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FEDERAL RESERVE statistical release
G.17 (419) 2019 Historical and Annual Revision

For release at 12:00 noon (EDT)
March 27, 2019

Industrial Production and Capacity Utilization: The 2019 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 the growth rates for total IP for recent years were
small and positive, with the estimates for 2016 and 2017 a bit higher and the estimates for 2015 and 2018
slightly lower.2 Total IP is still reported to have increased from the end of the recession in mid-2009 through late
2014 before declining in 2015 and rebounding in mid-2016. Subsequently, the index advanced around
7 1/2 percent over 2017 and 2018.
Capacity for total industry expanded modestly in each year from 2015 to 2017 before advancing
1 1/2 percent in 2018; it is expected to advance about 2 percent in 2019. Revisions for recent years were very
small and showed slightly less expansion in most years relative to earlier reports.
In the fourth quarter of 2018, capacity utilization for total industry stood at 79.4 percent, about
percentage point above its previous estimate and about 1/2 percentage point below its long-run (1972–2018)
average. The utilization rate in 2017 is also higher than its previous estimate.

3/4

This revision incorporated newly available annual data on output and prices. The IP indexes for
publishing reflect new data for 2017 and revised data for 2016 from the U.S. Census Bureau’s Service Annual
Survey, and the IP indexes for logging were updated with 2017 data from the U.S. Forest Service. In addition,
the indexes for metallic and nonmetallic minerals were updated with revised annual data for 2017 from the U.S.
Geological Survey (USGS). The nominal benchmark data used for manufacturing industries—the Census
Bureau’s Census of Manufactures—are not yet available for 2017. However, data on prices from the Bureau of
Labor Statistics (BLS) were 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. These data include direct measures of output as well as the benchmark revisions to
production-worker hours from the BLS’s Current Employment Statistics report.3 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 2018, along with new data on
capacity from the USGS, the Energy Information Administration (EIA), and other organizations.
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 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 they were 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.
3 Production-worker hours are used as output indicators for IP indexes for which no direct measures of production are available.

1

RESULTS OF THE REVISION
Industrial Production
Manufacturing output edged up in 2016 before advancing more than 2 percent in both 2017 and 2018.
Compared with previous reports, the gain in 2018 is a little smaller, while the rates of change for 2017 and 2016
are larger. Despite the net upward revision, manufacturing IP in February 2019 was about 4 1/2 percent below its
pre-recession peak.
The revised contour for mining output is little different from before: Output dropped significantly in 2015
and 2016 but then jumped more than 10 percent in both 2017 and 2018. The output of utilities advanced
moderately in 2016 through 2018; the gains in 2016 and 2018 are now reported to be slightly weaker than before,
while the gain in 2017 is stronger.
Production by Industry Group
The output of durable manufacturing industries edged down in 2016 before rising about 2 1/2 percent and
4 percent in 2017 and 2018, respectively. The output of nondurable goods increased about 3/4 percent in 2016,
jumped more than 2 1/2 percent in 2017, and then moved up about 3/4 percent again in 2018. For both durable and
nondurable manufacturing, current estimates of growth rates are slightly higher for 2016 and 2017 and slightly
lower in 2018 than previously reported. The revisions for the 2016–18 period were generally small and were
widespread across industries.
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 in every year
from 2014 to 2018. Relative to earlier reports, the index now declines more steeply in 2015 and 2018 and less
steeply in 2016 and 2017.
Production by Market Group
The index for consumer goods has increased in each of the past six years, with the revised index growing
at roughly the same pace as the previously published index over this period. Likewise, the index for business
equipment was little revised; it increased 4.0 percent or more in both 2017 and 2018 after falling in the previous
two years. The indexes for construction supplies and business supplies have increased in each of the past three
years, with somewhat stronger gains in 2016 and 2017 and weaker gains in 2018 than what was previously
published. The revisions to the output of defense and space equipment are more notable; the index is now
estimated to have fallen significantly more slowly in 2017 and to have risen less steeply in 2018. The index for
materials has increased sharply in each of the past two years, with the gain in 2017 a bit faster than previously
reported.
Capacity
Manufacturing capacity contracted slightly in 2015 but then increased modestly in subsequent years, with
annual increases averaging about 3/4 percent. These rates of changes are generally a little lower than previously
reported values. The capacity indexes for durables and nondurables have increased in recent years, while
capacity for “other manufacturing” (logging and publishing) has declined fairly steeply.
Capacity at mines declined nearly 3 percent in 2016 but then edged up in 2017 and jumped 7 percent in
2018; it is expected to advance 5 percent in 2019. Capacity was previously reported to have fallen in 2017, and
the rates of change for 2016 and 2018 were also revised up. Capacity at utilities is reported to have increased
about 1 1/2 percent per year from 2016 to 2018; these rates of increase are modestly lower than reported earlier.
2

Capacity Utilization
Capacity utilization for total industry declined in 2016 but rose in 2017 and 2018.4 The increases in 2017
and 2018 resulted from sizable gains in the rates for mining and from smaller advances in the rates for both
manufacturing and utilities. Compared with earlier estimates, capacity utilization for total industry is now
reported to have been somewhat lower in 2015 but higher in 2017 and 2018.
Utilization at manufacturers fell in 2016 and increased in 2017 and 2018; for the fourth quarter of 2018,
the utilization rate is estimated to have been around 1 1/4 percentage points below its long-run average. The rates
for 2017 and 2018 are now reported to be higher than published earlier. By the fourth quarter of 2018, the
utilization rate for durables was about the same as its long-run average. By contrast, the utilization rate for
nondurable manufacturing remained below its long-run average at the end of 2018 and had been so for several
years. The utilization rate for “other manufacturing” industries has been declining for many years; at the end of
2018, it stood far below its long-run average.
Capacity utilization rates for mining fell in 2016 before rising sharply in 2017 and advancing further in
2018. The gains in 2017 and 2018 were largely due to output increases for oil and gas extraction, drilling, and
servicing that outstripped capacity growth. By the end of 2018, the utilization rate for mining stood 5 percentage
points above its long-run average of 87.1 percent. Relative to the previously published rates, utilization at mines
for 2018 is about 2 1/2 percentage points lower; revisions to other recent years were smaller. The operating rate
for utilities has been well below its long-run average for the past several years. Compared with the previous
estimates, utilization rates for utilities are slightly lower in 2015 and 2016 and somewhat higher in 2017 and
2018.
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 or revised 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 and industry structure used to
construct the indexes.
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 for the cost of materials for manufacturing
industries, which can be summed to obtain nominal gross output. The Census Bureau has not yet published the
2017 Census of Manufactures, so new nominal benchmark data are not available for manufacturing.
New annual data were incorporated for several non-manufacturing industries. The benchmark indexes for
metallic and nonmetallic mineral mining were updated with revised 2017 data from the USGS, and the
4 Unless

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

3

benchmark indexes for logging and publishing were advanced through 2017 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 with the related producer price indexes
(PPIs) from the BLS.5 However, for a few selected industries, the annual price deflators are constructed by the
Federal Reserve.6
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.
Individual IP measures are combined into more aggregate measures using weights based on the value added from
the industry (calculated as gross output less cost of materials). Value-added weights are used to avoid double
counting the contributions of upstream producers in the output of their downstream consumers (for example, to
avoid double counting the contributions of steel used in automobile production). For IP indexes in manufacturing
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 Annual Survey of Manufactures. For IP indexes that cover only part of a six-digit
NAICS industry, the aggregation weights are 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
are used to determine the share of an industry’s value added that is 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. For the years between the quinquennial Economic Censuses, measures of value added for
mining 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.
Revised Quarterly and Monthly Data
This revision incorporated source data on production, shipments, inventories, and production-worker
hours 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
2018 and from other industry reports.
5 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 computer storage devices
are available on the Board’s website at https://www.federalreserve.gov/releases/g17.
6 For

4

Revised Seasonal Factors
Seasonal factors for production-worker hours—which adjust for timing, holiday, and monthly seasonal
patterns—were updated with data through January 2019. The updated factors for the physical product series,
which include adjustments for holiday and workday patterns, used data through December 2018 where available.
Seasonal factors for unit motor vehicle assemblies have been updated, and projections through June 2020
are available on the Board’s website at https://www.federalreserve.gov/releases/g17/mvsf.htm. These factors are
based on production data through January 2019 and were revised back to January 2014. The seasonal factors
explicitly incorporate the holiday schedule for the industry specified in the latest collective bargaining
agreements with domestic manufacturers.
Methodological Changes to Individual Production and Capacity Indexes
Consolidation of Production Indexes for Wool Fabrics and for Cotton and Synthetic Fabrics
This revision combines the indexes for wool fabrics (NAICS 31321pt.) and cotton and synthetic fabrics
(NAICS 31321pt.) into a consolidated index for broadwoven fabric mills (NAICS 31321).7 The individual
indexes for both wool fabrics and cotton and for synthetic fabrics used production-worker hours as an indicator
of output for the period from 2003 to the present, and the consolidated index relies on production-worker hours.
For the period prior to 2003, the monthly index relies on data from other sources (a combination of physical
product data and electric power usage).
Change in Source Data for Four Production Indexes
With this revision, four indexes that previously were based on physical product data are now based on
production-worker hours. The changes occurred because the issuing organizations discontinued the reports from
which the physical product data were derived. The affected indexes include artificial and synthetic fibers and
filaments (NAICS 32522); copper refining (NAICS 33141pt.); copper rolling, drawing, extruding, and alloying
(NAICS 33142); and office furniture (NAICS 3372). For office furniture, the monthly production index is based
on physical product data for the period from 1972 to 2012 and on production-worker hours thereafter. The other
three indexes are based on physical product data from 1972 to 2017 and on production-worker hours thereafter.
New Annual Data for Military Aircraft Production Index
The monthly production index for military aircraft (NAICS 336411pt.) is based on production-worker
hours for overall aircraft and is influenced by the value of expected and actual annual deliveries for different
types of military aircraft for years when benchmark data are not yet available. Prior to this revision, the sources
for the value of deliveries were manufacturers’ reports for certain aircraft models. The source data used in this
revision also include information on deliveries and prices from Aviation Week that were not used previously.
Changes to Capacity Index for Artificial and Synthetic Fibers and Filaments
With this revision, the capacity index for artificial and synthetic fibers and filaments (NAICS 32522) for
the period beginning in 2017 is based on data from the Census Bureau’s Quarterly Survey of Plant Capacity and
Utilization. For the period prior to 2017, the capacity index remains based on data for capacity in pounds from
the Fiber Economics Bureau.
7 Industry

codes followed by “pt.” indicate that the index covers only part of the entire NAICS code listed.

