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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
March 16, 2016

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production decreased 0.5 percent in February after increasing 0.8 percent in January. Sizable
declines in the indexes for both utilities and mining in February outweighed a gain of 0.2 percent for
manufacturing. The output of utilities dropped 4.0 percent, as unseasonably warm weather curbed the demand
(over)

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
2012=100
Industrial production

2015
Sept.r

Oct.r

Nov.r

Dec.r

2016
Jan.r

Total index
Previous estimates

107.5
107.5

107.3
107.4

106.5
106.6

106.0
105.9

106.9
106.8

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

104.6
106.6
106.9
106.2
109.5
110.3

104.4
106.4
106.5
107.2
111.7
109.9

103.6
105.8
105.2
107.0
111.7
108.8

103.0
105.3
104.2
106.7
112.0
108.3

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

105.8
105.8
115.8
104.9

106.1
106.2
114.0
103.0

105.9
105.9
112.2
99.3

105.6
105.7
110.4
98.2

Percent change
2016
Nov.r Dec.r Jan.r

2015
Sept.r

Oct.r

106.3

.0
.0

-.1
-.1

-.7
-.8

-.5
-.7

.8
.9

-.5

-1.0

104.4
107.1
104.9
107.3
111.6
108.7

103.9
106.4
105.5
107.2
112.2
107.9

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

-.3
-.2
-.3
.9
2.0
-.4

-.7
-.6
-1.2
-.2
.0
-.9

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

1.3
1.8
.6
.6
-.3
.4

-.4
-.7
.6
.0
.5
-.7

-.2
1.1
-.2
1.4
2.8
-2.6

106.2
106.2
109.7
102.3

106.4

-.1
-.1
-.8
1.7

.3
.3
-1.5
-1.8

-.2
-.2
-1.6
-3.6

-.2
-.2
-1.6
-1.2

.5
.5
-.7
4.2

.2

1.8

-1.4
-4.0

-9.9
-9.3

Feb.p

108.1
98.2

Feb.p

Capacity
growth

Percent of capacity
Average
19722015

198889
high

199091
low

199495
high

2009
low

2015
Feb.

2015
Sept.r

Oct.r

Nov.r

Dec.r

2016
Jan.r

Total industry
Previous estimates

80.0

85.2

78.8

85.0

66.9

78.4

77.8
77.9

77.6
77.7

77.0
77.0

76.5
76.4

Manufacturing (see note below)
Previous estimates
Mining
Utilities

78.5

85.6

77.3

84.6

63.9

75.7

87.4
85.8

86.2
92.9

83.8
84.3

88.7
93.3

79.0
78.5

87.9
83.0

76.0
76.1
83.0
80.2

76.2
76.3
81.6
78.7

76.0
76.0
80.1
75.8

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.3
80.6
77.0

87.6
86.5
83.4

84.3
78.1
77.4

89.8
87.8
80.7

76.9
64.2
66.7

86.0
77.2
75.7

82.6
76.4
76.4

81.6
76.5
76.2

80.4
75.6
76.0

Capacity utilization

Feb. ’15 to
Feb. ’16

Feb.p

Feb. ’15 to
Feb. ’16

77.1
77.1

76.7

1.3

75.7
75.8
78.6
74.9

76.1
76.1
78.5
78.0

76.1

1.2

77.5
74.8

2.2
.7

79.2
75.3
75.6

79.4
75.9
76.3

78.6
75.3
76.2

1.7
1.0
1.5

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

for heating. Mining production fell 1.4 percent and has decreased nearly 1.3 percent per month, on average, over
the past six months. At 106.3 percent of its 2012 average, total industrial production in February was 1.0 percent
below its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in
February to 76.7 percent, a rate that is 3.3 percentage points below its long-run (1972–2015) average.
Market Groups
The drop in utilities output for February contributed substantially to declines in the indexes for consumer
goods, business supplies, and materials through their energy components. The market groups unaffected by the
drop in utilities recorded mixed results. The production of consumer durables rose 0.3 percent; the output of
consumer non-energy nondurables decreased 0.5 percent after jumping 1.1 percent in January. In February, the
production of business equipment advanced 0.6 percent, with a decrease for transit equipment but sizable
increases for information processing equipment and for industrial and other equipment. The indexes for
construction supplies, for defense and space equipment, and for general business supplies (non-energy) each rose
0.5 percent or less. The output of durable materials moved up 0.2 percent; the output of nondurable materials
moved down a similar amount, primarily because of a drop of 1.5 percent for textiles and a decrease of
0.3 percent for chemicals.
Industry Groups
Manufacturing output rose 0.2 percent in February, as an increase of 0.4 percent for durable
manufacturing more than offset a decrease of 0.1 percent for nondurable manufacturing; the output of other
manufacturing (publishing and logging) was unchanged. The indexes for most major durable goods industries
either advanced or were little changed: Machinery, primary metals, and miscellaneous manufacturing registered
the largest gains, nearly 1 percent each, while wood products recorded the only notable decrease, 1.2 percent.
Within nondurables, decreases for food, beverage, and tobacco products; for textile and product mills; and for
chemicals slightly outweighed gains of 2 1/2 percent or more for apparel and leather manufacturing and for
petroleum and coal products, as well as smaller increases for other industries.
The large drop in mining in February resulted from decreases in crude oil extraction, coal mining, and oil
and gas well drilling and servicing. Since late 2014, the index for oil and gas well drilling and servicing has
fallen more than 60 percent.
Capacity utilization for manufacturing was unchanged in February at 76.1 percent, a rate that is
2.4 percentage points below its long-run average. The operating rate for durables edged up, while the rate for
nondurables edged down; the utilization rate for other manufacturing (publishing and logging) was unchanged.
The operating rate for mining moved down 1.0 percentage point, and the rate for utilities dropped more than
3 percentage points; the rates for both sectors were below their long-run averages by nearly 10 percentage points
or more.

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 on April 1, 2016, at 12:00 noon
EDT. New annual benchmark data for 2014 for manufacturing will be incorporated, as well as other
annual data, including information on the mining of metallic and nonmetallic minerals (except
fuels). The updated IP indexes will include revisions to monthly indicators (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 2015 from the U.S. Census Bureau’s Quarterly Survey of Plant Capacity 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, 2012 output = 100
Total
Manufacturing

175
150

125

125

Capacity

100

100

75

75
Production

Detail: 2012 to present

50
Production

110

50

106
102
98

2012

25

1970

1975

1980

1985

1990

2014

1995

2016

2000

94

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

Ratio scale, 2012=100

Equipment

130

130

120

120

110

110

Ratio scale, 2012=100

100

Business

90

90

100

Nondurable

90

110

110

Defense and Space

80

80

70

70

90

Durable

70

50

140

140

130

130

130

130

120

120

120

120

110

110

100

100

100

90

90

90

80

80

70

70

60

70

2000

2005

Nonindustrial supplies

110

2010

2015

Ratio scale, 2012=100

Construction

100
90

Other business

80
70

2000

2005

Capacity utilization

2010

2015

85
80

70

2015

90

80

110

Non-energy

80

Energy

70

2000

2005

2010

2015

60

Percent of capacity
95

Crude processing

90

85

85

80

80

75

75

75
70

Excluding utilities

65

65

60

60

70

55

65

55

50

Ratio scale, 2012=100

Capacity utilization
85

75

2010

95

90
Primary and
semifinished
processing

2005

Industrial materials

Percent of capacity

90

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, 2012 = 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

20

20

15

15
Total IP

10

10

5

5

0

0
Excluding the
contribution
of high-technology
industries

-5
-10

-5
-10

-15
-20

-15
1970

1975

Industrial production

1980

1985

1995

Ratio scale, 2012 = 100

160
140

1990

95

2010

2015

120

-20

Percent of capacity

100

140
Communications eq.

120

2005

Capacity utilization
160

Computers

2000

100
Excluding
high-technology
industries

95

85
100
90
80
70
60

75

65

70

85

75

100
90
80

65

60

50
45
40

Semiconductors

2008

2010

2012

2014

2016

High-technology industries

55

50
45
40

45

1990

1995

2000

2005

2010

55

2015

45

Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 3344),
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

