5
130.3
113.6
127.5
202.8
484.8
157.3

142.0
174.3
112.4
134.8
128.8
110.2
127.2
203.4
485.1
165.9

141.5
173.9
113.3
135.5
125.2
103.0
128.7
200.7
487.6
172.1

141.9
174.6
113.1
134.0
124.5
109.6
128.0
203.0
490.1
171.9

142.3
175.3
113.8
136.7
127.0
111.0
128.6
202.3
493.4
172.8

372–6,9
38
39

4.10
4.51
1.18

98.3
114.5
119.8

97.1
115.0
120.7

95.7
113.9
116.7

95.0
112.8
114.5

93.8
113.6
113.6

91.0
113.7
110.7

88.6
112.9
113.8

86.5
114.0
113.9

85.4
113.6
115.4

20,21
22
23
26
27
28
29
30

39.93
11.77
1.17
1.46
3.29
6.62
9.75
1.92
3.78

111.1
109.6
86.8
94.0
107.1
101.3
119.5
115.5
137.7

111.5
110.0
84.3
95.1
108.1
101.1
121.2
114.6
138.0

111.1
109.5
85.8
91.2
107.7
100.7
121.2
112.9
137.3

110.5
108.4
85.9
89.4
109.7
99.7
121.0
112.1
136.5

110.8
108.8
83.0
87.8
108.1
99.8
123.2
114.9
134.4

110.2
109.4
81.9
87.3
106.2
98.9
122.4
114.0
133.4

109.7
110.1
82.8
88.3
103.1
97.4
121.3
112.2
134.6

110.0
110.4
82.6
88.4
104.4
96.1
122.3
114.2
133.8

110.1
110.8
82.6
88.6
105.3
94.9
122.8
114.3
134.5

6.19
7.08
5.61
1.47

102.5
119.1
122.9
105.2

101.9
118.2
121.0
107.4

101.4
121.1
124.5
108.1

102.1
118.1
121.0
106.9

99.5
119.4
122.3
108.0

99.0
116.2
121.8
96.2

97.3
117.3
122.0
100.2

97.0
116.9
122.4
97.2

96.4
120.1
124.2
105.2

Total IP

MARKET GROUPS
Products
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods

INDUSTRY GROUPS
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Electric
Gas

10–14
491,2,3pt

NOTE. See notes to table 1.

7

Table 5

INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES
1992 = 100, seasonally adjusted
2001
proportion

Item
It

2001
June

July

Aug.

Sept.

Oct.

Nov.r

Dec.r

2002
Jan.r

Feb.p

100.00

140.3

140.4

140.0

138.5

137.7

137.2

136.8

137.1

137.6

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

14.09
3.39
1.84
.72
2.67
5.46

110.3
115.8
133.5
150.4
109.1
99.5

109.7
116.0
133.8
147.1
109.0
98.5

110.4
117.8
134.2
143.1
111.4
98.4

109.5
114.8
131.8
140.4
109.3
99.4

109.3
116.9
133.6
127.2
110.9
98.2

107.6
113.4
130.4
114.4
109.1
98.8

107.1
113.8
130.8
107.8
109.6
97.7

107.2
113.7
131.7
107.3
110.6
97.4

108.5
116.4
135.6
104.4
112.4
97.3

Non-energy

85.91

145.5

145.8

145.0

143.4

142.5

142.4

141.9

142.3

142.7

357
366

6.61
1.55
1.53

1036.7
1095.4
342.5

1006.7
1074.6
329.6

999.5
1064.8
324.7

994.8
1035.7
316.1

1002.4
1049.1
308.0

1002.5
1067.2
301.1

1005.3
1087.1
290.3

1022.3
1099.5
286.4

1034.9
1116.0
286.8

3672–9

3.54

1706.2

1655.3

1650.9

1676.9

1709.7

1712.5

1731.6

1785.3

1812.6

79.30

118.8

119.3

118.7

117.4

116.5

116.3

115.9

116.1

116.3

6.35
3.69
2.56

167.7
158.2
188.2

174.6
169.8
188.8

169.9
161.3
189.4

164.2
155.8
182.8

157.3
147.1
179.8

165.9
159.9
181.7

172.1
167.2
186.2

171.9
165.4
189.7

172.8
165.7
191.3

72.95
24.03
9.17
7.05
23.95

115.8
114.6
126.9
106.6
116.2

116.0
114.9
125.3
107.0
116.9

115.7
114.2
123.8
106.1
117.1

114.5
113.3
120.5
105.6
116.0

114.0
113.3
120.3
105.5
115.3

113.3
113.1
119.9
105.2
113.9

112.5
113.4
116.4
103.9
112.4

112.7
113.2
116.8
103.5
113.1

112.9
113.3
115.5
103.7
113.6

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Durable
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

93.39
80.11
40.19
6.14
2.76

117.6
118.5
126.3
130.7
125.1

117.9
119.0
126.9
128.6
124.4

117.6
118.4
126.1
129.5
125.7

116.3
117.0
124.0
125.9
124.3

115.5
116.3
122.0
123.6
123.1

115.1
116.1
122.3
123.6
124.5

114.7
115.7
122.0
120.9
126.8

114.8
115.9
122.2
122.3
124.5

115.2
116.2
122.5
121.2
124.3

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

93.65
80.38
40.45

139.0
143.7
181.8

138.7
143.5
180.6

138.5
143.0
180.1

137.2
141.7
177.8

136.8
141.3
176.4

135.8
140.6
175.4

135.0
139.7
173.9

135.3
140.1
174.7

135.8
140.5
175.3

Primary processing
Advanced processing

33.25
53.48

167.3
132.5

167.4
132.9

167.3
131.7

166.6
129.8

165.6
129.1

164.4
129.5

163.3
129.3

165.3
129.0

166.6
128.9

Total industry

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

371
3711,3
3714

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

NOTE. See notes to table 2.

8

Table 6

CAPACITY UTILIZATION
Percent of capacity, seasonally adjusted
2001
proportion

Item

19672001
ave.