5

Updated Base Year for Gross Value of Output Measures
This revision updates the base year used in the published measures of gross value of final products and
nonindustrial supplies. The measures are now reported in billions of 2012 dollars, which is consistent with the
measures reported in the national income and product accounts published by the BEA.

Data Availability and Publication Changes
Files containing the revised data and the text and tables from this
available on the Board’s website at https://www.federalreserve.gov/releases/g17,
dated data for the annual revision and for all of the regularly issued series
pacity, and capacity utilization.
Other changes are listed on the Board’s
https://www.federalreserve.gov/releases/g17/g17 revision series.htm.

6

release are
as are upon IP, cawebsite at

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

160
140
120

100

Capacity

80
Production
60

40

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

Percent of capacity

20

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).

7

2020

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

2020

Percent of capacity

20

90
86
82
78

Utilization
74
70
66
1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

Notes: Manufacturing consists of those industries 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.
The shaded areas represent periods of business recession as defined by the NBER.

8

62

3. Industrial production of selected industries
Industrial production

Ratio scale, 2012 output = 100
120
110
100

Excluding
high-technology
industries

90
80
70
Total IP

60
55
50
45

1975

1980

1985

1990

1995

2000

2005

Industrial production

2010

2015

40

Ratio scale, 2012 output = 100
140
120
Non-Energy

100
90
80

Energy

70
60
50
45
40

1975

1980

1985

1990

1995

2000

2005

Industrial production

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.

9

4. Consumer goods
Total

Ratio scale, 2012 output = 100
Revised
Earlier

120
110
100
90
80

Detail: 2016 to present
110

70

105

60

50
100

1970

1975

1980

1985

1990

2016

2017

1995

2000

2018

Components of consumer goods

2019

2005

2010

2015

Ratio scale, 2012 output = 100

Revised durable
Revised nondurable
Earlier

40

135

115

95

75

Detail: 2016 to present
125
120
115

55

110
105
100

2016

1970

1975

1980

1985

1990

1995

2017

2000

2018

2005

2019

2010

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

10

95

2015

35

5. Equipment
Ratio scale, 2012 output = 100

Total

130
110
90

Revised
Earlier

70
Detail: 2016 to present

50

105
100

30

95
90

2016

1970

1975

1980

1985

1990

1995

2000

2017

2018

2005

2019

2010

85

10

2015

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

Business equipment

Ratio scale, 2012 output = 100

Detail: 2016 to present

105

130
110
90
70
50

100

30
95

2016

1970

1975

1980

1985

1990

1995

2000

Defense and space equipment

2017

2018

2005

2019

2010

90

10

2015

Ratio scale, 2012 output = 100

110
90
70

Detail: 2016 to present

105
95

2016

1970

1975

1980

1985

1990

1995

2000

2005

2017

2018

2010

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

11

2019

2015

50

85

30

6. Nonindustrial supplies
Total

Ratio scale, 2012 output = 100
Revised
Earlier

140
120
100

Detail: 2016 to present

110

80
105

60

2016

1970

1975

1980

1985

1990

1995

2017

2000

2018

2005

Construction supplies

2010

100

2019

40

2015

Ratio scale, 2012 output = 100

150
130
110

Detail: 2016 to present

90

120
115

70

110
2016

1970

1975

1980

1985

1990

1995

2017

2018

2000

Business supplies

105

2019

2005

2010

50

2015

Ratio scale, 2012 output = 100

130
110
90

Detail: 2016 to present

106

70
104
102

2016

1970

1975

1980

1985

1990

1995

2000

2017

2005

2018

2010

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

12

2019

2015

50

100

30

7. Industrial materials
Total

Ratio scale, 2012 output = 100
Revised
Earlier

120

90
Detail: 2016 to present

120

70

115
110

50

105

2016

1975

1980

1985

1990

1995

2000

2017

2018

2005

Energy materials

2019

2010

100

2015

30

Ratio scale, 2012 output = 100
140
120
100

80

1975

1980

1985

1990

1995

2000

2005

Non-energy materials

2010

2015

Ratio scale, 2012 output = 100

60

110
90

Detail: 2016 to present

110

70

106
102

2016

1975

1980

1985

1990

1995

2000

2017

2005

2018

2019

2010

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

13

50

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.

