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FEDERAL RESERVE statistical release G.17 (419) 2017 Historical and Annual Revision For release at 12:00 noon (EDT) March 31, 2017 Industrial Production and Capacity Utilization: The 2017 Annual Revision The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization.1 On net, the revisions were small, and the contour of total IP is little changed. Total IP is still reported to have moved up about 22 percent from the end of the recession in mid-2009 through late 2014, to have declined in 2015, and to have moved sideways in 2016. The most notable difference between the current and the previous estimates is that total IP is now reported to have decreased about 2 3/4 percent in 2015, whereas it previously showed a decline of about 1 3/4 percent.2 The incorporation of detailed data for manufacturing from the U.S. Census Bureau’s 2015 Annual Survey of Manufactures (ASM) accounts for the majority of the differences between the current and the previously published estimates. Capacity for total industry is now reported to have expanded about 1 percent in 2015, a lower rate of increase than was reported earlier. Capacity was little changed in 2016 and is expected to increase 1 percent in 2017. Compared with prior reports, the rates of change in 2016 and 2017 are now a little smaller. In the fourth quarter of 2016, capacity utilization for total industry stood at 75.8 percent, a rate 0.4 percentage point higher than previously published but still 4.1 percentage points below its long-run (1972–2016) average. Relative to earlier estimates, the utilization rates in recent years are now a little higher. This revision incorporated newly available annual data on output and prices. In addition to the 2015 ASM (which also includes revised data for 2014), the IP indexes for publishing reflect new data for 2015 and revised data for 2014 from the Census Bureau’s Service Annual Survey. For logging, the IP indexes were updated with 2015 data from the U.S. Forest Service. In addition, the indexes for metallic and nonmetallic minerals were updated with revised annual data for 2015 from the Department of the Interior’s U.S. Geological Survey (USGS). For mining, data on value added from the 2012 Census of Mineral Industries became available and were incorporated into the weights for the production and capacity indexes. Data on prices from the Bureau of Labor Statistics (BLS) were also incorporated into most of the manufacturing indexes. The monthly estimates of production have been updated to include late-arriving or revised quarterly or monthly indicator data, including information from the BLS’s benchmark revisions to the Current Employment Statistics. The monthly IP estimates also now reflect recalculations of seasonal factors. The revised estimates of capacity and capacity utilization incorporated data from the Census Bureau’s Quarterly Survey of Plant Capacity Utilization (QSPC) for the fourth quarter of 2016, along with new data on capacity from the USGS, the U.S. Department of Energy, and other organizations. The revised estimates also included new data on capital spending from the 2014 and 2015 ASMs (the 2014 data were not available at the time the 2016 annual revision was published). 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. 2 Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified. 1 RESULTS OF THE REVISION Industrial Production The revision resulted in rates of change for manufacturing in 2014 and 2015 that were each about percentage point lower than their previously published values, but the estimates for other recent years were little revised.3 Manufacturing output is now estimated to have advanced 1 1/2 percent in 2014 but to have then fallen back about 1/2 percent in 2015 and only recovered slightly in 2016. The cumulative effects of these revisions leave manufacturing IP in February 2017 more than 5 1/2 percent below its pre-recession peak and about 1 percent below its pre-revision value. 