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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
March 16, 2015

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production increased 0.1 percent in February after decreasing 0.3 percent in January. In
February, manufacturing output moved down 0.2 percent, its third consecutive monthly decline. The rates of
change for the total index in January and for manufacturing in both December and January are lower than
(over)

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
2007=100
Industrial production

2014
Sept.r

Oct.r

Nov.r

Dec.r

2015
Jan.r

Total index
Previous estimates

105.2
105.2

105.1
105.1

106.3
106.3

106.1
106.0

105.7
106.2

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

100.7
97.4
107.6
92.4
86.1
113.7

100.7
97.1
108.8
92.6
86.7
113.4

102.6
99.2
110.4
93.3
86.7
114.3

101.8
98.5
109.0
93.0
87.6
114.6

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

100.6
100.7
133.8
101.2

100.7
100.8
132.2
101.6

101.9
102.0
131.9
105.3

101.8
102.0
134.6
100.0

Percent change
2015
Nov.r Dec.r Jan.r

2014
Sept.r

Oct.r

105.8

.7
.7

-.1
-.1

1.2
1.1

-.2
-.3

-.3
.2

.1

3.5

101.5
98.4
109.4
92.8
86.7
114.1

101.9
99.4
109.1
93.1
86.4
113.8

.6
1.0
-.4
.8
.3
.8

.0
-.3
1.1
.2
.7
-.3

1.8
2.2
1.5
.8
.1
.8

-.8
-.7
-1.3
-.3
1.0
.2

-.2
-.1
.3
-.2
-1.0
-.4

.4
1.0
-.3
.3
-.4
-.2

2.2
2.2
4.0
2.8
4.1
4.7

101.5
102.1
132.9
100.9

101.3

.2
.3
.9
4.2

.1
.1
-1.1
.4

1.2
1.2
-.3
3.6

-.1
.0
2.0
-5.0

-.3
.2
-1.3
1.0

-.2

3.4

-2.5
7.3

5.3
1.3

Feb.p

129.5
108.3

Feb.p

Capacity
growth

Percent of capacity
Average
19722014

198889
high

199091
low

199495
high

2009
low

2014
Feb.

2014
Sept.r

Oct.r

Nov.r

Dec.r

2015
Jan.r

Total industry
Previous estimates

80.1

85.3

78.7

85.0

66.9

78.6

79.4
79.4

79.1
79.1

79.8
79.8

79.4
79.4

Manufacturing (see note below)
Previous estimates
Mining
Utilities

78.6

85.6

77.3

84.6

63.9

76.4

87.3
85.9

86.3
92.9

83.8
84.3

88.5
93.3

78.8
78.5

87.5
84.2

77.4
77.5
90.2
79.1

77.3
77.4
88.4
79.4

78.1
78.2
87.5
82.2

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.3
80.8
77.1

87.7
86.5
83.4

84.4
77.9
77.4

89.6
87.7
80.6

76.8
64.2
66.8

85.8
77.7
76.3

87.8
77.8
77.1

86.4
77.7
77.2

85.6
78.7
78.4

Capacity utilization

Feb. ’14 to
Feb. ’15

Feb.p

Feb. ’14 to
Feb. ’15

79.1
79.4

78.9

3.1

77.9
78.0
88.5
78.0

77.6
78.1
87.2
78.7

77.3

2.1

84.6
84.5

8.9
.9

86.4
77.7
77.9

85.3
77.5
77.8

83.5
78.4
77.4

7.1
2.0
2.1

r Revised. p Preliminary.
Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise
manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS);
electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry
and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information,
respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC)
system. In December 2002 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.

1

previously reported. The index for mining fell 2.5 percent in February; drops in the indexes for coal mining and
for oil and gas well drilling and servicing primarily accounted for the decrease. The output of utilities jumped
7.3 percent, as especially cold temperatures drove up demand for heating. At 105.8 percent of its 2007 average,
total industrial production in February was 3.5 percent above its level of a year earlier. Capacity utilization for
the industrial sector decreased to 78.9 percent in February, a rate that is 1.2 percentage points below its long-run
(1972–2014) average.
Market Groups
Among the major market groups, the indexes for consumer goods, for defense and space equipment, and
for business supplies registered gains in February, while losses were recorded by business equipment,
construction supplies, and materials. The index for consumer goods moved up 1.0 percent, with the increase
more than accounted for by a gain of 7.6 percent for consumer energy products, which reflected a jump in sales
to consumers by utilities. The output of durable consumer goods dropped 1.4 percent, and the production of
non-energy nondurables decreased 0.2 percent. The output of business equipment declined 0.3 percent, with an
increase for transit equipment and decreases for information processing equipment and for industrial and other
equipment. The index for materials declined 0.2 percent, with a drop of 0.8 percent in the output of durable
materials partially offset by small gains for both nondurable materials and energy materials.
Industry Groups
Manufacturing output decreased 0.2 percent in February. The production of durable goods moved down
0.6 percent, with widespread losses among its components, and the production of nondurable goods moved up
0.2 percent. The motor vehicles and parts industry posted a loss of 3.0 percent, the largest decrease among
durable goods manufacturers; most other industries moved down more than 0.5 percent. Only the aerospace and
miscellaneous transportation equipment industry recorded a significant increase in production, advancing
1.2 percent. Among the major nondurable goods industries, gains in the indexes for textile and product mills, for
petroleum and coal products, and for chemicals more than offset losses elsewhere. The production of other
manufacturing industries (publishing and logging) moved up 0.5 percent.
The capacity utilization rate for manufacturing decreased 0.3 percentage point in February to
77.3 percent, a rate 1.3 percentage points below its long-run average. The operating rate for durable goods
manufacturing moved down 0.7 percentage point to 76.9 percent, just below its long-run average, and the
operating rate for nondurable goods manufacturing edged up 0.1 percentage point to 79.5 percent, about
1 percentage point below its long-run average. Utilization for other manufacturing (publishing and logging)
increased 0.3 percentage point to 57.5 percent. The operating rate for mines dropped 2.6 percentage points to
84.6 percent, while capacity utilization for utilities increased 5.8 percentage points to 84.5 percent.

2

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

Industrial Production: Market and Industry Group Summary; percent change
Industrial Production: Special Aggregates and Selected Detail; percent change
Motor Vehicle Assemblies
Industrial Production: Market and Industry Group Summary; indexes
Industrial Production: Special Aggregates and Selected Detail; indexes
Diffusion Indexes of Industrial Production
Capacity Utilization
Industrial Capacity
Gross Value of Final Products and Nonindustrial Supplies
Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
Historical Statistics: Total Industry
Historical Statistics: Manufacturing
Historical Statistics: Total Industry Excluding Selected High-Technology Industries
Historical Statistics: Manufacturing Excluding Selected High-Technology Industries

Further detail is available on the Board’s website (www.federalreserve.gov/releases/G17/).

Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization in mid-2015. New annual benchmark
data for 2012 and 2013 for manufacturing will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The weights
for market-group splits of the indexes will be updated with information from the 2007 benchmark
input-output accounts from the Bureau of Economic Analysis. The updated IP indexes will include revisions to the monthly indicator (either product data or input data) and to seasonal factors
for each industry. In addition, the estimation methods for some series may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to
the present.
Capacity and capacity utilization will be revised to incorporate data through the fourth
quarter of 2014 from the Census Bureau’s Quarterly Survey of Plant Capacity, which covers manufacturing, along with new data on capacity from the U.S. Geological Survey, the U.S. Department
of Energy, and other organizations.

3

1. Industrial production, capacity, and utilization
175
150

Ratio scale, 2007 output = 100
Total
Manufacturing

175
150

125

125

Capacity

100

100

75

75
Production

Detail: 2011 to present
Production

50

106

50

102
98
94
90
86
82

2012

25

1970

1975

1980

1985

1990

1995

2014

2000

78

2005

2010

2015

Percent of capacity

100

90

25

100

90

Utilization

80

80

70

70

60

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

60

Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).

4

2. Industrial production and capacity utilization
Consumer goods
110
105
100
95

Ratio scale, 2007=100

110
105
100
95

Durable

130

130

110

110

90

Nondurable

90

Equipment

Ratio scale, 2007=100

90

85

80

75

75

70

90

85

80

Business

70

65

70

70
Defense and Space

2005

Nonindustrial supplies

2010

2015

65

50

110

2000

130

130

120

120

Construction
100

100

90

90

70

2000

2005

Capacity utilization

2010

2015

110

90

Primary and
semifinished
processing

80

70

2000

2005

Capacity utilization
85

90

80

75

80

Non-energy

2010

2015

95
Crude processing

90

85

85

80

80

75

75

75
70

Excluding utilities

65

65

60

60

70

55

65

55

60

Percent of capacity

95

90

85

70

60

Percent of capacity

90

100

70

60

50

Ratio scale, 2007=100

Energy

80

60

2015

90

80

70

2010

110
100

Other business
80

2005

Industrial materials

Ratio scale, 2007=100

110

2000

2000

2005

2010

2015

70
Finished processing
2000

2005

2010

2015

65

Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).