198889
high

199091
low

199495
high

2001
Q1

Q2

Q3

Q4r

2001
Nov.r

Dec.r

2002
Jan.r

Feb.p

Total industry

100.00

81.9

85.4

78.1

84.5

78.9

77.4

76.2

74.7

74.7

74.4

74.5

74.8

Manufacturing

87.62

80.9

85.7

76.6

84.1

77.2

75.6

74.5

73.1

73.2

72.9

73.0

73.2

24
25
32
33
34
35
36
371

49.11
2.14
1.57
2.47
2.88
6.06
8.29
9.17
6.47

79.4
82.4
81.2
78.9
81.6
77.8
81.0
81.1
77.0

84.6
93.6
86.6
83.5
92.7
82.0
85.4
84.0
89.1

73.1
75.5
72.5
69.7
73.7
71.9
72.1
75.0
55.9

83.7
89.4
84.3
86.3
95.4
85.2
87.2
90.6
85.2

75.7
74.4
77.1
82.0
80.0
74.5
76.8
75.9
71.0

73.8
76.2
75.3
81.2
79.9
72.5
73.0
69.2
75.8

72.0
77.6
73.8
79.8
78.2
72.3
69.9
65.1
76.5

70.0
75.7
72.3
78.2
72.4
70.9
67.5
64.6
74.1

70.1
75.4
72.4
78.6
73.3
70.6
67.9
64.5
74.4

69.9
75.9
72.8
76.3
68.5
71.4
66.9
64.6
77.0

70.1
75.8
72.0
75.8
73.1
71.0
67.6
64.6
76.8

70.3
76.2
73.4
77.2
74.3
71.3
67.4
64.7
77.1

372–6,9
38
39

4.29
4.57
1.19

75.1
81.1
76.0

87.3
81.4
79.0

59.8
74.5
71.7

84.6
80.9
81.5

74.0
76.5
76.6

73.2
74.9
75.8

71.0
73.4
74.2

67.5
73.2
71.2

67.3
73.3
70.0

65.6
72.8
71.9

64.0
73.6
72.0

63.2
73.4
72.9

20,21
22
23
26
27
28
29
30

38.51
10.86
1.20
1.60
3.19
6.61
9.60
1.63
3.64

83.0
83.1
85.2
80.6
88.3
84.9
79.2
87.5
84.5

87.3
85.9
90.4
85.1
93.5
91.7
86.2
88.5
89.6

79.1
78.4
77.7
75.5
82.9
76.3
74.8
85.1
77.4

85.6
85.7
92.5
85.9
92.0
87.7
84.2
97.4
91.4

79.1
80.4
77.2
71.8
78.9
77.5
76.9
94.1
80.4

77.9
79.9
74.9
70.9
78.5
74.9
75.6
94.5
78.9

77.7
79.8
73.3
68.4
78.1
73.9
76.4
92.5
78.4

77.1
79.9
71.6
65.7
76.1
72.7
77.1
92.7
76.3

77.1
79.9
71.0
65.4
76.4
72.9
77.2
93.0
75.8

76.8
80.4
72.0
66.2
74.2
71.7
76.5
91.4
76.4

76.9
80.7
72.0
66.5
74.4
70.8
77.1
93.0
75.9

77.0
80.9
72.3
66.8
75.2
70.0
77.3
93.0
76.3

6.14
6.24

87.6
87.6

88.0
92.6

83.7
83.1

91.0
94.6

91.1
91.8

91.8
88.1

90.7
86.3

87.5
84.1

87.9
83.0

86.2
83.5

86.0
82.9

85.4
84.8

357
366

8.52
2.05
1.92

80.0
80.7
80.1

81.9
86.9
84.8

72.4
66.9
73.4

88.2
91.4
88.7

74.0
71.5
75.5

66.4
66.8
68.8

61.3
63.2
62.8

60.7
62.8
57.8

60.7
62.8
58.1

60.6
63.6
55.9

61.2
64.0
55.0

61.5
64.5
55.0

3672–9

4.55

79.6

81.1

75.6

91.0

74.2

65.0

59.7

60.9

60.7

61.0

62.3

62.6

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

91.48
79.10
6.24
2.71

82.0
81.0
81.0
83.2

85.7
86.1
85.5
87.5

78.4
76.8
72.4
74.3

84.2
83.8
88.2
93.6

79.4
77.5
78.9
79.0

78.5
76.7
75.5
76.7

77.8
76.1
72.6
76.1

76.3
74.7
69.6
76.0

76.3
74.7
70.1
75.9

75.9
74.4
68.6
77.2

76.0
74.6
69.4
75.8

76.3
74.7
68.9
75.7

Primary processing
Advanced processing

33.80
53.82

82.0
80.3

88.3
84.2

76.7
76.6

88.8
82.0

77.7
76.8

75.8
75.5

74.7
74.3

73.2
73.0

73.2
73.1

72.7
73.0

73.4
72.8

73.9
72.7

Monthly rate
2002
Feb.

Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components

NOTE. See notes to table 2.

Table 7

INDUSTRIAL CAPACITY
Percent change
Item

196779

Average annual rate
1980198988
94

Fourth quarter to fourth quarter
19952002

1999

2000

2001

2002p

Annual rate
2001
Q2

Q3

Q4

2002
Q1

Total industry

3.5

2.2

2.3

4.2

3.9

4.0

1.7

1.0

1.8

1.2

1.0

.9

.1

Manufacturing

3.7

2.5

2.5

4.7

4.5

4.7

1.6

1.0

1.7

1.0

.8

.8

.1

Durable
Nondurable

3.6
3.9

3.1
1.8

3.0
2.1

7.3
1.5

6.6
1.7

8.1
.4

3.0
-.2

1.9
-.2

3.2
-.2

1.9
-.2

1.5
-.1

1.6
-.1

.1
.0

.4
4.9

.2
1.2

-.6
1.4

-.4
2.3

-2.4
2.4

-1.9
2.9

.6
5.1

.3
4.0

.5
5.1

.7
5.6

1.4
5.4

.9
4.8

.0
.4

11.3

15.9

13.6

32.6

28.6

42.9

12.7

12.9

14.0

7.3

5.4

8.1

.8

3.3

1.4

1.7

2.1

2.0

1.0

.3

-.1

.3

.2

.2

.0

.0

3.8
3.7

1.6
3.1

3.4
2.1

6.8
3.4

5.0
4.2

7.8
2.9

2.7
.9

1.9
.3

2.9
1.0

1.6
.7

1.2
.6

1.5
.4

.1
.0

Mining
Utilities
Selected high-technology industries
Manufacturing ex. selected
high-technology industries

Primary processing
Advanced processing

9

Table 8

GROSS VALUE OF PRODUCTS
Billions of 1996 dollars at annual rate, seasonally adjusted
1996

2001

2000
Q4

2001
Q1

Q2

Q3

Q4r

2001
Nov.r

Dec.r

2002
Jan.r

Feb.p

2,419.8

2,724.6

2,808.7

2,772.1

2,751.8

2,726.5

2,678.0

2,679.2

2,685.2

2,678.9

2,687.1

1,858.1
1,220.6
303.9
162.6
141.3
916.7

2,102.8
1,303.1
349.5
187.8
160.5
953.5

2,166.4
1,317.2
355.0
185.4
171.1
961.8

2,138.1
1,303.3
341.5
178.7
164.1
961.0

2,126.8
1,309.1
353.9
190.1
162.7
955.1

2,103.9
1,311.0
359.3
196.7
159.7
952.0

2,067.9
1,302.8
353.5
193.5
157.2
949.2

2,070.6
1,301.9
355.9
196.0
156.4
946.1

2,076.5
1,315.4
367.2
202.8
160.5
948.8

2,070.0
1,308.8
361.4
199.4
158.2
947.8

2,072.0
1,312.0
361.8
198.9
159.5
950.5

Equipment, total
Business and defense
Business
Defense and space

637.5
610.2
538.6
71.6

800.0
778.4
715.8
64.4

856.2
835.5
773.9
64.8

840.8
819.4
757.2
64.9

820.2
797.2
735.3
64.2

791.0
768.0
705.6
64.0

759.1
740.0
676.1
64.6

763.5
744.8
681.0
64.6

752.9
735.3
671.0
64.8

753.8
737.0
672.3
65.1

752.0
735.9
670.8
65.4

Intermediate products
Construction supplies
Business supplies
Commercial energy products

561.7
235.0
326.7
81.9

622.1
274.0
347.7
92.3

642.3
278.7
363.3
92.5

634.1
276.0
357.7
92.2

625.2
276.1
348.5
93.2

622.7
275.7
346.3
93.6

610.2
268.2
341.5
92.1

608.8
266.8
341.5
91.0

608.9
269.7
338.6
91.5

609.1
270.0
338.4
92.2

615.2
272.5
342.0
95.3

Item
It

Products, total
Final products
Consumer goods
Durable
Automotive products
Other durable goods
Nondurable

Table 9

DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION
Percent
Item
It

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

One month earlier
2000
2001
2002

54.3
46.0
52.2

55.1
36.6

57.2
39.9

47.8
43.1

50.4
41.7

53.6
40.9

49.6
47.8

41.3
43.5

51.4
39.5

43.5
42.0

44.2
38.8

42.8
50.4

Three months earlier
2000
2001
2002

61.2
39.5
44.2

57.6
37.5

59.4
36.6

55.4
38.0

48.6
37.7

51.4
37.7

51.4
39.1

44.2
40.2

38.4
41.3

39.1
36.6

40.2
33.0

38.8
39.5

Six months earlier
2000
2001
2002

63.4
35.5
38.4

62.0
32.6

65.9
32.2

59.8
30.8

57.6
31.9

58.0
32.6

53.6
30.1

45.3
32.6

43.5
35.9

41.3
30.4

40.2
34.1

37.0
37.0

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.