1/2 The index for mining is now estimated to have risen somewhat more slowly in 2012, 2013, and 2014 and to have declined more steeply in 2015 than was reported earlier. Prior to this revision, mining output was estimated to have declined about 8 1/4 percent in 2015, but it is now reported to have fallen nearly 11 percent. The revisions to mining output resulted primarily from the incorporation of new data on value added that increased the weight accorded to oil and gas extraction and to oil and gas well drilling and servicing relative to the previous estimates. For utilities, the rates of change are generally similar to the previously published values. Production by Industry Group The output of durable goods manufacturers is now reported to have fallen 2 percent in 2015; previously, it was estimated to have declined only 3/4 percent. Within durables, the revisions in 2015 were widespread across industries. The largest downward revision was for the output of machinery, which is now estimated to have fallen 9 percent. The output of nondurables moved up in 2014 and 2015 and was flat in 2016; prior to the revision, the index showed a small decline for 2016. The output index for industries not in the scope of manufacturing under the North American Industry Classification System (NAICS)—that is, logging and publishing—fell in every year from 2012 to 2016. The declines in 2014 and 2015 are now estimated to be less steep than stated earlier. Production by Market Group The index for consumer goods has increased in each of the past few years, and the gains in 2014 and 2015 are now estimated to be a little stronger than reported earlier. In contrast, the rates of change for business equipment are notably lower in the period since 2014. The current estimates for the production of construction supplies and business supplies are lower than previously reported for 2014 and 2015. In addition, the index for materials is now estimated to have fallen more rapidly in 2015, about 4 1/4 percent, with the declines for both energy and non-energy materials steeper than published earlier. Capacity Total industrial capacity expanded 1.7 percent in 2014 and 1.1 percent in 2015. The increase in 2014 was virtually the same as reported earlier, but the gain in 2015 is now estimated to have been smaller. Most of the increase for 2014 resulted from a rapid expansion in mining, although that expansion is now less rapid than reported earlier. Capacity at mines declined in 2016 but is expected to increase in 2017. Manufacturing capacity was essentially flat for 2014 and 2015; it increased modestly in 2016 and is expected to do the same in 2017. Capacity at utilities increased more than 2 percent in 2016, a notably stronger gain than reported earlier. 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 Capacity Utilization Capacity utilization for total industry moved somewhat higher in 2014, fell back in 2015, and was little changed in 2016.4 The pullback in 2015 resulted from a large reduction in the rate for mining and from smaller reductions in the rates for both manufacturing and utilities. Compared with earlier estimates, capacity utilization for total industry is now reported to have been modestly higher in the 2013–16 period. Utilization at manufacturers rose in 2014, fell back slightly in 2015, and edged down again in 2016. It has remained at least 2 1/2 percentage points below its long-run average over the period from 2013 through 2016. The current readings for factory utilization are very similar to the previous reports. Within manufacturing, sizable downward revisions to the utilization rate for durables in 2015 and 2016 were offset by sizable upward revisions to the rate for nondurables. The utilization rate for durable manufacturing was above its long-run average in 2014, but it fell back in 2015 and slipped further in 2016. By the fourth quarter of 2016, the utilization rate for durables was about 2 percentage points below its long-run average; however slightly fewer than half of the major categories of durables recorded operating rates below their long-run averages. The utilization rate for nondurable manufacturing has been below its long-run average for several years. As of the fourth quarter of 2016, the operating rates for all