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FEDERAL RESERVE statistical release
G.17 (419) 2012 Historical and Annual Revision

For release at 12:00 noon (EDT)
March 30, 2012

Industrial Production and Capacity Utilization: The 2012 Annual Revision

The Federal Reserve has revised its index of industrial production (IP) and the related measures of
capacity and capacity utilization.1 Measured from fourth quarter to fourth quarter, total IP is now reported to
have dropped 0.3 percentage point more in 2009; its gains in both 2010 and 2011 were essentially unchanged
from what was previously reported. With these minor revisions, the broad contour of total IP in recent years is
similar to previous estimates. Since the trough of the last recession in June 2009, total IP has reversed about
three-fourths of its peak-to-trough decline.
The revised IP indexes incorporate detailed data on factory activity for 2010 and revised data for 2009
from the U.S. Census Bureau’s Annual Survey of Manufactures (ASM). In addition, data from selected editions
of the Census Bureau’s Current Industrial Reports (CIR) for 2010 and annual data from the U.S. Geological
Survey regarding metallic and nonmetallic minerals (except fuels) for 2010 were used in the revised estimates.
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.
Capacity utilization rates for recent years were revised down. The revisions show that the rate of capacity
utilization for total industry was 0.7 percentage point lower than previously estimated in the fourth quarter of
2010 and 0.4 percentage point lower in 2011, primarily as a result of small upward revisions to estimates of
industrial capacity. The capacity utilization rate for the fourth quarter of 2008 was revised down 0.3 percentage
point, and the rate in the final quarter of 2009 was revised down about 0.8 percentage point.
The revised estimates of capacity and capacity utilization incorporate data from the Census Bureau’s
Quarterly Survey of Plant Capacity Utilization (QSPC) for the fourth quarter of 2011, which covered the
manufacturing sector, along with new data on capacity in the energy and mining sectors from the U.S.
Geological Survey (USGS), the U.S. Department of Energy (DOE), and other organizations, as well as data on
industry capital spending from the 2010 ASM.
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 utilization for January 1982
through February 2012, along with the percentage changes in total IP. Tables 2 through 4 show the revised rates
of change in IP from 2007 through 2011 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 2008–12 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 final quarters of 2008 through 2011 and the differences
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

between the revised and previous estimates. Table 7 reports revised semiannual rates of change for IP for 2007
through 2011. Table 8 contains revised capacity utilization rates for the second and fourth quarters of 2007
through 2011. Tables 9A, 9B, 10A, 10B, 11A, and 11B report the revised production, capacity, and utilization
series for total 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 2004 through 2011. Table 13 reports revised IP indexes and capacity utilization rates for the
major market and industry groups for the previous six months. Table 14 shows price indexes for data networking
equipment.
Industrial Production
Revisions to changes in total IP in recent years were very small (tables 2 and 7). As can be seen in
chart 1, the overall contour for IP in recent years was little changed: A steep decline from late 2007 to June 2009
was followed by steady gains beginning in the second half of 2009 and continuing through early 2012.2
Production by Industry Group
Following modest gains in 2007, manufacturing production contracted sharply in 2008 and the first half
of 2009, falling by 20 percent over that period; since June 2009, manufacturing production has recovered about
two-thirds of this decline.3 The drop in 2008 was widespread, as output fell for all major manufacturing
industries, and the magnitudes of these declines were little revised. The decline in manufacturing for the first half
of 2009 was also broadly based and essentially unchanged from earlier estimates. Manufacturing output
advanced solidly in the second half of 2009 through 2011; the gain in 2010 is now reported to have been slightly
stronger than previously estimated while the rise in 2011 is about the same as previously reported.
For durable goods industries, output fell sharply in 2008 and the first half of 2009, and those declines are
now reported to have been a bit steeper in both years. The production of durable goods surged in the second half
of 2009 and in both 2010 and 2011; those gains are now reported to have been stronger in 2010 and slightly less
strong in 2011 than previously estimated. All major categories of durables with the exception of nonmetallic
mineral products increased in 2011, although for most industries, these gains are now reported to have been
somewhat weaker than stated earlier.
Production in nondurable manufacturing industries was little changed in 2007 before falling markedly in
2008 and in the first half of 2009. Beginning in the second half of 2009, the output of nondurables began to
increase and it has continued to advance at a moderate pace through 2011. Relative to earlier estimates, the rate
of change in nondurable goods production in 2007 is little changed, while the decline for 2008 is now reported to
be somewhat less steep and the decline for 2009 is now a bit larger. The increase in the output of nondurables
was revised down in 2010, but it revised slightly up in 2011.
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 each year from 2007 through 2011. The
declines are now reported to have been noticeably less steep in 2008 but somewhat larger in other recent years.
In the mining sector, output advanced modestly in 2007 and retreated nearly the same amount in 2008
before falling in 2009 and expanding strongly in 2010 and 2011. The rise in mining output was revised down in
2010 but revised up in 2011.
2 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. 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 output of utilities advanced in 2007 before declining in 2008 and 2009, gaining in 2010, and falling
in 2011. The estimates for utilities output for recent years are very similar to previous reports. The increase in
the index for utilities in 2010 was revised down due entirely to a revision to natural gas utilities.
Output in high-technology industries—computers and peripheral equipment, communications equipment,
and semiconductors and related electronic components—increased notably in 2007, fell somewhat in 2008, was
little changed in 2009, moved up in 2010, and advanced modestly in 2011 (table 3). Relative to earlier estimates,
production in the high-technology industries was lower, on net, over the 2007–11 period. Notably, output of
computers and peripheral equipment was revised down substantially in 2009 and 2010 as the ASM values for
computer output reflected a new, lower trajectory for the industry. Previously, the industrial production index for
computers showed solid gains in 2009 and 2010, but the current estimates reflect sizable declines. The rates of
change in the index for communications equipment are lower, on net, than previously reported. Revisions to the
output of semiconductors were generally small. One exception was for 2010 when output is now reported to
have expanded substantially more than in previous estimates.
Production by Market Group
The production index for final products and nonindustrial supplies (tables 2 and 7) posted a modest gain,
on net, in 2007 and then fell markedly in 2008 and the first half of 2009 before advancing solidly in 2010 and
2011. Relative to earlier reports, the decline in 2009 is now reported to have been steeper and the gain in 2010
less strong; the increase in 2011 is slightly larger than previously stated.
The production of consumer goods declined modestly in 2007 before falling more rapidly in 2008 and in
the first half of 2009. Compared with the previous estimates, the decrease in output for 2009 as a whole was
deeper, while the gain in 2010 was flatter; the increase in 2011 is now larger than previously reported. The
production of durable consumer goods advanced modestly in 2007 and then dropped steeply in 2008 through the
first half of 2009; output has increased consistently since the second half of 2009, with moderate gains in 2010
and a noticeable step-up in 2011. Among durable consumer goods, the index for automotive products increased
in 2007 and fell sharply in 2008; gains in 2009 were followed by a moderate increase in 2010 and a surge in
2011. The output of home electronics was revised substantially in 2009 and 2010; as a result, a small gain in
2009 is now reported as a decrease, and the decline in 2010 is much steeper than previously reported.
The index for consumer nondurables declined in the period from 2007 through the first half of 2009
before edging up in the second half of 2009 and in 2010 and 2011. Compared with the previously reported index,
the gain in 2010 is slower, and a small decrease in 2011 is now a small increase. The revised index for consumer
nondurable non-energy goods displays a similar contour to nondurables as a whole, although production is now
reported to have edged down in 2010 whereas it had previously increased. Revisions to the production index for
clothing made declines steeper in 2008, 2009, and 2011 and added to gains in 2010. The production of chemical
products increased in 2011 following declines in 2007 through 2010. The index for consumer energy products
advanced in 2007, 2008, and 2010, with small declines in 2009 and 2011.
The production of business equipment rose moderately in the second half of 2009 before posting rapid
gains in 2010 and 2011; these increases followed sharp declines in 2008 and in the first half of 2009. Downward
revisions contributed to a steeper decline for 2009 as a whole and a smaller increase in 2011. Among its
components, the production of transit equipment declined sharply in 2008 before advancing strongly in the
period from 2009 to 2011. The revised output of information processing equipment expanded in 2007 and fell in
2008 and 2009 before advancing in 2010 and 2011. The index for industrial and other equipment advanced at a
modest pace in 2007, declined steeply in 2008 and 2009, advanced rapidly in 2010, and continued to expand in
2011.

3

The production of defense and space equipment surged in 2007, declined in 2008 and 2009, and
increased in 2010 and 2011; previous estimates had shown small gains in 2008 and 2009.
The output of construction supplies edged down in 2007 and declined steeply in 2008 and 2009 before
advancing in 2010 and 2011. The index was little changed from earlier estimates. The production of business
supplies edged up in 2007, fell in 2008 and 2009, and then increased moderately in 2010 and 2011. The
revisions in this category were also relatively small, and the index now shows slightly larger gains in 2010 and a
smaller increase in 2011 than previously reported.
The index for materials increased in 2007, declined in 2008 and in the first half of 2009, and advanced
strongly in the second half of 2009 and in 2010 and 2011. The decline in 2009 as a whole is now reported to
have been less steep and the increase in 2010 more robust than previously stated; revisions in other years were
small. The indexes for durable and nondurable materials show similar patterns through 2008 with moderate
gains in 2007, followed by steep declines in 2008. In 2009, the output of durable materials continued to contract
sharply, but it then rebounded strongly in 2010 and continued to increase in 2011. The production of nondurable
materials edged up in 2009 and rose moderately in 2010 before ticking down in 2011. The index for energy
materials moved up in 2007, declined modestly in 2008 and 2009, and then increased robustly in 2010 and 2011.
Capacity
Total industrial capacity was little changed in 2008, declined in 2009, and fell more in 2010 (table 5).
Capacity moved up in 2011 and is expected to expand modestly in 2012. Relative to previous estimates, the
decline in capacity in 2009 is now shallower and the increase in 2011 is less robust.
Capacity in manufacturing declined in each year from 2008 through 2010, with the largest decreases in
2009 and 2010; manufacturing capacity was little changed in 2011 and is expected to expand in 2012. The
contour of manufacturing capacity was little altered by revisions. Durable manufacturing capacity stepped down
in 2008, decreased more sharply in 2009 and 2010, and then advanced in 2011; it is expected to expand more
rapidly in 2012. Nondurable manufacturing capacity decreased in every year from 2008 through 2011. For
high-technology industries, capacity expanded solidly in 2011 and is expected to post further gains in 2012;
however, increases in both years are now smaller than previously reported.
Capacity at mines expanded in 2008 and 2009, edged down in 2010, and increased in 2011; capacity is
expected to increase in 2012. Relative to previous estimates, the rates of change are now stronger in all years
with the exception of 2012, when the expected increase is now smaller than reported earlier. Capacity at electric
and natural gas utilities increased steadily over the 2008–11 period; revisions were modest and boosted, on net,
the gains in recent years.
By stage of processing, capacity in the crude stage rose in 2008 and 2009, declined in 2010, and then
advanced in 2011 and 2012. In contrast, capacity at the primary and semifinished stage was little changed in
2008 and declined in both 2009 and 2010; capacity increased moderately in 2011 and is expected to post further
gains in 2012. Upward revisions boosted capacity gains at the crude stage in 2009 and made the decline in
capacity less steep for the primary and seminished stage in 2009 and 2010. Capacity at the finished stage
declined in each year from 2008 through 2010 and then advanced in 2011 and 2012. Downward revisions to
capacity in the finished stage added to declines in 2009 and 2010 and subtracted from gains in 2011.
Capacity Utilization
In 2008, the rate of capacity utilization for total industry, at 73.2 percent, was 7.1 percentage points below

4

its long-run (1972 through 2011) average of 80.3 percent (table 6).4 Utilization rates fell in the first half of 2009
before increasing steadily through the end of 2011. Nevertheless, after these gains, the level in the fourth quarter
of 2011, at 77.8 percent, was 2.5 percentage points below its long-run average. Downward revisions lowered
capacity utilization for total industry in every year from 2008 through 2011.
Capacity utilization rates for manufacturing IP declined in 2008 and 2009 before gaining in 2010 and
2011. The factory operating rate is now estimated to have been lower in 2008 through 2010; capacity utilization
was revised slightly higher in 2011. After revisions, the utilization rate at the June 2009 trough of the recent
recession was 63.8 percent, the lowest level in the history of the series, which begins in 1948. By the fourth
quarter of 2011, the capacity utilization rate had risen to 76.0 percent, 2.8 percentage points below its long-run
average. The factory operating rate for durable manufacturing declined in 2009 and then increased in 2010 and
2011; revisions made the decline in 2009 more steep. In contrast, the utilization rate for nondurable
manufacturing increased for each year from 2009 through 2011, although revisions decreased the magnitude of
the gains in 2009 and 2010.
As of the fourth quarter of 2011, most major manufacturing industry groups were operating at rates
below their industry-specific long-run averages, although capacity utilization for manufacturing as a whole has
recovered most of the losses from the previous recession. Apart from petroleum and coal products, every major
industry in nondurable manufacturing was operating at utilization rates below its long-run average, with textile
and product mills; apparel and leather; and printing and support operating well below long-run averages. In
contrast, a number of durable goods industries including fabricated metal products; machinery; computer and
electronic products; aerospace and miscellaneous transportation equipment; and miscellaneous manufacturing
were operating at capacity utilization rates above their long-run averages. The selected high-technology
industries were operating at a capacity utilization rate of 75.1 percent in 2011, about 3 percentage points below
their long-run averages. Within high-technology industries, upward revisions in 2011 pushed factory operating
rates for computers and peripheral equipment and for communications equipment to near or above their long-run
averages.
Capacity utilization in mining was slightly above its long-run average in 2008 before falling in 2009 and
then increasing robustly in 2010 and 2011. Revisions lowered reported capacity utilization in every year from
2008 to 2011, but utilization was above its long-run average in 2011. The rate of capacity utilization for utilities
was 3.2 percentage points below its long-run average in 2008 and stepped down in each year from 2009 through
2011. The rate of utilization at utilities stood at 75.6 percent in 2011, 10.7 percentage points below its long-run
average of 86.3 percent.
TECHNICAL ASPECTS OF THE REVISION
This revision incorporated new comprehensive data from the 2010 ASM and revised data from the 2009
ASM for production and value added by manufacturing industries. Revised price indexes from the Bureau of
Economic Analysis (BEA) and updated price indexes constructed by the Federal Reserve for a few selected
industries were also incorporated. 5 In addition, the updated production indexes include revisions to the measures
of employment and production-worker hours from the Current Employment Statistics monthly survey by the
Bureau of Labor Statistics (BLS). The benchmark indexes for logging and publishing (included in the IP index
for manufacturing but no longer included in manufacturing under NAICS) were updated through 2010 based on
data from the U.S. Forest Service and the Census Bureau.
The revised IP indexes incorporated information from selected CIRs for 2011, the QSPC for 2011, and
4 Unless

otherwise noted, rates of capacity utilization are reported for the fourth quarter of the reference year.
indexes for pharmaceuticals (NAICS 325412), for semiconductors (NAICS 334413), and for most components of communications equipment (NAICS 3342)
are constructed by the Federal Reserve from alternative sources. A table that lists annual and quarterly price indexes for the networking equipment component of
communications equipment follows the text.
5 Price

5

other annual industry reports. 6 The indexes also incorporated revised monthly and quarterly source data on
production, shipments, and inventories.
Annual Benchmark Output Indexes and the Conversion to the 2007 North American Industry Classification
System
As part of the annual revision, a benchmark output index—defined to be the nominal gross output divided
by a price index—is constructed for each six-digit industry under the NAICS. In this revision, the benchmark
indexes were calculated for 1972 forward based on industries defined by the 2007 NAICS; previously the
benchmark indexes were based on the 2002 NAICS definitions of industries. Likewise, the industry basis for
capacity and utilization was changed to the 2007 NAICS. The 2007 NAICS included 16 six-digit manufacturing
industries that had different coverage than in the 2002 NAICS. For example, one industry included in the 2002
NAICS, laboratory apparatus and furniture manufacturing (NAICS 339111), was eliminated; its various
components were distributed among seven different six-digit industries in the 2007 NAICS.
The conversion to the 2007 NAICS did not affect the number or structure of individual IP series that are
published because the changes to NAICS occurred at a finer level of industrial detail than the corresponding
published IP series. For example, the most disaggregated IP index that included NAICS 339111 is the IP series
for medical equipment and supplies (NAICS 3391), which includes several other six-digit industries (NAICS
339112, 339113, 339114, 339115, and 339116) that are present in both the 2002 NAICS and the 2007 NAICS.
Although the published IP series were not affected by the transition to the 2007 NAICS, the benchmark
indexes for some industries needed to be updated. Looking again to the eliminated NAICS 339111, an
establishment that was assigned to this industry under the 2002 NAICS was reassigned to one of a handful of
other industries in the 2007 NAICS. To create a consistent history, new benchmarks needed to be constructed for
each receiving industry. The Census Bureau issued in 2011 a concordance between industries under the 2007
NAICS and those under the 2002 NAICS as part of the 2007 Census of Manufactures. This concordance
provided data on how shipments from 2002 NAICS industries would have been allocated to 2007 NAICS
industries, and vice-versa. These estimated allocations were then used on historic data to construct both gross
output estimates and price indexes on a 2007 NAICS basis going back to 1972. The revised benchmark indexes
mean that the adjustment factors to align the monthly production indicator with the benchmark for the IP series
associated with some of these industries also needed to be reestimated, both for series being used to estimate the
IP indexes for recent years as well as those that were only used in earlier periods. 7
Benchmark indexes are measures of real gross output at the six-digit NAICS level. The Census Bureau
provides annual values for value added and the cost of materials, which can be summed to obtain nominal gross
output.8 The benchmark indexes for this revision incorporated new estimates of nominal gross output for 2010,
as well as revisions to the 2009 estimates, from the ASM. The IP index is a Fisher index and the individual real
gross output benchmarks are aggregated using value-added weights. To obtain real gross output, the measures of
nominal gross output are deflated by annual price deflators. The deflators for the IP benchmarks primarily reflect
industry shipments deflators, most recently issued by the BEA in December 2011. The BEA deflators are
available on a 2002 NAICS basis, so they needed to be converted to the 2007 NAICS structure before being
applied to the detailed nominal gross output data.
Since 2003, the ASM has not included separate data for every six-digit manufacturing industry; data for
some industries were included only as part of a larger group of industries. The 2007 Census, however, still
6 The

Census Bureau’s Current Industrial Reports were discontinued in mid-2011.
monthly production indicators include product data, production-worker-hour data, and, from the 1960s to 1997, electric power use by industry.
8 Historically, the Census Bureau also provided measures of the cost of resales at the six-digit level and those were included in the nominal benchmark. In recent years,
however, the cost of resales has not always been available, so to maintain consistency, the benchmarks since 2003 have excluded the cost of resales.
7 The

6

contained separate data for each six-digit industry. For 2003 through 2006, the IP benchmark indexes were
calculated by allocating the data from these combined industries to their six-digit components based on
interpolating between each component’s share of the total in the 2002 and 2007 Economic Censuses. Data from
the 2008, 2009, and 2010 ASMs were allocated to the component six-digit industries solely based on shares from
the 2007 Economic Census.