5

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

Ratio scale, 2007 = 100

130

130

110

110

Excluding
high-technology
industries

90

90

70

70

50

30

50

Total IP

1970

1975

1980

1985

1990

1995

2000

Industrial production

2005

2010

2015

30

Percent change from year earlier

15

15
Total IP

10

10

5

5

0

0
Excluding the
contribution
of high-technology
industries

-5
-10
-15

1970

1975

Industrial production

1980

1985

1990

1995

Ratio scale, 2007 = 100

400

200
Communications eq.
100
Computers

50

Semiconductors

2005

2010

2015

-15

Percent of capacity
100

Excluding
high-technology
industries

95

85

85

75

75
65

10

10

2000

2005

65

100

5

2000

100
95

50

-10

Capacity utilization
400

200

-5

2010

2015

5

45

High-technology industries

55

1990

1995

2000

2005

2010

55

2015

45

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
I NDUSTRIAL P RODUCTION : M ARKET AND I NDUSTRY G ROUP S UMMARY
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

2014
proportion1

Annual rate
2014
Q2
Q3r
Q4r

Monthly rate
2014
Sept.r

Oct.r

Nov.r

Dec.r

2015
Jan.r

Feb.p

Feb. ’14
to
Feb. ’15

2012

2013

2014

100.00

3.2

3.3

4.5

5.7

4.1

4.4

.7

-.1

1.2

-.2

-.3

.1

3.5

51.62
26.16
5.80
2.99
.12
.79
1.91
20.35
15.22
8.77
.18
4.59
1.19
5.14

2.7
1.6
6.2
6.6
-2.5
3.7
7.5
.4
.2
3.1
-1.5
-3.8
-6.3
1.0

3.2
3.2
9.1
11.2
4.7
7.4
6.7
1.6
.3
.8
6.3
-.3
-2.9
5.7

3.4
2.4
5.5
7.0
6.1
8.0
2.2
1.6
2.4
2.1
2.5
4.5
-4.4
-.8

2.6
.4
11.2
15.3
18.3
19.0
1.9
-2.5
4.7
3.6
1.0
7.1
1.4
-20.3

2.4
.2
11.6
18.4
3.9
13.6
1.1
-3.0
.2
-3.4
-1.9
7.8
-2.9
-12.0

4.8
4.8
1.9
-1.9
10.6
6.6
5.8
5.7
3.0
5.2
11.1
1.7
-9.5
14.3

.7
1.0
-.3
-1.6
-1.7
1.9
1.0
1.3
.5
1.2
2.6
.0
-2.5
3.7

.1
-.3
-.3
-1.1
1.1
.9
.5
-.3
-.4
-.5
.1
-.6
.2
-.1

1.6
2.2
3.6
6.3
2.2
-.7
1.3
1.7
1.2
1.5
1.4
1.1
-.4
3.3

-.7
-.7
-.6
-1.2
.8
2.4
-.8
-.7
.0
.0
3.1
.3
-.7
-2.8

-.2
-.1
-.8
-1.0
-1.0
-1.9
.1
.1
-.1
-.5
-.1
.4
.6
.6

.3
1.0
-1.4
-2.6
.3
-1.0
.1
1.7
-.2
-.3
-2.3
.0
.4
7.6

2.4
2.2
3.9
3.1
8.0
10.1
2.4
1.7
2.2
1.0
3.7
5.7
-2.9
.5

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

9.37
2.26
1.88
5.23
2.19

6.6
14.6
6.3
3.7
4.6

3.4
3.2
3.9
3.3
1.7

6.1
5.5
2.8
7.7
1.8

9.6
19.6
-.3
9.3
4.8

4.4
10.7
3.2
2.2
3.6

5.6
-4.6
10.3
8.5
.9

-.4
.1
.7
-1.0
.5

1.1
-1.2
1.2
2.1
-.3

1.5
1.9
.3
1.8
.2

-1.3
-.8
.7
-2.2
.2

.3
-.7
.9
.6
-.6

-.3
.5
-.2
-.6
.7

4.0
5.2
5.1
3.1
2.7

Construction supplies
Business supplies

4.10
9.00

3.8
2.1

5.0
2.9

5.2
2.5

4.0
.2

10.3
2.3

5.4
5.0

.3
1.0

.7
.0

.1
1.1

1.0
-.9

-1.0
.1

-.4
.7

4.1
2.2

48.38
27.85
17.13
2.47
6.16
8.50
10.72
.40
1.73
5.55
20.53

3.8
4.5
6.1
8.6
8.2
3.8
2.1
-1.6
-2.3
4.5
2.6

3.5
2.6
4.2
6.5
4.1
3.5
.1
1.7
-.5
.2
4.9

5.8
4.4
6.0
8.3
7.3
4.3
2.0
5.2
-1.1
3.2
7.7

9.2
7.7
11.4
12.6
9.9
12.2
2.0
8.2
3.6
1.8
11.4

5.9
5.4
6.9
16.3
6.4
4.7
3.1
9.9
-2.8
7.8
6.5

3.9
3.5
3.1
5.4
7.2
-.6
4.3
13.4
1.3
3.8
4.4

.8
.2
.3
.2
1.1
-.3
.2
1.6
.1
.4
1.5

-.3
.1
.1
1.0
.5
-.5
.0
.8
-.6
-.2
-.7

.8
1.1
1.1
2.0
1.1
.8
1.0
2.1
.6
.9
.4

.2
-.1
-.2
-.1
-1.2
.6
-.1
.5
.7
.0
.7

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

-.2
-.4
-.8
-2.7
.2
-1.0
.3
1.8
.0
.5
.1

4.7
3.4
3.8
6.2
5.3
2.0
2.7
14.9
.9
3.8
6.5

321
327
331
332
333
334

72.71
70.43
37.38
.87
1.49
3.21
5.54
5.69
5.59

3.5
3.9
6.2
7.8
2.2
-1.4
5.4
1.8
12.9

2.9
3.2
4.9
9.0
3.9
4.0
4.8
4.9
4.2

4.1
4.4
5.6
2.7
7.5
2.8
3.6
9.2
5.0

7.0
7.3
10.2
11.7
10.7
18.1
7.1
4.7
8.3

4.4
4.9
6.7
10.4
13.6
7.5
3.3
5.7
1.8

3.6
4.1
3.7
1.4
1.7
-7.9
2.3
15.0
6.8

.2
.3
.1
-1.1
.5
-1.2
1.1
-.6
.7

.1
.1
.4
1.5
-.5
-1.3
.1
3.0
.9

1.2
1.3
1.2
-1.0
.1
-.3
.1
2.2
.0

-.1
-.1
-.4
.6
1.3
1.4
.3
-3.1
.4

-.3
-.3
-.2
-.6
.3
-4.2
.5
1.0
.4

-.2
-.2
-.6
-.5
-.9
-1.4
-.7
-.4
.2

3.4
3.7
3.9
5.1
7.4
-2.2
2.8
4.5
5.2

335
3361–3

1.77
4.48

4.1
11.5

2.5
8.9

3.2
7.1

4.4
17.8

5.4
18.3

.6
-3.2

.1
-1.8

-.5
-.5

.7
6.0

-.7
-1.3

.8
-.6

-.6
-3.0

2.5
2.9

3364–9
337
339

4.59
1.01
3.14

5.0
4.3
7.4

2.3
4.6
6.7

5.2
9.3
4.9

12.3
13.9
9.7

7.3
9.0
2.6

.8
11.0
9.0

.8
2.0
1.6

-.5
.3
.4

.1
.8
1.7

-.1
1.9
-.6

-.3
-2.4
.5

1.2
-.1
-1.1

6.1
9.0
4.8

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

33.05
10.67
.64
.23
2.15
1.24
3.68
11.43
3.02

1.3
3.3
-1.0
-1.9
-2.1
-2.7
-1.5
1.0
4.9

1.2
1.0
.8
5.9
-1.4
3.1
1.7
.7
4.4

3.2
2.4
4.1
1.7
-.9
1.7
2.1
3.7
9.0

4.0
3.2
8.4
1.7
4.5
-.9
1.9
3.4
13.4

2.7
-2.9
9.3
-3.2
-3.0
2.7
3.0
7.7
8.1

4.6
6.4
9.3
9.9
2.4
3.6
-.8
3.8
8.9

.4
.9
.3
2.4
.0
-.1
-.5
.3
.5

-.2
-.2
1.1
.1
-.3
.4
-1.5
-.1
.2

1.3
1.6
1.7
1.3
.9
.6
1.8
.7
2.2

.2
-.2
-.2
3.1
.5
.9
1.1
.3
-.5

-.4
-.3
-1.2
.3
-1.2
-.9
-1.4
-.2
.8

.2
-.2
1.1
-2.4
.0
-.4
1.9
.4
-.4

3.4
1.4
9.6
3.6
1.0
1.2
2.9
4.6
8.6

1133,5111

2.28

-6.2

-3.4

-7.0

-.1

-10.0

-11.9

-2.0

-.5

-.6

-1.1

.2

.5

-6.3

21
2211,2
2211
2212

17.75
9.54
8.24
1.30

4.2
.1
-.4
4.0

4.8
4.2
3.4
10.6

9.8
-.8
-.3
-4.1

19.5
-21.8
-19.1
-37.2

10.5
-9.1
-9.3
-7.7

1.1
17.8
18.0
16.3

.9
4.2
4.1
5.0

-1.1
.4
.9
-2.2

-.3
3.6
2.1
13.6

2.0
-5.0
-3.4
-14.8

-1.3
1.0
.3
5.9

-2.5
7.3
6.9
10.0

5.3
1.3
1.4
.5

Total IP
M ARKET G ROUPS
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
I NDUSTRY G ROUPS
Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
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
Chemicals
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities
Electric
Natural gas

31–33

r Revised. p Preliminary.
NOTE. Under the industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes. The abbreviation pt denotes part of
a NAICS code. Additional industry detail is available on the Board’s website (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 the relative weights for the rates of change for each series in the computation of the change in total industrial production in the following year.

7

Table 2
I NDUSTRIAL P RODUCTION : S PECIAL AGGREGATES AND S ELECTED D ETAIL
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

2014
proportion

2012

2013

100.00

3.2

29.30
5.14
2.87
.77
3.88
16.64

Annual rate

2014

2014
Q2

3.3

4.5

1.8
1.0
1.4
-7.5
.3
3.3

4.8
5.7
4.0
-1.2
1.0
6.1

70.70

3.7

3341
3342

2.90
.31
.43

334412–9

Monthly rate

Q3

r

Q4

2014
Sept.r

Oct.