nondurable manufacturing industry groups except paper were below their industry-specific long-run averages. Capacity utilization rates for mining declined sharply in 2015, largely because of decreased output in the oil and gas drilling and servicing sector. The utilization rate for mining was above its long-run average in 2014 but below it in 2015 and 2016. The operating rates for utilities have been well below their long-run average of 85.6 percent for the past several years; the current estimate for 2016 is 1 percentage point lower than previously reported. TECHNICAL ASPECTS OF THE REVISION The IP indexes represent the level of real output relative to a base year. At the monthly frequency, movements of the indexes are based on indicators that are derived using industry-specific data from a variety of government and private sources. The monthly production indexes, however, are anchored to annual benchmarks that are less timely but typically based on more comprehensive data. Annual revisions to the IP and capacity measures involve (1) incorporating new annual benchmark data on output, prices, and value-added proportions; (2) incorporating new monthly or quarterly data that were revised or that arrived too late to be included in the regular six-month reporting window for monthly IP; (3) updating seasonal adjustment factors; and (4) updating the methods used to construct the indexes. The current revision also introduces a new published aggregate for chemicals excluding pharmaceuticals and medicine. In addition, new measures of reliability for the major industry aggregates will be published in subsequent monthly G.17 releases. Annual Benchmark Data on Output, Prices, and Value-Added Proportions Output The annual benchmark output indexes for IP are measures of real gross output at the six-digit NAICS level. The Census Bureau provides annual figures for value added and the cost of materials for manufacturing 4 Unless otherwise noted, rates of capacity utilization are reported for the fourth quarter of the reference year. 3 industries, which can be summed to obtain nominal gross output. The benchmark indexes for this revision incorporated revised information for 2014 and new information for 2015 from the ASM. New annual data were also incorporated into several other indexes. The benchmark indexes for metallic and nonmetallic mineral mining were updated with revised 2015 data from the USGS, and the benchmark indexes for logging and publishing were advanced through 2015 based on data from the U.S. Forest Service and the U.S. Census Bureau. Prices To obtain individual benchmarks of real gross output, the measures of nominal gross output were deflated by annual price deflators. In general, the benchmark industry price deflators consist of price indexes from the Bureau of Economic Analysis (BEA) through 2011 that are extended through 2015 with the related producer prices indexes (PPIs) from the BLS.5 For a few selected industries, updated price indexes constructed by the Federal Reserve were incorporated.6 Value-Added Proportions (Weights for Aggregation) The IP system is organized as a hierarchical structure where the finest-level production indexes are aggregated using a version of the Fisher-ideal index formula to construct higher-level measures of production. The weights that are used to combine individual IP measures into more aggregate measures are based on the value added from the industry, calculated as gross output less cost of materials. For IP indexes that are defined at the six-digit (or more aggregate) NAICS level, the value-added weights are derived from the Economic Census or ASM. For IP indexes that cover only part of a six-digit NAICS industry, the aggregation weights were constructed by allocating value added for a six-digit industry across the various components of IP that compose that industry. Data from the Economic Census and ASM on shipments of different types of products within a six-digit NAICS industry were used to determine the share of an industry’s value added that was assigned to each component IP index. The Federal Reserve derives estimates of value added for