Changes to Individual Production and Capacity Series
A few production indicators were affected by methodological changes in this revision.
Computers
This revision updates the methods used to calculate four IP series for computers (business desktop
computers, consumer desktop computers, business mobile computers, and consumer mobile computers). These
four IP series are all components of NAICS 334111. The source data for computers come from the International
Data Corporation (IDC) and measure quarterly domestic absorption of computers. The 2010 annual revision
reported that the Federal Reserve received measures of absorption of only total desktops and total mobiles but
had ceased to acquire detailed information on the business and consumer components of these platforms. This
revision resumes the acquisition of absorption data from the IDC on business and consumer desktops and
mobiles. In addition to current-quarter data, the IDC has provided historical information, so the four IP series
can be constructed with a consistent methodology from the beginning of the IDC data in 1994 and continuing
through the present.
Natural gas extraction
The IP series for natural gas extraction (NAICS 211111, pt.) uses as primary source data the marketed
production of natural gas from the DOE’s Natural Gas Monthly report. The DOE report is generally issued with
a three-month lag; for example, when IP is published in mid-April, natural gas data are only available through
January even though the IP window would run through March. This revision incorporates new, more timely,
source data from Bentek Energy to supplement the DOE data. Bentek provides daily information on the
production of natural gas. The Federal Reserve converts the data from Bentek to a monthly frequency and uses
them as a secondary source to inform early estimates for natural gas extraction until the data from the DOE
become available.
Trucks
This revision incorporates new data and methods for constructing the share of light truck output that is
associated with business output and the share associated with consumer output. The IP indexes for trucks
(NAICS 336112) are constructed from data on total assemblies from WardsAuto. Because the IP structure parses
industry output into demand-based segments called market groups, it is necessary to assign vehicle assemblies
into business and consumer components. The IP indexes use data from the BEA and annual data from CNW
Research on the number of leased trucks to help determine the business and consumer shares of both car and
truck production. With this revision, the Federal Reserve incorporated monthly data on factory shipments of
class 2 and 3 truck chassis from the National Truck Equipment Association and factory shipments of light trucks
for classes 1 through 3 from WardsAuto to extend and interpolate the annual figures for the business share of
overall light truck production.
Veneer, plywood, and engineered wood product

7

The capacity series for veneer, plywood, and engineered wood product (NAICS 3212) has been updated
with this revision. Previously, the series used data from the Composite Panel Association (CPA) on the capacity
of particleboard and fiberboard producers. This revision incorporates additional data. The capacity series
continues to use the CPA data but now also uses information from APA - The Engineered Wood Association on
the capacity of producers of plywood and oriented strand board.
Discontinuation of the U.S. Census Bureau’s CIRs
In mid-2011, the U.S. Census Bureau discontinued its CIR series. These data releases provided detailed
product information at the monthly, quarterly, and annual frequencies for a variety of industries. The last release
for monthly data was for July 2011, and the last release of quarterly data was for the second quarter of 2011. The
Federal Reserve extensively used the CIRs in the indexes of industrial production and capacity utilization, and
their elimination necessitated changes in underlying source data for several IP series. The following list shows
the monthly CIRs that were used in industrial production and their corresponding IP series:
1. M311J: Fats and Oil: Oilseed Crushings (Corn oil; Soybean and other oilseed processing)
2. M311K: Fats and Oils: Production, Consumption, and Stocks (Fats and oils refining and blending)
3. M313P: Consumption on the Cotton System and Stocks (Fiber, yarn, and thread mills).
With this revision, each of the three affected IP series will use production-worker hours to extend the
discontinued CIR data.
The list below shows the discontinued quarterly CIRs that were used in industrial production and their
associated IP series:
1. MQ311A: Flour Milling Products (Flour milling and malt)
2. MQ325A: Inorganic Chemicals (Acids, phosphates, and sulfates; Other inorganic chemicals)
3. MQ325B: Fertilizers and Related Chemicals (Other inorganic chemicals; Fertilizer)
4. MQ325F: Paint, Varnish, and Lacquer (Construction paints; Industrial paints)
5. MQ327D: Clay Construction Products (Ceramic tile and refractory; Brick and structural clay tile; Other
structural clay product)
6. MQ333W: Metalworking Machinery (Machine tools)
7. MQ334P: Telecommunications (Data networking equipment; Transmission, local loop, and legacy central
office equipment; Enterprise and home voice equipment; Satellites and earth station equipment; Wireless system
equipment; Radio and TV broadcasting equipment excluding satellites and other communications equipment)
8. MQ334R: Computers and Peripheral Equipment (Computer storage and terminals, business; Computer
storage and terminals, consumer; Computer printers, business; Computer printers, consumer).
Other than the changes to IP series described below, this revision uses production-worker hours to extend
the IP series associated with the discontinued quarterly CIRs.
For some of the IP series related to discontinued quarterly CIRs, the Federal Reserve used alternate
measures of physical output to replace the lost data.
Fertilizer
With this revision, the IP series for fertilizer (NAICS 32531) uses monthly data on nitrogen and
phosphate fertilizer from the Fertilizer Institute (TFI) as the primary source of data on output. Previously, the
monthly TFI data were used as a secondary source for months in which the quarterly CIR data were not yet
available, and they were also used to interpolate the quarterly data to a monthly frequency.

8

Communications Equipment
This revision updates the data and methods used to calculate the six IP series for communications
equipment (data networking equipment; transmission, local loop, and legacy central office equipment; enterprise
and home voice equipment; satellites and earth station equipment; wireless system equipment; radio and TV
broadcasting equipment excluding satellites and other communications equipment). These six series are all
components of NAICS 3342. With the discontinuation of the CIR for telecommunications equipment, the
Federal Reserve has begun using information from the QSPC to extend each of the six IP series from the third
quarter of 2011 through the present.
The QSPC, conducted since 2007, reports capacity utilization rates for manufacturing industries on a
quarterly frequency. In recent years, the utilization rates from that survey for communications equipment have
tracked nominal output of that industry, as measured by the discontinued CIR, fairly well. With this revision, the
nominal data on communications equipment from the CIR are being extended based on the change in the
industry operating rate from the QSPC and an interpolated change in capital services for this industry
(constructed based on historical investment data and a survey of investment plans). The resulting estimate for
nominal output continues to be deflated by price indexes calculated from price data from Dell’Oro and producer
price indexes from the BLS.
Computers
The discontinued quarterly CIR for computers and peripheral equipment was used for four IP series
(Computer storage and terminals, business; Computer storage and terminals, consumer; Computer printers,
business; Computer printers, consumer). These four series cover part of NAICS 3341; six other IP series cover
the remainder of NAICS 3341 and rely on data from the IDC on domestic absorption of desktops, mobiles, and
servers. In the absence of the CIR data, IDC data on personal computers are used to extend IP series for computer
storage and terminals, and IDC data on non-x86 servers are used to extend IP series for computer printers.
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 ASM. 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.
The weights for aggregation, expressed as value added per unit, were estimated with the latest data on producer
prices for the period after 2010. Table 12 shows the annual value-added proportions in the IP index from 2004
through 2011.
Revised Quarterly and Monthly Data
This revision incorporates 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
with monthly IP estimates but were available for inclusion in the annual revision.
Revised Seasonal Factors
Seasonal factors for all series were reestimated using data that extend into 2012. Factors for
production-worker hours—which adjust for timing, holiday, and monthly seasonal patterns—were updated with
data through January 2012. The updated factors for the physical product series, which include adjustments for
holiday and workday patterns, used data through December 2011 where available. Seasonal factors for unit
motor vehicle assemblies have been updated, and projections through December 2012 are on the Board’s website

9

at www.federalreserve.gov/releases/g17/mvsf.htm.
The 2010 annual revision introduced a pre-adjustment to many seasonal factors to account for the effects
of the recent recession. The current revision continued those pre-adjustments where necessary. A more detailed
description of these methods will be included in a forthcoming Federal Reserve publication.

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. Further information on these revisions is available from the Board’s Industrial Output
Section (telephone 202-452-3197).
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.
An expanded version of this release will be published in a forthcoming report that will be
available on the Board’s website.

10

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

130

120

110

100
Capacity
90

80
Production
75
70

65

60

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

Percent of capacity

55

86
82

Utilization

78
74
70
66

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

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

11

2012

62

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

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

Percent of capacity

50

86
82
78

Utilization

74
70
66

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

Notes: The shaded areas are 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.

12

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

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

2010

2012

Percent of capacity

160
140

Communications eq.

120

100
High-technology
industries

90

100
90
80
70
Computers

2006

80
Excluding
high-technology
industries

70

50
45
40

Semiconductors

2004

60

2008

2010

2012

35

60

1990

1995

2000

2005

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

13

-20

2010

50

4. Consumer goods

Total

Ratio scale, 2007 output = 100
110

Revised
Earlier

100

90
Detail: 2009 to present

100

80

95
90

70

85
80
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

Components of consumer goods

2011

2012

2006

2008

2010 2012

60

Ratio scale, 2007 output = 100
125

Revised durable
Revised nondurable
Earlier

105
Nondurable

85

Detail: 2009 to present

105
100

65

95

Durable

90
85
80
75
70
65
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

2011

2012

2006

2008

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

14

2010 2012

45

5. Equipment
Total

Ratio scale, 2007 output = 100
130

Revised
Earlier

110
90
70

Detail: 2009 to present

115
105

50

95
85
75
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

2011

2012

2006

2008

2010 2012

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: 2009 to present

115

60

105
95

40

85
75
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

Defense and space equipment

2011

2012

2006

2008

2010 2012

20

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

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

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

15

2010 2012

60

6. Nonindustrial supplies
Total

Ratio scale, 2007 output = 100
110

Revised
Earlier

90

Detail: 2009 to present
90

70

85
80
75
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

Construction supplies

2011

2012

2006

2008

2010 2012

Ratio scale, 2007 output = 100

50

110

90

Detail: 2009 to present

90
85
80

70

75
70
65
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

Business supplies

2011

2012

2006

2008

2010 2012

Ratio scale, 2007 output = 100

50

110

90

Detail: 2009 to present

100
95

70

90
85
80
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

2011

2012

2006

2008

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

16

2010 2012

50

7. Industrial materials
Total

Ratio scale, 2007 output = 100
110

Revised
Earlier

90

Detail: 2009 to present

105
100

70

95
90
85
2009

1988

1990

1992

1994

1996

1998

2000

2002

2010

2004

Energy materials

2011

2012

2006

80

2008

2010 2012

Ratio scale, 2007 output = 100

50

120

100

80

1988

1990

1992

1994

1996

1998

2000

2002

2004

Non-energy materials

2006

2008

2010 2012

Ratio scale, 2007 output = 100

60

120
100
80

60

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

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

17

2010 2012

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

Capacity utilization

2008

2010

2012

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

Capacity utilization

2008

2010

2012

60

Percent of capacity
90
85

Finished processing

80
75
70
65

1988

1990

1992

1994

1996

1998

2000

2002

2004

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

18

2006

2008

2010

2012

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

-2.0
1.9
2.0
-.2

2.0
-.6
.5
.4

-.7
.8
.5
.1

-.9
1.2
.6
-.2

-.6
.7
.5
.1

-.3
.5
.4
.1

-.3
1.5
.3
-.7

-.8
1.1
.1
.4

-.4
1.5
-.2
.4

-.8
.8
-.1
-.4

-.4
.3
.4
.3

-.7
.5
.1
1.0

-7.9
4.7
12.4
1.1

-4.8
9.2
6.3
.4

-5.5
14.3
3.0
-.7

-7.2
10.7
.3
2.4

-5.2
2.7
8.9
1.2

1986
1987
1988
1989
1990

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

-.7
1.3
.4
-.4
.9

-.6
.2
.2
.3
.5

.1
.6
.5
.0
-.1

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

-.3
.5
.2
.1
.3

.6
.6
.1
-1.0
-.1

-.2
.7
.5
.9
.2

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

.5
1.5
.5
-.1
-.8

.5
.5
.2
.3
-1.2

.9
.5
.4
.6
-.7

2.4
5.4
3.6
1.7
2.8

-2.3
7.3
3.4
-1.4
3.0

1.6
7.3
1.8
-2.6
1.7

4.6
10.2
2.8
1.6
-6.2

1.0
5.2
5.2
.9
1.0

1991
1992
1993
1994
1995

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

-.6
.8
.4
.0
.0

-.5
.8
.0
1.0
.2

.2
.7
.3
.5
-.1

1.0
.4
-.4
.6
.2

1.0
.0
.2
.7
.3

.0
.9
.3
.2
-.4

.1
-.5
.0
.6
1.3

.9
.2
.5
.2
.4

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

-.1
.4
.4
.6
.2

-.3
.0
.5
1.1
.3

-7.4
-.5
3.5
5.1
5.0

2.5
7.3
1.1
7.5
1.2

5.5
2.9
2.0
5.1
3.8

.8
4.1
6.1
8.1
3.2

-1.5
2.8
3.3
5.3
4.7

1996
1997
1998
1999
2000

-.7
.1
.5
.4
.1

1.6
1.2
.1
.4
.4

-.1
.8
.1
.2
.4

.9
.0
.4
.2
.6

.7
.7
.7
.7
.1

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

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

.6
1.3
2.1
.4
-.3

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

.0
.7
.8
1.3
-.4

.8
.9
-.1
.5
.0

.6
.4
.3
.8
-.3

2.6
7.7
4.4
4.1
4.7

8.7
6.5
2.9
3.9
4.6

5.5
9.8
2.9
4.0
-.6

5.3
10.1
5.4
7.5
-1.3

4.4
7.2
5.8
4.3
4.0

2001
2002
2003
2004
2005

-.7
.6
.8
.3
.5

-.6
.0
.4
.6
.6

-.3
.8
-.2
-.6
-.1

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

-.7
.6
.0
.7
.2

-.6
.9
.0
-.9
.4

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

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

-.3
.1
.6
.0
-2.0

-.5
-.4
-.1
1.0
1.3

-.5
.5
.8
.2
.9

.0
-.5
.0
.7
.6

-5.6
2.7
3.2
2.8
5.9

-5.3
6.5
-3.2
1.7
1.8

-5.5
2.4
1.9
2.2
-1.6

-4.6
-.4
3.3
5.8
3.2

-3.4
.2
1.2
2.3
3.3

2006
2007
2008
2009
2010

.1
-.4
-.3
-2.2
1.0

.1
1.2
-.2
-.6
.4

.2
.0
-.4
-1.7
.6

.5
.8
-.8
-.9
.4

-.2
-.1
-.5
-1.1
1.6

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

.1
.1
-.5
1.0
.7

.2
.0
-1.7
1.0
.2

-.2
.5
-4.1
.6
.4

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

-.1
.5
-1.2
.4
.3

1.0
.1
-2.7
.5
1.1

4.0
4.1
-1.2
-19.6
7.9

2.5
4.6
-5.9
-11.4
8.6

1.5
1.0
-12.5
5.0
6.6

.6
.6
-15.9
5.6
2.2

2.2
2.5
-3.5
-11.4
5.4

2011
2012

.1
.5

-.2
.0

.8

-.5

.3

.1

.9

.3

.2

.5

.0

.9

4.4

1.2

5.6

4.3

4.0

IP (2007=100)
1982
1983
1984
1985

48.8
47.8
53.0
54.5

49.8
47.5
53.2
54.7

49.4
47.9
53.5
54.8

49.0
48.4
53.8
54.7

48.7
48.8
54.1
54.7

48.5
49.0
54.3
54.7

48.4
49.8
54.5
54.4

48.0
50.3
54.5
54.6

47.8
51.1
54.4
54.8

47.4
51.5
54.3
54.6

47.2
51.7
54.5
54.8

46.9
51.9
54.6
55.4

49.3
47.7
53.2
54.6

48.7
48.7
54.1
54.7

48.0
50.4
54.5
54.6

47.1
51.7
54.5
54.9

48.3
49.6
54.1
54.7

1986
1987
1988
1989
1990

55.6
56.0
60.3
62.1
61.6

55.2
56.7
60.5
61.8
62.1

54.9
56.8
60.7
62.0
62.4

54.9
57.2
61.0
62.0
62.4

55.0
57.5
61.0
61.6
62.5

54.8
57.8
61.1
61.7
62.7

55.2
58.2
61.2
61.1
62.6

55.1
58.6
61.5
61.6
62.8

55.2
58.8
61.2
61.4
62.9

55.4
59.7
61.6
61.4
62.4

55.7
60.0
61.7
61.5
61.7

56.2
60.3
61.9
61.9
61.2

55.3
56.5
60.5
62.0
62.0

54.9
57.5
61.0
61.8
62.5

55.1
58.5
61.3
61.4
62.8

55.8
60.0
61.7
61.6
61.8

55.3
58.1
61.1
61.7
62.3

1991
1992
1993
1994
1995

61.0
61.4
64.4
66.6
71.1

60.6
61.8
64.7
66.6
71.1

60.3
62.3
64.6
67.3
71.2

60.3
62.8
64.8
67.7
71.2

61.0
63.0
64.6
68.1
71.4

61.6
63.0
64.8
68.5
71.6

61.6
63.5
65.0
68.6
71.3

61.6
63.2
65.0
69.0
72.3

62.2
63.4
65.3
69.2
72.5

62.0
63.8
65.7
69.8
72.4

62.0
64.1
66.0
70.2
72.6

61.7
64.1
66.3
71.0
72.8

60.6
61.8
64.6
66.9
71.2

61.0
62.9
64.7
68.1
71.4

61.8
63.4
65.1
68.9
72.0

61.9
64.0
66.0
70.3
72.6

61.3
63.0
65.1
68.5
71.8

1996
1997
1998
1999
2000

72.4
77.2
84.0
86.9
91.3

73.5
78.2
84.0
87.3
91.6

73.4
78.8
84.1
87.5
92.0

74.1
78.8
84.4
87.7
92.6

74.6
79.3
85.0
88.4
92.7

75.3
79.7
84.5
88.2
92.8

75.2
80.2
84.1
88.8
92.6

75.7
81.3
85.9
89.2
92.3

76.1
82.0
85.7
88.9
92.8

76.1
82.5
86.3
90.1
92.3

76.7
83.3
86.3
90.5
92.3

77.2
83.6
86.6
91.2
92.0

73.1
78.1
84.0
87.2
91.6

74.6
79.3
84.6
88.1
92.7

75.6
81.2
85.2
89.0
92.5

76.6
83.1
86.4
90.6
92.2

75.0
80.4
85.1
88.7
92.3

2001
2002
2003
2004
2005

91.4
87.8
90.4
91.4
94.8

90.8
87.7
90.7
91.9
95.4

90.6
88.4
90.5
91.4
95.3

90.3
88.8
89.8
91.8
95.3

89.6
89.3
89.8
92.5
95.5

89.1
90.1
89.8
91.7
95.9

88.7
89.8
90.1
92.3
95.7

88.4
89.9
90.0
92.6
95.9

88.2
90.0
90.6
92.5
94.0

87.7
89.7
90.5
93.5
95.2

87.2
90.1
91.2
93.7
96.1

87.3
89.7
91.2
94.3
96.7

90.9
88.0
90.5
91.6
95.2

89.7
89.4
89.8
92.0
95.6

88.4
89.9
90.2
92.5
95.2

87.4
89.8
91.0
93.8
96.0

89.1
89.3
90.4
92.5
95.5

2006
2007
2008
2009
2010

96.8
98.2
100.4
87.4
87.4

96.9
99.4
100.3
86.9
87.8

97.1
99.4
99.9
85.4
88.3

97.5
100.2
99.1
84.7
88.7

97.4
100.1
98.6
83.8
90.1

97.7
100.1
98.4
83.5
90.2

97.8
100.2
97.9
84.3
90.9

98.0
100.2
96.2
85.1
91.1

97.8
100.7
92.3
85.7
91.4

97.8
100.1
93.0
85.9
91.1

97.6
100.6
91.9
86.2
91.4

98.7
100.7
89.4
86.6
92.4

96.9
99.0
100.2
86.6
87.8

97.5
100.1
98.7
84.0
89.7

97.9
100.4
95.5
85.0
91.1

98.0
100.5
91.4
86.2
91.6

97.6
100.0
96.5
85.4
90.1

2011
2012

92.5
96.2

92.3
96.2

93.1

92.6

92.9

93.1

93.9

94.2

94.4

94.9

94.9

95.7

92.6

92.9

94.2

95.2

93.7

Year
IP (percent
change)
1982
1983
1984
1985

N OTE : Estimates from October 2011 through February 2012 are subject to further revision in the upcoming monthly releases.
1. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

