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FEDERAL RESERVE statistical release
G.17 (419) 2018 Historical and Annual Revision

For release at 12:00 noon (EDT)
March 23, 2018

Industrial Production and Capacity Utilization: The 2018 Annual Revision

The Federal Reserve has revised its index of industrial production (IP) and the related measures of
capacity and capacity utilization.1 On net, the revisions to total IP for recent years were negative: For the
2015–17 period, the current estimates show rates of change that are 0.4 to 0.7 percentage point lower in each
year.2 Total IP is still reported to have moved up about 22 1/2 percent from the end of the recession in mid-2009
through late 2014. Subsequently, the index declined in 2015, edged down in 2016, and increased in 2017. The
incorporation of detailed data for manufacturing from the U.S. Census Bureau’s 2016 Annual Survey of
Manufactures (ASM) accounts for the majority of the differences between the current and the previously
published estimates.
Revisions to capacity for total industry were mixed. Capacity growth was revised up about 1/2 percentage
point for 2016, but revisions to other recent years were negative. Capacity for total industry is estimated to have
expanded less than 1 percent in 2015, 2016, and 2017, but it is expected to increase about 2 percent in 2018.
In the fourth quarter of 2017, capacity utilization for total industry stood at 77.0 percent, about
1/2 percentage point below its previous estimate and about 3 percentage points below its long-run (1972–2017)
average. The utilization rate for 2016 is also lower than the previous estimate.
This revision incorporated newly available annual data on output and prices. The IP indexes for
manufacturing were updated with data from the 2016 ASM (which also includes revised data for 2015), while
the IP indexes for publishing reflect new data for 2016 and revised data for 2015 from the Census Bureau’s
Service Annual Survey. For logging, the IP indexes were updated with 2016 data from the U.S. Forest Service.
In addition, the indexes for metallic and nonmetallic minerals were updated with revised annual data for 2016
from the U.S. Geological Survey (USGS). Data on prices from the Bureau of Labor Statistics (BLS) were also
incorporated into most of the manufacturing indexes.
The monthly estimates of production have been updated to include late-arriving or revised quarterly or
monthly indicator data, including information from the BLS’s benchmark revisions to the Current Employment
Statistics. The monthly IP estimates also now reflect recalculations of seasonal factors.
The revised estimates of capacity and capacity utilization incorporated data from the Census Bureau’s
Quarterly Survey of Plant Capacity Utilization (QSPC) for the fourth quarter of 2017, along with new data on
capacity from the USGS, the Energy Information Administration (EIA), and other organizations. The revised
estimates also include new data on capital spending from the ASM for 2016 and revised data for 2015.

1 The revision affected rates of change for IP from 1972 forward. When necessary to maintain consistency with any revisions to the data for 1972 and subsequent
years, the levels of the production for the years before 1972 were multiplied by a constant. However, the rates of change in IP for the years before 1972 were not revised.
Utilization rates and capacity growth rates were revised minimally between 1968 and 1971, but unchanged before then.
2 Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year
specified.

1

RESULTS OF THE REVISION
Industrial Production
Manufacturing output is now estimated to have declined about 1 1/2 percent in 2015, to have been little
changed in 2016, and then to have advanced about 2 percent in 2017. These rates of change are lower than their
previously reported values, especially for 2015, which was revised down 1.0 percentage point. The cumulative
effect of these revisions leaves manufacturing IP in February 2018 about 5 1/2 percent below its pre-recession
peak.
The rates of change for mining have been revised up for 2014 and 2015 and revised down for 2016 and
2017. The contour for mining output shows an especially large gain in 2014 followed by sizable drops in 2015
and 2016; output increased strongly in 2017. The rates of change for utilities output are revised down only
slightly for each year from 2013 to 2016, while the gain in the index for 2017 is now reported to be
0.8 percentage point lower than previously published.
Production by Industry Group
The output of durable goods manufacturers is now reported to have fallen in 2015, moved a little lower in
2016, and advanced in 2017; output was previously reported to have risen in 2016, and the rates of change for
2015 and 2017 were also revised down. Within durables, the revisions for the 2015–17 period were widespread
across industries. Revisions to the rates of change for nondurables were smaller and more mixed. The revised
estimates show the output of nondurables increasing about 1/2 percent in both 2015 and 2016 and rising
2.2 percent in 2017.
The output index for industries in scope for manufacturing IP that are not part of manufacturing under the
North American Industry Classification System (NAICS)—that is, logging and publishing—fell sharply in 2014,
2016, and 2017, and was relatively little changed in other recent years. The revisions to this index were mixed,
moving the rate of change higher in 2013, 2015, and 2016 and lower in 2014 and 2017.
Production by Market Group
The index for consumer goods has increased in each of the past few years, though the gains in 2014,
2015, and 2017 are now smaller than reported earlier. The rates of change for business equipment were revised
down significantly for 2015 and 2016, but the gains were revised up for 2017. The revisions for construction
supplies and business supplies were smaller. In addition, the index for materials is now estimated to have fallen
more rapidly in 2015 and 2016 and risen more slowly in 2017, with downward revisions for both the energy and
non-energy components.
Capacity
Total industrial capacity expanded modestly in each year from 2015 to 2017, and it is expected to
increase about 2 percent in 2018. The growth rate for 2016 is now noticeably higher than the value reported
earlier, but the gains in other years are now reported to have been smaller. Manufacturing capacity contracted
slightly in 2014 and 2015, but it increased between 1/2 and 1 1/2 percent each year thereafter. For 2016 in
particular, the gain in manufacturing capacity is larger than stated previously, reflecting a more-rapid increase in
capacity for nondurables industries as well as a less-steep decline in capacity for logging and publishing (“other
manufacturing” industries). Capacity at mines declined in 2016 and 2017, but it is expected to jump about
5 percent in 2018. As compared with previous reports, the growth of capacity at mines was significantly higher
in 2016 and significantly lower in 2017. Capacity at utilities has grown in recent years; the gain for 2017 was

2

revised up more than 1 percent, but revisions to other years were negative.
Capacity Utilization
Capacity utilization for total industry declined in 2015 and 2016 but rose in 2017.3 The decrease in 2015
resulted from a large drop in the rate for mining and from smaller reductions in the rates for both manufacturing
and utilities. Compared with earlier estimates, capacity utilization for total industry is now reported to have been
somewhat higher for 2014, little changed in 2015, and lower for 2016 and 2017.
Utilization at manufacturers fell in 2016 and rose in 2017; the current readings for these years are each
between about 1/2 and 1 percentage point lower than previously reported, as capacity revised down by less than
output. For the fourth quarter of 2017, the utilization rate at manufacturers is estimated to have been more than
3 percentage points below its long-run average. Within manufacturing, there were sizable downward revisions to
the utilization rates for both durables and nondurables for 2016 and 2017.
The utilization rate for durable manufacturing was above its long-run average in 2014, but it fell back in
2015. By the fourth quarter of 2017, the utilization rate for durables was more than 2 percentage points below its
long-run average. Of the 11 major categories of durables, about half recorded operating rates below their
long-run averages.
The utilization rate for nondurable manufacturing has been below its long-run average for several years.
As of the fourth quarter of 2017, the operating rates for all nondurable manufacturing industry groups were
around or below their industry-specific long-run averages.
Capacity utilization rates for mining declined sharply in 2015 and fell further in 2016, before rising
sharply in 2017. The declines in 2015 and 2016 were largely due to decreased output in the oil and gas drilling
and servicing sector. Relative to its previously published rates, utilization at mines for 2017 is about 2 percentage
points higher; revisions to other recent years were smaller. In 2017, the utilization rate for mining was
1/2 percentage point above its long run average of 87.0 percent; it had last been above this average in 2014. The
operating rates for utilities have been well below their long-run average for the past several years; the revisions to
this index were positive except for 2017.
TECHNICAL ASPECTS OF THE REVISION
The IP indexes represent the level of real output relative to a base year. At the monthly frequency,
movements of the indexes are based on indicators that are derived using industry-specific data from a variety of
government and private sources. The monthly production indexes, however, are anchored to annual benchmarks
that are less timely but typically based on more comprehensive data. In most cases, the annual benchmark is
nominal gross output reported by the Census Bureau deflated by a suitable price index.
Annual revisions to the IP and capacity measures involve (1) incorporating new annual benchmark data
on output, prices, and value-added proportions; (2) incorporating new monthly or quarterly data that were
revised or that arrived too late to be included in the regular six-month reporting window for monthly IP; (3)
updating seasonal adjustment factors; and (4) updating the methods used to construct the indexes. The current
revision also introduces a new structure for the published indexes for electricity generation.

3 Unless

otherwise noted, rates of capacity utilization are reported for the fourth quarter of the reference year.

3

Annual Benchmark Data on Output, Prices, and Value-Added Proportions
Output
The annual benchmark output indexes for IP are measures of real gross output at the six-digit NAICS
level. The Census Bureau provides annual figures for value added and the cost of materials for manufacturing
industries, which can be summed to obtain nominal gross output. The benchmark indexes for this revision
incorporated revised information for 2015 and new information for 2016 from the ASM.
New annual data were also incorporated into several other indexes. The benchmark indexes for metallic
and nonmetallic mineral mining were updated with revised 2016 data from the USGS, and the benchmark
indexes for logging and publishing were advanced through 2016 based on data from the U.S. Forest Service and
the U.S. Census Bureau.
Prices
To obtain individual benchmarks of real gross output, the measures of nominal gross output are deflated
by annual price deflators. In general, the benchmark industry price deflators consist of price indexes from the
Bureau of Economic Analysis (BEA) through 2011 that are extended through 2016 with the related producer
prices indexes (PPIs) from the BLS.4 However, for a few selected industries, the annual price deflators are
constructed by the Federal Reserve.5
Value-Added Proportions (Weights for Aggregation)
The IP system is organized as a hierarchical structure where the individual production indexes are
combined using a version of the Fisher-ideal index formula to construct broader measures of production. The
weights that are used to combine individual IP measures into more aggregate measures are based on the value
added from the industry, calculated as gross output less cost of materials. For IP indexes that are defined at the
six-digit (or more aggregate) NAICS level, the value-added weights are derived from either the Economic
Census or the ASM. For IP indexes that cover only part of a six-digit NAICS industry, the aggregation weights
were constructed by allocating value added (as defined by the Census Bureau) for a six-digit industry across the
various components of IP that compose that industry. Data from the Economic Census and the ASM on
shipments of different types of products within a six-digit NAICS industry were used to determine the share of
an industry’s value added that was assigned to each component IP index.
The Federal Reserve derives estimates of value added for the electric and gas utility industries from
annual revenue and expense data issued by other organizations. For electric utilities, the measures of value added
incorporate data from the Energy Information Administration of the U.S. Department of Energy and from the
Edison Electric Institute. For gas utilities, the value-added estimates incorporate data from the American Gas
Association. The weights for aggregation for mining industries are derived from value-added data from the
Economic Census. Figures for value added for mining industries in the years between the quinquennial
Economic Censuses are estimated based on both output and price changes for the industry.
The weights for aggregation expressed as value added per unit were estimated with data on producer
prices for the period after 2016.