5.7

4.1

4.4

.7

-.1

5.5
-.8
1.7
7.4
.8
9.4

2.4
-20.3
-11.0
14.0
-14.5
18.9

2.8
-12.0
2.3
12.2
-4.1
9.2

6.5
14.3
10.5
.4
9.2
3.3

2.0
3.7
3.2
1.9
2.1
1.3

2.8

4.1

7.1

4.6

3.5

16.9
2.6
-1.5

5.4
13.6
2.5

6.4
-.8
1.3

17.5
-1.3
6.2

1.4
17.3
-4.8

2.17

23.9

5.0

8.4

22.5

67.80

3.1

2.7

4.0

4.48
2.21
1.95

11.5
12.7
9.7

8.9
11.7
5.9

63.33
18.45
8.20
4.08
5.86
24.50

2.5
1.1
6.0
3.9
1.5
2.4

Measures excluding selected
high-technology industries
Total industry
Manufacturing1
Durable

97.10
69.81
34.62

Measures excluding motor vehicles
and parts
Total industry
Manufacturing1
Durable

Feb. ’14
to
Feb. ’15

r

2015
Jan.r

1.2

-.2

-.3

.1

3.5

-.6
-.1
-.4
-.8
.4
-1.0

1.0
3.3
2.1
-.5
1.3
.1

-.3
-2.8
-2.3
-1.9
-3.8
1.8

-.5
.6
.2
-10.0
.4
-.7

1.1
7.6
2.3
-17.3
3.9
-.8

4.1
.5
1.7
-21.4
.2
8.1

.2

.1

1.2

-.2

-.2

-.4

3.2

4.8
3.6
21.7

.6
-1.3
.6

.9
.1
3.8

.2
2.3
2.2

-.5
-3.4
.6

-.5
-.6
-1.0

-.2
-3.7
-.7

4.5
-1.5
5.0

.6

2.0

.8

.5

-.5

-.3

-.4

.4

5.2

6.6

4.8

3.4

.1

.1

1.3

-.2

-.2

-.4

3.1

7.1
6.0
7.0

17.8
22.9
13.9

18.3
25.1
12.6

-3.2
-11.0
.9

-1.8
-3.0
-.8

-.5
-2.2
.8

6.0
9.8
1.9

-1.3
-1.8
-.3

-.6
-1.6
.1

-3.0
-4.4
-1.9

2.9
.4
4.3

2.3
1.3
3.8
5.0
2.3
2.0

3.8
2.8
6.8
5.2
2.6
3.8

5.9
5.2
9.3
4.0
5.1
5.9

3.8
1.2
3.6
10.4
2.3
5.2

3.9
3.4
6.9
5.4
2.5
3.7

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

.1
-.3
1.3
.6
.2
-.1

1.0
1.1
1.0
.1
.6
1.1

-.1
.0
-1.2
1.0
-.2
-.1

-.2
-.2
.3
-1.0
.1
-.3

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

3.2
2.7
4.4
4.1
2.3
3.1

2.7
2.8
5.1

3.3
2.8
4.9

4.5
4.0
5.4

5.4
6.6
9.4

4.2
4.5
7.2

4.3
3.5
3.6

.7
.2
.1

-.1
.1
.4

1.2
1.3
1.4

-.2
-.1
-.4

-.3
-.2
-.2

.1
-.2
-.7

3.4
3.3
3.9

95.52
68.23
33.05

2.8
3.0
5.5

3.1
2.6
4.4

4.4
3.9
5.3

5.2
6.3
9.1

3.4
3.5
5.1

4.7
4.0
4.7

.8
.3
.4

-.1
.1
.5

.9
.9
.6

-.2
-.1
-.3

-.3
-.2
-.1

.2
.0
-.3

3.5
3.4
4.1

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

92.62
65.33

2.3
2.3

3.0
2.4

4.3
3.7

4.8
5.8

3.5
3.6

4.7
4.0

.8
.3

-.1
.1

1.0
.9

-.2
.0

-.3
-.2

.2
.0

3.5
3.3

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

10.77
17.08

6.0
3.5

3.8
1.8

6.1
3.4

9.4
6.6

7.1
4.3

6.0
1.9

.8
-.1

.5
-.2

1.3
.9

-.6
.2

.2
-.6

-.5
-.4

5.1
2.3

Total industry
Energy
Consumer products
Commercial products
Oil and gas well drilling
Converted fuel
Primary energy

213111

Non-energy
Selected high-technology industries
Computers 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

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

r

r

Nov.

r

Dec.

Feb.

p

r Revised. p Preliminary.
1. Refer to note on cover page.

Table 3
M OTOR V EHICLE A SSEMBLIES
Millions of units, seasonally adjusted annual rate

2014
average

2014
Q1

Q2

Q3

Q4

2014
Sept.

Oct.

Nov.

Dec.

2015
Jan.

Feb.

Total
Autos
Trucks
Light
Medium and heavy

11.66
4.25
7.41
7.12
.29

11.18
4.20
6.98
6.71
.27

11.67
4.15
7.52
7.22
.29

12.19
4.44
7.75
7.44
.31

11.73
4.33
7.40
7.11
.29

11.47
4.20
7.27
6.97
.30

11.14
3.97
7.17
6.88
.29

12.12
4.46
7.66
7.35
.31

11.93
4.55
7.38
7.10
.28

11.75
4.10
7.66
7.35
.31

11.13
4.00
7.14
6.82
.32

Memo
Autos and light trucks

11.37

10.91

11.38

11.88

11.44

11.17

10.85

11.81

11.64

11.44

10.82

Item

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

8

Table 4
I NDUSTRIAL P RODUCTION I NDEXES : M ARKET AND I NDUSTRY G ROUP S UMMARY
2007 = 100, seasonally adjusted

2014
proportion

2014
June

July

Aug.

Sept.r

Oct.r

Nov.r

Dec.r

2015
Jan.r

Feb.p

100.00

104.1

104.5

104.5

105.2

105.1

106.3

106.1

105.7

105.8

51.62
26.16
5.80
2.99
.12
.79
1.91
20.35
15.22
8.77
.18
4.59
1.19
5.14

97.5
96.8
102.9
118.6
64.5
76.3
96.6
95.5
93.3
101.5
61.2
85.6
75.3
103.2

98.2
97.5
107.5
127.7
62.9
78.8
96.8
95.1
93.1
100.8
62.2
86.0
74.9
102.0

97.8
96.5
103.6
120.5
64.7
76.8
95.8
94.9
93.1
100.8
60.2
86.5
73.7
101.3

98.4
97.4
103.3
118.6
63.6
78.3
96.8
96.2
93.6
102.0
61.8
86.6
71.8
105.1

98.5
97.1
103.0
117.2
64.2
79.0
97.3
95.9
93.2
101.5
61.8
86.0
72.0
105.0

100.0
99.2
106.7
124.7
65.7
78.4
98.5
97.5
94.3
103.0
62.7
87.0
71.7
108.5

99.4
98.5
106.1
123.1
66.2
80.3
97.7
96.9
94.4
103.0
64.7
87.2
71.3
105.4

99.1
98.4
105.3
121.9
65.6
78.7
97.8
96.9
94.2
102.4
64.6
87.5
71.7
106.1

99.5
99.4
103.7
118.7
65.8
78.0
97.9
98.6
94.0
102.2
63.1
87.5
72.0
114.1

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

9.37
2.26
1.88
5.23
2.19

106.9
112.9
101.0
105.9
116.6

108.2
117.1
101.0
106.6
117.1

108.0
113.4
101.9
107.3
117.1

107.6
113.6
102.6
106.3
117.8

108.8
112.3
103.9
108.5
117.4

110.4
114.4
104.2
110.4
117.6

109.0
113.4
105.0
108.0
117.8

109.4
112.7
105.9
108.6
117.0

109.1
113.2
105.7
107.9
117.9

Construction supplies
Business supplies

4.10
9.00

84.4
94.2

85.6
94.1

85.9
94.5

86.1
95.4

86.7
95.5

86.7
96.5

87.6
95.6

86.7
95.7

86.4
96.4

48.38
27.85
17.13
2.47
6.16
8.50
10.72
.40
1.73
5.55
20.53

112.4
104.9
116.1
100.9
149.5
99.6
89.8
77.7
81.5
90.8
124.6

112.4
105.5
116.9
105.3
149.7
99.5
90.1
79.5
80.7
91.7
123.7

112.9
105.4
116.4
102.1
150.5
99.2
90.7
78.9
81.1
92.5
124.9

113.7
105.7
116.7
102.3
152.2
98.8
90.9
80.2
81.2
92.8
126.8

113.4
105.7
116.8
103.3
152.9
98.3
90.9
80.8
80.7
92.7
125.9

114.3
106.9
118.0
105.3
154.6
99.1
91.8
82.5
81.2
93.5
126.3

114.6
106.7
117.8
105.2
152.7
99.7
91.8
82.9
81.8
93.5
127.2

114.1
106.4
117.4
105.7
153.3
98.5
91.6
82.7
81.0
93.3
126.5

113.8
105.9
116.4
102.9
153.5
97.5
91.8
84.3
81.0
93.8
126.6

321
327
331
332
333
334

72.71
70.43
37.38
.87
1.49
3.21
5.54
5.69
5.59

99.9
101.6
110.3
80.9
78.3
108.7
99.6
108.7
151.1

100.8
102.5
111.9
82.8
79.7
109.2
99.9
109.5
150.5

100.4
102.2
110.9
83.1
79.8
108.3
98.5
111.0
151.3

100.6
102.5
111.1
82.2
80.3
107.0
99.6
110.4
152.3

100.7
102.6
111.5
83.4
79.9
105.7
99.7
113.8
153.7

101.9
103.9
112.9
82.5
79.9
105.4
99.8
116.3
153.7

101.8
103.8
112.4
83.0
81.0
106.8
100.1
112.7
154.3

101.5
103.5
112.2
82.5
81.2
102.3
100.6
113.8
154.8

101.3
103.2
111.5
82.0
80.5
100.9
99.8
113.4
155.1

335
3361–3

1.77
4.48

91.9
113.3

91.7
123.9

92.5
115.0

92.5
112.9

92.1
112.3

92.8
119.1

92.2
117.6

92.9
116.8

92.3
113.3

3364–9
337
339

4.59
1.01
3.14

110.7
75.4
115.3

111.0
76.3
115.2

111.2
75.8
114.4

112.2
77.4
116.2

111.6
77.6
116.7

111.7
78.2
118.6

111.7
79.7
117.9

111.3
77.8
118.5

112.7
77.7
117.2

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

33.05
10.67
.64
.23
2.15
1.24
3.68
11.43
3.02

92.7
102.8
73.9
59.7
82.8
77.5
96.7
88.9
98.5

93.0
102.1
75.4
60.7
82.4
77.7
98.8
89.5
97.7

93.4
102.3
75.1
58.5
82.8
77.4
99.2
90.2
98.5

93.8
103.3
75.3
60.0
82.8
77.3
98.7
90.5
99.0

93.5
103.1
76.2
60.0
82.5
77.6
97.2
90.4
99.2

94.8
104.8
77.5
60.8
83.2
78.1
99.0
91.1
101.5

95.0
104.6
77.3
62.7
83.6
78.8
100.0
91.4
100.9

94.6
104.3
76.4
62.9
82.6
78.1
98.6
91.2
101.7

94.8
104.1
77.2
61.4
82.6
77.8
100.5
91.6
101.4

1133,5111

2.28

67.4

66.5

65.5

64.2

63.9

63.5

62.8

62.9

63.2

21
2211,2
2211
2212

17.75
9.54
8.24
1.30

131.1
99.3
98.7
103.4

131.3
96.3
95.1
104.4

132.5
97.0
96.2
102.5

133.8
101.2
100.2
107.6

132.2
101.6
101.1
105.2

131.9
105.3
103.2
119.5

134.6
100.0
99.6
101.9

132.9
100.9
99.9
107.9

129.5
108.3
106.8
118.7

Item
Total IP
M ARKET G ROUPS
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
I NDUSTRY G ROUPS
Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
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
Chemicals
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities
Electric
Natural gas

31–33

r Revised. p Preliminary.
NOTE. Refer to notes on table 1.