14

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)
1989
1990
1991
1992

.3
-.7
-.4
-.6

-.5
1.0
-.7
.7

.2
.5
-.5
.8

.1
-.2
.2
.8

-.7
.2
1.0
.3

.0
.3
.9
.0

-.9
-.1
.1
.9

.9
.3
.1
-.5

-.3
.1
.9
.2

-.1
-.8
-.2
.7

.3
-1.2
-.1
.4

.6
-.7
-.4
.1

1.8
2.7
-7.3
-.4

-1.4
3.0
2.4
7.3

-2.4
1.7
5.8
3.1

1.7
-6.1
.9
4.3

.9
1.0
-1.5
2.9

1993
1994
1995
1996
1997

.4
.4
.2
-.7
.1

.4
.0
-.2
1.5
1.2

-.1
1.0
.1
-.1
.7

.4
.6
-.1
.9
.0

-.3
.5
.3
.7
.6

.2
.6
.3
.8
.5

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

-.1
.6
1.3
.6
1.0

.5
.4
.4
.7
.9

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

.4
.6
.3
.9
.9

.5
1.1
.4
.6
.3

3.6
5.1
4.2
2.7
7.9

.9
7.4
1.3
8.9
5.8

1.6
5.2
3.7
5.3
9.5

6.2
8.6
3.5
5.7
10.4

3.3
5.3
4.6
4.5
7.2

1998
1999
2000
2001
2002

.5
.5
.0
-.6
.6

.1
.5
.3
-.6
.0

.1
.2
.4
-.2
.8

.4
.3
.7
-.3
.4

.6
.7
.2
-.6
.4

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

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

2.1
.4
-.3
-.1
.0

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

.8
1.3
-.3
-.4
-.3

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

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

4.6
4.5
4.1
-5.2
3.0

2.7
3.9
4.9
-5.0
6.4

3.0
3.6
-.4
-5.4
2.4

5.9
7.3
-.8
-4.1
-.1

5.8
4.4
3.9
-3.1
.4

2003
2004
2005
2006
2007

.8
.3
.5
.1
-.5

.1
.6
.7
.0
1.0

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

-.7
.5
.2
.4
.7

.0
.8
.1
-.1
.0

.2
-.8
.4
.4
.0

.4
.8
-.3
.0
.0

-.1
.1
.3
.4
.2

.6
.1
-1.9
-.2
.4

.1
1.0
1.3
-.1
-.4

.8
.2
1.0
-.1
.6

-.1
.7
.6
1.0
.0

2.5
2.8
5.9
3.8
3.6

-3.0
2.3
2.0
2.4
5.0

2.7
2.2
-1.8
1.5
1.1

4.0
5.8
3.9
.9
1.2

1.3
2.7
3.3
2.3
2.5

2008
2009
2010
2011
2012

-.3
-2.4
1.2
-.1
.6

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

-.2
-1.6
.7
1.0
-.5

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

-.6
-1.0
1.5
.2
.2

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

-.5
1.1
.4
.5
.3

-1.5
1.1
.3
.6
-.5

-4.3
.8
.2
.0
.0

1.0
.3
-.3
.7
.2

-1.3
.4
.0
-.1
.5

-2.9
.3
1.0
.6
.4

-1.5
-20.6
8.1
2.3
3.9

-5.8
-10.9
8.1
1.6
2.6

-12.5
6.1
5.3
4.8
.0

-16.0
6.4
1.3
4.0
2.1

-3.5
-11.5
5.5
3.1
3.0

2013
2014
2015
2016
2017

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

.6
.8
-.5
-.7
-.4

.4
1.0
-.3
-.8
.7

-.2
.0
-.6
.1
.9

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

.2
.4
-.3
.4
.2

-.4
.2
.6
.3
.0

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

.5
.3
-.4
.0
.0

-.2
.0
-.4
.2
1.5

.3
.8
-.7
-.2
.5

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

3.2
3.1
-3.0
-2.1
2.4

1.7
5.5
-5.3
-2.3
5.6

1.4
2.4
-.1
1.8
-.8

2.8
2.7
-5.1
1.3
7.5

2.0
3.1
-1.0
-2.0
2.3

2018
2019

-.3
-.1

.4
.0

.6

.9

-.8

.8

.4

.8

.1

.1

.7

-.1

2.3

4.6

5.2

3.7

3.9

IP (2012=100)
1989
1990
1991
1992

64.0
63.4
62.9
63.3

63.7
64.0
62.4
63.8

63.9
64.4
62.1
64.3

63.9
64.3
62.2
64.8

63.5
64.4
62.9
65.0

63.5
64.6
63.4
65.0

62.9
64.5
63.5
65.6

63.5
64.7
63.6
65.3

63.3
64.8
64.1
65.4

63.3
64.3
64.0
65.9

63.5
63.6
63.9
66.2

63.8
63.2
63.7
66.3

63.9
63.9
62.5
63.8

63.6
64.4
62.8
65.0

63.2
64.7
63.7
65.5

63.5
63.7
63.9
66.1

63.6
64.2
63.2
65.1

1993
1994
1995
1996
1997

66.6
68.8
73.4
74.7
79.8

66.9
68.8
73.3
75.8
80.8

66.8
69.5
73.4
75.8
81.3

67.0
69.9
73.4
76.5
81.4

66.8
70.2
73.6
77.0
81.8

66.9
70.7
73.9
77.7
82.2

67.1
70.8
73.6
77.6
82.9

67.0
71.2
74.5
78.0
83.7

67.3
71.5
74.8
78.6
84.5

67.9
72.1
74.7
78.5
85.2

68.1
72.5
74.9
79.2
85.9

68.5
73.3
75.2
79.7
86.2

66.7
69.0
73.4
75.4
80.7

66.9
70.3
73.6
77.0
81.8

67.1
71.2
74.3
78.0
83.7

68.2
72.6
74.9
79.1
85.8

67.2
70.8
74.0
77.4
83.0

1998
1999
2000
2001
2002

86.6
89.9
94.2
94.5
91.1

86.8
90.3
94.5
93.9
91.1

86.8
90.5
94.8
93.7
91.8

87.1
90.7
95.5
93.4
92.2

87.7
91.4
95.6
92.9
92.6

87.1
91.2
95.7
92.3
93.4

86.8
91.8
95.6
91.8
93.2

88.6
92.2
95.3
91.7
93.2

88.5
91.8
95.7
91.3
93.4

89.2
93.0
95.4
90.9
93.1

89.1
93.4
95.4
90.5
93.6

89.4
94.2
95.2
90.5
93.1

86.7
90.2
94.5
94.1
91.3

87.3
91.1
95.6
92.9
92.7

88.0
91.9
95.5
91.6
93.3

89.2
93.5
95.3
90.6
93.3

87.8
91.7
95.2
92.3
92.6

2003
2004
2005
2006
2007

93.8
95.1
98.8
101.1
102.5

94.0
95.7
99.5
101.1
103.5

93.7
95.2
99.3
101.3
103.8

93.1
95.6
99.5
101.7
104.5

93.1
96.4
99.6
101.6
104.5

93.2
95.6
100.0
102.0
104.6

93.7
96.3
99.7
101.9
104.5

93.5
96.4
99.9
102.3
104.8

94.1
96.5
98.1
102.1
105.2

94.2
97.4
99.3
102.1
104.7

94.9
97.6
100.3
102.0
105.3

94.9
98.3
100.9
103.0
105.3

93.8
95.3
99.2
101.1
103.3

93.1
95.9
99.7
101.7
104.5

93.8
96.4
99.2
102.1
104.8

94.7
97.8
100.2
102.4
105.1

93.8
96.4
99.6
101.8
104.4

2008
2009
2010
2011
2012

105.1
91.0
91.7
95.9
99.4

104.7
90.5
92.0
95.5
99.6

104.5
89.0
92.6
96.5
99.2

103.7
88.3
92.9
96.1
99.9

103.1
87.4
94.3
96.3
100.1

102.8
87.1
94.4
96.6
100.1

102.3
88.0
94.9
97.1
100.3

100.7
89.0
95.1
97.7
99.9

96.4
89.7
95.4
97.6
99.9

97.3
90.0
95.1
98.3
100.1

96.1
90.3
95.1
98.2
100.6

93.3
90.6
96.1
98.8
101.0

104.7
90.2
92.1
96.0
99.4

103.2
87.6
93.9
96.4
100.0

99.8
88.9
95.1
97.5
100.0

95.5
90.3
95.4
98.5
100.6

100.8
89.2
94.1
97.1
100.0

2013
2014
2015
2016
2017

100.8
102.7
106.0
103.0
103.0

101.4
103.6
105.4
102.2
102.6

101.8
104.6
105.1
101.4
103.3

101.6
104.6
104.5
101.5
104.3

101.7
105.0
104.1
101.4
104.4

102.0
105.4
103.7
101.9
104.6

101.5
105.6
104.3
102.1
104.5

102.2
105.5
104.2
102.0
104.0

102.7
105.8
103.8
102.0
104.1

102.5
105.8
103.4
102.2
105.6

102.8
106.7
102.7
102.1
106.2

103.2
106.5
102.1
102.9
106.5

101.3
103.6
105.5
102.2
103.0

101.8
105.0
104.1
101.6
104.4

102.1
105.6
104.1
102.1
104.2

102.8
106.3
102.7
102.4
106.1

102.0
105.2
104.1
102.1
104.4

2018
2019

106.3
110.4

106.6
110.5

107.3

108.2

107.4

108.2

108.7

109.5

109.7

109.8

110.6

110.5

106.7

107.9

109.3

110.3

108.6

Year

N OTE : Estimates from October 2018 through February 2019 are subject to further revision in the upcoming monthly releases.
1. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