Table 10

ELECTRIC POWER USE
1992 = 100
Item

1992
billion
kWh

Seasonally adjusted
2001
Aug.

Sept.

Oct.

Nov.r

Not seasonally adjusted
Dec.r

2002
Jan.p

2001
Aug.

Sept.

Oct.

Nov.r

Dec.r

2002
Jan.p

Total manufacturing and mining

933.2

95.3

94.6

95.7

96.3

95.5

95.6

98.8

98.4

98.1

95.7

93.9

92.6

Manufacturing
Durable
Nondurable

853.2
366.0
487.2

95.5
98.8
92.8

94.7
96.6
93.1

95.7
96.3
95.3

96.6
97.5
95.9

95.9
97.2
94.9

96.1
96.3
95.9

99.4
102.4
96.9

98.7
100.8
97.0

98.3
98.8
98.0

95.8
96.0
95.7

94.0
94.0
94.0

92.6
92.3
92.9

80.1

93.0

93.8

94.5

92.7

90.7

89.1

91.5

93.8

94.5

94.0

93.0

92.2

908.9
835.5
97.7

98.3
95.9
101.4

96.6
94.6
100.5

97.5
95.4
100.1

98.0
96.0
98.7

96.9
95.3
94.7

96.5
95.6
96.0

102.4
98.5
103.1

100.8
98.3
98.7

99.6
97.8
102.8

96.8
95.5
97.9

94.5
93.7
97.3

93.0
92.1
99.9

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

NOTE. Additional industry detail is available on the Board’s web site, www.federalreserve.gov/releases/g17/download.htm.