9

Table 5
I NDUSTRIAL P RODUCTION I NDEXES : S PECIAL AGGREGATES
2007 = 100, seasonally adjusted

2014
proportion

2014
June

July

Aug.

Sept.r

Oct.r

Nov.r

Dec.r

2015
Jan.r

Feb.p

100.00

104.1

104.5

104.5

105.2

105.1

106.3

106.1

105.7

105.8

29.30
5.14
2.87
.77
3.88
16.64

117.1
103.2
103.0
102.3
98.3
133.2

116.3
102.0
103.0
102.8
95.0
133.0

117.1
101.3
103.6
104.6
97.4
133.9

119.4
105.1
106.9
106.6
99.5
135.7

118.8
105.0
106.5
105.8
99.9
134.4

120.0
108.5
108.7
105.3
101.2
134.6

119.6
105.4
106.3
103.3
97.3
137.0

119.0
106.1
106.5
93.0
97.7
136.0

120.4
114.1
108.9
76.8
101.5
134.9

70.70

99.8

100.6

100.3

100.4

100.5

101.8

101.6

101.3

100.9

3341
3342

2.90
.31
.43

194.4
70.8
90.8

193.5
70.2
90.5

192.8
73.0
88.0

193.9
72.0
88.6

195.7
72.1
91.9

196.2
73.7
94.0

195.1
71.3
94.6

194.2
70.9
93.7

193.9
68.3
93.0

334412–9

2.17

311.0

309.5

308.1

310.6

312.3

310.9

309.8

308.6

309.9

67.80

96.1

96.9

96.6

96.7

96.8

98.0

97.8

97.6

97.2

4.48
2.21
1.95

113.3
121.0
108.6

123.9
138.5
114.0

115.0
122.4
110.0

112.9
118.7
109.1

112.3
116.0
110.0

119.1
127.4
112.1

117.6
125.2
111.8

116.8
123.1
111.9

113.3
117.7
109.7

63.33
18.45
8.20
4.08
5.86
24.50

94.9
92.5
109.3
84.4
86.6
95.5

95.1
92.4
109.9
85.5
86.5
95.8

95.4
92.3
110.7
85.8
86.8
96.0

95.7
92.9
110.4
86.1
86.7
96.3

95.8
92.6
111.8
86.6
86.9
96.3

96.7
93.7
113.0
86.7
87.5
97.3

96.5
93.7
111.7
87.5
87.3
97.2

96.3
93.5
112.0
86.7
87.3
96.9

96.2
93.4
112.0
86.3
87.2
96.6

97.10
69.81
34.62

101.4
96.3
103.1

101.8
97.1
104.7

101.8
96.8
103.7

102.5
97.0
103.8

102.4
97.0
104.2

103.6
98.3
105.6

103.4
98.1
105.2

103.1
97.9
105.0

103.2
97.7
104.3

95.52
68.23
33.05

103.7
99.1
109.7

103.6
99.3
110.1

103.9
99.5
110.1

104.8
99.8
110.6

104.7
100.0
111.2

105.7
100.9
111.9

105.5
100.8
111.6

105.2
100.6
111.4

105.4
100.6
111.1

92.62
65.33

100.9
95.2

100.8
95.5

101.2
95.7

102.0
96.0

101.9
96.1

102.9
97.0

102.7
96.9

102.4
96.7

102.6
96.7

10.77
17.08

119.6
96.0

120.8
96.2

120.4
96.4

121.3
96.3

121.9
96.1

123.4
97.0

122.7
97.2

122.9
96.6

122.3
96.2

Item
Total industry
Energy
Consumer products
Commercial products
Oil and gas well drilling
Converted fuel
Primary energy

213111

Non-energy
Selected high-technology industries
Computers 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

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

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

Stage-of-process components of non-energy
materials, measures of the input to
Finished processors
Primary and semifinished processors
r Revised. p Preliminary.
1. Refer to note on cover page.

Table 6
D IFFUSION I NDEXES OF I NDUSTRIAL P RODUCTION
Percent

Item
One month earlier
2013
2014
2015
Three months earlier
2013
2014
2015
Six months earlier
2013
2014
2015

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

55.1
36.2
48.6

62.2
63.1

50.6
67.0

51.6
50.0

54.5
58.7

62.2
53.2

50.6
59.6

63.5
49.0

57.4
59.1

53.8
56.9

58.7
67.1

53.5
52.1

67.6
49.4
58.5

63.5
55.1

55.4
60.3

53.8
68.6

51.6
66.3

56.1
61.2

55.1
65.7

64.1
63.1

58.7
62.8

61.2
57.4

61.9
67.8

56.4
65.5

58.3
57.4
61.9

63.8
59.0

65.1
65.4

67.6
63.1

57.7
62.5

56.7
59.3

57.4
72.8

56.7
68.9

57.4
64.4

66.3
65.1

66.2
72.1

64.1
67.6

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
C APACITY U TILIZATION
Percent of capacity, seasonally adjusted

2014
proportion

19722014
ave.

199495
high

2009
low

2014
Q2

Q3r

Q4r

2014
Sept.r

Oct.r

Nov.r

Dec.r

2015
Jan.r

Feb.p

100.00

80.1

85.0

66.9

79.1

79.3

79.4

79.4

79.1

79.8

79.4

79.1

78.9

31–33

75.18
72.12

78.6
78.5

84.6
84.7

63.9
63.7

77.1
77.8

77.5
78.3

77.8
78.6

77.4
78.2

77.3
78.2

78.1
79.0

77.9
78.8

77.6
78.4

77.3
78.1

321
327
331
332
333
334

38.76
.99
1.89
3.19
5.47
5.58
6.38

77.0
76.5
74.2
79.0
77.6
78.1
77.9

83.6
86.5
82.6
94.1
84.8
87.6
84.3

58.5
50.1
44.1
48.7
61.9
59.3
70.6

77.3
71.2
62.5
79.4
81.1
80.6
72.8

77.9
72.1
64.7
80.7
80.9
81.1
71.7

78.0
71.4
65.2
78.9
80.6
83.3
71.6

77.5
71.3
65.0
79.8
80.9
81.0
71.7

77.7
72.0
64.8
78.7
80.7
83.2
71.9

78.4
71.0
64.9
78.4
80.6
84.8
71.5

77.9
71.1
65.8
79.5
80.5
81.9
71.3

77.6
70.4
66.0
76.1
80.8
82.5
71.2

76.9
69.8
65.4
74.9
80.0
82.0
70.9

335
3361–3

1.67
4.48

82.6
75.1

92.5
87.8

66.0
35.1

84.1
80.4

84.8
83.6

84.5
82.6

85.0
80.4

84.4
79.9

84.9
84.6

84.2
83.4

84.8
82.7

84.1
80.0

3364–9
337
339

4.71
1.05
3.34

73.5
76.5
76.0

70.3
82.6
80.5

72.0
57.2
68.1

77.2
76.7
75.2

78.2
78.2
75.0

78.1
80.1
76.0

78.6
79.0
75.4

78.2
79.2
75.5

78.1
79.8
76.6

78.0
81.3
75.9

77.7
79.2
76.1

78.5
79.1
75.1

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

33.36
10.53
.71
.25
2.07
1.38
3.50
11.87
3.05

80.6
80.9
79.4
77.4
86.6
80.5
85.5
77.5
82.0

86.0
85.4
91.8
87.2
92.6
85.0
91.1
82.0
93.2

69.1
75.1
53.4
56.9
72.4
59.8
75.8
65.2
58.5

78.5
80.6
70.7
76.0
82.7
71.5
84.3
75.4
78.4

78.7
79.7
72.5
75.8
82.7
72.2
84.8
76.5
79.0

79.3
80.5
74.4
78.0
83.8
73.1
84.5
77.0
79.7

79.0
80.1
72.7
76.2
83.0
72.1
84.6
76.8
79.1

78.7
79.8
73.6
76.4
83.0
72.5
83.2
76.6
79.0

79.6
80.9
74.9
77.5
83.9
73.1
84.7
77.1
80.4

79.7
80.7
74.9
80.1
84.5
73.8
85.5
77.3
79.7

79.4
80.4
73.9
80.4
83.5
73.2
84.2
77.1
80.2

79.5
80.1
74.7
78.5
83.7
73.0
85.8
77.3
79.7

1133,5111

3.06

81.2

83.2

68.6

60.6

59.2

57.5

58.1

57.9

57.6

57.0

57.2

57.5

21
2211,2

15.36
9.46

87.3
85.9

88.5
93.3

78.8
78.5

90.0
78.9

90.1
76.9

88.1
79.9

90.2
79.1

88.4
79.4

87.5
82.2

88.5
78.0

87.2
78.7

84.6
84.5

3341
3342

3.48
.39
.47

77.8
77.9
76.7

86.3
87.7
84.1

72.2
83.5
77.3

72.2
64.7
75.4

70.8
68.1
74.1

70.0
69.6
77.5

70.4
68.7
73.6

70.5
69.0
76.3

70.1
70.9
77.9

69.3
68.8
78.2

68.4
69.0
77.1

67.8
67.0
76.4

334412–9

2.63

79.5

90.8

63.3

72.7

70.5

68.6

70.0

69.6

68.6

67.6

66.7

66.3

Measures excluding selected
high-technology industries
Total industry
Manufacturing1

96.52
71.69

80.2
78.7

84.9
84.5

66.7
63.5

79.4
77.4

79.6
77.9

79.8
78.3

79.8
77.8

79.5
77.8

80.2
78.6

79.8
78.4

79.5
78.1

79.4
77.9

S TAGE - OF - PROCESS GROUPS
Crude
Primary and semifinished
Finished

19.50
43.58
36.92

86.3
80.8
77.1

89.6
87.7
80.6

76.8
64.2
66.8

87.6
77.4
77.0

87.7
77.4
77.3

86.1
78.0
77.8

87.8
77.8
77.1

86.4
77.7
77.2

85.6
78.7
78.4

86.4
77.7
77.9

85.3
77.5
77.8

83.5
78.4
77.4

Item

Total industry
1

Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
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
Chemicals
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities

Selected high-technology industries
Computers and peripheral equipment
Communications equipment
Semiconductors and related
electronic components

r Revised. p Preliminary.
1. Refer to note on cover page.

11

Table 8
I NDUSTRIAL C APACITY
Percent change

Average annual rate
19721980198979
88
94

Item

Total industry

Fourth quarter to fourth quarter

Monthly
rate
2015
Feb.

