Full text of G.17 Industrial Production and Capacity Utilization : March 28, 2014 : Annual Revision

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FEDERAL RESERVE statistical release
G.17 (419) 2014 Historical and Annual Revision

For release at 12:00 noon (EDT)
March 28, 2014

Industrial Production and Capacity Utilization: The 2014 Annual Revision

The Federal Reserve has revised its index of industrial production (IP) and the related measures of
capacity and capacity utilization.1 The annual revision for 2014 was more limited than in recent years because
the source data required to extend the annual benchmark indexes of production into 2012 were mostly
unavailable. Consequently, the IP indexes published with this revision are very little changed from previous
estimates. Measured from fourth quarter to fourth quarter, total IP is now reported to have increased about
3 1/3 percent in each year from 2011 to 2013. Relative to the rates of change for total IP published earlier, the new
rates are 1/2 percentage point higher in 2012 and little changed in any other year. Total IP still shows a
peak-to-trough decline of about 17 percent for the most recent recession, and it still returned to its pre-recession
peak in the fourth quarter of 2013.
As noted above, much of the new data that are typically incorporated in the annual benchmarks for IP
were unavailable for this revision. In particular, at the time of publication, the U.S. Census Bureau had not issued
detailed results of the 2012 Census of Manufactures. Some new data were available, however. The benchmark
production indexes for publishing were updated from newly available data for 2012 from the Census Bureau’s
Service Annual Survey. The revised IP indexes also incorporated annual data from the U.S. Geological Survey
(USGS) regarding metallic and nonmetallic minerals (except fuels) for 2013. The monthly estimates of
production were updated to incorporate late-arriving or revised monthly or quarterly indicator data (either
outputs from or inputs to production), and they also reflect recalculations of seasonal factors. In addition, new
high-frequency indicators were incorporated for a few production indexes.
Capacity utilization rates for recent years were revised down slightly. Relative to earlier estimates,
capacity utilization for total industry is about 1/4 percentage point lower in the fourth quarter of each year from
2010 to 2013.
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 2013, which covered the
manufacturing sector, along with new data on capacity from the USGS, the U.S. Department of Energy, and
other organizations, primarily for the energy and mining sectors. Typically, the estimates of capacity and
capacity utilization would incorporate an additional year of data on capital spending by industry from the U.S.
Census Bureau, but data for 2012 were not available at the time of publication.
RESULTS OF THE REVISION
The tables show the summary statistics for the annual revision. Tables 1A and 1B present the monthly,
quarterly, and annual average index levels for total IP and for total capacity and capacity utilization for January
1984 through February 2014, along with the percent changes in total IP. Tables 2 through 4 show the revised
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 and capacity indexes for the years before 1972 were multiplied by a constant. However, utilization rates and the rates of change in IP for the
years before 1972 were not revised.

1

rates of change in IP from 2009 through 2013 for market groups, industry groups, special aggregates, and
selected detail. Table 5 presents the revised rates of change in capacity by industry groups for the 2010–14
period. Tables 2 through 5 also show the differences between the revised and previous estimates of the rates of
change. Table 6 contains the revised capacity utilization rates for the fourth quarters of 2010 through 2013 and
the differences between the revised and previous estimates. Table 7 reports revised semiannual rates of change
for IP for 2009 through 2013. Table 8 contains revised capacity utilization rates for the second and fourth
quarters of 2009 through 2013. Tables 9A, 9B, 10A, 10B, 11A, and 11B report the revised production, capacity,
and utilization measures for manufacturing, total industry excluding selected high-technology industries, and
manufacturing excluding selected high-technology industries. Table 12 displays the annual proportions in IP by
market and industry groups for 2006 through 2013. Table 13 reports revised IP indexes for the major market and
industry groups for the previous six months and reports revised capacity utilization rates for the same period.
Industrial Production
Revisions to the changes in total IP in recent years are small, and the general contour of total IP in recent
years is unchanged from previous estimates (figure 1 and table 2).2 Total IP declined sharply in 2009, rebounded
strongly in 2010, and recorded more moderate gains in each year from 2011 to 2013. The upward revision to the
increase in output in 2012 resulted almost entirely from higher estimates for high-technology industries
(computers and peripheral equipment, communications equipment, and semiconductors and related electronic
components). Excluding high-technology industries, total IP is essentially unrevised from 2009 to 2013 (table 3).
Production by Industry Group
From June 2009, the trough of the recent recession, to February 2014, manufacturing production rose
21.8 percent, but it was still 3.0 percent below its pre-recession peak.3 The gain in 2012 is now 0.6 percentage
point higher than previously reported, primarily because of stronger output in high-technology industries.
Excluding high-technology industries, the rates of change of manufacturing output are nearly unchanged from
those previously reported (table 3).
After having advanced 12.2 percent in 2010, the output of durable goods industries increased at about
half that rate in each year from 2011 to 2013 (table 2). The gain in 2012 is now about 3/4 percentage point
stronger than previously reported, while the increase in 2013 is about 1/4 percentage point larger; the rate of
change in 2011, by contrast, is about 1/4 percentage point lower than previously reported.
Although overall production for durables has surpassed its pre-recession level, the recovery has not been
uniform across its major components. By February 2014, the indexes for machinery, for computer and electronic
products, for transportation equipment, and for miscellaneous manufacturing had all rebounded to above their
late-2007 levels. In contrast, the latest readings for the indexes for wood products, for nonmetallic mineral
products, and for furniture and related products were each more than 20 percent below their previous peaks.
After having increased 26.7 percent in 2010, the output of high-technology industries continued to move
up from 2011 to 2013, albeit at a slower pace (table 3). Relative to previous estimates, the increase in
high-technology output in 2012 is now substantially larger. This upward revision arose from production of
semiconductors, which is stronger than previously reported. In particular, a more rapid advance in the production
of microprocessors, which reflected greater improvements in chip quality than previously estimated, accounts for
the majority of the higher output (discussed under technical notes).
2 In this section, all of the rates of change for a full year are calculated from the fourth quarter of the previous year to the fourth quarter of the reference year. Rates of
change on a half-year basis are shown in table 7.
3 Manufacturing consists of those industries in the North American Industry Classification System definition of manufacturing, plus those industries—logging and
newspaper, periodical, book, and directory publishing—that were in the manufacturing sector under the Standard Industrial Classification system.

2

The production of nondurable manufacturing industries expanded modestly in each year since 2010.
Rates of change in nondurable output are similar to the previous estimates. By February 2014, the output of
nondurable goods industries remained 8 percent below its pre-recession peak; among its major industry groups,
only the output of food was higher than its level in late 2007.
The output index for industries not in the scope of manufacturing under the North American Industry
Classification System (NAICS)—that is, logging and publishing—fell in every year from 2009 to 2013. The
decrease in 2012 is now somewhat less sharp than previously reported as a result of new benchmark data from
the Service Annual Survey.
The production indexes for mining and utilities are little changed from those previously reported. Strong
increases in oil and natural gas extraction have boosted mining output in each of the last four years. Rates of
change in the output of utilities are very similar to previous reports.
Production by Market Group
The production index for final products and nonindustrial supplies rose about 3 3/4 percent in 2010,
2 1/4 percent in 2011, 2 3/4 percent in 2012, and 3 1/4 percent in 2013 (table 2). Gains in recent years are little
changed from previous estimates. By February 2014, the index had recovered about 13 1/2 percentage points of its
17 percent loss from the end of 2007 to mid-2009.
The index for consumer goods is little changed from its previous estimate. The production of consumer
goods increased only 0.3 percent in 2010, strengthened somewhat in 2011 and 2012, and then rose about
3 percent in 2013. Despite these gains, which were supported by robust increases in the output of automotive
products, the level of the index in February 2014 remained about 2 1/4 percent below its pre-recession peak.
The index for business equipment has risen substantially since the 2009 trough, with a sharp rebound in
2010 followed by additional, but smaller, increases. With these gains, the output of business equipment has now
fully retraced its recession-era decline. Among the three major components of business equipment, only the
output of information processing and related equipment remains below its December 2007 level, albeit only
slightly. Relative to previous estimates, the index for business equipment is little changed.
The production of defense and space equipment increased robustly in 2010, declined somewhat in 2011,
and then jumped in 2012 before increasing moderately in 2013. The index is little changed by this revision.
The index for construction supplies has advanced briskly in recent years; following a jump in output in
2010, production has expanded between 2 1/2 and 5 percent in each year from 2011 to 2013. Notwithstanding
these gains, the index in February 2014 had recovered less than half of its recession-period decline of 33 percent.
Compared with the index for construction supplies, the index for business supplies declined less steeply during
the recession and rebounded less sharply during the recovery, and its most recent reading was about 6 percent
below its pre-recession peak.
The output of materials advanced 9 1/2 percent in 2010 and then increased, on average, 3 3/4 percent per
year for the next three years. Relative to previous estimates, the gain in 2012 is now larger, while the increase in
2011 is somewhat smaller. As of February 2014, the level of the index for materials was about 7 percent higher
than its pre-recession peak.
Within materials, the recovery from the recession has been uneven. As of February 2014, the indexes for
both durable goods materials and energy materials were above their pre-recession levels. All of the categories of
durable goods materials increased substantially from 2010 to 2013. The gain in the output of durable materials in

3

2012 is now stronger than previously reported as a result of a faster increase in the production of equipment parts.
By contrast, the output of nondurable materials has recovered less than half of its 20 percent decline
during the recession. The index for nondurable materials advanced in 2010 and moved down in 2011 before
increasing in 2012 and being nearly unchanged in 2013.
The output of energy materials advanced briskly in 2010 and 2011, increased at a slower pace in 2012,
and then resumed more rapid gains in 2013. Rates of change in the production of energy materials are nearly
unchanged from previous estimates.
Capacity
Total industrial capacity contracted in 2010 before increasing in 2011, 2012, and 2013 (table 5).4
Capacity is expected to expand at a slightly faster rate in 2014. Relative to previous estimates, the gain in total
industrial capacity in 2012 is somewhat larger.
After having decreased each year from 2008 to 2010, manufacturing capacity rose slightly in 2011 and
then increased around 2 percent in 2012 and in 2013; it is expected to advance at a somewhat faster pace in 2014.
Relative to earlier estimates, the gains in 2012 and 2013 are larger. The revised level of capacity in the fourth
quarter of 2013 is 0.9 percent higher than the earlier estimate. Capacity in durable manufacturing industries
declined from 2008 to 2010 and then advanced solidly in each year from 2011 to 2013; capacity is expected to
post another strong gain in 2014. The rate of change in durable manufacturing capacity is now reported to have
increased at a faster rate in both 2012 and 2013, with the capacity index for computer and electronic products
being the largest contributor in 2012 and higher capacity in fabricated metal products being the largest
contributor to the revision in 2013. Capacity in high-technology industries advanced briskly in each year from
2010 to 2012, moved up at a slightly slower pace in 2013, and is expected to increase again in 2014. The gain in
2012 is now substantially stronger than previously reported. For nondurable manufacturing, capacity contracted
in each year from 2008 to 2011 before increasing modestly in 2012 and 2013; the pace of capacity gains for
nondurables is expected to pick up in 2014. Relative to the previous estimate, the rate of change for nondurables
manufacturing capacity is now estimated to have increased somewhat less in 2012.
Capacity at mines was flat in 2010 but increased sharply in 2011, 2012, and 2013; further gains are
expected in 2014. Relative to previous estimates, the rates of change in 2010 and 2011 are now larger. Capacity
at utilities increased modestly in each year from 2010 to 2013, with another increase expected in 2014; the gains
from 2011 to 2013 are now reported to be smaller in each year than previously estimated.
By stage of processing, capacity at the crude stage declined in 2010 and then recorded robust gains of
3 percent or more in 2011, 2012, and 2013; capacity is expected to increase further in 2014. Relative to previous
estimates, the rates of change for capacity at the crude stage are now reported to be higher in 2010, 2011, and
2012, but lower in 2013. Capacity at the primary and semifinished stages declined in 2010 and then increased in
each year from 2011 to 2013; another expansion is expected in 2014. Relative to previous estimates, the gains in
capacity at the primary and semifinished stages are now reported to have been somewhat smaller in 2011 but
considerably stronger in 2012. For finished goods industries, capacity declined in 2010, edged up in 2011, and
then increased more briskly in 2012 and 2013. Capacity for these producers is expected to increase in 2014. The
rates of change for capacity in the finished goods stage are smaller than previously reported for 2011 but larger
for 2013.
4 In

this section, all the rates of change for a full year are calculated from the fourth quarter of the previous year to the fourth quarter of the reference year.

4

Capacity Utilization
Capacity utilization for total industry has risen in each year from 2010 to 2013.5 In 2013, capacity
utilization for total industry was 78.4 percent, a rate 1.7 percentage points below its long-run (1972–2013)
average of 80.1 percent (table 6). Compared with earlier estimates, capacity utilization for total industry is now
reported to have been slightly lower in each year from 2010 to 2013.
The capacity utilization rate for manufacturing jumped in 2010 and then increased at a slower rate in each
year from 2011 to 2013. Relative to previous reports, larger increases in manufacturing capacity slightly more
than offset higher rates of change in production in 2012 and 2013; consequently, the factory operating rates are
now estimated to have been a bit lower in those years. At 76.4 percent, the rate for 2013 is 0.3 percentage point
below its earlier level and 2.3 percentage points below its long-run average. The utilization rate for durable
manufacturing has risen in each year from 2010 to 2013, when it reached 76.3 percent, but rates in 2012 and
2013 are now lower than reported earlier. The utilization rate for nondurable manufacturing has increased from
71.8 percent in 2009 to 77.8 percent in 2013. The rates for nondurables in 2010 and 2011 are now reported to
have been lower than previously estimated, while rates for 2012 and 2013 are slightly higher than previously
estimated.
As of the fourth quarter of 2013, all nondurable manufacturing industry groups were still operating at
rates below their industry-specific long-run averages (table 6), with the rates for textile and product mills and for
printing and support well below their long-run averages. Among durable goods manufacturers, 5 of the
11 industry groups in table 6 were operating at utilization rates above their long-run averages: fabricated metal
products; machinery; electrical equipment, appliances, and components; motor vehicles and parts; and aerospace
and miscellaneous transportation equipment. Only the nonmetallic mineral products industry was operating at a
rate far below its long-run average.
Capacity utilization in mining advanced strongly in 2010 and continued to increase in 2011; utilization
fell back slightly in 2012 but increased again in 2013. Utilization rates at mines are lower than previously
reported in each year from 2010 to 2013. Nevertheless, the utilization rate for mining in 2013, at 87.7 percent,
was 0.4 percentage point above its long-run average. The operating rates for utilities are now higher than
previously reported for 2012 and 2013; at 81.3 percent in 2013, however, the utilization rate was 4.8 percentage
points below its long-run average.
TECHNICAL ASPECTS OF THE REVISION
The annual revisions to the indexes of IP and capacity were limited in scope this year. Much of the
comprehensive data that is newly incorporated in a typical annual revision was not yet available at the time of
publication. However, this annual revision did incorporate updated measures of employment and
production-worker hours from the Current Employment Statistics monthly survey conducted by the Bureau of
Labor Statistics (BLS). In addition, the benchmark indexes for logging and publishing were updated through
2012 based on data from the U.S. Forest Service and the U.S. Census Bureau.
The revised IP indexes include information from the QSPC for 2013 and from other industry reports. The
indexes also incorporate revised monthly and quarterly source data on production, shipments, and inventories.

5 Unless

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

5

Annual Benchmark Output Indexes
The annual benchmark output indexes for IP are defined as nominal gross output divided by a price
index. These benchmark indexes are constructed for each six-digit industry defined by the NAICS. As noted
earlier, much of the underlying source data required to construct the benchmark output indexes for 2012 is not
yet available. For a few industries—including semiconductors—the Federal Reserve constructs benchmark
indexes at a more detailed level than the six-digit NAICS, and 2012 data do exist for some of these industries.
Changes to annual benchmarks for semiconductors
The IP indexes for semiconductors (NAICS 334413) use monthly shipments data from the
Semiconductor Industry Association (SIA) deflated by a price index. This revision updates the methods for
calculating the annual benchmark price index used in the output index for microprocessors (MPUs) and extends
the price index one year further to 2012. The updated methods also affect the price index for metal-oxide
semiconductor (MOS) logic chips excluding MPUs.
As in the construction of other price indexes used in the G.17 statistics, the price index for MPUs is
composed of an annual benchmark deflator combined with a monthly price indicator. In the 2013 annual
revision, the Federal Reserve introduced new methods using hedonic regressions to construct the annual
benchmark price deflator. 6 Hedonic price indexes use data on product characteristics to remove the effect of
changing product quality from prices.
This revision updated the previous methods in a few ways. First, this revision incorporated additional
observations in the sample used in the 2013 analysis. Second, the increased sample size enabled a more flexible
specification of the hedonic model used in the analysis. Third, the updated methods controlled for heat
management properties of different MPUs. Finally, some controls were eliminated from the specification and the
sample was adjusted to improve consistency over time. The current revision applied the updated methods only to
2012.
After having declined at an average rate of 37 percent per year for the 2007–11 period, the price index for
MPUs is estimated to have declined 30 percent in 2012 using the updated methods. Previously, the price deflator
for MPUs in 2012 was estimated to have declined about 4 percent. It is expected that the new methods will be
introduced to the 2007–11 period in a future annual revision.
The price deflator for the IP index for MOS logic excluding MPUs is a geometric mean of a Fisher price
index constructed from monthly SIA data for chips in this category, the price index for MPUs, and the price
index for MOS memory chips. Because the changes to the price index for MPUs imply more rapid price declines
for 2012, the output index for MOS logic excluding MPUs, which relies on this price deflator, registers stronger
gains.
Changes to Individual Production Indexes
Several production indicators were affected by methodological changes in this revision.
Business Furniture
Monthly data on the overall value of shipments for office furniture from the Business and Institutional
Furniture Manufacturers Association (BIFMA) have been instituted as the primary source data for the index for
business furniture (NAICS 3372) for the period from 1972 forward. Previously, the IP index for business
6 Described

on the Federal Reserve’s website at www.federalreserve.gov/releases/g17/MpuPriceIndex.htm.