4 Overall,

at the industry level, the BEA and PPI measures are quite similar, as the BEA used weighted product-level PPIs to derive its industry-level shipments deflator.
selected industries, the Federal Reserve constructs price indexes from alternative sources. These industries include communications equipment (NAICS 3342),
computer storage devices (NAICS 334112), semiconductors (NAICS 334413), and pharmaceuticals (NAICS 325412). Updated price indexes for data storage devices and
for selected components of communications equipment will be available on the Board’s website at www.federalreserve.gov/releases/g17.
5 For

4

Revised Quarterly and Monthly Data
This revision incorporated source data on production, shipments, and inventories that became available or
were revised after the regular six-month reporting window for monthly IP was closed. These data were released
with too great of a lag to be included with monthly IP estimates but were available for inclusion in the annual
revision. The revised IP indexes include information from the QSPC for 2017 and from other industry reports.
Revised Seasonal Factors
Seasonal factors for production-worker hours—which adjust for timing, holiday, and monthly seasonal
patterns—were updated with data through January 2018. The updated factors for the physical product series,
which include adjustments for holiday and workday patterns, used data through December 2017 where available.
Seasonal factors for unit motor vehicle assemblies have been updated, and projections through June 2019
are available on the Board’s website at www.federalreserve.gov/releases/g17/mvsf.htm. These factors are based
on production data through January 2018 and were revised back to January 2006. The seasonal factors explicitly
incorporate the holiday schedule for the vehicle assembly lines specified in the latest collective bargaining
agreements with domestic manufacturers.
Methodological Changes to Individual Production and Capacity Indexes
New Structure for Electricity Generation
This revision introduces more detail to the published indexes for electricity generation, Previously,
separate indexes were issued for hydroelectric power (NAICS 221111), for nuclear power (NAICS 221113), and
for generation both from fossil fuels and from any other technology (NAICS 221112, 221114, 221115, 221116,
221117, and 221118). With this revision, the last index is broken into separate indexes to be published for fossil
fuels and for the other technologies, which are primarily based on renewable energy sources. In addition, a new
aggregate that combines hydroelectric power with the index for renewables and other technologies will be
published.
New Benchmark Index for Drilling Oil and Gas Wells (NAICS 213111)
With this revision, data from the American Petroleum Institute (API) on footage drilled form the basis of
a new annual benchmark for the index for drilling oil and gas wells (NAICS 213111) from 1991 forward; this
new benchmark also relies on data from Baker Hughes on the number of onshore and offshore drilling rigs in
operation. Previously, the index for this industry did not have an annual benchmark—the only source data for the
IP index were the weighted onshore and offshore rig counts from Baker Hughes.
The monthly IP index continues to depend solely on the Baker Hughes weighted rig counts, as the final
quarterly measures of footage drilled from the API are available too late for inclusion in IP. The IP indexes will
incorporate the footage drilled data as part of the annual revision process.
The new annual benchmark for drilling oil and gas wells is constructed as the weighted sum of footage
drilled by offshore and by onshore drilling rigs, where the weight for each type of rig reflects its relative value.
Historically, offshore rigs have been substantially more valuable than onshore rigs (by a factor of four in the
standard calculations for IP). The innovation in this revision is to update the weights to additionally reflect each
type of rig’s value in terms of footage per rig; the new formula weights footage drilled by offshore rigs slightly
more than five times more heavily than footage drilled by onshore rigs.
The construction of the new annual benchmark for drilling oil and gas wells uses detailed information on
5

overall footage drilled and on footage by offshore and by onshore rigs. The API publishes the reported offshore
and onshore footage from survey respondents; however, for recent quarters these subtotals are incomplete as
some drilling companies may not immediately report values to the API. The API makes adjustments for
non-response and does publish quarterly estimates for overall (offshore plus onshore) footage drilled. As the API
issues subsequent quarterly reports, it also issues revisions to earlier reports.
The first step in the construction of the new benchmark is to compute annual estimates for the total
offshore and total onshore footage drilled. To do so, the raw quarterly subtotals based on survey reports are
converted to an annual frequency. Then, a linear regression is run that uses the API’s most recent estimate of
overall footage drilled as the dependent variable and uses recent vintages of the separate offshore and onshore
subtotals as independent variables. Estimates of total offshore and total onshore footage drilled are computed by
applying the relevant regression coefficients to the underlying data; each of these estimates is extended back to
1972 by applying the appropriate historical rates of change in the Baker Hughes count for offshore and onshore
rigs.
The estimated totals for offshore and onshore footage are divided by the number of rigs of each type to
obtain the average footage per rig; this average is calculated for the 2000–09 period. Next, the weight for each
type of rig (four for offshore, one for onshore) is divided by the relevant average footage value, and terms are
simplified algebraically to obtain the adjusted weights. As noted above, the adjustments result in footage drilled
by offshore rigs being weighted slightly more than five times more heavily than footage drilled by onshore rigs.
Incorporation of Quarterly Survey of Plant Capacity into Monthly Estimates for IP Indexes Based on Production
Worker Hours
For the IP indexes based on production worker hours, this revision incorporates information from the
QSPC into the adjustment factor that aligns the monthly data with the annual benchmark indicator. The standard
adjustment factor is calculated in two steps—first, by creating a historical ratio of the annual benchmark
indicator to the annual average of the monthly (or quarterly) raw data, and second, by projecting this ratio ahead
for years when benchmark data are not yet available. The annual adjustment factor is converted to a monthly
frequency for use in the monthly IP indexes. For the IP indexes based on production worker hours, the
adjustment factors are effectively measures of productivity. This revision adapts the standard adjustment factor
formula for indexes based on production worker hours by including data from the QSPC in the calculation.
For an IP index based on production worker hours, the new annual adjustment factor is constructed as the
ratio of the benchmark indicator to the annual average of the production worker hours index, as was done in the
past. Likewise, the annual adjustment factor is forecast past the end of the benchmark data as in previous annual
revisions, based on a time series model and the QSPC utilization rates when available. Previously, however, the
annual adjustment factor was interpolated to a monthly frequency using a procedure that attempted to make the
resulting monthly series as smooth as possible. With this revision, the resulting monthly adjustment factors will
take on some of the contour of the utilization rates from the QSPC if the annual averages of the QSPC rates are
helpful in forecasting the annual adjustment factors.6
At this time, QSPC rates are only available through the fourth quarter of 2017. The annual adjustment
factors are projected after that period using time-series models, and estimates are made of the QSPC rates
implied by those projections. As the actual QSPC rates become available for 2018, the monthly adjustment
factors will be modified to reflect the new information.
6 A regression model of the log of the annual adjustment factor is estimated using the log of the ratio of the QSPC rates over production worker hours as an independent
variable. The coefficient for the QSPC variable is constrained to be between 0.0 and 0.5 so that the production worker hours are always at least as important as the QSPC
in estimating the IP index.

6

NAICS Conversion of Capacity Estimation
With this annual revision, industry-level data for capital expenditures, capital stocks, and capital input
used in the estimation of industial capacity have been converted to a 2012 NAICS basis. Estimates of industrial
capacity are based on regression models that relate end-of-year capacity indexes to economic determinants of
annual capacity growth. One determinant of capacity growth used in these regression models is capital
input—defined as the flow of capital services from the capital stock—which is constructed using industry- and
asset-level capital expenditures information. Previously, these variables had been constructed on the basis of
earlier NAICS systems.
Introduction of Additional Detail for Communications Equipment Prices
In the future, the Federal Reserve will publish new detail for communications equipment prices.
Previously, the Federal Reserve released quarterly and annual price indexes for four product classes that
composed a subset of the primary products of the communications equipment industry (NAICS 3342). The
forthcoming release will include 25 annual price indexes that cover the full range of output in the
communications equipment industry: indexes for 19 primary products plus indexes for secondary products and
for miscellaneous receipts for each of the three component 6-digit industries. The annual price indexes are
constructed from Federal Reserve research using private data, published price indexes from government
organizations, and independent research by outside economists. The forthcoming release will also include annual
price indexes for each of the three 6-digit industries (NAICS 334210, NAICS 334220, and NAICS 334290)
within communications equipment.
In addition, the forthcoming release will include annual estimates of nominal production corresponding
to the 25 newly published price indexes. The nominal production estimates are derived from Census Bureau data
combined with private information on product market size, as discussed in Byrne and Corrado (2015).7 The
nominal estimates are used to weight the individual product price indexes to the six-digit industry level. The
Federal Reserve uses these six-digit industry price indexes to deflate nominal output in the construction of the
benchmark indicators of real output. A more detailed explanation of the communications equipment prices will
be available on the Board’s website at www.federalreserve.gov/releases/g17/g17 technical qa.htm.

Data Availability and Publication Changes
Files containing the revised data and the text and tables from this release are available on the
Board’s website at www.federalreserve.gov/releases/g17, as are updated data for the annual revision and for all of the regularly issued series on IP, capacity, and capacity utilization. Other changes
are listed on the Board’s website at www.federalreserve.gov/releases/g17/g17 revision series.htm.
A document with printed tables of the revised estimates of series shown in the G.17 release
is available upon request to the Industrial Output Section, Mail Stop 82, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.

7 David M. Byrne and Carol A. Corrado (2015), “Prices for Communications Equipment: Rewriting the Record,” Finance and Economics Discussion Series 2015–069
(Washington: Board of Governors of the Federal Reserve System, February), https://www.federalreserve.gov/econresdata/feds/2015/files/2015069pap.pdf.

7

1. Total industrial production, capacity, and utilization
Ratio scale, 2012 output = 100
Revised
Earlier

160

140

120

100

Capacity

90
80

70

Production

60

50
45
40

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

Percent of capacity

35

90
86
82

Utilization

78
74
70
66

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

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

8

62

2. Manufacturing industrial production, capacity, and utilization
Ratio scale, 2012 output = 100
Revised
Earlier

160
140
120

Capacity

100

80
Production
60

40

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

Percent of capacity

20

90
86
82
78

Utilization
74
70
66
1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

Notes: Manufacturing consists of those industries in the North American Industry Classification System, or NAICS,
defition of manufacturing plus those industries--logging and newspaper, periodical, book, and directory publishing-that have traditionally been considered to be manufacturing and included in the industrial sector.
The shaded areas represent periods of business recession as defined by the NBER.

9

62

3. Industrial production of selected industries
Industrial production

Ratio scale, 2012 output = 100
110
Excluding
high-technology
industries

100
90
80
70
65
60

Total IP

55
50
45
1975

1980

1985

1990

1995

2000

2005

Industrial production

2010

2015

40

Ratio scale, 2012 output = 100
120
110
100

Non-Energy

90
80
Energy
70
60
55
50
45
40
1975

1980

1985

1990

1995

2000

Industrial production

2005

2010

2015

35

Ratio scale, 2012 output = 100
140
120
100
80
60

Motor Vehicles
and Parts

40

1975

1980

1985

1990

1995

2000

2005

2010

2015

20

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 represent periods of business recession as defined by the NBER.

10

4. Consumer goods
Total

Ratio scale, 2012 output = 100
Revised
Earlier

120
110
100
90
80

Detail: 2015 to present
110

70

105

60

50
100
2015

1970

1975

1980

1985

1990

1995

2016

2017

2000

Components of consumer goods

2018

2005

2010

2015

Ratio scale, 2012 output = 100

Revised durable
Revised nondurable
Earlier

40

135

115

95

75

Detail: 2015 to present
125
120
115

55

110
105
100

2015

1970

1975

1980

1985

1990

1995

2016

2000

2017

2005

2018

2010

Note: The shaded areas represent periods of business recession as defined by the NBER.

11

95

2015

35

5. Equipment
Ratio scale, 2012 output = 100

Total

130
110
90

Revised
Earlier

70
Detail: 2015 to present

50

105
100

30

95
90

2015

1970

1975

1980

1985

1990

1995

2000

2016

2017

2005

2018

85

2010

2015

10

Note: Includes business equipment, defense and space equipment, oil and gas well drilling, and manufactured
homes.

Business equipment

Ratio scale, 2012 output = 100
130
110
90
70
Detail: 2015 to present

105

50

100

30
95

2015

1970

1975

1980

1985

1990

1995

2000

Defense and space equipment

2016

2017

2005

2018

2010

90

2015

Ratio scale, 2012 output = 100

10

110
90
70

Detail: 2015 to present

95
90

2015

1970

1975

1980

1985

1990

1995

2000

2016

2005

2017

2010

Note: The shaded areas represent periods of business recession as defined by the NBER.

12

2018

50

85

2015

30

6. Nonindustrial supplies
Total

Ratio scale, 2012 output = 100
Revised
Earlier

140
120
100

Detail: 2015 to present

110

80
105

60

2015

1970

1975

1980

1985

1990

1995

2016

2000

2017

2005

Construction supplies

2018

2010

100

2015

Ratio scale, 2012 output = 100

40

150
130
110

Detail: 2015 to present

90

115
110

70

105
2015

1970

1975

1980

1985

1990

1995

2016

2017

2000

Business supplies

2018

2005

2010

2015

Ratio scale, 2012 output = 100

50

130
110
90

Detail: 2015 to present

105
104

70

103
102

50

101
2015

1970

1975

1980

1985

1990

1995

2000

2016

2005

2017

2010

Note: The shaded areas represent periods of business recession as defined by the NBER.