10

Table 11

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry
Seasonally adjusted
Year

IP (percent
change)1
1980
1981
1982
1983
1984

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.5
-.9
-1.6
2.1
2.1

.1
.5
2.2
-.2
-.2

.0
.5
-.7
1.0
1.1

-1.9
-.7
-.9
1.3
.5

-2.5
.8
-.8
1.2
.6

-1.3
.6
-.3
.6
.5

-.6
.9
-.8
1.8
.2

1.2
-.4
-.5
1.3
.0

1.5
-.8
-.7
1.7
-.1

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

1.6
-1.4
-.3
-.1
.1

.5
-1.1
-.8
.5
-.4

.8
1.9
-6.4
6.8
11.1

-15.0
2.2
-5.2
11.9
7.2

-4.2
4.1
-7.3
17.3
2.6

14.2
-10.5
-7.5
10.3
-2.6

-2.8
1.6
-5.4
3.7
8.9

1985
1986
1987
1988
1989

.4
.6
-.6
.1
.6

.9
-.7
1.2
.3
-.8

.3
-1.0
.4
.0
.9

.2
.8
.4
.6
.2

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

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

-.4
.3
.6
.7
-1.0

.6
.3
.1
.5
.4

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

-.9
.9
1.4
.3
-.5

.6
.5
.3
.8
.4

.7
.9
.6
.5
.5

3.0
2.0
4.2
3.2
3.8

2.8
-1.7
6.7
3.1
.5

.3
.7
5.6
3.9
-4.4

1.4
6.5
7.1
3.6
-.1

1.6
1.1
4.6
4.5
1.8

1990
1991
1992
1993
1994

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

.5
-.8
.5
.4
.3

.5
-.9
.9
.2
.8

-.6
.3
.7
.3
.6

.4
.8
.3
-.4
.7

.0
1.2
-.1
.2
.5

.0
.1
.9
.2
.3

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

.1
1.0
.4
1.0
.2

-.6
-.1
.5
.4
.8

-1.3
-.1
.6
.5
.6

-.6
-.6
.0
.8
1.1

2.0
-8.3
.6
3.6
5.7

.6
1.5
6.6
1.5
7.6

1.0
6.2
3.3
1.8
5.2

-5.8
1.1
4.4
6.5
7.5

-.2
-2.0
3.1
3.4
5.5

1995
1996
1997
1998
1999

.5
-.3
.4
.6
.7

.0
1.2
1.1
.1
.2

.1
-.1
.1
.3
.4

-.2
1.0
.6
.5
.1

.3
.7
.3
.3
.4

.4
.7
.5
-.6
.2

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

1.3
.6
1.0
1.9
.5

.4
.5
.7
-.2
.0

-.1
.0
.7
.6
.8

.3
1.0
.6
-.4
.4

.2
.6
.2
.0
.7

5.9
2.9
7.7
4.5
3.6

.8
8.4
6.0
3.2
3.3

3.6
6.3
7.7
2.8
4.7

3.6
5.8
8.2
3.5
5.8

4.8
4.6
6.9
5.1
3.7

2000
2001
2002

.2
-.8
.2

.6
-.3
.4

.6
-.4

.5
-.6

.7
-.3

.4
-.9

-.4
.1

.1
-.3

.1
-1.1

-.4
-.6

-.3
-.3

-.4
-.3

5.8
-6.1

7.0
-5.9

.6
-4.7

-2.6
-6.6

4.5
-3.8

IP (1992=100)
2000
2001
2002

143.2
143.9
137.1

144.0
143.5
137.6

144.9
142.9

145.6
142.0

146.6
141.6

147.2
140.3

146.5
140.4

146.7
140.0

146.8
138.5

146.3
137.7

145.8
137.2

145.1
136.8

144.0
143.5

146.5
141.3

146.7
139.6

145.7
137.2

145.7
140.1

Capacity
(percent of
1992 output)
2000
2001
2002

174.8
181.5
183.9

175.4
181.8
184.1

176.0
182.2

176.6
182.4

177.2
182.6

177.9
182.8

178.5
183.0

179.0
183.2

179.6
183.3

180.1
183.5

180.6
183.6

181.1
183.8

175.4
181.8

177.2
182.6

179.0
183.2

180.6
183.6

178.1
182.8

Utilization
(percent)
1980
1981
1982
1983
1984

84.7
81.2
76.3
72.5
80.4

84.6
81.4
77.8
72.3
80.1

84.4
81.6
77.1
72.9
80.8

82.6
80.9
76.2
73.7
81.0

80.4
81.4
75.4
74.5
81.3

79.2
81.8
75.0
74.8
81.5

78.5
82.3
74.2
76.1
81.5

79.3
81.8
73.7
77.0
81.3

80.3
80.9
73.0
78.2
81.0

80.7
80.1
72.2
78.7
80.5

81.8
78.8
71.9
78.6
80.4

82.1
77.7
71.1
78.9
79.8

84.6
81.4
77.1
72.6
80.4

80.7
81.4
75.6
74.4
81.3

79.4
81.7
73.6
77.1
81.3

81.5
78.9
71.7
78.7
80.2

81.5
80.8
74.5
75.7
80.8

1985
1986
1987
1988
1989

79.9
79.8
79.1
83.2
85.4

80.4
79.2
80.0
83.4
84.6

80.4
78.2
80.2
83.3
85.3

80.3
78.7
80.5
83.7
85.3

80.3
78.4
80.7
83.7
84.7

79.9
78.1
81.4
83.6
84.4

79.4
78.2
81.8
84.1
83.4

79.6
78.3
81.8
84.5
83.6

79.9
78.2
81.6
84.1
83.3

79.0
78.8
82.6
84.2
82.8

79.2
79.1
82.8
84.8
83.0

79.5
79.7
83.2
85.1
83.2

80.2
79.1
79.8
83.3
85.1

80.2
78.4
80.8
83.7
84.8

79.6
78.2
81.7
84.2
83.4

79.2
79.2
82.9
84.7
83.0

79.8
78.7
81.3
84.0
84.1

1990
1991
1992
1993
1994

82.7
79.6
79.0
81.1
82.1

83.0
78.9
79.3
81.3
82.1

83.3
78.1
79.8
81.2
82.6

82.7
78.2
80.3
81.4
82.8

82.9
78.7
80.3
80.9
83.1

82.7
79.6
80.1
80.9
83.3

82.6
79.5
80.7
81.0
83.3

82.6
79.5
80.3
80.6
83.4

82.6
80.2
80.4
81.3
83.3

82.0
80.0
80.7
81.4
83.6

80.8
79.8
81.0
81.6
83.8

80.2
79.2
80.9
82.1
84.4

83.0
78.9
79.4
81.2
82.3

82.8
78.8
80.2
81.1
83.1

82.6
79.7
80.5
81.0
83.3

81.0
79.6
80.9
81.7
84.0

82.3
79.3
80.2
81.2
83.2

1995
1996
1997
1998
1999

84.5
81.9
83.1
83.6
81.3

84.2
82.5
83.6
83.1
81.2

83.9
82.0
83.3
82.9
81.3

83.4
82.5
83.4
82.9
81.1

83.3
82.7
83.3
82.7
81.2

83.3
82.9
83.3
81.8
81.2

82.5
82.7
83.2
81.2
81.4

83.2
82.9
83.6
82.4
81.5

83.2
83.0
83.7
81.8
81.3

82.8
82.6
83.8
82.0
81.7

82.7
83.0
83.9
81.3
81.7

82.5
83.1
83.6
81.1
82.0

84.2
82.1
83.3
83.2
81.3

83.3
82.7
83.3
82.5
81.2

83.0
82.9
83.5
81.8
81.4

82.7
82.9
83.8
81.5
81.8

83.3
82.7
83.5
82.2
81.4

2000
2001
2002

81.9
79.3
74.5

82.1
78.9
74.8

82.3
78.5

82.5
77.8

82.7
77.5

82.8
76.7

82.1
76.7

81.9
76.4

81.7
75.5

81.2
75.0

80.7
74.7

80.2
74.4

82.1
78.9

82.6
77.4

81.9
76.2

80.7
74.7

81.8
76.8

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

11

Table 12

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing
Seasonally adjusted
Year