15

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)
1989
1990
1991
1992

75.2
77.1
78.6
79.8

75.3
77.2
78.7
80.0

75.4
77.4
78.8
80.2

75.5
77.6
78.9
80.3

75.7
77.7
79.0
80.5

75.8
77.9
79.1
80.7

76.0
78.0
79.1
80.8

76.2
78.1
79.2
81.0

76.4
78.2
79.3
81.2

76.5
78.3
79.4
81.3

76.7
78.5
79.6
81.5

76.9
78.5
79.7
81.6

75.3
77.2
78.7
80.0

75.7
77.7
79.0
80.5

76.2
78.1
79.2
81.0

76.7
78.4
79.6
81.5

76.0
77.9
79.1
80.8

1993
1994
1995
1996
1997

81.8
83.4
86.5
90.5
95.7

81.9
83.6
86.8
90.9
96.2

82.0
83.8
87.1
91.3
96.7

82.1
84.0
87.4
91.8
97.2

82.3
84.3
87.7
92.2
97.7

82.4
84.5
88.0
92.6
98.3

82.5
84.8
88.4
93.0
98.8

82.6
85.1
88.7
93.5
99.4

82.7
85.4
89.0
93.9
100.0

82.9
85.6
89.4
94.4
100.6

83.1
85.9
89.8
94.8
101.3

83.2
86.2
90.1
95.3
101.9

81.9
83.6
86.8
90.9
96.2

82.3
84.3
87.7
92.2
97.7

82.6
85.1
88.7
93.5
99.4

83.1
85.9
89.8
94.8
101.3

82.5
84.7
88.2
92.9
98.7

1998
1999
2000
2001
2002

102.6
109.7
114.8
119.4
123.0

103.3
110.1
115.2
119.8
123.2

103.9
110.6
115.6
120.1
123.4

104.6
111.1
116.0
120.5
123.5

105.3
111.5
116.3
120.8
123.6

105.9
111.9
116.7
121.1
123.7

106.5
112.3
117.1
121.4
123.8

107.1
112.8
117.5
121.7
123.8

107.6
113.2
117.9
122.0
123.8

108.2
113.6
118.3
122.3
123.8

108.7
114.0
118.6
122.6
123.8

109.2
114.4
119.0
122.8
123.8

103.3
110.1
115.2
119.7
123.2

105.2
111.5
116.3
120.8
123.6

107.1
112.7
117.5
121.7
123.8

108.7
114.0
118.6
122.6
123.8

106.1
112.1
116.9
121.2
123.6

2003
2004
2005
2006
2007

123.8
123.3
123.5
125.3
128.1

123.7
123.3
123.6
125.5
128.4

123.7
123.3
123.7
125.6
128.7

123.6
123.3
123.8
125.8
129.0

123.6
123.3
124.0
126.0
129.2

123.5
123.2
124.1
126.2
129.5

123.5
123.2
124.3
126.4
129.6

123.4
123.2
124.5
126.7
129.8

123.4
123.3
124.6
126.9
129.9

123.4
123.3
124.8
127.2
129.9

123.4
123.3
125.0
127.5
129.9

123.4
123.4
125.1
127.8
129.9

123.7
123.3
123.6
125.5
128.4

123.6
123.3
124.0
126.0
129.2

123.5
123.2
124.5
126.7
129.8

123.4
123.3
125.0
127.5
129.9

123.5
123.3
124.3
126.4
129.3

2008
2009
2010
2011
2012

129.8
130.1
129.5
126.9
128.7

129.7
130.3
129.2
126.9
129.0

129.6
130.4
128.9
127.0
129.2

129.5
130.5
128.6
127.0
129.5

129.5
130.5
128.3
127.1
129.7

129.4
130.6
128.0
127.2
129.9

129.4
130.5
127.8
127.4
130.1

129.5
130.5
127.5
127.6
130.4

129.6
130.3
127.4
127.8
130.6

129.7
130.2
127.2
128.0
130.8

129.8
130.0
127.1
128.2
131.0

130.0
129.7
127.0
128.5
131.2

129.7
130.3
129.2
126.9
129.0

129.5
130.5
128.3
127.1
129.7

129.5
130.4
127.6
127.6
130.4

129.8
129.9
127.1
128.2
131.0

129.6
130.3
128.0
127.5
130.0

2013
2014
2015
2016
2017

131.4
133.0
134.9
135.7
136.4

131.6
133.1
135.0
135.7
136.5

131.7
133.3
135.2
135.8
136.5

131.9
133.4
135.3
135.8
136.5

132.1
133.5
135.3
135.9
136.6

132.2
133.7
135.4
136.0
136.6

132.3
133.9
135.5
136.0
136.6

132.4
134.1
135.5
136.1
136.6

132.6
134.3
135.5
136.2
136.7

132.7
134.4
135.6
136.3
136.7

132.8
134.6
135.6
136.3
136.8

132.9
134.8
135.6
136.4
136.8

131.6
133.1
135.0
135.7
136.5

132.1
133.5
135.3
135.9
136.6

132.4
134.1
135.5
136.1
136.6

132.8
134.6
135.6
136.3
136.8

132.2
133.8
135.4
136.0
136.6

2018
2019

136.9
139.4

137.0
139.6

137.2

137.3

137.5

137.7

137.9

138.1

138.4

138.6

138.9

139.1

137.0

137.5

138.2

138.9

137.9

Utilization (percent)
1989
1990
1991
1992

85.1
82.3
80.0
79.3

84.6
82.9
79.3
79.7

84.7
83.1
78.8
80.2

84.6
82.9
78.9
80.7

83.9
82.9
79.6
80.8

83.7
83.0
80.2
80.6

82.8
82.7
80.2
81.2

83.4
82.9
80.2
80.6

82.9
82.8
80.8
80.6

82.6
82.1
80.6
81.1

82.7
81.0
80.4
81.2

83.0
80.4
79.9
81.2

84.8
82.8
79.4
79.8

84.1
82.9
79.6
80.7

83.0
82.8
80.4
80.8

82.8
81.2
80.3
81.2

83.7
82.4
79.9
80.6

1993
1994
1995
1996
1997

81.4
82.4
84.9
82.5
83.4

81.6
82.3
84.4
83.4
84.0

81.4
82.9
84.3
82.9
84.1

81.6
83.1
83.9
83.3
83.7

81.2
83.3
83.9
83.5
83.7

81.2
83.6
83.9
83.9
83.7

81.3
83.5
83.3
83.4
83.9

81.1
83.7
84.0
83.5
84.2

81.4
83.7
84.0
83.6
84.5

81.9
84.2
83.6
83.2
84.7

82.0
84.4
83.4
83.5
84.9

82.3
85.0
83.4
83.7
84.6

81.5
82.5
84.5
82.9
83.8

81.3
83.4
83.9
83.6
83.7

81.3
83.6
83.8
83.5
84.2

82.1
84.5
83.5
83.5
84.7

81.5
83.5
83.9
83.4
84.1

1998
1999
2000
2001
2002

84.5
81.9
82.1
79.2
74.0

84.0
82.0
82.0
78.4
73.9

83.5
81.8
82.0
78.0
74.4

83.3
81.7
82.3
77.6
74.6

83.3
81.9
82.2
76.9
74.9

82.3
81.5
82.0
76.2
75.5

81.5
81.7
81.6
75.6
75.3

82.8
81.7
81.1
75.3
75.3

82.2
81.1
81.2
74.8
75.4

82.4
81.9
80.7
74.3
75.2

82.0
82.0
80.4
73.8
75.6

81.9
82.3
80.0
73.7
75.2

84.0
81.9
82.0
78.6
74.1

83.0
81.7
82.2
76.9
75.0

82.2
81.5
81.3
75.2
75.3

82.1
82.1
80.4
74.0
75.3

82.8
81.8
81.5
76.2
74.9

2003
2004
2005
2006
2007

75.8
77.1
80.0
80.7
80.0

75.9
77.6
80.5
80.6
80.6

75.8
77.2
80.3
80.6
80.6

75.3
77.6
80.3
80.8
81.0

75.3
78.2
80.3
80.6
80.9

75.5
77.6
80.5
80.8
80.8

75.8
78.2
80.2
80.6
80.6

75.8
78.2
80.3
80.8
80.7

76.2
78.3
78.7
80.5
81.0

76.3
79.0
79.6
80.2
80.6

76.9
79.1
80.3
80.0
81.1

76.9
79.7
80.7
80.6
81.1

75.9
77.3
80.2
80.6
80.4

75.4
77.8
80.4
80.7
80.9

75.9
78.2
79.7
80.6
80.8

76.7
79.3
80.2
80.3
80.9

76.0
78.2
80.1
80.6
80.8

2008
2009
2010
2011
2012

80.9
70.0
70.8
75.6
77.2

80.7
69.4
71.2
75.3
77.2

80.6
68.3
71.8
76.0
76.7

80.0
67.7
72.3
75.7
77.2

79.6
67.0
73.5
75.8
77.2

79.5
66.7
73.8
75.9
77.0

79.0
67.4
74.2
76.2
77.1

77.8
68.2
74.6
76.6
76.6

74.4
68.8
74.9
76.4
76.5

75.0
69.1
74.8
76.8
76.6

74.0
69.5
74.9
76.6
76.8

71.7
69.9
75.6
76.9
77.0

80.8
69.2
71.3
75.6
77.1

79.7
67.1
73.2
75.8
77.1

77.1
68.2
74.6
76.4
76.7

73.6
69.5
75.1
76.8
76.8

77.8
68.5
73.5
76.1
76.9

2013
2014
2015
2016
2017

76.7
77.2
78.6
75.9
75.5

77.1
77.8
78.1
75.3
75.2

77.3
78.5
77.8
74.7
75.7

77.1
78.4
77.3
74.7
76.4

77.0
78.6
76.9
74.6
76.5

77.1
78.8
76.6
74.9
76.6

76.7
78.9
77.0
75.1
76.5

77.2
78.7
76.9
75.0
76.2

77.5
78.8
76.6
74.9
76.1

77.3
78.7
76.3
75.0
77.3

77.4
79.2
75.7
74.9
77.6

77.6
79.0
75.3
75.5
77.9

77.0
77.8
78.1
75.3
75.5

77.1
78.6
76.9
74.8
76.5

77.1
78.8
76.8
75.0
76.3

77.5
79.0
75.8
75.1
77.6

77.2
78.6
76.9
75.0
76.5

2018
2019

77.6
79.2

77.8
79.1

78.2

78.8

78.1

78.6

78.8

79.3

79.3

79.2

79.6

79.4

77.9

78.5

79.1

79.4

78.7

N OTE : Estimates from October 2018 through February 2019 are subject to further revision in the upcoming monthly releases.

16

Table 2
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY: 2014–18 1
Item
2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