2015
proportion1

Annual rate
2015
Q2 Q3r
Q4r

Monthly rate
2015
Sept.r

Oct.r

Nov.r

Dec.r

2016
Jan.r

Feb.p

Feb. ’15
to
Feb. ’16

2013

2014

2015

100.00

2.3

4.5

-.8

-2.3

2.6

-3.1

.0

-.1

-.7

-.5

.8

-.5

-1.0

55.70
27.45
6.08
3.04
.17
.88
1.99
21.37
16.43
8.95
.25
5.42
1.29
4.94

1.6
2.9
9.5
15.5
2.4
5.6
3.8
1.3
-.9
1.1
-1.5
-4.9
-.5
7.3

3.0
1.8
5.9
6.8
3.4
7.6
4.2
.8
1.8
.4
.1
6.3
-5.6
-1.8

-.2
1.2
5.2
7.9
5.4
2.8
2.2
.0
1.0
1.0
-4.2
1.8
-1.3
-3.3

-1.8
-1.0
8.8
15.5
11.2
3.1
1.5
-3.6
.1
1.3
-9.5
-3.4
7.6
-14.2

3.5
6.4
14.6
23.2
9.0
8.8
5.1
4.1
3.8
4.6
3.8
2.3
4.5
5.1

-2.0
-3.5
-.2
-4.2
-.1
3.9
4.7
-4.4
-1.4
-1.9
-11.1
.6
-7.1
-14.2

-.1
-.2
.0
-.7
2.5
1.2
.3
-.3
-.7
-.7
-.5
-.3
-2.6
1.1

.1
-.2
.8
1.5
2.1
.6
-.2
-.5
-.3
-.7
-2.4
.2
.0
-1.0

-.6
-.6
.1
.2
-4.8
-1.1
.8
-.8
.4
.2
-.3
.7
1.0
-5.0

-.5
-.4
-.3
-2.0
.2
1.7
1.3
-.5
.0
.1
.4
-.4
.4
-2.0

1.1
1.8
1.5
3.8
2.9
.0
-1.4
1.8
1.1
1.1
-3.8
1.2
.3
4.6

-.3
-.7
.3
.4
1.1
.0
.1
-1.0
-.5
-.7
3.1
-.4
-.4
-2.6

.2
1.1
8.5
13.5
7.9
4.5
2.9
-.9
1.7
2.2
-3.9
.5
1.8
-8.9

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

10.58
2.71
2.27
5.60
2.19

-1.5
1.4
-.2
-3.3
-5.2

7.3
11.8
3.4
6.9
-.8

-1.4
-.1
.9
-2.9
-2.0

2.4
6.4
1.0
1.1
-3.6

1.6
3.7
.6
1.1
-2.1

-6.1
-9.7
-.5
-6.5
-.7

-.4
-1.0
-.6
.0
-.8

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

-1.2
-.7
.0
-2.0
.3

-.9
-1.5
1.0
-1.5
.9

.6
1.4
-.3
.7
-1.0

.6
-.4
.9
.9
.2

-.2
.1
1.5
-1.1
-2.0

Construction supplies
Business supplies

4.74
10.30

3.4
2.2

5.2
1.7

2.3
.7

-.2
-.5

3.1
.1

7.9
3.2

-.6
1.0

2.0
.4

.0
-.3

.2
-.5

-.3
1.0

.5
-.3

2.8
.8

44.30
27.68
16.98
3.15
5.61
8.23
10.70
.42
1.92
5.19
16.62

3.2
1.6
2.4
4.0
.8
3.0
.4
6.7
-1.4
.0
5.6

6.1
3.4
4.8
9.0
4.0
3.8
1.1
1.5
-1.8
2.4
9.9

-1.6
.4
-.2
4.8
-.9
-1.7
1.5
2.5
-1.9
3.1
-5.0

-3.0
.6
-.8
10.2
-2.3
-3.6
3.0
2.4
.0
5.1
-8.7

1.4
1.9
3.7
15.3
.3
1.8
-.9
-9.4
-4.1
-1.0
.6

-4.6
.4
-1.8
-6.2
1.0
-1.8
3.9
11.2
-1.4
8.2
-13.0

.1
.0
-.6
.5
-.1
-1.3
1.0
.9
.8
1.3
.4

-.4
.6
.8
.8
.5
1.1
.3
2.0
.4
.8
-2.2

-.9
-.2
-.7
-2.4
-.3
-.3
.6
-.1
-1.7
1.2
-2.2

-.5
-.4
-.6
-.9
-.2
-.7
.0
.9
-.2
.3
-.7

.4
.2
-.1
1.1
-.8
-.1
.6
1.2
1.3
.7
.7

-.7
.0
.2
-.1
.6
.0
-.2
-1.5
.3
-.3
-2.1

-2.6
.7
-.3
4.5
-.8
-1.7
2.3
1.4
.2
3.8
-8.2

321
327
331
332
333
334

75.92
73.41
39.42
1.18
1.98
2.33
5.58
6.06
5.78

1.3
1.4
2.0
5.3
3.6
5.5
2.9
-3.6
-.5

3.4
3.9
5.1
4.2
5.2
1.2
2.4
8.2
3.6

.9
1.0
.4
1.0
4.8
-6.4
-1.7
-4.5
.7

1.5
1.3
1.4
-4.6
-.7
-2.5
-.6
-.4
-1.9

3.0
3.1
3.9
10.1
4.6
.3
-2.8
1.7
2.5

-.2
.0
-1.2
7.1
13.1
-5.1
-3.6
-9.0
2.0

-.1
-.1
-.3
.7
-.4
-1.9
-.1
.0
.0

.3
.3
.5
.8
1.9
2.1
-.5
-.3
.2

-.2
-.2
-.6
-.4
1.1
-1.2
-.3
-3.0
-.1

-.2
-.2
-.2
1.8
1.3
-1.7
.8
-2.2
.8

.5
.6
.4
.9
-1.2
-.5
-.1
-.3
-.3

.2
.2
.4
-1.2
-.2
.8
-.1
.8
.7

1.8
1.8
1.6
3.9
3.7
-3.6
-1.3
-4.4
1.5

335
3361–3

1.90
5.63

-.7
10.2

2.6
9.8

6.7
6.1

8.0
14.0

4.8
18.7

9.9
-7.6

-1.4
-.4

3.1
1.3

-1.2
-.7

2.0
-2.4

-.2
3.4

.7
-.1

7.4
9.1

3364–9
337
339

4.63
1.22
3.14

-1.1
3.2
5.6

3.0
9.3
5.8

.7
2.6
1.2

1.3
-5.3
-.2

.3
7.2
2.1

-1.0
8.6
6.3

-.4
1.2
-.1

-.6
1.0
.4

.2
.9
.8

.7
-1.9
.8

-.7
2.3
1.2

.5
.0
.9

.2
3.6
5.8

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

34.00
10.72
.69
.27
2.63
1.47
2.76
11.97
3.48

.7
1.4
5.5
-.7
-2.0
3.0
5.6
-1.9
2.1

2.6
.7
1.7
.4
-.9
.2
.1
4.5
9.7

1.6
1.3
1.6
-4.3
-2.3
2.4
3.0
2.3
2.3

1.2
1.4
4.8
-8.7
-.4
.4
3.5
1.1
.2

2.2
5.1
-5.0
3.3
-4.7
4.3
1.6
.3
6.0

1.5
-1.7
7.3
-11.8
-.8
3.8
2.3
4.6
1.0

.2
-.5
.5
-.5
.9
-.1
.6
.7
-.2

.1
-.8
1.4
-2.4
.0
.5
1.2
.7
.2

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

-.2
.1
.3
.6
-.4
-.1
-1.8
-.1
.1

.7
1.0
1.2
-3.5
.7
.1
.6
.9
.1

-.1
-.7
-1.3
3.0
.4
.4
2.5
-.3
.6

2.1
2.2
1.8
-3.8
-.2
3.0
2.9
2.2
2.3

1133,5111

2.50

-1.6

-8.6

-1.5

8.0

-1.6

-6.0

-1.7

.3

.1

-.3

-.1

.0

-.3

21
2211,2
2211
2212

13.21
10.88
9.66
1.22

5.8
4.6
3.7
11.0

12.3
-1.0
-.6
-3.2

-8.0
-3.7
-2.7
-11.4

-14.0
-12.3
-9.9
-28.7

.7
2.4
2.6
.3

-13.4
-11.5
-9.3
-27.7

-.8
1.7
2.2
-2.8

-1.5
-1.8
-2.2
1.5

-1.6
-3.6
-2.9
-9.5

-1.6
-1.2
-1.0
-2.6

-.7
4.2
3.1
13.7

-1.4
-4.0
-3.9
-5.2

-9.9
-9.3
-7.9
-19.0

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 2012 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

2015
proportion

2013

2014

100.00

2.3

25.03
4.94
3.08
.38
3.88
12.74

Annual rate

2015

2015
Q2

4.5

-.8

5.6
7.3
4.7
-1.3
.9
6.8

6.6
-1.8
1.3
7.3
.8
12.2

74.97

1.1

3341
3342

2.79
.39
.52

3344

Monthly rate

Q3

r

Q4

2015
Sept.r

Oct.