Annual rate

19952015

2012

2013

2014

2015

2014
Q2

Q3

Q4

2015
Q1

3.1

1.9

2.3

2.4

2.6

1.9

3.1

1.8

3.1

3.3

3.4

2.4

.2

Manufacturing

3.3

2.2

2.6

2.4

2.2

1.8

2.2

1.7

2.2

2.2

2.2

1.9

.2

Mining
Utilities

.7
4.2

.1
2.1

-.6
1.8

1.3
1.8

4.8
1.3

4.0
.4

9.2
1.0

3.3
.3

9.0
1.1

10.0
1.1

10.3
1.0

6.0
.5

.5
.0

19.6

17.3

15.7

19.6

19.0

4.7

8.6

8.2

8.5

9.8

9.8

9.1

.7

2.6

1.3

1.6

1.1

1.4

1.7

1.8

1.3

1.8

1.8

1.8

1.5

.1

1.6
3.0
3.9

.4
1.3
3.3

-.5
2.6
2.7

1.2
2.6
2.2

3.5
2.0
2.6

3.1
.7
2.9

7.3
1.9
2.3

2.8
1.5
1.8

7.1
1.9
2.4

8.0
2.2
2.2

8.3
2.1
2.2

4.9
1.8
1.8

.4
.1
.1

1

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

S TAGE - OF - PROCESS GROUPS
Crude
Primary and semifinished
Finished
1. Refer to note on cover page.

Table 9
G ROSS VALUE OF F INAL P RODUCTS AND N ONINDUSTRIAL S UPPLIES
Billions of 2009 dollars at annual rate, seasonally adjusted

2009

2014

2014
Q2

Q3r

Q4r

2014
Sept.r

Oct.r

Nov.r

Dec.r

2015
Jan.r

Feb.p

3,212.1

3,757.0

3,743.8

3,769.2

3,808.2

3,770.6

3,767.5

3,834.2

3,822.7

3,811.5

3,832.4

2,410.8
1,811.4
381.7
225.1
156.5
1,429.8

2,849.5
2,053.7
560.1
376.6
183.8
1,511.3

2,848.9
2,054.2
555.5
372.8
182.9
1,515.4

2,855.6
2,051.6
574.8
390.0
185.4
1,497.7

2,879.8
2,069.8
575.8
387.8
188.3
1,514.2

2,848.2
2,048.3
562.1
376.2
186.0
1,504.5

2,844.2
2,039.5
559.2
371.9
187.2
1,498.4

2,901.5
2,083.4
586.1
398.1
188.6
1,519.0

2,893.7
2,086.4
582.0
393.3
189.1
1,525.1

2,887.9
2,081.0
575.5
388.1
187.8
1,525.0

2,903.1
2,100.2
563.6
376.4
187.2
1,552.4

Equipment, total
Business and defense
Business
Defense and space

599.4
583.2
477.2
106.0

803.4
778.0
658.7
119.9

802.1
777.1
657.8
119.8

812.6
786.6
666.5
120.8

818.6
792.5
672.2
121.1

808.2
781.7
661.1
121.2

813.9
787.5
667.3
120.9

827.1
801.0
680.7
121.1

814.9
789.1
668.6
121.2

814.7
791.6
671.9
120.5

809.4
790.8
670.1
121.3

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

801.3
221.8
579.5
233.3

907.1
270.3
637.6
247.4

894.5
266.6
628.6
240.8

913.2
273.7
640.3
247.9

928.0
276.8
652.0
254.4

922.1
274.6
648.2
254.6

923.0
277.0
646.8
251.8

932.4
276.0
657.1
257.7

928.6
277.3
652.1
253.8

923.2
274.3
649.6
251.2

929.0
274.6
655.0
255.9

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

r Revised. p Preliminary.

Table 10
G ROSS -VALUE -W EIGHTED I NDUSTRIAL P RODUCTION : S TAGE - OF -P ROCESS G ROUPS
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

Finished
Semifinished
Primary
Crude

2014
gross value1

2012

2013

2,275.9
1,982.3
1,455.4
706.2

4.3
3.7
.4
2.1

3.6
3.3
3.7
2.6

Annual rate

2014

2014
Q2

4.4
4.9
1.5
4.6

8.6
1.5
-1.3
12.1

r Revised. p Preliminary.
1. Billions of 2009 dollars.

12

Monthly rate

Q3

r

Q4

2014
Sept.r

Oct.

4.8
4.0
1.2
6.0

3.4
9.0
3.8
-2.4

.1
1.2
.6
-.1

.0
.7
-.4
-1.2

r

r

Nov.

r

2.2
1.2
1.8
-.1

r

2015
Jan.r

-.5
-.9
-.7
1.7

-.3
.2
-1.0
-.9

Dec.

Feb.

p

-.7
1.0
1.7
-1.2

Feb. ’14
to
Feb. ’15
3.1
4.3
2.0
2.8

Table 11
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : 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
1993
1994
1995
1996
1997