IP (percent
change)
1980
1981
1982
1983
1984

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.2
-.6
-2.0
2.5
2.5

.3
.6
2.9
.4
.6

-.4
.3
-.7
1.4
.7

-2.1
.2
-.9
1.1
.5

-3.1
.7
-.4
1.4
.4

-1.5
-.1
.0
.8
.7

-.7
.6
-.8
1.5
.3

1.7
-.8
-.5
1.1
.1

1.5
-.8
-.5
2.2
-.2

1.1
-1.1
-1.2
.6
.0

1.7
-1.6
-.3
.3
.1

.3
-1.6
-.7
-.1
-.3

-.4
2.5
-7.6
11.5
13.2

-17.7
4.2
-2.7
14.7
6.6

-4.7
-.1
-5.6
17.1
3.4

16.8
-13.1
-8.0
11.2
-.4

-3.9
1.6
-5.9
5.7
9.9

1985
1986
1987
1988
1989

.1
1.5
-.8
-.2
.9

.6
-.5
1.6
.4
-1.2

.7
-.9
.2
-.1
.8

.2
1.4
.5
1.0
.1

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

-.3
-.3
1.0
.0
.0

-.4
.3
.7
.7
-1.1

.9
.6
-.2
.3
.3

.4
.0
.1
.2
-.3

-.8
.8
1.3
.2
-.6

1.1
.4
.5
.9
.4

-.1
1.2
.6
.6
.1

2.1
4.5
5.0
2.3
4.3

4.2
1.7
7.0
4.1
-.7

1.1
1.7
5.5
3.7
-4.5

1.6
6.7
7.6
5.2
-1.4

2.3
2.8
5.3
4.7
1.9

1990
1991
1992
1993
1994

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

.9
-.7
.7
.2
.4

.3
-1.1
1.0
.2
1.1

-.8
.3
.6
.5
.8

.4
.7
.4
-.3
.8

-.1
1.4
.0
.0
.3

.0
.2
.9
.2
.5

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

-.1
1.1
.3
1.1
.3

-.6
-.1
.5
.4
.9

-1.3
-.2
.6
.5
.8

-.6
-.5
-.1
.9
1.1

2.9
-9.7
2.0
4.2
5.9

-.1
1.2
7.4
2.1
9.4

.8
7.8
4.1
1.3
6.0

-6.3
1.7
3.7
6.9
9.0

-.5
-2.4
4.0
3.7
6.1

1995
1996
1997
1998
1999

.6
-.3
.4
.9
.6

-.1
1.2
1.2
.0
.4

.2
-.2
.3
.2
.2

-.3
1.2
.5
.7
.2

.1
.8
.4
.2
.6

.5
.9
.7
-.7
.1

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

1.2
.6
1.3
2.3
.8

.7
.6
.6
-.2
.0

.0
.0
.6
.8
.8

.1
1.0
.7
-.2
.6

.1
.7
.3
.2
.6

6.4
2.4
8.8
6.0
3.9

.4
9.2
6.8
3.0
3.6

3.0
8.4
8.9
3.2
4.8

4.2
6.2
8.7
5.2
6.9

5.3
4.9
7.9
5.9
4.2

2000
2001
2002

.3
-.8
.3

.5
-.3
.3

.9
-.4

.3
-.8

.7
-.2

.5
-1.0

-.4
.2

-.1
-.5

.1
-1.1

-.5
-.5

-.5
-.1

-.7
-.3

6.3
-7.1

7.1
-6.2

.4
-4.9

-4.0
-6.3

4.8
-4.4

IP (1992=100)
2000
2001
2002

149.0
148.9
141.9

149.8
148.4
142.3

151.1
147.9

151.6
146.7

152.6
146.4

153.3
145.0

152.7
145.2

152.6
144.5

152.8
142.9

152.0
142.1

151.2
142.0

150.1
141.5

149.9
148.4

152.5
146.0

152.7
144.2

151.1
141.9

151.6
144.8

Capacity
(percent of
1992 output)
2000
2001
2002

183.8
192.0
194.3

184.6
192.4
194.4

185.4
192.7

186.1
193.0

186.9
193.2

187.7
193.4

188.4
193.5

189.1
193.6

189.8
193.8

190.4
193.9

191.0
194.0

191.5
194.2

184.6
192.3

186.9
193.2

189.1
193.6

191.0
194.0

187.9
193.3

Utilization
(percent)
1980
1981
1982
1983
1984

83.3
79.0
72.6
70.6
79.3

83.3
79.2
74.6
70.8
79.5

82.7
79.3
73.9
71.8
79.8

80.8
79.3
73.1
72.5
80.0

78.1
79.6
72.7
73.4
80.1

76.7
79.3
72.6
73.9
80.3

75.9
79.6
71.8
74.8
80.4

77.0
78.8
71.4
75.6
80.2

77.9
78.0
70.9
77.2
79.8

78.6
77.0
69.9
77.6
79.6

79.7
75.6
69.6
77.7
79.5

79.7
74.2
69.0
77.5
79.0

83.1
79.2
73.7
71.1
79.5

78.5
79.4
72.8
73.2
80.1

76.9
78.8
71.4
75.9
80.1

79.3
75.6
69.5
77.6
79.4

79.5
78.3
71.8
74.4
79.8

1985
1986
1987
1988
1989

78.9
79.1
79.1
82.9
85.7

79.1
78.6
80.2
83.1
84.5

79.3
77.8
80.3
82.9
85.0

79.2
78.7
80.6
83.7
85.0

79.4
78.5
80.7
83.5
84.2

78.9
78.1
81.4
83.4
84.1

78.3
78.2
81.8
83.8
83.0

78.8
78.6
81.5
84.0
83.1

78.8
78.4
81.5
84.0
82.7

77.9
78.9
82.5
84.1
82.1

78.5
79.1
82.8
84.8
82.2

78.2
79.9
83.1
85.1
82.1

79.1
78.5
79.9
83.0
85.1

79.2
78.5
80.9
83.5
84.4

78.6
78.4
81.6
83.9
82.9

78.2
79.3
82.8
84.7
82.1

78.8
78.7
81.3
83.8
83.6

1990
1991
1992
1993
1994

81.8
78.2
78.0
80.4
81.1

82.5
77.5
78.4
80.4
81.1

82.6
76.6
79.0
80.4
81.8

81.8
76.8
79.4
80.6
82.2

82.0
77.1
79.5
80.2
82.5

81.8
78.1
79.4
80.0
82.5

81.6
78.2
80.0
80.1
82.6

81.7
78.2
79.6
79.7
82.8

81.5
79.0
79.7
80.4
82.7

80.9
78.9
79.9
80.5
83.1

79.7
78.6
80.2
80.7
83.4

79.0
78.1
80.0
81.2
84.0

82.3
77.5
78.5
80.4
81.3

81.9
77.3
79.4
80.3
82.4

81.6
78.5
79.8
80.0
82.7

79.9
78.5
80.0
80.8
83.5

81.4
77.9
79.4
80.4
82.5

1995
1996
1997
1998
1999

84.1
80.9
82.1
83.0
80.5

83.7
81.4
82.7
82.4
80.6

83.5
80.8
82.5
82.1
80.4

82.9
81.3
82.5
82.2
80.3

82.6
81.5
82.4
81.8
80.5

82.6
81.8
82.5
80.8
80.3

81.7
81.9
82.4
80.1
80.3

82.3
82.0
83.0
81.5
80.7

82.5
82.1
83.0
80.9
80.5

82.1
81.7
83.0
81.2
80.8

81.8
82.1
83.0
80.6
81.0

81.5
82.2
82.7
80.4
81.1

83.8
81.0
82.5
82.5
80.5

82.7
81.6
82.5
81.6
80.4

82.1
82.0
82.8
80.9
80.5

81.8
82.0
82.9
80.7
81.0

82.6
81.6
82.7
81.4
80.6

2000
2001
2002

81.0
77.6
73.0

81.1
77.2
73.2

81.5
76.7

81.4
76.0

81.6
75.8

81.7
75.0

81.0
75.1

80.7
74.6

80.5
73.7

79.8
73.3

79.2
73.2

78.4
72.9

81.2
77.2

81.6
75.6

80.7
74.5

79.1
73.1

80.7
75.1

NOTE. See note to table 11.