-2.3

2.6

-3.1

.0

-.1

-5.6
-3.3
-.2
-59.4
-.9
-6.3

-12.2
-14.2
-5.9
-83.3
-4.0
-10.2

1.2
5.1
.5
-17.9
5.0
-.7

-11.9
-14.2
1.4
-39.1
-11.4
-13.6

.7
1.1
2.2
-4.0
2.6
-.4

3.6

.8

1.3

3.1

-.2

2.6
-.9
13.6

1.6
10.3
-10.7

.0
-.7
.3

-1.2
17.6
9.2

-.2
6.1
-17.6

1.88

.2

4.1

-.1

-7.5

72.18

1.0

3.6

.8

5.63
2.63
2.56

10.2
14.6
5.4

9.8
8.1
11.6

66.55
19.79
9.01
4.72
6.70
24.14

.4
-.1
-2.4
3.4
1.1
1.5

Measures excluding selected
high-technology industries
Total industry
Manufacturing1
Durable

97.21
73.12
36.78

Measures excluding motor vehicles
and parts
Total industry
Manufacturing1
Durable

Feb. ’15
to
Feb. ’16

r

2016
Jan.r

-.7

-.5

.8

-.5

-1.0

-1.7
-1.0
-.3
-5.0
-2.1
-2.2

-2.6
-5.0
-.4
-4.0
-3.3
-1.9

-1.2
-2.0
-1.4
-7.4
-1.5
-.5

1.6
4.6
2.5
-5.9
4.1
-.4

-2.3
-2.6
-1.9
-15.6
-2.8
-1.8

-8.7
-8.9
-2.5
-59.7
-6.0
-9.0

-.2

.4

-.2

-.3

.5

.1

1.6

4.7
-27.2
21.5

.5
-1.7
.8

1.6
1.9
3.7

-1.4
-12.4
2.2

.8
1.7
.7

.7
9.9
-.8

-.1
-.8
-.3

1.4
1.8
3.7

3.7

8.3

.9

1.0

-.1

.7

-.6

.2

.7

1.4

3.2

-.4

-.3

.3

-.1

-.3

.5

.1

1.6

6.1
4.7
6.7

14.0
20.6
11.3

18.7
25.5
13.1

-7.6
-17.5
-2.9

-.4
-2.3
.9

1.3
1.5
.8

-.7
-.9
-1.0

-2.4
-3.9
-1.0

3.4
5.4
1.6

-.1
-.3
.3

9.1
11.1
6.9

3.2
2.4
7.3
5.3
1.5
2.7

.4
1.3
-1.6
2.3
1.2
.0

.5
.5
1.0
-.2
2.7
.2

1.9
4.3
1.3
3.2
-.2
.9

.3
-.5
-4.8
7.8
3.5
.5

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

.2
-.3
-.5
2.0
.6
.5

-.1
.4
-1.1
.0
-.2
-.1

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

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

.1
-.4
1.0
.5
.4
.0

1.0
2.1
-.5
2.8
2.3
.2

2.3
1.2
2.0

4.5
3.5
5.3

-.9
.9
.4

-2.3
1.6
1.6

2.7
3.1
4.3

-3.4
-.4
-1.7

.0
-.2
-.3

-.2
.3
.4

-.7
-.2
-.6

-.5
-.3
-.3

.8
.5
.4

-.5
.2
.4

-1.1
1.8
1.6

94.37
70.29
33.95

2.0
.7
.9

4.2
3.0
4.3

-1.2
.5
-.5

-3.2
.6
-.5

1.7
1.8
1.7

-2.8
.5
-.1

.0
-.1
-.3

-.2
.2
.3

-.7
-.2
-.6

-.4
.0
.1

.6
.3
-.1

-.5
.2
.4

-1.6
1.2
.4

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

91.58
67.50

2.0
.6

4.3
3.0

-1.3
.5

-3.2
.7

1.7
1.8

-3.1
.3

.0
-.1

-.3
.2

-.7
-.1

-.4
-.1

.6
.3

-.5
.2

-1.7
1.2

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

11.10
16.58

1.4
1.8

4.2
2.8

.6
.3

1.6
.0

3.2
1.1

-1.2
1.4

.2
-.2

.6
.6

-1.1
.4

-.4
-.4

.2
.2

.3
-.1

.9
.6

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

2015
average

2015
Q1

Q2

Q3

Q4

2015
Sept.

Oct.

Nov.

Dec.

2016
Jan.

Feb.

Total
Autos
Trucks
Light
Medium and heavy

12.10
4.16
7.94
7.62
.32

11.56
4.09
7.47
7.15
.32

12.16
4.34
7.83
7.50
.32

12.67
4.28
8.39
8.06
.33

12.02
3.93
8.09
7.78
.31

12.30
4.08
8.22
7.88
.34

12.35
4.04
8.31
7.98
.32

12.01
3.89
8.12
7.81
.31

11.70
3.85
7.85
7.55
.30

12.20
4.05
8.15
7.82
.33

12.10
4.02
8.08
7.77
.30

Memo
Autos and light trucks

11.78

11.24

11.84

12.34

11.71

11.96

12.02

11.71

11.40

11.86

11.80

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
2012 = 100, seasonally adjusted

2015
proportion

2015
June

July

Aug.

Sept.r

Oct.r

Nov.r

Dec.r

2016
Jan.r

Feb.p

100.00

106.7

107.5

107.5

107.5

107.3

106.5

106.0

106.9

106.3

55.70
27.45
6.08
3.04
.17
.88
1.99
21.37
16.43
8.95
.25
5.42
1.29
4.94

104.1
105.0
116.7
123.8
112.9
113.5
109.0
102.1
100.4
101.0
92.0
100.0
94.4
106.7

104.9
106.8
123.4
137.5
114.0
115.2
108.9
102.7
101.3
102.4
93.7
100.1
95.9
106.5

105.2
106.9
120.7
131.4
112.4
114.5
109.6
103.5
101.7
104.0
93.3
99.4
93.4
108.4

105.1
106.6
120.6
130.5
115.1
115.9
109.9
103.2
101.0
103.3
92.8
99.1
90.9
109.5

105.1
106.4
121.6
132.4
117.5
116.6
109.7
102.7
100.7
102.6
90.6
99.3
91.0
108.4

104.5
105.8
121.7
132.7
111.8
115.2
110.5
101.8
101.1
102.8
90.3
100.0
91.9
103.0

104.0
105.3
121.3
130.1
112.0
117.2
112.0
101.4
101.1
102.9
90.7
99.7
92.2
100.9

105.1
107.1
123.1
135.1
115.3
117.2
110.4
103.2
102.2
104.0
87.2
100.9
92.4
105.5

104.8
106.4
123.5
135.6
116.6
117.2
110.6
102.2
101.7
103.3
90.0
100.4
92.1
102.7

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

10.58
2.71
2.27
5.60
2.19

106.7
118.7
105.7
102.3
92.9

106.8
123.0
104.8
101.0
92.4

107.3
121.4
105.1
102.5
92.9

106.9
120.2
104.4
102.5
92.2

106.5
119.6
104.3
102.1
91.9

105.2
118.8
104.3
100.1
92.2

104.2
117.0
105.3
98.7
93.0

104.9
118.7
105.0
99.3
92.1

105.5
118.2
105.9
100.3
92.3

Construction supplies
Business supplies

4.74
10.30

109.4
103.9

109.5
103.5

110.1
103.8

109.5
104.8

111.7
105.2

111.7
104.9

112.0
104.4

111.6
105.5

112.2
105.1

44.30
27.68
16.98
3.15
5.61
8.23
10.70
.42
1.92
5.19
16.62

109.7
105.2
106.9
116.8
102.9
106.3
102.7
108.8
95.5
105.1
115.7

110.4
106.4
108.7
124.1
102.9
107.4
103.0
106.4
95.3
105.1
115.7

110.1
105.6
108.0
121.2
103.3
106.7
102.0
106.0
95.3
103.5
116.4

110.3
105.6
107.4
121.8
103.2
105.4
103.0
106.9
96.0
104.8
116.8

109.9
106.3
108.3
122.8
103.6
106.5
103.3
109.0
96.4
105.6
114.3

108.8
106.0
107.5
119.8
103.3
106.1
103.9
108.9
94.7
106.9
111.8

108.3
105.6
106.9
118.7
103.1
105.4
103.8
109.9
94.5
107.2
110.9

108.7
105.8
106.8
120.0
102.3
105.3
104.5
111.3
95.8
108.0
111.7

107.9
105.9
106.9
119.9
102.9
105.3
104.3
109.6
96.0
107.6
109.4

321
327
331
332
333
334

75.92
73.41
39.42
1.18
1.98
2.33
5.58
6.06
5.78

105.1
105.7
107.4
108.9
111.2
102.6
104.8
99.6
104.4

106.1
106.8
108.7
111.2
111.7
102.1
104.9
98.9
104.1

105.9
106.6
108.4
111.7
112.9
100.1
103.7
101.1
104.4

105.8
106.5
108.1
112.4
112.5
98.2
103.6
101.1
104.4

106.1
106.9
108.6
113.3
114.5
100.2
103.1
100.8
104.7

105.9
106.7
107.9
112.9
115.8
99.0
102.7
97.7
104.5

105.6
106.4
107.7
114.9
117.3
97.3
103.6
95.6
105.4

106.2
107.0
108.1
116.0
115.9
96.8
103.5
95.3
105.0

106.4
107.2
108.5
114.6
115.7
97.6
103.5
96.1
105.8

335
3361–3

1.90
5.63

106.3
123.5

106.4
136.6

107.7
129.8

106.2
129.2

109.5
130.9

108.2
130.0

110.3
126.9

110.1
131.3

110.8
131.2

3364–9
337
339

4.63
1.22
3.14

105.2
112.6
113.2

105.2
112.9
110.5

106.0
114.0
111.9

105.6
115.3
111.8

105.0
116.5
112.2

105.1
117.5
113.1

105.9
115.3
114.0

105.2
117.9
115.3

105.7
117.8
116.3

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

34.00
10.72
.69
.27
2.63
1.47
2.76
11.97
3.48

103.8
101.9
107.2
93.3
96.3
102.6
107.6
103.8
113.4

104.6
103.5
105.8
95.0
96.0
103.1
109.1
103.8
114.7

104.7
104.9
105.9
94.5
95.4
104.0
109.1
102.5
115.8

104.9
104.4
106.4
94.0
96.3
104.0
109.7
103.2
115.6

105.0
103.6
107.9
91.7
96.3
104.5
111.0
103.9
115.8

105.3
103.9
107.8
91.2
95.6
104.8
110.4
104.6
115.6

105.1
104.0
108.0
91.7
95.3
104.7
108.4
104.5
115.6

105.9
105.0
109.4
88.5
96.0
104.8
109.0
105.5
115.7

105.8
104.2
107.9
91.1
96.3
105.2
111.7
105.2
116.3

1133,5111

2.50

88.4

89.1

87.4

85.9

86.2

86.3

86.0

85.9

85.8

21
2211,2
2211
2212

13.21
10.88
9.66
1.22

115.1
103.1
101.9
111.9

116.5
101.7
100.4
111.8

116.7
103.2
102.2
110.8

115.8
104.9
104.4
107.7

114.0
103.0
102.2
109.3

112.2
99.3
99.2
99.0

110.4
98.2
98.2
96.4

109.7
102.3
101.3
109.6

108.1
98.2
97.3
103.9

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
2012 = 100, seasonally adjusted

2015
proportion

2015
June

July

Aug.