the electric and gas utility industries from annual revenue and expense data issued by other organizations. For electric utilities, the measures of value added incorporate data from the Energy Information Administration of the U.S. Department of Energy and from the Edison Electric Institute. For gas utilities, the value-added estimates incorporate data from the American Gas Association. The weights for aggregation for mining industries are derived from value-added data from the Economic Census; data for 2012 were incorporated in this revision. Figures for value added for mining industries in the years between the quinquennial Economic Census are estimated based on both output and price changes for the industry. The weights for aggregation expressed as value added per unit were estimated with data on producer prices for the period after 2015. Revised Quarterly and Monthly Data This revision incorporated source data on production, shipments, and inventories that became available or were revised after the regular six-month reporting window for monthly IP was closed. These data were released with too great of a lag to be included with monthly IP estimates but were available for inclusion in the annual revision. The revised IP indexes include information from the QSPC for 2016 and from other industry reports. 5 Overall, at the industry level, the BEA and PPI measures are quite similar, as the BEA used weighted product-level PPIs to derive its industry-level shipments deflator. selected industries, the Federal Reserve constructs price indexes from alternative sources. These industries include communications equipment (NAICS 3342), computer storage devices (NAICS 334112), semiconductors (NAICS 334413), and pharmaceuticals (NAICS 325412). Updated price indexes for data storage devices and for selected components of communications equipment and semiconductors are available on the Board’s website at www.federalreserve.gov/releases/g17. 6 For 4 Revised Seasonal Factors Seasonal factors for production-worker hours—which adjust for timing, holiday, and monthly seasonal patterns—were updated with data through January 2017. The updated factors for the physical product series, which include adjustments for holiday and workday patterns, used data through December 2016 where available. Seasonal factors for unit motor vehicle assemblies have been updated, and projections through December 2016 are available on the Board’s website at www.federalreserve.gov/releases/g17/mvsf.htm. These factors are based on production data through January 2017 and were revised back to January 1996. The seasonal factors explicitly incorporate the holiday schedule for the vehicle assembly lines specified in the latest collective bargaining agreements with domestic manufacturers. Methodological Changes to Individual Production Indexes There were no methodological changes to individual production indexes in this revision. Introduction of New Aggregate This revision introduces a new industry aggregate: chemicals excluding pharmaceuticals and medicines. Within the NAICS structure, the aggregate is constructed as all of NAICS 325 except for NAICS 3254. This aggregate will be publicly available in the G.17 supplementary tables and on the Board’s website at www.federalreserve.gov/datadownload/Choose.aspx?rel=G17 through the Data Download Project. Introduction of New Reliability Estimates for Major Industry Aggregates With the G.17 release to be issued on April 18, 2017, the Federal Reserve will publish new estimates of the reliability of the reported production indexes and rates of change for total industry, manufacturing, mining, and utilities. The reliability measures will be published for those months that are still subject to revision in a subsequent monthly release. The reliability estimates for any index level or rate of change report the typical range for that figure after all five monthly revisions are complete. The bottom of the range is computed as the current estimate plus the 15th percentile revision to the real-time estimates dating back to 2008; the top of the range is the current estimate plus the 85th percentile