6

furniture was based on monthly production-worker hour data from the BLS for 1997 forward; before that, the
monthly production indicator was data for electric power use collected by the Federal Reserve. As with the other
production indexes that are based on manufacturers’ shipments, the BIFMA shipments data were adjusted by a
procedure that estimates changes in inventories to obtain a measure of production. The procedure was described
in detail in the Federal Reserve Bulletin article that summarized the 2004 annual revision.7
Computers
This revision introduced new source data for each of the component indexes for computer and peripheral
equipment (NAICS 3341). For the period beginning in 2012, monthly data from the BLS on production-worker
hours are now used as high-frequency indicators for the following indexes: business desktops, consumer
desktops, business mobiles, consumer mobiles, business storage and terminals, consumer storage and terminals,
business printers and peripherals, and consumer printers and peripherals. Previously, these indexes were based
on quarterly data on domestic absorption for computers from the International Data Corporation (IDC) and on
information from the discontinued (as of mid-2011) Current Industrial Report (CIR) program from the U.S.
Census Bureau.
The monthly data on production-worker hours are only collected on an industry basis and do not contain
separate labor input information for business and consumer computers. The business and consumer market splits
required for the IP indexes are estimated from IDC data on the relative shares of domestic absorption for these
markets. The Federal Reserve will continue to receive these data from IDC once per year, with quarterly
frequency detail covering the four quarters of the previous year. These data will be used in future annual
revisions to retroactively construct the business and consumer shares and apply them to the historical data on
production-worker hours for the same time frame. For the period when the business and consumer shares are not
yet available from IDC, the shares will be projected using time-series methods.
With this revision, for the period beginning in 2012, the IP indexes for x86 servers and non-x86 servers
are based on measures derived from the QSPC augmented by estimates of the service flow from the capital stock
at producers of computers and peripherals. The capital services measures were constructed from historical
investment data and a survey of investment plans. In recent years, the augmented QSPC utilization rates, a proxy
for capital utilization, have tracked detrended measures of IP for servers. Previously, the IP indexes used data
from IDC on U.S. domestic absorption of servers.
Semiconductors
The IP indexes for each of the individual components of semiconductors (NAICS 334413) are derived
from data on measures of nominal U.S. output deflated by a price index. This revision includes updates to the
annual benchmark indexes (discussed above) and also to the monthly production indexes for the different types
of memory semiconductors: flash memory, dynamic random-access memory (DRAM), and other metal-oxide
semiconductors (MOS) memory. Specifically, the updates to memory chips include enhancements to (1) the
share of global semiconductor sales for each product type that originated from U.S. factories and (2) the
associated price indexes.
Domestically produced shares of global shipments
The data on nominal shipments come from a SIA monthly report that provides details on global sales for
many types of chips. For each type of chip, the SIA shipments figures are multiplied by an estimate of the share
of global sales that is produced domestically. These shares are derived from a global census, published by IHS
7 Kimberly Bayard and Charles Gilbert (2005), “Industrial Production and Capacity Utilization: The 2004 Annual Revision,” Federal Reserve Bulletin, vol. 91 (Winter),
pp. 9–25, www.federalreserve.gov/pubs/bulletin/2005/winter05 ip.pdf.

7

iSuppli, of semiconductor factories. The domestic share of global unit capacity (in semiconductor wafers) for
each product type is used as a proxy for the domestic share of the value of shipments. Updated capacity
estimates from IHS iSuppli along with new information learned from discussions with iSuppli analysts, led to an
upwardly revised estimate for the domestic production shares for memory chips and to higher domestic output in
2012 and 2013.
Price index for memory chips
This revision updated the price indexes for memory chips with new data from the Bank of Japan (BOJ).
Historically, quarterly price indexes for memory chips have been based on quarterly data on prices and global
sales by detailed memory type using a matched-model, chain-weighted aggregation. Less-detailed monthly
information from SIA had been used to interpolate a monthly price index that was constrained to line up with the
quarterly indexes. With this revision, the monthly interpolation is based on the price index for MOS memory
chips published by the BOJ. In addition, this revision used the BOJ price index as a primary indicator of memory
prices for months after the last available date of the quarterly price data: the second quarter of 2013 for DRAM
and flash memory, and the second quarter of 2009 for other memory.

Electric Lighting
The IP index for electric lighting equipment (NAICS 3351) has been updated with this revision.
Previously, output was inferred from monthly production-worker hour data from the BLS. This revision adopted
quarterly data back to 2002 from the National Electrical Manufacturers Association’s (NEMA) Lighting Systems
Index. The NEMA index covers U.S. shipments of a variety of lighting products, including lamps, luminaires,
ballasts, and emergency lighting.
Adjustments for Natural Disasters and Extreme Weather
With this annual revision, the production indexes continue to incorporate model-based estimates of the
effects on output of natural disasters or extreme weather events. These estimates are derived from
industry-specific measures of economic activity in the most affected areas.8 Since the 2013 annual revision, the
natural disasters and extreme weather events that required special estimates of the effect on production include
the tornadoes that hit Oklahoma in July 2013 and the extreme cold weather and snowstorms that affected much
of the country in January and February 2014.
Weights for Aggregation
The IP index is a Fisher index. The weights for manufacturing industries are derived from value-added
measures from the Census of Manufactures and the Annual Survey of Manufactures, both from the U.S. Census
Bureau. 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. As in the 2013 annual revision, the weights for
aggregation expressed as value-added per unit were estimated with data on producer prices for the period after
2011. Table 12 shows the annual value-added proportions in the IP index from 2006 through 2013.
Revised Quarterly and Monthly Data
This revision incorporated product data 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
8 The methods used to make these estimates have
www.federalreserve.gov/releases/g17/g17 technical qa.htm.

been

documented

8

previously,

most

recently

on

the

Federal

Reserve’s

website

at

with monthly IP estimates but were available for inclusion in the annual revision.
Revised Seasonal Factors
Seasonal factors for production-worker hours—which adjust for timing, holiday, and monthly seasonal
patterns—were updated with data through January 2014. The updated factors for the physical product series,
which include adjustments for holiday and workday patterns, used data through December 2013 where available.
Seasonal factors for unit motor vehicle assemblies have been updated, and projections through June 2015
are on the Board’s website at www.federalreserve.gov/releases/g17/mvsf.htm. This annual revision updated the
procedures for estimating seasonal factors for the months in the third quarter of the years from 1996 through
2011. Previously, the seasonal factors for cars and light trucks were based, in part, on manufacturers’ initial
assembly plans for the months of July, August, and September. These assembly plans reflected the summer
shutdowns that allow for factory retooling to accommodate model changeovers. Prior to the mid-1990s, the
summer shutdowns fluctuated between July and August, which necessitated special adjustments to the seasonal
factors. Since the mid-1990s, however, automakers’ summer shutdowns have been more reliably slotted for July,
if they are scheduled at all, so the special adjustments based on initial assembly plans were no longer required.
With this revision, the special adjustments were removed for the period beginning with 1996.

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 industrial production, capacity, and capacity utilization. Indexes for one additional industry group are being published with this release:
Nonferrous metals except foundries (NAICS 3313 and 3314).
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.

9

1. Total industrial production, capacity, and utilization
Ratio scale, 2007 output = 100
Revised
Earlier

140
130

120

110

100
Capacity
90

80
Production

70
65

60

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

Percent of capacity

55

86
82

Utilization

78
74
70
66

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

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

10

62

2. Manufacturing industrial production, capacity, and utilization
Ratio scale, 2007 output = 100
Revised
Earlier

140
130
120
110

100
Capacity
90

80
Production

70
65
60
55

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

Percent of capacity

50

86
82
78

Utilization

74
70
66

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

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

11

62

3. Industrial production and capacity utilization
Industrial production

Ratio scale, 2007 output = 100
105
100
95

Excluding
high-technology
industries

90
85
80
75

Total IP

70
65
60
1988

1990

1992

1994

1996

1998

2000

2002

2004

Industrial production

2006

2008

2010

2012

2014

55

Percent change from year earlier
15
Total IP

10
5
0
Excluding the
contribution
of high-technology
industries

-5
-10
-15

1988

1990

1992

Industrial production

1994

1996

1998

2000

Ratio scale, 2007 = 100

2002

2004

2006

2008

Capacity utilization
350
300
250

2010

2012

2014

-20

Percent of capacity
100

High-technology
industries

90

200
Communications
eq.

150

Semiconductors

100
80
Computers

2006

2008

2010

80
Excluding
high-technology
industries

70

60

60

2012

2014

40

1990

1995

2000

2005

2010

Notes: High-technology industries are defined as semiconductors and related electronic components
(NAICS 334412-9), computers (NAICS 3341),and communications equipment (NAICS 3342).
The shaded areas represent periods of business recession as defined by the NBER.

12

50

4. Consumer goods

Total

Ratio scale, 2007 output = 100
110

Revised
Earlier

100

90
Detail: 2011 to present

100

80

95
90

70

85
80
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2004

2013

2014

2006

Components of consumer goods

2008

2010

2012 2014

60

Ratio scale, 2007 output = 100
125

Revised durable
Revised nondurable
Earlier

105
Nondurable

85

Detail: 2011 to present

105
100

65

95

Durable

90
85
80
75
70
65
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2013

2004

2014

2006

2008

2010

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

13

2012 2014

45

5. Equipment
Total

Ratio scale, 2007 output = 100
130

Revised
Earlier

110
90
70

Detail: 2011 to present

115
105

50

95
85
75
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2004

2013

2006

2014

2008

2010

2012 2014

30

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

Business equipment

Ratio scale, 2007 output = 100
120
100
80
Detail: 2011 to present

115

60

105
95

40

85
75
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2004

2013

2006

Defense and space equipment

2014

2008

2010

2012 2014

20

Ratio scale, 2007 output = 100
160
140
120
100
80

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

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

14

2012 2014

60

6. Nonindustrial supplies
Total

Ratio scale, 2007 output = 100
110

Revised
Earlier

90

Detail: 2011 to present

95

70

90
85
80
75
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2004

2013

2014

2006

Construction supplies

2008

2010

2012 2014

Ratio scale, 2007 output = 100

50

110

90

Detail: 2011 to present

90
85
80

70

75
70
65
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2013

2004

2014

2006

Business supplies

2008

2010

2012 2014

Ratio scale, 2007 output = 100

Detail: 2011 to present

50

110

90
100
95

70

90
85
80
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2013

2004

2014

2006

2008

2010

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

15

2012 2014

50

7. Industrial materials
Total

Ratio scale, 2007 output = 100
Revised
Earlier

120

90
Detail: 2011 to present

110
105
100
95
90

70

85
2011

1988

1990

1992

1994

1996

1998

2000

2002

2012

2004

Energy materials

2013

2014

2006

80

2008

2010

2012 2014

Ratio scale, 2007 output = 100

50

130

100

80

1988

1990

1992

1994

1996

1998

2000

2002

2004

Non-energy materials

2006

2008

2010

2012 2014

60

Ratio scale, 2007 output = 100 130
100
80
60

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

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

16

2012 2014

40

8. Capacity utilization by stage of process
Capacity utilization

Percent of capacity
100

Revised
Earlier

Crude processing

95
90
85
80
75

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

Capacity utilization

2010

2012

2014

70

Percent of capacity
95
Primary and
semifinished processing

90
85
80
75
70
65

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

Capacity utilization

2010

2012

2014

60

Percent of capacity
90
85

Finished processing

80
75
70
65

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

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

17

2008

2010

2012

2014

60

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)
1984
1985
1986
1987

2.0
-.2
.5
-.3

.5
.4
-.7
1.3

.5
.1
-.6
.2

.6
-.3
.1
.6

.5
.1
.2
.7

.3
.1
-.3
.5

.3
-.7
.6
.7

.1
.4
-.2
.8

-.2
.4
.2
.3

-.1
-.4
.4
1.5

.4
.3
.5
.5

.1
1.0
.9
.5

12.3
1.1
2.4
5.4

6.3
.4
-2.3
7.2

2.9
-.7
1.6
7.5

.3
2.4
4.5
10.2

8.9
1.2
1.0
5.2

1988
1989
1990
1991
1992

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

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

.2
.3
.5
-.5
.9

.5
.1
-.1
.2
.7

-.1
-.7
.2
1.0
.3

.3
.1
.3
.9
.0

.0
-1.0
-.1
.0
.9

.5
.9
.3
.1
-.5

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

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

.2
.3
-1.2
-.1
.4

.5
.6
-.7
-.4
.1

3.7
1.8
2.7
-7.4
-.5

3.4
-1.4
3.2
2.5
7.2

1.6
-2.6
1.6
5.5
3.0

2.9
1.6
-6.1
.8
4.3

5.2
.9
1.0
-1.5
2.8

1993
1994
1995
1996
1997

.5
.4
.2
-.7
.2

.4
.0
-.1
1.6
1.2

.0
1.0
.1
-.1
.7

.3
.5
.0
.9
.1

-.4
.6
.3
.7
.6

.2
.7
.4
.8
.5

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

-.1
.6
1.3
.6
1.0

.5
.4
.4
.6
.9

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

.4
.6
.2
.9
.9

.5
1.0
.4
.6
.3

3.6
5.1
4.4
2.7
7.9

.8
7.5
1.5
8.5
6.3

1.6
5.3
3.9
5.0
9.8

6.2
8.4
3.4
5.5
10.5

3.3
5.3
4.7
4.4
7.2

1998
1999
2000
2001
2002

.5
.5
.0
-.7
.6

.1
.5
.3
-.6
.0

.1
.2
.4
-.3
.8

.3
.2
.7
-.3
.5

.6
.8
.2
-.7
.4

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

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

2.1
.4
-.3
-.2
.0

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

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

.0
.5
.0
-.5
.5

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

4.5
4.3
4.3
-5.6
2.9

2.5
3.8
5.3
-5.5
6.5

2.8
3.8
-.4
-5.7
2.4

5.6
7.5
-1.2
-4.5
-.2

5.8
4.3
4.0
-3.4
.2

2003
2004
2005
2006
2007

.7
.3
.5
.1
-.5

.3
.5
.6
.0
1.1

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

-.8
.4
.1
.4
.7

.0
.8
.2
-.1
.0

.0
-.8
.4
.4
.0

.6
.8
-.2
.0
.0

-.3
.0
.2
.3
.1

.6
.1
-2.0
-.2
.4

.1
1.0
1.3
.0
-.5

.8
.2
1.0
-.1
.6

-.1
.7
.6
1.0
.0

2.6
2.5
5.7
3.8
3.7

-3.1
1.8
2.2
2.4
4.9

2.7
2.1
-1.7
1.6
1.1

3.4
5.7
3.4
.8
.7

1.2
2.3
3.2
2.2
2.5

2008
2009
2010
2011
2012

-.2
-2.2
1.2
.0
.9

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

-.3
-1.5
.8
1.0
-.4

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

-.5
-1.1
1.6
.3
.3

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

-.5
1.0
.6
.6
.6

-1.5
1.0
.3
.5
-.6

-4.2
.7
.3
.1
.3

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

-1.3
.4
.2
.1
1.0

-2.8
.3
.8
.4
.1

-1.4
-20.0
8.3
2.5
5.2

-5.3
-10.8
8.7
1.2
3.8

-12.1
5.2
6.5
5.2
1.6

-16.0
6.3
1.5
3.9
2.4

-3.4
-11.3
5.7
3.3
3.8

2013
2014

.1
-.1

.6
.6

.4

-.2

.1

.2

-.2

.6

.7

.2

.6

.0

4.2

1.9

2.5

4.9

2.9

IP (2007=100)
1984
1985
1986
1987

53.0
54.4
55.6
56.0

53.2
54.7
55.2
56.7

53.5
54.7
54.9
56.8

53.8
54.6
54.9
57.1

54.1
54.7
55.0
57.5

54.2
54.7
54.8
57.8

54.4
54.3
55.2
58.2

54.5
54.6
55.0
58.6

54.4
54.8
55.2
58.8

54.3
54.6
55.4
59.6

54.5
54.8
55.7
60.0

54.6
55.3
56.1
60.3

53.2
54.6
55.2
56.5

54.0
54.7
54.9
57.5

54.4
54.6
55.1
58.5

54.5
54.9
55.7
59.9

54.0
54.7
55.2
58.1

1988
1989
1990
1991
1992

60.3
62.1
61.5
60.9
61.3

60.5
61.8
62.1
60.5
61.8

60.7
62.0
62.4
60.2
62.3

61.0
62.0
62.3
60.3
62.7

60.9
61.6
62.4
60.9
62.9

61.1
61.6
62.6
61.5
62.9

61.1
61.0
62.6
61.5
63.5

61.4
61.6
62.7
61.6
63.2

61.2
61.4
62.9
62.1
63.3

61.5
61.3
62.4
62.0
63.8

61.6
61.5
61.6
61.9
64.1

61.9
61.9
61.2
61.7
64.1

60.5
61.9
62.0
60.6
61.8

61.0
61.7
62.5
60.9
62.9

61.2
61.3
62.7
61.7
63.3

61.7
61.6
61.7
61.9
64.0

61.1
61.6
62.2
61.3
63.0

1993
1994
1995
1996
1997

64.4
66.6
71.1
72.4
77.2

64.7
66.6
71.0
73.5
78.1

64.7
67.3
71.1
73.4
78.7

64.8
67.6
71.1
74.1
78.7

64.6
68.0
71.3
74.6
79.2

64.7
68.5
71.6
75.2
79.6

64.9
68.6
71.3
75.1
80.3

64.9
69.0
72.2
75.5
81.1

65.2
69.2
72.5
76.0
81.8

65.7
69.8
72.4
76.0
82.6

65.9
70.2
72.6
76.6
83.3

66.3
70.9
72.9
77.1
83.5

64.6
66.8
71.1
73.1
78.0

64.7
68.0
71.3
74.6
79.2

65.0
68.9
72.0
75.5
81.1

66.0
70.3
72.6
76.5
83.1

65.1
68.5
71.8
74.9
80.4

1998
1999
2000
2001
2002

84.0
86.9
91.1
91.4
87.7

84.0
87.3
91.4
90.8
87.7

84.1
87.5
91.8
90.6
88.4

84.4
87.6
92.5
90.3
88.8

84.9
88.3
92.7
89.6
89.2

84.4
88.2
92.7
89.0
90.0

84.1
88.7
92.6
88.6
89.8

85.8
89.1
92.3
88.4
89.9

85.6
88.8
92.7
88.1
89.9

86.2
90.0
92.3
87.6
89.7

86.2
90.4
92.3
87.2
90.1

86.5
91.1
92.1
87.2
89.7

84.0
87.2
91.4
90.9
88.0

84.6
88.0
92.6
89.7
89.4

85.1
88.9
92.5
88.3
89.9

86.3
90.5
92.3
87.3
89.8

85.0
88.7
92.2
89.1
89.3

2003
2004
2005
2006
2007

90.3
91.4
94.7
96.8
98.2

90.5
91.9
95.3
96.8
99.2

90.4
91.4
95.2
97.1
99.4

89.7
91.8
95.4
97.4
100.1

89.7
92.5
95.5
97.3
100.1

89.7
91.7
95.9
97.7
100.1

90.3
92.5
95.7
97.7
100.2

90.0
92.5
95.9
98.0
100.3

90.5
92.5
94.0
97.8
100.7

90.6
93.4
95.2
97.8
100.2

91.3
93.6
96.1
97.7
100.8

91.2
94.3
96.7
98.6
100.7

90.4
91.6
95.1
96.9
98.9

89.7
92.0
95.6
97.5
100.1

90.3
92.5
95.2
97.8
100.4

91.0
93.8
96.0
98.0
100.6

90.4
92.5
95.5
97.6
100.0

2008
2009
2010
2011
2012

100.5
87.5
88.0
92.6
96.0

100.2
86.9
88.2
92.1
96.4

100.0
85.6
88.9
93.0
96.0

99.2
84.9
89.2
92.6
96.8

98.8
84.0
90.6
92.9
97.1

98.6
83.7
90.8
93.1
97.2

98.1
84.6
91.4
93.7
97.7

96.6
85.4
91.7
94.1
97.1

92.5
86.0
91.9
94.2
97.4

93.3
86.3
91.6
94.7
97.3

92.1
86.6
91.8
94.8
98.3

89.5
86.9
92.6
95.2
98.4

100.2
86.7
88.4
92.6
96.1

98.9
84.2
90.2
92.9
97.0

95.7
85.3
91.7
94.0
97.4

91.6
86.6
92.0
94.9
98.0

96.6
85.7
90.6
93.6
97.1

2013
2014

98.4
101.3

99.0
102.0

99.5

99.3

99.4

99.6

99.4

100.0

100.7

100.9

101.4

101.5

99.0

99.4

100.1

101.3

99.9

Year

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.
1. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