3.4

-3.4

-.3

3.6

3.9

.0

-.1

.2

.6

-.2

1.7
.9
4.3
6.8
-.1
3.8
1.2
.0
1.3
.4
-3.3
4.7
-3.5
-4.2

-2.3
.4
2.4
3.8
4.9
3.1
-.1
-.1
.7
1.7
-6.1
-.4
-.7
-3.2

.3
1.0
3.1
4.9
.8
.8
1.5
.4
-.7
.3
-2.2
-1.6
-3.4
4.4

2.7
1.7
.7
.6
1.3
-.5
1.4
1.9
1.6
2.5
-10.5
2.1
-4.5
3.0

2.1
1.4
3.0
3.5
5.4
-1.7
4.0
.9
-.3
-.3
-5.6
1.1
-6.0
4.7

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

-.1
-.1
-.2
-.1
.5
-.3
-.2
-.1
-.1
.0
-.1
-.1
-1.7
.0

.3
.2
.6
.7
-1.3
.5
.6
.1
.2
.1
.5
.3
.5
-.1

.7
.4
1.1
1.2
-3.7
1.6
1.2
.1
.0
-.7
-.7
1.3
-.2
.5

-.3
-.3
-.8
-.9
-.4
-1.1
-.5
-.2
-.4
-.4
-.6
-.1
-1.2
.4

3.5
11.8
.2
1.0
-2.0

-6.2
-2.8
-1.9
-9.7
-3.4

-2.1
-6.4
3.9
-2.3
.8

4.8
.2
4.1
7.6
-.8

4.0
3.9
3.7
4.3
6.8

.0
.1
.1
-.1
.0

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

.1
-.3
.6
.1
.7

.4
-.5
1.0
.6
2.5

-.1
-.2
-.4
.1
-2.2

3.7
-.2

-.1
-1.1

.8
1.4

4.1
2.3

2.7
.1

.1
.1

-.1
-.1

.3
.9

.7
1.3

-.4
-.4

5.2
1.4
3.0
5.1
4.2
1.6
-1.2
-3.2
-.8
-2.8
9.5

-4.6
-2.8
-4.0
-2.0
-5.9
-3.4
-.9
-7.6
-2.2
-.5
-7.2

-1.0
.0
-.7
-.2
.2
-1.4
1.0
1.2
.4
.6
-2.9

4.8
2.7
2.7
.7
1.8
4.0
2.7
-1.3
-3.6
4.9
8.2

6.0
3.2
3.9
3.8
5.9
2.7
2.3
5.5
-.4
4.4
10.1

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

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

.1
.2
.1
.0
-.1
.2
.4
.7
.3
.4
-.1

.6
.5
.5
.1
1.0
.5
.5
1.8
-.1
.7
.9

-.1
.1
.3
-.3
1.2
-.1
-.1
1.1
-.1
-.1
-.5

321
327
331
332
333
334

1.4
1.6
2.8
4.0
2.8
-1.1
.1
1.7
4.2

-1.7
-1.7
-3.4
3.2
1.8
-8.2
-5.2
-12.5
-1.1

.3
.3
-.1
4.7
.0
-4.1
-1.6
-2.3
5.1

2.5
2.7
2.6
5.4
5.3
4.4
3.0
9.3
3.5

2.2
2.5
4.2
-.9
1.4
6.4
4.8
5.8
4.6

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

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

.3
.2
.2
.5
.4
-.1
.2
.0
.6

.6
.5
.7
1.6
.1
-.1
-.1
.3
.9

-.2
-.1
-.1
-.4
-.9
.7
-.5
.0
-.3

335
3361–3

1.7
7.4

-.9
2.7

-.2
2.5

.0
-.3

3.6
5.5

.0
.3

.1
-.1

-.1
.3

-.5
.9

.6
.0

3364–9
337
339

5.7
4.6
-1.2

-5.1
3.8
-.6

-3.2
-.4
-1.3

-.9
-1.7
-1.2

2.9
1.5
2.1

-.1
.0
.1

.1
-.1
-.1

-.1
.2
.4

1.6
1.7
2.2

-.6
-.6
.6

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

.2
.8
1.5
-3.0
.8
-4.0
-6.3
.7
4.5

.3
1.8
-7.3
-6.1
-2.4
1.7
3.3
-.9
.8

.8
.8
.9
-1.9
1.1
1.7
4.2
-.2
1.3

2.7
3.1
.2
-10.0
-2.6
-1.3
2.7
4.3
2.8

.8
.1
.7
-5.7
.0
-3.2
-1.1
3.0
.0

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

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

.2
.1
.7
.5
.2
.5
.4
.4
-.2

.3
-.4
1.9
-.6
-.3
.7
.1
1.0
.8

-.2
-.2
-.1
-.7
.0
-1.3
-.8
.0
.2

1133,5111

-5.0

-1.2

-1.5

-3.5

-10.5

.4

-1.3

3.6

3.5

-2.3

21
2211,2
2211
2212

12.6
-.7
-.5
-3.0

-10.1
-4.2
-3.1
-12.4

-6.2
2.2
2.2
2.6

11.3
3.1
2.0
10.1

13.7
2.7
.8
13.3

.1
-.1
-.1
-.1

.1
.0
.0
-.3

.0
-.2
.0
-1.0

.7
.9
.9
.4

-.3
-.3
-.7
1.5

Total IP
M ARKET G ROUPS
Final products and nonindustrial supplies
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy
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.

17

Table 3
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , S PECIAL AGGREGATES AND S ELECTED D ETAIL : 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

3.4

-3.4

-.3

3.6

3.9

.0

-.1

.2

.6

-.2

7.2
-4.2
.1
19.8
.2
11.8

-7.5
-3.2
.0
-45.5
-2.7
-8.3

-1.6
4.4
2.3
-26.5
.6
-4.3

7.0
3.0
2.1
37.2
2.4
10.5

8.6
4.7
2.7
19.3
3.2
12.5

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

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

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

.7
.5
.3
.8
1.4
.7

-.2
.4
.2
1.2
-1.0
-.3

3341
3342

1.8
8.5
8.0
-5.1

-1.8
2.0
-3.8
6.9

.1
7.9
12.2
5.0

2.5
1.9
12.2
-5.1

2.2
5.3
1.1
6.8

.0
-.2
-.1
-.5

-.1
.1
.3
.2

.3
-.6
-1.0
-2.1

.6
-1.3
-7.2
-2.1

-.2
.1
.1
.3

3344

14.5

1.5

8.0

2.4

6.0

-.1

.0

.2

.4

.1

1.5

-1.9

-.2

2.6

2.1

.0

-.1

.4

.7

-.3

7.4
5.2
9.1

2.7
4.6
1.2

2.5
1.8
3.7

-.3
-5.4
2.6

5.5
9.5
4.4

.3
.5
.0

-.1
.0
.0

.3
.3
.0

.9
-.2
1.2

.0
.0
.6

1.0
1.4
3.5
3.7
-1.3
.3

-2.3
.7
-8.1
-.1
-1.6
-3.1

-.4
-.4
-2.4
.8
.4
-.5

2.8
1.7
5.8
4.2
2.4
2.9

1.8
.1
3.0
2.7
-1.2
3.0

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

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

.4
.3
.1
.3
1.3
.2

.7
.3
.8
.7
1.8
.5

-.3
-.5
.0
-.4
-.7
.0

Measures excluding selected high-technology
industries
Total industry
Manufacturing2
Durable

3.3
1.1
2.4

-3.5
-1.8
-3.8

-.5
.0
-.6

3.7
2.5
2.7

3.9
2.1
4.0

.0
.0
.0

-.1
-.1
-.1

.2
.3
.3

.7
.7
.9

-.3
-.2
-.2

Measures excluding motor vehicles and parts
Total industry
Manufacturing2
Durable

3.2
1.0
2.1

-3.7
-2.0
-4.4

-.5
.1
-.6

3.9
2.7
3.2

3.8
1.9
3.9

.0
.0
.0

-.1
-.1
-.1

.2
.3
.2

.6
.6
.7

-.3
-.2
-.2

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

3.1
.7

-3.9
-2.2

-.7
-.2

3.9
2.8

3.8
1.8

.0
.0

-.1
-.1

.2
.4

.7
.7

-.3
-.2

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

3.2
.2

-4.2
-1.8

.2
-.1

.3
4.2

4.1
2.7

.0
.0

.0
-.1

.1
.3

.5
.5

.5
-.1

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

8.2
1.3
2.7

-6.3
-2.4
-3.0

-3.1
.8
-.5

8.0
2.5
3.0

10.6
2.1
2.6

.1
.0
.0

.1
-.1
-.1

.1
.3
.2

.7
.7
.6

-.1
-.2
-.4

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

3361–3
3361
3363

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

18

Table 4
A NNUAL R ATES OF C HANGE FOR I NDUSTRIAL P RODUCTION : 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

Total IP

3.1

-1.0

-2.0

2.3

3.9

.0

.0

.0

.7

-.2

M ARKET G ROUPS
Consumer goods
Durable
Nondurable

.8
4.9
-.3

1.4
3.9
.7

.6
2.2
.1

.5
1.5
.3

2.1
2.2
2.1

.0
.0
.0

.0
.0
.0

.0
.0
-.1

.5
1.5
.3

-.3
-.4
-.2

1.8
-3.4

-2.0
-2.4

-5.3
-2.8

3.6
2.1

3.2
2.4

.0
.0

.0
.0

.0
.0

.4
1.8

.2
-.5

Construction supplies
Business supplies

3.2
1.0

.7
-1.3

.9
.6

3.5
2.3

2.8
.9

.0
.0

.0
.1

.0
.1

.9
1.8

-.6
-.4

Materials
Non-energy
Energy

5.0
1.9
8.5

-1.5
-1.8
-1.2

-3.0
-1.1
-6.0

2.7
2.0
4.0

5.9
3.1
10.1

.0
.0
.0

.0
.0
.1

-.1
.0
-.2

.7
.5
.9

-.1
.1
-.3

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

1.1
1.2
2.9
-.6
-1.3

-.5
-.4
-1.1
.3
-3.7

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

2.0
2.0
2.2
1.9
-.6

2.3
2.7
3.4
1.9
-9.9

.0
.0
.0
.0
.0

.0
.0
.0
.0
.0

.0
.0
.0
.0
.0

.7
.6
.7
.4
6.3

-.1
.0
.1
-.1
-2.8

Mining
Utilities

10.8
1.3

-3.3
-.7

-9.9
-.4

7.4
-.8

12.4
4.4

.0
.0

.1
.0

-.2
.0

.9
.5

-.3
-.4

Business equipment
Defense and space equipment

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 : 2015–19 1
Item

Total industry
2

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

Selected high-technology industries
Manufacturing2 ex. selected
high-technology industries
S TAGE - OF - PROCESS GROUPS
Crude
Primary and semifinished
Finished

Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)
2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

.7

.5

.3

1.5

2.0

.0

-.1

-.3

-.5

-.3

-.4
-.3
.2
-.9
-3.7

1.2
1.3
1.0
1.7
-3.2

.3
.5
.6
.4
-4.2

.7
.8
1.0
.6
-3.6

1.3
1.4
1.7
1.3
-2.8

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

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

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

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

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

.9
.4

-2.8
1.4

.5
1.4

7.4
1.7

5.3
2.6

.0
.0

.3
-.2

1.4
-.5

1.7
-.3

-1.8
.5

2.0

10.6

3.9

3.0

7.3

-1.3

3.1

.7

-2.5

.5

-.5

.9

.2

.6

1.1

-.1

-.2

-.4

-.6

-.1

.4
-.3
.0

-2.1
1.7
.7

.5
-.1
1.1

5.3
.8
1.0

4.1
1.5
1.6

.0
-.1
-.1

.2
.0
-.3

1.0
-.8
.0

1.3
-.6
-.2

-1.6
.0
.1

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.