19

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)
1982
1983
1984
1985

65.0
66.1
66.6
68.2

65.2
66.2
66.6
68.4

65.3
66.2
66.7
68.6

65.4
66.2
66.8
68.7

65.6
66.2
67.0
68.9

65.7
66.2
67.1
69.1

65.8
66.3
67.2
69.2

65.9
66.3
67.4
69.3

65.9
66.3
67.5
69.5

66.0
66.4
67.7
69.6

66.0
66.4
67.9
69.7

66.1
66.5
68.0
69.8

65.2
66.2
66.6
68.4

65.6
66.2
67.0
68.9

65.9
66.3
67.4
69.3

66.0
66.4
67.9
69.7

65.7
66.3
67.2
69.1

1986
1987
1988
1989
1990

69.9
70.8
72.3
72.9
74.6

70.0
71.0
72.4
73.0
74.8

70.0
71.1
72.4
73.1
75.0

70.1
71.3
72.4
73.2
75.1

70.1
71.4
72.5
73.4
75.3

70.2
71.6
72.5
73.5
75.4

70.3
71.7
72.5
73.7
75.5

70.3
71.8
72.6
73.8
75.7

70.4
72.0
72.6
74.0
75.8

70.5
72.1
72.6
74.1
75.9

70.6
72.2
72.7
74.3
76.1

70.7
72.3
72.8
74.5
76.2

70.0
71.0
72.4
73.0
74.8

70.1
71.4
72.5
73.4
75.3

70.3
71.8
72.6
73.8
75.7

70.6
72.2
72.7
74.3
76.1

70.3
71.6
72.5
73.6
75.4

1991
1992
1993
1994
1995

76.3
77.4
79.3
80.8
83.7

76.4
77.5
79.4
81.0
84.0

76.5
77.7
79.5
81.1
84.3

76.6
77.8
79.7
81.4
84.6

76.7
78.0
79.8
81.6
84.9

76.8
78.1
79.9
81.8
85.2

76.9
78.3
80.0
82.1
85.6

76.9
78.5
80.1
82.3
85.9

77.0
78.6
80.2
82.6
86.2

77.1
78.8
80.3
82.9
86.6

77.2
79.0
80.5
83.1
86.9

77.3
79.1
80.6
83.4
87.3

76.4
77.5
79.4
81.0
84.0

76.7
78.0
79.8
81.6
84.9

76.9
78.5
80.1
82.3
85.9

77.2
79.0
80.5
83.1
86.9

76.8
78.2
79.9
82.0
85.4

1996
1997
1998
1999
2000

87.7
92.6
99.3
106.3
111.2

88.0
93.1
100.0
106.7
111.6

88.4
93.6
100.7
107.2
112.0

88.8
94.1
101.3
107.6
112.4

89.2
94.6
102.0
108.0
112.7

89.6
95.1
102.6
108.4
113.1

90.1
95.6
103.2
108.8
113.5

90.5
96.2
103.7
109.2
113.8

90.9
96.8
104.3
109.6
114.2

91.3
97.4
104.8
110.0
114.5

91.8
98.0
105.3
110.4
114.9

92.2
98.7
105.8
110.8
115.2

88.1
93.1
100.0
106.7
111.6

89.2
94.6
102.0
108.0
112.7

90.5
96.2
103.7
109.2
113.8

91.8
98.1
105.3
110.4
114.9

89.9
95.5
102.7
108.6
113.3

2001
2002
2003
2004
2005

115.5
118.8
119.2
118.7
118.9

115.9
118.9
119.2
118.7
118.9

116.2
119.1
119.1
118.7
119.1

116.5
119.2
119.1
118.7
119.2

116.8
119.3
119.0
118.7
119.3

117.1
119.4
118.9
118.7
119.4

117.4
119.4
118.9
118.7
119.6

117.6
119.4
118.9
118.7
119.7

117.9
119.4
118.8
118.7
119.9

118.1
119.4
118.8
118.7
120.0

118.4
119.3
118.8
118.7
120.2

118.6
119.3
118.8
118.8
120.3

115.9
118.9
119.2
118.7
119.0

116.8
119.3
119.0
118.7
119.3

117.6
119.4
118.9
118.7
119.7

118.4
119.3
118.8
118.7
120.2

117.2
119.2
119.0
118.7
119.5

2006
2007
2008
2009
2010

120.5
123.2
124.9
125.0
123.4

120.6
123.4
124.9
125.0
123.1

120.8
123.7
124.8
125.0
122.8

121.0
124.0
124.7
125.0
122.6

121.2
124.2
124.6
125.0
122.3

121.4
124.5
124.6
124.9
122.1

121.6
124.7
124.6
124.8
121.9

121.8
124.8
124.6
124.6
121.8

122.0
124.9
124.7
124.4
121.6

122.3
125.0
124.7
124.2
121.6

122.6
125.0
124.8
123.9
121.5

122.9
125.0
124.9
123.7
121.5

120.6
123.4
124.9
125.0
123.1

121.2
124.2
124.7
125.0
122.3

121.8
124.8
124.6
124.6
121.8

122.6
125.0
124.8
123.9
121.5

121.5
124.4
124.7
124.6
122.2

2011
2012

121.5
122.7

121.6
122.8

121.6

121.7

121.8

121.9

122.0

122.1

122.2

122.3

122.5

122.6

121.6

121.8

122.1

122.5

122.0

Utilization (percent)
1982
1983
1984
1985

75.0
72.2
79.6
79.9

76.4
71.7
79.9
80.0

75.6
72.3
80.2
79.9

74.8
73.2
80.5
79.5

74.2
73.7
80.8
79.4

73.9
74.0
80.9
79.3

73.5
75.1
81.0
78.6

72.8
75.9
80.9
78.7

72.5
77.0
80.6
78.9

71.8
77.6
80.3
78.5

71.5
77.8
80.4
78.6

70.9
78.1
80.3
79.3

75.7
72.1
79.9
79.9

74.3
73.6
80.7
79.4

72.9
76.0
80.8
78.7

71.4
77.8
80.3
78.8

73.6
74.9
80.4
79.2

1986
1987
1988
1989
1990

79.6
79.0
83.4
85.2
82.5

78.9
79.9
83.6
84.7
83.0

78.4
79.9
83.8
84.8
83.3

78.4
80.2
84.2
84.7
83.0

78.4
80.6
84.1
84.0
83.0

78.1
80.8
84.3
83.9
83.1

78.5
81.2
84.4
82.9
82.9

78.3
81.6
84.7
83.4
82.9

78.3
81.7
84.3
83.0
83.0

78.6
82.8
84.7
82.8
82.2

78.9
83.1
84.8
82.8
81.1

79.4
83.4
85.1
83.1
80.4

79.0
79.6
83.6
84.9
82.9

78.3
80.5
84.2
84.2
83.0

78.4
81.5
84.5
83.1
82.9

79.0
83.1
84.9
82.9
81.2

78.7
81.2
84.3
83.8
82.5

1991
1992
1993
1994
1995

79.9
79.3
81.3
82.5
85.0

79.3
79.8
81.4
82.3
84.6

78.8
80.3
81.3
83.0
84.5

78.8
80.7
81.4
83.2
84.1

79.5
80.8
81.0
83.4
84.0

80.2
80.7
81.1
83.7
84.0

80.1
81.2
81.2
83.6
83.4

80.1
80.6
81.1
83.8
84.1

80.7
80.6
81.4
83.8
84.1

80.5
81.0
81.8
84.2
83.6

80.3
81.2
82.0
84.4
83.5

79.9
81.0
82.3
85.0
83.4

79.3
79.8
81.3
82.6
84.7

79.5
80.7
81.2
83.5
84.0

80.3
80.8
81.2
83.7
83.9

80.2
81.1
82.1
84.6
83.5

79.8
80.6
81.4
83.6
84.0

1996
1997
1998
1999
2000

82.5
83.4
84.5
81.8
82.1

83.5
83.9
84.0
81.8
82.1

83.0
84.2
83.5
81.6
82.2

83.4
83.8
83.3
81.5
82.4

83.6
83.9
83.3
81.8
82.2

84.0
83.8
82.4
81.4
82.0

83.5
83.9
81.5
81.6
81.6

83.6
84.5
82.8
81.7
81.1

83.7
84.7
82.1
81.1
81.2

83.3
84.7
82.4
81.9
80.6

83.6
84.9
81.9
82.0
80.4

83.7
84.7
81.8
82.3
79.9

83.0
83.8
84.0
81.8
82.1

83.6
83.8
83.0
81.6
82.2

83.6
84.3
82.2
81.5
81.3

83.5
84.8
82.0
82.0
80.3

83.4
84.2
82.8
81.7
81.5

2001
2002
2003
2004
2005

79.1
73.9
75.8
77.0
79.7

78.4
73.8
76.1
77.4
80.2

77.9
74.2
76.0
77.0
80.1

77.5
74.5
75.4
77.3
80.0

76.8
74.8
75.5
77.9
80.1

76.1
75.5
75.5
77.2
80.3

75.6
75.2
75.8
77.8
80.1

75.2
75.3
75.7
78.0
80.1

74.8
75.4
76.2
78.0
78.4

74.2
75.1
76.2
78.7
79.3

73.7
75.5
76.8
78.9
79.9

73.6
75.2
76.8
79.4
80.3

78.5
74.0
76.0
77.1
80.0

76.8
74.9
75.5
77.5
80.1

75.2
75.3
75.9
77.9
79.5

73.8
75.3
76.6
79.0
79.9

76.1
74.9
76.0
77.9
79.9

2006
2007
2008
2009
2010

80.3
79.8
80.4
69.9
70.8

80.3
80.5
80.3
69.5
71.3

80.4
80.3
80.1
68.3
71.9

80.6
80.8
79.5
67.7
72.4

80.4
80.6
79.1
67.1
73.7

80.5
80.4
78.9
66.8
73.9

80.5
80.4
78.6
67.5
74.5

80.5
80.3
77.2
68.3
74.8

80.2
80.6
74.0
68.9
75.2

79.9
80.1
74.6
69.1
74.9

79.7
80.5
73.6
69.5
75.2

80.3
80.6
71.6
70.0
76.0

80.3
80.2
80.3
69.3
71.4

80.5
80.6
79.2
67.2
73.3

80.4
80.4
76.6
68.2
74.8

80.0
80.4
73.2
69.5
75.4

80.3
80.4
77.3
68.6
73.7

2011
2012

76.1
78.4

75.9
78.4

76.5

76.1

76.3

76.3

77.0

77.1

77.2

77.5

77.5

78.1

76.2

76.3

77.1

77.7

76.8

N OTE : Estimates from October 2011 through February 2012 are subject to further revision in the upcoming monthly releases.

20

Table 2
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY: 2007–11 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2007

2008

2009

2010

2011

2007

2008

2009

2010

2011

2.5

-9.0

-5.7

6.3

3.9

.0

.0

-.3

.1

.0

.9
-1.0
1.8
5.9
16.5
-4.5
-3.4
-1.8
-3.1
-2.5
-21.9
-1.7
-6.2
1.9

-8.7
-6.5
-18.5
-21.9
-4.4
-22.4
-13.2
-2.6
-4.0
-2.6
-16.0
-5.9
-5.0
2.2

-6.6
-3.3
-3.1
7.6
-16.8
-15.9
-10.9
-3.3
-4.2
-1.2
-27.9
-7.4
-7.1
-.5

4.2
.8
3.1
1.6
-21.4
2.3
9.2
.1
-.6
1.3
10.3
-3.5
-4.3
2.1

3.8
2.7
10.1
16.5
2.0
2.2
3.1
.6
.9
1.3
-6.7
1.9
-3.8
-.4

-.1
-.4
-.2
-.2
-2.0
-.6
.2
-.4
-.5
-.5
1.1
-.1
-1.9
-.2

.3
1.0
.0
.3
2.1
-.3
-.4
1.4
1.7
1.4
-3.7
1.4
4.8
.3

-1.2
-1.2
-1.4
-1.6
-19.3
-.9
1.1
-1.2
-1.3
.0
-4.1
-3.8
-1.4
-.6

-1.1
-2.5
-2.4
-4.5
-14.6
-.9
1.6
-2.6
-2.8
-3.5
2.7
-2.9
-1.2
-1.7

.2
1.3
1.3
3.7
2.7
-1.2
-2.3
1.1
1.2
1.7
-2.1
1.6
-2.1
.8

4.3
5.9
4.6
3.5
21.6

-13.5
-35.7
-5.1
-8.7
-1.4

-9.9
11.5
-8.0
-17.0
-3.2

12.7
13.2
6.0
15.8
5.0

7.9
17.7
6.2
4.4
4.0

.6
.8
1.2
.2
1.1

-.6
-.3
-1.3
-.3
-3.4

-2.0
-.4
-9.3
.9
-4.4

.5
2.7
-5.3
2.5
-.4

-2.6
-6.5
-.3
-2.6
1.9

-.7
.7

-17.1
-8.2

-17.0
-6.1

9.8
2.4

4.6
1.2

.2
-.3

-.1
.5

.3
-.3

-.3
1.0

.4
-.9

4.5
5.7
6.9
.2
16.2
2.6
3.8
-8.3
-.5
8.3
2.5

-9.4
-14.5
-14.4
-28.4
-8.7
-14.0
-14.8
-17.0
-11.0
-21.5
-.9

-4.6
-6.5
-11.2
-11.5
-9.5
-12.5
.8
-5.1
-4.7
4.9
-1.7

9.0
10.9
16.4
27.2
17.5
12.5
3.6
5.2
-.1
6.6
5.7

4.0
3.7
6.6
6.5
7.7
5.7
-.5
1.0
-3.0
-.7
4.5

.1
.2
.2
1.4
-.1
.0
.1
-.1
.0
.5
-.1

-.3
-.4
-.7
-2.4
-1.4
.3
.0
-.1
.0
-.5
.0

.9
1.3
1.6
3.2
1.2
1.5
.8
-.5
-.3
2.0
.2

1.5
2.9
4.9
18.2
5.7
.6
.0
-4.2
-.6
1.7
-.8

-.2
-.7
.1
2.9
-1.1
.2
-2.1
-5.7
-.6
-3.6
.5

321
327
331
332
333
334

2.8
3.3
6.1
-4.1
-1.2
9.0
4.9
3.9
15.0

-11.8
-12.0
-14.0
-22.7
-20.3
-17.7
-11.9
-9.6
-7.2

-6.5
-6.3
-9.3
-12.8
-18.1
-2.8
-19.0
-18.6
-3.1

6.5
7.1
11.7
5.0
10.5
11.9
14.4
20.2
12.2

4.1
4.4
7.1
2.2
.0
8.9
7.6
7.0
5.5

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

.1
-.1
-.7
-.2
-.8
2.1
-.1
-.6
-1.5

-.4
-.4
-.2
-1.1
.2
5.6
.3
1.8
-4.6

.4
.5
2.1
-1.2
3.4
-.6
.5
4.0
1.4

-.1
-.1
-.8
-.8
-1.1
-1.7
-1.1
-2.8
-.1

335
3361–3

4.4
-2.0

-11.0
-29.8

-18.1
2.3

12.5
15.8

.4
14.4

.2
.7

-.6
-1.1

-.5
.0

2.9
5.6

1.0
3.5

3364–9
337
339

22.2
-.9
-1.2

-15.7
-20.8
-1.0

-.1
-22.3
-4.0

2.5
5.8
4.2

10.5
2.9
2.0

1.0
-.9
-.3

-1.9
-.1
.1

-.9
-1.0
1.3

1.6
-.7
.1

-2.5
-1.0
-3.8

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

.0
-1.6
-10.3
-21.9
-.2
.9
-.6
3.8
-1.0

-9.6
-2.0
-16.6
-21.1
-12.6
-11.5
-3.5
-14.3
-15.2

-2.9
-.5
-10.4
-20.0
-1.2
-12.4
-2.6
-1.5
-8.4

2.3
1.0
5.3
9.5
.3
1.0
2.6
1.9
10.6

1.5
1.8
.6
-2.6
-1.8
-6.3
7.2
.2
6.5

-.1
-.5
-.1
1.0
-.1
.4
-.3
.3
-.1

.5
1.4
.1
-2.6
.3
-1.2
.6
.2
.3

-.6
-.1
.1
-1.0
-.9
1.2
-1.7
-1.0
-1.1

-1.2
-3.4
-1.4
2.7
-1.9
4.0
-1.7
.0
.8

.4
1.8
-3.2
-2.2
.2
-3.3
3.4
-1.7
3.6

1133,5111

-6.5

-7.6

-11.5

-6.0

-2.8

-1.8

4.6

-1.4

-1.3

-2.3

21
2211,2
2211
2212

.5
3.1
3.5
1.1

-.4
-.4
-1.4
4.7

-5.1
-1.1
-1.4
.7

8.3
2.7
2.6
3.5

7.0
-2.2
-2.0
-3.3

-.1
.0
.0
-.2

.0
.0
.1
-.5

.3
.2
.2
-.2

-1.7
-.5
.0
-3.3

1.0
-.1
-.3
.6

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

21

Table 3
R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , S PECIAL AGGREGATES AND S ELECTED D ETAIL : 2007–11 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2007