18

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
2007 output)
1984
1985
1986
1987

66.5
68.2
69.8
70.8

66.6
68.3
69.9
70.9

66.7
68.5
70.0
71.1

66.8
68.7
70.1
71.2

66.9
68.8
70.1
71.4

67.1
69.0
70.2
71.5

67.2
69.2
70.3
71.6

67.3
69.3
70.3
71.8

67.5
69.4
70.4
71.9

67.7
69.5
70.5
72.0

67.8
69.7
70.6
72.1

68.0
69.8
70.7
72.2

66.6
68.3
69.9
70.9

66.9
68.8
70.1
71.4

67.4
69.3
70.3
71.8

67.8
69.6
70.6
72.1

67.2
69.0
70.2
71.5

1988
1989
1990
1991
1992

72.2
72.8
74.6
76.3
77.3

72.3
72.9
74.8
76.4
77.4

72.3
73.0
74.9
76.5
77.6

72.4
73.1
75.1
76.6
77.7

72.4
73.3
75.2
76.6
77.9

72.4
73.4
75.4
76.7
78.1

72.4
73.6
75.5
76.8
78.3

72.5
73.8
75.7
76.9
78.4

72.5
73.9
75.8
76.9
78.6

72.6
74.1
75.9
77.0
78.8

72.6
74.3
76.1
77.1
79.0

72.7
74.4
76.2
77.2
79.1

72.3
72.9
74.8
76.4
77.4

72.4
73.3
75.2
76.6
77.9

72.5
73.8
75.7
76.9
78.4

72.6
74.3
76.0
77.1
79.0

72.4
73.6
75.4
76.7
78.2

1993
1994
1995
1996
1997

79.3
80.7
83.8
87.7
92.7

79.4
80.9
84.1
88.1
93.2

79.5
81.1
84.4
88.5
93.6

79.6
81.3
84.7
88.9
94.1

79.7
81.5
85.0
89.3
94.7

79.8
81.8
85.3
89.7
95.2

79.9
82.0
85.7
90.1
95.8

80.0
82.3
86.0
90.5
96.3

80.1
82.6
86.3
90.9
96.9

80.2
82.9
86.7
91.3
97.6

80.4
83.2
87.0
91.8
98.2

80.5
83.5
87.4
92.2
98.8

79.4
80.9
84.1
88.1
93.2

79.7
81.5
85.0
89.3
94.7

80.0
82.3
86.0
90.5
96.3

80.4
83.2
87.0
91.8
98.2

79.9
82.0
85.5
89.9
95.6

1998
1999
2000
2001
2002

99.5
106.3
111.2
115.6
118.7

100.2
106.7
111.6
115.9
118.9

100.8
107.2
112.0
116.2
119.0

101.5
107.6
112.4
116.5
119.1

102.1
108.0
112.8
116.8
119.2

102.7
108.4
113.2
117.1
119.2

103.3
108.8
113.6
117.4
119.3

103.8
109.2
113.9
117.7
119.3

104.3
109.6
114.3
117.9
119.3

104.8
110.0
114.6
118.1
119.3

105.3
110.4
115.0
118.4
119.2

105.8
110.8
115.3
118.6
119.2

100.2
106.7
111.6
115.9
118.9

102.1
108.0
112.8
116.8
119.2

103.8
109.2
113.9
117.7
119.3

105.3
110.4
114.9
118.4
119.2

102.8
108.6
113.3
117.2
119.1

2003
2004
2005
2006
2007

119.2
118.8
118.7
120.6
123.1

119.1
118.7
118.8
120.8
123.4

119.1
118.7
118.9
121.0
123.6

119.0
118.6
119.0
121.1
123.9

119.0
118.6
119.2
121.3
124.1

119.0
118.5
119.4
121.5
124.3

118.9
118.5
119.5
121.7
124.4

118.9
118.5
119.7
121.9
124.5

118.9
118.5
119.9
122.1
124.6

118.9
118.5
120.1
122.4
124.6

118.8
118.5
120.3
122.6
124.6

118.8
118.6
120.4
122.9
124.6

119.1
118.7
118.8
120.8
123.4

119.0
118.6
119.2
121.3
124.1

118.9
118.5
119.7
121.9
124.5

118.8
118.5
120.3
122.6
124.6

119.0
118.6
119.5
121.7
124.1

2008
2009
2010
2011
2012

124.6
124.9
123.9
121.9
124.2

124.5
125.0
123.6
121.9
124.5

124.5
125.0
123.4
122.0
124.8

124.4
125.1
123.1
122.1
125.1

124.3
125.1
122.9
122.2
125.4

124.3
125.1
122.6
122.4
125.7

124.3
125.0
122.4
122.6
125.9

124.4
124.9
122.2
122.8
126.2

124.5
124.8
122.1
123.1
126.4

124.6
124.6
122.0
123.4
126.6

124.7
124.4
121.9
123.6
126.8

124.8
124.1
121.9
123.9
127.0

124.5
125.0
123.6
121.9
124.5

124.4
125.1
122.9
122.2
125.4

124.4
124.9
122.2
122.8
126.2

124.7
124.4
121.9
123.6
126.8

124.5
124.8
122.7
122.7
125.7

2013
2014

127.2
129.7

127.3
130.0

127.5

127.7

127.9

128.0

128.2

128.5

128.7

128.9

129.2

129.4

127.3

127.9

128.5

129.2

128.2

Utilization (percent)
1984
1985
1986
1987

79.6
79.9
79.6
79.0

79.9
80.0
79.0
79.9

80.2
79.9
78.4
79.9

80.5
79.5
78.3
80.2

80.8
79.4
78.4
80.6

80.9
79.3
78.1
80.8

81.0
78.6
78.5
81.2

80.9
78.8
78.3
81.7

80.6
79.0
78.3
81.8

80.3
78.5
78.6
82.8

80.4
78.6
78.8
83.2

80.3
79.3
79.4
83.5

79.9
79.9
79.0
79.6

80.7
79.4
78.3
80.5

80.8
78.8
78.4
81.5

80.3
78.8
78.9
83.2

80.4
79.2
78.6
81.2

1988
1989
1990
1991
1992

83.5
85.3
82.4
79.9
79.3

83.7
84.8
83.0
79.3
79.8

83.9
84.9
83.3
78.7
80.3

84.3
84.8
83.0
78.8
80.7

84.2
84.0
83.0
79.5
80.8

84.3
83.9
83.1
80.2
80.6

84.4
82.9
82.8
80.1
81.1

84.7
83.5
82.9
80.1
80.6

84.4
83.0
82.9
80.7
80.6

84.8
82.8
82.2
80.5
81.0

84.8
82.8
81.0
80.3
81.2

85.1
83.1
80.4
79.9
81.1

83.7
85.0
82.9
79.3
79.8

84.3
84.2
83.0
79.5
80.7

84.5
83.1
82.9
80.3
80.7

84.9
82.9
81.2
80.2
81.1

84.3
83.8
82.5
79.8
80.6

1993
1994
1995
1996
1997

81.3
82.5
84.8
82.5
83.3

81.5
82.3
84.4
83.4
83.9

81.3
83.0
84.3
83.0
84.0

81.4
83.2
83.9
83.3
83.6

81.0
83.4
83.9
83.6
83.7

81.1
83.7
83.9
83.9
83.6

81.2
83.6
83.2
83.3
83.9

81.1
83.8
84.0
83.5
84.2

81.3
83.8
84.0
83.6
84.4

81.8
84.2
83.6
83.2
84.6

82.0
84.4
83.4
83.5
84.8

82.3
85.0
83.4
83.6
84.5

81.3
82.6
84.5
83.0
83.7

81.2
83.4
83.9
83.6
83.7

81.2
83.7
83.8
83.5
84.2

82.1
84.5
83.5
83.4
84.7

81.4
83.6
83.9
83.4
84.1

1998
1999
2000
2001
2002

84.4
81.8
81.9
79.1
73.9

83.9
81.8
81.9
78.3
73.8

83.4
81.6
81.9
77.9
74.3

83.2
81.5
82.2
77.5
74.6

83.2
81.8
82.1
76.7
74.8

82.2
81.4
81.9
76.0
75.5

81.4
81.6
81.6
75.4
75.3

82.6
81.6
81.0
75.1
75.3

82.0
81.0
81.1
74.7
75.4

82.3
81.8
80.6
74.2
75.2

81.8
81.9
80.3
73.6
75.6

81.8
82.2
79.9
73.5
75.2

83.9
81.7
81.9
78.4
74.0

82.8
81.5
82.1
76.7
75.0

82.0
81.4
81.2
75.1
75.3

81.9
81.9
80.3
73.8
75.3

82.7
81.7
81.4
76.0
74.9

2003
2004
2005
2006
2007

75.8
77.0
79.8
80.2
79.7

76.0
77.4
80.3
80.2
80.4

75.9
77.1
80.1
80.3
80.4

75.3
77.4
80.1
80.4
80.8

75.4
78.0
80.2
80.2
80.7

75.4
77.4
80.4
80.4
80.6

75.9
78.0
80.1
80.3
80.5

75.7
78.1
80.1
80.4
80.5

76.2
78.1
78.4
80.1
80.8

76.2
78.9
79.3
79.9
80.4

76.8
79.0
79.9
79.7
80.8

76.8
79.5
80.3
80.3
80.8

75.9
77.2
80.1
80.2
80.2

75.4
77.6
80.2
80.4
80.7

75.9
78.1
79.5
80.3
80.6

76.6
79.1
79.8
80.0
80.7

75.9
78.0
79.9
80.2
80.5

2008
2009
2010
2011
2012

80.7
70.1
71.0
76.0
77.3

80.5
69.5
71.4
75.6
77.4

80.3
68.5
72.1
76.3
76.9

79.8
67.9
72.5
75.8
77.4

79.4
67.2
73.8
76.0
77.4

79.3
66.9
74.1
76.1
77.3

78.9
67.6
74.7
76.4
77.6

77.7
68.3
75.0
76.6
77.0

74.3
68.9
75.3
76.6
77.0

74.9
69.3
75.1
76.8
76.9

73.9
69.7
75.3
76.7
77.5

71.7
70.0
76.0
76.8
77.5

80.5
69.4
71.5
75.9
77.2

79.5
67.3
73.5
76.0
77.4

77.0
68.3
75.0
76.5
77.2

73.5
69.7
75.5
76.8
77.3

77.6
68.7
73.8
76.3
77.3

2013
2014

77.4
78.1

77.8
78.4

78.0

77.8

77.8

77.8

77.5

77.8

78.3

78.2

78.5

78.4

77.7

77.8

77.9

78.4

77.9

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.

19

Table 2
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY: 2009–13 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

-5.5

6.2

3.2

3.2

3.4

.0

.0

-.1

.5

.1

-6.3
-3.1
-3.8
7.7
-32.8
-15.8
-10.5
-3.0
-3.7
-.7
-27.2
-7.1
-5.6
-.6

3.7
.3
2.3
.5
-21.1
.7
8.0
-.3
-.8
.7
11.4
-2.9
-4.4
1.3

2.3
2.0
8.0
15.1
5.2
1.3
.8
.5
1.1
.9
-7.8
2.6
-.3
-1.2

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

3.2
3.2
9.0
11.3
4.5
7.2
6.7
1.6
.2
.7
6.3
-.4
-3.0
5.7

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

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

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

.1
.2
-.2
-.5
-.7
.4
.2
.3
.3
.8
.9
-.8
1.9
.3

.1
.1
.6
.7
3.9
.2
.5
.0
.0
.0
.4
.0
-.4
.0

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

-9.9
12.8
-8.1
-17.3
-.6

12.0
11.0
3.6
16.4
5.1

4.6
7.1
.9
5.3
-.5

6.6
14.6
6.3
3.7
4.6

3.5
3.6
4.0
3.2
1.8

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

.0
-.4
.1
.0
.5

-.4
.6
-.5
-.8
-.3

-.6
.9
-1.5
-.9
-.2

.3
1.0
.2
.1
.0

Construction supplies
Business supplies

-16.6
-5.7

8.1
2.3

2.5
.5

3.8
2.1

5.0
3.0

.0
.0

.0
.0

-.2
-.2

-.3
.7

-.3
-.1

-4.4
-6.0
-10.5
-12.3
-8.0
-12.1
1.0
-4.3
-4.9
5.0
-2.0

9.4
11.6
18.3
28.4
23.6
11.6
2.7
5.2
.8
5.0
5.8

4.1
3.7
7.1
5.2
11.8
4.1
-1.1
-2.4
-1.3
-1.6
4.7

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

3.5
2.8
4.5
6.4
4.6
3.8
.1
1.7
-.5
.1
4.8

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

.0
.0
.0
.6
-.2
-.1
.0
.3
.0
.0
-.1

-.2
-.3
-.4
-1.3
-.3
-.2
-.1
-1.1
.0
-.1
.0

.9
1.5
2.2
-4.5
6.4
1.0
.3
-.5
-.1
.8
-.1

.0
.1
.2
2.3
.0
-.2
.0
2.1
-.1
.1
-.1

321
327
331
332
333
334

-6.1
-5.9
-9.0
-13.2
-18.0
-2.7
-18.8
-18.9
-1.6

6.4
7.0
12.2
4.5
9.4
12.4
12.8
21.5
17.6

3.1
3.3
6.0
1.0
-.1
8.5
6.4
8.1
6.7

3.5
3.9
6.2
7.8
2.2
-1.4
5.4
1.8
12.9

2.9
3.2
5.0
8.8
3.3
3.8
4.8
4.8
4.7

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

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

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

.6
.6
.8
.7
.9
1.2
-.4
-1.2
7.4

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

335
3361–3

-18.3
2.3

12.6
15.5

2.2
11.3

4.1
11.5

2.4
9.1

.2
-.2

-.3
.3

-.2
-.5

.5
-2.3

.5
2.0

3364–9
337
339

.9
-22.4
-3.9

1.5
4.0
3.0

6.4
-.1
-.5

5.0
4.3
7.4

2.4
4.6
6.7

-.1
-.8
-.1

.1
-1.1
.1

.0
-2.0
-.4

.2
1.0
-1.0

.2
-3.7
.7

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

-2.5
.2
-10.5
-20.1
-1.5
-12.6
-2.2
-1.3
-7.4

1.5
.3
4.2
6.5
.9
2.4
.7
1.3
7.7

.4
.7
-.6
-5.1
-.4
-3.7
3.0
.1
.8

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

1.2
.9
.8
5.9
-1.4
3.1
1.7
.6
4.4

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

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

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

.3
.8
-.5
.7
.2
-.9
-.3
.3
.3

-.1
.0
1.6
.4
-.1
.0
-.6
-.1
-.1

1133,5111

-10.1

-5.9

-.2

-6.2

-3.3

.1

-.3

.1

1.5

-.2

21
2211,2
2211
2212

-5.6
-1.1
-1.4
.2

8.6
2.7
2.6
3.5

7.4
-2.2
-1.7
-5.8

4.2
.1
-.4
4.0

4.9
4.2
3.4
10.5

.0
.0
.0
.1

-.1
-.1
.0
-.2

-.1
.0
.0
-.1

-.1
.0
.0
.3

-.2
.1
-.3
2.8

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

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.