19

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

19722018
Ave.

2015
Q4

2016
Q4

2017
Q4

2018
Q4

2015
Q4

2016
Q4

2017
Q4

2018
Q4

79.8

75.8

75.1

77.6

79.4

-.4

-.1

.5

.7

31–33

78.3
78.2

74.9
75.3

74.2
74.5

75.8
76.2

77.0
77.5

-.5
-.5

-.2
-.3

.6
.4

1.0
.9

321
327
331
332
333
334

76.8
76.7
74.0
78.0
77.6
77.6
77.4

74.1
76.1
67.7
65.0
77.1
67.7
70.9

73.3
77.6
65.5
63.3
75.9
67.2
69.9

74.7
80.6
67.8
69.0
78.4
74.6
70.4

77.1
77.6
67.6
74.8
81.6
80.0
71.8

-.6
.8
1.8
-2.6
-.5
-.9
.2

-.6
.9
1.4
-3.1
-.2
-.8
-.5

.2
2.2
2.3
.2
-.3
-.7
-.2

.4
2.1
2.6
1.7
-.5
-.5
.4

335
3361–3

81.9
75.1

76.3
79.0

75.8
79.7

74.9
76.9

76.2
79.8

-1.0
-.9

-.9
-.7

-1.0
-.3

-.1
-.3

3364–9
337
339

74.2
77.0
76.6

79.1
81.3
79.8

76.0
79.7
80.6

75.4
78.1
79.4

76.6
77.8
79.4

-1.3
-.1
-.5

-1.1
.7
.4

.1
2.4
1.7

-1.4
1.6
1.9

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

80.0
80.4
78.8
76.1
86.7
79.7
85.0
76.7
82.1

76.6
77.1
68.2
66.1
85.4
71.3
81.2
72.8
85.1

76.0
76.0
69.7
68.5
88.5
74.9
76.0
72.6
83.3

77.7
77.0
71.2
64.8
86.5
75.3
80.9
75.3
83.7

77.9
75.7
71.8
63.8
87.2
72.4
80.4
77.9
80.8

-.4
-.5
.2
-.3
.1
1.1
-.4
-.8
-.2

.1
.2
.7
.1
.4
1.6
-.1
-.2
.3

.7
.3
2.5
-.1
.3
1.5
1.4
.6
1.5

1.1
.4
2.2
.0
.2
.0
2.2
1.3
2.1

1133,5111

79.8

64.1

65.3

65.7

61.0

-.2

2.5

5.2

3.8

21
2211,2

87.1
85.4

81.4
77.3

78.5
77.9

87.0
79.2

92.1
80.1

.4
-.2

.1
-.2

-.6
.9

-2.4
1.0

3341
3342

77.3
77.8
76.1

74.7
75.1
72.0

72.9
78.3
72.1

71.5
73.8
64.2

73.1
72.9
63.0

1.9
8.6
.5

-.6
-5.5
-.2

-2.0
-21.4
-1.0

-.2
-10.3
-3.1

3344

78.7

75.7

71.9

74.1

78.1

.8

.2

1.6

3.7

Measures excluding selected high-technology
industries
Total industry
Manufacturing1

79.9
78.3

75.8
74.9

75.2
74.3

77.7
76.0

79.5
77.1

-.4
-.6

-.1
-.1

.6
.7

.7
1.0

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

86.1
80.4
76.8

80.7
75.6
74.3

79.4
74.9
73.6

86.0
76.9
74.7

90.5
78.0
75.7

.2
-.2
-.7

.0
.0
-.3

-.3
1.0
.3

-1.5
1.3
.3

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.