Sept.r

Oct.r

Nov.r

Dec.r

2016
Jan.r

Feb.p

100.00

106.7

107.5

107.5

107.5

107.3

106.5

106.0

106.9

106.3

25.03
4.94
3.08
.38
3.88
12.74

110.7
106.7
105.5
45.6
105.1
118.2

110.7
106.5
105.4
46.2
103.1
119.0

111.5
108.4
105.3
46.9
103.7
119.7

112.3
109.5
107.6
45.1
106.3
119.3

110.3
108.4
107.3
42.8
104.0
116.7

107.5
103.0
106.9
41.1
100.6
114.5

106.2
100.9
105.4
38.1
99.1
113.9

108.0
105.5
108.0
35.8
103.2
113.5

105.5
102.7
106.0
30.3
100.3
111.5

74.97

104.9

105.9

105.7

105.5

105.9

105.7

105.4

106.0

106.0

3341
3342

2.79
.39
.52

106.1
118.4
106.7

105.9
121.4
102.7

105.6
119.7
99.6

106.2
117.6
100.4

107.9
119.8
104.1

106.3
104.9
106.4

107.2
106.7
107.2

108.0
117.3
106.4

107.9
116.3
106.0

3344

1.88

103.8

104.1

104.9

105.8

106.9

106.7

107.5

106.9

107.1

72.18

104.8

105.9

105.7

105.4

105.7

105.6

105.3

105.8

105.9

5.63
2.63
2.56

123.5
124.4
123.3

136.6
144.3
131.3

129.8
132.9
126.8

129.2
129.8
128.0

130.9
131.7
129.0

130.0
130.6
127.8

126.9
125.5
126.4

131.3
132.3
128.5

131.2
131.9
128.8

66.55
19.79
9.01
4.72
6.70
24.14

103.5
101.9
105.6
109.4
103.0
104.0

103.8
102.8
104.6
109.6
102.3
104.6

104.0
103.3
105.8
110.2
102.8
104.1

103.8
102.8
105.6
109.5
103.3
104.0

104.0
102.5
105.0
111.8
103.9
104.5

103.9
102.9
103.9
111.8
103.7
104.5

103.8
103.1
103.1
112.0
103.5
104.1

104.1
103.9
103.2
111.7
104.0
104.2

104.2
103.5
104.2
112.2
104.4
104.2

97.21
73.12
36.78

106.7
105.0
107.4

107.5
106.1
108.9

107.5
105.9
108.5

107.5
105.7
108.2

107.3
106.0
108.6

106.5
105.8
108.0

106.0
105.5
107.6

106.8
106.1
108.0

106.3
106.3
108.4

94.37
70.29
33.95

105.9
103.9
105.2

106.1
104.1
104.9

106.4
104.3
105.4

106.4
104.2
105.2

106.2
104.5
105.5

105.4
104.3
104.9

105.0
104.3
105.0

105.7
104.6
104.9

105.1
104.8
105.4

91.58
67.50

105.8
103.7

106.0
104.0

106.4
104.2

106.4
104.1

106.1
104.3

105.4
104.2

104.9
104.1

105.6
104.4

105.0
104.6

11.10
16.58

105.3
105.2

107.0
106.0

106.5
105.1

106.7
104.9

107.4
105.5

106.1
105.9

105.7
105.6

105.9
105.8

106.2
105.6

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
2014
2015
2016
Three months earlier
2014
2015
2016
Six months earlier
2014
2015
2016

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

40.8
49.2
53.2

63.5
46.5

66.6
52.8

49.5
53.5

60.9
54.2

57.2
48.2

63.9
61.2

46.5
50.5

61.2
44.1

56.2
56.9

63.2
50.2

54.5
51.2

47.8
59.5
52.2

57.9
43.8

64.2
47.5

69.6
50.8

68.9
55.2

58.9
51.2

64.2
57.9

62.5
62.9

62.9
57.5

57.5
55.2

64.9
51.2

65.9
50.5

53.5
60.9
50.8

56.2
57.9

64.9
59.2

63.2
58.9

62.2
50.8

67.2
47.5

69.6
53.5

68.9
59.5

64.2
57.5

63.9
56.2

69.2
54.2

68.6
55.9

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

2015
proportion

19722015
ave.

199495
high

2009
low

2015
Q2

Q3r

Q4r

2015
Sept.r

Oct.r

Nov.r

Dec.r

2016
Jan.r

Feb.p

100.00

80.0

85.0

66.9

77.7

77.9

77.0

77.8

77.6

77.0

76.5

77.1

76.7

31–33

77.43
74.16

78.5
78.4

84.6
84.7

63.9
63.6

75.9
76.6

76.2
77.0

76.0
76.7

76.0
76.8

76.2
76.9

76.0
76.7

75.7
76.4

76.1
76.8

76.1
76.8

321
327
331
332
333
334

40.12
1.29
2.38
2.51
5.33
6.21
6.25

76.9
76.3
73.9
78.9
77.7
77.8
77.7

83.8
86.6
82.7
94.4
84.9
87.6
84.5

58.3
49.0
44.4
49.1
62.3
58.6
70.3

76.0
68.8
62.8
73.6
81.6
75.5
72.0

76.4
70.1
63.5
73.3
81.1
75.6
71.5

75.8
70.9
65.5
71.8
80.4
73.6
70.9

76.0
70.3
63.6
71.7
80.7
76.1
71.3

76.3
70.8
64.8
73.0
80.3
75.7
71.1

75.7
70.3
65.5
71.9
80.1
73.4
70.7

75.4
71.5
66.3
70.5
80.8
71.7
71.0

75.6
71.9
65.5
70.2
80.7
71.4
70.6

75.7
70.8
65.3
70.7
80.7
71.9
70.8

335
3361–3

1.70
5.57

82.3
74.9

92.3
87.8

66.3
33.8

85.6
78.0

86.7
80.8

88.9
78.6

86.3
78.9

89.0
79.8

88.0
79.0

89.7
76.9

89.1
79.3

89.5
79.0

3364–9
337
339

4.54
1.19
3.15

73.9
76.5
76.3

70.6
82.5
80.7

72.5
57.2
69.2

78.8
77.9
77.0

78.7
79.3
76.8

78.4
80.9
77.4

78.7
80.1
76.9

78.2
80.9
77.0

78.3
81.7
77.4

78.8
80.1
77.8

78.3
81.8
78.5

78.6
81.7
79.0

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

34.04
10.44
.73
.31
2.45
1.80
2.65
12.36
3.30

80.4
80.8
79.3
76.7
86.6
79.6
85.4
77.1
82.0

86.0
85.3
91.8
87.4
92.7
85.0
91.0
81.8
93.3

69.3
74.8
53.8
57.8
72.9
58.7
75.9
66.1
58.8

77.3
79.1
74.2
65.1
83.1
63.1
84.9
74.2
80.6

77.6
79.9
73.2
66.1
82.1
63.4
84.8
74.1
81.7

77.7
79.4
74.5
64.4
81.9
63.7
84.9
74.8
81.8

77.6
80.0
73.5
65.9
82.4
63.5
85.0
74.1
81.8

77.7
79.3
74.5
64.4
82.4
63.7
85.9
74.5
81.9

77.8
79.5
74.4
64.1
81.9
63.8
85.2
75.0
81.8

77.6
79.5
74.6
64.6
81.6
63.6
83.6
74.8
81.8

78.1
80.1
75.3
62.5
82.2
63.9
83.9
75.6
81.6

78.0
79.5
74.2
64.5
82.5
64.2
85.8
75.3
82.0

1133,5111

3.26

80.8

83.4

69.4

59.4

59.5

58.9

58.5

58.8

58.9

58.9

58.8

58.8

21
2211,2

12.00
10.57

87.4
85.8

88.7
93.3

79.0
78.5

84.1
78.6

83.7
79.0

80.1
76.5

83.0
80.2

81.6
78.7

80.1
75.8

78.6
74.9

78.5
78.0

77.5
74.8

3341
3342

3.20
.48
.59

77.5
77.5
76.7

86.6
87.8
84.3

71.8
82.2
77.0

69.4
68.1
72.4

68.3
68.2
68.0

68.0
62.2
70.4

68.1
66.8
67.4

68.8
67.8
69.6

67.5
59.1
70.8

67.7
59.8
70.9

68.0
66.0
70.3

67.7
65.5
69.8

3344

2.13

78.8

91.8

63.0

69.0

68.5

68.8

68.7

69.0

68.6

68.7

68.0

67.8

Measures excluding selected
high-technology industries
Total industry
Manufacturing1

96.80
74.23

80.1
78.5

84.9
84.5

66.7
63.4

77.9
76.2

78.2
76.6

77.3
76.4

78.1
76.4

77.9
76.6

77.3
76.4

76.8
76.1

77.4
76.5

77.0
76.5

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

15.97
45.52
38.50

86.3
80.6
77.0

89.8
87.8
80.7

76.9
64.2
66.7

83.5
76.1
76.0

82.9
76.3
76.6

80.4
75.8
75.9

82.6
76.4
76.4

81.6
76.5
76.2

80.4
75.6
76.0

79.2
75.3
75.6

79.4
75.9
76.3

78.6
75.3
76.2

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
2016
Feb.