20

Table 3
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , S PECIAL AGGREGATES AND S ELECTED D ETAIL : 2009–13 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

-5.5

6.2

3.2

3.2

3.4

.0

.0

-.1

.5

.1

-2.8
-.6
-1.3
-42.3
-.2
-2.8

5.0
1.3
1.7
45.2
3.0
6.9

3.3
-1.2
-.2
21.3
-1.3
6.6

1.8
1.0
1.4
-7.5
.3
3.3

4.7
5.7
4.0
-1.2
1.0
5.8

.0
.0
.0
.0
.0
.0

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

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

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

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

3341
3342

-6.4
2.1
-19.8
-9.6

6.6
26.7
-15.2
3.3

3.1
8.8
-20.0
11.2

3.7
16.9
2.6
-1.5

2.9
6.4
14.3
2.3

.0
.3
.0
.1

.0
-.5
.1
.1

-.2
-.8
-1.6
-.4

.6
14.6
-1.0
-1.1

.1
.0
8.5
-.8

334412–9

18.4

48.4

13.7

23.9

6.3

.4

-.9

-1.0

21.0

-1.0

-6.9

5.6

2.8

3.1

2.7

.0

.0

-.2

.0

.1

2.3
9.4
-4.9

15.5
9.7
23.8

11.3
18.0
4.8

11.5
12.7
9.7

9.1
12.0
5.9

-.2
-.1
-.2

.3
-.1
.8

-.5
.9
-1.7

-2.3
-.6
-4.6

2.0
1.1
2.6

-7.5
-5.4
-9.2
-16.6
-8.3
-7.4

4.9
.0
11.9
8.2
.9
7.5

2.3
1.4
5.4
2.4
.2
2.8

2.5
1.1
6.0
3.9
1.5
2.4

2.3
1.2
3.8
5.0
2.3
2.1

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

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

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

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

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

Measures excluding selected high-technology
industries
Total industry
Manufacturing2
Durable

-5.8
-6.6
-10.3

5.5
5.4
10.7

2.9
2.8
5.7

2.7
2.8
5.1

3.2
2.8
4.9

.0
.0
-.1

.0
.0
.1

-.1
-.1
-.3

.0
.0
-.5

.0
.1
.3

Measures excluding motor vehicles and parts
Total industry
Manufacturing2
Durable

-5.8
-6.7
-10.5

5.8
5.8
11.7

2.8
2.7
5.4

2.8
3.0
5.5

3.1
2.6
4.5

.0
.0
.0

.0
.0
.0

-.1
-.1
-.3

.6
.8
1.3

.0
.0
.1

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

-6.2
-7.2

4.9
4.7

2.6
2.3

2.3
2.3

3.0
2.4

.0
.0

.0
.0

-.1
-.1

.1
.1

.0
.0

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

-8.1
-4.5

18.8
6.9

7.3
1.4

6.0
3.5

4.0
1.9

.0
.1

.1
.0

-.5
-.1

2.6
.7

.6
-.2

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

-.9
-7.1
-5.7

6.3
8.1
3.8

4.6
2.2
3.7

3.9
2.6
3.7

3.6
3.5
3.0

.0
.0
.0

-.1
.0
.0

-.1
-.2
-.1

.3
.9
-.1

-.4
.2
.2

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. 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.

21

Table 4
A NNUAL R ATES OF C HANGE FOR I NDUSTRIAL P RODUCTION : 2009–13 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

Total IP

-11.3

5.7

3.3

3.8

2.9

.0

.0

.0

.1

.3

M ARKET G ROUPS
Consumer goods
Durable
Nondurable

-6.9
-16.7
-3.9

1.1
7.3
-.5

1.5
5.0
.6

1.7
8.1
.1

2.4
7.6
1.0

.0
.0
.0

.0
.0
.0

.0
.0
.0

.1
-.2
.2

.1
.4
.1

Business equipment
Defense and space equipment

-18.1
-4.2

8.3
7.9

5.6
-3.4

7.5
4.7

3.6
2.4

.0
.1

-.1
.4

-.1
.2

-.8
-.6

-.1
.4

Construction supplies
Business supplies

-22.9
-10.4

3.7
2.3

3.0
1.0

4.6
1.8

4.2
2.0

.0
.0

.0
.0

.0
-.1

-.6
.4

-.2
.3

Materials
Non-energy
Energy

-11.3
-16.6
-2.4

8.8
11.6
4.2

4.7
5.3
3.8

4.5
4.7
4.3

3.2
2.9
3.8

.0
.0
.0

.0
.0
.0

.0
.0
.0

.4
.6
.1

.5
.9
-.1

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

-13.6
-13.6
-18.6
-7.7
-13.7

6.1
6.6
11.0
2.2
-5.3

3.4
3.6
6.8
.2
-2.8

4.1
4.4
7.3
1.2
-2.0

2.6
2.9
4.5
1.2
-5.3

.0
.0
.0
.0
.0

.0
.0
.0
.0
.0

.0
.0
.0
.0
-.7

.2
.1
.2
.1
1.6

.4
.4
.6
.1
.3

-5.4
-2.5

5.2
3.6

6.1
-.2

6.3
-2.1

4.7
2.1

.0
.0

.0
.0

.0
.0

.0
.0

-.1
.2

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 3.

Table 5
R ATES OF C HANGE IN C APACITY, BY I NDUSTRY G ROUPS : 2010–14 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2010

2011

2012

2013

2014

2010

2011

2012

2013

2014

Total industry

-2.0

1.4

2.6

1.9

3.0

.1

.1

.4

.1

.6

Manufacturing2
Manufacturing (NAICS)
Durable manufacturing
Nondurable manufacturing
Other manufacturing (non-NAICS)

-1.9
-2.0
-.6
-3.5
-.7

.5
.6
2.6
-1.4
-.3

2.2
2.4
4.0
.6
-1.2

1.8
1.9
3.1
.7
-1.3

2.6
2.8
3.9
1.5
-.5

.1
.1
.0
.3
-1.0

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

.6
.6
1.5
-.4
-.3

.2
.2
.5
-.2
.8

.7
.8
.9
.6
-.5

.0
1.0

5.9
1.8

4.8
1.3

4.0
.4

5.8
1.0

.9
.0

1.3
-.2

.1
-.7

-.4
-.5

.3
.3

11.7

25.9

19.0

4.7

10.7

.6

-.6

14.9

-3.0

3.2

-2.6

-.6

1.4

1.7

2.2

.0

-.1

-.1

.5

.6

-.7
-1.1
-2.1

4.6
1.0
.5

3.5
2.0
2.6

3.1
.7
2.9

4.8
2.2
2.9

.8
.0
.1

1.2
-.4
.1

.3
1.3
-.7

-.4
.0
.4

.4
.9
.4

Mining
Utilities

Selected high-technology industries
Manufacturing2 ex. selected
high-technology industries
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 3.

22

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
19722013
Ave.

2010
Q4

2011
Q4

2012
Q4

2013
Q4

2010
Q4

2011
Q4

2012
Q4

2013
Q4

80.1

75.5

76.8

77.3

78.4

-.2

-.3

-.3

-.3

31–33

78.7
78.5

72.7
73.1

74.6
75.0

75.5
76.1

76.4
77.0

-.1
-.1

-.2
-.2

-.2
-.2

-.3
-.3

321
327
331
332
333
334

77.0
76.7
74.5
79.0
77.5
78.1
78.0

71.0
57.5
51.3
70.9
75.0
75.7
79.7

73.3
60.4
53.4
76.0
79.7
79.5
73.7

74.9
66.6
56.3
75.1
80.3
77.9
73.9

76.3
72.5
59.6
77.2
80.9
78.7
73.6

.1
-1.2
-.6
.1
.2
.4
.2

-.1
-1.0
-.5
.2
.4
-1.1
-.1

-.6
-.4
.0
1.1
-2.7
-2.2
-.7

-.8
.4
-.3
.0
-6.1
-2.6
.9

335
3361–3

82.6
75.0

77.3
60.8

80.3
67.4

82.7
72.8

83.3
78.3

.0
-.2

.0
-.5

.7
-1.1

1.2
.9

3364–9
337
339

73.4
76.5
76.0

71.6
63.7
75.4

73.5
65.7
75.2

75.6
70.3
77.1

75.5
73.9
75.8

1.3
.2
-.2

1.6
-1.1
-.2

2.1
-.4
-.7

2.5
-3.2
-2.8

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

80.7
81.0
79.6
77.5
86.7
80.7
85.5
77.6
82.0

75.6
76.9
64.3
67.2
82.3
66.6
82.5
74.6
71.7

76.9
78.4
66.4
66.6
82.1
66.4
85.1
75.7
72.4

77.5
80.4
68.0
68.2
82.5
67.0
82.1
75.6
74.8

77.8
80.0
70.4
75.0
82.4
70.8
83.1
75.2
76.5

-.4
-.1
-.7
-1.5
.1
-.3
-.4
-.6
-1.0

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

.2
.0
-2.1
1.0
1.2
1.0
-1.2
.5
.9

.3
-.1
-2.1
.5
1.1
.9
-.4
.7
1.7

1133,5111

81.7

65.9

66.0

62.6

61.3

-.5

.0

1.1

.5

21
2211,2

87.3
86.1

86.2
82.6

87.4
79.3

86.9
78.4

87.7
81.3

-.3
-.1

-1.5
.0

-1.6
.6

-1.5
1.0

3341
3342

77.9
78.2
76.7

83.5
90.9
80.7

72.3
72.0
77.0

71.0
69.7
76.6

72.2
69.4
78.1

.0
.0
-.2

-.3
1.4
.0

-.3
1.9
-1.1

1.7
-4.8
-1.4

334412–9

79.7

83.2

71.1

70.0

71.5

.1

-.6

-.5

3.4

Measures excluding selected high-technology
industries
Total industry
Manufacturing1

80.3
78.7

75.2
72.3

76.9
74.7

77.5
75.8

78.6
76.6

-.2
-.1

-.3
-.2

-.2
-.2

-.4
-.4

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

86.3
80.8
77.1

85.2
73.7
73.3

85.7
74.5
75.4

85.7
75.0
76.2

86.0
77.2
76.1

-.3
-.3
.1

-1.3
-.1
-.1

-1.4
-.4
.3

-1.3
-.3
.2

Item

Total industry
1

Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
Fabricated metal products
Machinery
Computer and electronic products
Electrical equip., appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Furniture and related products
Miscellaneous
Nondurable manufacturing
Food, beverage, and tobacco products
Textile and product mills
Apparel and leather
Paper
Printing and support
Petroleum and coal products
Chemicals
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities

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

1. See footnote 2 to table 3.

23

Table 7
R ATES OF CHANGE IN INDUSTRIAL PRODUCTION, 2009–13
2009
H1

H2

2010
H1

H2

2011
H1

H2

2012
H1

H2

2013
H1

H2

Total IP

-15.5

5.7

8.5

4.0

1.8

4.5

4.5

2.0

3.0

3.7

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

-15.5
-10.2
-25.6
-28.3
-5.6
-25.6
-24.3
-5.6
-6.6
-1.4
-41.8
-10.3
-13.9
-2.4

3.8
4.5
24.4
61.8
-52.2
-4.6
5.9
-.2
-.7
.0
-8.9
-3.8
3.6
1.2

5.3
-.1
3.4
-1.0
-34.9
6.8
14.6
-1.1
-1.4
.5
16.8
-4.1
-6.9
.0

2.1
.7
1.2
2.1
-4.2
-5.0
1.7
.5
-.1
.9
6.2
-1.7
-1.9
2.6

1.1
1.5
3.6
5.4
14.1
-.3
1.2
1.0
.9
-.3
-7.6
5.9
-4.5
1.1

3.6
2.5
12.6
25.6
-3.0
2.9
.4
.0
1.3
2.2
-8.0
-.5
4.2
-3.5

4.4
2.3
8.7
10.2
-.8
5.5
8.5
.6
1.1
4.7
1.4
-4.0
-6.1
-.7

1.1
1.0
3.8
3.1
-4.3
1.9
6.4
.2
-.7
1.6
-4.4
-3.6
-6.4
2.7

3.1
3.2
10.2
13.1
7.2
5.4
8.1
1.3
.2
.4
3.6
1.3
-5.5
4.6

3.3
3.1
7.9
9.5
2.0
9.0
5.3
1.8
.2
.9
9.0
-2.0
-.5
6.7

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

-21.6
-1.0
-10.3
-32.0
-7.8

3.6
28.5
-5.8
.6
7.2

15.8
18.7
8.0
18.7
15.8

8.2
3.9
-.5
14.2
-4.7

1.7
-3.1
-2.5
5.4
-6.8

7.6
18.4
4.4
5.1
6.2

10.5
18.2
8.5
8.4
2.9

2.9
11.1
4.2
-.8
6.3

4.1
4.8
2.6
4.4
.2

2.8
2.3
5.4
2.1
3.4

Construction supplies
Business supplies

-29.0
-13.5

-1.9
2.8

13.5
3.5

3.1
1.2

.4
.3

4.6
.7

6.6
4.3

1.2
.0

4.7
2.5

5.3
3.5

-15.6
-21.3
-30.7
-46.8
-23.8
-31.0
-5.9
-22.6
-15.2
-3.8
-5.7

8.3
12.4
15.5
44.5
11.1
12.0
8.5
18.2
6.7
14.6
1.8

12.7
16.5
25.7
42.7
27.8
19.3
4.8
9.3
1.6
9.8
6.5

6.2
6.9
11.4
15.5
19.6
4.4
.6
1.3
.1
.4
5.1

2.7
2.9
7.1
-.4
12.4
5.3
-3.1
-2.0
-.6
-4.9
2.5

5.5
4.6
7.1
11.1
11.2
2.9
1.0
-2.8
-2.0
1.7
7.0

4.6
5.7
9.1
12.6
14.5
4.0
.5
3.7
-2.2
.9
3.0

2.9
3.4
3.2
4.8
2.1
3.5
3.7
-6.6
-2.3
8.3
2.2

2.9
1.9
2.8
4.5
3.6
1.6
.7
-.1
1.5
.9
4.5

4.1
3.6
6.2
8.3
5.7
5.9
-.4
3.6
-2.4
-.6
5.0

3341
3342

-17.6
-17.5
-25.8
-27.8
-29.7
-38.1
-34.4
-35.4
-9.4
-8.1
-10.2
-9.5

6.9
7.3
11.6
4.4
-4.4
52.8
.7
1.8
6.8
13.5
-28.4
-9.7

9.2
10.1
16.8
12.2
14.6
25.0
15.0
25.0
23.7
34.9
-12.0
2.8

3.6
4.0
7.8
-2.7
4.5
1.0
10.7
18.1
11.8
19.0
-18.3
3.9

1.4
1.7
3.8
.6
.5
7.2
6.8
7.7
6.4
11.4
-17.7
11.5

4.8
4.8
8.2
1.3
-.6
9.8
6.0
8.6
7.0
6.4
-22.2
10.8

5.1
5.5
9.4
7.5
3.5
-1.8
9.9
9.8
15.4
19.3
6.4
-2.4

1.8
2.3
3.0
8.1
1.0
-1.1
1.2
-5.7
10.5
14.5
-1.1
-.6

2.8
3.1
4.6
6.2
4.3
.7
3.6
4.9
4.6
6.3
12.1
-.9

3.1
3.2
5.4
11.4
2.4
6.9
6.0
4.8
4.9
6.6
16.6
5.7

334412–9

-6.7

50.4

65.0

33.5

17.4

10.2

27.1

20.7

7.1

5.5

335
3361–3

-29.4
-45.6

-5.4
92.4

13.8
21.0

11.4
10.3

2.5
1.0

1.9
22.6

4.3
18.1

3.8
5.3

1.4
9.4

3.5
8.8

3364–9
337
339

3.3
-36.3
-13.3

-1.5
-5.5
6.5

6.5
4.0
5.0

-3.3
4.1
1.1

-1.3
2.5
-.8

14.6
-2.7
-.2

4.9
7.6
9.0

5.1
1.0
5.7

3.3
6.9
6.6

1.4
2.4
6.9

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

-7.6
.3
-26.4
-32.4
-8.8
-22.7
.2
-7.8
-22.9

3.0
.0
8.8
-5.5
6.5
-1.2
-4.4
5.7
11.4

3.2
-.3
9.0
7.2
2.1
3.2
3.2
3.8
14.9

-.2
.9
-.4
5.8
-.4
1.5
-1.7
-1.2
.9

-.5
-.8
.3
-5.3
-.1
-2.1
-.7
-.3
.8

1.4
2.2
-1.4
-5.0
-.8
-5.2
6.8
.5
.8

1.2
4.5
2.2
.6
-3.3
.5
-2.5
-.5
4.8

1.4
2.1
-4.0
-4.4
-.9
-5.8
-.6
2.5
5.0

1.5
.5
-1.6
4.1
1.2
2.7
1.0
1.7
5.2

.8
1.2
3.3
7.7
-3.9
3.6
2.4
-.4
3.5

1133,5111

-19.3

.1

-8.4

-3.3

-4.6

4.4

-3.1

-9.1

-5.7

-.9

21
2211,2

-11.9
-5.1

1.2
3.0

10.4
2.5

6.7
2.8

6.3
-1.3

8.6
-3.2

3.1
1.9

5.3
-1.7

4.2
2.8

5.6
5.6

Item

NAICS
code

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

31–33
321
327
331
332
333
334

N OTE : The data are semiannual. Rates of change are calculated as the annualized percent change in the seasonally adjusted index from the second quarter of the previous half-year to
the second quarter of the half-year specified in the column heading.
1. See footnote 2 to table 3.