13

2018

100

2015

30

7. Industrial materials
Total

Ratio scale, 2012 output = 100
Revised
Earlier

120

90
Detail: 2015 to present

115

70

110

50
105

2015

1975

1980

1985

1990

1995

2000

2016

2017

2005

Energy materials

2018

2010

100

2015

30

Ratio scale, 2012 output = 100
120

100

80

1975

1980

1985

1990

1995

2000

2005

Non-energy materials

2010

2015

Ratio scale, 2012 output = 100

60

110
90

Detail: 2015 to present

106

70

104
102

50

100
2015

1975

1980

1985

1990

1995

2000

2016

2005

2017

2018

2010

Note: The shaded areas represent periods of business recession as defined by the NBER.

14

98

2015

30

8. Capacity utilization by stage of process
Crude Processing

Percent of capacity
100

Revised
Earlier

95
90
85
80
75

1970

1975

1980

1985

1990

1995

2000

2005

Primary and semifinished processing

2010

2015

70

Percent of capacity
95
90
85
80
75
70
65

1970

1975

1980

1985

1990

1995

2000

2005

Finished processing

2010

2015

60

Percent of capacity
90
85
80
75
70

1970

1975

1980

1985

1990

1995

2000

2005

Note: The shaded areas represent periods of business recession as defined by the NBER.

15

2010

2015

65

Table 1A
I NDUSTRIAL P RODUCTION : Total
Seasonally adjusted

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual1

IP (percent
change)
1988
1989
1990
1991

.0
.3
-.7
-.4

.4
-.4
1.0
-.7

.2
.2
.5
-.5

.6
.1
-.2
.2

-.1
-.7
.2
1.0

.3
.0
.3
.9

.0
-.9
-.1
.1

.4
.9
.3
.1

-.3
-.4
.1
.9

.5
-.1
-.8
-.2

.2
.3
-1.2
-.1

.5
.6
-.6
-.4

3.7
1.8
2.7
-7.3

3.5
-1.4
3.0
2.4

1.5
-2.4
1.7
5.7

2.9
1.7
-6.1
1.0

5.2
.9
1.0
-1.5

1992
1993
1994
1995
1996

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

.7
.4
.0
-.1
1.6

.8
-.1
1.0
.1
-.1

.8
.3
.6
-.1
.9

.3
-.3
.5
.3
.7

.0
.2
.6
.3
.8

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

-.5
-.1
.6
1.3
.6

.2
.5
.4
.4
.7

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

.4
.4
.6
.2
.9

.1
.5
1.0
.4
.7

-.4
3.6
5.0
4.2
2.7

7.3
.9
7.5
1.3
8.9

3.1
1.6
5.2
3.7
5.3

4.3
6.2
8.6
3.5
5.7

2.9
3.3
5.3
4.6
4.5

1997
1998
1999
2000
2001

.1
.5
.5
.0
-.6

1.2
.1
.5
.3
-.6

.7
.1
.2
.4
-.3

.0
.4
.3
.7
-.3

.6
.6
.7
.2
-.6

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

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

1.0
2.1
.4
-.3
-.1

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

.9
.8
1.3
-.3
-.4

.9
-.1
.5
.0
-.5

.3
.4
.8
-.3
.0

7.9
4.6
4.5
4.1
-5.1

5.9
2.7
3.9
5.0
-5.0

9.5
3.0
3.6
-.4
-5.4

10.5
5.9
7.3
-.9
-4.1

7.2
5.8
4.4
3.9
-3.1

2002
2003
2004
2005
2006

.6
.6
.3
.5
.1

.0
.3
.6
.7
.0

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

.4
-.7
.4
.2
.4

.4
.0
.8
.1
-.1

1.0
.2
-.8
.4
.4

-.2
.4
.8
-.3
.0

.0
-.2
.1
.3
.4

.1
.6
.1
-1.9
-.2

-.3
.1
.9
1.3
-.1

.5
.8
.2
1.0
-.1

-.5
-.1
.7
.6
1.1

3.0
2.3
2.8
5.9
3.8

6.3
-2.7
2.3
2.0
2.4

2.3
2.6
2.3
-1.8
1.5

-.1
4.0
5.8
3.9
.9

.4
1.3
2.7
3.3
2.3

2007
2008
2009
2010
2011

-.5
-.3
-2.4
1.2
-.1

1.0
-.3
-.7
.4
-.4

.2
-.2
-1.6
.7
1.0

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

.0
-.6
-1.0
1.4
.2

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

.0
-.5
1.1
.4
.5

.2
-1.5
1.1
.3
.6

.4
-4.3
.8
.2
-.1

-.4
1.0
.3
-.3
.7

.6
-1.3
.4
.0
-.1

.0
-2.9
.3
.9
.5

3.6
-1.4
-20.7
8.1
2.3

5.0
-5.8
-10.9
8.0
1.6

1.0
-12.6
6.2
5.3
4.7

1.2
-16.0
6.5
1.3
4.1

2.5
-3.5
-11.5
5.5
3.1

2012
2013
2014
2015
2016

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

.3
.5
.9
-.4
-.7

-.5
.4
1.0
-.3
-.8

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

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

.0
.2
.3
-.4
.3

.3
-.5
.1
.5
.2

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

.0
.5
.3
-.4
-.1

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

.5
.3
.8
-.6
-.2

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

4.0
3.3
3.0
-3.2
-1.9

2.6
1.7
5.7
-5.0
-2.1

.1
1.2
2.1
-.3
1.1

2.1
3.0
2.7
-4.7
.7

3.0
2.0
3.1
-1.0
-1.9

2017
2018

-.2
-.2

-.4
.9

.6

1.0

.0

.1

-.1

-.4

.0

1.6

.5

.4

1.0

5.0

-1.5

7.7

1.6

IP (2012=100)
1988
1989
1990
1991

62.1
64.0
63.4
62.9

62.4
63.7
64.1
62.5

62.5
63.9
64.4
62.1

62.9
63.9
64.3
62.3

62.8
63.5
64.4
62.9

63.0
63.5
64.6
63.4

63.0
62.9
64.5
63.5

63.3
63.5
64.7
63.6

63.1
63.3
64.8
64.1

63.4
63.2
64.3
64.0

63.5
63.5
63.6
63.9

63.8
63.8
63.2
63.7

62.4
63.9
63.9
62.5

62.9
63.6
64.4
62.9

63.1
63.3
64.7
63.7

63.6
63.5
63.7
63.9

63.0
63.6
64.2
63.2

1992
1993
1994
1995
1996

63.3
66.6
68.8
73.4
74.7

63.8
66.9
68.8
73.3
75.8

64.3
66.8
69.5
73.4
75.8

64.8
67.0
69.9
73.4
76.5

65.0
66.8
70.2
73.6
77.0

65.0
66.9
70.7
73.9
77.7

65.6
67.1
70.8
73.6
77.6

65.3
67.0
71.2
74.5
78.0

65.4
67.3
71.5
74.8
78.5

65.9
67.9
72.1
74.7
78.5

66.2
68.1
72.5
74.9
79.2

66.3
68.5
73.3
75.2
79.7

63.8
66.7
69.0
73.4
75.4

65.0
66.9
70.3
73.6
77.0

65.5
67.1
71.2
74.3
78.0

66.1
68.2
72.6
74.9
79.1

65.1
67.2
70.8
74.0
77.4

1997
1998
1999
2000
2001

79.8
86.7
89.9
94.2
94.6

80.8
86.8
90.3
94.4
94.0

81.3
86.8
90.5
94.8
93.7

81.4
87.1
90.7
95.5
93.5

81.8
87.7
91.3
95.6
92.9

82.2
87.1
91.2
95.7
92.3

82.8
86.8
91.8
95.6
91.8

83.7
88.6
92.2
95.3
91.7

84.5
88.5
91.8
95.7
91.3

85.2
89.2
93.0
95.4
90.9

85.9
89.1
93.4
95.4
90.5

86.2
89.4
94.2
95.2
90.5

80.6
86.7
90.2
94.5
94.1

81.8
87.3
91.1
95.6
92.9

83.7
88.0
91.9
95.5
91.6

85.8
89.2
93.5
95.3
90.6

83.0
87.8
91.7
95.2
92.3

2002
2003
2004
2005
2006

91.1
93.6
95.1
98.8
101.1

91.1
93.9
95.7
99.5
101.1

91.8
93.7
95.2
99.3
101.3

92.2
93.1
95.6
99.5
101.7

92.6
93.1
96.4
99.6
101.6

93.5
93.3
95.6
100.0
102.0

93.2
93.7
96.3
99.7
101.9

93.2
93.5
96.4
99.9
102.3

93.4
94.1
96.5
98.1
102.1

93.1
94.2
97.4
99.3
102.1

93.6
94.9
97.6
100.3
102.0

93.1
94.9
98.3
100.9
103.0

91.3
93.8
95.3
99.2
101.1

92.7
93.1
95.9
99.7
101.7

93.3
93.7
96.4
99.2
102.1

93.2
94.7
97.8
100.2
102.3

92.6
93.8
96.4
99.6
101.8

2007
2008
2009
2010
2011

102.5
105.1
91.0
91.7
95.9

103.5
104.7
90.4
92.0
95.5

103.8
104.5
89.0
92.6
96.5

104.5
103.7
88.3
93.0
96.1

104.5
103.1
87.4
94.3
96.3

104.6
102.8
87.1
94.4
96.6

104.5
102.3
88.0
94.8
97.1

104.7
100.7
89.0
95.1
97.7

105.1
96.4
89.7
95.4
97.6

104.7
97.3
90.0
95.1
98.3

105.3
96.1
90.4
95.1
98.2

105.4
93.3
90.6
96.0
98.8

103.3
104.8
90.2
92.1
96.0

104.5
103.2
87.6
93.9
96.4

104.8
99.8
88.9
95.1
97.5

105.1
95.5
90.3
95.4
98.4

104.4
100.8
89.2
94.1
97.1

2012
2013
2014
2015
2016

99.4
100.9
102.7
105.9
103.0

99.6
101.4
103.6
105.4
102.3

99.2
101.8
104.6
105.1
101.5

99.9
101.7
104.7
104.6
101.7

100.1
101.8
105.1
104.1
101.6

100.0
101.9
105.4
103.7
101.9

100.3
101.4
105.6
104.2
102.1

99.9
102.2
105.5
104.1
102.1

99.9
102.7
105.8
103.7
101.9

100.1
102.5
105.8
103.4
102.1

100.6
102.9
106.7
102.7
101.8

100.9
103.2
106.5
102.3
102.8

99.4
101.4
103.6
105.5
102.3

100.0
101.8
105.1
104.1
101.8

100.0
102.1
105.6
104.0
102.0

100.6
102.9
106.3
102.8
102.2

100.0
102.0
105.2
104.1
102.1

2017
2018

102.5
105.5

102.2
106.5

102.7

103.7

103.7

103.8

103.6

103.2

103.2

104.8

105.3

105.7

102.5

103.7

103.3

105.3

103.7

Year

N OTE : Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.
1. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

16

Table 1B
C APACITY AND U TILIZATION : Total
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