2008

2009

2010

2011

2007

2008

2009

2010

2011

2.5

-9.0

-5.7

6.3

3.9

.0

.0

-.3

.1

.0

2.2
1.9
2.1
-1.0
6.1
1.3

.0
2.2
-.6
6.9
-5.8
.7

-2.5
-.5
-1.4
-42.3
-.4
-2.2

5.1
2.1
1.9
44.9
3.0
6.7

3.3
-.4
-.4
21.1
-1.2
6.3

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

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

-.1
-.6
-1.1
.1
.8
.0

-.9
-1.7
.2
.3
-.4
-.9

.7
.8
.5
.2
-.6
.8

3341
3342

2.6
21.4
24.6
-10.3

-12.1
-7.2
1.9
-7.4

-6.8
-.3
-16.6
-4.4

6.7
12.9
-20.0
5.2

4.1
1.3
-1.9
-1.3

.0
-.2
-.7
1.7

.1
-1.7
3.4
-4.3

-.3
-6.5
-32.3
-4.5

.4
2.4
-32.1
6.6

-.2
-1.8
-4.0
-4.8

334412–9

37.7

-10.9

9.3

27.0

2.7

-1.5

-3.1

5.0

12.6

-.6

1.5

-12.4

-7.2

6.4

4.2

.0

.2

.0

.3

-.2

-2.0
-3.0
-.3

-29.8
-31.7
-26.3

2.3
8.9
-4.5

15.8
11.7
21.4

14.4
21.2
4.7

.7
.0
1.7

-1.1
.3
-3.2

.0
-2.0
2.8

5.6
-3.8
18.7

3.5
3.3
4.6

1.8
-2.5
6.8
-.8
-.5
3.7

-11.1
-6.4
-13.6
-17.1
-11.0
-13.3

-7.8
-5.9
-9.3
-17.1
-8.7
-7.4

5.6
.4
12.5
9.8
1.7
8.5

3.4
1.6
7.6
4.6
1.8
3.6

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

.3
1.3
-.6
.0
.7
.0

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

-.2
-2.4
2.1
-.3
.8
.8

-.5
.8
-3.0
.5
-1.6
-1.0

Measures excluding selected high-technology
industries
Total industry
Manufacturing2
Durable

1.7
1.7
4.3

-9.1
-12.1
-14.8

-5.9
-6.9
-10.4

6.0
6.2
11.6

3.9
4.3
7.6

.0
.0
.3

.1
.2
-.5

.0
-.1
.5

.0
.3
2.1

.1
-.1
-.7

Measures excluding motor vehicles and parts
Total industry
Manufacturing2
Durable

2.8
3.1
7.3

-7.9
-10.5
-11.7

-6.1
-7.1
-10.8

5.8
5.9
11.0

3.3
3.4
5.9

.0
.0
.2

.1
.2
-.6

-.3
-.5
-.3

-.3
.0
1.5

-.2
-.5
-1.5

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

1.9
2.0

-8.0
-10.8

-6.3
-7.5

5.5
5.5

3.4
3.5

.0
.0

.2
.3

.0
-.2

-.4
-.1

-.1
-.4

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

7.8
4.2

-14.1
-14.8

-8.8
-4.9

15.1
8.1

5.2
2.7

.3
.1

-1.3
.2

1.3
1.3

6.5
.5

-.1
-1.1

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

2.4
3.2
1.6

-5.6
-10.6
-8.8

-.4
-7.5
-5.9

6.4
7.8
4.3

4.2
2.3
5.7

.1
-.1
.0

-.3
.0
.2

.9
.8
-2.2

.1
1.8
-2.3

-.7
.0
.5

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.

22

Table 4
A NNUAL R ATES OF C HANGE FOR I NDUSTRIAL P RODUCTION : 2007–11 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2007

2008

2009

2010

2011

2007

2008

2009

2010

2011

Total IP

2.5

-3.5

-11.4

5.4

4.0

-.2

.2

-.3

.1

-.1

M ARKET G ROUPS
Consumer goods
Durable
Nondurable

.4
1.6
.1

-4.9
-11.2
-2.8

-6.9
-16.6
-3.9

1.1
8.2
-.7

2.3
7.1
1.0

-.4
-.3
-.4

.3
.1
.4

.4
-.7
.7

-3.1
-2.9
-3.2

.3
-.4
.4

Business equipment
Defense and space equipment

4.5
18.9

-2.4
7.0

-18.2
-4.2

8.3
4.1

8.2
2.6

.2
.6

.1
-.9

-1.9
-5.5

.6
-.9

-2.6
.4

Construction supplies
Business supplies

-1.1
.8

-9.3
-4.1

-23.0
-10.6

3.9
2.1

5.5
1.3

.2
-.9

.3
.7

-.4
-.6

.0
1.0

.6
-.4

3.6
4.5
1.9

-2.7
-4.8
.6

-11.5
-17.1
-2.2

8.4
11.0
4.1

4.6
4.9
3.9

-.1
-.1
.0

.0
.0
.0

.1
.0
.2

2.1
3.6
-.5

.0
-.2
.4

2.7
3.1
4.8
1.2
-5.8

-4.8
-4.8
-3.7
-5.9
-6.4

-13.8
-13.8
-19.0
-7.7
-13.8

5.7
6.3
10.3
2.2
-5.2

4.3
4.8
7.7
1.7
-6.4

-.3
.0
-.1
.0
-4.5

.2
.0
-.1
.0
4.3

-.4
-.4
-1.0
.4
.0

.4
.4
2.4
-1.5
-1.3

-.2
-.2
-.6
.0
-2.0

.6
3.4

1.0
-.1

-5.1
-2.5

5.1
3.5

6.0
-.3

.1
.0

.2
.0

.0
.1

-.7
-.5

.2
.1

Materials
Non-energy
Energy

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

1. The rates of change are calculated as the percent change in the annual averages of not seasonally adjusted industrial production indexes, rather than as the percent change between the fourth
quarter of one year and the fourth quarter of the next.
2. See footnote 2 to table 3.

Table 5
R ATES OF C HANGE IN C APACITY, BY I NDUSTRY G ROUPS : 2008–12 1
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
2008
Total industry
Manufacturing2
Manufacturing (NAICS)
Durable manufacturing
Nondurable manufacturing
Other manufacturing (non-NAICS)
Mining
Utilities

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

2009

2010

2011

2012

2008

2009

2010

2011

2012

-.1

-.7

-1.9

.8

1.0

-.3

.4

-.1

-.4

.0

-1.0
-.7
-.7
-.5
-7.1

-2.8
-2.8
-1.6
-4.1
-2.8

-2.4
-2.5
-1.4
-3.6
-1.1

.1
.2
1.2
-.7
-1.7

1.0
1.1
2.1
.0
-1.6

-.3
-.4
-.6
-.2
1.2

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

-.4
-.4
.4
-1.5
-1.1

-.7
-.7
-.3
-1.0
-1.1

.0
.0
.6
-.7
.0

2.7
2.2

5.0
1.2

-.2
4.5

2.7
3.2

.9
2.4

.1
-.2

1.6
.7

.7
.9

.6
1.2

-.2
.0

-7.3

3.0

.3

10.4

7.3

-7.1

-7.0

-3.8

-4.8

-2.2

-.6

-3.1

-2.6

-.4

.7

.1

.4

-.3

-.6

.1

2.1
-.2
-1.1

3.1
-1.0
-3.5

-.4
-1.2
-2.3

2.0
.3
.9

.9
.2
2.3

-.2
-.3
-.3

2.2
1.3
-1.5

.5
.9
-1.6

.5
.1
-1.0

-.2
-.2
.4

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.

23

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
19722011
Ave.

2008
Q4

2009
Q4

2010
Q4

2011
Q4

2008
Q4

2009
Q4

2010
Q4

2011
Q4

80.3

73.2

69.5

75.4

77.7

-.3

-.8

-.7

-.4

31–33

78.8
78.7

69.7
69.4

67.0
66.8

73.1
73.4

76.0
76.5

-.4
-.4

-.8
-.8

-.2
-.2

.2
.2

321
327
331
332
333
334

77.1
77.6
75.2
79.2
77.3
78.1
78.2

67.8
59.8
52.5
63.4
74.2
76.0
72.7

62.5
55.0
44.9
61.0
62.8
62.7
70.3

70.9
60.6
52.2
70.1
74.4
75.4
79.7

75.0
64.1
54.7
75.5
80.0
81.0
77.8

-.2
1.6
-2.0
-1.1
.3
-1.0
.5

-.7
.4
-1.6
-.6
.9
.4
-.9

.2
-.2
.5
1.4
1.5
1.2
1.1

.0
-.2
.7
-.4
-.8
-.4
1.8

335
3361–3

82.6
75.0

79.5
49.2

67.4
52.5

78.2
60.6

79.9
69.3

-.4
.3

-.2
-1.5

2.1
-.7

3.2
2.9

3364–9
337
339

73.1
77.1
76.1

72.7
66.9
72.9

70.3
58.2
71.4

70.6
64.0
76.9

76.7
67.6
77.0

-.4
-1.3
.1

-1.2
-2.2
.1

-.6
-2.6
.3

-3.1
-2.9
-2.2

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

80.9
81.1
80.3
78.0
86.9
81.6
85.7
77.7
82.2

71.2
76.4
62.5
71.4
75.1
67.1
80.3
67.0
64.9

72.1
76.1
59.6
60.9
79.0
62.1
77.1
71.3
62.6

76.5
77.4
65.6
68.8
82.2
65.9
83.5
76.6
71.8

78.2
79.1
67.8
69.0
81.5
63.9
86.3
77.6
77.5

-.7
-.1
-1.2
-2.5
.1
-2.2
-1.5
-1.3
.3

-.8
.2
1.5
-2.2
-.5
-1.8
-2.0
-1.8
-.2

-.5
-1.5
1.6
-.3
-1.0
1.9
-2.0
.2
.1

.6
1.8
-.1
-.6
-.6
1.1
-2.1
-.1
1.7

1133,5111

82.7

76.2

69.4

65.9

65.3

.0

-.5

-.6

-1.5

21
2211,2

87.3
86.3

87.5
83.1

79.1
81.3

85.9
79.8

89.5
75.6

-.2
.2

-1.1
-.2

-3.2
-1.3

-3.0
-2.2

3341
3342

78.2
78.4
76.6

75.1
72.9
85.7

72.7
88.2
78.7

81.8
88.7
80.0

75.1
81.4
76.6

-1.7
-7.1
.9

-1.4
-5.1
-2.2

2.9
5.3
4.3

4.6
4.0
4.2

334412–9

80.2

72.6

66.4

81.1

73.6

-.1

.6

2.5

5.5

Measures excluding selected high-technology
industries
Total industry
Manufacturing1

80.4
78.9

73.2
69.4

69.4
66.7

75.2
72.7

77.8
76.1

-.3
-.4

-.8
-.7

-.8
-.3

-.6
.0

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

86.3
81.1
77.2

83.1
71.7
70.7

78.7
67.0
69.6

85.0
73.2
73.9

87.3
74.6
77.1

-.5
-.3
-.3

-1.7
-.6
-.6

-2.1
.0
-1.0

-3.0
-.1
.1

Item

Total industry
1

Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metal
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
Chemical
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.

24

Table 7
R ATES OF CHANGE IN INDUSTRIAL PRODUCTION, 2007–11
Item

NAICS
code

2007
H1

H2

2008
H1

H2

2009
H1

H2

2010
H1

H2

2011
H1

H2

4.3

.8

-3.5

-14.2

-15.6

5.3

8.2

4.4

2.8

4.2

3.0
1.4
8.4
22.4
4.8
-5.2
-3.3
-.8
-2.7
-1.1
-28.1
-2.4
-5.3
5.2

-1.1
-3.3
-4.4
-8.3
29.5
-3.9
-3.5
-2.9
-3.5
-4.0
-15.1
-1.0
-7.2
-1.3

-4.1
-5.1
-13.9
-20.8
11.3
-13.4
-7.2
-2.1
-3.5
-3.5
-4.1
-4.7
-1.6
2.3

-13.2
-7.9
-22.8
-22.9
-17.8
-30.5
-18.8
-3.1
-4.6
-1.7
-26.5
-7.0
-8.4
2.1

-15.5
-10.5
-25.2
-27.7
-8.8
-25.2
-23.8
-6.1
-6.8
-1.5
-41.0
-10.3
-16.2
-3.5

3.2
4.5
25.5
60.0
-24.0
-5.6
4.1
-.5
-1.4
-.8
-11.9
-4.3
3.0
2.6

5.3
-.2
4.6
-.1
-23.5
8.2
15.8
-1.5
-1.6
.0
16.9
-4.8
-4.0
-1.6

3.1
1.8
1.7
3.5
-19.3
-3.3
3.0
1.7
.4
2.5
4.2
-2.1
-4.7
6.0

3.0
2.4
7.0
9.5
1.2
3.3
4.8
1.0
1.4
1.0
-4.8
6.4
-11.4
.0

3.8
2.6
11.3
20.2
2.4
.9
1.2
.2
.4
1.3
-7.3
-2.0
3.8
-.6

5.3
-2.3
14.5
3.5
21.9

3.3
14.7
-4.4
3.5
21.4

.3
3.2
7.5
-4.5
1.5

-25.3
-60.0
-16.2
-12.6
-4.2

-21.1
.3
-11.9
-30.8
-7.8

2.9
24.0
-3.9
-.5
1.5

16.7
17.4
6.1
22.0
9.6

8.8
9.2
6.0
9.9
.7

6.0
13.4
2.9
4.3
2.6

8.3
18.7
8.3
3.8
4.8

2.7
2.7

-3.9
-1.2

-10.7
-4.5

-23.0
-11.8

-28.6
-13.7

-3.5
2.1

14.9
3.9

4.9
.9

4.0
.7

4.4
1.4

6.0
8.3
9.1
8.0
16.2
4.4
7.1
-2.7
-1.6
14.6
1.7

3.2
3.1
4.7
-6.9
16.2
.8
.5
-13.7
.5
2.4
3.3

-2.9
-5.4
-2.9
-15.9
4.7
-4.2
-9.1
-14.2
-3.8
-14.3
1.1

-15.5
-22.8
-24.5
-39.1
-20.3
-22.8
-20.1
-19.7
-17.7
-28.2
-2.8

-15.8
-21.7
-30.8
-46.6
-24.5
-30.8
-6.7
-22.4
-14.7
-4.6
-5.6

8.1
11.7
13.9
46.7
8.6
10.5
8.9
16.0
6.4
15.5
2.5

12.1
16.0
24.5
44.4
23.9
19.6
5.2
7.4
2.7
9.5
5.5

5.9
6.0
8.8
12.1
11.4
5.9
1.9
3.1
-2.9
3.8
5.9

2.5
2.7
7.4
-1.4
11.2
7.3
-3.9
1.8
-2.3
-6.2
2.1

4.7
4.0
4.9
12.7
3.6
3.6
2.6
.2
-3.2
4.4
6.0

3341
3342

5.0
5.6
8.8
1.6
2.8
10.8
6.1
5.1
17.5
21.9
14.2
10.6

.6
1.0
3.5
-9.4
-5.0
7.2
3.7
2.6
12.6
20.9
36.0
-27.3

-5.2
-5.2
-3.7
-15.8
-13.0
5.1
-5.0
-4.2
9.5
18.8
27.9
10.9

-17.9
-18.2
-23.1
-28.9
-26.9
-35.6
-18.3
-14.6
-21.4
-27.5
-18.9
-22.7

-17.7
-17.5
-25.6
-27.3
-29.3
-37.8
-33.9
-34.3
-11.8
-12.0
-9.7
-17.9

6.1
6.4
10.5
4.6
-5.0
52.1
-.6
.8
6.3
12.9
-23.0
11.4

9.2
9.9
16.7
13.1
16.2
25.1
16.5
27.7
17.4
20.9
-27.1
12.9

3.9
4.3
6.9
-2.4
5.0
.1
12.4
13.1
7.3
5.4
-12.2
-2.0

3.1
3.7
6.2
2.1
1.4
6.7
9.7
9.0
7.4
7.2
3.6
-10.2

4.4
4.4
6.8
2.0
-1.1
9.5
4.7
4.4
3.0
-3.6
-6.0
7.2

334412–9

31.7

43.9

18.4

-32.9

-10.6

33.7

43.9

12.2

13.2

-5.8

335
3361–3

8.3
10.8

.7
-13.2

-2.4
-24.7

-18.9
-34.6

-29.9
-44.6

-4.2
89.1

15.5
22.4

9.6
9.5

-2.2
6.9

2.6
19.0

3364–9
337
339

19.9
-4.2
-3.4

24.5
2.5
1.0

2.6
-11.4
3.5

-30.7
-29.2
-5.4

3.3
-32.2
-13.1

-3.4
-10.9
6.0

4.4
9.0
6.2

.6
2.8
2.1

5.6
6.5
2.0

13.4
-.5
1.8

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

2.0
.2
-8.0
-20.9
-1.3
1.5
2.5
6.6
1.3

-1.9
-3.3
-12.7
-22.8
.8
.4
-3.5
1.1
-3.2

-7.0
-2.9
-11.0
-16.6
-2.7
-7.7
-3.3
-10.3
-12.4

-12.1
-1.0
-21.9
-25.4
-21.5
-15.1
-3.6
-18.1
-17.9

-7.8
-.2
-26.7
-31.9
-8.6
-21.8
.2
-8.1
-22.7

2.3
-.9
9.4
-5.9
6.8
-1.8
-5.3
5.6
8.6

3.1
-.8
9.0
11.3
2.5
6.0
2.8
3.4
14.5

1.5
2.8
1.8
7.8
-2.0
-3.7
2.4
.3
6.7

1.0
1.4
1.2
-.4
-2.1
-5.4
3.1
-.6
9.6

1.8
1.8
.0
-4.0
-1.3
-6.2
9.8
.9
3.0

1133,5111

-5.7

-7.2

-4.7

-10.3

-21.8

.2

-5.9

-6.2

-11.4

5.7

21
2211,2

-.8
5.3

1.8
.8

2.2
1.4

-3.0
-2.1

-12.1
-5.5

2.4
3.5

8.7
1.9

8.0
3.4

4.8
-2.0

7.9
-2.1

Total IP
M ARKET G ROUPS
Final products and nonindustrial supplies
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
Construction supplies
Business supplies
Materials
Non-energy
Durable
Consumer parts
Equipment parts
Other
Nondurable
Textile
Paper
Chemical
Energy
I NDUSTRY G ROUPS
Manufacturing2
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metal
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
Chemical
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.