.5
.4
.2
-.7
.2

.4
.0
-.1
1.6
1.2

.0
1.0
.1
-.1
.7

.3
.5
.0
.9
.1

-.4
.6
.3
.7
.6

.2
.7
.4
.8
.5

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

-.1
.6
1.3
.6
1.0

.5
.4
.4
.6
.9

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

.4
.6
.2
.9
.9

.5
1.0
.4
.6
.3

3.6
5.1
4.4
2.7
7.9

.8
7.5
1.5
8.5
6.3

1.6
5.3
3.9
5.0
9.8

6.2
8.4
3.4
5.5
10.5

3.3
5.3
4.7
4.4
7.2

1998
1999
2000
2001
2002

.5
.5
.0
-.7
.6

.1
.5
.3
-.6
.0

.1
.2
.4
-.3
.8

.3
.2
.7
-.3
.5

.6
.8
.2
-.7
.4

-.7
-.2
.1
-.7
1.0

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

2.1
.4
-.3
-.2
.0

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

.8
1.3
-.3
-.5
-.3

.0
.5
.0
-.5
.5

.4
.8
-.3
.0
-.5

4.5
4.3
4.3
-5.6
2.9

2.5
3.8
5.3
-5.5
6.5

2.8
3.8
-.4
-5.7
2.4

5.6
7.5
-1.2
-4.5
-.2

5.8
4.3
4.0
-3.4
.2

2003
2004
2005
2006
2007

.7
.3
.5
.1
-.5

.3
.5
.6
.0
1.1

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

-.8
.4
.1
.4
.7

.0
.8
.2
-.1
.0

.0
-.8
.4
.4
.0

.6
.8
-.2
.0
.0

-.3
.0
.2
.3
.1

.6
.1
-2.0
-.2
.4

.1
1.0
1.3
.0
-.5

.8
.2
1.0
-.1
.6

-.1
.7
.6
1.0
.0

2.6
2.5
5.7
3.8
3.7

-3.1
1.8
2.2
2.4
4.9

2.7
2.1
-1.7
1.6
1.1

3.4
5.7
3.4
.8
.7

1.2
2.3
3.2
2.2
2.5

2008
2009
2010
2011
2012

-.2
-2.2
1.2
.0
.9

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

-.3
-1.5
.8
1.0
-.4

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

-.5
-1.1
1.6
.3
.3

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

-.5
1.0
.6
.6
.6

-1.5
1.0
.3
.5
-.6

-4.2
.7
.3
.1
.3

.8
.4
-.3
.5
-.1

-1.3
.4
.2
.1
1.0

-2.8
.3
.8
.4
.1

-1.4
-20.0
8.3
2.5
5.2

-5.3
-10.8
8.7
1.2
3.8

-12.1
5.2
6.5
5.2
1.6

-16.0
6.3
1.5
3.9
2.4

-3.4
-11.3
5.7
3.3
3.8

2013
2014
2015

.1
-.2
-.3

.6
.9
.1

.4
.8

-.2
.1

.1
.5

.2
.4

-.2
.3

.6
.0

.7
.7

.1
-.1

.6
1.2

.2
-.2

4.2
3.9

1.9
5.7

2.5
4.1

4.9
4.4

2.9
4.1

IP (2007=100)
2013
2014
2015

98.4
101.3
105.7

99.0
102.3
105.8

99.5
103.1

99.3
103.2

99.4
103.7

99.6
104.1

99.4
104.5

100.0
104.5

100.7
105.2

100.8
105.1

101.4
106.3

101.6
106.1

99.0
102.2

99.4
103.7

100.1
104.7

101.3
105.8

99.9
104.0

Capacity
(percent of
2007 output)
2013
2014
2015

127.2
129.7
133.7

127.3
130.0
134.0

127.5
130.4

127.7
130.7

127.9
131.0

128.0
131.4

128.2
131.7

128.5
132.1

128.7
132.5

128.9
132.8

129.2
133.2

129.4
133.6

127.3
130.0

127.9
131.0

128.5
132.1

129.2
133.2

128.2
131.6

Utilization
(percent)
1993
1994
1995
1996
1997

81.3
82.5
84.8
82.5
83.3

81.5
82.3
84.4
83.4
83.9

81.3
83.0
84.3
83.0
84.0

81.4
83.2
83.9
83.3
83.6

81.0
83.4
83.9
83.6
83.7

81.1
83.7
83.9
83.9
83.6

81.2
83.6
83.2
83.3
83.9

81.1
83.8
84.0
83.5
84.2

81.3
83.8
84.0
83.6
84.4

81.8
84.2
83.6
83.2
84.6

82.0
84.4
83.4
83.5
84.8

82.3
85.0
83.4
83.6
84.5

81.3
82.6
84.5
83.0
83.7

81.2
83.4
83.9
83.6
83.7

81.2
83.7
83.8
83.5
84.2

82.1
84.5
83.5
83.4
84.7

81.4
83.6
83.9
83.4
84.1

1998
1999
2000
2001
2002

84.4
81.8
81.9
79.1
73.9

83.9
81.8
81.9
78.3
73.8

83.4
81.6
81.9
77.9
74.3

83.2
81.5
82.2
77.5
74.6

83.2
81.8
82.1
76.7
74.8

82.2
81.4
81.9
76.0
75.5

81.4
81.6
81.6
75.4
75.3

82.6
81.6
81.0
75.1
75.3

82.0
81.0
81.1
74.7
75.4

82.3
81.8
80.6
74.2
75.2

81.8
81.9
80.3
73.6
75.6

81.8
82.2
79.9
73.5
75.2

83.9
81.7
81.9
78.4
74.0

82.8
81.5
82.1
76.7
75.0

82.0
81.4
81.2
75.1
75.3

81.9
81.9
80.3
73.8
75.3

82.7
81.7
81.4
76.0
74.9

2003
2004
2005
2006
2007

75.8
77.0
79.8
80.2
79.7

76.0
77.4
80.3
80.2
80.4

75.9
77.1
80.1
80.3
80.4

75.3
77.4
80.1
80.4
80.8

75.4
78.0
80.2
80.2
80.7

75.4
77.4
80.4
80.4
80.6

75.9
78.0
80.1
80.3
80.5

75.7
78.1
80.1
80.4
80.5

76.2
78.1
78.4
80.1
80.8

76.2
78.9
79.3
79.9
80.4

76.8
79.0
79.9
79.7
80.8

76.8
79.5
80.3
80.3
80.8

75.9
77.2
80.1
80.2
80.2

75.4
77.6
80.2
80.4
80.7

75.9
78.1
79.5
80.3
80.6

76.6
79.1
79.8
80.0
80.7

75.9
78.0
79.9
80.2
80.5

2008
2009
2010
2011
2012

80.7
70.1
71.0
76.0
77.3

80.5
69.5
71.4
75.6
77.4

80.3
68.5
72.1
76.3
76.9

79.8
67.9
72.5
75.8
77.4

79.4
67.2
73.8
76.0
77.4

79.3
66.9
74.1
76.1
77.3

78.9
67.6
74.7
76.4
77.6

77.7
68.3
75.0
76.6
77.0

74.3
68.9
75.3
76.6
77.0

74.9
69.3
75.1
76.8
76.9

73.9
69.7
75.3
76.7
77.5

71.7
70.0
76.0
76.8
77.5

80.5
69.4
71.5
75.9
77.2

79.5
67.3
73.5
76.0
77.4

77.0
68.3
75.0
76.5
77.2

73.5
69.7
75.5
76.8
77.3

77.6
68.7
73.8
76.3
77.3

2013
2014
2015

77.4
78.1
79.1

77.8
78.6
78.9

78.0
79.1

77.8
79.0

77.8
79.1

77.8
79.2

77.5
79.3

77.8
79.1

78.3
79.4

78.2
79.1

78.5
79.8

78.5
79.4

77.7
78.6

77.8
79.1

77.9
79.3

78.4
79.4

77.9
79.1

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

13

Table 12
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : 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
1993
1994
1995
1996
1997

1.0
.2
.2
-.8
.1

.2
.1
-.2
1.6
1.4

-.2
1.3
.2
-.2
1.1

.5
.8
-.1
1.1
-.2

-.1
.7
.1
.7
.8

-.2
.3
.5
1.0
.7

.2
.4
-.6
.2
.8

-.2
.8
1.2
.6
1.2

.6
.5
.9
.8
.9

.9
1.0
-.1
-.2
.9

.4
.8
.1
.8
1.1

.5
1.1
.4
.8
.4

4.5
4.9
4.6
1.8
9.4

1.3
9.6
1.0
9.7
7.4

.7
6.2
3.3
7.4
11.0

7.0
10.1
4.3
5.7
11.4

3.5
5.9
5.2
4.8
8.4

1998
1999
2000
2001
2002

.8
.3
.1
-.7
.5

.1
.8
.2
-.6
.0

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

.5
.3
.7
-.3
.2

.5
1.0
-.1
-.8
.6

-.8
-.3
.2
-.7
1.1

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

2.5
.6
-.7
-.5
.2

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

1.0
1.5
-.3
-.6
-.4

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

.5
.7
-.6
.3
-.5

6.1
4.9
4.7
-6.5
3.5

1.9
4.3
5.1
-5.7
5.9

3.1
3.4
-.5
-6.2
3.1

7.8
8.9
-2.8
-4.2
-.4

6.6
5.0
4.2
-4.1
.3

2003
2004
2005
2006
2007

.5
.0
.8
.8
-.5

.1
.6
.8
-.2
.4

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

-.9
.4
.3
.5
.7

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

.4
-.7
.2
.3
.3

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

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

.8
.0
-1.1
.0
.5

.1
1.0
1.5
-.4
-.4

1.0
-.1
.8
.0
.5

-.3
.6
.1
1.5
.1

1.8
2.1
6.4
3.9
4.0

-2.1
3.0
2.4
.9
5.8

2.4
3.7
-.4
.9
.9

3.8
5.4
5.9
1.5
.7

1.3
2.8
4.0
2.5
2.7

2008
2009
2010
2011
2012

-.4
-2.9
1.1
.2
1.0

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

-.3
-1.8
1.3
.7
-.3

-1.1
-.7
.9
-.6
.8

-.5
-1.1
1.5
.2
-.2

-.6
-.3
.0
.1
.4

-1.1
1.4
.8
.8
.4

-1.2
1.0
.1
.3
-.5

-3.4
.8
.1
.4
.2

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

-2.4
1.0
.2
-.1
1.3

-3.4
-.1
.4
.7
.7

-2.6
-23.9
7.0
2.9
7.3

-7.5
-10.9
11.4
.0
3.0

-13.4
7.0
5.7
5.4
1.2

-21.6
6.9
1.6
4.3
2.5

-4.7
-13.6
6.1
3.4
4.1

2013
2014
2015

-.2
-1.0
-.3

.6
1.3
-.2

.1
.8

-.2
.3

.3
.4

.3
.4

-.4
.8

.7
-.3

.3
.2

.4
.1

.3
1.2

.2
-.1

4.4
1.4

1.3
7.0

1.9
4.4

4.2
3.6

2.6
3.4

IP (2007=100)
2013
2014
2015

95.4
96.8
101.5

95.9
98.0
101.3

96.0
98.8

95.8
99.1

96.1
99.5

96.4
99.9

96.0
100.8

96.7
100.4

96.9
100.6

97.3
100.7

97.6
101.9

97.7
101.8

95.8
97.9

96.1
99.5

96.5
100.6

97.5
101.5

96.5
99.8

Capacity
(percent of
2007 output)
2013
2014
2015

125.8
128.1
130.9

126.0
128.4
131.1

126.2
128.6

126.3
128.8

126.5
129.0

126.7
129.3

126.9
129.5

127.1
129.8

127.3
130.0

127.5
130.2

127.7
130.5

127.9
130.7

126.0
128.4

126.5
129.0

127.1
129.8

127.7
130.5

126.8
129.4

Utilization
(percent)
1993
1994
1995
1996
1997

80.4
81.3
84.4
81.3
82.1

80.4
81.2
83.9
82.1
82.7

80.1
82.0
83.7
81.5
83.1

80.4
82.5
83.3
82.0
82.5

80.2
82.8
83.1
82.2
82.7

80.0
82.7
83.1
82.6
82.7

80.1
82.8
82.3
82.3
82.8

79.8
83.1
82.8
82.4
83.2

80.2
83.2
83.2
82.6
83.3

80.8
83.7
82.7
82.0
83.4

81.0
84.0
82.4
82.2
83.8

81.3
84.6
82.3
82.4
83.5

80.3
81.5
84.0
81.6
82.6

80.2
82.7
83.2
82.3
82.6

80.0
83.0
82.8
82.4
83.1

81.0
84.1
82.5
82.2
83.6

80.4
82.8
83.1
82.1
83.0

1998
1999
2000
2001
2002

83.5
80.6
80.6
76.6
71.9

83.0
80.8
80.4
75.9
71.8

82.3
80.4
80.6
75.5
72.3

82.1
80.3
80.8
75.1
72.5

81.9
80.7
80.4
74.3
72.8

80.7
80.1
80.2
73.6
73.7

79.9
80.1
80.0
73.1
73.4

81.3
80.2
79.2
72.6
73.5

80.6
79.6
79.2
72.3
73.6

81.0
80.5
78.6
71.7
73.3

80.7
80.6
78.1
71.4
73.7

80.7
80.8
77.4
71.6
73.3

82.9
80.6
80.5
76.0
72.0

81.5
80.3
80.5
74.3
73.0

80.6
80.0
79.5
72.7
73.5

80.8
80.6
78.0
71.6
73.4

81.5
80.4
79.6
73.6
73.0

2003
2004
2005
2006
2007

73.7
74.8
78.2
79.0
78.2

73.8
75.3
78.7
78.7
78.4

73.9
75.3
78.2
78.5
78.8

73.2
75.6
78.3
78.8
79.2

73.3
76.2
78.4
78.3
78.9

73.6
75.7
78.4
78.5
79.0

73.9
76.4
78.0
78.2
78.9

73.5
76.7
78.1
78.5
78.5

74.1
76.6
77.1
78.4
78.7

74.2
77.4
78.1
78.0
78.3

74.9
77.3
78.6
77.8
78.6

74.8
77.7
78.5
78.8
78.6

73.8
75.1
78.3
78.7
78.5

73.4
75.8
78.3
78.5
79.0

73.8
76.6
77.7
78.3
78.7

74.6
77.4
78.4
78.2
78.5

73.9
76.2
78.2
78.4
78.7

2008
2009
2010
2011
2012

78.3
66.1
68.2
73.2
75.5

77.8
66.0
68.3
73.3
75.8

77.6
65.0
69.3
73.8
75.4

76.8
64.6
70.0
73.3
75.8

76.5
64.0
71.2
73.4
75.5

76.2
63.9
71.3
73.5
75.6

75.4
64.9
72.0
74.0
75.8

74.6
65.7
72.2
74.2
75.3

72.1
66.3
72.4
74.3
75.3

71.8
66.5
72.5
74.6
74.8

70.2
67.3
72.7
74.4
75.7

67.9
67.4
73.0
74.8
76.1

77.9
65.7
68.6
73.4
75.5

76.5
64.2
70.8
73.4
75.6

74.0
65.6
72.2
74.2
75.4

70.0
67.1
72.7
74.6
75.5

74.6
65.6
71.1
73.9
75.5

2013
2014
2015

75.8
75.5
77.6

76.1
76.4
77.3

76.1
76.8

75.8
77.0

75.9
77.1

76.1
77.3

75.6
77.8

76.1
77.4

76.2
77.4

76.3
77.3

76.4
78.1

76.4
77.9

76.0
76.2

75.9
77.1

76.0
77.5

76.4
77.8

76.1
77.2

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

14

Table 13
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY,
High-Technology Industries1