20

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)
1989
1990
1991
1992

.8
-.2
-.7
-.6

-1.0
1.4
-.7
.9

-.1
.5
-.7
1.0

.3
-.3
.3
.5

-.9
.2
.7
.6

.2
.3
1.1
.3

-1.1
-.2
.3
.9

.9
.3
.2
-.4

-.3
.0
1.1
.0

-.2
-.8
-.2
.7

.2
-1.1
-.2
.4

.1
-.7
-.2
-.1

2.1
4.2
-8.8
.6

-2.7
3.0
1.8
8.3

-3.2
1.1
7.3
4.1

.5
-6.7
1.7
3.2

.8
.8
-1.9
3.7

1993
1994
1995
1996
1997

1.0
.2
.2
-.8
.1

.2
.1
-.3
1.6
1.4

-.2
1.3
.3
-.2
1.0

.6
.8
-.2
1.1
-.2

-.1
.6
.2
.8
.7

-.2
.3
.5
1.0
.7

.3
.4
-.7
.3
.7

-.2
.8
1.1
.5
1.3

.7
.5
.9
.8
.9

.9
1.0
-.1
-.2
.9

.4
.8
.1
.9
1.1

.6
1.1
.4
.9
.4

4.6
4.9
4.4
1.9
9.4

1.4
9.5
.7
10.0
7.0

.8
6.1
3.1
7.7
10.5

7.0
10.3
4.3
6.0
11.4

3.6
5.9
5.1
4.9
8.4

1998
1999
2000
2001
2002

.8
.3
.1
-.6
.6

.1
.8
.2
-.6
.0

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

.5
.4
.7
-.3
.2

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

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

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

2.4
.6
-.7
-.5
.2

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

1.0
1.5
-.3
-.6
-.4

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

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

6.1
5.1
4.5
-6.0
3.6

2.1
4.5
4.8
-5.2
5.8

3.3
3.2
-.4
-5.8
3.1

8.0
8.7
-2.4
-3.8
-.3

6.7
5.1
4.1
-3.7
.5

2003
2004
2005
2006
2007

.7
.0
.7
.8
-.5

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

.1
-.2
-.5
.0
.9

-.9
.4
.4
.5
.7

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

.5
-.7
.1
.4
.3

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

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

.8
.0
-1.0
.1
.5

.1
1.0
1.5
-.4
-.3

1.0
-.1
.8
.0
.6

-.2
.7
.2
1.4
.1

2.1
2.6
6.6
3.8
4.0

-2.2
3.3
2.3
.8
5.9

2.5
4.0
-.7
1.0
1.1

4.4
5.5
6.4
1.5
1.2

1.3
3.1
4.1
2.6
2.8

2008
2009
2010
2011
2012

-.4
-3.0
1.1
.2
.8

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

-.3
-1.9
1.2
.6
-.5

-1.1
-.7
.8
-.6
.5

-.5
-1.1
1.4
.1
-.4

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

-1.2
1.5
.6
.6
-.1

-1.2
1.1
.1
.4
-.2

-3.5
.9
.0
.3
-.1

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

-2.4
1.0
.0
-.3
.7

-3.5
-.2
.5
.7
.8

-2.6
-24.4
6.9
3.1
5.2

-8.2
-10.6
10.4
-.1
.6

-14.0
8.1
4.2
4.5
-1.1

-21.9
7.1
1.2
3.8
1.2

-4.8
-13.8
5.8
2.9
2.6

2013
2014
2015
2016
2017

-.3
-1.1
-.4
.7
.6

.5
1.0
-.7
-.6
-.1

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

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

.3
.3
.0
.0
-.2

.2
.4
-.4
.3
.1

-.9
.4
.7
.3
-.2

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

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

.1
-.1
.0
.3
1.3

.0
.8
-.3
.1
.3

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

2.9
-.8
-2.9
-.3
3.0

-.1
4.3
-1.2
-2.4
3.4

-.1
1.6
.2
1.2
-1.6

1.7
.5
-2.8
2.5
5.3

.9
1.1
-.5
-.8
2.0

2018
2019

-.4
-.3

1.1
-.4

.0

.4

-.8

.7

.4

.4

.0

-.2

.4

.6

1.6

2.0

3.6

1.5

2.3

IP (2012=100)
1989
1990
1991
1992

63.6
62.2
61.5
62.2

63.0
63.1
61.1
62.8

62.9
63.5
60.7
63.4

63.1
63.3
60.9
63.8

62.5
63.4
61.3
64.1

62.6
63.6
61.9
64.3

61.9
63.5
62.1
64.9

62.5
63.7
62.3
64.6

62.3
63.6
63.0
64.7

62.2
63.1
62.8
65.1

62.3
62.4
62.7
65.4

62.4
62.0
62.6
65.3

63.2
62.9
61.1
62.8

62.7
63.4
61.4
64.1

62.2
63.6
62.5
64.7

62.3
62.5
62.7
65.2

62.6
63.1
61.9
64.2

1993
1994
1995
1996
1997

65.9
67.9
73.5
74.5
80.5

66.1
68.0
73.3
75.7
81.6

65.9
68.9
73.5
75.6
82.4

66.3
69.5
73.3
76.4
82.3

66.2
69.9
73.5
77.0
82.9

66.1
70.1
73.8
77.8
83.5

66.3
70.4
73.4
78.0
84.0

66.2
71.0
74.2
78.5
85.1

66.6
71.3
74.8
79.1
85.8

67.2
72.0
74.8
79.0
86.6

67.4
72.6
74.8
79.7
87.5

67.8
73.4
75.1
80.4
87.9

66.0
68.3
73.4
75.3
81.5

66.2
69.9
73.6
77.1
82.9

66.3
70.9
74.1
78.5
85.0

67.5
72.7
74.9
79.7
87.3

66.5
70.4
74.0
77.6
84.2

1998
1999
2000
2001
2002

88.6
92.2
97.2
97.0
93.5

88.7
93.0
97.4
96.3
93.5

88.6
92.9
98.0
96.1
94.2

89.0
93.3
98.7
95.8
94.4

89.5
94.1
98.6
95.2
94.9

88.8
93.8
98.8
94.6
96.0

88.5
94.2
98.9
94.2
95.6

90.6
94.8
98.2
93.7
95.8

90.4
94.4
98.7
93.5
96.0

91.3
95.8
98.4
93.0
95.6

91.4
96.4
98.1
92.7
96.0

91.9
97.1
97.5
93.0
95.6

88.6
92.7
97.5
96.5
93.7

89.1
93.7
98.7
95.2
95.1

89.8
94.5
98.6
93.8
95.8

91.6
96.5
98.0
92.9
95.7

89.8
94.3
98.2
94.6
95.1

2003
2004
2005
2006
2007

96.2
97.5
102.3
105.9
107.0

96.2
98.3
103.1
105.6
107.5

96.3
98.1
102.6
105.6
108.4

95.5
98.5
103.0
106.1
109.1

95.6
99.3
103.4
105.6
109.0

96.0
98.5
103.5
106.0
109.4

96.3
99.4
103.1
105.7
109.5

95.9
99.9
103.6
106.4
109.2

96.6
99.9
102.6
106.4
109.7

96.8
100.9
104.1
106.0
109.3

97.7
100.8
104.9
106.1
110.0

97.5
101.5
105.1
107.6
110.1

96.2
98.0
102.7
105.7
107.6

95.7
98.8
103.3
105.9
109.2

96.3
99.7
103.1
106.2
109.5

97.3
101.1
104.7
106.6
109.8

96.4
99.4
103.4
106.1
109.0

2008
2009
2010
2011
2012

109.6
90.8
92.1
96.5
99.9

108.9
90.6
92.0
96.6
100.2

108.6
89.0
93.1
97.1
99.8

107.4
88.3
93.9
96.6
100.3

106.8
87.4
95.2
96.7
99.9

106.1
87.1
95.1
96.8
100.1

104.8
88.4
95.7
97.4
100.0

103.6
89.4
95.7
97.8
99.8

100.0
90.2
95.7
98.1
99.7

99.3
90.4
95.8
98.7
99.4

97.0
91.2
95.9
98.4
100.1

93.6
91.1
96.3
99.1
100.9

109.1
90.1
92.4
96.7
100.0

106.8
87.6
94.7
96.7
100.1

102.8
89.3
95.7
97.8
99.8

96.6
90.9
96.0
98.7
100.1

103.8
89.5
94.7
97.5
100.0

2013
2014
2015
2016
2017

100.6
100.0
102.2
101.3
102.0

101.0
101.1
101.5
100.7
102.0

100.9
101.9
101.9
100.5
101.7

100.5
101.8
101.7
100.1
102.8

100.8
102.0
101.7
100.1
102.6

101.1
102.4
101.3
100.4
102.8

100.1
102.9
102.0
100.7
102.6

101.0
102.3
101.7
100.3
102.3

101.2
102.3
101.2
100.7
102.1

101.2
102.2
101.2
101.0
103.5

101.2
103.0
100.9
101.1
103.8

101.2
102.7
100.6
101.4
103.7

100.8
101.0
101.9
100.8
101.9

100.8
102.1
101.6
100.2
102.7

100.8
102.5
101.6
100.5
102.3

101.2
102.6
100.9
101.2
103.7

100.9
102.0
101.5
100.7
102.7

2018
2019

103.3
106.1

104.4
105.7

104.5

104.9

104.1

104.8

105.2

105.7

105.7

105.4

105.9

106.5

104.1

104.6

105.5

105.9

105.0

Year

N OTE : Estimates from October 2018 through February 2019 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.