Capacity
(percent of
2012 output)
1988
1989
1990
1991

74.5
75.1
77.0
78.6

74.6
75.2
77.2
78.7

74.6
75.3
77.4
78.8

74.7
75.5
77.5
78.9

74.7
75.6
77.7
79.0

74.7
75.8
77.8
79.1

74.7
75.9
78.0
79.2

74.8
76.1
78.1
79.3

74.8
76.3
78.2
79.4

74.9
76.5
78.3
79.5

74.9
76.7
78.4
79.6

75.0
76.8
78.5
79.8

74.6
75.2
77.2
78.7

74.7
75.6
77.7
79.0

74.8
76.1
78.1
79.3

74.9
76.7
78.4
79.6

74.7
75.9
77.8
79.2

1992
1993
1994
1995
1996

79.9
81.9
83.5
86.5
90.6

80.1
82.0
83.7
86.8
91.0

80.2
82.1
83.9
87.1
91.4

80.4
82.2
84.1
87.4
91.8

80.6
82.4
84.3
87.7
92.2

80.8
82.5
84.6
88.0
92.7

80.9
82.6
84.8
88.4
93.1

81.1
82.7
85.1
88.7
93.6

81.3
82.8
85.4
89.0
94.0

81.5
83.0
85.7
89.4
94.4

81.6
83.1
85.9
89.8
94.9

81.7
83.3
86.2
90.2
95.4

80.1
82.0
83.7
86.8
91.0

80.6
82.4
84.3
87.7
92.2

81.1
82.7
85.1
88.7
93.6

81.6
83.1
85.9
89.8
94.9

80.8
82.6
84.8
88.3
92.9

1997
1998
1999
2000
2001

95.8
102.7
109.9
114.9
119.5

96.3
103.4
110.3
115.3
119.9

96.8
104.1
110.8
115.7
120.3

97.3
104.8
111.2
116.1
120.6

97.8
105.4
111.7
116.5
121.0

98.4
106.1
112.1
116.9
121.3

98.9
106.7
112.5
117.3
121.6

99.5
107.2
112.9
117.7
121.9

100.1
107.8
113.3
118.0
122.2

100.8
108.3
113.7
118.4
122.4

101.4
108.9
114.2
118.8
122.7

102.1
109.4
114.6
119.2
122.9

96.3
103.4
110.3
115.3
119.9

97.8
105.4
111.7
116.5
121.0

99.5
107.2
112.9
117.7
121.9

101.4
108.9
114.1
118.8
122.7

98.8
106.2
112.3
117.1
121.4

2002
2003
2004
2005
2006

123.1
123.8
123.4
123.6
125.5

123.3
123.8
123.4
123.7
125.7

123.5
123.7
123.4
123.9
125.8

123.6
123.7
123.4
124.0
126.0

123.7
123.6
123.4
124.1
126.2

123.8
123.6
123.4
124.3
126.4

123.9
123.6
123.4
124.5
126.6

123.9
123.5
123.4
124.6
126.9

123.9
123.5
123.4
124.8
127.1

123.9
123.5
123.4
125.0
127.4

123.9
123.5
123.5
125.1
127.7

123.9
123.4
123.5
125.3
128.0

123.3
123.8
123.4
123.7
125.7

123.7
123.6
123.4
124.2
126.2

123.9
123.5
123.4
124.6
126.9

123.9
123.5
123.5
125.1
127.7

123.7
123.6
123.4
124.4
126.6

2007
2008
2009
2010
2011

128.3
129.8
130.1
129.4
126.9

128.6
129.8
130.3
129.1
126.9

128.8
129.7
130.4
128.8
126.9

129.1
129.6
130.4
128.5
126.9

129.4
129.5
130.5
128.2
127.0

129.6
129.5
130.5
128.0
127.1

129.7
129.5
130.5
127.7
127.3

129.9
129.5
130.4
127.5
127.4

129.9
129.6
130.3
127.3
127.6

130.0
129.7
130.1
127.2
127.8

130.0
129.8
129.9
127.1
128.0

129.9
130.0
129.6
127.0
128.2

128.6
129.8
130.2
129.1
126.9

129.3
129.5
130.5
128.3
127.0

129.8
129.5
130.4
127.5
127.4

129.9
129.8
129.9
127.1
128.0

129.4
129.7
130.2
128.0
127.3

2012
2013
2014
2015
2016

128.4
130.8
132.3
134.3
135.1

128.7
131.0
132.4
134.4
135.2

128.9
131.1
132.6
134.5
135.2

129.1
131.3
132.7
134.6
135.3

129.3
131.4
132.9
134.7
135.4

129.5
131.5
133.0
134.8
135.5

129.7
131.6
133.2
134.8
135.5

129.9
131.8
133.4
134.9
135.6

130.1
131.9
133.6
134.9
135.7

130.3
132.0
133.8
135.0
135.8

130.5
132.1
134.0
135.0
135.8

130.7
132.2
134.1
135.1
135.9

128.7
131.0
132.4
134.4
135.2

129.3
131.4
132.9
134.7
135.4

129.9
131.8
133.4
134.9
135.6

130.5
132.1
134.0
135.0
135.8

129.6
131.6
133.2
134.8
135.5

2017
2018

135.9
137.0

136.0
137.2

136.0

136.0

136.1

136.1

136.2

136.3

136.4

136.5

136.6

136.8

136.0

136.1

136.3

136.6

136.2

Utilization (percent)
1988
1989
1990
1991

83.4
85.2
82.3
80.0

83.7
84.7
83.0
79.3

83.8
84.8
83.2
78.8

84.3
84.7
82.9
78.9

84.1
84.0
82.9
79.6

84.3
83.8
83.0
80.2

84.3
82.9
82.8
80.2

84.6
83.5
82.9
80.2

84.4
83.0
82.9
80.8

84.7
82.7
82.1
80.5

84.8
82.8
81.0
80.3

85.1
83.1
80.4
79.9

83.6
84.9
82.8
79.4

84.2
84.2
82.9
79.6

84.4
83.1
82.8
80.4

84.9
82.9
81.2
80.2

84.3
83.8
82.5
79.9

1992
1993
1994
1995
1996

79.3
81.3
82.4
84.9
82.5

79.7
81.5
82.2
84.4
83.4

80.2
81.3
82.8
84.3
82.9

80.6
81.5
83.1
83.9
83.3

80.7
81.1
83.3
83.9
83.5

80.5
81.1
83.6
83.9
83.8

81.1
81.2
83.4
83.3
83.3

80.5
81.0
83.7
84.0
83.4

80.5
81.3
83.7
84.0
83.6

81.0
81.8
84.2
83.5
83.1

81.2
82.0
84.4
83.4
83.4

81.1
82.2
85.0
83.4
83.6

79.7
81.4
82.5
84.5
82.9

80.6
81.2
83.3
83.9
83.5

80.7
81.2
83.6
83.7
83.4

81.1
82.0
84.5
83.4
83.4

80.5
81.4
83.5
83.9
83.3

1997
1998
1999
2000
2001

83.3
84.3
81.8
81.9
79.1

83.9
83.9
81.9
81.9
78.4

84.0
83.4
81.7
81.9
77.9

83.6
83.2
81.6
82.2
77.5

83.6
83.2
81.8
82.1
76.8

83.6
82.2
81.4
81.9
76.1

83.7
81.4
81.6
81.5
75.5

84.1
82.6
81.6
81.0
75.2

84.4
82.1
81.0
81.1
74.8

84.6
82.3
81.8
80.6
74.3

84.7
81.9
81.9
80.3
73.8

84.5
81.8
82.2
79.9
73.6

83.7
83.9
81.8
81.9
78.5

83.6
82.8
81.6
82.1
76.8

84.1
82.0
81.4
81.2
75.2

84.6
82.0
81.9
80.2
73.9

84.0
82.7
81.7
81.4
76.1

2002
2003
2004
2005
2006

74.0
75.6
77.1
79.9
80.5

73.8
75.9
77.5
80.4
80.4

74.3
75.8
77.2
80.2
80.5

74.6
75.3
77.5
80.2
80.7

74.8
75.3
78.1
80.2
80.5

75.5
75.5
77.5
80.4
80.7

75.3
75.8
78.1
80.1
80.5

75.2
75.7
78.2
80.2
80.7

75.3
76.2
78.2
78.6
80.3

75.1
76.3
78.9
79.5
80.1

75.5
76.9
79.1
80.2
79.9

75.2
76.8
79.6
80.6
80.5

74.1
75.8
77.3
80.2
80.5

74.9
75.3
77.7
80.3
80.6

75.3
75.9
78.2
79.6
80.5

75.3
76.7
79.2
80.1
80.2

74.9
75.9
78.1
80.0
80.4

2007
2008
2009
2010
2011

79.9
80.9
70.0
70.9
75.6

80.5
80.7
69.4
71.3
75.3

80.5
80.6
68.3
71.9
76.0

80.9
80.0
67.7
72.3
75.7

80.8
79.6
67.0
73.5
75.8

80.7
79.4
66.7
73.8
76.0

80.6
79.0
67.5
74.2
76.3

80.7
77.8
68.3
74.6
76.6

80.9
74.3
68.9
74.9
76.5

80.6
75.0
69.2
74.8
76.9

81.0
74.0
69.6
74.9
76.7

81.1
71.7
69.9
75.6
77.0

80.3
80.7
69.2
71.3
75.6

80.8
79.7
67.1
73.2
75.8

80.7
77.0
68.2
74.6
76.5

80.9
73.6
69.6
75.1
76.9

80.7
77.8
68.5
73.6
76.2

2012
2013
2014
2015
2016

77.4
77.1
77.6
78.8
76.3

77.4
77.4
78.2
78.4
75.7

76.9
77.6
78.9
78.1
75.1

77.4
77.5
78.9
77.7
75.2

77.4
77.4
79.1
77.3
75.0

77.2
77.5
79.2
76.9
75.3

77.3
77.1
79.2
77.3
75.4

76.9
77.6
79.1
77.2
75.3

76.8
77.9
79.2
76.9
75.1

76.8
77.7
79.1
76.6
75.2

77.1
77.9
79.6
76.1
75.0

77.2
78.1
79.4
75.7
75.7

77.2
77.4
78.3
78.5
75.7

77.3
77.5
79.1
77.3
75.2

77.0
77.5
79.2
77.1
75.2

77.1
77.9
79.4
76.1
75.3

77.2
77.6
79.0
77.3
75.3

2017
2018

75.4
77.0

75.1
77.7

75.5

76.2

76.2

76.2

76.1

75.7

75.7

76.8

77.0

77.3

75.4

76.2

75.8

77.0

76.1

N OTE : Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.

17

Table 2
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY: 2013–17 1
Item
2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2.3