12

Table 13

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

IP (percent
change)
1980
1981
1982
1983
1984

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.3
-.9
-1.6
2.5
1.9

.0
.4
2.0
-.4
-.3

-.1
.4
-.8
.8
1.0

-2.2
-.8
-.9
1.2
.4

-2.7
.8
-.9
1.2
.4

-1.3
.5
-.4
.4
.3

-.8
.9
-1.0
1.8
.1

1.2
-.5
-.4
1.4
-.1

1.6
-1.0
-1.0
1.6
-.2

.6
-.8
-1.0
.6
-.5

1.6
-1.6
-.3
-.2
.0

.5
-1.4
-1.2
.5
-.5

-.7
1.3
-7.7
6.9
9.7

-16.6
1.1
-5.8
10.6
5.3

-4.9
3.2
-8.2
16.8
1.0

13.8
-11.8
-9.1
8.7
-3.5

-4.0
.8
-6.5
2.8
7.5

1985
1986
1987
1988
1989

.3
.7
-.8
.1
.5

.9
-.8
1.2
.2
-.7

.2
-1.1
.3
.1
.9

.1
.8
.4
.4
.1

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

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

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

.6
.2
.1
.5
.4

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

-.8
1.0
1.3
.4
-.3

.3
.4
.3
.6
.2

.7
1.0
.5
.5
.3

2.3
1.7
3.5
2.8
3.5

2.5
-1.8
6.8
1.8
-.3

.5
-.6
5.0
3.3
-4.8

1.0
6.3
6.5
3.5
-.4

.9
.8
4.2
3.9
1.4

1990
1991
1992
1993
1994

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

.5
-.9
.5
.4
.3

.5
-1.0
.8
.1
.6

-.5
.4
.7
.3
.3

.3
.8
.2
-.5
.5

-.1
1.2
-.3
.2
.4

.0
.1
.8
.2
.2

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

.2
1.0
.3
.9
.1

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

-1.4
-.2
.5
.4
.5

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

1.7
-8.8
-.9
3.5
4.8

.6
1.4
5.8
.8
5.5

.7
6.1
2.2
1.0
3.3

-6.4
.4
3.3
5.3
5.3

-.5
-2.4
2.2
2.7
4.1

1995
1996
1997
1998
1999

.2
-.5
.2
.2
.4

-.2
1.1
.9
-.2
.0

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

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

.1
.5
.1
.2
.3

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

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

1.1
.3
.8
1.8
.4

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

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

.1
.8
.3
-.5
.1

.0
.4
-.2
-.2
.3

2.8
.6
4.9
.7
.7

-1.4
6.1
2.8
1.9
.8

1.4
3.2
5.0
-.4
2.1

.3
2.8
6.1
1.3
3.7

2.4
2.0
4.1
2.5
1.1

2000
2001
2002

-.2
-.7
.1

.3
-.2
.3

.2
-.3

.2
-.4

.3
-.1

.3
-.8

-.7
.3

.0
-.3

-.1
-1.1

-.5
-.7

-.4
-.3

-.5
-.4

1.2
-5.4

2.8
-3.9

-2.0
-3.3

-3.9
-7.2

1.3
-3.9

IP (1992=100)
2000
2001
2002

121.7
119.6
114.8

122.0
119.4
115.2

122.3
119.1

122.5
118.6

122.9
118.5

123.2
117.6

122.3
117.9

122.3
117.6

122.2
116.3

121.6
115.5

121.1
115.1

120.5
114.7

122.0
119.4

122.8
118.2

122.2
117.2

121.0
115.1

122.0
117.3

Capacity
(percent of
1992 output)
2000
2001
2002

149.2
150.2
151.0

149.3
150.3
151.0

149.4
150.4

149.5
150.5

149.6
150.5

149.7
150.6

149.7
150.7

149.8
150.7

149.9
150.8

150.0
150.9

150.1
150.9

150.2
151.0

149.3
150.3

149.6
150.5

149.8
150.7

150.1
150.9

149.7
150.6

Utilization
(percent)
1980
1981
1982
1983
1984

84.4
81.0
76.0
72.3
80.0

84.3
81.2
77.4
72.0
79.7

84.1
81.5
76.7
72.6
80.4

82.1
80.7
75.9
73.4
80.6

79.8
81.3
75.1
74.2
80.8

78.7
81.6
74.7
74.5
81.0

78.0
82.2
73.9
75.8
80.9

78.8
81.6
73.5
76.8
80.7

80.0
80.7
72.6
78.0
80.5

80.4
79.9
71.8
78.4
80.0

81.6
78.5
71.5
78.2
79.9

81.8
77.3
70.5
78.6
79.3

84.3
81.2
76.7
72.3
80.1

80.2
81.2
75.2
74.0
80.8

78.9
81.5
73.3
76.9
80.7

81.3
78.6
71.3
78.4
79.7

81.2
80.6
74.1
75.4
80.3

1985
1986
1987
1988
1989

79.5
80.1
79.4
83.6
85.7

80.0
79.4
80.2
83.7
85.0

80.1
78.5
80.5
83.7
85.6

80.0
79.0
80.8
84.0
85.6

80.0
78.7
81.1
83.8
84.9

79.8
78.5
81.7
83.9
84.6

79.3
78.4
82.1
84.3
83.6

79.6
78.5
82.2
84.6
83.9

80.0
78.3
81.9
84.3
83.5

79.1
79.0
83.0
84.6
83.2

79.2
79.3
83.2
85.0
83.3

79.6
80.0
83.5
85.3
83.4

79.9
79.3
80.0
83.7
85.4

79.9
78.7
81.2
83.9
85.0

79.6
78.4
82.1
84.4
83.7

79.3
79.4
83.2
85.0
83.3

79.7
79.0
81.6
84.2
84.4

1990
1991
1992
1993
1994

83.0
80.0
79.2
81.2
82.2

83.3
79.2
79.5
81.4
82.3

83.7
78.4
80.1
81.4
82.7

83.1
78.6
80.5
81.5
82.8

83.3
79.1
80.6
81.0
83.1

83.1
80.0
80.3
81.0
83.3

83.0
80.0
80.9
81.1
83.3

83.0
79.9
80.4
80.8
83.3

83.0
80.6
80.5
81.4
83.2

82.4
80.4
80.8
81.5
83.5

81.1
80.2
81.0
81.8
83.7

80.5
79.5
81.0
82.2
84.2

83.3
79.2
79.6
81.3
82.4

83.2
79.2
80.5
81.2
83.1

83.0
80.2
80.6
81.1
83.3

81.4
80.0
80.9
81.8
83.8

82.7
79.7
80.4
81.3
83.1

1995
1996
1997
1998
1999

84.2
81.7
83.2
83.7
81.3

83.9
82.4
83.7
83.2
81.2

83.6
82.0
83.3
83.2
81.2

83.1
82.5
83.5
83.3
81.0

83.1
82.8
83.3
83.2
81.1

83.1
83.0
83.3
82.2
80.9

82.4
82.8
83.3
81.4
81.1

83.2
82.9
83.7
82.6
81.3

83.1
83.0
84.0
82.0
81.1

82.6
82.6
84.2
82.2
81.6

82.5
83.1
84.2
81.5
81.6

82.3
83.2
83.8
81.1
81.8

83.9
82.1
83.4
83.4
81.2

83.1
82.8
83.4
82.9
81.0

82.9
82.9
83.7
82.0
81.2

82.5
83.0
84.1
81.6
81.7

83.1
82.7
83.6
82.5
81.3

2000
2001
2002

81.6
79.6
76.0

81.8
79.5
76.3

81.8
79.2

81.9
78.8

82.2
78.7

82.3
78.1

81.7
78.3

81.6
78.0

81.5
77.1

81.1
76.6

80.7
76.3

80.2
75.9

81.7
79.4

82.1
78.5

81.6
77.8

80.7
76.3

81.5
78.0

NOTE. Excluded industries are computers, communications equipment, and semiconductors and related electronic components. See also note to table 11.

13

Table 14

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing 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)
1980
1981
1982
1983
1984