Annual rate

19952016

2013

2014

2015

2016

2015
Q2

Q3

Q4

2016
Q1

3.0

1.9

2.3

2.2

1.6

2.1

1.5

.5

1.5

1.4

1.4

.7

.0

Manufacturing

3.2

2.2

2.6

2.2

1.1

.7

1.2

1.1

1.2

1.3

1.3

1.2

.1

Mining
Utilities

.7
4.2

.1
2.1

-.6
1.8

1.2
1.8

6.4
.3

9.3
1.2

4.2
.8

-3.2
.8

4.3
.8

3.1
.7

3.1
.7

-1.7
.7

-.2
.1

18.6

16.8

16.0

17.8

-.5

.9

5.9

3.6

5.9

6.4

6.4

4.9

.4

2.6

1.3

1.6

1.0

1.3

.7

.9

1.0

.9

1.0

1.1

1.0

.1

1.5
3.0
3.9

.5
1.3
3.3

-.5
2.5
2.7

1.1
2.4
2.1

4.4
.7
1.6

7.0
.5
1.3

3.3
1.0
1.5

-2.5
1.1
1.2

3.4
.9
1.4

2.4
1.0
1.5

2.4
1.1
1.6

-1.4
1.1
1.3

-.2
.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

2015

2015
Q2

Q3r

Q4r

2015
Sept.r

Oct.r

Nov.r

Dec.r

2016
Jan.r

Feb.p

3,259.8

3,775.5

3,761.5

3,801.3

3,777.5

3,802.4

3,802.7

3,779.0

3,750.8

3,798.0

3,796.2

2,413.4
1,796.1
354.5
200.5
154.0
1,441.6

2,800.7
2,009.3
519.9
343.4
176.6
1,505.5

2,791.3
1,997.2
514.8
339.8
175.1
1,498.5

2,828.3
2,032.2
535.9
358.3
177.9
1,513.8

2,790.2
2,010.2
532.4
353.1
179.4
1,495.5

2,824.2
2,031.1
527.8
349.3
178.7
1,520.2

2,813.2
2,023.7
534.3
355.5
179.0
1,507.0

2,791.4
2,012.0
533.9
355.8
178.3
1,495.9

2,766.1
1,994.9
528.9
348.0
180.9
1,483.6

2,808.1
2,030.9
541.8
362.5
179.6
1,507.3

2,808.0
2,030.3
544.1
364.5
179.9
1,504.7

Equipment, total
Business and defense
Business
Defense and space

617.3
600.0
483.2
116.8

798.9
785.2
671.3
114.6

801.7
789.8
675.5
114.9

803.7
792.0
678.6
114.1

787.3
776.6
663.7
113.6

800.5
789.2
676.3
113.6

796.9
786.0
673.5
113.1

786.7
775.9
663.2
113.3

778.3
767.9
654.3
114.2

784.2
774.2
661.7
113.1

784.7
776.2
663.3
113.5

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

846.4
232.2
614.2
232.5

974.7
282.6
692.4
252.7

970.3
280.8
689.9
251.0

972.6
282.6
690.5
250.4

988.1
287.9
700.6
255.3

978.1
282.6
696.0
253.5

990.1
287.9
702.5
256.6

988.4
287.8
701.0
255.9

985.9
288.0
698.2
253.3

990.6
288.2
702.9
257.0

988.9
288.9
700.3
253.8

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

2015
gross value1

2013

2014

2,202.9
1,969.7
1,454.6
774.1

.9
2.5
5.4
3.3

4.5
4.3
-.2
5.9

Annual rate

2015

2015
Q2

.2
1.3
-1.1
-3.2

1.3
-.2
-2.6
-4.3

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

12

Monthly rate

Q3

r

Q4

2015
Sept.r

Oct.

5.5
3.6
1.3
-.9

-3.6
.3
-5.2
-4.7

-.2
.3
.5
.0

-.2
.6
-.4
-.3

r

r

Nov.

r

-.2
-1.0
-1.2
-.8

r

2016
Jan.r

-.7
-.3
-.8
-.9

1.4
.8
1.1
.0

Dec.

Feb.