3.4

-3.3

-.5

3.0

.1

.0

-.7

-.4

-.6

1.1
1.6
8.0
13.7
1.1
2.9
3.1
-.1
-2.0
1.0
-5.5
-7.2
-2.0
6.0

1.6
.9
4.1
6.5
.8
3.8
1.1
.0
1.3
.4
-3.3
4.8
-3.4
-4.2

-2.2
.5
2.6
3.9
4.4
3.4
.1
.0
.8
1.7
-6.0
-.3
.9
-3.2

-.1
.8
2.5
4.2
2.1
.3
.8
.2
-.8
.2
-2.7
-1.9
-3.9
4.4

2.1
1.2
-.5
-.8
5.4
-2.1
.2
1.7
1.4
3.1
-9.9
-.3
-.8
2.5

.3
.1
-.5
-1.3
-1.3
.1
.4
.3
.3
.1
-.4
.9
.4
.1

.0
-.4
.0
.1
1.9
.2
-.3
-.5
-.5
.0
-.8
-1.8
-.8
-.3

-1.0
-.7
-.5
-1.0
2.0
-.5
.0
-.8
-1.2
-.6
-.3
-3.5
3.3
.7

-.3
.1
-.8
-1.7
-2.5
-.6
.7
.4
.3
.4
3.7
-.4
3.2
.7

-.4
-.6
-.9
-.5
.3
-1.4
-1.5
-.5
-.4
-.1
-1.4
-.7
-3.4
-.7

-1.4
3.1
-2.8
-2.8
-4.5

3.5
11.7
.1
1.1
-2.0

-6.2
-2.9
-1.6
-9.6
-3.1

-2.2
-6.0
3.3
-2.4
.0

4.7
1.5
3.2
7.0
-3.3

.3
-.1
-1.3
1.2
.0

.0
.5
.4
-.4
.4

-2.9
-4.1
-1.8
-2.8
-.2

-1.8
-2.6
-.7
-1.8
1.2

.7
1.2
1.8
-.1
-4.7

3.8
2.6

3.6
-.3

.0
-1.0

.5
.5

3.5
1.1

.3
.3

-.2
-.3

-.1
-.6

-.2
.4

.1
.1

3.6
2.2
3.7
4.4
4.4
3.0
.0
5.7
-.9
-1.0
5.1

5.1
1.4
3.1
5.2
4.2
1.6
-1.2
-3.1
-.9
-2.8
9.5

-4.6
-2.7
-3.9
-2.0
-5.9
-3.4
-.7
-7.3
-2.1
-.3
-7.2

-1.1
-.2
-.8
-.2
.3
-1.6
.7
.5
.1
.2
-2.7

4.1
2.3
2.3
.8
1.1
3.5
2.3
-2.9
-3.5
4.1
7.1

.0
.1
.0
-.2
-.1
.1
.3
-2.0
.1
.8
-.1

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

-.3
-.5
-.6
-2.0
-.8
.1
-.4
-4.6
.7
-.3
-.1

-.6
-.9
-1.3
-5.4
1.1
-1.2
-.2
-1.3
1.6
-.8
-.1

-.8
-.4
-.5
.3
-1.9
-.1
-.1
-.8
-1.0
.2
-1.0

321
327
331
332
333
334

1.1
1.1
2.6
4.3
5.8
5.4
3.5
-2.8
2.0

1.4
1.6
2.8
3.9
2.7
-1.0
.0
1.8
4.2

-1.6
-1.6
-3.4
3.3
1.9
-8.2
-5.2
-12.4
-.9

-.1
.1
-.3
4.2
-.4
-4.0
-1.8
-2.3
4.5

1.9
2.1
2.0
3.5
5.4
4.6
3.0
9.1
2.7

.2
.2
.1
.1
1.2
.1
.0
1.2
-.7

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

-1.0
-1.1
-1.3
-.5
-.5
-.2
-.5
-3.4
-.3

-.3
-.4
-1.2
.5
-.6
-2.0
-1.1
-2.8
.9

-.4
-.3
-.5
.0
-.2
.7
-1.2
.5
.4

335
3361–3

.5
10.2

1.7
7.2

-1.0
2.8

-.1
2.2

.9
-1.2

.5
-.8

.9
.3

-2.8
-1.1

-.8
-2.6

-2.3
-.4

3364–9
337
339

.8
-.9
2.0

5.8
4.6
-1.3

-5.2
3.9
-.5

-3.1
-.7
-1.8

-2.1
-3.4
-3.4

-.1
.0
.1

.9
.2
.6

-3.1
.1
.4

-1.1
1.2
-.9

-2.0
-3.2
.7

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

-.5
1.2
4.6
-5.0
-1.5
2.3
3.6
-3.8
-.1

.2
.8
1.7
-3.0
.8
-4.0
-6.3
.7
4.6

.4
1.8
-7.0
-5.9
-2.3
1.8
3.4
-.9
.8

.6
.7
.2
-2.5
1.0
1.1
3.8
-.6
1.6

2.2
3.5
-1.7
-9.4
-2.3
-2.1
2.6
2.8
2.0

.3
.0
-2.3
-.5
.0
.3
.8
.7
-.1

-.5
.0
.8
-.6
-.3
-1.2
-.8
-1.0
.2

-.8
-.6
-5.1
-.3
.9
-1.1
2.0
-2.2
.1

.4
.4
-.7
3.6
1.1
3.0
1.7
-.8
2.1

-.1
-.1
-.4
-1.4
-1.0
-.7
-.4
.1
-.1

1133,5111

-.3

-5.4

.1

-5.1

-4.8

.2

-.6

2.4

2.2

-1.9

21
2211,2
2211
2212

5.7
4.3
3.5
11.1

12.5
-.7
-.4
-2.9

-10.2
-4.1
-3.1
-12.1

-6.2
2.3
2.2
3.6

10.5
2.0
.9
9.6

.1
-.1
-.1
.0

.6
-.1
-.1
.0

.7
-.3
-.4
.0

-1.1
-.1
.1
-.9

-.4
-.8
-1.0
.9

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
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
Construction supplies
Business supplies
Materials
Non-energy
Durable
Consumer parts
Equipment parts
Other
Nondurable
Textile
Paper
Chemical
Energy
I NDUSTRY G ROUPS
Manufacturing2
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

Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

31–33

1. Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column
heading.
2. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries–
logging and newspaper, periodical, book, and directory publishing–that have traditionally been considered to be a part of manufacturing and are included in the industrial sector.

18

Table 3
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , S PECIAL AGGREGATES AND S ELECTED D ETAIL : 2013–17 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

Total industry

2.3

3.4

-3.3

-.5

3.0

.1

.0

-.7

-.4

-.6

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

5.0
6.0
3.9
1.8
.0
6.4

7.1
-4.2
.1
19.6
.5
11.7

-7.6
-3.2
.0
-45.6
-2.6
-8.4

-1.5
4.4
2.4
-26.6
.7
-4.2

6.2
2.5
1.8
36.4
.7
9.7

.0
.1
.1
3.8
-.6
.0

.4
-.3
-.1
13.2
-.3
-.1

.3
.7
.3
14.1
-1.2
.2

-.2
.7
.8
-3.7
-.9
.2

-.9
-.7
-.6
-13.7
-2.2
-.3

3341
3342

1.1
10.9
-2.0
11.9

1.7
8.7
8.0
-4.7

-1.7
1.9
-4.1
6.7

-.3
8.5
13.2
7.1

1.9
3.6
20.8
-2.9

.2
-.7
-.7
-4.0

-.2
-.4
2.0
.2

-1.0
2.3
-2.0
5.8

-.5
1.0
-1.5
-6.5

-.3
.2
4.8
2.3

3344

14.3

14.5

1.6

7.9

2.3

.6

-1.4

2.0

4.7

-2.1

.7

1.5

-1.8

-.6

1.9

.2

-.2

-1.1

-.5

-.4

10.2
14.5
6.3

7.2
4.7
9.1

2.8
4.6
1.2

2.2
1.5
3.7

-1.2
-5.2
1.6

-.8
-.2
-.2

.3
-.5
.6

-1.1
-.2
-1.7

-2.6
-.6
-3.8

-.4
-.8
1.1

.0
-1.2
-2.5
3.8
1.2
1.4

1.0
1.4
3.6
3.6
-1.5
.3

-2.2
.9
-8.1
.0
-1.4
-3.1

-.8
-.7
-2.5
.5
-.9
-.7

2.2
1.2
5.3
3.5
.7
2.4

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

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

-1.1
-1.1
-3.7
-.1
-1.1
-.5

-.3
.2
-1.7
-.2
.0
-.7

-.4
-.6
1.0
.1
.4
-.5

Measures excluding selected high-technology
industries
Total industry
Manufacturing2
Durable

2.1
.7
2.0

3.2
1.1
2.4

-3.5
-1.7
-3.7

-.8
-.3
-.9

2.9
1.8
1.9

.2
.2
.1

.0
-.2
.1

-.8
-1.1
-1.5

-.4
-.4
-1.3

-.6
-.4
-.6

Measures excluding motor vehicles and parts
Total industry
Manufacturing2
Durable

1.9
.5
1.6

3.2
.9
2.1

-3.7
-1.9
-4.3

-.7
-.3
-.8

3.2
2.2
2.6

.2
.2
.2

.0
-.2
.1

-.6
-1.0
-1.3

-.3
-.2
-.9

-.6
-.4
-.5

Measures excluding selected high-technology
industries and motor vehicles and parts
Total industry
Manufacturing2

1.7
.1

3.0
.6

-3.8
-2.1

-1.0
-.6

3.2
2.1

.2
.3

.0
-.2

-.7
-1.1

-.3
-.2

-.6
-.4

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

3.5
1.4

3.3
.2

-4.2
-1.7

.1
-.4

.0
3.6

-.1
.3

.1
-.1

-1.0
-.2

-.8
-.9

-1.0
.0

4.7
3.6
-1.0

8.1
1.3
2.7

-6.3
-2.3
-2.9

-3.2
.5
-.7

7.2
2.0
2.3

.1
.1
.3

-.3
-.1
.3

-.2
-.1
-1.7

.0
-.1
-.9

-.8
-.6
-.2

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

213111

Excluding selected high-technology
industries
Motor vehicles and parts
Motor vehicles
Motor vehicle parts
Excluding motor vehicles and parts
Consumer goods
Business equipment
Construction supplies
Business supplies
Materials

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

3361–3
3361
3363

1. See footnote 1 to table 2.
2. See footnote 2 to table 2.

19

Table 4
A NNUAL R ATES OF C HANGE FOR I NDUSTRIAL P RODUCTION : 2013–17 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

Total IP

2.0

3.1

-1.0

-1.9

1.6

.1

.0

-.3

-.7

-.3

M ARKET G ROUPS
Consumer goods
Durable
Nondurable

.7
5.5
-.5

.8
4.9
-.3

1.5
4.0
.8

.6
2.2
.2

.0
.0
.0

.0
-.1
.0

.0
-.1
.0

-.9
-.2
-1.1

.0
-.6
.2

-.4
-.9
-.2

-.1
-2.9

1.8
-3.3

-2.0
-2.4

-5.3
-2.8

3.3
.2

.0
.0

-.1
-.1

-1.1
.8

-3.5
-1.4

1.0
.3

Construction supplies
Business supplies

3.1
1.8

3.2
1.0

.6
-1.4

.9
.4

2.5
.5

.1
.0

-.2
.0

.1
-.7

-.4
.2

.1
.1

Materials
Non-energy
Energy

3.4
1.9
5.1

5.0
1.9
8.5

-1.5
-1.8
-1.3

-3.0
-1.1
-5.8

2.0
1.4
3.1

-.1
.0
-.1

-.1
.0
-.1

-.1
-.3
.0

-.6
-1.0
.0

-.6
-.3
-.9

.9
1.1
2.1
.0
-5.0

1.1
1.2
2.9
-.6
-1.3

-.5
-.4
-1.1
.3
-3.6

-.8
-.7
-2.1
.8
-2.6

1.2
1.5
1.6
1.4
-6.5

.0
.0
.0
.0
.0

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

-.6
-.7
-.3
-1.1
.3

-.8
-1.0
-1.9
.1
4.1

-.1
.0
-.1
.1
-1.7

6.3
2.2

10.7
1.3

-3.4
-.7

-9.7
-.4

6.4
-1.3

.4
-.1

.0
-.1

.9
-.1

-.6
-.2

-.4
-.5

Business equipment
Defense and space equipment

I NDUSTRY G ROUPS
Manufacturing2
Manufacturing (NAICS)
Durable manufacturing
Nondurable manufacturing
Other manufacturing (non-NAICS)
Mining
Utilities

1. The rates of change are calculated as the percent change in the annual averages of not seasonally adjusted industrial production indexes rather than as the percent change between the fourth
quarter of one year and the fourth quarter of the next.
2. See footnote 2 to table 2.

Table 5
R ATES OF C HANGE IN C APACITY, BY I NDUSTRY G ROUPS : 2014–18 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

1.4

.8

.6

.6

1.9

-.2

-.3

.4

-.5

-.3

-.3
-.1
.3
-.6
-3.5

-.3
-.2
.3
-.8
-3.4

1.3
1.4
.9
2.1
-2.7

.7
.9
.9
.9
-3.6

1.3
1.5
1.4
1.6
-2.9

-.2
-.3
.0
-.5
.7

-.4
-.5
-.5
-.4
1.0

.6
.6
-.3
1.5
1.4

.1
.1
-.1
.3
.5

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

Mining
Utilities

6.8
.4

.9
.4

-3.1
1.6

-1.0
1.8

4.8
2.3

-.4
-.1

.2
-.6

1.0
-.6

-3.7
1.1

-1.4
-.2

Selected high-technology industries
Manufacturing2 ex. selected
high-technology industries

2.3

3.3

7.4

3.2

4.4

-1.5

1.6

2.5

-2.1

.8

-.3

-.4

1.1

.7

1.2

-.2

-.5

.5

.2

-.1

5.3
-.2
.0

.4
-.2
.1

-2.4
1.7
1.0

-.5
.7
1.1

3.6
1.6
1.5

-.5
.0
-.3

-.2
.0
-.8

.9
.6
.3

-3.2
.2
.4

-1.4
.0
-.2

Total industry
2

Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Nondurable manufacturing
Other manufacturing (non-NAICS)

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

1. Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column
heading.
2. See footnote 2 to table 2.