revision. To compute the bottom of the range for the first (or second or any subsequent) estimate of the rate of change for IP, the history (from 2008 forward) of revisions between the rate of change for that estimate and the rate of change for the sixth estimate are sorted, and the value chosen is the one that is above only 15 percent of the observations. This 15th percentile value is then added to the current estimate to determine the bottom of the range. The top of the range is computed in the same way, based on a revision level that is higher than 85 percent of the observations. As monthly information accrues from the first estimate to the second, from the second to the third, and so on, there is less scope for revisions, and the computed range consequently narrows. A more detailed explanation of the reliability estimates will be available with the publication of the monthly G.17 release on April 18, 2017, on the Board’s website at www.federalreserve.gov/releases/g17/g17 technical qa.htm. 5 Data Availability and Publication Changes Files containing the revised data and the text and tables from this release are available on the Board’s website at www.federalreserve.gov/releases/g17, as are updated data for the annual revision and for all of the regularly issued series on IP, capacity, and capacity utilization. Other changes are listed on the Board’s website at www.federalreserve.gov/releases/g17/g17 revision series.htm. A document with printed tables of the revised estimates of series shown in the G.17 release is available upon request to the Industrial Output Section, Mail Stop 82, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551. 6 1. Total industrial production, capacity, and utilization Ratio scale, 2012 output = 100 Revised Earlier 150 140 130 120 110 100 Capacity 90 80 Production 70 65 60 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Percent of capacity 55 86 82 Utilization 78 74 70 66 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Note: The shaded areas represent periods of business recession as defined by the National Bureau of Economic Research (NBER). 7 2018 62 2. Manufacturing industrial production, capacity, and utilization Ratio scale, 2012 output = 100 Revised Earlier 150 140 130 120 110 Capacity 100 90 80 Production 70 65 60 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Percent of capacity 55 86 82 78 Utilization 74 70 66 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Notes: Manufacturing consists of those industries in the North American Industry Classification System, or NAICS, defition of manufacturing plus those industries--logging and newspaper, periodical, book, and directory publishing-that have traditionally been considered to be manufacturing and included in the industrial sector. The shaded areas represent periods of business recession as defined by the NBER. 8 2018 62 3. Industrial production and capacity utilization Industrial production Ratio scale, 2012 output = 100 110 105 100 95 90 85 Excluding high-technology industries 80 Total IP 75 70 65 60 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 Industrial production 2008 2010 2012 2014 2016 55 Percent change from year earlier 15 Total IP 10 5 0 Excluding the contribution of high-technology industries -5 -10 -15 1988 1990 Industrial production 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Capacity utilization Ratio scale, 2012 output = 100 150 140 130 2012 2014 2016 Percent of capacity 100 High-technology industries 90 120 Crude oil extraction -20 110 Natural gas extraction 80 100 90 70 80 Excluding high-technology industries 70 65 2008 2010 2012 2014 2016 60 1990 1995 2000 2005 2010 2015 60 50 Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 3344), computers (NAICS 3341), and communications equipment (NAICS 3342). The shaded areas represent periods of business recession as defined by the NBER. 9 4. Consumer goods Total Ratio scale, 2012 output = 100 120 Revised Earlier 110 100 Detail: 2014 to present 115 110 90 105 100 80 95 2014 2015 2016 2017 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Components of consumer goods 70 Ratio scale, 2012 