p

-.1
-.7
.5
-1.2

Feb. ’15
to
Feb. ’16
2.1
.4
-1.8
-4.3

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
1994
1995
1996
1997
1998

.4
.2
-.7
.1
.5

.0
-.1
1.6
1.2
.1

1.0
.2
-.1
.7
.1

.5
.0
.9
.1
.4

.5
.3
.7
.6
.6

.7
.4
.8
.5
-.6

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

.6
1.3
.6
1.1
2.0

.4
.4
.7
.9
-.2

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

.6
.3
.9
.9
-.1

1.1
.4
.7
.3
.4

5.0
4.5
2.7
7.9
4.7

7.5
1.4
8.7
6.3
2.7

5.3
3.8
5.1
9.7
2.8

8.6
3.5
5.7
10.8
5.7

5.3
4.8
4.5
7.3
5.9

1999
2000
2001
2002
2003

.5
.0
-.7
.6
.7

.5
.3
-.6
.0
.3

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

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

.7
.2
-.7
.4
.0

-.2
.1
-.7
1.0
.1

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

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

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

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

.5
.0
-.5
.5
.8

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

4.3
4.4
-5.5
2.9
2.6

3.9
5.4
-5.4
6.4
-2.9

3.8
-.3
-5.7
2.4
2.4

7.5
-1.1
-4.4
-.2
3.8

4.3
4.1
-3.3
.3
1.3

2004
2005
2006
2007
2008

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

.6
.7
.0
1.1
-.3

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

.4
.1
.4
.7
-.7

.8
.2
-.1
.0
-.5

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

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

.1
.2
.3
.2
-1.5

.1
-1.9
-.1
.4
-4.3

.9
1.3
.0
-.5
.9

.2
1.0
-.1
.6
-1.2

.7
.6
1.0
.0
-2.9

2.3
5.8
3.7
3.7
-1.4

1.8
2.1
2.4
5.0
-5.4

2.2
-1.9
1.5
.9
-12.1

5.7
3.8
1.0
.6
-15.9

2.4
3.3
2.2
2.5
-3.4

2009
2010
2011
2012
2013

-2.3
1.2
.0
.7
.1

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

-1.5
.7
.9
-.7
.2

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

-1.0
1.5
.3
.1
-.1

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

1.1
.5
.4
.3
-.4

1.1
.3
.6
-.4
.8

.8
.2
.0
.1
.6

.4
-.2
.7
.3
.0

.3
.0
-.1
.5
.3

.4
.9
.5
.2
.3

-20.3
8.0
2.2
3.9
2.9

-11.0
8.3
.9
2.2
1.1

5.9
6.0
4.4
.1
1.7

6.6
1.5
3.9
2.2
3.7

-11.3
5.6
3.0
2.8
1.9

2014
2015
2016

-.2
-.3
.8

.8
-.2
-.5

.8
-.2

.2
-.2

.4
-.4

.4
.0

.3
.8

.0
.0

.5
.0

.2
-.1

.9
-.7

.1
-.5

3.6
-.3

5.7
-2.3

3.9
2.6

4.7
-3.1

3.7
1.3

IP (2012=100)
2014
2015
2016

103.0
107.6
106.9

103.8
107.4
106.3

104.7
107.2

104.9
107.1

105.2
106.7

105.7
106.7

106.1
107.5

106.1
107.5

106.7
107.5

106.8
107.3

107.8
106.5

107.9
106.0

103.8
107.4

105.3
106.8

106.3
107.5

107.5
106.6

105.7
107.1

Capacity
(percent of
2012 output)
2014
2015
2016

134.1
136.8
138.6

134.3
137.0
138.7

134.5
137.1

134.8
137.3

135.0
137.5

135.2
137.6

135.5
137.8

135.7
138.0

136.0
138.1

136.2
138.3

136.4
138.4

136.6
138.6

134.3
137.0

135.0
137.5

135.7
138.0

136.4
138.4

135.3
137.7

Utilization
(percent)
1994
1995
1996
1997
1998

82.4
84.9
82.5
83.3
84.4

82.3
84.5
83.4
83.9
83.9

82.9
84.3
83.0
84.0
83.5

83.1
84.0
83.3
83.6
83.2

83.3
84.0
83.5
83.7
83.2

83.6
83.9
83.8
83.6
82.2

83.5
83.3
83.3
83.8
81.4

83.7
84.0
83.4
84.2
82.6

83.7
84.0
83.6
84.4
82.0

84.2
83.6
83.1
84.6
82.3

84.4
83.5
83.4
84.8
81.8

85.0
83.4
83.6
84.5
81.8

82.5
84.6
83.0
83.7
83.9

83.4
84.0
83.6
83.7
82.9

83.7
83.8
83.4
84.1
82.0

84.5
83.5
83.4
84.7
82.0

83.5
84.0
83.3
84.0
82.7

1999
2000
2001
2002
2003

81.8
81.9
79.1
73.9
75.8

81.8
81.9
78.4
73.8
76.0

81.6
81.9
78.0
74.3
75.9

81.5
82.2
77.5
74.6
75.4

81.8
82.1
76.8
74.8
75.4

81.3
81.9
76.1
75.5
75.5

81.5
81.6
75.5
75.3
75.9

81.6
81.0
75.1
75.3
75.8

81.0
81.1
74.7
75.4
76.3

81.7
80.6
74.2
75.2
76.4

81.8
80.4
73.7
75.6
77.0

82.2
79.9
73.6
75.2
76.9

81.7
81.9
78.5
74.0
75.9

81.5
82.1
76.8
75.0
75.5

81.3
81.3
75.1
75.3
76.0

81.9
80.3
73.8
75.3
76.8

81.6
81.4
76.1
74.9
76.0

2004
2005
2006
2007
2008

77.1
79.9
80.4
79.9
80.7

77.6
80.4
80.3
80.6
80.6

77.2
80.2
80.4
80.5
80.4

77.5
80.2
80.6
81.0
79.9

78.1
80.2
80.4
80.9
79.6

77.5
80.4
80.6
80.7
79.4

78.1
80.1
80.4
80.6
79.0

78.2
80.1
80.5
80.7
77.8

78.2
78.5
80.3
80.9
74.5

79.0
79.4
80.1
80.4
75.1

79.1
80.0
79.8
80.9
74.1

79.6
80.4
80.5
80.9
71.9

77.3
80.2
80.4
80.4
80.6

77.7
80.3
80.5
80.8
79.6

78.2
79.6
80.4
80.7
77.1

79.2
79.9
80.1
80.8
73.7

78.1
80.0
80.3
80.7
77.7

2009
2010
2011
2012
2013

70.1
71.0
75.8
77.2
76.5

69.6
71.4
75.5
77.2
76.7

68.5
72.0
76.1
76.5
76.8

67.9
72.4
75.7
77.0
76.7

67.2
73.6
75.9
76.9
76.6

66.9
73.9
76.0
76.7
76.6

67.6
74.4
76.2
76.8
76.2

68.4
74.8
76.6
76.3
76.7

69.0
75.1
76.4
76.2
77.0

69.4
75.0
76.8
76.3
76.9

69.7
75.1
76.5
76.5
77.0

70.0
75.8
76.8
76.6
77.1

69.4
71.4
75.8
77.0
76.7

67.3
73.3
75.9
76.9
76.6

68.4
74.8
76.4
76.4
76.7

69.7
75.3
76.7
76.5
77.0

68.7
73.7
76.2
76.7
76.7

2014
2015
2016

76.8
78.7
77.1

77.3
78.4
76.7

77.8
78.2

77.8
78.0

78.0
77.6

78.2
77.5

78.3
78.0

78.2
77.9

78.5
77.8

78.5
77.6

79.0
77.0

79.0
76.5

77.3
78.4

78.0
77.7

78.3
77.9

78.8
77.0

78.1
77.8

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
1994
1995
1996
1997
1998

.2
.2
-.8
.1
.9

.1
-.2
1.6
1.4
.1

1.3
.3
-.2
1.1
-.1

.8
-.1
1.1
-.2
.5

.7
.1
.8
.8
.5

.3
.5
1.0
.7
-.8

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

.8
1.1
.5
1.3
2.4

.5
.9
.8
.9
-.2

1.0
-.1
-.2
.9
1.0

.8
.1
.9
1.1
.2

1.1
.4
.9
.4
.5

4.8
4.7
1.9
9.4
6.3

9.5
.9
9.9
7.5
2.2

6.2
3.1
7.5
10.8
3.1

10.4
4.4
5.9
11.7
7.9

5.9
5.3
4.9
8.5
6.8

1999
2000
2001
2002
2003

.3
.1
-.6
.5
.5

.8
.2
-.6
.0
.1

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

.4
.8
-.3
.2
-.9

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

-.3
.2
-.7
1.1
.5

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

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

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

1.5
-.3
-.6
-.4
.1

.6
-.3
-.3
.5
1.0

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

4.9
4.8
-6.4
3.5
1.8

4.4
5.2
-5.6
5.8
-1.9

3.4
-.4
-6.2
3.2
2.0

9.0
-2.6
-4.1
-.3
4.3

5.0
4.3
-3.9
.3
1.3

2004
2005
2006
2007
2008

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

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

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

.4
.3
.6
.7
-1.1

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

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

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

.4
.4
.6
-.3
-1.2

.0
-1.0
.1
.4
-3.4

1.0
1.5
-.3
-.4
-.6

-.1
.8
.1
.5
-2.4

.7
.1
1.5
.1
-3.4

1.9
6.5
3.8
4.2
-2.7

3.0
2.4
.9
5.8
-7.6

3.8
-.6
.8
.7
-13.4

5.4
6.4
1.7
.5
-21.4

2.8
4.0
2.6
2.7
-4.7

2009
2010
2011
2012
2013

-3.0
1.1
.3
1.0
-.2

-.2
-.1
.0
.3
.4

-1.9
1.2
.5
-.6
-.3

-.8
.9
-.6
.7
-.3

-1.1
1.4
.2
-.5
.2

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

1.4
.7
.7
.0
-.8

1.1
.2
.3
-.3
.9

.8
.1
.4
.0
.2

.2
.1
.6
-.2
.2

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

-.2
.4
.7
.7
.0

-24.2
6.8
2.9
5.5
2.5

-11.3
10.9
-.4
.5
-.5

7.7
5.0
4.6
-1.0
.5

7.2
1.5
3.8
1.3
2.7

-13.7
5.9
3.0
2.7
.9

2014
2015
2016

-.8
-.3
.5

1.1
-.4
.2

.7
.2

.3
.4

.2
.0

.4
-.1

.7
1.0

-.4
-.2

.2
-.1

.3
.3

.9
-.2

.0
-.2

.7
-.7

5.9
1.5

3.8
3.0

3.4
-.2

2.5
1.9

IP (2012=100)
2014
2015
2016

100.6
104.9
106.2

101.7
104.5
106.4

102.5
104.8

102.8
105.2

103.0
105.2

103.5
105.1

104.2
106.1

103.9
105.9

104.1
105.8

104.3
106.1