25

Table 8
C APACITY UTILIZATION RATES , BY INDUSTRY GROUPS , 2007–11
Percent of capacity, seasonally adjusted

Item

NAICS
code

2007
Q2

Q4

2008
Q2

Q4

2009
Q2

Q4

2010
Q2

Q4

2011
Q2

Q4

80.6

80.4

79.2

73.2

67.2

69.5

73.3

75.4

76.3

77.7

78.9
79.0

78.2
78.3

76.2
76.1

69.7
69.4

64.1
63.8

67.0
66.8

71.0
71.1

73.1
73.4

74.4
74.9

76.0
76.5

3341
3342

78.2
74.9
68.8
80.1
84.8
82.6
76.7
78.4
75.2
83.6

78.3
72.9
65.7
82.6
85.0
83.7
74.4
75.0
76.3
72.2

76.8
68.9
61.1
82.0
81.9
81.9
78.3
82.2
78.8
85.9

67.8
59.8
52.5
63.4
74.2
76.0
72.7
75.1
72.9
85.7

59.0
52.4
44.9
49.2
61.4
62.0
69.2
71.3
81.2
78.6

62.5
55.0
44.9
61.0
62.8
62.7
70.3
72.7
88.2
78.7

68.1
60.1
49.7
69.4
69.3
70.9
76.3
78.9
88.6
81.2

70.9
60.6
52.2
70.1
74.4
75.4
79.7
81.8
88.7
80.0

72.8
62.3
53.8
72.1
78.1
79.0
80.4
81.8
88.4
74.9

75.0
64.1
54.7
75.5
80.0
81.0
77.8
75.1
81.4
76.6

334412–9

76.6

75.0

82.5

72.6

64.8

66.4

76.3

81.1

82.5

73.6

335
3361–3

87.3
73.8

88.7
69.9

88.1
60.8

79.5
49.2

67.4
37.4

67.4
52.5

73.8
58.3

78.2
60.6

78.1
62.6

79.9
69.3

3364–9
337
339

81.3
75.4
73.3

89.6
76.2
73.2

89.1
74.4
74.6

72.7
66.9
72.9

72.6
58.8
68.4

70.3
58.2
71.4

71.0
62.4
75.0

70.6
64.0
76.9

72.0
66.9
77.4

76.7
67.6
77.0

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

79.9
78.9
73.1
74.8
83.8
78.0
88.6
78.4
79.6

78.3
77.4
70.7
75.3
84.3
76.6
85.8
76.9
77.7

75.3
76.5
68.7
76.8
83.6
72.7
83.3
72.6
71.7

71.2
76.4
62.5
71.4
75.1
67.1
80.3
67.0
64.9

69.6
76.4
55.2
61.4
73.9
60.7
78.8
66.7
58.3

72.1
76.1
59.6
60.9
79.0
62.1
77.1
71.3
62.6

74.8
76.0
63.9
65.3
81.9
65.7
80.8
75.0
68.5

76.5
77.4
65.6
68.8
82.2
65.9
83.5
76.6
71.8

77.3
78.2
67.0
69.8
81.8
65.4
83.6
77.0
75.9

78.2
79.1
67.8
69.0
81.5
63.9
86.3
77.6
77.5

1133,5111

77.6

76.6

77.6

76.2

68.8

69.4

67.7

65.9

62.6

65.3

21
2211,2

89.1
85.5

90.2
85.3

91.3
84.9

87.5
83.1

79.1
80.5

79.1
81.3

83.0
80.5

85.9
79.8

86.6
77.5

89.5
75.6

Total industry
Manufacturing1
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metal
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
Chemical
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.

26

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

-2.4
2.4
1.8
-.4

2.7
-.1
1.1
-.3

-.8
1.0
.4
.8

-.7
1.1
.5
-.3

-.1
1.3
.3
.1

-.2
.7
.5
.2

-.1
1.5
.5
-.6

-.8
.8
.2
.6

-.3
1.8
-.2
.1

-1.1
1.1
.4
-.3

-.6
.4
.3
.6

-.4
.3
.4
.4

-9.3
9.2
12.8
.1

-1.9
11.8
6.2
.8

-3.5
14.9
3.8
-.1

-8.1
12.4
2.6
2.2

-5.4
4.8
9.8
1.6

1986
1987
1988
1989
1990

1.1
-.3
-.2
.8
-.1

-.6
1.5
.2
-.9
1.4

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

.4
.6
.8
.2
-.3

.2
.7
-.1
-.8
.2

-.4
.4
.1
.2
.3

.6
.7
.1
-1.1
-.1

.2
.5
.1
.8
.3

.2
.6
.3
-.2
.0

.4
1.6
.6
-.2
-.8

.5
.6
.3
.2
-1.1

.9
.6
.4
.1
-.8

4.5
5.9
2.7
2.0
4.3

.0
7.2
4.4
-2.7
2.9

2.4
7.2
1.0
-3.1
1.1

5.0
11.7
4.4
.3
-6.8

2.2
5.7
5.3
.8
.8

1991
1992
1993
1994
1995

-.8
-.6
1.0
.2
.3

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

-.7
1.0
-.2
1.3
.3

.3
.6
.5
.8
-.2

.8
.6
-.1
.7
.1

1.1
.3
-.1
.3
.5

.2
.9
.3
.4
-.6

.2
-.4
-.1
.8
1.2

1.1
.0
.6
.3
.9

-.2
.6
.8
1.0
-.1

-.2
.4
.4
.8
.0

-.1
-.2
.5
1.1
.3

-8.8
.5
4.4
5.0
5.3

1.9
8.3
1.5
9.5
.6

7.2
4.0
1.2
6.0
3.2

1.5
2.9
6.9
9.9
4.0

-2.0
3.6
3.5
5.9
5.2

1996
1997
1998
1999
2000

-.8
.0
.8
.3
.2

1.6
1.4
.1
.7
.3

-.2
1.2
-.1
.0
.7

1.1
-.2
.5
.4
.6

.7
.9
.6
.9
-.2

1.1
.7
-.7
-.3
.2

.3
.5
-.5
.5
.0

.6
1.6
2.5
.7
-.6

.6
.9
-.4
-.3
.5

-.1
.6
1.0
1.5
-.4

.8
1.1
.2
.6
-.3

.9
.5
.5
.7
-.6

1.8
9.1
6.0
4.7
5.3

9.9
7.6
2.4
4.5
4.3

8.0
10.9
3.3
3.7
-.8

5.5
10.9
7.5
9.0
-2.9

4.8
8.4
6.6
5.0
4.2

2001
2002
2003
2004
2005

-.6
.5
.6
.0
.8

-.6
.0
.2
.7
.8

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

-.2
.1
-1.0
.4
.2

-.8
.7
.1
.7
.4

-.7
1.1
.4
-.8
.1

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

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

-.2
.1
.7
-.1
-1.1

-.7
-.4
-.1
1.1
1.5

-.3
.5
1.0
-.1
.7

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

-6.5
3.2
2.5
2.6
6.5

-5.5
5.9
-2.3
2.9
2.0

-6.0
3.1
1.4
3.8
-.3

-4.3
-.5
3.7
5.6
5.6

-4.1
.3
1.2
2.7
4.0

2006
2007
2008
2009
2010

.9
-.5
-.4
-2.9
.9

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

-.1
.6
-.4
-2.1
1.1

.6
.8
-1.1
-.8
1.0

-.5
-.2
-.6
-1.2
1.4

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

-.1
.2
-1.1
1.2
.8

.4
-.5
-1.4
1.0
.0

.1
.5
-3.4
.7
.2

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

.0
.4
-2.3
.9
.2

1.6
.3
-3.3
.1
1.0

4.1
4.7
-2.2
-23.3
7.1

1.1
5.3
-8.2
-11.6
11.2

.7
.8
-14.0
6.4
5.2

1.1
.4
-21.6
5.8
2.6

2.5
2.7
-4.8
-13.8
5.7

2011
2012

.4
1.1

.2
.4

.6

-.6

.2

.0

.8

.3

.4

.6

-.2

1.4

6.0

.2

5.1

5.3

4.3

IP (2007=100)
1982
1983
1984
1985

43.4
43.4
48.7
50.7

44.6
43.4
49.3
50.5

44.2
43.8
49.5
50.9

43.9
44.3
49.8
50.8

43.9
44.8
49.9
50.8

43.8
45.2
50.1
50.9

43.8
45.8
50.4
50.6

43.4
46.2
50.4
50.9

43.3
47.0
50.3
51.0

42.8
47.6
50.5
50.8

42.5
47.7
50.7
51.1

42.4
47.9
50.9
51.4

44.1
43.5
49.2
50.7

43.9
44.8
49.9
50.8

43.5
46.3
50.4
50.8

42.6
47.7
50.7
51.1

43.5
45.6
50.0
50.9

1986
1987
1988
1989
1990

51.9
52.8
57.0
59.2
58.0

51.6
53.6
57.2
58.7
58.8

51.5
53.7
57.3
58.6
59.1

51.7
54.0
57.8
58.7
58.9

51.8
54.4
57.8
58.2
59.1

51.6
54.6
57.8
58.4
59.2

51.9
55.0
57.9
57.7
59.1

52.0
55.2
57.9
58.2
59.3

52.1
55.6
58.1
58.0
59.3

52.3
56.5
58.4
58.0
58.8

52.6
56.8
58.5
58.0
58.1

53.0
57.1
58.8
58.1
57.7

51.7
53.4
57.2
58.8
58.6

51.7
54.3
57.8
58.4
59.1

52.0
55.3
57.9
58.0
59.2

52.6
56.8
58.6
58.0
58.2

52.0
54.9
57.9
58.3
58.8

1991
1992
1993
1994
1995

57.2
57.9
61.3
63.2
68.4

56.9
58.4
61.4
63.2
68.3

56.5
59.0
61.2
64.1
68.5

56.7
59.3
61.6
64.6
68.3

57.1
59.7
61.5
65.0
68.4

57.7
59.9
61.5
65.2
68.7

57.8
60.4
61.6
65.5
68.3

58.0
60.1
61.5
66.0
69.1

58.6
60.1
61.9
66.2
69.7

58.5
60.5
62.4
66.9
69.6

58.3
60.8
62.7
67.4
69.6

58.3
60.6
63.0
68.2
69.9

56.9
58.4
61.3
63.5
68.4

57.1
59.6
61.5
65.0
68.5

58.1
60.2
61.7
65.9
69.0

58.4
60.6
62.7
67.5
69.7

57.6
59.7
61.8
65.5
68.9

1996
1997
1998
1999
2000

69.3
74.7
82.4
85.6
90.5

70.4
75.7
82.4
86.3
90.7

70.3
76.6
82.3
86.2
91.3

71.1
76.5
82.7
86.6
91.9

71.6
77.2
83.2
87.4
91.7

72.4
77.7
82.6
87.1
91.9

72.6
78.0
82.2
87.5
91.9

73.1
79.3
84.3
88.1
91.3

73.5
80.0
84.0
87.8
91.7

73.5
80.5
84.8
89.1
91.4

74.0
81.4
85.0
89.7
91.0

74.7
81.7
85.4
90.3
90.5

70.0
75.7
82.4
86.1
90.8

71.7
77.1
82.9
87.0
91.8

73.1
79.1
83.5
87.8
91.6

74.1
81.2
85.1
89.7
91.0

72.2
78.3
83.5
87.6
91.3

2001
2002
2003
2004
2005

89.9
86.4
88.7
89.8
94.0

89.4
86.3
89.0
90.4
94.8

89.1
87.0
89.1
90.2
94.3

88.9
87.1
88.3
90.6
94.5

88.1
87.7
88.3
91.2
94.9

87.5
88.7
88.7
90.5
95.1

87.2
88.3
88.7
91.3
94.9

86.7
88.6
88.4
91.9
95.2

86.5
88.7
89.1
91.8
94.2

86.0
88.3
89.0
92.7
95.6

85.7
88.7
89.9
92.7
96.3

86.0
88.2
89.7
93.3
96.4

89.4
86.6
88.9
90.1
94.4

88.2
87.8
88.4
90.8
94.8

86.8
88.5
88.8
91.6
94.8

85.9
88.4
89.6
92.9
96.1

87.6
87.8
88.9
91.4
95.0

2006
2007
2008
2009
2010

97.2
98.3
100.4
83.6
83.9

97.1
98.9
99.9
83.5
84.0

96.9
99.5
99.5
81.8
84.9

97.5
100.2
98.4
81.2
85.8

97.1
100.0
97.9
80.2
87.0

97.4
100.3
97.3
80.0
87.0

97.2
100.5
96.2
80.9
87.6

97.6
100.1
94.9
81.8
87.6

97.6
100.6
91.6
82.4
87.8

97.2
100.1
91.0
82.3
87.9

97.3
100.5
88.9
83.1
88.0

98.8
100.8
86.0
83.2
88.9

97.0
98.9
100.0
83.0
84.3

97.3
100.2
97.8
80.5
86.6

97.5
100.4
94.2
81.7
87.7

97.8
100.5
88.7
82.9
88.2

97.4
100.0
95.2
82.0
86.7

2011
2012

89.2
93.8

89.4
94.1

90.0

89.5

89.7

89.7

90.4

90.7

91.1

91.6

91.4

92.7

89.6

89.6

90.7

91.9

90.4

Year
IP (percent
change)
1982
1983
1984
1985

N OTE : Estimates from October 2011 through February 2012 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.