output = 100 135 Revised durable Revised nondurable Earlier Durable 115 Nondurable 95 Detail: 2014 to present 135 130 125 75 120 115 110 105 100 2014 2015 2016 2017 95 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Note: The shaded areas represent periods of business recession as defined by the NBER. 10 55 5. Equipment Total Ratio scale, 2012 output = 100 130 Revised Earlier 110 90 70 Detail: 2014 to present 105 100 50 95 2014 2015 2016 2017 90 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 30 Note: Includes business equipment, defense and space equipment, oil and gas well drilling, and manufactured homes. Business equipment Ratio scale, 2012 output = 100 120 100 80 Detail: 2014 to present 110 60 105 100 40 95 2014 2015 2016 2017 90 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Defense and space equipment 20 Ratio scale, 2012 output = 100 110 90 70 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Note: The shaded areas represent periods of business recession as defined by the NBER. 11 50 6. Nonindustrial supplies Total Ratio scale, 2012 output = 100 Revised Earlier 130 110 Detail: 2014 to present 110 90 105 100 2014 2015 2016 2017 95 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Construction supplies Ratio scale, 2012 output = 100 70 140 120 Detail: 2014 to present 115 100 110 105 80 100 95 2014 2015 2016 2017 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Business supplies Ratio scale, 2012 output = 100 60 120 100 80 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Note: The shaded areas represent periods of business recession as defined by the NBER. 12 60 7. Industrial materials Total Ratio scale, 2012 output = 100 Revised Earlier 120 90 Detail: 2014 to present 115 110 70 105 100 2014 2015 2016 2017 95 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Energy materials Ratio scale, 2012 output = 100 50 130 110 90 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Non-energy materials Ratio scale, 2012 output = 100 70 130 100 80 60 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Note: The shaded areas represent periods of business recession as defined by the NBER. 13 40 8. Capacity utilization by stage of process Crude Processing Percent of capacity 100 Revised Earlier 95 90 85 80 75 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Primary and semifinished processing 2012 2014 2016 70 Percent of capacity 95 90 85 80 75 70 65 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Finished processing 2012 2014 2016 60 Percent of capacity 85 80 75 70 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. 14 2010 2012 2014 2016 65 Table 1A I NDUSTRIAL P RODUCTION : Total Seasonally adjusted Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual1 IP (percent change) 1987 1988 1989 1990 -.3 .0 .3 -.7 1.3 .4 -.5 1.0 .2 .2 .2 .5 .6 .6 .1 -.1 .6 -.1 -.7 .2 .5 .3 .0 .3 .7 .0 -.9 -.1 .8 .4 .9 .3 .3 -.3 -.4 .1 1.4 .5 -.1 -.8 .5 .2 .3 -1.2 .5 .5 .6 -.7 5.3 3.7 1.8 2.8 7.3 3.5 -1.5 3.1 7.7 1.5 -2.4 1.7 10.1 2.9 1.7 -6.1 5.2 5.2 .9 1.0 1991 1992 1993 1994 1995 -.4 -.6 .4 .4 .2 -.7 .7 .4 .0 -.1 -.5 .9 -.1 1.0 .1 .2 .7 .3 .5 .0 1.0 .3 -.3 .5 .3 .9 .0 .2 .6 .3 .1 .9 .3 .2 -.4 .1 -.5 -.1 .6 1.3 .9 .2 .5 .4 .4 -.2 .7 .8 .9 -.1 -.1 .4 .4 .6 .3 -.4 .1 .5 1.0 .4 -7.3 -.5 3.6 5.0 4.2 2.3 7.3 .9 7.4 1.3 5.6 3.1 1.6 5.2 3.7 .9 4.3 6.2 8.5 3.5 -1.5 2.9 3.3 5.2 4.7 1996 1997 1998 1999 2000 -.6 .1 .5 .5 .0 1.6 1.2 .1 .5 .3 -.1 .7 .1 .2 .4 .9 .0 .4 .3 .7 .7 .6 .6 .7 .2 .8 .5 -.6 -.2 .1 -.2 .8 -.4 .6 -.1 .6 1.1 2.1 .4 -.3 .7 .9 -.2 -.4 .4 -.1 .9 .8 1.3 -.3 .9 .9 -.1 .5 .0 .6 .3 .4 .8 -.3 2.8 7.8 4.5 4.5 4.1 8.8 6.0 2.7 4.0 5.1 5.1 9.5 3.0 3.7 -.4 5.7 10.4 5.9 7.2 -.8 4.5 7.2 5.8 4.4 3.9 2001 2002 2003 2004 2005 -.7 .6 .6 .2 .5 -.6 .0 .3 .6 .7 -.3 .8 -.2 -.5 -.2 -.2 .4 -.7 .4 .1 -.7 .4 .0 .8 .2 -.6 .9 .1 -.8 .4 -.6 -.2 .4 .8 -.3 -.2 .0 -.2 .1 .2 -.4 .1 .6 .1 -1.8 -.4 -.3 .1 .9 1.3 -.5 .5 .8 .2 1.0 .0 -.5 -.1 .7 .6 -5.2 2.9 2.2 2.7 5.8 -4.9 6.4 -2.8 2.3 2.0 -5.6 2.5 2.5 2.3 -1.9 -4.2 -.2 4.1 5.7 3.9 -3.1 .3 1.2 2.6 3.3 2006 2007 2008 2009 2010 .1 -.5 -.3 -2.4 1.1 .0 1.0 -.3 -.6 .4 .2 .2 -.2 -1.6 .7 .4 .7 -.7 -.9 .4 -.1 .0 -.5 -1.1 1.5 .4 .0 -.2 -.4 .2 .0 .0 -.5 1.1 .5 .3 .2 -1.5 1.1 .4 -.2 .3 -4.3 .8 .3 .0 -.5 .9 .3 -.2 -.1 .5 -1.2 .4 .0 1.1 .0 -2.9 .3 .9 3.8 3.7 -1.7 -20.6 8.0 2.4 5.0 -5.5 -11.5 8.6 1.4 .9 -12.1 5.7 6.0 1.0 .7 -15.9 6.4 1.6 2.2 2.5 -3.5 -11.5 5.5 2011 2012 2013 2014 2015 -.1 .6 -.1 -.5 -.7 -.4 .3 .6 1.0 -.2 1.0 -.6 .3 .9 -.3 -.4 .8 -.1 .2 -.4 .2 .2 .0 .3 -.4 .2 .0 .2 .4 -.3 .4 .2 -.6 .0 .5 .6 -.4 .8 -.1 .0 -.1 .0 .5 .3 -.3 .7 .3 -.1 .1 -.2 -.1 .5 .3 .8 -.6 .5 .3 .3 -.2 -.5 2.1 3.9 3.0 3.2 -3.3 1.3 2.6 1.5 6.0 -4.0 4.2 .2 .9 1.7 .4 3.8 2.4 3.2 2.7 -3.7 3.1 2.9 2.0 3.1 -.7 2016 2017 .5 -.1 -.2 .1 -.7 .3 -.1 .4 .1 -.1 -.2 .2 -.2 .7 -1.3 -.7 .8 .8 -1.2 IP (2012=100) 1987 1988 1989 1990 57.9 62.4 64.3 63.7 58.7 62.7 64.0 64.4 58.8 62.8 64.2 64.7 59.1 63.2 64.2 64.6 59.5 63.1 63.8 64.7 59.8 63.3 63.8 64.9 60.2 63.3 63.2 64.8 60.7 63.6 63.8 65.0 60.9 63.4 63.6 65.1 61.8 63.7 63.5 64.6 62.1 63.8 63.7 63.9 62.4 64.1 64.1 63.5 58.4 62.7 64.2 64.2 59.5 63.2 63.9 64.7 60.6 63.4 63.5 65.0 62.1 63.9 63.8 64.0 60.2 63.3 63.9 64.5 1991 1992 1993 1994 1995 63.2 63.6 66.8 69.0 73.7 62.8 64.0 67.1 69.0 73.6 62.4 64.6 67.0 69.8 73.7 62.6 65.1 67.2 70.1 73.7 63.2 65.3 67.0 70.5 73.9 63.7 65.3 67.2 70.9 74.1 63.8 65.9 67.4 71.1 73.8 63.9 65.6 67.3 71.5 74.8 64.4 65.7 67.6 71.7 75.1 64.3 66.2 68.1 72.3 75.0 64.2 66.5 68.4 72.8 75.2 64.0 66.5 68.8 73.6 75.5 62.8 64.1 67.0 69.3 73.7 63.2 65.2 67.1 70.5 73.9 64.0 65.7 67.4 71.4 74.6 64.2 66.4 68.4 72.9 75.2 63.5 65.4 67.5 71.0 74.3 1996 1997 1998 1999 2000 75.0 80.1 87.0 90.2 94.5 76.2 81.0 87.1 90.7 94.8 76.1 81.6 87.1 90.8 95.2 76.8 81.6 87.4 91.1 95.9 77.3 82.1 88.0 91.7 96.1 78.0 82.5 87.5 91.6 96.2 77.8 83.2 87.1 92.2 96.0 78.3 84.0 88.9 92.5 95.7 78.8 84.8 88.8 92.2 96.1 78.8 85.5 89.5 93.4 95.8 79.5 86.3 89.4 93.8 95.8 80.0 86.5 89.8 94.5 95.6 75.7 80.9 87.1 90.6 94.9 77.4 82.1 87.6 91.5 96.0 78.3 84.0 88.3 92.3 96.0 79.4 86.1 89.6 93.9 95.7 77.7 83.3 88.1 92.1 95.6 2001 2002 2003 2004 2005 94.9 91.3 94.0 95.3 99.0 94.4 91.4 94.3 95.9 99.7 94.1 92.1 94.0 95.5 99.5 93.9 92.5 93.4 95.9 99.7 93.3 92.9 93.4 96.6 99.8 92.7 93.8 93.5 95.9 100.2 92.2 93.5 93.9 96.6 99.9 92.0 93.6 93.7 96.7 100.1 91.7 93.7 94.3 96.7 98.3 91.3 93.4 94.4 97.7 99.5 90.8 93.9 95.2 97.8 100.5 90.8 93.4 95.2 98.5 101.1 94.5 91.6 94.1 95.6 99.4 93.3 93.0 93.4 96.1 99.9 92.0 93.6 94.0 96.7 99.4 91.0 93.6 94.9 98.0 100.4 92.7 93.0 94.1 96.6 99.8 2006 2007 2008 2009 2010 101.2 102.7 105.0 91.2 91.6 101.3 103.8 104.7 90.6 91.9 101.5 104.0 104.4 89.2 92.5 101.9 104.7 103.6 88.4 92.9 101.8 104.8 103.1 87.4 94.3 102.1 104.8 102.9 87.1 94.5 102.1 104.7 102.4 88.0 94.9 102.5 104.9 100.9 89.0 95.3 102.3 105.3 96.5 89.6 95.6 102.2 104.8 97.5 89.9 95.4 102.1 105.3 96.3 90.3 95.4 103.2 105.3 93.4 90.5 96.2 101.3 103.5 104.7 90.4 92.0 101.9 104.7 103.2 87.6 93.9 102.3 105.0 99.9 88.9 95.3 102.5 105.1 95.7 90.2 95.7 102.0 104.6 100.9 89.3 94.2 2011 2012 2013 2014 2015 96.1 99.3 100.9 102.6 105.6 95.7 99.6 101.5 103.6 105.4 96.6 99.1 101.8 104.6 105.1 96.3 99.9 101.7 104.8 104.7 96.5 100.0 101.7 105.1 104.3 96.7 100.1 101.9 105.5 104.0 97.1 100.3 101.3 105.5 104.5 97.7 99.9 102.1 105.4 104.5 97.6 99.9 102.6 105.7 104.2 98.3 100.2 102.5 105.8 104.0 98.2 100.7 102.8 106.6 103.4 98.7 101.0 103.1 106.4 102.9 96.2 99.3 101.4 103.6 105.4 96.5 100.0 101.7 105.1 104.3 97.5 100.0 102.0 105.5 104.4 98.4 100.6 102.8 106.3 103.4 97.1 100.0 102.0 105.1 104.4 2016 2017 103.5 103.6 103.3 103.7 102.5 102.9 102.8 103.1 103.2 103.1 103.0 103.2 103.0 103.8 103.1 102.9 103.1 103.3 103.1 Year N OTE : Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases. 1. Annual averages of industrial production are calculated from not seasonally adjusted indexes. 