105.2
105.9

105.2
105.6

101.6
104.7

103.1
105.1

104.1
105.9

104.9
105.9

103.4
105.4

Capacity
(percent of
2012 output)
2014
2015
2016

136.9
137.9
139.6

137.0
138.1
139.8

137.1
138.2

137.1
138.3

137.2
138.5

137.3
138.6

137.4
138.8

137.4
138.9

137.5
139.1

137.6
139.2

137.7
139.4

137.8
139.5

137.0
138.1

137.2
138.5

137.4
138.9

137.7
139.4

137.3
138.7

Utilization
(percent)
1994
1995
1996
1997
1998

81.2
84.5
81.3
82.0
83.5

81.1
83.9
82.1
82.7
83.0

81.9
83.8
81.5
83.1
82.3

82.4
83.4
82.0
82.5
82.1

82.7
83.2
82.2
82.6
81.9

82.6
83.2
82.5
82.7
80.7

82.7
82.3
82.3
82.7
79.9

83.0
82.9
82.3
83.2
81.3

83.2
83.2
82.5
83.3
80.7

83.7
82.8
81.9
83.5
81.0

84.0
82.4
82.2
83.7
80.7

84.6
82.3
82.4
83.5
80.7

81.4
84.1
81.6
82.6
82.9

82.6
83.2
82.2
82.6
81.6

83.0
82.8
82.4
83.1
80.6

84.1
82.5
82.2
83.6
80.8

82.8
83.2
82.1
83.0
81.5

1999
2000
2001
2002
2003

80.5
80.5
76.7
71.9
73.7

80.8
80.4
76.0
71.9
73.8

80.3
80.6
75.5
72.4
73.9

80.3
80.8
75.1
72.5
73.3

80.7
80.4
74.3
72.8
73.4

80.0
80.3
73.6
73.6
73.8

80.0
80.1
73.1
73.4
73.9

80.2
79.2
72.6
73.5
73.6

79.6
79.2
72.3
73.6
74.2

80.4
78.7
71.8
73.3
74.3

80.6
78.2
71.5
73.7
75.1

80.8
77.4
71.6
73.3
75.0

80.6
80.5
76.1
72.0
73.8

80.3
80.5
74.4
73.0
73.5

79.9
79.5
72.7
73.5
73.9

80.6
78.1
71.6
73.5
74.8

80.3
79.6
73.7
73.0
74.0

2004
2005
2006
2007
2008

74.9
78.3
79.2
78.4
78.4

75.5
78.8
78.8
78.6
77.9

75.4
78.3
78.6
79.0
77.7

75.7
78.4
79.0
79.4
76.9

76.3
78.5
78.5
79.1
76.7

75.8
78.5
78.7
79.1
76.3

76.5
78.0
78.3
79.0
75.6

76.8
78.1
78.7
78.6
74.8

76.8
77.2
78.6
78.8
72.4

77.5
78.3
78.2
78.4
72.0

77.4
78.7
78.1
78.7
70.5

77.8
78.6
79.0
78.7
68.1

75.3
78.5
78.9
78.7
78.0

76.0
78.4
78.7
79.2
76.7

76.7
77.8
78.5
78.8
74.2

77.6
78.5
78.4
78.6
70.2

76.4
78.3
78.6
78.8
74.8

2009
2010
2011
2012
2013

66.2
68.2
73.1
75.1
74.2

66.2
68.3
73.2
75.2
74.4

65.0
69.2
73.6
74.7
74.1

64.6
69.9
73.2
75.0
73.9

64.0
71.1
73.3
74.6
73.9

63.9
71.1
73.3
74.5
74.0

64.9
71.7
73.8
74.4
73.4

65.7
72.0
73.9
74.1
74.0

66.4
72.1
74.1
74.0
74.1

66.6
72.4
74.5
73.7
74.2

67.4
72.4
74.1
74.1
74.2

67.4
72.8
74.5
74.5
74.1

65.8
68.6
73.3
75.0
74.3

64.2
70.7
73.3
74.7
73.9

65.7
72.0
73.9
74.2
73.8

67.1
72.5
74.4
74.1
74.2

65.7
70.9
73.7
74.5
74.1

2014
2015
2016

73.5
76.1
76.1

74.3
75.7
76.1

74.8
75.8

75.0
76.1

75.1
76.0

75.4
75.8

75.9
76.5

75.6
76.2

75.7
76.0

75.8
76.2

76.4
76.0

76.3
75.7

74.2
75.9

75.1
75.9

75.7
76.2

76.2
76.0

75.3
76.0

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
1994
1995
1996
1997
1998

.3
.1
-1.0
-.1
.3

.0
-.2
1.3
.9
.0

.9
-.1
-.3
.4
.0

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

.4
.1
.5
.3
.6

.6
.2
.6
.2
-1.0

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

.3
1.1
.3
.8
1.9

.1
.1
.5
.7
-.6

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

.4
.1
.8
.6
-.3

.9
.1
.5
.1
.1

4.2
2.8
-.5
5.2
2.1

5.4
-1.2
6.6
2.5
.7

3.1
1.3
2.0
6.3
-.4

5.7
.4
3.0
7.7
2.4

4.0
2.4
1.7
4.2
3.1

1999
2000
2001
2002
2003

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

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

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

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

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

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

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

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

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

1.2
-.4
-.5
-.3
.0

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

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

.6
.5
-5.8
2.7
1.5

.3
1.8
-4.4
6.3
-4.6

.9
-3.1
-4.4
1.9
.7

5.5
-2.6
-4.5
-.7
2.8

1.1
1.0
-3.9
.3
.2

2004
2005
2006
2007
2008

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

.6
.6
-.1
1.0
-.4

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

.4
.0
.4
.6
-.8

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

-.8
.4
.3
.1
-.2

.8
-.4
-.1
.0
-.5

.0
.1
.3
.1
-1.5

.0
-2.1
-.3
.3
-4.4

.9
1.2
-.1
-.7
1.2

.2
1.0
-.2
.4
-1.0

.7
.6
1.0
-.1
-2.7

1.9
4.8
3.2
3.0
-2.6

2.0
1.3
1.8
4.0
-6.4

2.1
-3.1
.6
1.0
-12.3

5.2
2.5
.3
-1.0
-14.7

1.7
2.5
1.4
1.8
-4.2

2009
2010
2011
2012
2013

-2.3
1.1
-.1
.8
.1

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

-1.7
.6
.9
-.7
.2

-.9
.3
-.4
.8
.0

-1.1
1.5
.2
.1
-.1

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

1.1
.5
.4
.3
-.4

1.1
.3
.6
-.4
.8

.7
.2
.0
.0
.6

.4
-.3
.7
.2
.0

.2
.0
-.2
.5
.3

.3
.8
.5
.2
.3

-20.0
7.0
1.5
3.6
3.1

-11.9
7.7
.9
1.7
1.0

5.7
5.8
4.2
.0
1.6

6.1
.8
3.9
2.0
3.7

-11.3
5.0
2.7
2.6
1.9

2014
2015
2016

-.2
-.3
.8

.8
-.1
-.5

.8
-.2

.2
-.2

.3
-.4

.5
.0

.4
.8

.0
.0

.5
.0

.1
-.2

.9
-.7

.1
-.5

3.8
-.3

5.7
-2.3

4.0
2.7

4.7
-3.4

3.8
1.3

IP (2012=100)
2014
2015
2016

103.0
107.6
106.8

103.8
107.4
106.3

104.6
107.3

104.8
107.1

105.2
106.7

105.7
106.7

106.1
107.5

106.1
107.5

106.7
107.5

106.8
107.3

107.8
106.5

107.9
106.0

103.8
107.4

105.2
106.8

106.3
107.5

107.5
106.6

105.7
107.1

Capacity
(percent of
2012 output)
2014
2015
2016

133.7
136.4
138.0

133.9
136.6
138.1

134.2
136.7

134.4
136.9

134.7
137.0

134.9
137.2

135.2
137.3

135.4
137.4

135.6
137.6

135.8
137.7

136.0
137.9

136.2
138.0

133.9
136.6

134.7
137.0

135.4
137.4

136.0
137.9

135.0
137.2

Utilization
(percent)
1994
1995
1996
1997
1998

82.6
84.9
82.3
83.6
84.5

82.5
84.5
83.2
84.1
84.2

83.1
84.3
82.8
84.2
83.8

83.2
83.9
83.3
83.7
83.6

83.4
83.8
83.6
83.7
83.8

83.8
83.8
84.0
83.6
82.7

83.6
83.2
83.4
83.8
81.8

83.8
83.9
83.5
84.1
83.1

83.7
83.9
83.7
84.3
82.4

84.1
83.4
83.2
84.6
82.6

84.3
83.3
83.7
84.8
82.1

84.9
83.2
83.9
84.6
81.9

82.7
84.6
82.8
84.0
84.1

83.5
83.8
83.6
83.7
83.4

83.7
83.7
83.6
84.1
82.4

84.5
83.3
83.6
84.7
82.2

83.6
83.8
83.4
84.1
83.0

1999
2000
2001
2002
2003

81.8
81.4
78.7
75.1
77.0

81.7
81.3
78.2
75.0
77.2

81.4
81.3
77.9
75.5
77.0

81.2
81.6
77.7
75.8
76.4

81.4
81.4
77.1
76.1
76.4

80.9
81.2
76.6
76.8
76.4

80.9
80.8
76.3
76.6
76.6

81.1
80.3
76.1
76.6
76.4

80.6
80.5
75.7
76.7
76.9

81.4
80.0
75.2
76.5
76.9

81.5
79.8
74.8
76.9
77.5

81.8
79.4
74.6
76.5
77.4

81.6
81.3
78.3
75.2
77.1

81.2
81.4
77.2
76.3
76.4

80.9
80.5
76.0
76.6
76.6

81.6
79.7
74.9
76.6
77.3

81.3
80.8
76.6
76.2
76.8

2004
2005
2006
2007
2008

77.5
80.4
80.5
79.8
80.9

78.0
80.8
80.4
80.6
80.7

77.6
80.6
80.4
80.5
80.4

78.0
80.6
80.6
80.9
79.8

78.6
80.7
80.3
80.9
79.3

78.0
80.9
80.5
81.0
79.1

78.6
80.5
80.3
80.9
78.7

78.7
80.5
80.4
81.1
77.5

78.7
78.7
80.1
81.3
74.0

79.4
79.6
79.9
80.8
74.8

79.6
80.2
79.7
81.2
73.9

80.1
80.6
80.4
81.1
71.8

77.7
80.6
80.4
80.3
80.7

78.2
80.7
80.5
80.9
79.4

78.7
79.9
80.3
81.1
76.7

79.7
80.1
80.0
81.0
73.5

78.6
80.3
80.3
80.8
77.6

2009
2010
2011
2012
2013

70.1
70.9
75.5
77.5
76.8

69.5
71.1
75.2
77.5
77.1

68.3
71.7
75.9
76.8
77.1

67.7
72.1
75.6
77.3
77.0

66.9
73.4
75.8
77.2
76.8

66.7
73.7
75.9
77.0
76.9

67.4
74.2
76.2
77.1
76.4

68.3
74.6
76.6
76.6
76.9

68.9
74.9
76.5
76.5
77.2

69.2
74.8
77.0
76.6
77.1

69.5
74.8
76.7
76.8
77.2

69.9
75.5
77.0
76.9
77.3

69.3
71.2
75.5
77.2
77.0

67.1
73.1
75.7
77.1
76.9

68.2
74.6
76.4
76.7
76.9

69.6
75.0
76.9
76.7
77.2

68.5
73.5
76.1
77.0
77.0

2014
2015
2016

77.0
78.9
77.4

77.5
78.7