24

Table 8
C APACITY UTILIZATION RATES , BY INDUSTRY GROUPS , 2009–13
Percent of capacity, seasonally adjusted

Item

NAICS
code

2009
Q2

Q4

2010
Q2

Q4

2011
Q2

Q4

2012
Q2

Q4

2013
Q2

Q4

67.3

69.7

73.5

75.5

76.0

76.8

77.4

77.3

77.8

78.4

64.2
63.9

67.1
67.0

70.8
71.0

72.7
73.1

73.4
73.8

74.6
75.0

75.6
76.1

75.5
76.1

75.9
76.6

76.4
77.0

3341
3342

59.2
50.9
44.6
49.3
62.4
61.1
71.1
74.0
90.5
84.1

62.9
53.0
44.7
61.5
64.2
62.1
71.3
73.6
94.5
77.7

68.3
57.1
49.1
70.0
70.3
69.8
77.4
80.7
98.5
79.5

71.0
57.5
51.3
70.9
75.0
75.7
79.7
83.5
90.9
80.7

71.7
58.9
52.5
73.0
77.9
77.7
77.4
79.7
82.1
79.2

73.3
60.4
53.4
76.0
79.7
79.5
73.7
72.3
72.0
77.0

75.1
63.5
55.3
75.4
81.8
81.7
73.6
70.7
73.2
74.9

74.9
66.6
56.3
75.1
80.3
77.9
73.9
71.0
69.7
76.6

75.5
69.0
58.3
75.1
80.0
78.3
73.7
71.4
68.5
76.9

76.3
72.5
59.6
77.2
80.9
78.7
73.6
72.2
69.4
78.1

334412–9

64.5

67.3

77.7

83.2

79.6

71.1

69.3

70.0

70.8

71.5

335
3361–3

67.2
37.3

66.6
52.6

72.3
58.1

77.3
60.8

79.1
61.1

80.3
67.4

81.8
72.1

82.7
72.8

82.6
75.5

83.3
78.3

3364–9
337
339

73.5
57.6
68.3

72.1
58.6
71.4

73.8
61.4
74.2

71.6
63.7
75.4

69.8
65.5
75.5

73.5
65.7
75.2

74.5
69.1
77.3

75.6
70.3
77.1

75.9
73.1
76.4

75.5
73.9
75.8

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

69.5
75.8
54.8
59.1
74.6
60.3
78.9
66.6
58.8

71.9
75.9
58.8
59.5
79.0
62.0
77.2
70.5
64.2

74.4
76.0
63.0
63.6
81.6
64.9
80.6
73.7
70.5

75.6
76.9
64.3
67.2
82.3
66.6
82.5
74.6
71.7

76.2
77.2
65.7
66.9
82.3
67.0
83.1
75.3
72.3

76.9
78.4
66.4
66.6
82.1
66.4
85.1
75.7
72.4

77.2
80.0
68.3
68.3
81.7
67.9
83.0
75.1
73.6

77.5
80.4
68.0
68.2
82.5
67.0
82.1
75.6
74.8

77.8
80.1
68.5
71.0
83.7
68.9
82.2
75.8
76.1

77.8
80.0
70.4
75.0
82.4
70.8
83.1
75.2
76.5

1133,5111

69.4

69.5

66.7

65.9

64.5

66.0

65.2

62.6

61.3

61.3

21
2211,2

79.6
80.4

79.4
81.3

84.0
82.0

86.2
82.6

86.6
81.3

87.4
79.3

86.3
79.4

86.9
78.4

87.2
79.3

87.7
81.3

Total industry
Manufacturing1
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
Fabricated metal products
Machinery
Computer and electronic products
Selected high-technology industries
Computers and peripheral equipment
Communications equipment
Semiconductors and related
electronic components
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

31–33

321
327
331
332
333
334

1. See footnote 2 to table 3.

25

Table 9A
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)
1984
1985
1986
1987

1.8
-.4
1.1
-.3

1.1
-.3
-.6
1.4

.5
.8
-.3
.1

.5
-.4
.4
.6

.2
.2
.2
.7

.5
.2
-.4
.4

.5
-.6
.6
.7

.2
.6
.2
.6

-.2
.1
.2
.6

.4
-.3
.4
1.6

.3
.6
.5
.6

.4
.4
.8
.6

12.6
.1
4.5
5.9

6.3
.8
.0
7.0

3.6
.0
2.5
7.5

2.6
2.2
4.9
11.7

9.8
1.6
2.2
5.7

1988
1989
1990
1991
1992

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

.2
-.9
1.5
-.6
.9

.3
-.1
.5
-.7
1.0

.9
.2
-.2
.3
.5

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

.2
.2
.3
1.0
.2

.0
-1.1
-.2
.3
.9

.1
.9
.3
.3
-.4

.4
-.2
.0
1.0
.1

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

.3
.2
-1.1
-.2
.4

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

2.7
2.1
4.2
-8.8
.5

4.3
-2.8
3.1
1.9
8.2

.8
-3.2
1.0
7.1
4.1

4.4
.4
-6.7
1.5
3.2

5.3
.8
.8
-2.0
3.6

1993
1994
1995
1996
1997

1.0
.2
.2
-.8
.1

.2
.1
-.2
1.6
1.4

-.2
1.3
.2
-.2
1.1

.5
.8
-.1
1.1
-.2

-.1
.7
.1
.7
.8

-.2
.3
.5
1.0
.7

.2
.4
-.6
.2
.8

-.2
.8
1.2
.6
1.2

.6
.5
.9
.8
.9

.9
1.0
-.1
-.2
.9

.4
.8
.1
.8
1.1

.5
1.1
.4
.8
.4

4.5
4.9
4.6
1.8
9.4

1.3
9.6
1.0
9.7
7.4

.7
6.2
3.3
7.4
11.0

7.0
10.1
4.3
5.7
11.4

3.5
5.9
5.2
4.8
8.4

1998
1999
2000
2001
2002

.8
.3
.1
-.7
.5

.1
.8
.2
-.6
.0

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

.5
.3
.7
-.3
.2

.5
1.0
-.1
-.8
.6

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

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

2.5
.6
-.7
-.5
.2

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

1.0
1.5
-.3
-.6
-.4

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

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

6.1
4.9
4.7
-6.5
3.5

1.9
4.3
5.1
-5.7
5.9

3.1
3.4
-.5
-6.2
3.1

7.8
8.9
-2.8
-4.2
-.4

6.6
5.0
4.2
-4.1
.3

2003
2004
2005
2006
2007

.5
.0
.8
.8
-.5

.1
.6
.8
-.2
.4

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

-.9
.4
.3
.5
.7

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

.4
-.7
.2
.3
.3

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

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

.8
.0
-1.1
.0
.5

.1
1.0
1.5
-.4
-.4

1.0
-.1
.8
.0
.5

-.3
.6
.1
1.5
.1

1.8
2.1
6.4
3.9
4.0

-2.1
3.0
2.4
.9
5.8

2.4
3.7
-.4
.9
.9

3.8
5.4
5.9
1.5
.7

1.3
2.8
4.0
2.5
2.7

2008
2009
2010
2011
2012

-.4
-2.9
1.1
.2
1.0

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

-.3
-1.8
1.3
.7
-.3

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

-.5
-1.1
1.5
.2
-.2

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

-1.1
1.4
.8
.8
.4

-1.2
1.0
.1
.3
-.5

-3.4
.8
.1
.4
.2

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

-2.4
1.0
.2
-.1
1.3

-3.4
-.1
.4
.7
.7

-2.6
-23.9
7.0
2.9
7.3

-7.5
-10.9
11.4
.0
3.0

-13.4
7.0
5.7
5.4
1.2

-21.6
6.9
1.6
4.3
2.5

-4.7
-13.6
6.1
3.4
4.1

2013
2014

-.2
-.9

.6
.9

.1

-.2

.3

.3

-.4

.7

.3

.4

.3

.1

4.4

1.3

1.9

4.3

2.6

IP (2007=100)
1984
1985
1986
1987

48.7
50.7
51.9
52.8

49.3
50.5
51.6
53.6

49.5
50.9
51.4
53.6

49.8
50.7
51.6
53.9

49.9
50.8
51.7
54.3

50.1
50.9
51.5
54.5

50.3
50.6
51.9
54.9

50.4
50.9
52.0
55.2

50.3
50.9
52.1
55.6

50.5
50.8
52.3
56.4

50.7
51.1
52.5
56.8

50.8
51.3
53.0
57.1

49.2
50.7
51.6
53.3

49.9
50.8
51.6
54.3

50.3
50.8
52.0
55.2

50.7
51.1
52.6
56.8

50.0
50.8
52.0
54.9

1988
1989
1990
1991
1992

57.0
59.2
57.9
57.2
57.9

57.2
58.7
58.8
56.9
58.4

57.3
58.6
59.1
56.5
59.0

57.8
58.7
58.9
56.6
59.3

57.7
58.2
59.0
57.1
59.6

57.8
58.3
59.2
57.7
59.8

57.8
57.7
59.1
57.8
60.3

57.8
58.2
59.3
58.0
60.1

58.0
58.0
59.3
58.6
60.1

58.3
57.9
58.8
58.4
60.5

58.5
58.0
58.1
58.3
60.8

58.7
58.1
57.7
58.2
60.7

57.2
58.8
58.6
56.9
58.4

57.8
58.4
59.0
57.1
59.6

57.9
57.9
59.2
58.1
60.2

58.5
58.0
58.2
58.3
60.6

57.8
58.3
58.8
57.6
59.7

1993
1994
1995
1996
1997

61.3
63.1
68.3
69.4
74.7

61.4
63.2
68.2
70.4
75.7

61.3
64.0
68.3
70.3
76.6

61.6
64.5
68.2
71.1
76.4

61.5
65.0
68.3
71.6
77.0

61.4
65.2
68.7
72.3
77.6

61.6
65.4
68.3
72.5
78.2

61.5
66.0
69.1
72.9
79.1

61.8
66.3
69.6
73.5
79.8

62.4
66.9
69.6
73.4
80.5

62.6
67.4
69.6
74.0
81.4

63.0
68.2
69.9
74.6
81.7

61.3
63.4
68.3
70.0
75.7

61.5
64.9
68.4
71.7
77.0

61.6
65.9
69.0
73.0
79.0

62.7
67.5
69.7
74.0
81.2

61.8
65.4
68.8
72.2
78.2

1998
1999
2000
2001
2002

82.4
85.6
90.3
89.9
86.3

82.5
86.3
90.5
89.4
86.3

82.4
86.2
91.1
89.1
87.0

82.8
86.5
91.8
88.8
87.2

83.2
87.3
91.7
88.1
87.6

82.5
87.0
91.8
87.5
88.6

82.2
87.4
92.0
87.1
88.3

84.2
88.0
91.3
86.7
88.5

83.9
87.7
91.6
86.5
88.6

84.7
89.0
91.4
85.9
88.3

84.9
89.6
91.1
85.6
88.7

85.4
90.2
90.5
85.9
88.3

82.4
86.0
90.6
89.5
86.6

82.8
87.0
91.8
88.2
87.8

83.4
87.7
91.6
86.7
88.5

85.0
89.6
91.0
85.8
88.4

83.4
87.6
91.3
87.5
87.8

2003
2004
2005
2006
2007

88.7
89.8
93.9
97.2
98.3

88.8
90.4
94.7
97.0
98.7

88.9
90.2
94.3
96.9
99.5

88.2
90.6
94.6
97.5
100.2

88.2
91.3
94.9
97.0
100.1

88.6
90.6
95.1
97.3
100.4

88.9
91.4
94.9
97.1
100.5

88.5
91.8
95.2
97.6
100.1

89.1
91.8
94.2
97.7
100.6

89.2
92.7
95.6
97.3
100.2

90.1
92.6
96.3
97.4
100.7

89.8
93.2
96.4
98.8
100.8

88.8
90.2
94.3
97.0
98.8

88.3
90.8
94.9
97.3
100.2

88.8
91.6
94.8
97.5
100.4

89.7
92.9
96.1
97.8
100.6

88.9
91.4
95.0
97.4
100.0

2008
2009
2010
2011
2012

100.4
83.7
84.6
89.3
92.9

99.8
83.5
84.5
89.2
93.5

99.5
82.0
85.6
89.8
93.2

98.5
81.4
86.4
89.3
93.9

98.0
80.5
87.6
89.5
93.7

97.5
80.3
87.6
89.6
94.0

96.4
81.4
88.4
90.3
94.4

95.2
82.1
88.5
90.6
94.0

92.0
82.8
88.5
90.9
94.1

91.4
82.9
88.6
91.4
93.7

89.2
83.8
88.7
91.3
94.9

86.2
83.7
89.1
92.0
95.6

99.9
83.1
84.9
89.4
93.2

98.0
80.7
87.2
89.4
93.9

94.5
82.1
88.4
90.6
94.2

88.9
83.5
88.8
91.6
94.7

95.3
82.4
87.3
90.3
94.0

2013
2014

95.4
96.8

95.9
97.7

96.0

95.8

96.1

96.4

96.0

96.7

96.9

97.3

97.6

97.7

95.8

96.1

96.5

97.5

96.5

Year

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

26

Table 9B
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
2007 output)
1984
1985
1986
1987