AND

U TILIZATION : Total Industry Excluding Selected

Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)2
1993
1994
1995
1996
1997

.5
.4
.1
-1.0
.0

.3
.0
-.2
1.3
.9

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

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

-.4
.4
.1
.6
.3

.2
.6
.2
.6
.2

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

-.1
.4
1.1
.4
.7

.4
.1
.1
.4
.6

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

.3
.4
.1
.7
.6

.5
.9
.1
.5
.1

3.1
4.4
2.8
-.5
5.1

.2
5.4
-1.2
6.6
2.5

1.3
3.2
1.5
2.0
6.4

5.3
5.7
.4
2.9
7.5

2.5
4.0
2.5
1.7
4.2

1998
1999
2000
2001
2002

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

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

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

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

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

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

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

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

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

.5
1.2
-.4
-.5
-.3

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

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

2.0
.7
.4
-5.9
2.6

.7
.3
1.6
-4.5
6.4

-.3
1.0
-3.1
-4.4
1.8

2.3
5.5
-2.7
-4.5
-.8

3.0
1.1
1.0
-4.0
.3

2003
2004
2005
2006
2007

.6
.2
.4
.1
-.5

.1
.5
.6
.0
1.0

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

-.9
.4
.0
.4
.6

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

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

.4
.8
-.3
.0
.0

-.4
.0
.0
.2
.1

.5
.0
-2.2
-.3
.3

.0
1.0
1.2
-.1
-.7

.7
.2
1.0
-.2
.4

-.1
.6
.5
1.0
-.1

1.5
2.1
4.8
3.4
3.0

-4.7
2.0
1.3
1.9
4.0

.9
2.1
-3.0
.7
1.1

2.4
5.2
2.1
.1
-1.0

.2
1.7
2.5
1.4
1.8

2008
2009
2010
2011
2012

-.3
-2.2
1.1
.0
.9

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

-.4
-1.6
.6
1.1
-.5

-.8
-.9
.3
-.5
.8

-.6
-1.1
1.6
.3
.3

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

-.4
1.0
.6
.7
.6

-1.6
1.0
.2
.4
-.6

-4.3
.7
.2
.1
.2

1.1
.3
-.4
.6
-.2

-1.1
.3
.1
.1
1.0

-2.7
.3
.8
.4
.1

-2.5
-19.7
7.2
1.8
4.9

-6.4
-11.7
7.9
1.1
3.0

-12.3
5.0
6.2
5.0
1.3

-14.9
5.8
.7
3.8
1.8

-4.2
-11.3
5.0
2.9
3.5

2013
2014
2015

.0
-.3
-.3

.7
.9
.1

.4
.8

-.2
.0

.1
.4

.2
.4

-.2
.4

.5
.0

.8
.7

.1
-.1

.6
1.2

.2
-.2

4.3
3.9

1.6
5.4

2.3
4.2

5.0
4.3

2.6
4.0

IP (2007=100)
2013
2014
2015

96.1
98.8
103.1

96.7
99.7
103.2

97.1
100.6

96.9
100.6

97.0
101.0

97.2
101.4

97.0
101.8

97.5
101.8

98.2
102.5

98.3
102.4

98.9
103.6

99.1
103.4

96.6
99.7

97.0
101.0

97.6
102.1

98.8
103.2

97.5
101.4

Capacity
(percent of
2007 output)
2013
2014
2015

123.7
126.1
129.7

123.8
126.3
129.9

124.0
126.6

124.2
126.9

124.3
127.2

124.5
127.6

124.7
127.9

124.9
128.2

125.1
128.5

125.3
128.9

125.6
129.2

125.8
129.5

123.8
126.4

124.3
127.2

124.9
128.2

125.6
129.2

124.7
127.7

Utilization
(percent)
1993
1994
1995
1996
1997

81.4
82.6
84.9
82.3
83.6

81.6
82.5
84.5
83.2
84.1

81.4
83.1
84.3
82.8
84.2

81.6
83.2
83.9
83.3
83.7

81.1
83.4
83.8
83.6
83.7

81.2
83.8
83.8
84.0
83.6

81.4
83.6
83.2
83.4
83.9

81.2
83.8
83.9
83.6
84.1

81.4
83.7
83.8
83.8
84.3

81.9
84.1
83.3
83.3
84.6

82.1
84.3
83.3
83.7
84.8

82.4
84.9
83.2
83.9
84.6

81.5
82.7
84.6
82.8
84.0

81.3
83.5
83.8
83.7
83.7

81.3
83.7
83.6
83.6
84.1

82.1
84.4
83.3
83.6
84.7

81.6
83.6
83.8
83.4
84.1

1998
1999
2000
2001
2002

84.5
81.8
81.4
78.7
75.1

84.1
81.7
81.3
78.2
74.9

83.8
81.5
81.3
77.9
75.5

83.6
81.2
81.6
77.7
75.8

83.8
81.5
81.4
77.1
76.1

82.7
80.9
81.2
76.6
76.8

81.8
81.0
80.8
76.2
76.6

83.1
81.1
80.3
76.0
76.5

82.4
80.6
80.4
75.7
76.6

82.6
81.5
80.0
75.2
76.4

82.1
81.5
79.8
74.8
76.8

81.9
81.8
79.3
74.6
76.4

84.1
81.7
81.4
78.2
75.2

83.4
81.2
81.4
77.1
76.2

82.5
80.9
80.5
76.0
76.6

82.2
81.6
79.7
74.9
76.5

83.0
81.3
80.7
76.5
76.1

2003
2004
2005
2006
2007

77.0
77.4
80.3
80.4
79.7

77.1
77.9
80.7
80.3
80.4

76.9
77.5
80.6
80.3
80.3

76.3
77.8
80.6
80.5
80.7

76.3
78.5
80.6
80.2
80.7

76.2
77.8
80.8
80.3
80.8

76.6
78.5
80.5
80.2
80.8

76.3
78.5
80.5
80.3
80.9

76.8
78.6
78.6
79.9
81.2

76.7
79.3
79.4
79.7
80.7

77.3
79.5
80.1
79.5
81.0

77.2
80.0
80.4
80.2
81.0

77.0
77.6
80.5
80.3
80.1

76.3
78.0
80.7
80.3
80.8

76.6
78.5
79.8
80.1
81.0

77.1
79.6
80.0
79.8
80.9

76.7
78.4
80.3
80.1
80.7

2008
2009
2010
2011
2012

80.8
70.0
70.9
75.7
77.6

80.5
69.4
71.1
75.3
77.7

80.3
68.3
71.8
76.0
77.2

79.6
67.6
72.2
75.7
77.6

79.2
66.9
73.5
75.9
77.7

79.0
66.7
73.8
76.0
77.6

78.6
67.4
74.4
76.4
77.9

77.3
68.2
74.8
76.6
77.3

73.9
68.8
75.0
76.6
77.3

74.6
69.1
74.9
76.9
77.1

73.7
69.5
75.0
76.9
77.8

71.7
69.9
75.7
77.0
77.7

80.5
69.2
71.3
75.7
77.5

79.3
67.1
73.2
75.8
77.6

76.6
68.1
74.7
76.6
77.5

73.3
69.5
75.2
76.9
77.5

77.4
68.5
73.6
76.2
77.5

2013
2014
2015

77.7
78.4
79.5

78.1
78.9
79.4

78.3
79.4

78.0
79.3

78.0
79.4

78.0
79.5

77.8
79.6

78.1
79.4

78.5
79.8

78.4
79.5

78.7
80.2

78.8
79.8

78.0
78.9

78.0
79.4

78.1
79.6

78.6
79.8

78.2
79.4

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

15

Table 14
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Manufacturing1 Excluding Selected
High-Technology Industries2
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)3
1993
1994
1995
1996
1997