.0
-.6
-2.1
3.1
2.3

.1
.4
2.7
.3
.4

-.6
.2
-.8
1.3
.6

-2.4
.1
-.9
1.0
.3

-3.4
.7
-.5
1.4
.1

-1.5
-.3
-.1
.6
.5

-.9
.5
-1.0
1.5
.2

1.7
-.9
-.3
1.1
-.1

1.6
-1.1
-.9
2.1
-.3

1.0
-1.2
-1.4
.4
.0

1.7
-1.8
-.4
.1
.0

.2
-2.0
-1.1
-.1
-.4

-2.3
1.8
-9.4
12.1
11.6

-19.9
2.8
-3.4
13.2
4.0

-5.6
-1.7
-6.7
16.3
1.4

16.5
-15.0
-10.2
9.1
-1.3

-5.4
.5
-7.4
4.7
8.1

1985
1986
1987
1988
1989

.0
1.6
-1.0
-.2
.9

.6
-.6
1.6
.2
-1.1

.6
-1.0
.1
.1
.8

.1
1.5
.6
.8
.0

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

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

-.5
-.1
.6
.6
-1.0

.9
.6
-.2
.1
.3

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

-.8
.9
1.3
.4
-.4

.8
.3
.5
.8
.2

-.1
1.3
.5
.5
-.1

1.2
4.4
4.1
1.8
4.1

4.0
1.9
7.1
2.6
-1.7

1.4
.3
4.8
2.9
-5.0

1.1
6.6
6.9
5.3
-1.8

1.5
2.5
4.8
4.0
1.4

1990
1991
1992
1993
1994

-.1
-.8
-.2
.8
.0

.9
-.8
.6
.1
.4

.4
-1.2
.9
.1
.8

-.7
.4
.6
.5
.6

.4
.7
.3
-.4
.6

-.2
1.5
-.1
-.1
.1

.1
.2
.8
.2
.4

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

.0
1.2
.2
1.0
.1

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

-1.4
-.3
.5
.5
.6

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

2.7
-10.3
.1
4.0
4.8

-.1
1.0
6.4
1.3
7.0

.4
7.8
2.8
.3
3.8

-7.1
1.0
2.3
5.6
6.5

-.9
-2.8
2.9
2.8
4.6

1995
1996
1997
1998
1999

.3
-.5
.2
.5
.3

-.4
1.0
.9
-.3
.2

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

-.5
1.0
.3
.6
-.1

-.1
.5
.1
.1
.5

.4
.7
.5
-1.0
-.2

-.9
.3
.1
-.7
.0

1.0
.3
1.1
2.1
.7

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

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

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

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

2.8
-.4
5.7
1.7
.6

-2.1
6.7
3.1
1.4
.8

.5
4.9
5.7
-.4
1.8

.4
2.6
6.3
2.8
4.5

2.5
1.9
4.6
2.9
1.4

2000
2001
2002

-.2
-.7
.2

.1
-.2
.2

.4
-.3

-.1
-.5

.2
.0

.3
-.8

-.7
.5

-.3
-.5

.0
-1.1

-.6
-.7

-.7
-.1

-.8
-.4

1.0
-6.3

2.2
-3.9

-2.5
-3.2

-5.6
-6.9

1.1
-4.6

IP (1992=100)
2000
2001
2002

123.9
120.5
115.9

124.1
120.4
116.2

124.6
120.0

124.5
119.4

124.8
119.4

125.2
118.5

124.3
119.0

124.0
118.4

123.9
117.0

123.2
116.3

122.4
116.1

121.3
115.7

124.2
120.3

124.9
119.1

124.1
118.1

122.3
116.0

123.9
118.2

Capacity
(percent of
1992 output)
2000
2001
2002

153.8
155.1
155.4

153.9
155.2
155.4

154.1
155.2

154.2
155.2

154.3
155.3

154.5
155.3

154.6
155.3

154.7
155.3

154.8
155.3

154.9
155.4

155.0
155.4

155.0
155.4

153.9
155.1

154.3
155.3

154.7
155.3

155.0
155.4

154.5
155.3

Utilization
(percent)
1980
1981
1982
1983
1984

82.8
78.6
71.9
70.1
78.7

82.8
78.8
73.8
70.3
79.0

82.2
78.9
73.2
71.2
79.3

80.1
78.8
72.5
71.9
79.4

77.2
79.3
72.0
72.9
79.3

75.9
78.9
71.9
73.3
79.6

75.1
79.2
71.1
74.4
79.6

76.3
78.4
70.9
75.2
79.4

77.4
77.5
70.2
76.8
79.0

78.0
76.5
69.2
77.0
78.9

79.2
75.0
68.8
77.1
78.8

79.2
73.4
68.0
77.0
78.4

82.6
78.8
72.9
70.5
79.0

77.8
79.0
72.1
72.7
79.4

76.3
78.4
70.7
75.5
79.3

78.8
75.0
68.7
77.1
78.7

78.8
77.8
71.1
73.9
79.1

1985
1986
1987
1988
1989

78.2
79.4
79.3
83.3
86.1

78.5
78.8
80.5
83.5
85.0

78.8
78.0
80.5
83.4
85.5

78.7
79.0
80.9
84.0
85.3

78.9
78.8
81.1
83.6
84.5

78.7
78.6
81.8
83.6
84.3

78.1
78.4
82.2
84.1
83.2

78.7
78.8
82.0
84.1
83.4

78.8
78.6
81.9
84.3
82.9

78.0
79.2
82.9
84.5
82.5

78.5
79.3
83.2
85.1
82.5

78.2
80.2
83.6
85.4
82.3

78.5
78.7
80.1
83.4
85.5

78.8
78.8
81.3
83.8
84.7

78.5
78.6
82.0
84.2
83.2

78.2
79.6
83.2
85.0
82.4

78.5
78.9
81.7
84.1
83.9

1990
1991
1992
1993
1994

82.1
78.5
78.2
80.5
81.1

82.8
77.8
78.6
80.4
81.3

83.0
76.8
79.2
80.4
81.8

82.3
77.0
79.6
80.7
82.1

82.4
77.5
79.7
80.3
82.5

82.1
78.5
79.6
80.1
82.4

82.1
78.6
80.1
80.2
82.5

82.1
78.6
79.7
79.7
82.7

81.9
79.5
79.8
80.5
82.6

81.3
79.3
79.9
80.5
83.0

80.0
78.9
80.1
80.8
83.3

79.3
78.4
80.0
81.3
83.8

82.6
77.7
78.7
80.5
81.4

82.3
77.7
79.6
80.4
82.3

82.0
78.9
79.9
80.1
82.6

80.2
78.9
80.0
80.9
83.3

81.8
78.3
79.5
80.5
82.4

1995
1996
1997
1998
1999

83.8
80.6
82.2
83.0
80.4

83.3
81.2
82.8
82.5
80.4

83.0
80.6
82.5
82.3
80.2

82.5
81.3
82.5
82.5
80.0

82.3
81.5
82.3
82.2
80.3

82.4
81.8
82.5
81.1
80.0

81.5
81.9
82.4
80.3
79.9

82.1
82.0
83.0
81.7
80.3

82.2
82.0
83.1
81.0
80.2

81.7
81.5
83.3
81.3
80.6

81.4
82.0
83.4
80.7
80.8

81.2
82.2
82.9
80.4
80.8

83.4
80.8
82.5
82.6
80.4

82.4
81.5
82.5
81.9
80.1

81.9
82.0
82.8
81.0
80.1

81.4
81.9
83.2
80.8
80.7

82.3
81.6
82.7
81.6
80.3

2000
2001
2002

80.6
77.7
74.6

80.6
77.6
74.7

80.9
77.4

80.8
76.9

80.9
76.9

81.1
76.3

80.4
76.6

80.1
76.2

80.1
75.3

79.5
74.8

79.0
74.7

78.3
74.4

80.7
77.5

80.9
76.7

80.2
76.1

78.9
74.7

80.2
76.3

NOTE. See note to table 13.

14

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.

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
1977. Between 1977 and 1992, the weights for months from January to
June were drawn from the year containing the month being estimated and
the preceding year; for months from July to December, the weights are
drawn from the current and following year. Since mid-1992, the weights
change monthly, eliminating distortions in the contributions of several
high-technology industries—sectors where weights shift noticeably
year-to-year. Thus, the current formula for the growth in monthly IP (or
any of the sub-aggregates) since mid 1992 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

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 1992. For the period since 1997, the total
IP index has been constructed from 276 individual series based on the
1987 Standard Industrial Classification (SIC) 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 intermediate products (which are inputs to nonindustrial
sectors). Materials are inputs in the manufacture of products. Major
industry groups include two-digit SIC 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 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 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.

15

ȍ
Ǹȍ

Imp m–1

Im–1p m–1

ȍ Imp m
ȍ 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 48 percent of the source data (in value-added
terms) are available; the fraction of available source data increases to about
85 percent for estimates in the second month that the estimate is published,
96 percent in the third month, and 97 percent in the fourth month. Data
availability by data type is summarized in the table below:
Proportion (in percent) of industrial production covered by data
available in successive monthly estimates, 1999.
Month of estimate
Type of data

1st

2nd

3rd

4th

Physical product

191

33

462

47

Production-worker
hours

283

28

28

28

Electric power use

0

22

22

22

Federal Reserve
estimates4

53

17

3

35

Total industrial
production

100

100

100

100

1. Includes provisional series totaling nearly 13 percent of IP that are
derived from weekly data and for which the actual data may lag several
months.
2. Includes quarterly data totaling 6 percent of IP that, on average, are
received for the third estimate of industrial production. Specifically, 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.
3. This figure refers only to those individual series that both initially and
ultimately are based on the hours data.

4. Estimates for series not yet covered by data for physical product or
electric power use.
5. Includes monthly and quarterly physical product data totaling 3
percent of IP that typically are available too late for inclusion in the
current index but are included at the time of an annual revision.
Until the source data for a particular series become available for a given
month, estimates for the missing observations are based on other available
data, such as labor input, recent trends in output and orders, and anecdotal
reports from industry sources. After the fourth month that an estimate is
published, indexes are not revised further until the time of an annual
revision or a benchmark revision. These historical revisions are typically
published in the late fall of each year; the most recent revision was
published on December 5, 2000, and incorporated revised source data as
well as data from the 1998 Annual Survey of Manufactures and the 1997
Census of Manufactures.
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 October 2000;
for other series, the factors were estimated with data through at least June
2000. Series are pre-adjusted for the effects of holidays or the business
cycle when appropriate. For the data since 1977, 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 1987–99 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 1987–99 period. In most cases (about 83
percent), the direction of change in output indicated by the first estimate
for a given month is the same as that shown by the fourth estimate.
Rounding. The published percent changes are calculated from unrounded
indexes, and may not be the same as percent changes calculated from the
rounded indexes shown in the release.
CAPACITY UTILIZATION
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 76 detailed industries (56
in manufacturing, 18 in mining, and 2 in utilities), which mostly
correspond to industries at the two- and three-digit SIC level. Estimates of
capacity and utilization are available for a variety of groups, including
primary and advanced processing industries within manufacturing,
durable and nondurable manufacturing, total manufacturing, mining,
utilities, and total industry. Also, special aggregates are available, such as
high-tech industries and manufacturing excluding high-tech industries.
Component industries of the primary- and advanced-processing groups
within manufacturing are listed in the note on table 2 of the release.
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 15 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