20

Table 6
R EVISED AND E ARLIER C APACITY U TILIZATION R ATES , BY I NDUSTRY G ROUPS
Percent of capacity, seasonally adjusted

Difference between
revised and earlier rates
(percentage points)

Revised Rate
Item

19722017
Ave.

2014
Q4

2015
Q4

2016
Q4

2017
Q4

2014
Q4

2015
Q4

2016
Q4

2017
Q4

79.8

79.4

76.1

75.3

77.0

.5

.1

-.5

-.5

31–33

78.3
78.2

76.3
76.9

75.4
75.8

74.4
74.8

75.2
75.7

.4
.5

.0
.0

-.7
-.7

-1.1
-1.0

321
327
331
332
333
334

76.9
76.5
73.8
78.3
77.5
77.5
77.5

77.6
72.8
65.1
73.3
80.5
78.0
74.0

74.7
75.3
65.9
67.6
77.6
68.6
70.8

73.8
76.7
64.1
66.4
76.1
68.0
70.4

74.6
78.2
65.7
68.9
78.7
75.3
70.7

.4
1.3
1.1
-2.8
-.6
1.6
1.2

-.2
1.1
.6
-2.0
-.8
-.4
.4

-.9
-.2
-.6
-.1
-2.2
-1.1
.5

-1.2
-.9
-1.1
-.5
-3.3
.1
2.0

335
3361–3

82.2
75.2

81.4
78.3

77.3
79.9

76.7
80.4

76.3
77.2

.2
-.1

-3.0
-.6

-4.0
-2.5

-6.9
-4.5

3364–9
337
339

74.2
76.7
76.6

85.4
78.8
78.2

80.4
81.4
80.3

77.2
79.1
80.2

75.6
75.7
77.7

1.1
1.5
.2

-.5
1.1
2.5

-1.3
-.1
2.7

-1.7
-2.4
3.6

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

80.1
80.6
78.8
76.3
86.7
79.6
85.1
76.8
82.1

76.1
77.6
72.8
67.3
85.3
66.2
81.9
71.9
83.6

77.1
77.6
68.0
66.5
85.3
70.2
81.6
73.5
85.3

75.9
75.8
69.0
68.3
88.0
73.4
76.1
72.8
83.1

76.8
76.7
68.7
64.9
86.3
73.7
79.5
74.3
82.2

.6
.4
.7
-1.9
.0
2.6
.0
.7
.9

.3
.2
-3.2
-2.2
.4
3.1
-.5
-.3
2.8

-.6
-1.0
-2.6
.8
.8
6.2
-4.0
-1.3
2.2

-.9
-2.0
-1.7
.0
-.2
6.6
-2.4
-1.3
.9

1133,5111

80.0

62.1

64.3

62.7

61.9

-1.7

-.8

-.2

-1.8

21
2211,2

87.0
85.3

91.0
81.2

81.0
77.5

78.4
78.1

87.5
78.2

.5
.4

.9
.6

-.8
1.0

1.9
-.4

3341
3342

77.4
78.0
76.4

73.8
71.2
69.8

72.8
66.5
71.5

73.5
83.8
72.4

73.8
96.4
65.3

1.5
.2
-1.6

1.9
-.2
1.4

.9
7.3
-3.6

2.5
4.0
-3.7

3344

78.6

76.0

74.9

71.6

72.7

3.0

2.7

1.5

4.8

Measures excluding selected high-technology
industries
Total industry
Manufacturing1

80.0
78.4

79.5
76.4

76.2
75.5

75.3
74.4

77.1
75.3

.4
.4

.1
-.1

-.5
-.8

-.6
-1.2

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

86.0
80.4
76.9

88.6
77.3
76.3

80.5
75.8
75.0

79.4
74.9
73.9

86.2
76.0
74.3

.5
.2
.6

.7
.3
-.2

-.3
-.4
-.8

1.9
-.9
-1.4

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

1. See footnote 2 to table 2.

21

Table 7A
I NDUSTRIAL P RODUCTION : Manufacturing1
Seasonally adjusted

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

IP (percent
change)
1988
1989
1990
1991

-.2
.8
-.2
-.8

.2
-1.0
1.5
-.7

.2
-.1
.5
-.7

.9
.3
-.3
.4

-.2
-.9
.2
.7

.2
.2
.3
1.1

.0
-1.1
-.2
.3

.1
.9
.3
.2

.4
-.3
.0
1.1

.5
-.2
-.8
-.2

.3
.2
-1.1
-.2

.5
.1
-.7
-.2

2.7
2.1
4.2
-8.7

4.2
-2.7
3.0
1.9

.7
-3.1
1.2
7.2

4.5
.4
-6.7
1.7

5.3
.8
.8
-1.9

1992
1993
1994
1995
1996

-.6
1.0
.2
.2
-.8

.9
.2
.1
-.3
1.6

1.0
-.2
1.3
.2
-.2

.5
.6
.9
-.2
1.1

.6
-.1
.6
.2
.8

.3
-.2
.3
.5
1.0

.9
.3
.4
-.7
.3

-.4
-.2
.8
1.1
.5

.0
.6
.5
.9
.8

.7
.9
1.0
-.1
-.1

.4
.4
.8
.1
.9

-.1
.6
1.1
.4
.9

.6
4.5
4.9
4.4
2.0

8.3
1.4
9.5
.7
10.0

4.1
.8
6.1
3.1
7.7

3.2
7.0
10.3
4.3
6.0

3.7
3.6
5.9
5.1
4.9

1997
1998
1999
2000
2001

.1
.8
.3
.1
-.6

1.4
.1
.8
.2
-.6

1.0
-.1
-.1
.6
-.2

-.2
.5
.4
.8
-.3

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

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

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

1.3
2.4
.6
-.7
-.5

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

.9
1.0
1.5
-.3
-.6

1.1
.2
.6
-.3
-.3

.4
.5
.7
-.5
.3

9.4
6.1
5.1
4.4
-5.9

7.1
2.1
4.5
4.9
-5.2

10.4
3.3
3.2
-.4
-5.8

11.5
8.0
8.6
-2.4
-3.8

8.4
6.7
5.1
4.1
-3.6

2002
2003
2004
2005
2006

.6
.5
.0
.8
.8

.0
.1
.7
.8
-.3

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

.2
-.8
.4
.3
.5

.5
.1
.8
.3
-.4

1.1
.5
-.7
.1
.4

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

.2
-.4
.5
.5
.6

.1
.8
.0
-1.0
.1

-.4
.1
1.0
1.5
-.4

.4
1.0
.0
.8
.0

-.5
-.2
.7
.2
1.5

3.7
1.8
2.6
6.6
3.8

5.8
-1.9
3.3
2.3
.8

3.1
2.4
4.0
-.7
1.0

-.3
4.5
5.5
6.4
1.5

.5
1.3
3.1
4.1
2.6

2007
2008
2009
2010
2011

-.5
-.4
-3.1
1.1
.2

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

.8
-.3
-1.8
1.2
.6

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

-.1
-.6
-1.0
1.4
.1

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

.1
-1.2
1.5
.6
.6

-.3
-1.2
1.1
.1
.4

.5
-3.4
.9
.0
.3

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

.5
-2.4
1.0
.0
-.3

.2
-3.5
-.2
.5
.7

4.1
-2.5
-24.4
6.9
3.2

5.9
-8.2
-10.6
10.3
-.1

1.0
-14.1
8.1
4.1
4.4

1.2
-21.8
7.2
1.2
3.9

2.8
-4.8
-13.8
5.8
2.9

2012
2013
2014
2015
2016

.8
-.3
-1.2
-.5
.5

.4
.5
1.1
-.6
-.4

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

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

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

.2
.2
.3
-.4
.3

-.1
-1.0
.3
.6
.2

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

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

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

.7
.0
.8
-.2
.0

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

5.3
3.0
-.6
-2.9
.0

.5
-.2
4.2
-1.0
-2.5

-1.2
-.3
1.3
.1
.6

1.2
1.9
.6
-2.4
1.6

2.6
.9
1.1
-.5
-.8

2017
2018

.3
-.2

.1
1.3

-.5

1.1

-.4

.1

-.3

-.2

-.1

1.4

.2

.0

1.9

2.4

-2.1

5.5

1.2

IP (2012=100)
1988
1989
1990
1991

61.2
63.6
62.2
61.5

61.4
63.0
63.1
61.1

61.5
62.9
63.5
60.7

62.1
63.1
63.3
60.9

62.0
62.5
63.4
61.3

62.1
62.6
63.6
61.9

62.0
61.9
63.5
62.1

62.1
62.5
63.7
62.3

62.3
62.3
63.6
62.9

62.6
62.2
63.1
62.8

62.8
62.3
62.4
62.7

63.1
62.4
62.0
62.6

61.4
63.2
62.9
61.1

62.0
62.7
63.4
61.4

62.1
62.2
63.6
62.5

62.8
62.3
62.5
62.7

62.1
62.6
63.1
61.9

1992
1993
1994
1995
1996

62.2
65.9
67.9
73.5
74.5

62.8
66.1
68.0
73.3
75.7

63.4
65.9
68.9
73.5
75.6

63.8
66.3
69.5
73.3
76.4

64.1
66.2
69.9
73.5
77.0

64.3
66.1
70.1
73.8
77.8

64.9
66.3
70.4
73.4
78.0

64.6
66.1
71.0
74.2
78.4

64.7
66.6
71.3
74.8
79.1

65.1
67.2
72.0
74.8
79.0

65.4
67.4
72.6
74.8
79.7

65.3
67.8
73.4
75.1
80.4

62.8
66.0
68.3
73.4
75.3

64.1
66.2
69.9
73.6
77.1

64.7
66.3
70.9
74.1
78.5

65.2
67.5
72.7
74.9
79.7

64.2
66.5
70.4
74.0
77.6

1997
1998
1999
2000
2001

80.5
88.6
92.2
97.2
97.0

81.6
88.7
93.0
97.4
96.4

82.4
88.6
92.9
98.0
96.1

82.3
89.0
93.3
98.7
95.8

82.9
89.5
94.1
98.6
95.2

83.5
88.8
93.8
98.8
94.6

84.0
88.5
94.2
98.9
94.2

85.1
90.6
94.8
98.2
93.7

85.8
90.4
94.4
98.7
93.5

86.6
91.3
95.8
98.3
93.0

87.5
91.4
96.4
98.1
92.7

87.8
91.9
97.1
97.5
93.0

81.5
88.6
92.7
97.5
96.5

82.9
89.1
93.7
98.7
95.2

85.0
89.8
94.5
98.6
93.8

87.3
91.6
96.5
98.0
92.9

84.2
89.8
94.3
98.2
94.6

2002
2003
2004
2005
2006

93.5
96.0
97.5
102.3
105.9

93.5
96.1
98.2
103.1
105.6

94.2
96.3
98.1
102.6
105.5

94.4
95.5
98.5
103.0
106.1

94.9
95.6
99.3
103.3
105.6

96.0
96.0
98.5
103.5
106.0

95.6
96.3
99.4
103.1
105.7

95.8
95.9
99.9
103.6
106.4

95.9
96.6
99.9
102.6
106.4

95.6
96.8
100.9
104.1
106.0

96.0
97.7
100.8
104.9
106.1

95.5
97.5
101.5
105.1
107.6

93.7
96.1
97.9
102.7
105.7

95.1
95.7
98.8
103.3
105.9

95.8
96.3
99.7
103.1
106.2

95.7
97.3
101.1
104.7
106.6

95.1
96.4
99.4
103.4
106.1

2007
2008
2009
2010
2011

107.0
109.7
90.8
92.1
96.5

107.5
109.0
90.6
92.1
96.6

108.4
108.6
88.9
93.2
97.2

109.1
107.4
88.3
93.9
96.6

109.0
106.8
87.4
95.2
96.7

109.4
106.1
87.1
95.1
96.8

109.5
104.8
88.4
95.6
97.4

109.2
103.5
89.4
95.7
97.8

109.7
100.0
90.2
95.7
98.1

109.3
99.3
90.4
95.8
98.6

109.9
97.0
91.3
95.8
98.4

110.1
93.6
91.1
96.3
99.1

107.6
109.1
90.1
92.4
96.7

109.2
106.8
87.6
94.7
96.7

109.5
102.8
89.3
95.7
97.8

109.8
96.6
90.9
96.0
98.7

109.0
103.8
89.5
94.7
97.5

2012
2013
2014
2015
2016

99.9
100.6
100.0
102.1
101.3

100.3
101.1
101.1
101.5
100.9

99.8
100.9
102.0
101.8
100.7

100.3
100.5
101.8
101.8
100.3

99.9
100.8
102.1
101.6
100.2

100.1
101.1
102.4
101.3
100.5

99.9
100.0
102.8
101.9
100.6

99.8
101.0
102.3
101.7
100.3

99.7
101.1
102.3
101.2
100.6

99.3
101.2
102.1
101.2
100.8

100.1
101.2
103.0
101.0
100.8

100.9
101.2
102.7
100.7
101.1

100.0
100.8
101.0
101.8
101.0

100.1
100.8
102.1
101.6
100.3

99.8
100.7
102.4
101.6
100.5

100.1
101.2
102.6
101.0
100.9

100.0
100.9
102.0
101.5
100.7

2017
2018

101.5
102.7

101.6
104.1

101.1

102.2

101.8

101.9

101.7

101.4

101.3

102.7

102.9

102.9

101.4

102.0

101.5

102.8

101.9

Year

N OTE : Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 2.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