1.1
.1
.1
-1.2
-.1

.1
.1
-.4
1.3
1.1

-.3
1.1
-.1
-.4
.8

.5
.6
-.4
1.0
-.6

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

-.2
.2
.3
.8
.4

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

-.3
.6
.9
.3
.9

.5
.2
.5
.6
.5

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

.3
.6
-.1
.7
.8

.5
.9
.1
.7
.1

4.0
4.0
2.7
-2.0
6.2

.5
7.1
-2.3
7.4
2.9

.2
3.8
.3
4.0
7.0

6.0
7.0
.7
2.6
7.9

2.5
4.4
2.5
1.5
4.9

1998
1999
2000
2001
2002

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

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

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

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

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

-1.2
-.7
.0
-.6
1.1

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

2.3
.6
-1.0
-.5
.1

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

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

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

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

3.3
.8
.2
-7.0
3.2

-.3
.3
.7
-4.5
5.7

-.6
.2
-3.8
-4.6
2.5

4.1
6.7
-4.7
-4.2
-1.1

3.4
1.4
.7
-4.8
.4

2003
2004
2005
2006
2007

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

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

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

-1.0
.4
.2
.5
.5

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

.2
-.8
.1
.2
.5

.2
1.0
-.4
-.3
.2

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

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

-.1
1.0
1.5
-.4
-.6

.9
-.1
.7
.0
.3

-.3
.6
.0
1.5
.0

.5
1.6
5.2
3.3
3.2

-4.0
3.3
1.3
.1
4.7

.2
3.7
-2.0
-.2
1.0

2.6
4.9
4.4
.6
-1.6

.0
2.0
3.1
1.5
1.8

2008
2009
2010
2011
2012

-.5
-2.9
1.0
.1
1.1

-.8
-.3
-.3
.0
.5

-.4
-2.0
1.2
.7
-.4

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

-.6
-1.2
1.5
.2
-.3

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

-1.1
1.4
.8
.9
.4

-1.3
1.0
.0
.2
-.5

-3.5
.8
.0
.4
.1

-.4
.1
.0
.6
-.6

-2.1
1.0
.0
-.1
1.3

-3.2
-.2
.2
.7
.7

-4.3
-23.8
5.4
2.0
7.0

-9.2
-12.1
10.4
-.1
1.9

-13.7
6.8
5.3
5.2
.8

-20.5
6.2
.6
4.3
1.7

-5.8
-13.8
5.1
2.8
3.7

2013
2014
2015

-.3
-1.1
-.2

.7
1.3
-.2

.1
.8

-.3
.3

.2
.3

.3
.4

-.5
.9

.7
-.3

.3
.2

.3
.1

.3
1.3

.2
-.1

4.6
1.3

.8
6.6

1.6
4.5

4.3
3.5

2.3
3.3

IP (2007=100)
2013
2014
2015

92.1
93.3
97.9

92.7
94.5
97.7

92.8
95.3

92.5
95.6

92.7
95.9

93.0
96.3

92.6
97.1

93.2
96.8

93.5
97.0

93.8
97.0

94.1
98.3

94.3
98.1

92.5
94.4

92.7
95.9

93.1
97.0

94.1
97.8

93.1
96.2

121.1
123.2
125.3

121.3
123.3
125.4

121.4
123.5

121.6
123.7

121.7
123.9

121.9
124.1

122.1
124.2

122.2
124.4

122.4
124.6

122.6
124.8

122.8
125.0

123.0
125.2

121.3
123.3

121.7
123.9

122.2
124.4

122.8
125.0

122.0
124.2

Utilization
(percent)
1993
1994
1995
1996
1997

80.5
81.3
84.4
80.9
82.3

80.5
81.2
83.9
81.7
82.9

80.2
82.1
83.7
81.2
83.3

80.5
82.4
83.2
81.9
82.5

80.3
82.7
82.9
82.2
82.6

80.0
82.7
83.0
82.6
82.6

80.2
82.8
82.1
82.4
82.6

79.9
83.1
82.6
82.4
83.0

80.2
83.1
82.9
82.7
83.1

80.8
83.5
82.4
82.0
83.3

81.0
83.8
82.1
82.4
83.7

81.3
84.5
82.0
82.7
83.4

80.4
81.5
84.0
81.3
82.8

80.3
82.6
83.0
82.2
82.5

80.1
83.0
82.5
82.5
82.9

81.0
83.9
82.2
82.3
83.5

80.4
82.8
82.9
82.1
82.9

1998
1999
2000
2001
2002

83.5
80.5
79.9
76.0
73.1

83.1
80.6
79.6
75.5
73.0

82.6
80.0
79.7
75.2
73.5

82.4
79.8
79.9
75.1
73.7

82.4
80.2
79.4
74.5
74.1

81.2
79.4
79.2
74.0
75.0

80.2
79.3
79.0
73.8
74.7

81.8
79.6
78.1
73.4
74.8

80.9
79.0
78.2
73.2
74.9

81.2
80.0
77.8
72.7
74.6

80.9
80.1
77.3
72.5
74.9

80.8
80.2
76.5
72.6
74.6

83.1
80.4
79.7
75.6
73.2

82.0
79.8
79.5
74.5
74.3

81.0
79.3
78.4
73.5
74.8

80.9
80.1
77.2
72.6
74.7

81.7
79.9
78.7
74.1
74.2

2003
2004
2005
2006
2007

74.9
75.2
78.6
79.1
78.0

74.9
75.7
79.1
78.7
78.2

75.0
75.6
78.6
78.5
78.6

74.2
76.0
78.7
78.7
78.9

74.2
76.6
78.8
78.2
78.9

74.4
76.1
78.8
78.3
79.2

74.6
76.8
78.4
77.9
79.3

74.1
77.1
78.4
78.2
78.8

74.7
77.1
77.2
78.0
79.1

74.6
77.8
78.2
77.6
78.5

75.4
77.7
78.7
77.5
78.7

75.2
78.2
78.6
78.6
78.7

74.9
75.5
78.8
78.7
78.3

74.3
76.2
78.8
78.4
79.0

74.4
77.0
78.0
78.0
79.1

75.1
77.9
78.5
77.9
78.7

74.7
76.7
78.5
78.3
78.7

2008
2009
2010
2011
2012

78.3
65.8
67.9
72.7
75.7

77.7
65.7
67.8
72.7
76.1

77.4
64.5
68.8
73.4
75.6

76.4
64.1
69.5
72.9
76.1

76.0
63.5
70.7
73.1
75.7

75.6
63.5
70.9
73.2
75.9

74.8
64.5
71.6
73.9
76.1

74.0
65.3
71.8
74.0
75.6

71.4
66.0
71.9
74.3
75.5

71.2
66.2
72.1
74.7
75.0

69.8
67.0
72.2
74.6
75.9

67.7
67.1
72.5
75.0
76.4

77.8
65.3
68.2
72.9
75.8

76.0
63.7
70.4
73.1
75.9

73.4
65.3
71.7
74.1
75.7

69.6
66.8
72.3
74.7
75.8

74.2
65.3
70.6
73.7
75.8

2013
2014
2015

76.1
75.8
78.1

76.5
76.7
77.9

76.4
77.2

76.1
77.3

76.1
77.4

76.3
77.6

75.8
78.2

76.3
77.8

76.4
77.8

76.5
77.8

76.6
78.6

76.7
78.4

76.3
76.5

76.2
77.4

76.2
77.9

76.6
78.3

76.3
77.5

Capacity
(percent of
2007 output)
2013
2014
2015

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

16

A
shown below. An output index for month m is denoted by Im for
aggregate A and Im for each of its components. The monthly price
measure in the formula (pm ) is interpolated from an annual series of
value added divided by the average annual IP index.

E XPLANATORY N OTE
The Industrial Production and Capacity Utilization statistical
release, which is published around the middle of the month, reports
measures of output, capacity, and capacity utilization in
manufacturing, mining, and the electric and gas utilities industries.
More detailed descriptions of industrial production and capacity
utilization are available on the Board’s website at
www.federalreserve.gov/releases/G17/About.htm. 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 from the Data Download Program on the Board’s website.
Instructions for searching for and downloading specific series are
provided as well.

A
Im
A
Im−1

=

Im p m
Im−1 pm

Im pm−1
×
Im−1 pm−1

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 6 percent. If output in this industry increased 10 percent in a
month, then this gain would boost growth in total IP by 6/10
percentage point (0.06 x 10% = 0.6%). To assist users with
calculations, the Federal Reserve’s website 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/ipweightssa.txt).

I NDUSTRIAL P RODUCTION
Coverage. The industrial production (IP) index measures the real
output of all manufacturing, mining, and electric and gas utility
establishments located in the United States, regardless of their
ownership, but not those located in U.S. territories; the reference
period for the index is 2007. Manufacturing consists of those
industries included in the North American Industry Classification
System (NAICS) definition of manufacturing plus those industries—
newspaper, periodical, book, and directory publishing plus
logging—that have traditionally been considered to be manufacturing.
For the period since 1997, the total IP index has been constructed
from 312 individual series based on the 2007 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 website
(www.federalreserve.gov/releases/G17/About.htm).

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 five 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 72 percent of the
source data (in value-added terms) are available; the fraction of
available source data increases to 84 percent for estimates in the
second month that the estimate is published, 94 percent in the third
month, 95 percent in the fourth month, 97 percent in the fifth month,
and 97 percent in the sixth month. Data availability by data type in
early 2014 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2011)
Month of estimate

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
and unit values or sales) 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 direct measures of product are not available, estimates
of output are based on production-worker hours by industry. Data on
hours worked by production workers are collected in the monthly
establishment survey conducted by the Bureau of Labor Statistics.
The factors used to convert inputs into estimates of production are
based on historical relationships between the inputs and the
comprehensive annual data used to benchmark the IP indexes; these
factors also may be influenced by technological or cyclical
developments. The annual data used in benchmarking the individual
IP indexes are constructed from a variety of source data, such as the
quinquennial 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.

Type of data

1st

2nd

3rd

4th

5th

6th

Physical product

32

44

54

55

57

58

Production-worker hours

40

40

40

40

40

40

IP data received

72

84

94

95

97

97

IP data estimated

28

16

6

5

3

3

The physical product group includes series based on either monthly or
quarterly data. As can be seen in the first row 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 (32 percent out of a total of 58 percent). Of the 32
percent, about two-thirds (19 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 fourth estimate of industrial
production. Specifically, quarterly data are available for the third
estimate of the last month of a quarter, the fourth estimate of the
second month of a quarter, and the fifth estimate of the first month of
a quarter.
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 January
2013; for other series, the factors were estimated with data through at
least December 2012. Series are pre-adjusted for the effects of
holidays or business cycles when appropriate. For the data since 1972,
all seasonally adjusted aggregate indexes are calculated by
aggregating the seasonally adjusted indexes of the individual series.

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 the Federal
Reserve Bulletins of 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

Reliability. The average revision to the level of the total IP index,
without regard to sign, between the first and the fourth estimates was

17

0.27 percent during the 1987–2013 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 1987–2013
period. In most cases (about 85 percent), the direction of the change
in output indicated by the first estimate for a given month is the same
as that shown by the fourth estimate.

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 Census Bureau’s annual Survey of
Plant Capacity (the predecessor to the QSPC) 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 QSPC.

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.
C APACITY U TILIZATION
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.

Perspective. Over the 1972–2013 period, the average total industry
utilization rate is 80.1 percent; for manufacturing, the average factory
operating rate has been 78.7 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 are
specific to each series and do not all occur in the same month.
R EFERENCES AND R ELEASE DATES

Coverage. The capacity indexes cover all facilities located in the
United States, regardless of their ownership, but not those located in
U.S. territories. Capacity indexes are constructed for 89 detailed
industries (71 in manufacturing, 16 in mining, and 2 in utilities),
which mostly correspond to industries at the three- and four-digit
North American Industry Classification System (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 NAICS definition of
manufacturing plus those industries— newspaper, periodical, book,
and directory publishing plus logging—that have traditionally been
considered to be manufacturing. Also, special aggregates are
available, such as high-technology industries and manufacturing
excluding high-technology industries.

References. The release for the annual revision that was published on
March 28, 2014, is available on the Board’s website (www.federal
reserve.gov/releases/g17/revisions/Current/DefaultRev.htm). A
summary of the annual revision that incorporated back to 1972
production and capacity indexes reclassified according to the North
American Industry Classification System is available in an article in
the Federal Reserve Bulletin, vol. 89 (April 2003), pp. 151–176. 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/CapitalStockDocLatest.pdf.

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 25 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 Quarterly Survey of Plant Capacity (QSPC); these
industries account for a bit less than 70 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 website
(www.federalreserve.gov/releases/G17/Meth/MethCap.htm).

Industrial Production—1986 Edition contains a more detailed
description of the other methods used to compile the industrial
production index, plus a history of its development, a glossary of
terms, and a bibliography. The major revisions to the IP indexes and
capacity utilization since 1990 have been described in the Federal
Reserve Bulletin (April 1990, June 1990, June 1993, March 1994,
January 1995, January 1996, February 1997, February 1998, January
1999, March 2000, March 2001, March 2002, April 2003, Winter
2004, Winter 2005, March 2006, May 2007, August 2008, August
2009) or in online staff studies
(www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf,
www.federalreserve.gov/releases/g17/articles/rev2012/industrial12.pdf,
www.federalreserve.gov/releases/g17/articles/rev2013/industrial13.pdf).
Release Schedule
At 9:15 a.m. on
2015: January 16, February 18, March 16, April 15, May 15, June 15,
July 15, August 14, September 15, October 16, November 17, and
December 16.

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 the annual capacity aggregate 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

18