16

account for a bit more than 80 percent of total industry capacity. In the
absence of utilization data for a few mining and petroleum series, capacity
is based on trends through peaks in production (roughly 4 percent of total
industry capacity). A detailed description of the methodology used to
construct the capacity indexes is available on the Board’s web site
(www.federalreserve.gov/releases/G17/cap_notes.html).
Aggregation Methodology. Monthly capacity aggregates are calculated
in three steps: (1) utilization aggregates are calculated on an annual basis
through the most recent full year as capacity-weighted aggregates of
individual utilization rates; (2) the annual aggregate capacity is derived
from the corresponding production and utilization aggregates; (3) the
monthly capacity aggregate is obtained by interpolating with a Fisher
index of its constituent monthly capacity series. Utilization rates for the
individual series and aggregates are calculated by dividing the pertinent
monthly production index by the related capacity index.
Consistency. A major aim is that the Federal Reserve utilization rates be
consistent over time so that, for example, a rate of 85 percent means about
the same degree of tightness that it meant in the past. A major task for the
Federal Reserve in developing reasonable and consistent time series of
capacity and utilization is dealing with inconsistencies between the
movements of the industrial production index and the survey-based
utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was
the primary source of manufacturing utilization rates for many years. This
was a survey of large companies that reported, on average, higher
utilization rates than those reported by establishments covered by the SPC
(currently the primary source of factory operating rates) for the fourteen
years they overlapped. Adjustments have been made to keep the industry
utilization rates currently reported by the Federal Reserve roughly in line
with rates formerly reported by McGraw-Hill. As a consequence, the rates
reported by the Federal Reserve tend to be higher than the rates reported in
the SPC.
Perspective. Over the 1967–1999 period, the average total industry
utilization rate is 82.0 percent; for manufacturing, the average factory
operating rate has been 81.1 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 6 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 3-digit SIC level for mining and manufacturing.
Aggregates for 2-digit industries, as well as for total mining, durable,
nondurable, total manufacturing and total industrial electric power use, are
computed. An aggregate showing total industry excluding nuclear
nondefense is shown separately because the value-added proportion for
the nondefense nuclear material series (part of SIC 2819) in total IP is
considerably 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 2- and 3-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 1998 Annual
Survey of Manufactures (the most recent available) suggests the Federal
Reserve data cover about 75 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 3-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 3-digit SIC
industry levels and above. Where reports are late or unavailable for some
reason, responses are estimated.
Seasonal Adjustment. Series are seasonal adjusted at the 3-digit SIC
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.
Description of Tables.
Table 1 summarizes the latest changes in output for the major market and
industry groupings. Fourth-quarter to fourth-quarter changes for the past
three years are shown. Output changes expressed at an annual rate for the
past four quarters as well as monthly changes for the latest four months are
shown. In addition, year-over-year changes are displayed for the latest IP
month.
Table 2, which is in the same format as table 1, summarizes the latest
changes in output for a special group of aggregates that have been
constructed for analytical purposes. The total index is sub-divided into
two broad categories: an energy grouping, which includes consumer
energy products, commercial energy products, energy materials, and oil
and gas well drilling, and a nonenergy grouping, which includes the
remaining portion of the total index. Within the nonenergy aggregate,
several other analytically useful categories are shown. One of these is a
grouping of high-technology industries, which is composed of
semiconductors and related electronic components, and industries that use
a large concentration of these parts—computers and communication
equipment. Other sub-groupings of the market and industry structures
excluding this high-technology grouping and motor vehicles and parts are
shown.
Table 3 displays motor vehicle assemblies (seasonally adjusted annual
rate) for the latest year, four quarters, and four months. Seasonal factors
for auto, light truck, and medium and heavy truck production are available
on the Board’s web site
(www.federalreserve.gov/releases/G17/mvsf.html). Monthly changes in
the IP indexes for the corresponding motor vehicle series will differ
slightly from the monthly changes in assemblies, mainly because the IP
indexes are built from a weighted (based on relative values) aggregate of
the individual models.
Tables 4 and 5 show seasonally adjusted indexes for recent months for
the major market and industry groups included on table 1 and the special
aggregates displayed on table 2.
Table 6 summarizes the capacity utilization for the major industry
groupings as well as for a few special aggregates. In addition to the
utilization rates for the most recent four months and four quarters, the
average of utilization rates since 1967 and operating rates for relevant
cyclical peaks and troughs also are shown for each series.
Table 7 summarizes capacity growth. Average rates of growth in capacity
for selected historical periods and for the most recent four years (on a
fourth-quarter to fourth-quarter basis) are shown. In addition, growth rates
for capacity on a annual-average basis are shown for the latest four
quarters; the capacity growth rate for the current IP month is shown as
well.
Table 8 shows total products expressed in gross values in billions of
chained 1996 dollars at an annual rate. Compiling the IP index using
gross-value weights facilitates comparison with other dollar-based data.
The gross-value system focuses on products that leave the industrial sector
and includes both final and intermediate products. The materials
consumed in making final and intermediate products are implicitly
included in the value weights applied to product series. The gross-product
weights are derived from Census of Manufactures and Annual Survey of
Manufactures data.
Table 9 shows diffusion indexes, which are calculated as the percentage of
IP series that increased over the relevant span (one, three, or six months)
plus one-half of the percentage of series that were unchanged. Because
available source data for the current IP month account for a little less than

17

half of the total index, the diffusion indexes are published with a
one-month lag.
Table 10 shows the most recent six months in index form (both seasonally
and not seasonally adjusted) of electric power use by industry for the
major industry aggregates.
Tables 11–14 display historical seasonally adjusted data for total IP and
manufacturing as well as the aggregates excluding high-technology
industries. Monthly changes in output as well as indexes for output,
utilization, and capacity are shown.
Note: The summary tables in the G17 release do not include all of the
publicly available data. The more detailed series for IP, utilization,
capacity, and electric power are available at the Board’s web site
(www.federalreserve.gov/releases/G17/download.html).
REFERENCES AND RELEASE DATES
References. The annual revision published in early December 2000 was
described in an article published in the March 2001 Federal Reserve
Bulletin. The annual revision published late 1999 is described more
completely in the Federal Reserve Bulletin, vol.86 (March 2000). A
description of the aggregation methods for industrial production and
capacity utilization is included in an article in the Federal Reserve
Bulletin, vol. 83 (February 1997), pp. 67–92. The Federal Reserve
methodology for constructing industry-level measures of capital is detailed
in “Capital Stock Estimates for Manufacturing Industries: Methods and
Data” by Mike Mohr and Charles Gilbert (1996), which can be obtained at
www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf.
Industrial Production—1986 Edition contains a more detailed description
of the other methods used to compile the industrial production index, plus
a history of its development, a glossary of terms, and a bibliography. The
major revisions to the IP indexes and capacity utilization since 1990 have
been described in the Federal Reserve Bulletin (April 1990, June 1990,
June 1993, March 1994, January 1995, January 1996, February 1997,
February 1998, January 1999, and March 2000).
Release Schedule
At 9:15 a.m. on
2002: January 16, February 15, March 15, April 16, May 15, June 14,
July 16, August 15, September 17, October 17, November 15, and
December 17.