22

Table 7B
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

Capacity
(percent of
2012 output)
1988
1989
1990
1991

73.7
74.3
76.4
78.2

73.8
74.4
76.6
78.3

73.8
74.5
76.8
78.4

73.8
74.7
77.0
78.5

73.9
74.8
77.1
78.6

73.9
75.0
77.3
78.7

73.9
75.2
77.5
78.9

73.9
75.4
77.6
79.0

74.0
75.6
77.7
79.1

74.0
75.8
77.9
79.2

74.1
76.0
78.0
79.3

74.2
76.2
78.1
79.5

73.8
74.4
76.6
78.3

73.9
74.8
77.1
78.6

73.9
75.4
77.6
79.0

74.1
76.0
78.0
79.3

73.9
75.2
77.3
78.8

1992
1993
1994
1995
1996

79.7
82.0
83.7
87.0
91.8

79.8
82.1
83.9
87.3
92.2

80.0
82.2
84.1
87.7
92.7

80.2
82.4
84.4
88.0
93.3

80.4
82.5
84.6
88.4
93.8

80.6
82.6
84.9
88.7
94.3

80.9
82.7
85.2
89.1
94.8

81.1
82.9
85.4
89.5
95.3

81.3
83.0
85.7
89.9
95.8

81.4
83.2
86.0
90.4
96.4

81.6
83.3
86.4
90.8
96.9

81.8
83.5
86.7
91.3
97.5

79.8
82.1
83.9
87.3
92.3

80.4
82.5
84.6
88.4
93.8

81.1
82.9
85.4
89.5
95.3

81.6
83.3
86.4
90.8
96.9

80.7
82.7
85.1
89.0
94.6

1997
1998
1999
2000
2001

98.0
106.1
114.5
120.6
126.4

98.6
106.9
115.0
121.1
126.8

99.2
107.7
115.6
121.6
127.2

99.7
108.5
116.1
122.1
127.6

100.4
109.2
116.6
122.6
128.0

101.0
110.0
117.1
123.1
128.3

101.6
110.7
117.6
123.6
128.6

102.3
111.4
118.1
124.1
128.9

103.0
112.0
118.6
124.5
129.1

103.8
112.7
119.1
125.0
129.4

104.5
113.3
119.6
125.5
129.6

105.3
113.9
120.1
125.9
129.7

98.6
106.9
115.0
121.1
126.8

100.4
109.2
116.6
122.6
128.0

102.3
111.4
118.1
124.1
128.9

104.6
113.3
119.6
125.5
129.6

101.5
110.2
117.4
123.3
128.3

2002
2003
2004
2005
2006

129.9
130.5
130.1
130.7
133.6

130.0
130.5
130.1
130.9
133.8

130.2
130.5
130.0
131.1
134.0

130.3
130.4
130.0
131.3
134.3

130.3
130.4
130.0
131.6
134.5

130.4
130.4
130.0
131.9
134.7

130.4
130.3
130.0
132.1
134.9

130.5
130.3
130.0
132.4
135.1

130.5
130.3
130.1
132.7
135.4

130.5
130.2
130.2
132.9
135.7

130.5
130.2
130.3
133.2
135.9

130.5
130.2
130.5
133.4
136.2

130.0
130.5
130.1
130.9
133.8

130.3
130.4
130.0
131.6
134.5

130.4
130.3
130.1
132.4
135.1

130.5
130.2
130.3
133.2
135.9

130.3
130.3
130.1
132.0
134.8

2007
2008
2009
2010
2011

136.6
139.7
137.8
135.3
132.7

136.9
139.7
137.6
135.0
132.6

137.2
139.6
137.4
134.8
132.5

137.6
139.5
137.2
134.6
132.4

137.9
139.4
137.0
134.4
132.3

138.3
139.2
136.7
134.1
132.3

138.6
139.1
136.5
133.9
132.3

138.9
138.9
136.3
133.7
132.3

139.1
138.7
136.1
133.5
132.4

139.3
138.5
135.9
133.3
132.4

139.5
138.3
135.7
133.1
132.5

139.6
138.1
135.5
132.9
132.6

136.9
139.6
137.6
135.0
132.6

137.9
139.4
137.0
134.4
132.3

138.9
138.9
136.3
133.7
132.3

139.5
138.3
135.7
133.1
132.5

138.3
139.0
136.6
134.0
132.5

2012
2013
2014
2015
2016

132.8
134.3
134.8
134.2
134.2

132.9
134.4
134.8
134.1
134.3

133.0
134.5
134.8
134.0
134.4

133.2
134.5
134.7
133.9
134.6

133.3
134.6
134.7
133.9
134.8

133.4
134.6
134.7
133.8
135.0

133.6
134.7
134.7
133.8
135.1

133.7
134.7
134.6
133.8
135.3

133.8
134.7
134.5
133.8
135.4

134.0
134.7
134.5
133.9
135.6

134.1
134.7
134.4
133.9
135.7

134.2
134.7
134.3
134.0
135.8

132.9
134.4
134.8
134.1
134.3

133.3
134.6
134.7
133.9
134.8

133.7
134.7
134.6
133.8
135.3

134.1
134.7
134.4
133.9
135.7

133.5
134.6
134.6
133.9
135.0

2017
2018

135.9
136.9

136.0
137.0

136.0

136.1

136.2

136.2

136.3

136.4

136.5

136.6

136.7

136.8

136.0

136.2

136.4

136.7

136.3

Utilization
(percent)
1988
1989
1990
1991

83.1
85.6
81.5
78.6

83.2
84.7
82.5
78.0

83.4
84.4
82.7
77.3

84.1
84.5
82.2
77.5

83.9
83.5
82.2
77.9

84.0
83.5
82.2
78.7

84.0
82.4
81.9
78.8

84.0
82.9
82.0
78.9

84.3
82.4
81.8
79.6

84.6
82.1
81.0
79.3

84.8
82.0
80.0
79.0

85.1
81.9
79.3
78.8

83.2
84.9
82.2
78.0

84.0
83.8
82.2
78.0

84.1
82.5
81.9
79.1

84.8
82.0
80.1
79.1

84.0
83.3
81.6
78.5

1992
1993
1994
1995
1996

78.1
80.4
81.2
84.5
81.2

78.6
80.5
81.1
83.9
82.1

79.3
80.1
81.9
83.8
81.5

79.5
80.5
82.4
83.3
82.0

79.7
80.3
82.7
83.1
82.1

79.8
80.0
82.6
83.2
82.5

80.3
80.1
82.7
82.3
82.3

79.7
79.8
83.0
82.8
82.3

79.6
80.2
83.2
83.2
82.5

79.9
80.8
83.7
82.7
82.0

80.1
80.9
84.0
82.4
82.2

79.8
81.2
84.6
82.3
82.5

78.7
80.3
81.4
84.1
81.6

79.7
80.2
82.6
83.2
82.2

79.9
80.0
83.0
82.8
82.4

79.9
81.0
84.1
82.5
82.2

79.5
80.4
82.8
83.1
82.1

1997
1998
1999
2000
2001

82.1
83.5
80.6
80.6
76.7

82.8
83.0
80.8
80.4
76.0

83.1
82.3
80.4
80.6
75.6

82.5
82.0
80.4
80.8
75.1

82.6
81.9
80.7
80.4
74.4

82.7
80.7
80.1
80.2
73.7

82.7
79.9
80.1
80.0
73.2

83.1
81.3
80.3
79.2
72.7

83.3
80.7
79.6
79.2
72.4

83.4
81.0
80.4
78.7
71.9

83.7
80.7
80.6
78.2
71.6

83.4
80.7
80.8
77.5
71.7

82.7
82.9
80.6
80.5
76.1

82.6
81.6
80.4
80.5
74.4

83.0
80.6
80.0
79.5
72.8

83.5
80.8
80.6
78.1
71.7

83.0
81.5
80.4
79.6
73.8

2002
2003
2004
2005
2006

72.0
73.6
74.9
78.3
79.3

71.9
73.7
75.5
78.8
78.9

72.4
73.8
75.4
78.3
78.7

72.5
73.2
75.7
78.4
79.0

72.8
73.3
76.4
78.5
78.6

73.6
73.7
75.8
78.5
78.7

73.3
73.9
76.5
78.0
78.4

73.5
73.6
76.8
78.2
78.7

73.5
74.2
76.8
77.3
78.6

73.3
74.3
77.5
78.3
78.2

73.6
75.0
77.4
78.8
78.0

73.2
74.9
77.8
78.8
79.0

72.1
73.7
75.3
78.5
79.0

73.0
73.4
76.0
78.5
78.8

73.4
73.9
76.7
77.9
78.6

73.4
74.7
77.5
78.6
78.4

73.0
73.9
76.4
78.4
78.7

2007
2008
2009
2010
2011

78.4
78.5
65.8
68.1
72.7

78.5
78.0
65.8
68.2
72.8

79.0
77.8
64.7
69.1
73.3

79.3
77.0
64.4
69.8
73.0

79.0
76.6
63.8
70.9
73.1

79.1
76.2
63.7
70.9
73.2

79.0
75.4
64.8
71.4
73.6

78.6
74.6
65.6
71.6
73.9

78.8
72.1
66.3
71.7
74.1

78.5
71.7
66.5
71.9
74.5

78.8
70.1
67.3
72.0
74.2

78.9
67.8
67.2
72.5
74.7

78.6
78.1
65.5
68.5
73.0

79.2
76.6
64.0
70.5
73.1

78.8
74.0
65.5
71.6
73.9

78.7
69.9
67.0
72.1
74.5

78.8
74.6
65.5
70.7
73.6

2012
2013
2014
2015
2016

75.3
74.9
74.2
76.1
75.5

75.5
75.2
75.0
75.7
75.2

75.0
75.1
75.7
76.0
74.9

75.3
74.7
75.6
76.0
74.5

74.9
74.9
75.8
75.9
74.4

75.0
75.1
76.0
75.7
74.5

74.8
74.3
76.3
76.2
74.5

74.6
75.0
76.0
76.0
74.1

74.5
75.1
76.0
75.6
74.3

74.2
75.1
76.0
75.6
74.3

74.6
75.1
76.6
75.4
74.3

75.2
75.1
76.4
75.2
74.5

75.2
75.0
75.0
75.9
75.2

75.1
74.9
75.8
75.9
74.4

74.6
74.8
76.1
75.9
74.3

74.7
75.1
76.3
75.4
74.4

74.9
75.0
75.8
75.8
74.6

2017
2018

74.7
75.0

74.7
75.9

74.3

75.1

74.8

74.8

74.6

74.4

74.2

75.2

75.3

75.2

74.6

74.9

74.4

75.2

74.8

N OTE : Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 2.