77.0

78.0
78.4

78.0
78.2

78.1
77.9

78.3
77.8

78.5
78.3

78.4
78.2

78.7
78.1

78.7
77.9

79.2
77.3

79.2
76.8

77.5
78.7

78.2
77.9

78.5
78.2

79.0
77.3

78.3
78.0

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
1994
1995
1996
1997
1998

.1
.1
-1.2
-.2
.6

.1
-.4
1.3
1.1
.0

1.1
-.1
-.5
.8
-.3

.6
-.4
1.0
-.6
.3

.5
-.1
.5
.4
.4

.1
.3
.8
.4
-1.2

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

.5
.8
.2
1.0
2.3

.2
.6
.6
.6
-.6

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

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

.9
.0
.7
.1
.2

3.9
2.7
-2.0
6.2
3.4

7.1
-2.3
7.4
3.0
-.2

3.7
.2
3.9
6.9
-.6

7.0
.8
2.8
8.2
4.2

4.4
2.5
1.5
4.9
3.5

1999
2000
2001
2002
2003

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

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

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

.0
.4
-.1
.2
-1.0

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

-.7
.0
-.6
1.1
.3

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

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

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

1.4
-.4
-.7
-.4
-.1

.4
-.5
-.2
.4
1.0

.4
-.8
.1
-.6
-.3

.7
.3
-6.9
3.2
.5

.3
.9
-4.4
5.6
-3.9

.0
-3.8
-4.6
2.6
-.1

6.7
-4.6
-4.2
-1.0
3.1

1.3
.7
-4.7
.4
.0

2004
2005
2006
2007
2008

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

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

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

.4
.2
.5
.5
-1.2

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

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

1.0
-.5
-.3
.1
-1.1

.4
.2
.5
-.4
-1.2

-.1
-1.2
.0
.3
-3.5

1.0
1.5
-.4
-.6
-.4

-.1
.7
.0
.3
-2.1

.6
.0
1.5
.0
-3.3

1.3
5.2
3.1
3.2
-4.3

3.3
1.4
.0
4.7
-9.1

3.7
-2.2
-.3
.8
-13.6

4.8
4.9
.8
-1.7
-20.2

2.0
3.1
1.5
1.8
-5.8

2009
2010
2011
2012
2013

-3.1
1.0
.2
1.0
-.2

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

-2.1
1.1
.6
-.7
-.3

-.9
.8
-.6
.6
-.3

-1.2
1.5
.1
-.5
.2

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

1.4
.6
.7
.0
-.8

1.2
.1
.2
-.2
1.0

.8
.0
.4
-.1
.3

.2
.1
.7
-.3
.2

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

-.2
.3
.7
.7
.1

-24.1
5.4
2.1
5.2
2.8

-12.4
10.2
-.4
-.3
-.7

7.5
4.7
4.3
-1.2
.3

6.6
.6
3.9
1.0
2.7

-13.8
5.1
2.5
2.4
.8

2014
2015
2016

-.8
-.3
.5

1.1
-.4
.2

.8
.2

.3
.4

.2
.0

.4
-.1

.8
1.0

-.4
-.2

.2
-.2

.2
.3

.9
-.2

.0
-.3

.9
-.6

6.0
1.6

3.9
3.1

3.4
-.4

2.5
1.9

IP (2012=100)
2014
2015
2016

100.5
104.8
106.1

101.6
104.4
106.3

102.4
104.7

102.7
105.1

102.9
105.1

103.3
105.0

104.1
106.1

103.7
105.9

104.0
105.7

104.2
106.0

105.1
105.8

105.1
105.5

101.5
104.6

103.0
105.1

103.9
105.9

104.8
105.8

103.3
105.3

Capacity
(percent of
2012 output)
2014
2015
2016

136.5
137.4
138.8

136.6
137.5
138.9

136.7
137.6

136.7
137.7

136.8
137.8

136.9
137.9

137.0
138.1

137.0
138.2

137.1
138.3

137.2
138.4

137.2
138.5

137.3
138.7

136.6
137.5

136.8
137.8

137.0
138.2

137.2
138.5

136.9
138.0

Utilization
(percent)
1994
1995
1996
1997
1998

81.3
84.4
80.9
82.3
83.5

81.2
83.9
81.7
82.9
83.1

82.1
83.7
81.2
83.2
82.6

82.4
83.2
81.9
82.5
82.4

82.7
82.9
82.1
82.5
82.4

82.7
83.0
82.6
82.5
81.1

82.8
82.1
82.3
82.5
80.2

83.1
82.6
82.3
83.0
81.7

83.1
82.9
82.6
83.1
80.9

83.5
82.4
82.0
83.3
81.2

83.9
82.1
82.3
83.7
80.8

84.5
82.0
82.7
83.4
80.8

81.5
84.0
81.3
82.8
83.1

82.6
83.0
82.2
82.5
82.0

83.0
82.5
82.4
82.9
80.9

84.0
82.2
82.3
83.5
80.9

82.8
82.9
82.0
82.9
81.7

1999
2000
2001
2002
2003

80.4
79.8
76.0
73.1
75.0

80.6
79.6
75.5
73.0
75.0

80.0
79.7
75.2
73.6
75.1

79.8
79.9
75.1
73.7
74.3

80.2
79.4
74.5
74.1
74.3

79.4
79.3
74.1
75.0
74.6

79.2
79.0
73.9
74.7
74.6

79.5
78.1
73.5
74.9
74.2

79.0
78.2
73.3
75.0
74.8

79.9
77.8
72.8
74.7
74.8

80.0
77.3
72.6
75.0
75.6

80.2
76.6
72.7
74.6
75.4

80.3
79.7
75.6
73.3
75.0

79.8
79.5
74.6
74.3
74.4

79.2
78.4
73.6
74.9
74.5

80.1
77.2
72.7
74.8
75.3

79.9
78.7
74.1
74.3
74.8

2004
2005
2006
2007
2008

75.3
78.7
79.3
78.3
78.5

75.9
79.2
78.8
78.4
77.8

75.8
78.7
78.6
78.8
77.5

76.1
78.8
78.9
79.2
76.6

76.8
78.9
78.4
79.1
76.2

76.2
78.9
78.4
79.4
75.8

77.0
78.4
78.1
79.4
75.0

77.3
78.5
78.3
79.0
74.2

77.2
77.4
78.2
79.2
71.7

78.0
78.4
77.8
78.7
71.5

77.8
78.9
77.7
78.9
70.1

78.3
78.7
78.8
78.8
67.9

75.6
78.9
78.9
78.5
77.9

76.4
78.9
78.6
79.2
76.2

77.1
78.1
78.2
79.2
73.6

78.0
78.7
78.1
78.8
69.8

76.8
78.6
78.4
78.9
74.4

2009
2010
2011
2012
2013

65.9
67.9
72.5
75.4
74.5

65.9
67.8
72.7
75.5
74.7

64.6
68.7
73.2
74.9
74.4

64.2
69.5
72.8
75.3
74.1

63.5
70.6
73.0
74.8
74.2

63.4
70.7
73.1
74.8
74.2

64.5
71.3
73.6
74.7
73.5

65.4
71.5
73.8
74.4
74.2

66.1
71.7
74.1
74.2
74.3

66.3
71.9
74.6
73.9
74.4

67.1
72.0
74.2
74.3
74.3

67.1
72.3
74.7
74.7
74.3

65.5
68.1
72.8
75.3
74.5

63.7
70.3
73.0
74.9
74.2

65.3
71.5
73.8
74.4
74.0

66.8
72.1
74.5
74.3
74.3

65.3
70.5
73.5
74.7
74.2

2014
2015
2016

73.6
76.3
76.5

74.4
75.9
76.5

74.9
76.1

75.1
76.3

75.2
76.3

75.5
76.1

76.0
76.8

75.7
76.6

75.8
76.4

76.0
76.6

76.6
76.4

76.5
76.1

74.3
76.1

75.3
76.2

75.9
76.6

76.4
76.4

75.4
76.3

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 5 percent. If output in this industry increased 10 percent in a
month, then this gain would boost growth in total IP by 5/10
percentage point (0.05 x 10% = 0.5%). 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 2012. 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 2012, the total IP index has been constructed
from 299 individual series based on the 2012 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 73 percent of the
source data (in value-added terms) are available; the fraction of
available source data increases to 83 percent for estimates in the
second month that the estimate is published, 94 percent in the third
month, 96 percent in the fourth month, 97 percent in the fifth month,
and 98 percent in the sixth month. Data availability by data type in
early 2015 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2014)
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

34

44

55

57

58

59

Production-worker hours

39

39

39

39

39

39

IP data received

73

83

94

95

97

97

IP data estimated

27

17

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 (34 percent out of a total of 59 percent). Of the 34
percent, about two-thirds (22 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 May
2015; for other series, the factors were estimated with data through at
least March 2015. 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 1987–2014 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 1987–2014
period. In most cases (about 86 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 1972–2014 period, the average total industry
utilization rate is 80.1 percent; for manufacturing, the average factory
operating rate has been 78.5 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 88 detailed
industries (70 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
July 21, 2015, 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
2016: January 15, February 17, March 16, April 15, May 17, June 15,
July 15, August 16, September 15, October 17, November 16, and
December 14.

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