62.3
64.2
65.9
66.9

62.4
64.3
65.9
67.1

62.5
64.5
66.0
67.2

62.7
64.7
66.1
67.4

62.8
64.9
66.1
67.6

62.9
65.1
66.2
67.8

63.1
65.2
66.2
67.9

63.2
65.4
66.3
68.1

63.4
65.5
66.4
68.2

63.6
65.6
66.5
68.3

63.8
65.7
66.6
68.4

64.0
65.8
66.8
68.5

62.4
64.3
65.9
67.1

62.8
64.9
66.1
67.6

63.2
65.4
66.3
68.1

63.8
65.7
66.6
68.4

63.1
65.1
66.2
67.8

1988
1989
1990
1991
1992

68.6
69.2
71.0
72.9
74.0

68.7
69.3
71.2
73.0
74.1

68.7
69.4
71.4
73.1
74.3

68.7
69.5
71.6
73.2
74.5

68.8
69.7
71.7
73.3
74.6

68.8
69.8
71.9
73.4
74.8

68.8
70.0
72.1
73.4
75.0

68.8
70.2
72.2
73.5
75.2

68.9
70.3
72.4
73.6
75.5

68.9
70.5
72.5
73.7
75.7

69.0
70.7
72.6
73.8
75.9

69.1
70.9
72.8
73.8
76.0

68.7
69.3
71.2
73.0
74.1

68.8
69.7
71.7
73.3
74.6

68.8
70.2
72.2
73.5
75.2

69.0
70.7
72.6
73.8
75.8

68.8
69.9
71.9
73.4
75.0

1993
1994
1995
1996
1997

76.2
77.7
80.9
85.4
91.0

76.3
77.8
81.3
85.8
91.5

76.5
78.1
81.6
86.2
92.1

76.6
78.3
81.9
86.7
92.6

76.7
78.5
82.3
87.1
93.2

76.8
78.8
82.6
87.6
93.8

76.9
79.0
83.0
88.0
94.4

77.0
79.3
83.4
88.5
95.1

77.1
79.6
83.7
89.0
95.8

77.2
79.9
84.1
89.5
96.5

77.4
80.3
84.5
90.0
97.2

77.5
80.6
84.9
90.5
97.9

76.3
77.9
81.3
85.8
91.5

76.7
78.5
82.3
87.1
93.2

77.0
79.3
83.4
88.5
95.1

77.4
80.3
84.5
90.0
97.2

76.8
79.0
82.9
87.8
94.3

1998
1999
2000
2001
2002

98.7
106.3
112.1
117.3
120.1

99.4
106.8
112.6
117.7
120.2

100.1
107.3
113.1
118.0
120.2

100.8
107.8
113.5
118.4
120.3

101.6
108.2
114.0
118.7
120.3

102.2
108.7
114.5
118.9
120.3

102.9
109.2
114.9
119.2
120.3

103.5
109.6
115.3
119.4
120.4

104.1
110.1
115.8
119.6
120.4

104.7
110.6
116.2
119.7
120.4

105.2
111.1
116.6
119.9
120.4

105.8
111.6
117.0
120.0
120.4

99.4
106.8
112.6
117.7
120.2

101.6
108.2
114.0
118.6
120.3

103.5
109.6
115.3
119.4
120.4

105.2
111.1
116.6
119.9
120.4

102.4
108.9
114.6
118.9
120.3

2003
2004
2005
2006
2007

120.4
120.1
120.2
123.1
125.6

120.4
120.0
120.4
123.3
125.9

120.4
119.9
120.6
123.5
126.2

120.4
119.8
120.8
123.7
126.5

120.4
119.8
121.1
123.8
126.8

120.4
119.7
121.3
124.0
127.1

120.3
119.7
121.6
124.2
127.4

120.3
119.7
121.9
124.4
127.6

120.3
119.7
122.1
124.6
127.8

120.2
119.8
122.4
124.8
128.0

120.2
119.9
122.6
125.1
128.1

120.1
120.0
122.9
125.4
128.2

120.4
120.0
120.4
123.3
125.9

120.4
119.8
121.1
123.8
126.8

120.3
119.7
121.9
124.4
127.6

120.2
119.9
122.6
125.1
128.1

120.3
119.8
121.5
124.2
127.1

2008
2009
2010
2011
2012

128.3
126.7
124.0
121.9
123.2

128.3
126.5
123.8
121.8
123.4

128.3
126.2
123.6
121.8
123.6

128.2
126.0
123.3
121.8
123.9

128.1
125.8
123.1
121.9
124.1

128.0
125.6
122.9
121.9
124.4

127.8
125.3
122.7
122.0
124.6

127.7
125.1
122.5
122.2
124.8

127.5
124.9
122.3
122.3
125.0

127.3
124.7
122.2
122.5
125.2

127.1
124.5
122.1
122.7
125.4

126.9
124.2
121.9
122.9
125.6

128.3
126.5
123.8
121.8
123.4

128.1
125.8
123.1
121.9
124.1

127.7
125.1
122.5
122.2
124.8

127.1
124.5
122.1
122.7
125.4

127.8
125.5
122.9
122.1
124.5

2013
2014

125.8
128.2

126.0
128.5

126.2

126.3

126.5

126.7

126.9

127.1

127.3

127.5

127.7

127.9

126.0

126.5

127.1

127.7

126.8

Utilization
(percent)
1984
1985
1986
1987

78.1
79.0
78.8
79.0

78.9
78.5
78.2
79.9

79.1
78.9
77.9
79.8

79.4
78.3
78.2
80.0

79.4
78.3
78.3
80.4

79.6
78.2
77.9
80.5

79.8
77.5
78.3
80.9

79.7
77.8
78.4
81.2

79.3
77.8
78.4
81.5

79.4
77.4
78.6
82.6

79.5
77.8
78.8
83.0

79.5
78.0
79.3
83.4

78.7
78.8
78.3
79.5

79.5
78.3
78.1
80.3

79.6
77.7
78.4
81.2

79.5
77.7
78.9
83.0

79.3
78.1
78.4
81.0

1988
1989
1990
1991
1992

83.1
85.6
81.5
78.5
78.2

83.2
84.7
82.5
77.9
78.7

83.4
84.4
82.7
77.3
79.4

84.1
84.5
82.3
77.4
79.6

83.9
83.5
82.3
77.9
79.9

84.0
83.5
82.3
78.6
79.9

84.0
82.4
82.0
78.7
80.4

84.0
82.9
82.1
78.8
79.8

84.3
82.5
81.9
79.6
79.7

84.6
82.1
81.1
79.3
80.0

84.8
82.1
80.0
79.1
80.1

85.1
81.9
79.3
78.9
79.8

83.3
84.9
82.3
77.9
78.8

84.0
83.8
82.3
78.0
79.8

84.1
82.6
82.0
79.0
80.0

84.8
82.0
80.1
79.1
80.0

84.1
83.3
81.7
78.5
79.6

1993
1994
1995
1996
1997

80.4
81.3
84.4
81.3
82.1

80.4
81.2
83.9
82.1
82.7

80.1
82.0
83.7
81.5
83.1

80.4
82.5
83.3
82.0
82.5

80.2
82.8
83.1
82.2
82.7

80.0
82.7
83.1
82.6
82.7

80.1
82.8
82.3
82.3
82.8

79.8
83.1
82.8
82.4
83.2

80.2
83.2
83.2
82.6
83.3

80.8
83.7
82.7
82.0
83.4

81.0
84.0
82.4
82.2
83.8

81.3
84.6
82.3
82.4
83.5

80.3
81.5
84.0
81.6
82.6

80.2
82.7
83.2
82.3
82.6

80.0
83.0
82.8
82.4
83.1

81.0
84.1
82.5
82.2
83.6

80.4
82.8
83.1
82.1
83.0

1998
1999
2000
2001
2002

83.5
80.6
80.6
76.6
71.9

83.0
80.8
80.4
75.9
71.8

82.3
80.4
80.6
75.5
72.3

82.1
80.3
80.8
75.1
72.5

81.9
80.7
80.4
74.3
72.8

80.7
80.1
80.2
73.6
73.7

79.9
80.1
80.0
73.1
73.4

81.3
80.2
79.2
72.6
73.5

80.6
79.6
79.2
72.3
73.6

81.0
80.5
78.6
71.7
73.3

80.7
80.6
78.1
71.4
73.7

80.7
80.8
77.4
71.6
73.3

82.9
80.6
80.5
76.0
72.0

81.5
80.3
80.5
74.3
73.0

80.6
80.0
79.5
72.7
73.5

80.8
80.6
78.0
71.6
73.4

81.5
80.4
79.6
73.6
73.0

2003
2004
2005
2006
2007

73.7
74.8
78.2
79.0
78.2

73.8
75.3
78.7
78.7
78.4

73.9
75.3
78.2
78.5
78.8

73.2
75.6
78.3
78.8
79.2

73.3
76.2
78.4
78.3
78.9

73.6
75.7
78.4
78.5
79.0

73.9
76.4
78.0
78.2
78.9

73.5
76.7
78.1
78.5
78.5

74.1
76.6
77.1
78.4
78.7

74.2
77.4
78.1
78.0
78.3

74.9
77.3
78.6
77.8
78.6

74.8
77.7
78.5
78.8
78.6

73.8
75.1
78.3
78.7
78.5

73.4
75.8
78.3
78.5
79.0

73.8
76.6
77.7
78.3
78.7

74.6
77.4
78.4
78.2
78.5

73.9
76.2
78.2
78.4
78.7

2008
2009
2010
2011
2012

78.3
66.1
68.2
73.2
75.5

77.8
66.0
68.3
73.3
75.8

77.6
65.0
69.3
73.8
75.4

76.8
64.6
70.0
73.3
75.8

76.5
64.0
71.2
73.4
75.5

76.2
63.9
71.3
73.5
75.6

75.4
64.9
72.0
74.0
75.8

74.6
65.7
72.2
74.2
75.3

72.1
66.3
72.4
74.3
75.3

71.8
66.5
72.5
74.6
74.8

70.2
67.3
72.7
74.4
75.7

67.9
67.4
73.0
74.8
76.1

77.9
65.7
68.6
73.4
75.5

76.5
64.2
70.8
73.4
75.6

74.0
65.6
72.2
74.2
75.4

70.0
67.1
72.7
74.6
75.5

74.6
65.6
71.1
73.9
75.5

2013
2014

75.8
75.5

76.1
76.0

76.1

75.8

75.9

76.1

75.6

76.1

76.2

76.4

76.4

76.3

76.0

75.9

76.0

76.4

76.1

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.

27

Table 10A
I NDUSTRIAL P RODUCTION : Total Industry Excluding Selected High-Technology Industries1
Seasonally adjusted

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

IP (percent
change)
1984
1985
1986
1987

2.0
-.3
.5
-.4

.3
.5
-.7
1.2

.4
.1
-.7
.2

.6
-.1
.1
.5

.4
.1
.2
.6

.2
.0
-.2
.4

.3
-.6
.4
.5

.0
.4
-.3
.7

-.2
.5
.1
.2

-.2
-.4
.4
1.4

.4
.3
.4
.5

.1
1.1
.8
.4

11.4
1.0
2.4
4.4

5.2
.9
-2.5
6.4

1.8
-.3
.6
6.2

-.4
2.5
3.9
9.2

7.9
1.0
.9
4.3

1988
1989
1990
1991
1992

.0
.3
-.7
-.4
-.8

.4
-.4
.9
-.8
.7

.2
.3
.5
-.6
.8

.5
.0
-.1
.2
.6

-.2
-.7
.1
1.0
.3

.2
.0
.3
.9
-.2

.0
-1.1
-.1
.0
.8

.5
.9
.3
.1
-.6

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

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

.2
.3
-1.3
-.2
.3

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

3.2
2.1
2.1
-8.0
-2.0

2.6
-1.6
2.6
2.0
6.1

1.0
-3.5
1.2
5.3
1.9

2.6
.8
-6.7
.4
3.0

4.4
.6
.3
-2.0
1.9

1993
1994
1995
1996
1997

.5
.4
.1
-1.0
.0

.3
.0
-.2
1.3
.9

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

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

-.4
.4
.1
.6
.3

.2
.6
.2
.6
.2

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

-.1
.4
1.1
.4
.7

.4
.1
.1
.4
.6

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

.3
.4
.1
.7
.6

.5
.9
.1
.5
.1

3.1
4.4
2.8
-.5
5.1

.2
5.4
-1.2
6.6
2.5

1.3
3.2
1.5
2.0
6.4

5.3
5.7
.4
2.9
7.5

2.5
4.0
2.5
1.7
4.2

1998
1999
2000
2001
2002

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

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

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

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

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

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

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

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

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

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

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

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

2.0
.7
.4
-5.9
2.6

.7
.3
1.6
-4.5
6.4

-.3
1.0
-3.1
-4.4
1.8

2.3
5.5
-2.7
-4.5
-.8

3.0
1.1
1.0
-4.0
.3

2003
2004
2005
2006
2007

.6
.2
.4
.1
-.5

.1
.5
.6
.0
1.0

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

-.9
.4
.0
.4
.6

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

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

.4
.8
-.3
.0
.0

-.4
.0
.0
.2
.1

.5
.0
-2.2
-.3
.3

.0
1.0
1.2
-.1
-.7

.7
.2
1.0
-.2
.4

-.1
.6
.5
1.0
-.1

1.5
2.1
4.8
3.4
3.0

-4.7
2.0
1.3
1.9
4.0

.9
2.1
-3.0
.7
1.1

2.4
5.2
2.1
.1
-1.0

.2
1.7
2.5
1.4
1.8

2008
2009
2010
2011
2012

-.3
-2.2
1.1
.0
.9

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

-.4
-1.6
.6
1.1
-.5

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

-.6
-1.1
1.6
.3
.3

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

-.4
1.0
.6
.7
.6

-1.6
1.0
.2
.4
-.6

-4.3
.7
.2
.1
.2

1.1
.3
-.4
.6
-.2

-1.1
.3
.1
.1
1.0

-2.7
.3
.8
.4
.1

-2.5
-19.7
7.2
1.8
4.9

-6.4
-11.7
7.9
1.1
3.0

-12.3
5.0
6.2
5.0
1.3

-14.9
5.8
.7
3.8
1.8

-4.2
-11.3
5.0
2.9
3.5

2013
2014

.0
-.2

.7
.6

.4

-.2

.1

.2

-.2

.5

.8

.1

.5

.1

4.3

1.6

2.3

4.9

2.6

IP (2007=100)
1984
1985
1986
1987

69.6
70.9
72.6
72.6

69.8
71.2
72.1
73.5

70.1
71.3
71.6
73.6

70.5
71.2
71.6
74.0

70.7
71.3
71.7
74.4

70.9
71.3
71.6
74.7

71.1
70.9
71.9
75.1

71.1
71.2
71.7
75.6

70.9
71.6
71.8
75.8

70.8
71.3
72.1
76.8

71.0
71.5
72.4
77.2

71.1
72.3
72.9
77.5

69.8
71.1
72.1
73.2

70.7
71.3
71.7
74.4

71.0
71.2
71.8
75.5

71.0
71.7
72.4
77.2

70.6
71.3
72.0
75.1

1988
1989
1990
1991
1992

77.5
79.6
78.3
77.3
77.2

77.9
79.2
79.1
76.7
77.8

78.0
79.5
79.5
76.2
78.4

78.3
79.5
79.3
76.4
78.9

78.2
78.9
79.4
77.1
79.1

78.3
78.9
79.7
77.8
79.0

78.3
78.0
79.5
77.8
79.6

78.7
78.7
79.7
77.9
79.2

78.4
78.4
79.9
78.6
79.3

78.8
78.3
79.2
78.4
79.8

78.9
78.5
78.2
78.3
80.0

79.3
78.9
77.6
77.9
80.0

77.8
79.4
79.0
76.7
77.8

78.3
79.1
79.5
77.1
79.0

78.5
78.4
79.7
78.1
79.3

79.0
78.5
78.3
78.2
79.9

78.4
78.9
79.1
77.5
79.0

1993
1994
1995
1996
1997

80.4
82.5
86.5
85.7
89.2

80.7
82.5
86.3
86.8
90.0

80.6
83.2
86.2
86.5
90.4

80.8
83.5
85.9
87.2
90.2

80.4
83.8
86.0
87.7
90.5

80.6
84.3
86.2
88.2
90.7

80.8
84.3
85.7
87.8
91.2

80.7
84.6
86.7
88.1
91.9

81.0
84.7
86.7
88.5
92.4

81.6
85.2
86.3
88.2
93.1

81.9
85.6
86.4
88.9
93.7

82.2
86.3
86.5
89.3
93.8

80.5
82.8
86.3
86.3
89.9

80.6
83.9
86.0
87.7
90.4

80.8
84.5
86.4
88.2
91.9

81.9
85.7
86.4
88.8
93.5

81.0
84.2
86.3
87.7
91.4

1998
1999
2000
2001
2002

94.0
94.7
96.5
94.5
91.3

94.0
94.9
96.5
94.0
91.2

94.0
94.8
96.6
93.7
91.9

94.1
94.6
97.0
93.5
92.3

94.6
95.2
96.9
92.9
92.7

93.7
94.8
96.8
92.4
93.6

93.1
95.0
96.4
92.1
93.3

94.9
95.4
95.9
92.0
93.3

94.3
94.9
96.2
91.7
93.3

94.8
96.1
95.7
91.2
93.0

94.5
96.3
95.6
90.8
93.4

94.6
96.8
95.1
90.7
92.9

94.0
94.8
96.5
94.0
91.5

94.2
94.9
96.9
93.0
92.9

94.1
95.1
96.1
91.9
93.3

94.6
96.4
95.5
90.9
93.1

94.2
95.3
96.3
92.5
92.7

2003
2004
2005
2006
2007

93.5
93.5
96.6
97.7
98.5

93.6
94.0
97.1
97.7
99.6

93.3
93.4
97.0
97.9
99.5

92.5
93.9
97.0
98.3
100.1

92.4
94.6
97.1
98.1
100.2

92.3
93.8
97.5
98.4
100.3

92.7
94.6
97.2
98.4
100.3

92.3
94.6
97.2
98.6
100.4

92.8
94.6
95.0
98.3
100.7

92.7
95.5
96.2
98.2
100.0

93.4
95.6
97.1
98.1
100.4

93.3
96.3
97.7
99.0
100.3

93.5
93.6
96.9
97.8
99.2

92.4
94.1
97.2
98.2
100.2

92.6
94.6
96.5
98.4
100.4

93.1
95.8
97.0
98.5
100.2

92.9
94.5
96.9
98.2
100.0

2008
2009
2010
2011
2012

100.0
87.0
87.0
90.9
94.1

99.5
86.4
87.1
90.3
94.4

99.2
85.0
87.6
91.3
94.0

98.4
84.2
87.9
90.8
94.7

97.8
83.3
89.3
91.1
95.0

97.6
83.0
89.5
91.3
95.0

97.2
83.8
90.0
91.9
95.5

95.6
84.6
90.2
92.3
94.9

91.5
85.2
90.4
92.4
95.1

92.5
85.5
90.1
92.9
95.0

91.5
85.7
90.2
93.0
95.9

89.0
86.0
90.9
93.3
96.0

99.6
86.1
87.2
90.8
94.2

97.9
83.5
88.9
91.1
94.9

94.8
84.5
90.2
92.2
95.2

91.0
85.7
90.4
93.1
95.6

95.8
85.0
89.2
91.8
95.0

2013
2014

96.1
98.8

96.7
99.4

97.1

96.9

97.0

97.2

97.0

97.5

98.2

98.3

98.9

98.9

96.6

97.0

97.6

98.7

97.5

Year

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.
1. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

28

Table 10B
C APACITY AND U TILIZATION : Total Industry Excluding Selected High-Technology Industries1
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