23

Table 8
A NNUAL P ROPORTIONS IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY
Item

2010

2011

2012

2013

2014

2015

2016

2017

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

53.2
26.8
5.4
2.6
.2
.8
1.8

52.2
26.2
5.1
2.4
.2
.7
1.8

51.6
25.3
5.1
2.4
.2
.7
1.8

50.8
24.8
5.3
2.5
.2
.7
1.8

52.1
25.4
5.6
2.8
.2
.8
1.9

55.2
27.8
6.3
3.3
.2
.9
2.0

55.5
28.7
6.6
3.5
.2
.9
2.1

54.4
28.0
6.3
3.3
.1
.9
2.0

21.4
16.4
9.1
.3
5.1
1.4
5.0

21.1
15.9
8.7
.3
5.1
1.3
5.2

20.2
15.2
8.5
.2
4.8
1.2
4.9

19.5
14.9
8.5
.2
4.5
1.1
4.7

19.8
15.3
8.7
.2
4.8
1.2
4.5

21.5
16.9
9.6
.2
5.4
1.2
4.5

22.0
17.3
9.9
.2
5.6
1.2
4.7

21.7
16.7
9.7
.2
5.3
1.1
5.0

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

9.3
2.1
2.3
4.9
2.5

9.2
1.9
2.1
5.2
2.3

9.8
2.2
2.2
5.3
2.3

9.6
2.3
2.2
5.1
2.2

9.9
2.6
2.1
5.3
2.2

10.2
2.8
2.2
5.2
2.3

9.7
2.6
2.2
5.0
2.2

9.5
2.5
2.1
4.9
2.1

Construction supplies
Business supplies

4.2
9.8

4.1
9.5

4.2
9.1

4.3
8.8

4.5
8.9

4.9
9.2

5.1
9.3

5.1
9.0

46.8
26.9
15.6
2.5
5.3
7.8
11.2
.5
2.1
5.4
20.0

47.8
27.0
16.0
2.5
5.5
7.9
11.0
.4
2.0
5.5
20.8

48.4
26.6
16.0
2.7
5.4
7.8
10.6
.4
2.0
5.3
21.8

49.2
26.1
15.7
2.8
5.1
7.9
10.4
.4
1.9
5.1
23.1

47.9
26.7
16.3
2.9
5.3
8.1
10.4
.4
1.9
5.0
21.2

44.8
27.7
16.8
3.1
5.3
8.4
10.9
.4
2.0
5.2
17.2

44.5
27.9
16.7
3.1
5.0
8.5
11.3
.4
2.0
5.6
16.6

45.6
27.6
16.3
3.0
4.8
8.5
11.3
.4
1.9
5.8
18.0

321
327
331
332
333
334

73.7
70.8
36.3
.9
1.6
2.7
5.1
5.1
6.0

72.8
70.1
36.1
.9
1.6
2.8
5.3
5.5
5.8

72.0
69.6
36.4
1.0
1.6
2.5
5.3
5.8
5.6

70.6
68.3
36.1
1.1
1.7
2.6
5.4
5.5
5.2

72.1
69.8
37.5
1.2
1.9
2.6
5.5
5.8
5.1

76.3
73.9
39.1
1.3
2.1
2.5
5.7
5.6
5.2

77.0
74.7
38.8
1.4
2.2
2.6
5.6
5.2
5.1

75.5
73.4
37.6
1.4
2.2
2.6
5.5
5.3
4.9

335
3361–3

1.8
4.4

1.8
4.2

1.8
4.4

1.7
4.6

1.8
5.1

1.9
5.8

1.9
6.0

1.8
5.6

3364–9
337
339

4.4
1.0
3.2

4.2
1.0
3.0

4.3
1.0
2.8

4.4
1.0
2.8

4.7
1.1
2.8

4.9
1.2
3.0

4.6
1.3
3.0

4.3
1.2
2.7

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

34.5
11.1
.7
.3
2.6
1.6
3.5
11.7
2.9

34.1
10.6
.7
.3
2.5
1.5
3.9
11.7
2.9

33.2
10.2
.6
.3
2.5
1.4
3.7
11.4
3.0

32.1
10.3
.7
.2
2.5
1.4
3.2
10.8
3.0

32.3
10.5
.7
.2
2.5
1.4
2.8
11.1
3.1

34.7
11.5
.7
.2
2.6
1.5
2.8
12.0
3.5

35.9
11.9
.7
.2
2.6
1.5
2.9
12.4
3.6

35.9
11.7
.6
.2
2.5
1.4
3.4
12.4
3.6

1133,5111

2.9

2.6

2.4

2.3

2.3

2.4

2.3

2.1

21
2211,2
2211
2212

15.9
10.4
9.2
1.2

17.3
9.9
8.7
1.2

18.6
9.4
8.3
1.0

19.9
9.5
8.5
1.1

17.8
10.1
8.9
1.2

13.1
10.7
9.4
1.2

12.2
10.8
9.5
1.3

14.1
10.4
9.0
1.4

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

N OTE : The IP proportion data are estimates of the industries’ relative contributions to the overall change in IP between the reference year and the following year. For example, a
1 percent increase in durable goods manufacturing between 2015 and 2016 would account for a 0.391 percent increase in total IP.

24

Table 9
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

2012=100
Industrial production

2017
Sept.r

Dec.r

2018
Jan.r

Oct.r

Nov.r

Total index
Previous estimates

103.2
104.9

104.8
106.6

105.3
106.9

105.7
107.4

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

100.3
103.5
98.2
104.8
111.0
104.7

101.3
104.8
98.9
105.5
111.5
107.2

101.1
104.5
99.1
106.0
112.0
108.3

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

101.3
103.2
110.1
99.8

102.7
104.6
111.6
102.9

102.9
104.8
113.8
103.3

Feb.r

Oct.r

105.5
107.1

106.5
108.2

.0
.3

1.6
1.6

.5
.3

.4
.5

-.2
-.3

.9
1.1

4.3
4.4

101.4
104.9
98.9
106.8
113.0
108.8

101.8
105.4
99.1
105.6
110.9
108.3

102.2
105.5
99.8
106.5
113.5
109.9

.2
.1
1.0
.4
1.7
-.4

1.0
1.2
.7
.7
.4
2.3

-.2
-.3
.2
.4
.4
1.1

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

.4
.4
.2
-1.1
-1.8
-.4

.4
.1
.7
.8
2.3
1.4

3.8
3.4
4.9
1.9
2.2
5.4

102.9
104.8
114.7
106.1

102.7
104.6
113.2
107.2

104.1
105.9
117.2
102.0

-.1
.2
1.3
-.8

1.4
1.3
1.4
3.2

.2
.2
1.9
.4

.0
.1
.8
2.7

-.2
-.2
-1.3
1.1

1.3
1.2
3.5
-4.9

2.4
2.5
10.1
10.6

Percent of capacity
200809
2017
2017
low
Feb. Sept.r

Average
19722017

198889
high

199091
low

199495
high

Total industry
Previous estimates

79.8
79.8

85.2
85.2

78.8
78.8

85.0
85.0

66.7
66.7

75.1
75.8

Manufacturing (see note below)
Previous estimates

78.3
78.3

85.6
85.6

77.3
77.3

84.6
84.6

63.7
63.7

Mining
Utilities

87.0
85.3

86.3
92.9

84.3
84.4

88.6
92.9

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.0
80.4
76.9

87.8
86.5
83.4

84.7
78.1
77.3

90.0
87.7
80.7

Capacity utilization

Percent change
2018
Nov.r Dec.r Jan.r

2017
Sept.r

Feb.r

Feb. ’17 to
Feb. ’18

Capacity
growth
Oct.r

Nov.r

Dec.r

2018
Jan.r

Feb.r

Feb. ’17 to
Feb. ’18

75.7
76.1

76.8
77.3

77.0
77.5

77.3
77.8

77.0
77.4

77.7
78.1

.9
1.3

74.7
75.6

74.2
75.3

75.2
76.2

75.3
76.3

75.2
76.3

75.0
76.0

75.9
76.9

.8
.8

78.2
78.3

82.0
70.2

85.3
75.2

86.4
77.4

87.9
77.6

88.3
79.6

86.9
80.3

89.7
76.2

.6
1.9

76.4
63.8
66.6

81.5
73.9
74.0

82.5
74.4
74.3

85.4
75.5
74.6

86.6
76.0
74.2

86.8
76.5
74.1

85.6
76.3
74.3

87.7
76.0
75.2

.6
.8
1.2

r Revised.
N OTE . 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 of its industrial output data from the SIC system to NAICS.

25

E XPLANATORY N OTE
A
Im

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. 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−1

s P
P
Im p m
Im pm−1
P
P
=
×
Im−1 pm−1

Im−1 pm

The IP proportions (typically shown in the first column of the relevant
tables in the monthly 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 the manufacturing, mining, and electric and gas utilities
industries; the reference period for the index is 2012. Manufacturing
consists of those industries included in the North American Industry
Classification System, or NAICS, definition of manufacturing plus
those industries—logging and newspaper, periodical, book, and
directory publishing—that have traditionally been considered to be
manufacturing and included in the industrial sector. For the period
since 1997, the total IP index has been constructed from 300
individual series based on the 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 at
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 74 percent of the
source data (in value-added terms) are available; the fraction of
available source data increases to 85 percent for estimates in the
second month that the estimate is published, 95 percent in the third
month, 96 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 2017 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2017; the numbers may not sum because of
rounding.)
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 typically 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 semiconductors. When suitable data on physical 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 U.S.
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

56

56

Production-worker hours

41

41

41

41

41

41

IP data received

74

85

95

96

97

97

IP data estimated

26

15

5

4

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 more than one-half
of the series (in terms of value added) that ultimately are based on
physical product data (32 percent out of a total of 56 percent). Of the
27 percent, about four-fifths (25 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-13 ARIMA. For series based on production-worker hours,
the current seasonal factors were estimated with data through January
2018; for other series, the factors were estimated with data through at
least December 2017. Series are pre-adjusted for the effects of
holidays or the business cycle when appropriate. For the data since
1972, all seasonally adjusted aggregate indexes are calculated by
aggregating the seasonally adjusted indexes of the individual series.
Additional documentation and X-13 specifications can be found on
the Board’s website at
www.federalreserve.gov/releases/G17/About.htm.

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 Bulletin February 1997 and March 2001.) In the IP index,
series that measure the output of an individual industry are combined
using weights derived from their proportion in the total value-added
output of all industries. The IP index, which extends back to 1919, is
built as a chain-type index since 1972. The current formula for the
growth in monthly IP (or any of the sub-aggregates) since 1972 is the
geometric mean of the change in output (I), and, as can be seen
below, is computed using the unit value added estimate for the current
month (pm ) and the estimate for previous month:

Reliability. The average revision to the level of the total IP index,
without regard to sign, between the first and the fourth estimates was
0.27 percent during the 1987–2017 period. The average revision to
the percent change in total IP, without regard to sign, from the first to
the fourth estimates was 0.22 percentage point during the 1987–2017

26

establishments covered by the annual Survey of Plant Capacity (the
primary source of factory operating rates through 2006, after which it
was discontinued) for the fourteen years they overlapped.
Adjustments have been made to keep the industry utilization rates
currently reported by the Federal Reserve (now based on the QSPC)
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 Census utilization surveys.

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.
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

Perspective. Over the 1972–2017 period, the average total industry
utilization rate was 79.8 percent; for manufacturing, the average
factory operating rate was 78.3 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
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.

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.

R EFERENCES AND R ELEASE DATES
References. The release for the annual revision that was published on
March 23, 2018, 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.

Coverage. 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, or 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—logging and newspaper, periodical, book, and directory
publishing —that have traditionally been considered to be
manufacturing and included in the industrial sector. Also, special
aggregates are available, such as high-technology industries and
manufacturing excluding high-technology industries.
Source Data. The monthly rates of capacity utilization are designed
to be consistent with both the monthly data on production and the
periodically available data on capacity and utilization. Because there
is no direct monthly information on overall industrial capacity or
utilization rates, the Federal Reserve first estimates annual capacity
indexes from the source data. Capacity data reported in physical units
from government sources (primarily from the U.S. Geological Survey
and the Department of Energy’s Energy Information Administration)
and trade sources are available for portions of several industries in
manufacturing (for example, paper, industrial chemicals, petroleum
refining, motor vehicles), as well as for electric utilities and mining;
these industries represent about 27 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 about 64 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 9
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
In 2018, the G.17 will be published at 9:15 a.m. on:
January 17, February 15, March 16, April 17, May 16, June 15, July
17, August 15, September 14, October 16, 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 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.

This release schedule is available on the Board’s website at
http://www.federalreserve.gov/releases/g17.

Consistency. A major aim is that the Federal Reserve utilization rates
be consistent over time so that, for example, a rate of 85 percent
means about the same degree of tightness that it meant in the past. A
major task for the Federal Reserve in developing reasonable and
consistent time series of capacity and utilization is dealing with
inconsistencies between the movements of the industrial production
index and the survey-based utilization rates. The McGraw-Hill/DRI
Survey, now discontinued, was the primary source of manufacturing
utilization rates for many years. This survey of large companies
reported, on average, higher utilization rates than those reported by

27

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