21

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)
1989
1990
1991
1992

74.4
76.5
78.3
79.6

74.5
76.7
78.4
79.8

74.7
76.9
78.5
80.0

74.8
77.0
78.6
80.2

75.0
77.2
78.6
80.4

75.1
77.4
78.7
80.6

75.3
77.5
78.8
80.8

75.5
77.7
78.9
81.0

75.7
77.8
79.0
81.2

75.9
77.9
79.2
81.4

76.1
78.1
79.3
81.5

76.3
78.2
79.4
81.7

74.5
76.7
78.4
79.8

75.0
77.2
78.7
80.4

75.5
77.7
78.9
81.0

76.1
78.1
79.3
81.5

75.3
77.4
78.8
80.7

1993
1994
1995
1996
1997

81.9
83.6
87.0
91.8
97.9

82.0
83.9
87.4
92.2
98.5

82.2
84.1
87.7
92.7
99.1

82.3
84.3
88.1
93.2
99.6

82.4
84.6
88.4
93.7
100.2

82.5
84.9
88.8
94.2
100.9

82.7
85.1
89.2
94.8
101.5

82.8
85.4
89.6
95.3
102.2

82.9
85.7
90.0
95.8
102.9

83.1
86.1
90.4
96.3
103.7

83.3
86.4
90.8
96.8
104.4

83.4
86.7
91.3
97.4
105.2

82.0
83.9
87.4
92.2
98.5

82.4
84.6
88.4
93.7
100.3

82.8
85.4
89.6
95.3
102.2

83.3
86.4
90.8
96.8
104.4

82.6
85.1
89.0
94.5
101.3

1998
1999
2000
2001
2002

106.0
114.3
120.5
126.2
129.8

106.8
114.8
121.0
126.7
129.9

107.5
115.4
121.5
127.1
130.1

108.3
115.9
122.0
127.5
130.2

109.1
116.4
122.4
127.8
130.2

109.8
117.0
122.9
128.2
130.3

110.5
117.5
123.4
128.5
130.3

111.2
118.0
123.9
128.8
130.4

111.9
118.5
124.4
129.0
130.4

112.5
119.0
124.9
129.2
130.4

113.1
119.5
125.3
129.4
130.4

113.7
120.0
125.8
129.6
130.4

106.8
114.8
121.0
126.6
129.9

109.1
116.4
122.4
127.8
130.2

111.2
118.0
123.9
128.7
130.4

113.1
119.5
125.3
129.4
130.4

110.0
117.2
123.2
128.2
130.2

2003
2004
2005
2006
2007

130.4
130.0
130.4
133.4
136.3

130.4
130.0
130.6
133.6
136.7

130.4
129.9
130.9
133.8
137.0

130.4
129.9
131.1
134.0
137.4

130.3
129.8
131.3
134.2
137.8

130.3
129.8
131.6
134.4
138.1

130.3
129.8
131.9
134.6
138.4

130.2
129.9
132.1
134.8
138.7

130.2
129.9
132.4
135.1
139.0

130.1
130.0
132.7
135.4
139.2

130.1
130.1
132.9
135.7
139.4

130.1
130.3
133.1
136.0
139.5

130.4
130.0
130.6
133.6
136.7

130.3
129.9
131.4
134.2
137.8

130.2
129.9
132.1
134.9
138.7

130.1
130.1
132.9
135.7
139.4

130.3
130.0
131.8
134.6
138.1

2008
2009
2010
2011
2012

139.5
137.8
135.3
132.7
133.2

139.6
137.6
135.1
132.6
133.4

139.5
137.4
134.9
132.5
133.6

139.4
137.2
134.7
132.5
133.7

139.3
137.0
134.4
132.4
133.9

139.2
136.8
134.2
132.5
134.1

139.0
136.6
133.9
132.5
134.2

138.8
136.4
133.7
132.6
134.4

138.6
136.2
133.5
132.7
134.6

138.4
136.0
133.2
132.8
134.7

138.2
135.8
133.1
132.9
134.9

138.0
135.6
132.9
133.1
135.0

139.5
137.6
135.1
132.6
133.4

139.3
137.0
134.4
132.5
133.9

138.8
136.4
133.7
132.6
134.4

138.2
135.8
133.1
132.9
134.9

139.0
136.7
134.1
132.6
134.1

2013
2014
2015
2016
2017

135.1
135.9
135.1
134.9
136.5

135.3
135.9
135.0
135.1
136.5

135.4
135.8
134.9
135.2
136.6

135.5
135.8
134.8
135.3
136.6

135.6
135.8
134.7
135.5
136.6

135.6
135.7
134.6
135.6
136.7

135.7
135.7
134.6
135.8
136.7

135.7
135.6
134.6
135.9
136.7

135.8
135.5
134.6
136.1
136.7

135.8
135.4
134.7
136.2
136.7

135.8
135.3
134.7
136.3
136.7

135.9
135.2
134.8
136.4
136.7

135.3
135.9
135.0
135.1
136.5

135.6
135.8
134.7
135.5
136.6

135.7
135.6
134.6
135.9
136.7

135.8
135.3
134.7
136.3
136.7

135.6
135.6
134.8
135.7
136.6

2018
2019

136.8
137.9

136.8
138.0

136.9

136.9

137.0

137.1

137.2

137.3

137.4

137.5

137.6

137.7

136.8

137.0

137.3

137.6

137.2

Utilization
(percent)
1989
1990
1991
1992

85.5
81.4
78.6
78.2

84.5
82.3
77.9
78.7

84.3
82.6
77.3
79.3

84.3
82.1
77.5
79.6

83.4
82.1
77.9
79.8

83.4
82.2
78.7
79.8

82.2
81.9
78.8
80.4

82.7
82.0
78.9
79.8

82.3
81.8
79.7
79.7

81.9
81.0
79.4
80.0

81.9
80.0
79.1
80.1

81.8
79.3
78.8
79.9

84.8
82.1
77.9
78.7

83.7
82.1
78.0
79.7

82.4
81.9
79.1
79.9

81.9
80.1
79.1
80.0

83.2
81.5
78.6
79.6

1993
1994
1995
1996
1997

80.5
81.2
84.5
81.2
82.2

80.6
81.1
83.9
82.1
82.9

80.2
82.0
83.8
81.5
83.2

80.5
82.4
83.3
82.0
82.6

80.4
82.7
83.1
82.2
82.7

80.1
82.6
83.2
82.6
82.7

80.2
82.7
82.3
82.4
82.8

79.9
83.1
82.8
82.4
83.2

80.3
83.2
83.2
82.6
83.4

80.8
83.7
82.7
82.0
83.5

81.0
84.0
82.4
82.3
83.8

81.3
84.6
82.3
82.6
83.5

80.4
81.4
84.1
81.6
82.8

80.3
82.6
83.2
82.2
82.7

80.1
83.0
82.8
82.4
83.1

81.0
84.1
82.5
82.3
83.6

80.5
82.8
83.1
82.1
83.0

1998
1999
2000
2001
2002

83.6
80.7
80.7
76.8
72.1

83.1
81.0
80.5
76.1
71.9

82.4
80.5
80.7
75.7
72.4

82.2
80.5
80.9
75.2
72.5

82.0
80.8
80.5
74.5
72.9

80.8
80.2
80.3
73.8
73.6

80.0
80.2
80.1
73.3
73.4

81.5
80.4
79.3
72.8
73.5

80.8
79.7
79.3
72.5
73.6

81.2
80.6
78.8
71.9
73.3

80.9
80.7
78.3
71.6
73.6

80.9
80.9
77.6
71.7
73.3

83.0
80.7
80.6
76.2
72.1

81.7
80.5
80.6
74.5
73.0

80.8
80.1
79.6
72.9
73.5

81.0
80.7
78.2
71.8
73.4

81.6
80.5
79.7
73.8
73.0

2003
2004
2005
2006
2007

73.8
75.0
78.4
79.4
78.5

73.7
75.6
79.0
79.1
78.6

73.8
75.5
78.4
78.9
79.1

73.2
75.8
78.6
79.2
79.4

73.3
76.4
78.7
78.7
79.1

73.7
75.9
78.6
78.9
79.2

73.9
76.6
78.2
78.5
79.1

73.6
76.9
78.4
78.9
78.7

74.2
76.9
77.5
78.8
78.9

74.3
77.6
78.5
78.3
78.6

75.1
77.5
78.9
78.2
78.9

75.0
77.9
78.9
79.1
78.9

73.8
75.4
78.6
79.1
78.7

73.4
76.1
78.6
78.9
79.3

73.9
76.8
78.0
78.7
78.9

74.8
77.7
78.8
78.5
78.8

74.0
76.5
78.5
78.8
78.9

2008
2009
2010
2011
2012

78.6
65.9
68.0
72.7
75.0

78.1
65.9
68.1
72.8
75.1

77.8
64.7
69.0
73.3
74.7

77.0
64.4
69.7
72.9
75.0

76.7
63.8
70.8
73.0
74.6

76.2
63.7
70.9
73.1
74.7

75.4
64.7
71.4
73.5
74.5

74.6
65.6
71.6
73.8
74.2

72.1
66.2
71.7
74.0
74.1

71.8
66.5
71.9
74.3
73.8

70.2
67.2
72.0
74.0
74.2

67.8
67.2
72.5
74.5
74.7

78.2
65.5
68.4
72.9
74.9

76.6
64.0
70.5
73.0
74.8

74.1
65.5
71.6
73.8
74.3

69.9
66.9
72.1
74.3
74.2

74.7
65.5
70.7
73.5
74.5

2013
2014
2015
2016
2017

74.4
73.6
75.7
75.1
74.8

74.7
74.4
75.2
74.6
74.7

74.5
75.0
75.5
74.3
74.5

74.2
74.9
75.5
74.0
75.3

74.4
75.2
75.5
73.9
75.1

74.5
75.5
75.2
74.0
75.2

73.8
75.8
75.8
74.1
75.1

74.4
75.5
75.5
73.8
74.8

74.5
75.5
75.2
74.0
74.7

74.5
75.5
75.1
74.1
75.7

74.5
76.1
74.9
74.1
75.9

74.5
75.9
74.6
74.4
75.8

74.5
74.3
75.5
74.7
74.6

74.4
75.2
75.4
74.0
75.2

74.2
75.6
75.5
74.0
74.9

74.5
75.8
74.9
74.2
75.8

74.4
75.2
75.3
74.2
75.1

2018
2019

75.5
77.0

76.3
76.6

76.3

76.6

76.0

76.5

76.7

77.0

76.9

76.7

76.9

77.3

76.1

76.4

76.9

77.0

76.6

N OTE : Estimates from October 2018 through February 2019 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 2.

22

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

2011

2012

2013

2014

2015

2016

2017

2018

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

52.2
26.2
5.1
2.4
.1
.7
1.8

51.6
25.2
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
.1
.8
1.9

55.2
27.8
6.3
3.3
.2
.9
2.0

55.6
28.7
6.6
3.5
.1
.9
2.1

54.4
27.9
6.4
3.3
.1
.9
2.0

53.8
27.6
6.3
3.3
.1
.8
2.0

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
4.6

22.1
17.3
9.8
.2
5.6
1.2
4.8

21.5
16.5
9.5
.2
5.3
1.1
5.0

21.3
16.2
9.3
.2
5.3
1.0
5.1

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

9.3
1.9
2.1
5.2
2.3

9.8
2.2
2.3
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
2.4
2.2
4.9
2.1

9.4
2.4
2.1
4.9
2.1

Construction supplies
Business supplies

4.1
9.5

4.1
9.1

4.3
8.8

4.5
8.9

4.9
9.2

5.1
9.3

5.2
9.1

5.3
8.8

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

44.4
27.9
16.7
3.1
5.0
8.5
11.3
.4
2.0
5.6
16.5

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

46.2
27.8
16.4
3.0
4.8
8.7
11.3
.4
1.8
6.0
18.4

321
327
331
332
333
334

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

76.2
73.9
39.1
1.3
2.1
2.5
5.7
5.6
5.2

77.0
74.6
38.7
1.4
2.2
2.6
5.6
5.2
5.1

75.6
73.4
37.7
1.4
2.2
2.7
5.5
5.3
4.9

75.0
73.2
37.7
1.4
2.2
2.9
5.6
5.4
4.8

335
3361–3

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

1.8
5.6

3364–9
337
339

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
2.9

4.5
1.3
3.0

4.3
1.2
2.8

4.1
1.2
2.6

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

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

35.7
11.6
.7
.2
2.5
1.4
3.4
12.4
3.6

35.5
11.3
.6
.2
2.4
1.3
3.4
12.7
3.5

1133,5111

2.6

2.4

2.3

2.3

2.4

2.3

2.2

1.9

21
2211,2
2211
2212

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

12.1
10.9
9.5
1.4

14.0
10.4
8.9
1.5

14.6
10.4
8.7
1.6

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 2018 and 2019 would account for a 0.377 percent increase in total IP.

23

Table 9
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

2012=100
Industrial production

2018
Sept.r

Dec.r

2019
Jan.r

Oct.r

Nov.r

Total index
Previous estimates

109.7
109.1

109.8
109.2

110.6
109.8

110.5
109.9

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

104.0
106.5
102.5
108.2
114.8
114.8

104.2
106.7
102.6
108.6
115.3
114.7

104.8
107.3
103.2
109.1
116.0
115.8

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

105.7
105.2
128.5
105.6

105.4
104.9
128.7
108.3

105.9
105.1
129.8
111.2

Feb.r

Oct.r

110.4
109.5

110.5
109.7

.1
.2

.1
.1

.7
.6

-.1
.1

-.1
-.4

.0
.1

3.6
3.5

104.6
106.6
103.6
109.4
117.8
115.7

104.3
106.0
104.0
109.4
117.7
115.8

104.3
106.1
103.2
109.2
117.2
116.0

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

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

.6
.6
.6
.4
.6
.9

-.2
-.7
.4
.2
1.5
.0

-.2
-.5
.3
.0
.0
.1

.0
.1
-.7
-.1
-.4
.1

1.9
.3
3.9
.7
1.8
5.9

106.5
105.7
131.7
103.7

106.1
105.2
132.8
104.4

105.7
104.8
132.5
108.2

.0
.3
1.0
-.4

-.2
-.3
.2
2.6

.4
.2
.9
2.7

.6
.6
1.4
-6.7

-.3
-.5
.9
.6

-.4
-.4
-.2
3.6

1.2
1.0
12.9
7.6

Percent of capacity
200809
2018
2018
low
Feb. Sept.r

Average
19722018

198889
high

199091
low

199495
high

Total industry
Previous estimates

79.8
79.8

85.1
85.2

78.8
78.8

85.0
85.0

66.7
66.7

77.8
77.2

Manufacturing (see note below)
Previous estimates

78.3
78.3

85.5
85.6

77.3
77.3

84.6
84.6

63.7
63.7

Mining
Utilities

87.1
85.4

86.3
93.2

84.3
84.7

88.6
93.2

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.1
80.4
76.8

87.8
86.4
83.3

84.7
78.1
77.3

90.0
87.8
80.6

Capacity utilization

Percent change
2019
Nov.r Dec.r Jan.r

2018
Sept.r

Feb.r

Feb. ’18 to
Feb. ’19

Capacity
growth
Oct.r

Nov.r

Dec.r

2019
Jan.r

Feb.r

Feb. ’18 to
Feb. ’19

79.3
78.5

79.2
78.5

79.6
78.8

79.4
78.7

79.2
78.3

79.1
78.2

1.9
2.2

76.3
75.7

76.9
76.2

76.7
75.8

76.9
75.9

77.3
76.2

77.0
75.8

76.6
75.4

.9
1.4

78.3
78.2

88.1
75.8

92.1
78.7

91.7
80.6

91.9
82.6

92.7
76.9

93.0
77.3

92.3
79.9

7.8
2.0

76.4
63.9
66.5

86.3
76.6
75.3

90.7
77.4
75.8

90.1
77.8
75.5

90.4
78.6
75.5

91.1
77.4
76.0

91.0
77.3
75.8

90.3
77.4
75.7

5.7
1.1
1.1

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.

24

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 2012, the total IP index has been constructed from 299
individual series based on the 2012 NAICS codes. These individual
series are classified in two ways: (1) market groups, and (2) industry
groups. Market groups consist of products and materials. Total
products are the aggregate of final products, such as consumer goods
and equipment, and nonindustrial supplies (which are inputs to
nonindustrial sectors). Materials are inputs in the manufacture of
products. Major industry groups include three-digit NAICS industries
and aggregates of these industries—for example, durable and
nondurable manufacturing, mining, and utilities. A complete
description of the market and industry structures, including details
regarding series classification, relative importance weights, and data
sources, is available on the Board’s website 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 75 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, 94 percent in the third
month, 95 percent in the fourth month, 96 percent in the fifth month,
and 96 percent in the sixth month. Data availability by data type in
2018 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2018; 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

34

44

54

54

56

56

Production-worker hours

40

40

40

40

40

40

IP data received

75

85

94

95

96

96

IP data estimated

25

15

6

5

4

4

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 (34 percent out of a total of 56 percent). Of the
34 percent, about three-quarters (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
2019; for other series, the factors were estimated with data through at
least December 2018. 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
0.28 percent during the 1987–2018 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 1987–2018

25

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 1972–2018 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 27, 2019, 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 2019, the G.17 will be published at 9:15 a.m. on:
January 18, February 15, March 15, April 16, May 15, June 14, July
16, August 15, September 17, October 17, November 15, and
December 17.

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

26