27

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)
1982
1983
1984
1985

60.8
61.9
62.4
64.2

61.0
61.9
62.5
64.4

61.1
62.0
62.6
64.6

61.2
62.0
62.7
64.8

61.3
62.0
62.8
65.0

61.4
62.0
63.0
65.1

61.5
62.1
63.1
65.3

61.6
62.1
63.3
65.4

61.7
62.1
63.4
65.6

61.7
62.2
63.6
65.7

61.8
62.2
63.8
65.8

61.9
62.3
64.0
65.8

60.9
61.9
62.5
64.4

61.3
62.0
62.8
65.0

61.6
62.1
63.3
65.4

61.8
62.2
63.8
65.8

61.4
62.1
63.1
65.1

1986
1987
1988
1989
1990

65.9
66.9
68.7
69.2
71.1

66.0
67.1
68.8
69.3
71.3

66.0
67.3
68.8
69.5
71.4

66.1
67.4
68.8
69.6
71.6

66.1
67.6
68.8
69.7
71.8

66.2
67.8
68.9
69.9
71.9

66.3
68.0
68.9
70.1
72.1

66.3
68.1
68.9
70.2
72.2

66.4
68.3
69.0
70.4
72.4

66.5
68.4
69.0
70.6
72.5

66.6
68.5
69.1
70.7
72.6

66.8
68.6
69.1
70.9
72.8

66.0
67.1
68.7
69.3
71.3

66.1
67.6
68.8
69.7
71.8

66.3
68.1
68.9
70.2
72.2

66.6
68.5
69.1
70.7
72.6

66.3
67.8
68.9
70.0
72.0

1991
1992
1993
1994
1995

72.9
74.1
76.2
77.8
80.9

73.0
74.2
76.4
78.0
81.2

73.1
74.4
76.5
78.1
81.5

73.2
74.5
76.6
78.4
81.8

73.3
74.7
76.7
78.6
82.2

73.4
74.9
76.9
78.8
82.5

73.5
75.1
77.0
79.1
82.9

73.6
75.3
77.1
79.4
83.2

73.7
75.5
77.2
79.6
83.6

73.8
75.7
77.3
79.9
84.0

73.9
75.8
77.5
80.2
84.4

73.9
76.0
77.6
80.5
84.8

73.0
74.2
76.3
78.0
81.2

73.3
74.7
76.7
78.6
82.2

73.6
75.3
77.1
79.4
83.3

73.9
75.8
77.5
80.2
84.4

73.4
75.0
76.9
79.0
82.8

1996
1997
1998
1999
2000

85.3
90.9
98.5
106.3
112.0

85.7
91.5
99.2
106.8
112.5

86.2
92.0
100.0
107.3
113.0

86.6
92.5
100.7
107.8
113.4

87.1
93.1
101.4
108.3
113.9

87.5
93.7
102.1
108.7
114.3

88.0
94.3
102.8
109.2
114.8

88.5
94.9
103.4
109.7
115.2

89.0
95.6
104.0
110.1
115.6

89.4
96.3
104.6
110.6
116.1

89.9
97.0
105.2
111.1
116.5

90.4
97.7
105.7
111.6
116.9

85.7
91.5
99.2
106.8
112.5

87.1
93.1
101.4
108.2
113.9

88.5
95.0
103.4
109.7
115.2

89.9
97.0
105.2
111.1
116.5

87.8
94.1
102.3
108.9
114.5

2001
2002
2003
2004
2005

117.2
120.2
120.4
120.0
120.4

117.6
120.3
120.4
120.0
120.6

117.9
120.3
120.4
119.9
120.8

118.3
120.4
120.4
119.9
121.0

118.6
120.4
120.3
119.9
121.2

118.9
120.5
120.3
119.9
121.4

119.1
120.5
120.3
119.9
121.7

119.3
120.5
120.2
119.9
121.9

119.5
120.5
120.2
119.9
122.1

119.7
120.5
120.1
120.0
122.3

119.9
120.5
120.1
120.1
122.5

120.0
120.5
120.0
120.3
122.7

117.6
120.2
120.4
120.0
120.6

118.6
120.4
120.3
119.9
121.2

119.3
120.5
120.2
119.9
121.9

119.9
120.5
120.1
120.1
122.5

118.8
120.4
120.3
120.0
121.6

2006
2007
2008
2009
2010

122.9
125.6
128.7
126.8
123.1

123.1
126.0
128.7
126.5
122.8

123.3
126.3
128.7
126.2
122.5

123.5
126.6
128.6
125.9
122.3

123.6
127.0
128.5
125.6
122.0

123.8
127.3
128.3
125.3
121.7

124.0
127.6
128.1
125.0
121.5

124.2
127.9
128.0
124.7
121.3

124.5
128.2
127.7
124.4
121.1

124.7
128.4
127.5
124.1
120.9

125.0
128.5
127.3
123.8
120.8

125.3
128.7
127.0
123.4
120.6

123.1
126.0
128.7
126.5
122.8

123.6
127.0
128.5
125.6
122.0

124.2
127.9
127.9
124.7
121.3

125.0
128.5
127.3
123.8
120.8

124.0
127.3
128.1
125.1
121.7

2011
2012

120.6
121.1

120.5
121.2

120.5

120.5

120.5

120.5

120.6

120.6

120.7

120.8

120.9

121.0

120.5

120.5

120.6

120.9

120.6

Utilization
(percent)
1982
1983
1984
1985

71.4
70.1
78.1
79.0

73.1
70.0
78.9
78.5

72.4
70.7
79.1
78.9

71.8
71.4
79.4
78.4

71.6
72.3
79.4
78.2

71.3
72.8
79.6
78.2

71.1
73.8
79.8
77.5

70.5
74.4
79.7
77.8

70.2
75.7
79.4
77.7

69.3
76.5
79.4
77.4

68.8
76.7
79.5
77.7

68.5
76.8
79.5
78.0

72.3
70.3
78.7
78.8

71.6
72.2
79.5
78.3

70.6
74.6
79.6
77.7

68.9
76.7
79.5
77.7

70.8
73.4
79.3
78.1

1986
1987
1988
1989
1990

78.8
79.0
83.0
85.6
81.6

78.2
79.9
83.1
84.6
82.5

77.9
79.8
83.3
84.4
82.7

78.2
80.0
84.0
84.4
82.3

78.3
80.4
83.9
83.5
82.3

77.9
80.5
84.0
83.5
82.3

78.3
80.8
84.0
82.4
82.1

78.4
81.1
84.0
82.8
82.1

78.4
81.4
84.2
82.5
81.9

78.6
82.5
84.6
82.1
81.1

78.9
82.9
84.7
82.0
80.0

79.4
83.3
85.0
81.9
79.3

78.3
79.5
83.2
84.9
82.3

78.1
80.3
84.0
83.8
82.3

78.4
81.1
84.1
82.6
82.0

78.9
82.9
84.8
82.0
80.1

78.4
81.0
84.0
83.3
81.7

1991
1992
1993
1994
1995

78.5
78.2
80.4
81.2
84.6

77.9
78.7
80.4
81.1
84.1

77.3
79.3
80.1
82.0
84.0

77.4
79.6
80.4
82.4
83.5

77.8
79.9
80.2
82.8
83.2

78.6
79.9
80.0
82.8
83.3

78.7
80.4
80.1
82.8
82.4

78.8
79.9
79.9
83.2
83.0

79.5
79.7
80.2
83.2
83.3

79.3
80.0
80.8
83.7
82.8

79.0
80.1
81.0
84.0
82.5

78.8
79.8
81.2
84.6
82.3

77.9
78.8
80.3
81.5
84.2

77.9
79.8
80.2
82.7
83.3

79.0
80.0
80.1
83.1
82.9

79.0
79.9
81.0
84.1
82.5

78.5
79.6
80.4
82.8
83.2

1996
1997
1998
1999
2000

81.3
82.1
83.7
80.6
80.8

82.2
82.8
83.1
80.8
80.6

81.6
83.3
82.4
80.4
80.8

82.0
82.6
82.2
80.3
81.0

82.2
82.9
82.1
80.7
80.5

82.7
82.9
80.9
80.1
80.3

82.5
82.8
80.0
80.1
80.0

82.6
83.5
81.6
80.3
79.2

82.7
83.7
80.8
79.7
79.3

82.1
83.6
81.1
80.6
78.7

82.3
83.9
80.8
80.7
78.2

82.6
83.6
80.8
80.9
77.4

81.7
82.8
83.0
80.6
80.7

82.3
82.8
81.7
80.4
80.6

82.6
83.3
80.8
80.1
79.5

82.3
83.7
80.9
80.7
78.1

82.2
83.1
81.6
80.4
79.8

2001
2002
2003
2004
2005

76.7
71.9
73.7
74.8
78.1

76.0
71.8
73.9
75.4
78.6

75.5
72.3
74.0
75.2
78.1

75.1
72.3
73.3
75.6
78.2

74.3
72.8
73.4
76.1
78.3

73.7
73.6
73.7
75.5
78.3

73.2
73.3
73.8
76.1
78.0

72.7
73.5
73.6
76.6
78.1

72.4
73.6
74.1
76.5
77.1

71.8
73.3
74.1
77.3
78.1

71.5
73.6
74.9
77.1
78.6

71.6
73.2
74.8
77.6
78.5

76.1
72.0
73.9
75.1
78.3

74.4
72.9
73.5
75.7
78.2

72.8
73.5
73.8
76.4
77.7

71.6
73.4
74.6
77.3
78.4

73.7
72.9
73.9
76.2
78.2

2006
2007
2008
2009
2010

79.1
78.3
78.0
65.9
68.2

78.8
78.5
77.6
66.0
68.4

78.6
78.8
77.4
64.8
69.3

79.0
79.2
76.5
64.5
70.2

78.5
78.8
76.2
63.9
71.3

78.6
78.8
75.8
63.8
71.4

78.4
78.8
75.1
64.8
72.1

78.5
78.2
74.1
65.6
72.3

78.4
78.5
71.7
66.2
72.5

78.0
78.0
71.4
66.4
72.7

77.8
78.2
69.9
67.2
72.9

78.8
78.4
67.7
67.4
73.7

78.8
78.5
77.7
65.6
68.6

78.7
78.9
76.2
64.1
71.0

78.5
78.5
73.6
65.5
72.3

78.2
78.2
69.7
67.0
73.1

78.5
78.5
74.3
65.5
71.2

2011
2012

74.0
77.4

74.2
77.6

74.7

74.3

74.4

74.4

75.0

75.2

75.5

75.8

75.6

76.6

74.3

74.4

75.2

76.0

75.0

N OTE : Estimates from October 2011 through February 2012 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.

28

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

-2.0
1.9
2.0
-.3

1.8
-.7
.4
.5

-.8
.7
.4
.1

-.9
1.1
.5
-.1

-.7
.6
.4
.1

-.4
.5
.2
.0

-.5
1.4
.3
-.6

-.8
1.2
.0
.4

-.5
1.2
-.2
.5

-.9
.7
-.2
-.4

-.5
.2
.3
.3

-.9
.5
.1
1.1

-8.7
3.8
11.6
1.0

-5.7
8.1
5.2
.9

-6.2
13.3
1.9
-.4

-8.0
9.6
-.4
2.5

-6.0
1.8
7.9
1.0

1986
1987
1988
1989
1990

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

-.8
1.2
.4
-.4
.9

-.7
.2
.2
.3
.5

.1
.5
.4
.0
-.2

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

-.2
.4
.2
.0
.3

.4
.5
.1
-1.1
-.1

-.3
.6
.5
.8
.2

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

.4
1.4
.5
-.2
-.8

.4
.5
.2
.2
-1.3

.8
.4
.4
.6
-.8

2.4
4.4
3.2
2.0
2.2

-2.5
6.5
2.6
-1.6
2.5

.6
6.0
1.2
-3.5
1.3

4.0
9.2
2.6
.8
-6.8

.9
4.3
4.4
.6
.3

1991
1992
1993
1994
1995

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

-.8
.7
.3
.0
-.2

-.6
.8
-.1
.9
-.1

.2
.6
.3
.3
-.3

1.0
.3
-.4
.4
.1

1.0
-.1
.2
.6
.2

.0
.8
.3
.0
-.5

.1
-.6
-.1
.4
1.1

.9
.1
.4
.0
.1

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

-.2
.3
.3
.4
.1

-.5
.0
.5
.9
.1

-8.0
-1.9
3.1
4.5
2.9

2.0
6.2
.3
5.4
-1.2

5.3
1.8
1.4
3.2
1.5

.3
2.9
5.1
5.7
.2

-2.0
1.9
2.5
4.0
2.5

1996
1997
1998
1999
2000

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

1.3
.9
.0
.1
.0

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

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

.5
.3
.6
.6
-.2

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

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

.4
1.0
2.0
.4
-.4

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

-.3
.6
.6
1.2
-.5

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

.5
.1
.1
.5
-.5

-.3
5.1
1.9
.7
.6

6.5
2.4
.7
.3
1.5

2.1
6.3
-.3
1.1
-3.0

3.0
7.7
2.3
5.5
-2.7

1.7
4.2
3.1
1.1
1.0

2001
2002
2003
2004
2005

-.7
.7
.7
.2
.4

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

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

-.2
.4
-.9
.5
.0

-.7
.5
-.1
.8
.1

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

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

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

-.4
.0
.6
-.1
-2.3

-.5
-.4
-.2
1.0
1.2

-.5
.4
.7
.2
1.0

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

-5.9
2.8
1.8
2.2
5.2

-4.5
6.3
-4.6
1.9
1.0

-4.3
1.7
.8
1.7
-3.0

-4.6
-1.0
2.5
5.3
2.0

-4.0
.3
.2
1.7
2.5

2006
2007
2008
2009
2010

.1
-.5
-.4
-2.2
1.0

.0
1.1
-.3
-.6
.3

.2
-.2
-.5
-1.8
.6

.4
.6
-.8
-1.0
.4

-.3
.0
-.6
-1.1
1.6

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

.1
.1
-.4
.9
.7

.1
.0
-1.7
1.1
.2

-.2
.4
-4.2
.6
.4

-.1
-.8
1.1
.2
-.4

-.2
.3
-1.0
.3
.2

1.0
.0
-2.6
.4
1.0

3.6
3.3
-2.2
-19.1
7.3

1.8
3.7
-6.6
-12.2
8.2

.9
1.0
-12.5
4.7
6.8

.0
-1.1
-14.7
5.3
2.0

1.4
1.8
-4.2
-11.3
5.0

2011
2012

.0
.5

-.2
.0

.9

-.5

.3

.1

1.0

.2

.3

.6

.0

.9

4.1

1.2

5.7

4.9

4.0

IP (2007=100)
1982
1983
1984
1985

65.2
63.3
69.6
70.9

66.4
62.8
69.8
71.2

65.9
63.3
70.1
71.3

65.3
64.0
70.5
71.3

64.8
64.4
70.8
71.3

64.6
64.7
70.9
71.3

64.3
65.6
71.1
70.9

63.8
66.4
71.1
71.2

63.5
67.2
70.9
71.6

62.9
67.7
70.8
71.3

62.6
67.9
71.0
71.5

62.1
68.2
71.1
72.3

65.8
63.1
69.8
71.1

64.9
64.4
70.7
71.3

63.9
66.4
71.0
71.2

62.5
67.9
71.0
71.7

64.3
65.5
70.6
71.3

1986
1987
1988
1989
1990

72.7
72.6
77.5
79.6
78.4

72.1
73.5
77.8
79.2
79.1

71.6
73.6
78.0
79.5
79.5

71.6
74.0
78.3
79.4
79.3

71.7
74.4
78.2
78.9
79.4

71.6
74.8
78.3
78.9
79.7

71.9
75.1
78.4
78.0
79.6

71.7
75.6
78.8
78.7
79.7

71.8
75.7
78.4
78.4
79.9

72.1
76.8
78.8
78.3
79.2

72.4
77.2
79.0
78.5
78.2

72.9
77.5
79.3
78.9
77.6

72.1
73.2
77.8
79.4
79.0

71.7
74.4
78.3
79.1
79.5

71.8
75.5
78.5
78.4
79.7

72.5
77.2
79.0
78.6
78.3

72.0
75.1
78.4
78.9
79.1

1991
1992
1993
1994
1995

77.3
77.2
80.4
82.5
86.5

76.7
77.8
80.7
82.5
86.3

76.2
78.4
80.6
83.3
86.2

76.4
78.9
80.8
83.5
85.9

77.1
79.1
80.4
83.8
86.0

77.9
79.0
80.6
84.3
86.2

77.9
79.6
80.8
84.3
85.7

77.9
79.2
80.7
84.6
86.7

78.6
79.3
81.1
84.7
86.7

78.4
79.8
81.6
85.2
86.3

78.3
80.0
81.8
85.6
86.4

77.9
80.0
82.2
86.3
86.5

76.7
77.8
80.5
82.8
86.3

77.1
79.0
80.6
83.9
86.1

78.1
79.3
80.9
84.5
86.4

78.2
79.9
81.9
85.7
86.4

77.5
79.0
81.0
84.2
86.3

1996
1997
1998
1999
2000

85.7
89.2
94.0
94.7
96.5

86.8
90.0
94.0
94.9
96.5

86.5
90.5
94.0
94.8
96.6

87.2
90.2
94.1
94.7
97.0

87.7
90.5
94.6
95.2
96.9

88.2
90.7
93.8
94.8
96.8

87.8
91.0
93.1
95.0
96.3

88.2
91.9
94.9
95.4
95.9

88.5
92.6
94.3
95.0
96.3

88.2
93.1
94.8
96.1
95.8

88.9
93.7
94.5
96.3
95.6

89.3
93.8
94.6
96.8
95.1

86.3
89.9
94.0
94.8
96.5

87.7
90.4
94.2
94.9
96.9

88.1
91.8
94.1
95.1
96.2

88.8
93.6
94.6
96.4
95.5

87.7
91.4
94.2
95.3
96.3

2001
2002
2003
2004
2005

94.5
91.3
93.5
93.5
96.6

94.0
91.2
93.6
94.1
97.2

93.7
92.0
93.4
93.5
97.1

93.6
92.3
92.5
93.9
97.0

92.9
92.8
92.4
94.6
97.1

92.4
93.6
92.3
93.8
97.5

92.2
93.3
92.5
94.4
97.2

92.0
93.3
92.4
94.6
97.2

91.7
93.4
92.9
94.5
95.0

91.2
93.0
92.7
95.4
96.2

90.8
93.4
93.4
95.6
97.1

90.7
92.8
93.3
96.2
97.7

94.0
91.5
93.5
93.7
97.0

93.0
92.9
92.4
94.1
97.2

92.0
93.3
92.6
94.5
96.5

90.9
93.1
93.2
95.7
97.0

92.5
92.7
92.9
94.5
96.9

2006
2007
2008
2009
2010

97.8
98.6
99.9
87.1
86.8

97.8
99.7
99.6
86.6
87.0

97.9
99.5
99.2
85.1
87.5

98.3
100.1
98.3
84.3
87.8

98.1
100.1
97.8
83.3
89.2

98.4
100.2
97.5
83.0
89.4

98.5
100.3
97.1
83.7
90.1

98.6
100.3
95.5
84.6
90.2

98.4
100.7
91.4
85.1
90.6

98.3
99.9
92.4
85.3
90.3

98.1
100.2
91.5
85.5
90.5

99.1
100.3
89.1
85.9
91.5

97.8
99.3
99.6
86.3
87.1

98.3
100.2
97.9
83.5
88.8

98.5
100.4
94.7
84.5
90.3

98.5
100.1
91.0
85.6
90.8

98.3
100.0
95.8
85.0
89.3

2011
2012

91.5
95.4

91.3
95.4

92.2

91.7

92.0

92.1

93.0

93.2

93.5

94.0

94.1

94.9

91.7

91.9

93.2

94.3

92.8

Year
IP (percent
change)
1982
1983
1984
1985

N OTE : Estimates from October 2011 through February 2012 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.