Capacity
(percent of
2007 output)
1984
1985
1986
1987

87.7
89.1
90.7
91.7

87.8
89.2
90.8
91.8

87.8
89.4
90.9
91.9

87.9
89.5
91.0
92.0

88.0
89.7
91.0
92.1

88.1
89.9
91.1
92.2

88.2
90.0
91.2
92.3

88.3
90.2
91.2
92.3

88.5
90.3
91.3
92.4

88.6
90.4
91.4
92.5

88.8
90.5
91.5
92.5

88.9
90.6
91.6
92.6

87.8
89.2
90.8
91.8

88.0
89.7
91.0
92.1

88.3
90.2
91.2
92.3

88.8
90.5
91.5
92.5

88.2
89.9
91.1
92.2

1988
1989
1990
1991
1992

92.6
92.9
94.8
96.3
97.5

92.6
93.0
94.9
96.5
97.6

92.6
93.1
95.1
96.6
97.7

92.6
93.3
95.2
96.7
97.8

92.6
93.4
95.4
96.8
97.9

92.6
93.6
95.5
96.9
98.0

92.6
93.7
95.6
97.0
98.1

92.6
93.9
95.8
97.1
98.2

92.7
94.1
95.9
97.1
98.3

92.7
94.2
96.0
97.2
98.4

92.8
94.4
96.1
97.3
98.5

92.8
94.6
96.2
97.4
98.6

92.6
93.0
94.9
96.5
97.6

92.6
93.4
95.4
96.8
97.9

92.6
93.9
95.8
97.1
98.2

92.8
94.4
96.1
97.3
98.5

92.6
93.7
95.5
96.9
98.1

1993
1994
1995
1996
1997

98.7
99.9
101.9
104.1
106.7

98.8
100.1
102.1
104.3
107.0

98.9
100.2
102.3
104.5
107.4

99.0
100.3
102.5
104.6
107.7

99.1
100.5
102.7
104.8
108.1

99.2
100.6
102.9
105.0
108.4

99.3
100.8
103.0
105.2
108.8

99.4
101.0
103.2
105.4
109.2

99.5
101.1
103.4
105.7
109.6

99.6
101.3
103.6
105.9
110.0

99.7
101.5
103.8
106.2
110.5

99.8
101.7
104.0
106.5
110.9

98.8
100.1
102.1
104.3
107.0

99.1
100.5
102.7
104.8
108.1

99.4
101.0
103.2
105.4
109.2

99.7
101.5
103.8
106.2
110.5

99.3
100.8
102.9
105.2
108.7

1998
1999
2000
2001
2002

111.3
115.8
118.5
120.1
121.6

111.7
116.1
118.6
120.2
121.7

112.1
116.3
118.8
120.3
121.8

112.5
116.6
118.9
120.5
121.8

113.0
116.9
119.0
120.6
121.9

113.3
117.1
119.2
120.7
121.9

113.7
117.3
119.3
120.9
121.9

114.1
117.6
119.4
121.0
121.9

114.5
117.8
119.5
121.2
121.8

114.8
118.0
119.7
121.3
121.7

115.1
118.1
119.8
121.4
121.7

115.5
118.3
119.9
121.5
121.6

111.7
116.1
118.6
120.2
121.7

112.9
116.9
119.0
120.6
121.9

114.1
117.6
119.4
121.0
121.9

115.1
118.1
119.8
121.4
121.7

113.5
117.2
119.2
120.8
121.8

2003
2004
2005
2006
2007

121.5
120.7
120.3
121.6
123.7

121.4
120.7
120.4
121.8
123.8

121.3
120.6
120.4
121.9
123.9

121.2
120.6
120.4
122.1
124.0

121.1
120.5
120.5
122.3
124.0

121.1
120.5
120.6
122.5
124.1

121.0
120.5
120.7
122.7
124.1

120.9
120.4
120.8
122.9
124.0

120.9
120.4
121.0
123.1
124.0

120.8
120.3
121.1
123.2
123.9

120.8
120.3
121.3
123.4
123.8

120.8
120.3
121.4
123.5
123.8

121.4
120.7
120.4
121.8
123.8

121.1
120.5
120.5
122.3
124.0

120.9
120.4
120.8
122.9
124.0

120.8
120.3
121.3
123.4
123.8

121.1
120.5
120.7
122.6
123.9

2008
2009
2010
2011
2012

123.7
124.4
122.7
120.1
121.4

123.6
124.4
122.4
120.0
121.6

123.5
124.5
122.1
120.0
121.8

123.5
124.5
121.8
120.1
122.0

123.5
124.5
121.5
120.1
122.2

123.5
124.4
121.2
120.2
122.4

123.6
124.3
121.0
120.3
122.6

123.7
124.1
120.7
120.4
122.8

123.8
123.9
120.5
120.6
123.0

124.0
123.6
120.4
120.8
123.2

124.1
123.4
120.2
121.0
123.4

124.2
123.1
120.1
121.2
123.5

123.6
124.4
122.4
120.0
121.6

123.5
124.5
121.5
120.1
122.2

123.7
124.1
120.7
120.4
122.8

124.1
123.4
120.3
121.0
123.4

123.7
124.1
121.2
120.4
122.5

2013
2014

123.7
126.1

123.8
126.3

124.0

124.2

124.3

124.5

124.7

124.9

125.1

125.3

125.6

125.8

123.8

124.3

124.9

125.6

124.7

Utilization
(percent)
1984
1985
1986
1987

79.3
79.6
80.1
79.2

79.6
79.8
79.4
80.1

79.8
79.8
78.7
80.1

80.2
79.6
78.7
80.4

80.4
79.5
78.8
80.8

80.5
79.4
78.6
81.1

80.6
78.8
78.8
81.4

80.5
79.0
78.5
81.9

80.1
79.3
78.6
82.0

79.9
78.8
78.8
83.1

80.0
79.0
79.1
83.4

80.0
79.7
79.6
83.7

79.6
79.7
79.4
79.8

80.4
79.5
78.7
80.8

80.4
79.0
78.6
81.8

79.9
79.2
79.2
83.4

80.1
79.4
79.0
81.4

1988
1989
1990
1991
1992

83.7
85.6
82.7
80.2
79.2

84.1
85.2
83.3
79.5
79.7

84.2
85.3
83.6
78.9
80.2

84.6
85.2
83.3
79.0
80.6

84.4
84.4
83.3
79.7
80.8

84.6
84.3
83.4
80.3
80.5

84.6
83.2
83.2
80.3
81.1

85.0
83.8
83.3
80.3
80.6

84.7
83.4
83.3
80.9
80.6

85.0
83.0
82.5
80.6
81.0

85.1
83.1
81.4
80.4
81.2

85.4
83.4
80.7
79.9
81.1

84.0
85.4
83.2
79.5
79.7

84.5
84.7
83.3
79.7
80.6

84.7
83.5
83.2
80.5
80.8

85.2
83.2
81.5
80.3
81.1

84.6
84.2
82.8
80.0
80.6

1993
1994
1995
1996
1997

81.4
82.6
84.9
82.3
83.6

81.6
82.5
84.5
83.2
84.1

81.4
83.1
84.3
82.8
84.2

81.6
83.2
83.9
83.3
83.7

81.1
83.4
83.8
83.6
83.7

81.2
83.8
83.8
84.0
83.6

81.4
83.6
83.2
83.4
83.9

81.2
83.8
83.9
83.6
84.1

81.4
83.7
83.8
83.8
84.3

81.9
84.1
83.3
83.3
84.6

82.1
84.3
83.3
83.7
84.8

82.4
84.9
83.2
83.9
84.6

81.5
82.7
84.6
82.8
84.0

81.3
83.5
83.8
83.7
83.7

81.3
83.7
83.6
83.6
84.1

82.1
84.4
83.3
83.6
84.7

81.6
83.6
83.8
83.4
84.1

1998
1999
2000
2001
2002

84.5
81.8
81.4
78.7
75.1

84.1
81.7
81.3
78.2
74.9

83.8
81.5
81.3
77.9
75.5

83.6
81.2
81.6
77.7
75.8

83.8
81.5
81.4
77.1
76.1

82.7
80.9
81.2
76.6
76.8

81.8
81.0
80.8
76.2
76.6

83.1
81.1
80.3
76.0
76.5

82.4
80.6
80.4
75.7
76.6

82.6
81.5
80.0
75.2
76.4

82.1
81.5
79.8
74.8
76.8

81.9
81.8
79.3
74.6
76.4

84.1
81.7
81.4
78.2
75.2

83.4
81.2
81.4
77.1
76.2

82.5
80.9
80.5
76.0
76.6

82.2
81.6
79.7
74.9
76.5

83.0
81.3
80.7
76.5
76.1

2003
2004
2005
2006
2007

77.0
77.4
80.3
80.4
79.7

77.1
77.9
80.7
80.3
80.4

76.9
77.5
80.6
80.3
80.3

76.3
77.8
80.6
80.5
80.7

76.3
78.5
80.6
80.2
80.7

76.2
77.8
80.8
80.3
80.8

76.6
78.5
80.5
80.2
80.8

76.3
78.5
80.5
80.3
80.9

76.8
78.6
78.6
79.9
81.2

76.7
79.3
79.4
79.7
80.7

77.3
79.5
80.1
79.5
81.0

77.2
80.0
80.4
80.2
81.0

77.0
77.6
80.5
80.3
80.1

76.3
78.0
80.7
80.3
80.8

76.6
78.5
79.8
80.1
81.0

77.1
79.6
80.0
79.8
80.9

76.7
78.4
80.3
80.1
80.7

2008
2009
2010
2011
2012

80.8
70.0
70.9
75.7
77.6

80.5
69.4
71.1
75.3
77.7

80.3
68.3
71.8
76.0
77.2

79.6
67.6
72.2
75.7
77.6

79.2
66.9
73.5
75.9
77.7

79.0
66.7
73.8
76.0
77.6

78.6
67.4
74.4
76.4
77.9

77.3
68.2
74.8
76.6
77.3

73.9
68.8
75.0
76.6
77.3

74.6
69.1
74.9
76.9
77.1

73.7
69.5
75.0
76.9
77.8

71.7
69.9
75.7
77.0
77.7

80.5
69.2
71.3
75.7
77.5

79.3
67.1
73.2
75.8
77.6

76.6
68.1
74.7
76.6
77.5

73.3
69.5
75.2
76.9
77.5

77.4
68.5
73.6
76.2
77.5

2013
2014

77.7
78.4

78.1
78.7

78.3

78.0

78.0

78.0

77.8

78.1

78.5

78.5

78.8

78.6

78.0

78.0

78.1

78.6

78.2

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.
1. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.

29

Table 11A
I NDUSTRIAL P RODUCTION : Manufacturing Excluding Selected High-Technology Industries1,2
Seasonally adjusted

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual3

IP (percent
change)
1984
1985
1986
1987

1.7
-.5
1.2
-.5

1.0
-.2
-.6
1.4

.4
.8
-.3
.1

.4
-.2
.4
.4

.1
.2
.1
.6

.3
.1
-.2
.3

.4
-.5
.3
.6

.1
.6
.1
.4

-.3
.2
.2
.5

.4
-.3
.3
1.5

.3
.6
.4
.6

.3
.4
.7
.5

11.5
-.1
4.7
4.6

4.7
1.5
-.1
6.0

2.2
.5
1.3
5.9

1.9
2.3
4.1
10.5

8.5
1.4
2.2
4.6

1988
1989
1990
1991
1992

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

.2
-1.0
1.5
-.8
.9

.2
-.1
.4
-.8
1.0

.8
.2
-.3
.4
.4

-.3
-.9
.1
.7
.5

.1
.2
.2
1.0
.1

-.1
-1.3
-.2
.3
.9

.1
.8
.3
.2
-.5

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

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

.3
.1
-1.2
-.3
.3

.5
.0
-.8
-.3
-.2

2.1
2.4
3.5
-9.6
-1.2

3.4
-3.1
2.5
1.3
7.0

.0
-4.3
.5
7.0
2.8

4.2
-.7
-7.5
1.1
1.5

4.4
.4
.0
-2.6
2.6

1993
1994
1995
1996
1997

1.1
.1
.1
-1.2
-.1

.1
.1
-.4
1.3
1.1

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

.5
.6
-.4
1.0
-.6

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

-.2
.2
.3
.8
.4

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

-.3
.6
.9
.3
.9

.5
.2
.5
.6
.5

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

.3
.6
-.1
.7
.8

.5
.9
.1
.7
.1

4.0
4.0
2.7
-2.0
6.2

.5
7.1
-2.3
7.4
2.9

.2
3.8
.3
4.0
7.0

6.0
7.0
.7
2.6
7.9

2.5
4.4
2.5
1.5
4.9

1998
1999
2000
2001
2002

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

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

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

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

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

-1.2
-.7
.0
-.6
1.1

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

2.3
.6
-1.0
-.5
.1

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

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

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

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

3.3
.8
.2
-7.0
3.2

-.3
.3
.7
-4.5
5.7

-.6
.2
-3.8
-4.6
2.5

4.1
6.7
-4.7
-4.2
-1.1

3.4
1.4
.7
-4.8
.4

2003
2004
2005
2006
2007

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

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

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

-1.0
.4
.2
.5
.5

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

.2
-.8
.1
.2
.5

.2
1.0
-.4
-.3
.2

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

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

-.1
1.0
1.5
-.4
-.6

.9
-.1
.7
.0
.3

-.3
.6
.0
1.5
.0

.5
1.6
5.2
3.3
3.2

-4.0
3.3
1.3
.1
4.7

.2
3.7
-2.0
-.2
1.0

2.6
4.9
4.4
.6
-1.6

.0
2.0
3.1
1.5
1.8

2008
2009
2010
2011
2012

-.5
-2.9
1.0
.1
1.1

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

-.4
-2.0
1.2
.7
-.4

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

-.6
-1.2
1.5
.2
-.3

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

-1.1
1.4
.8
.9
.4

-1.3
1.0
.0
.2
-.5

-3.5
.8
.0
.4
.1

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

-2.1
1.0
.0
-.1
1.3

-3.2
-.2
.2
.7
.7

-4.3
-23.8
5.4
2.0
7.0

-9.2
-12.1
10.4
-.1
1.9

-13.7
6.8
5.3
5.2
.8

-20.5
6.2
.6
4.3
1.7

-5.8
-13.8
5.1
2.8
3.7

2013
2014

-.3
-.9

.7
.8

.1

-.3

.2

.3

-.5

.7

.3

.4

.2

.1

4.6

.8

1.6

4.2

2.3

IP (2007=100)
1984
1985
1986
1987

67.3
69.2
71.2
71.9

68.0
69.1
70.8
72.9

68.2
69.6
70.6
73.0

68.5
69.5
70.8
73.3

68.6
69.6
70.9
73.8

68.8
69.7
70.8
74.0

69.0
69.3
71.0
74.4

69.1
69.8
71.1
74.7

68.9
69.9
71.2
75.1

69.1
69.7
71.4
76.2

69.3
70.1
71.7
76.6

69.6
70.4
72.3
77.0

67.8
69.3
70.9
72.6

68.6
69.6
70.9
73.7

69.0
69.7
71.1
74.7

69.3
70.1
71.8
76.6

68.7
69.7
71.2
74.4

1988
1989
1990
1991
1992

76.9
79.5
77.2
75.8
76.0

77.0
78.7
78.3
75.2
76.6

77.2
78.7
78.6
74.6
77.4

77.8
78.8
78.4
74.8
77.7

77.6
78.1
78.5
75.3
78.1

77.7
78.2
78.6
76.1
78.2

77.6
77.2
78.5
76.3
78.8

77.6
77.8
78.7
76.5
78.4

77.9
77.6
78.6
77.3
78.3

78.2
77.3
77.9
77.1
78.7

78.5
77.4
77.0
76.9
78.9

78.8
77.4
76.4
76.7
78.8

77.0
79.0
78.0
75.2
76.7

77.7
78.4
78.5
75.4
78.0

77.7
77.5
78.6
76.7
78.5

78.5
77.4
77.1
76.9
78.8

77.7
78.0
78.1
76.0
78.0

1993
1994
1995
1996
1997

79.6
81.4
86.1
84.6
88.6

79.7
81.4
85.8
85.7
89.6

79.4
82.3
85.7
85.3
90.3

79.8
82.8
85.4
86.2
89.7

79.7
83.2
85.3
86.7
90.2

79.5
83.3
85.5
87.4
90.5

79.7
83.5
84.8
87.2
91.0

79.5
84.0
85.6
87.5
91.8

80.0
84.1
86.0
88.0
92.3

80.6
84.7
85.7
87.6
92.9

80.9
85.2
85.6
88.2
93.7

81.3
86.0
85.6
88.7
93.8

79.6
81.7
85.9
85.2
89.5

79.7
83.1
85.4
86.7
90.1

79.7
83.9
85.5
87.6
91.7

80.9
85.3
85.6
88.2
93.4

80.0
83.5
85.6
86.9
91.2

1998
1999
2000
2001
2002

94.3
95.0
96.9
93.7
90.7

94.3
95.4
96.7
93.2
90.6

94.0
95.0
97.0
92.9
91.3

94.3
94.9
97.4
92.8
91.4

94.6
95.7
96.9
92.2
91.9

93.5
95.0
96.9
91.6
93.0

92.8
95.0
96.7
91.5
92.6

94.9
95.6
95.7
91.0
92.7

94.3
95.1
96.0
90.8
92.8

94.9
96.5
95.6
90.2
92.4

94.8
96.8
95.0
90.0
92.7

95.1
97.2
94.3
90.2
92.2

94.2
95.1
96.9
93.3
90.8

94.1
95.2
97.1
92.2
92.1

94.0
95.3
96.1
91.1
92.7

94.9
96.8
95.0
90.1
92.4

94.3
95.6
96.3
91.7
92.0

2003
2004
2005
2006
2007

92.6
92.3
96.3
98.5
98.7

92.5
92.9
97.0
98.2
99.0

92.6
92.7
96.4
98.0
99.6

91.6
93.1
96.6
98.6
100.1

91.5
93.9
97.0
98.0
100.1

91.7
93.1
97.1
98.2
100.6

91.9
94.0
96.7
97.9
100.7

91.2
94.4
96.9
98.4
100.2

91.9
94.3
95.6
98.3
100.6

91.8
95.2
97.0
97.9
99.9

92.6
95.1
97.7
97.9
100.2

92.3
95.7
97.7
99.3
100.2

92.5
92.6
96.6
98.2
99.1

91.6
93.4
96.9
98.3
100.3

91.7
94.2
96.4
98.2
100.5

92.3
95.4
97.4
98.3
100.1

92.0
93.9
96.8
98.3
100.0

2008
2009
2010
2011
2012

99.7
82.9
83.1
86.8
90.3

98.9
82.7
82.8
86.8
90.8

98.4
81.0
83.8
87.4
90.4

97.2
80.3
84.5
86.8
91.0

96.7
79.4
85.7
87.0
90.8

96.1
79.1
85.7
87.1
91.0

95.1
80.2
86.4
87.8
91.4

93.9
81.0
86.4
88.0
90.9

90.6
81.6
86.4
88.4
91.0

90.2
81.7
86.5
88.9
90.5

88.3
82.5
86.5
88.8
91.7

85.4
82.3
86.7
89.4
92.4

99.0
82.2
83.2
87.0
90.5

96.7
79.6
85.3
87.0
90.9

93.2
80.9
86.4
88.1
91.1

88.0
82.1
86.6
89.0
91.5

94.2
81.2
85.4
87.8
91.0

2013
2014

92.1
93.3

92.7
94.1

92.8

92.5

92.7

93.0

92.6

93.2

93.5

93.9

94.1

94.2

92.5

92.7

93.1

94.1

93.1

Year

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.
2. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.
3. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

30

Table 11B
C APACITY AND U TILIZATION : Manufacturing Excluding Selected High-Technology Industries1,2
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

Capacity
(percent of
2007 output)
1984
1985
1986
1987

86.7
88.2
89.9
90.9

86.7
88.4
90.0
91.0

86.8
88.5
90.0
91.1

86.9
88.7
90.1
91.3

87.0
88.9
90.1
91.4

87.1
89.1
90.2
91.6

87.2
89.2
90.3
91.7

87.3
89.4
90.3
91.8

87.5
89.5
90.4
91.9

87.6
89.6
90.5
92.0

87.8
89.7
90.6
92.0

88.0
89.8
90.7
92.1

86.7
88.4
90.0
91.0

87.0
88.9
90.1
91.4

87.3
89.4
90.3
91.8

87.8
89.7
90.6
92.0

87.2
89.1
90.3
91.6

1988
1989
1990
1991
1992

92.1
92.4
94.3
96.1
97.4

92.1
92.5
94.5
96.3
97.5

92.1
92.6
94.7
96.4
97.6

92.1
92.8
94.9
96.5
97.8

92.1
92.9
95.0
96.6
97.9

92.1
93.1
95.2
96.7
98.0

92.1
93.3
95.3
96.8
98.1

92.1
93.4
95.5
96.9
98.2

92.1
93.6
95.6
97.0
98.4

92.1
93.8
95.7
97.1
98.5

92.2
94.0
95.9
97.2
98.6

92.3
94.2
96.0
97.3
98.7

92.1
92.5
94.5
96.3
97.5

92.1
92.9
95.0
96.6
97.9

92.1
93.4
95.5
96.9
98.2

92.2
94.0
95.9
97.2
98.6

92.1
93.2
95.2
96.8
98.1

1993
1994
1995
1996
1997

98.8
100.1
102.0
104.6
107.7

99.0
100.2
102.2
104.8
108.0

99.1
100.3
102.5
105.1
108.4

99.2
100.5
102.7
105.3
108.8

99.3
100.6
102.9
105.5
109.2

99.4
100.8
103.1
105.7
109.6

99.5
100.9
103.3
105.9
110.1

99.6
101.1
103.6
106.2
110.5

99.7
101.3
103.8
106.5
111.0

99.8
101.4
104.0
106.7
111.5

99.9
101.6
104.2
107.0
112.0

100.0
101.8
104.4
107.4
112.4

99.0
100.2
102.3
104.8
108.0

99.3
100.6
102.9
105.5
109.2

99.6
101.1
103.6
106.2
110.5

99.9
101.6
104.2
107.1
112.0

99.4
100.9
103.2
105.9
109.9

1998
1999
2000
2001
2002

112.9
118.0
121.3
123.3
124.1

113.4
118.4
121.5
123.4
124.1

113.9
118.7
121.7
123.5
124.1

114.3
119.0
121.9
123.6
124.1

114.8
119.3
122.1
123.7
124.0

115.3
119.6
122.2
123.8
124.0

115.7
119.9
122.4
123.9
124.0

116.1
120.1
122.6
124.0
123.9

116.5
120.4
122.7
124.0
123.9

116.9
120.6
122.9
124.0
123.8

117.3
120.9
123.0
124.1
123.7

117.7
121.1
123.2
124.1
123.7

113.4
118.4
121.5
123.4
124.1

114.8
119.3
122.1
123.7
124.0

116.1
120.1
122.6
124.0
123.9

117.3
120.9
123.0
124.1
123.7

115.4
119.7
122.3
123.8
123.9

2003
2004
2005
2006
2007

123.6
122.8
122.5
124.6
126.5

123.5
122.7
122.6
124.8
126.6

123.5
122.6
122.7
125.0
126.7

123.4
122.5
122.8
125.2
126.8

123.3
122.5
123.0
125.3
126.9

123.3
122.4
123.1
125.5
127.0

123.2
122.4
123.3
125.7
127.1

123.1
122.4
123.5
125.9
127.1

123.1
122.3
123.7
126.0
127.2

123.0
122.3
123.9
126.1
127.2

122.9
122.4
124.1
126.3
127.3

122.8
122.4
124.3
126.4
127.3

123.5
122.7
122.6
124.8
126.6

123.3
122.5
123.0
125.3
126.9

123.1
122.4
123.5
125.8
127.1

122.9
122.4
124.1
126.3
127.3

123.2
122.5
123.3
125.6
127.0

2008
2009
2010
2011
2012

127.3
126.0
122.4
119.4
119.3

127.3
125.8
122.1
119.3
119.4

127.3
125.5
121.8
119.1
119.5

127.2
125.2
121.5
119.0
119.7

127.2
124.9
121.2
119.0
119.8

127.1
124.6
121.0
118.9
120.0

127.0
124.3
120.7
118.9
120.1

126.9
124.0
120.5
118.9
120.3

126.8
123.7
120.2
118.9
120.5

126.6
123.4
120.0
119.0
120.6

126.4
123.0
119.8
119.1
120.8

126.2
122.7
119.6
119.2
120.9

127.3
125.8
122.1
119.3
119.4

127.2
124.9
121.2
119.0
119.8

126.9
124.0
120.5
118.9
120.3

126.4
123.0
119.8
119.1
120.8

126.9
124.4
120.9
119.1
120.1

2013
2014

121.1
123.2

121.3
123.4

121.4

121.6

121.7

121.9

122.1

122.2

122.4

122.6

122.8

123.0

121.3

121.7

122.2

122.8

122.0

Utilization
(percent)
1984
1985
1986
1987

77.7
78.5
79.3
79.2

78.4
78.2
78.7
80.1

78.6
78.7
78.4
80.1

78.8
78.3
78.6
80.3

78.8
78.3
78.7
80.7

79.0
78.2
78.5
80.8

79.2
77.7
78.7
81.2

79.1
78.1
78.7
81.4

78.7
78.1
78.7
81.7

78.9
77.8
78.9
82.9

78.9
78.1
79.2
83.3

79.0
78.4
79.6
83.7

78.2
78.5
78.8
79.8

78.9
78.3
78.6
80.6

79.0
78.0
78.7
81.4

78.9
78.1
79.2
83.3

78.8
78.2
78.8
81.3

1988
1989
1990
1991
1992

83.5
86.1
81.8
78.8
78.0

83.6
85.1
82.9
78.1
78.6

83.8
85.0
83.0
77.4
79.3

84.5
85.0
82.7
77.5
79.5

84.3
84.0
82.6
78.0
79.8

84.3
84.0
82.6
78.7
79.8

84.2
82.7
82.3
78.8
80.3

84.3
83.3
82.4
78.9
79.8

84.6
82.8
82.3
79.7
79.6

84.9
82.4
81.4
79.4
79.9

85.1
82.4
80.3
79.1
80.0

85.4
82.2
79.5
78.8
79.8

83.6
85.4
82.6
78.1
78.6

84.4
84.3
82.6
78.1
79.7

84.4
82.9
82.3
79.1
79.9

85.1
82.3
80.4
79.1
79.9

84.4
83.7
82.0
78.6
79.5

1993
1994
1995
1996
1997

80.5
81.3
84.4
80.9
82.3

80.5
81.2
83.9
81.7
82.9

80.2
82.1
83.7
81.2
83.3

80.5
82.4
83.2
81.9
82.5

80.3
82.7
82.9
82.2
82.6

80.0
82.7
83.0
82.6
82.6

80.2
82.8
82.1
82.4
82.6

79.9
83.1
82.6
82.4
83.0

80.2
83.1
82.9
82.7
83.1

80.8
83.5
82.4
82.0
83.3

81.0
83.8
82.1
82.4
83.7

81.3
84.5
82.0
82.7
83.4

80.4
81.5
84.0
81.3
82.8

80.3
82.6
83.0
82.2
82.5

80.1
83.0
82.5
82.5
82.9

81.0
83.9
82.2
82.3
83.5

80.4
82.8
82.9
82.1
82.9

1998
1999
2000
2001
2002

83.5
80.5
79.9
76.0
73.1

83.1
80.6
79.6
75.5
73.0

82.6
80.0
79.7
75.2
73.5

82.4
79.8
79.9
75.1
73.7

82.4
80.2
79.4
74.5
74.1

81.2
79.4
79.2
74.0
75.0

80.2
79.3
79.0
73.8
74.7

81.8
79.6
78.1
73.4
74.8

80.9
79.0
78.2
73.2
74.9

81.2
80.0
77.8
72.7
74.6

80.9
80.1
77.3
72.5
74.9

80.8
80.2
76.5
72.6
74.6

83.1
80.4
79.7
75.6
73.2

82.0
79.8
79.5
74.5
74.3

81.0
79.3
78.4
73.5
74.8

80.9
80.1
77.2
72.6
74.7

81.7
79.9
78.7
74.1
74.2

2003
2004
2005
2006
2007

74.9
75.2
78.6
79.1
78.0

74.9
75.7
79.1
78.7
78.2

75.0
75.6
78.6
78.5
78.6

74.2
76.0
78.7
78.7
78.9

74.2
76.6
78.8
78.2
78.9

74.4
76.1
78.8
78.3
79.2

74.6
76.8
78.4
77.9
79.3

74.1
77.1
78.4
78.2
78.8

74.7
77.1
77.2
78.0
79.1

74.6
77.8
78.2
77.6
78.5

75.4
77.7
78.7
77.5
78.7

75.2
78.2
78.6
78.6
78.7

74.9
75.5
78.8
78.7
78.3

74.3
76.2
78.8
78.4
79.0

74.4
77.0
78.0
78.0
79.1

75.1
77.9
78.5
77.9
78.7

74.7
76.7
78.5
78.3
78.7

2008
2009
2010
2011
2012

78.3
65.8
67.9
72.7
75.7

77.7
65.7
67.8
72.7
76.1

77.4
64.5
68.8
73.4
75.6

76.4
64.1
69.5
72.9
76.1

76.0
63.5
70.7
73.1
75.7

75.6
63.5
70.9
73.2
75.9

74.8
64.5
71.6
73.9
76.1

74.0
65.3
71.8
74.0
75.6

71.4
66.0
71.9
74.3
75.5

71.2
66.2
72.1
74.7
75.0

69.8
67.0
72.2
74.6
75.9

67.7
67.1
72.5
75.0
76.4

77.8
65.3
68.2
72.9
75.8

76.0
63.7
70.4
73.1
75.9

73.4
65.3
71.7
74.1
75.7

69.6
66.8
72.3
74.7
75.8

74.2
65.3
70.6
73.7
75.8

2013
2014

76.1
75.7

76.5
76.3

76.4

76.1

76.1

76.3

75.8

76.3

76.4

76.6

76.6

76.6

76.3

76.2

76.2

76.6

76.3

N OTE : Estimates from October 2013 through February 2014 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.
2. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.

31

Table 12
A NNUAL P ROPORTIONS IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY
Item

2006

2007

2008

2009

2010

2011

2012

2013

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

55.9
28.4
6.9
3.2
.4
1.2
2.2

54.7
27.3
6.7
3.3
.3
1.1
2.0

55.1
27.3
6.3
3.0
.3
1.0
2.0

56.4
29.6
6.2
3.1
.3
.9
1.9

54.1
27.9
5.8
3.0
.2
.8
1.9

53.4
27.5
5.6
2.8
.1
.8
1.9

53.4
27.2
5.8
3.0
.1
.8
1.9

52.7
26.8
5.9
3.0
.1
.8
2.0

21.5
16.2
8.5
.4
5.0
1.7
5.4

20.6
15.6
8.2
.3
5.0
1.6
5.0

21.0
16.2
8.6
.3
5.1
1.6
4.8

23.4
17.9
9.9
.2
5.5
1.7
5.5

22.1
16.4
9.2
.2
4.9
1.6
5.6

21.9
16.2
9.0
.2
5.0
1.5
5.7

21.4
16.1
9.2
.2
4.8
1.4
5.3

20.9
15.6
9.0
.2
4.6
1.3
5.3

9.8
2.1
2.8
4.9
1.5

9.8
2.1
2.7
5.0
1.8

10.0
2.0
2.7
5.2
2.0

9.4
1.9
2.6
4.9
2.3

9.2
2.1
2.3
4.9
2.4

9.2
1.9
2.1
5.2
2.2

9.6
2.2
2.1
5.3
2.3

9.5
2.2
2.0
5.2
2.3

5.1
10.3

4.9
10.1

4.8
10.2

4.2
10.4

4.1
9.9

4.1
9.7

4.1
9.5

4.1
9.3

44.1
28.5
17.6
3.1
6.0
8.5
10.9
.6
2.3
4.9
15.6

45.3
28.3
17.3
2.9
6.1
8.4
11.0
.5
2.2
5.2
17.0

44.9
28.1
17.1
2.6
6.4
8.2
11.0
.4
2.3
4.9
16.8

43.6
27.0
15.3
1.9
5.9
7.5
11.7
.4
2.3
5.2
16.5

45.9
28.4
16.6
2.3
6.1
8.2
11.8
.5
2.2
5.7
17.6

46.6
28.9
17.3
2.4
6.5
8.5
11.6
.4
2.1
5.6
17.7

46.6
29.0
17.6
2.5
6.6
8.5
11.4
.4
2.0
5.7
17.6

47.3
28.5
17.3
2.5
6.4
8.5
11.2
.4
1.9
5.7
18.8

321
327
331
332
333
334

77.6
73.7
39.3
1.4
2.3
2.7
5.5
5.0
7.0

76.1
72.5
39.2
1.2
2.2
2.7
5.8
5.1
6.8

75.8
72.2
39.2
1.1
2.0
2.5
6.0
5.4
7.0

75.7
72.1
36.5
1.0
1.7
2.1
5.3
4.9
6.6

74.8
71.7
36.9
.9
1.6
2.9
5.2
5.1
6.4

74.8
71.9
37.2
.9
1.6
3.1
5.4
5.6
6.2

75.5
72.7
38.2
.9
1.5
3.1
5.6
5.7
6.3

74.3
71.8
38.0
.9
1.5
3.1
5.6
5.6
6.1

335
3361–3

1.9
5.5

1.9
5.2

2.0
4.5

1.9
4.0

1.8
4.5

1.8
4.2

1.8
4.5

1.8
4.5

3364–9
337
339

3.4
1.5
3.1

4.0
1.4
2.9

4.3
1.4
3.2

4.6
1.1
3.4

4.4
1.0
3.2

4.3
1.0
3.1

4.6
1.0
3.1

4.6
1.0
3.2

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

34.3
10.1
1.1
.6
2.6
1.9
4.0
10.9
3.2

33.3
9.9
.9
.4
2.5
1.9
3.3
11.3
3.0

33.0
10.5
.8
.4
2.6
1.9
2.7
11.2
3.0

35.6
12.1
.7
.3
2.8
1.8
3.1
11.9
2.9

34.7
11.2
.7
.3
2.6
1.6
3.6
11.8
2.9

34.7
10.9
.7
.3
2.6
1.5
4.0
11.8
2.9

34.4
11.1
.7
.3
2.4
1.4
3.9
11.7
2.9

33.8
10.9
.7
.2
2.3
1.3
3.8
11.6
3.0

1133,5111

3.9

3.6

3.6

3.6

3.1

3.0

2.8

2.5

21
2211,2
2211
2212

12.8
9.6
8.0
1.6

14.1
9.8
8.1
1.7

13.7
10.5
8.8
1.7

12.6
11.7
10.0
1.7

14.0
11.2
9.7
1.5

14.6
10.6
9.3
1.3

14.6
9.9
8.8
1.1

15.9
9.8
8.5
1.3

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
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 2013 and 2014 would account for a 0.383 percent increase in total IP.

32

Table 13
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

2007=100
Industrial production

2013
Sept.r

Dec.r

2014
Jan.r

Oct.r

Nov.r

Total index
Previous estimates

100.7
100.2

100.9
100.4

101.4
101.2

101.5
101.2

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

97.7
94.9
103.4
89.4
82.0
107.4

98.1
95.4
103.5
89.8
82.8
107.3

98.3
95.8
103.3
90.1
83.0
108.3

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

96.9
96.3
122.6
100.3

97.3
96.7
120.3
101.8

97.6
97.1
121.6
103.7

Feb.r

Oct.r

101.3
101.0

102.0
101.6

.7
.6

.2
.2

.6
.8

.0
.0

-.1
-.2

.6
.6

3.0
2.8

98.7
96.5
102.7
90.1
82.4
108.1

98.3
95.9
102.8
89.6
82.3
108.2

99.1
96.7
104.0
90.2
82.3
108.7

.9
.9
1.1
.8
.9
.5

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

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

.4
.7
-.6
-.1
-.8
-.2

-.4
-.5
.0
-.5
-.2
.1

.9
.8
1.2
.6
.1
.5

2.7
2.6
3.4
2.2
.8
3.4

97.7
97.2
121.3
103.8

96.8
96.4
122.7
107.2

97.7
97.2
122.7
107.0

.3
.2
1.6
2.8

.4
.5
-1.9
1.5

.3
.4
1.1
1.9

.1
.2
-.2
.1

-.9
-.9
1.1
3.3

.9
.8
.0
-.2

1.8
1.5
5.9
7.2

Percent of capacity
200809
2013
2013
low
Feb. Sept.r

Average
19722013

198889
high

199091
low

199495
high

Total industry
Previous estimates

80.1
80.1

85.3
85.2

78.7
78.8

85.0
85.0

66.9
66.9

77.8
78.1

Manufacturing (see note below)
Previous estimates

78.7
78.7

85.6
85.6

77.3
77.3

84.6
84.6

63.9
64.0

Mining
Utilities

87.3
86.1

86.3
92.9

83.8
84.3

88.5
93.3

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.3
80.8
77.1

87.7
86.5
83.4

84.4
77.9
77.4

89.6
87.7
80.6

Capacity utilization

Percent change
2014
Nov.r Dec.r Jan.r

2013
Sept.r

Feb.r

Feb. ’13 to
Feb. ’14

Capacity
growth
Oct.r

Nov.r

Dec.r

2014
Jan.r

Feb.r

Feb. ’13 to
Feb. ’14

78.3
78.4

78.2
78.4

78.5
78.9

78.4
78.8

78.1
78.5

78.4
78.8

2.1
1.9

76.1
76.5

76.2
76.3

76.4
76.5

76.4
76.7

76.3
76.7

75.5
75.9

76.0
76.4

2.0
1.6

78.8
78.5

86.5
79.0

89.5
79.2

87.5
80.3

88.0
81.8

87.5
81.8

88.1
84.5

87.7
84.2

4.5
.5

76.8
64.2
66.8

85.3
75.9
76.6

87.4
76.4
76.2

85.9
77.0
76.1

86.2
77.5
76.1

85.8
77.3
76.2

85.6
77.3
75.4

85.7
77.5
76.1

3.6
1.0
3.0

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

33

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

=

Im p m
Im−1 pm

Im pm−1
×
Im−1 pm−1

The IP proportions (typically shown in the first column of the relevant
tables in the 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 2007. 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 312
individual series based on the 2007 NAICS codes. These individual
series are classified in two ways: (1) market groups, and (2) industry
groups. Market groups consist of products and materials. Total
products are the aggregate of final products, such as consumer goods
and equipment, and nonindustrial supplies (which are inputs to
nonindustrial sectors). Materials are inputs in the manufacture of
products. Major industry groups include three-digit NAICS industries
and aggregates of these industries—for example, durable and
nondurable manufacturing, mining, and utilities. A complete
description of the market and industry structures, including details
regarding series classification, relative importance weights, and data
sources, is available on the Board’s website 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 67 percent of the
source data (in value-added terms) are available; the fraction of
available source data increases to 81 percent for estimates in the
second month that the estimate is published, 93 percent in the third
month, 96 percent in the fourth month, 99 percent in the fifth month,
and 99 percent in the sixth month. Data availability by data type in
early 2011 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2011)
Month of estimate
Type of data

2nd

3rd

4th

5th

6th

Physical product

27

41

53

55

58

58

Production-worker hours

41

41

41

41

41

41

IP data received

67

81

93

96

99

99

IP data estimated

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
or sales and unit values) 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.

1st

33

19

7

4

1

1

The physical product group includes series based on either monthly or
quarterly data. As can be seen in the first row of the table, in the first
month, a physical product indicator is available for about one-half of
the series (in terms of value added) that ultimately are based on
physical product data (27 percent out of a total of 58 percent). Of the
27 percent, about two-thirds (19 percent of total IP) include series that
are derived from weekly physical product data and for which actual
monthly data may lag up to several months. On average, quarterly
product data are received for the fourth estimate of industrial
production. Specifically, quarterly data are available for the third
estimate of the last month of a quarter, the fourth estimate of the
second month of a quarter, and the fifth estimate of the first month of
a quarter.
Seasonal adjustment. Individual series are seasonally adjusted using
Census X-12 ARIMA. For series based on production-worker hours,
the current seasonal factors were estimated with data through January
2014; for other series, the factors were estimated with data through at
least December 2013. 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.

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 1987–2010 period. The average revision to
the percent change in total IP, without regard to sign, from the first to
the fourth estimates was 0.21 percentage point during the 1987–2010
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.

34

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.

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 1972–2013 period, the average total industry
utilization rate was 80.1 percent; for manufacturing, the average
factory operating rate was 78.7 percent. Industrial plants usually
operate at capacity utilization rates that are well below 100 percent:
none of the broad aggregates has ever reached 100 percent. For total
industry and total manufacturing, utilization rates have exceeded 90
percent only in wartime. The highs and lows in capacity utilization
are specific to each series and do not all occur in the same month.

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 annual revision published in June 2010 is described
in an article published in the Federal Reserve Bulletin, available on
the Board’s website at
www.federalreserve.gov/releases/G17/About.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.151-76. 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 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 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. 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 25 percent of total industrial capacity.
When physical product data are unavailable for manufacturing
industries, capacity indexes are based on responses to the Bureau of
the Census’s Quarterly Survey of Plant Capacity (QSPC); these
industries account for a bit less than 70 percent of total industry
capacity. In the absence of utilization data for a few mining and
petroleum series, capacity is based on trends through peaks in
production (roughly 5 percent of total industry capacity). A detailed
description of the methodology used to construct the capacity indexes
is available on the Board’s website
(www.federalreserve.gov/releases/G17/CapNotes.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).
Release Schedule
At 9:15 a.m. on
2014: January 16, February 15, March 15, April 16, May 15, June 14,
July 16, August 15, September 16, October 17, November 15, and
December 16.

Aggregation Methodology. Monthly capacity aggregates are
calculated in three steps: (1) utilization aggregates are calculated on
an annual basis through the most recent full year as capacity-weighted
aggregates of individual utilization rates; (2) the annual aggregate
capacity is derived from the corresponding production and utilization
aggregates; (3) the monthly capacity aggregate is obtained by
interpolating with a Fisher index of its constituent monthly capacity
series. Utilization rates for the individual series and aggregates are
calculated by dividing the pertinent monthly production index by the
related capacity index.
Consistency. A major aim is that the Federal Reserve utilization rates
be consistent over time so that, for example, a rate of 85 percent
means about the same degree of tightness that it meant in the past. A
major task for the Federal Reserve in developing reasonable and
consistent time series of capacity and utilization is dealing with
inconsistencies between the movements of the industrial production
index and the survey-based utilization rates. The McGraw-Hill/DRI
Survey, now discontinued, was the primary source of manufacturing
utilization rates for many years. This survey of large companies
reported, on average, higher utilization rates than those reported by
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

35