29

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)
1982
1983
1984
1985

87.2
87.8
87.7
89.1

87.3
87.8
87.8
89.2

87.4
87.8
87.8
89.4

87.5
87.8
87.9
89.6

87.6
87.7
88.0
89.7

87.7
87.7
88.1
89.9

87.7
87.7
88.2
90.0

87.8
87.6
88.3
90.2

87.8
87.6
88.5
90.3

87.8
87.6
88.6
90.4

87.9
87.6
88.8
90.6

87.8
87.7
88.9
90.7

87.3
87.8
87.8
89.2

87.6
87.7
88.0
89.7

87.8
87.6
88.3
90.2

87.8
87.7
88.8
90.6

87.6
87.7
88.2
89.9

1986
1987
1988
1989
1990

90.8
91.7
92.7
93.0
94.8

90.8
91.8
92.7
93.1
94.9

90.9
91.9
92.7
93.2
95.1

91.0
92.0
92.7
93.3
95.2

91.0
92.1
92.7
93.5
95.4

91.1
92.2
92.7
93.6
95.5

91.2
92.3
92.7
93.8
95.6

91.2
92.4
92.7
93.9
95.7

91.3
92.5
92.7
94.1
95.9

91.4
92.5
92.8
94.3
96.0

91.5
92.6
92.8
94.4
96.1

91.6
92.6
92.9
94.6
96.2

90.8
91.8
92.7
93.1
94.9

91.0
92.1
92.7
93.5
95.4

91.2
92.4
92.7
93.9
95.7

91.5
92.6
92.8
94.4
96.1

91.2
92.2
92.7
93.7
95.5

1991
1992
1993
1994
1995

96.3
97.6
98.7
100.0
101.8

96.4
97.7
98.8
100.1
102.0

96.5
97.8
98.9
100.2
102.2

96.7
97.9
99.0
100.3
102.4

96.8
98.0
99.1
100.5
102.6

96.9
98.1
99.2
100.6
102.7

97.0
98.2
99.3
100.8
102.9

97.1
98.2
99.4
100.9
103.1

97.2
98.3
99.5
101.1
103.3

97.3
98.4
99.6
101.3
103.5

97.4
98.5
99.7
101.5
103.7

97.5
98.6
99.9
101.6
103.8

96.4
97.7
98.8
100.1
102.0

96.8
98.0
99.1
100.5
102.6

97.1
98.2
99.4
100.9
103.1

97.4
98.5
99.7
101.5
103.7

96.9
98.1
99.3
100.7
102.8

1996
1997
1998
1999
2000

104.0
106.6
111.2
115.7
118.3

104.2
106.9
111.6
116.0
118.5

104.3
107.2
112.0
116.3
118.6

104.5
107.5
112.4
116.5
118.8

104.7
107.9
112.8
116.8
118.9

104.9
108.3
113.3
117.0
119.1

105.1
108.6
113.6
117.2
119.2

105.3
109.0
114.0
117.4
119.3

105.5
109.5
114.4
117.6
119.5

105.8
109.9
114.7
117.8
119.6

106.0
110.3
115.1
118.0
119.7

106.3
110.7
115.4
118.2
119.8

104.2
106.9
111.6
116.0
118.5

104.7
107.9
112.8
116.8
118.9

105.3
109.1
114.0
117.4
119.3

106.0
110.3
115.1
118.0
119.7

105.1
108.5
113.4
117.1
119.1

2001
2002
2003
2004
2005

120.0
121.6
121.6
120.8
120.5

120.1
121.7
121.5
120.8
120.5

120.2
121.8
121.4
120.8
120.5

120.4
121.9
121.3
120.7
120.5

120.5
121.9
121.2
120.7
120.6

120.7
121.9
121.1
120.6
120.6

120.8
121.9
121.1
120.6
120.7

121.0
121.9
121.0
120.6
120.8

121.1
121.9
121.0
120.5
120.9

121.2
121.8
120.9
120.5
121.0

121.4
121.7
120.9
120.5
121.2

121.5
121.7
120.8
120.5
121.3

120.1
121.7
121.5
120.8
120.5

120.5
121.9
121.2
120.7
120.6

120.9
121.9
121.0
120.6
120.8

121.4
121.7
120.9
120.5
121.2

120.7
121.8
121.1
120.6
120.8

2006
2007
2008
2009
2010

121.5
123.7
123.9
124.6
122.7

121.7
123.8
123.9
124.6
122.4

121.8
123.9
123.8
124.7
122.1

122.0
124.1
123.8
124.7
121.8

122.2
124.1
123.8
124.6
121.5

122.4
124.2
123.8
124.5
121.3

122.6
124.2
123.9
124.3
121.1

122.8
124.2
124.0
124.1
121.0

123.0
124.2
124.1
123.9
120.9

123.2
124.1
124.2
123.6
120.8

123.3
124.1
124.4
123.3
120.8

123.5
124.0
124.5
123.0
120.7

121.7
123.8
123.9
124.6
122.4

122.2
124.1
123.8
124.6
121.6

122.8
124.2
124.0
124.1
121.0

123.3
124.1
124.4
123.3
120.8

122.5
124.1
124.0
124.2
121.4

2011
2012

120.7
121.4

120.7
121.5

120.8

120.8

120.9

120.9

121.0

121.0

121.1

121.2

121.2

121.3

120.7

120.9

121.0

121.2

121.0

Utilization
(percent)
1982
1983
1984
1985

74.8
72.0
79.3
79.6

76.1
71.5
79.6
79.8

75.4
72.1
79.8
79.8

74.6
72.9
80.1
79.6

74.0
73.4
80.4
79.5

73.6
73.8
80.5
79.4

73.3
74.8
80.6
78.8

72.7
75.8
80.5
79.0

72.3
76.7
80.2
79.3

71.6
77.3
79.9
78.8

71.3
77.5
80.0
79.0

70.7
77.8
79.9
79.7

75.4
71.9
79.6
79.7

74.1
73.4
80.3
79.5

72.7
75.8
80.4
79.0

71.2
77.5
79.9
79.2

73.4
74.6
80.1
79.3

1986
1987
1988
1989
1990

80.1
79.2
83.7
85.6
82.7

79.4
80.1
84.0
85.1
83.3

78.8
80.1
84.1
85.3
83.6

78.7
80.4
84.5
85.1
83.3

78.8
80.8
84.4
84.4
83.3

78.6
81.1
84.5
84.3
83.4

78.8
81.4
84.6
83.2
83.2

78.5
81.8
85.0
83.8
83.3

78.6
81.9
84.6
83.4
83.3

78.9
83.0
85.0
83.0
82.5

79.1
83.4
85.1
83.1
81.4

79.7
83.7
85.4
83.4
80.7

79.4
79.8
83.9
85.3
83.2

78.7
80.8
84.5
84.6
83.3

78.6
81.7
84.7
83.5
83.3

79.2
83.4
85.1
83.2
81.5

79.0
81.4
84.6
84.2
82.8

1991
1992
1993
1994
1995

80.2
79.1
81.4
82.6
84.9

79.5
79.6
81.6
82.5
84.6

78.9
80.2
81.4
83.1
84.4

79.0
80.6
81.6
83.2
84.0

79.7
80.7
81.1
83.4
83.9

80.4
80.5
81.2
83.8
83.9

80.3
81.1
81.4
83.6
83.3

80.2
80.6
81.2
83.8
84.0

80.9
80.6
81.4
83.7
84.0

80.6
81.0
81.9
84.1
83.4

80.4
81.2
82.1
84.3
83.4

79.9
81.1
82.4
84.9
83.3

79.6
79.7
81.5
82.7
84.6

79.7
80.6
81.3
83.5
83.9

80.5
80.8
81.3
83.7
83.8

80.3
81.1
82.1
84.5
83.4

80.0
80.5
81.6
83.6
83.9

1996
1997
1998
1999
2000

82.4
83.7
84.6
81.9
81.6

83.4
84.2
84.2
81.8
81.5

82.9
84.4
83.9
81.5
81.4

83.4
83.9
83.7
81.2
81.7

83.7
83.9
83.9
81.5
81.4

84.1
83.8
82.8
81.0
81.3

83.6
83.8
81.9
81.1
80.8

83.7
84.3
83.3
81.2
80.4

83.8
84.6
82.4
80.7
80.6

83.4
84.7
82.7
81.6
80.1

83.8
85.0
82.1
81.6
79.8

84.0
84.7
82.0
81.9
79.4

82.9
84.1
84.2
81.7
81.5

83.8
83.8
83.5
81.3
81.5

83.7
84.2
82.5
81.0
80.6

83.7
84.8
82.2
81.7
79.8

83.5
84.2
83.1
81.4
80.8

2001
2002
2003
2004
2005

78.7
75.1
76.9
77.4
80.2

78.2
75.0
77.1
77.9
80.7

77.9
75.5
76.9
77.4
80.6

77.7
75.8
76.3
77.8
80.5

77.1
76.1
76.2
78.4
80.6

76.6
76.8
76.2
77.7
80.8

76.3
76.5
76.4
78.3
80.5

76.1
76.6
76.3
78.5
80.5

75.7
76.6
76.8
78.4
78.6

75.2
76.4
76.7
79.2
79.4

74.8
76.7
77.3
79.3
80.1

74.6
76.3
77.2
79.9
80.5

78.3
75.2
77.0
77.6
80.5

77.1
76.2
76.2
78.0
80.6

76.0
76.6
76.5
78.4
79.9

74.9
76.5
77.1
79.5
80.0

76.6
76.1
76.7
78.3
80.3

2006
2007
2008
2009
2010

80.5
79.7
80.6
69.9
70.7

80.4
80.5
80.4
69.5
71.1

80.4
80.3
80.1
68.3
71.7

80.6
80.7
79.4
67.6
72.1

80.3
80.7
79.0
66.9
73.4

80.4
80.7
78.8
66.6
73.7

80.3
80.8
78.4
67.3
74.4

80.3
80.7
77.0
68.2
74.6

80.0
81.1
73.7
68.7
75.0

79.8
80.5
74.4
69.0
74.7

79.5
80.8
73.6
69.4
75.0

80.2
80.9
71.6
69.9
75.8

80.4
80.2
80.4
69.2
71.2

80.4
80.7
79.1
67.0
73.1

80.2
80.9
76.3
68.1
74.6

79.8
80.7
73.2
69.4
75.2

80.2
80.6
77.2
68.4
73.5

2011
2012

75.8
78.6

75.7
78.5

76.3

75.9

76.1

76.2

76.9

77.0

77.2

77.6

77.6

78.2

75.9

76.1

77.0

77.8

76.7

N OTE : Estimates from October 2011 through February 2012 are subject to further revision in the upcoming monthly releases.
1. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.

30

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

-2.5
2.5
1.8
-.5

2.5
-.2
1.0
-.2

-.8
.8
.3
.8

-.8
1.0
.4
-.2

-.2
1.2
.2
.1

-.2
.6
.3
.1

-.3
1.3
.4
-.5

-.7
.9
.0
.6

-.4
1.5
-.3
.2

-1.2
1.1
.3
-.3

-.7
.3
.3
.6

-.5
.2
.4
.4

-10.5
8.2
11.7
-.1

-2.9
10.6
4.7
1.6

-4.3
13.6
2.4
.5

-9.2
11.0
1.9
2.3

-6.5
3.7
8.5
1.4

1986
1987
1988
1989
1990

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

-.6
1.4
.2
-1.0
1.5

-.3
.1
.2
.0
.4

.4
.4
.8
.1
-.3

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

-.2
.3
.1
.2
.2

.2
.6
.0
-1.3
-.2

.1
.3
.0
.8
.2

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

.4
1.6
.5
-.3
-.9

.4
.6
.3
.1
-1.2

.8
.5
.4
.0
-.8

4.8
4.6
2.0
2.3
3.6

-.1
6.1
3.4
-3.1
2.3

1.2
5.6
.3
-4.3
.6

4.2
10.6
4.2
-.7
-7.6

2.2
4.6
4.4
.4
.0

1991
1992
1993
1994
1995

-.8
-.9
1.1
.1
.1

-.8
.9
.1
.1
-.3

-.8
.9
-.3
1.2
-.1

.3
.4
.5
.5
-.4

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

1.1
.1
-.2
.2
.3

.3
.8
.2
.2
-.8

.2
-.5
-.2
.6
.9

1.1
-.1
.5
.1
.5

-.2
.5
.7
.8
-.4

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

-.3
-.2
.5
.9
.0

-9.6
-1.2
4.0
4.2
2.8

1.3
7.1
.7
7.1
-2.3

7.0
2.7
.3
3.7
.4

1.0
1.4
5.7
7.0
.5

-2.6
2.6
2.5
4.4
2.5

1996
1997
1998
1999
2000

-1.1
-.2
.5
-.1
-.3

1.3
1.0
-.1
.4
-.2

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

1.0
-.7
.2
-.1
.4

.5
.5
.5
.7
-.6

.8
.4
-1.1
-.7
.0

-.1
.2
-.9
.0
-.4

.3
1.3
2.4
.6
-.8

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

-.4
.5
.7
1.3
-.5

.7
.8
-.1
.3
-.6

.7
.2
.2
.4
-.8

-1.8
6.2
3.2
.8
.4

7.3
2.9
-.2
.3
.6

4.0
6.9
-.5
.2
-3.8

2.7
8.2
4.0
6.7
-4.8

1.5
4.9
3.4
1.4
.7

2001
2002
2003
2004
2005

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

-.5
-.2
.0
.8
.7

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

-.1
.1
-1.1
.5
.1

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

-.5
1.1
.3
-.9
.1

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

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

-.2
.0
.7
-.3
-1.4

-.7
-.5
-.2
1.1
1.4

-.2
.4
.9
-.1
.7

.2
-.7
-.3
.6
.0

-7.0
3.4
.8
1.9
5.7

-4.5
5.6
-3.9
3.1
1.1

-4.6
2.4
.1
3.2
-2.1

-4.3
-1.3
2.7
5.0
4.2

-4.8
.4
.0
2.0
3.1

2006
2007
2008
2009
2010

.9
-.5
-.5
-2.9
.9

-.2
.5
-.6
.0
.0

-.2
.4
-.6
-2.2
1.0

.6
.6
-1.2
-.9
1.0

-.6
-.2
-.6
-1.3
1.4

.2
.4
-.6
-.4
.0

-.2
.2
-1.1
1.2
.8

.3
-.6
-1.4
1.1
.0

.0
.4
-3.5
.7
.2

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

-.1
.2
-2.0
.9
.1

1.6
.2
-3.1
.1
.8

3.6
3.8
-3.7
-22.9
6.3

.0
4.2
-9.4
-12.8
10.8

-.1
.9
-14.1
6.0
5.4

.4
-1.8
-20.4
5.4
2.3

1.5
1.8
-5.8
-13.8
5.3

2011
2012

.4
1.2

.3
.4

.7

-.7

.2

.0

.9

.2

.5

.7

-.2

1.5

5.7

.1

5.2

6.1

4.2

IP (2007=100)
1982
1983
1984
1985

61.3
60.6
67.3
69.2

62.8
60.5
68.0
69.1

62.3
61.0
68.2
69.6

61.8
61.6
68.5
69.5

61.7
62.4
68.6
69.6

61.5
62.8
68.8
69.7

61.4
63.6
69.1
69.3

60.9
64.2
69.1
69.8

60.7
65.1
68.9
69.9

59.9
65.8
69.1
69.7

59.5
66.0
69.3
70.1

59.2
66.1
69.6
70.4

62.1
60.7
67.8
69.3

61.7
62.3
68.6
69.6

61.0
64.3
69.0
69.7

59.5
66.0
69.3
70.1

61.1
63.3
68.7
69.7

1986
1987
1988
1989
1990

71.3
71.9
76.8
79.5
77.2

70.8
72.9
77.0
78.7
78.3

70.6
73.0
77.2
78.7
78.6

70.9
73.3
77.8
78.8
78.4

70.9
73.8
77.6
78.1
78.5

70.8
74.0
77.6
78.2
78.6

71.0
74.4
77.6
77.2
78.5

71.1
74.7
77.7
77.8
78.7

71.2
75.0
77.9
77.6
78.6

71.4
76.2
78.3
77.3
77.9

71.7
76.6
78.5
77.4
77.0

72.3
77.0
78.8
77.4
76.3

70.9
72.6
77.0
79.0
78.1

70.9
73.7
77.7
78.4
78.5

71.1
74.7
77.7
77.5
78.6

71.8
76.6
78.5
77.4
77.1

71.2
74.4
77.7
78.0
78.1

1991
1992
1993
1994
1995

75.7
76.0
79.6
81.3
86.1

75.2
76.7
79.7
81.4
85.8

74.6
77.4
79.4
82.4
85.8

74.8
77.7
79.8
82.8
85.4

75.3
78.1
79.7
83.2
85.3

76.1
78.2
79.6
83.3
85.5

76.3
78.8
79.7
83.5
84.8

76.5
78.4
79.6
84.0
85.6

77.3
78.3
80.0
84.1
86.0

77.1
78.7
80.6
84.7
85.7

76.9
78.9
80.8
85.2
85.5

76.7
78.7
81.2
86.0
85.6

75.2
76.7
79.6
81.7
85.9

75.4
78.0
79.7
83.1
85.4

76.7
78.5
79.8
83.9
85.5

76.9
78.8
80.9
85.3
85.6

76.0
78.0
80.0
83.5
85.6

1996
1997
1998
1999
2000

84.6
88.6
94.3
95.0
96.9

85.7
89.5
94.3
95.4
96.7

85.3
90.3
94.0
95.0
97.1

86.2
89.7
94.2
95.0
97.4

86.6
90.2
94.6
95.7
96.8

87.3
90.5
93.6
95.0
96.9

87.3
90.7
92.8
95.0
96.5

87.5
91.8
95.0
95.6
95.7

87.9
92.4
94.3
95.2
96.1

87.5
92.9
95.0
96.5
95.6

88.2
93.7
94.8
96.8
95.0

88.8
93.8
95.1
97.2
94.2

85.2
89.5
94.2
95.1
96.9

86.7
90.1
94.1
95.2
97.0

87.6
91.6
94.0
95.3
96.1

88.2
93.5
95.0
96.8
95.0

86.9
91.2
94.3
95.6
96.3

2001
2002
2003
2004
2005

93.7
90.7
92.5
92.3
96.4

93.2
90.6
92.5
93.0
97.0

92.9
91.3
92.6
92.8
96.5

92.8
91.4
91.6
93.2
96.6

92.1
92.0
91.5
93.9
97.0

91.6
93.0
91.8
93.1
97.1

91.5
92.5
91.7
93.9
96.8

91.0
92.8
91.3
94.4
96.9

90.8
92.8
92.0
94.2
95.6

90.2
92.4
91.8
95.2
96.9

90.0
92.7
92.6
95.1
97.6

90.2
92.1
92.4
95.7
97.6

93.3
90.9
92.6
92.7
96.6

92.2
92.1
91.6
93.4
96.9

91.1
92.7
91.6
94.2
96.4

90.1
92.4
92.3
95.3
97.4

91.7
92.0
92.0
93.9
96.8

2006
2007
2008
2009
2010

98.5
98.8
99.7
83.0
82.9

98.2
99.2
99.1
83.0
82.9

98.0
99.7
98.5
81.2
83.7

98.6
100.2
97.3
80.4
84.5

98.0
100.1
96.7
79.4
85.7

98.2
100.5
96.1
79.1
85.7

98.0
100.7
95.1
80.1
86.4

98.3
100.2
93.7
80.9
86.4

98.3
100.6
90.5
81.5
86.6

97.8
99.8
90.1
81.4
86.6

97.8
100.0
88.2
82.1
86.7

99.3
100.2
85.5
82.2
87.5

98.2
99.2
99.1
82.4
83.2

98.3
100.3
96.7
79.6
85.3

98.2
100.5
93.1
80.8
86.4

98.3
100.0
87.9
81.9
86.9

98.3
100.0
94.2
81.2
85.5

2011
2012

87.8
92.5

88.0
92.9

88.7

88.1

88.2

88.3

89.0

89.2

89.7

90.3

90.1

91.5

88.2

88.2

89.3

90.6

89.1

Year
IP (percent
change)
1982
1983
1984
1985

N OTE : Estimates from October 2011 through February 2012 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.

31

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)
1982
1983
1984
1985

86.4
86.9
86.7
88.2

86.5
86.9
86.7
88.4

86.6
86.9
86.8
88.6

86.7
86.8
86.9
88.7

86.8
86.8
87.0
88.9

86.8
86.7
87.1
89.1

86.9
86.7
87.2
89.3

86.9
86.7
87.3
89.4

87.0
86.6
87.5
89.5

87.0
86.6
87.7
89.6

87.0
86.6
87.8
89.7

87.0
86.7
88.0
89.8

86.5
86.9
86.7
88.4

86.8
86.8
87.0
88.9

86.9
86.7
87.3
89.4

87.0
86.6
87.8
89.7

86.8
86.7
87.2
89.1

1986
1987
1988
1989
1990

89.9
90.9
92.2
92.4
94.4

90.0
91.0
92.2
92.5
94.5

90.0
91.2
92.2
92.7
94.7

90.1
91.3
92.2
92.8
94.8

90.1
91.5
92.2
92.9
95.0

90.2
91.6
92.2
93.1
95.1

90.2
91.7
92.1
93.3
95.3

90.3
91.8
92.1
93.5
95.4

90.4
92.0
92.2
93.6
95.6

90.5
92.0
92.2
93.8
95.7

90.6
92.1
92.3
94.0
95.8

90.7
92.1
92.3
94.2
96.0

90.0
91.0
92.2
92.5
94.5

90.1
91.5
92.2
93.0
95.0

90.3
91.8
92.2
93.5
95.4

90.6
92.1
92.3
94.0
95.8

90.3
91.6
92.2
93.2
95.2

1991
1992
1993
1994
1995

96.1
97.5
98.8
100.1
102.0

96.2
97.6
98.9
100.2
102.2

96.4
97.7
99.0
100.4
102.4

96.5
97.8
99.2
100.5
102.6

96.6
97.9
99.3
100.6
102.8

96.7
98.0
99.4
100.8
103.0

96.8
98.1
99.5
100.9
103.2

97.0
98.3
99.6
101.1
103.4

97.1
98.4
99.7
101.2
103.6

97.2
98.5
99.8
101.4
103.8

97.3
98.6
99.9
101.6
104.1

97.4
98.7
100.0
101.8
104.3

96.2
97.6
98.9
100.2
102.2

96.6
97.9
99.3
100.6
102.8

97.0
98.3
99.6
101.1
103.4

97.3
98.6
99.9
101.6
104.1

96.8
98.1
99.4
100.9
103.1

1996
1997
1998
1999
2000

104.5
107.5
112.7
117.9
121.2

104.7
107.8
113.2
118.3
121.4

104.9
108.2
113.7
118.6
121.6

105.1
108.6
114.2
118.9
121.7

105.3
109.0
114.7
119.2
121.9

105.5
109.4
115.1
119.5
122.1

105.8
109.9
115.6
119.7
122.3

106.0
110.3
116.0
120.0
122.4

106.3
110.8
116.4
120.2
122.6

106.6
111.3
116.8
120.5
122.8

106.9
111.8
117.2
120.7
122.9

107.2
112.3
117.6
120.9
123.0

104.7
107.9
113.2
118.3
121.4

105.3
109.0
114.7
119.2
121.9

106.0
110.3
116.0
120.0
122.4

106.9
111.8
117.2
120.7
122.9

105.7
109.7
115.3
119.5
122.2

2001
2002
2003
2004
2005

123.2
124.0
123.7
122.8
122.6

123.3
124.1
123.6
122.8
122.7

123.4
124.1
123.5
122.7
122.8

123.5
124.1
123.5
122.7
122.9

123.6
124.0
123.4
122.6
123.0

123.7
124.0
123.3
122.6
123.2

123.8
124.0
123.2
122.5
123.3

123.9
123.9
123.2
122.5
123.5

123.9
123.9
123.1
122.5
123.7

124.0
123.9
123.0
122.5
123.9

124.0
123.8
123.0
122.5
124.0

124.0
123.7
122.9
122.6
124.2

123.3
124.1
123.6
122.8
122.7

123.6
124.0
123.4
122.6
123.0

123.8
123.9
123.2
122.5
123.5

124.0
123.8
123.0
122.6
124.0

123.7
124.0
123.3
122.6
123.3

2006
2007
2008
2009
2010

124.4
126.5
127.6
126.3
122.1

124.6
126.6
127.6
126.0
121.8

124.8
126.8
127.6
125.7
121.5

125.0
126.9
127.6
125.4
121.2

125.2
127.0
127.6
125.0
120.9

125.4
127.1
127.5
124.7
120.6

125.5
127.2
127.4
124.3
120.4

125.7
127.3
127.3
123.9
120.2

125.9
127.4
127.2
123.6
120.0

126.0
127.5
127.0
123.2
119.8

126.2
127.5
126.8
122.8
119.6

126.3
127.6
126.6
122.5
119.5

124.6
126.6
127.6
126.0
121.8

125.2
127.0
127.6
125.0
120.9

125.7
127.3
127.3
123.9
120.2

126.2
127.5
126.8
122.8
119.7

125.4
127.1
127.3
124.4
120.6

2011
2012

119.4
119.3

119.3
119.3

119.2

119.2

119.1

119.1

119.1

119.1

119.1

119.1

119.2

119.2

119.3

119.1

119.1

119.2

119.2

Utilization
(percent)
1982
1983
1984
1985

70.9
69.8
77.6
78.5

72.6
69.6
78.4
78.2

71.9
70.3
78.6
78.6

71.3
71.0
78.8
78.3

71.1
71.9
78.9
78.3

70.9
72.4
79.0
78.2

70.6
73.3
79.2
77.7

70.1
74.0
79.1
78.0

69.8
75.2
78.7
78.1

68.9
76.0
78.9
77.7

68.4
76.2
78.9
78.1

68.1
76.3
79.0
78.4

71.8
69.9
78.2
78.4

71.1
71.8
78.9
78.3

70.2
74.2
79.0
77.9

68.5
76.2
78.9
78.1

70.4
73.0
78.8
78.2

1986
1987
1988
1989
1990

79.3
79.2
83.4
86.0
81.8

78.7
80.2
83.5
85.1
82.9

78.4
80.1
83.7
84.9
83.1

78.7
80.3
84.4
84.9
82.6

78.7
80.7
84.2
84.0
82.6

78.5
80.8
84.2
84.0
82.6

78.6
81.1
84.2
82.7
82.4

78.7
81.3
84.3
83.2
82.5

78.7
81.6
84.5
82.8
82.3

78.9
82.8
84.9
82.4
81.4

79.2
83.2
85.1
82.3
80.3

79.7
83.6
85.4
82.2
79.5

78.8
79.8
83.5
85.3
82.6

78.6
80.6
84.3
84.3
82.6

78.7
81.4
84.3
82.9
82.4

79.3
83.2
85.1
82.3
80.4

78.8
81.2
84.3
83.7
82.0

1991
1992
1993
1994
1995

78.8
77.9
80.5
81.2
84.5

78.1
78.5
80.5
81.2
84.0

77.4
79.2
80.2
82.1
83.8

77.5
79.4
80.5
82.4
83.3

77.9
79.7
80.3
82.7
83.0

78.7
79.8
80.1
82.7
83.1

78.8
80.3
80.2
82.8
82.2

78.9
79.8
79.9
83.1
82.8

79.6
79.6
80.2
83.1
83.0

79.4
79.9
80.7
83.6
82.5

79.0
80.0
80.9
83.9
82.2

78.7
79.8
81.2
84.5
82.1

78.1
78.5
80.4
81.5
84.1

78.1
79.6
80.3
82.6
83.1

79.1
79.9
80.1
83.0
82.7

79.0
79.9
81.0
84.0
82.3

78.6
79.5
80.4
82.8
83.0

1996
1997
1998
1999
2000

81.0
82.4
83.7
80.6
80.0

81.9
83.0
83.2
80.7
79.7

81.3
83.5
82.6
80.1
79.8

82.0
82.6
82.5
79.9
80.0

82.2
82.7
82.5
80.3
79.4

82.7
82.7
81.3
79.5
79.3

82.5
82.5
80.3
79.4
78.9

82.6
83.2
81.9
79.7
78.2

82.7
83.4
81.0
79.2
78.4

82.1
83.5
81.3
80.1
77.9

82.5
83.8
80.9
80.2
77.3

82.8
83.6
80.8
80.3
76.6

81.4
83.0
83.2
80.4
79.9

82.3
82.7
82.1
79.9
79.6

82.6
83.1
81.0
79.4
78.5

82.5
83.6
81.0
80.2
77.3

82.2
83.1
81.8
80.0
78.8

2001
2002
2003
2004
2005

76.0
73.1
74.8
75.2
78.6

75.6
73.0
74.9
75.8
79.1

75.3
73.6
75.0
75.6
78.6

75.1
73.7
74.2
76.0
78.6

74.5
74.2
74.2
76.6
78.8

74.1
75.0
74.4
76.0
78.8

74.0
74.6
74.4
76.6
78.5

73.5
74.8
74.1
77.1
78.4

73.3
74.9
74.7
76.9
77.3

72.8
74.6
74.6
77.7
78.2

72.6
74.9
75.3
77.6
78.7

72.7
74.4
75.2
78.1
78.6

75.6
73.3
74.9
75.5
78.7

74.6
74.3
74.3
76.2
78.7

73.6
74.8
74.4
76.8
78.1

72.7
74.6
75.0
77.8
78.5

74.1
74.2
74.6
76.6
78.5

2006
2007
2008
2009
2010

79.1
78.1
78.1
65.7
67.9

78.8
78.4
77.6
65.9
68.0

78.5
78.6
77.2
64.6
68.9

78.9
79.0
76.2
64.1
69.8

78.3
78.8
75.8
63.5
70.9

78.3
79.1
75.4
63.5
71.1

78.1
79.2
74.6
64.4
71.8

78.2
78.7
73.6
65.3
71.9

78.1
78.9
71.2
65.9
72.1

77.6
78.3
70.9
66.1
72.3

77.5
78.4
69.6
66.9
72.5

78.6
78.5
67.6
67.1
73.2

78.8
78.4
77.6
65.4
68.3

78.5
78.9
75.8
63.7
70.6

78.1
78.9
73.1
65.2
71.9

77.9
78.4
69.4
66.7
72.7

78.4
78.7
74.0
65.2
70.9

2011
2012

73.5
77.6

73.8
77.8

74.4

73.9

74.1

74.1

74.8

74.9

75.3

75.8

75.6

76.7

73.9

74.0

75.0

76.1

74.8

N OTE : Estimates from October 2011 through February 2012 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.

32

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

2004

2005

2006

2007

2008

2009

2010

2011

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

56.4
29.7
7.7
3.7
.4
1.3
2.2

55.9
29.1
7.1
3.3
.4
1.3
2.2

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

56.5
29.6
6.2
3.1
.3
.9
1.9

54.2
28.1
6.2
3.4
.2
.8
1.9

53.9
27.7
6.3
3.5
.2
.8
1.9

22.0
17.1
9.2
.6
5.0
1.8
4.9

22.0
16.5
8.8
.5
4.9
1.7
5.5

21.5
16.1
8.5
.4
5.0
1.7
5.4

20.6
15.6
8.2
.3
5.0
1.6
5.0

20.9
16.2
8.6
.3
5.1
1.6
4.8

23.4
17.9
9.9
.2
5.5
1.7
5.5

21.9
16.4
9.3
.2
4.8
1.5
5.5

21.4
16.0
9.2
.2
4.7
1.3
5.4

9.4
1.8
2.8
4.8
1.5

9.3
1.8
2.7
4.8
1.5

9.8
2.1
2.8
4.9
1.5

9.7
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

9.4
2.1
2.3
4.9
2.2

9.6
2.3
2.2
5.0
2.2

4.8
10.5

4.9
10.4

5.1
10.3

4.9
10.1

4.8
10.2

4.2
10.4

4.1
9.9

4.1
9.6

43.6
29.4
18.1
3.5
6.2
8.3
11.3
.7
2.4
5.0
14.3

44.1
28.8
17.7
3.3
6.1
8.3
11.2
.7
2.3
5.1
15.2

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
28.2
17.2
2.6
6.5
8.2
11.0
.4
2.3
4.9
16.8

43.5
27.1
15.4
2.0
6.0
7.4
11.7
.4
2.3
5.2
16.5

45.8
28.5
16.7
2.4
6.2
8.1
11.9
.5
2.2
5.7
17.2

46.1
28.8
17.2
2.4
6.3
8.4
11.6
.5
2.0
5.7
17.4

321
327
331
332
333
334

79.6
75.3
40.1
1.5
2.2
2.7
5.3
4.8
7.6

78.2
74.2
39.1
1.5
2.3
2.6
5.3
4.8
7.2

77.6
73.7
39.3
1.4
2.3
2.7
5.5
5.0
7.0

76.1
72.5
39.3
1.2
2.2
2.7
5.8
5.1
6.9

75.9
72.3
39.3
1.1
2.0
2.5
6.0
5.3
7.0

75.8
72.2
36.6
1.0
1.7
2.1
5.3
4.9
6.7

75.2
72.2
37.4
.9
1.6
2.8
5.1
5.1
6.5

75.4
72.6
38.0
.9
1.6
2.9
5.4
5.4
6.2

335
3361–3

1.9
6.3

1.9
5.8

1.9
5.5

1.9
5.2

2.0
4.5

1.8
4.0

1.8
5.0

1.8
5.3

3364–9
337
339

3.1
1.6
3.0

3.2
1.6
3.0

3.4
1.5
3.1

4.0
1.4
2.9

4.3
1.4
3.2

4.6
1.1
3.4

4.3
1.0
3.2

4.3
1.0
3.1

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

35.2
10.9
1.2
.7
2.7
2.1
3.2
11.1
3.4

35.1
10.5
1.2
.6
2.6
2.0
4.0
11.0
3.2

34.3
10.1
1.1
.6
2.6
1.9
3.9
10.9
3.2

33.3
9.9
.9
.4
2.5
1.9
3.3
11.3
3.0

33.0
10.4
.8
.4
2.6
1.9
2.7
11.3
3.0

35.6
12.2
.7
.3
2.7
1.8
3.1
11.8
2.9

34.8
11.5
.8
.3
2.6
1.6
3.4
11.7
3.0

34.7
11.4
.7
.3
2.4
1.4
3.7
11.5
3.1

1133,5111

4.3

4.0

3.9

3.6

3.6

3.6

3.1

2.7

21
2211,2
2211
2212

10.8
9.6
7.9
1.7

12.1
9.7
7.9
1.8

12.8
9.6
8.0
1.6

14.1
9.8
8.1
1.7

13.6
10.5
8.8
1.7

12.5
11.6
9.9
1.7

13.7
11.0
9.5
1.5

14.4
10.3
9.0
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 metal
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
Chemical
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 2011 and 2012 would account for a 0.380 percent increase in total IP.

33

Table 13
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted

2007=100
2011
Sept.r

Oct.r

Nov.r

Total index
Previous estimates

94.4
94.5

94.9
94.9

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

93.9
92.6
94.6
85.5
77.1
98.0

91.1
91.1
107.8
101.2

Industrial production

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

Dec.r

2012
Jan.r

94.9
94.9

95.7
95.8

94.5
92.9
95.9
85.4
77.3
98.5

94.2
92.2
96.4
84.9
77.4
99.1

91.6
91.6
109.4
100.0

91.4
91.4
110.7
100.2

Feb.r

Oct.r

96.2
96.2

96.2
96.2

.2
.1

.5
.4

.0
.0

.9
.9

.5
.4

.0
.0

4.2
4.0

94.5
92.3
97.4
86.0
79.7
100.3

95.3
92.8
99.3
86.2
79.6
100.4

95.6
92.7
100.5
86.6
80.5
100.1

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

.7
.4
1.3
-.1
.2
.5

-.4
-.8
.5
-.6
.2
.6

.3
.2
1.0
1.3
3.0
1.2

.9
.5
2.0
.2
-.1
.2

.3
-.1
1.2
.5
1.0
-.3

4.3
2.2
9.1
3.7
8.4
4.4

92.7
92.8
111.7
96.6

93.8
93.8
110.2
95.0

94.1
94.0
108.4
94.9

.4
.4
-.1
-1.1

.6
.5
1.5
-1.2

-.2
-.2
1.1
.2

1.4
1.5
1.0
-3.6

1.1
1.1
-1.4
-1.7

.4
.3
-1.6
-.1

5.2
5.1
6.5
-5.6

Percent of capacity
200809
2011
2011
low
Feb. Sept.r

Average
19722011

198889
high

199091
low

199495
high

Total industry
Previous estimates

80.3
80.3

85.2
85.2

78.8
78.8

85.0
85.1

66.8
67.3

75.9
76.5

Manufacturing (see note below)
Previous estimates

78.8
78.9

85.6
85.5

77.3
77.3

84.6
84.7

63.8
64.4

Mining
Utilities

87.3
86.3

86.3
92.9

83.9
84.3

88.6
93.3

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.3
81.1
77.2

87.7
86.5
83.4

84.4
78.0
77.3

89.7
87.9
80.6

Capacity utilization

Percent change
2012
Nov.r Dec.r Jan.r

2011
Sept.r

Feb.r

Feb. ’11 to
Feb. ’12

Capacity
growth
Oct.r

Nov.r

Dec.r

2012
Jan.r

Feb.r

Feb. ’11 to
Feb. ’12

77.2
77.7

77.5
77.9

77.5
77.9

78.1
78.5

78.4
78.8

78.4
78.7

1.0
1.2

74.2
74.4

75.5
75.3

75.8
75.6

75.6
75.4

76.6
76.5

77.4
77.3

77.6
77.4

.6
1.0

78.5
79.1

84.0
78.5

87.5
77.6

88.6
76.6

89.5
76.6

90.3
73.7

89.0
72.4

87.5
72.2

2.3
2.6

76.4
64.2
66.8

83.9
73.6
75.2

86.0
74.6
76.5

86.9
74.3
77.2

87.1
74.5
76.7

87.9
75.1
77.3

87.3
75.2
78.3

86.0
75.5
78.3

1.7
.4
1.5

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.

34

Table 14
NETWORKING EQUIPMENT, 1999–2011
Production Index
(2007=100)
Annual Estimates
1999
50.5
61.4
2000
79.0
2001
59.8
2002
2003
69.1
79.5
2004
92.6
2005
149.1
2006
100.0
2007
2008
8.0
14.8
2009
11.7
2010
17.0
2011
Quarterly Estimates
1999Q1
43.3
54.7
Q2
59.6
Q3
60.2
Q4

Price Index
(2007=100)

Value of Production
(millions of dollars)

396.0
354.9
272.0
204.4
156.6
122.4
110.9
105.1
100.0
93.6
83.5
68.8
61.9

22,111.2
24,174.1
23,839.6
13,595.4
11,941.9
10,809.1
11,398.8
17,251.4
11,326.7
828.5
1,367.9
896.3
1,162.1

417.9
398.8
386.9
381.0

18,616.8
22,485.0
23,758.0
23,619.7

2000Q1
Q2
Q3
Q4

65.1
64.9
65.3
69.1

373.5
352.5
348.4
345.9

25,039.5
23,556.4
23,442.2
24,629.3

2001Q1
Q2
Q3
Q4

84.6
83.4
86.3
85.7

297.3
286.3
261.9
244.7

25,896.5
24,578.6
23,278.8
21,596.0

2002Q1
Q2
Q3
Q4

68.9
63.1
62.4
62.9

228.9
211.0
195.8
183.9

16,238.6
13,701.1
12,587.2
11,904.2

2003Q1
Q2
Q3
Q4

62.4
73.9
82.7
78.9

171.8
167.2
154.0
134.5

11,041.1
12,727.8
13,113.2
10,933.8

2004Q1
Q2
Q3
Q4

90.3
82.9
84.9
87.2

136.2
124.1
117.6
112.4

12,665.9
10,591.0
10,284.7
10,099.9

2005Q1
Q2
Q3
Q4

83.3
91.3
108.2
122.6

110.8
110.0
111.4
112.0

9,507.4
10,341.6
12,418.3
14,141.0

2006Q1
Q2
Q3
Q4

111.2
129.0
181.7
240.3

110.0
105.1
102.8
102.5

12,596.3
13,962.6
19,234.2
25,364.0

2007Q1
Q2
Q3
Q4

198.3
165.7
17.2
18.9

102.0
102.2
99.2
96.6

20,822.2
17,430.4
1,753.1
1,876.5

2008Q1
Q2
Q3
Q4

9.7
6.9
7.7
10.2

97.6
94.2
92.7
89.5

970.9
671.1
733.4
940.3

2009Q1
Q2
Q3
Q4

9.7
15.5
19.9
19.2

85.2
85.7
80.4
82.6

849.7
1,366.3
1,649.6
1,635.1

2010Q1
Q2
Q3
Q4

14.3
11.2
11.8
12.7

75.3
69.4
66.1
64.4

1,108.4
803.7
800.2
839.3

2011Q1
Q2
Q3
Q4

12.6
16.6
20.8
23.3

63.8
62.8
61.5
59.5

825.6
1,071.0
1,320.9
1,425.8

N OTE : The production index in the table is calculated as the value of production divided by the price index and then indexed to 2007.
The production index does not reflect changes to IP for benchmark purposes and so it is not equivalent to the IP index for data networking equipment.

35

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 at www.federalreserve.gov/releases/G17 at
the Board’s World Wide Web site. 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 Web site. 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 web site 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/ipweights.sa.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 North American Industrial
Classification System (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 web site
(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 computers, communications equipment, and 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 United States
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 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
2012; for other series, the factors were estimated with data through at
least December 2011. 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.

36

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 1972–2011 period, the average total industry
utilization rate was 80.3 percent; for manufacturing, the average
factory operating rate was 78.9 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
shown in table 11 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

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.

References. The annual revision published in June 2010 is described
in an article published in the Federal Reserve Bulletin and is 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.151-176. A description of
the aggregation methods for industrial production and capacity
utilization is included in an article in the Federal Reserve Bulletin, vol.
83 (February 1997), pp. 67-92. The Federal Reserve methodology for
constructing industry-level measures of capital is detailed in “Capital
Stock Estimates for Manufacturing Industries: Methods and Data” by
Mike Mohr and Charles Gilbert (1996), which can be obtained at:
www.federalreserve.gov/releases/g17/CapitalStockDocLatest.pdf.

Source Data. The monthly rates of capacity utilization are designed
to be consistent with both the monthly data on production and the
periodically available data on capacity and utilization. Because there
is no direct monthly information on overall industrial capacity or
utilization rates, the Federal Reserve first estimates annual capacity
indexes from the source data. Capacity data reported in physical units
from government sources (primarily from the U.S. Geological Survey
and the Department of Energy’s Energy Information Administration)
and trade sources are available for portions of several industries in
manufacturing (e.g., paper, industrial chemicals, petroleum refining,
motor vehicles), as well as for electric utilities and mining; these
industries represent about 25 percent of total industrial capacity.
When physical product data are unavailable for manufacturing
industries, capacity indexes are based on responses to the Bureau of
the Census’s Quarterly Survey of Plant Capacity (QSPC); these
industries account for a bit less than 70 percent of total industry
capacity. In the absence of utilization data for a few mining and
petroleum series, capacity is based on trends through peaks in
production (roughly 5 percent of total industry capacity). A detailed
description of the methodology used to construct the capacity indexes
is available on the Board’s web site
(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
2012: January 18, February 15, March 16, April 17, May 16, June 15,
July 17, August 15, September 14, October 16, November 16, and
December 14.

Aggregation Methodology. Monthly capacity aggregates are
calculated in three steps: (1) utilization aggregates are calculated on
an annual basis through the most recent full year as capacity-weighted
aggregates of individual utilization rates; (2) the annual aggregate
capacity is derived from the corresponding production and utilization
aggregates; (3) the monthly capacity aggregate is obtained by
interpolating with a Fisher index of its constituent monthly capacity
series. Utilization rates for the individual series and aggregates are
calculated by dividing the pertinent monthly production index by the
related capacity index.
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 was a survey of large companies
that 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

37