15 Table 1B C APACITY AND U TILIZATION : Total Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual Capacity (percent of 2012 output) 1987 1988 1989 1990 73.4 74.8 75.4 77.4 73.5 74.9 75.6 77.5 73.6 74.9 75.7 77.7 73.8 75.0 75.8 77.9 73.9 75.0 76.0 78.0 74.1 75.0 76.1 78.2 74.2 75.1 76.3 78.3 74.4 75.1 76.5 78.4 74.5 75.2 76.6 78.6 74.6 75.2 76.8 78.7 74.7 75.3 77.0 78.8 74.8 75.4 77.2 78.9 73.5 74.9 75.6 77.5 73.9 75.0 76.0 78.0 74.3 75.1 76.5 78.4 74.7 75.3 77.0 78.8 74.1 75.1 76.2 78.2 1991 1992 1993 1994 1995 79.0 80.3 82.2 83.8 86.8 79.1 80.4 82.3 84.0 87.1 79.2 80.6 82.5 84.2 87.4 79.3 80.8 82.6 84.4 87.7 79.4 80.9 82.7 84.6 88.0 79.4 81.1 82.8 84.9 88.4 79.5 81.3 82.9 85.2 88.7 79.6 81.5 83.0 85.4 89.0 79.7 81.6 83.2 85.7 89.4 79.9 81.8 83.3 86.0 89.7 80.0 81.9 83.4 86.3 90.1 80.1 82.1 83.6 86.5 90.5 79.1 80.4 82.3 84.0 87.1 79.4 80.9 82.7 84.6 88.0 79.6 81.5 83.0 85.4 89.0 80.0 81.9 83.5 86.3 90.1 79.5 81.2 82.9 85.1 88.6 1996 1997 1998 1999 2000 90.9 96.2 103.1 110.2 115.4 91.3 96.6 103.7 110.7 115.8 91.7 97.1 104.4 111.2 116.1 92.1 97.6 105.1 111.6 116.5 92.6 98.1 105.8 112.1 116.9 93.0 98.7 106.4 112.5 117.3 93.4 99.2 107.0 112.9 117.7 93.9 99.8 107.6 113.3 118.1 94.3 100.4 108.2 113.7 118.5 94.8 101.1 108.7 114.2 118.9 95.2 101.7 109.2 114.6 119.2 95.7 102.4 109.8 115.0 119.6 91.3 96.6 103.7 110.7 115.8 92.6 98.1 105.8 112.1 116.9 93.9 99.8 107.6 113.3 118.1 95.2 101.7 109.2 114.6 119.2 93.2 99.1 106.6 112.7 117.5 2001 2002 2003 2004 2005 120.0 123.5 124.0 123.7 123.9 120.3 123.6 124.0 123.7 124.0 120.7 123.8 124.0 123.7 124.1 121.1 123.9 123.9 123.7 124.3 121.4 124.0 123.9 123.6 124.4 121.7 124.1 123.9 123.6 124.6 122.0 124.1 123.8 123.6 124.8 122.3 124.1 123.8 123.6 125.0 122.6 124.1 123.8 123.6 125.1 122.8 124.1 123.8 123.7 125.3 123.1 124.1 123.8 123.7 125.5 123.3 124.1 123.7 123.8 125.7 120.3 123.6 124.0 123.7 124.0 121.4 124.0 123.9 123.6 124.4 122.3 124.1 123.8 123.6 125.0 123.0 124.1 123.8 123.7 125.5 121.8 124.0 123.9 123.7 124.7 2006 2007 2008 2009 2010 125.8 128.5 130.0 130.2 129.4 126.0 128.8 129.9 130.3 129.1 126.2 129.1 129.8 130.4 128.9 126.3 129.3 129.7 130.5 128.6 126.5 129.6 129.7 130.6 128.3 126.7 129.8 129.6 130.6 128.1 126.9 129.9 129.6 130.5 127.9 127.2 130.1 129.7 130.4 127.7 127.4 130.1 129.8 130.3 127.5 127.7 130.1 129.9 130.1 127.3 128.0 130.1 130.0 129.9 127.2 128.2 130.1 130.1 129.6 127.1 126.0 128.8 129.9 130.3 129.1 126.5 129.6 129.7 130.5 128.3 127.2 130.0 129.7 130.4 127.7 128.0 130.1 130.0 129.9 127.2 126.9 129.6 129.8 130.3 128.1 2011 2012 2013 2014 2015 127.0 128.3 131.0 132.7 135.2 127.0 128.5 131.2 132.8 135.4 127.0 128.8 131.4 133.0 135.6 127.0 129.0 131.6 133.1 135.7 127.1 129.2 131.7 133.3 135.9 127.1 129.5 131.9 133.5 136.0 127.2 129.7 132.0 133.7 136.1 127.4 129.9 132.1 133.9 136.1 127.5 130.2 132.2 134.2 136.1 127.7 130.4 132.3 134.4 136.1 127.9 130.6 132.5 134.7 136.1 128.1 130.8 132.6 134.9 136.1 127.0 128.5 131.2 132.8 135.4 127.1 129.2 131.7 133.3 135.9 127.4 129.9 132.1 133.9 136.1 127.9 130.6 132.5 134.7 136.1 127.3 129.6 131.9 133.7 135.9 2016 2017 136.1 136.6 136.0 136.7 136.0 136.0 136.0 136.0 136.0 136.1 136.2 136.3 136.4 136.5 136.0 136.0 136.1 136.4 136.1 Utilization (percent) 1987 1988 1989 1990 79.0 83.4 85.2 82.4 79.8 83.7 84.7 83.0 79.8 83.8 84.8 83.2 80.2 84.3 84.7 83.0 80.5 84.1 84.0 82.9 80.7 84.3 83.8 83.0 81.1 84.3 82.9 82.8 81.7 84.7 83.5 82.9 81.7 84.4 83.0 82.9 82.8 84.7 82.7 82.1 83.1 84.8 82.8 81.1 83.4 85.1 83.1 80.4 79.5 83.6 84.9 82.9 80.5 84.2 84.2 83.0 81.5 84.5 83.1 82.9 83.1 84.9 82.9 81.2 81.2 84.3 83.8 82.5 1991 1992 1993 1994 1995 80.0 79.2 81.3 82.4 84.9 79.3 79.6 81.5 82.2 84.5 78.8 80.2 81.3 82.9 84.3 78.9 80.6 81.4 83.1 84.0 79.6 80.7 81.1 83.3 83.9 80.2 80.5 81.1 83.6 83.9 80.2 81.0 81.2 83.4 83.3 80.2 80.5 81.0 83.7 84.0 80.8 80.5 81.3 83.7 84.0 80.5 80.9 81.8 84.2 83.6 80.3 81.1 82.0 84.4 83.4 79.8 81.1 82.3 85.0 83.4 79.4 79.7 81.4 82.5 84.5 79.6 80.6 81.2 83.3 83.9 80.4 80.7 81.2 83.6 83.8 80.2 81.0 82.0 84.5 83.5 79.9 80.5 81.4 83.5 83.9 1996 1997 1998 1999 2000 82.5 83.3 84.4 81.8 82.0 83.4 83.9 83.9 81.9 81.9 82.9 84.0 83.5 81.7 82.0 83.3 83.6 83.2 81.6 82.3 83.5 83.7 83.2 81.8 82.2 83.8 83.6 82.2 81.4 82.0 83.3 83.8 81.4 81.6 81.6 83.4 84.2 82.7 81.7 81.1 83.6 84.4 82.1 81.0 81.1 83.1 84.6 82.3 81.8 80.6 83.5 84.8 81.9 81.9 80.4 83.6 84.5 81.8 82.2 79.9 82.9 83.7 83.9 81.8 81.9 83.6 83.7 82.9 81.6 82.1 83.4 84.1 82.1 81.4 81.3 83.4 84.6 82.0 82.0 80.3 83.3 84.0 82.7 81.7 81.4 2001 2002 2003 2004 2005 79.1 74.0 75.8 77.1 79.9 78.4 73.9 76.0 77.5 80.4 78.0 74.4 75.9 77.2 80.2 77.6 74.6 75.3 77.5 80.2 76.8 74.9 75.4 78.2 80.2 76.2 75.6 75.5 77.5 80.4 75.5 75.4 75.8 78.1 80.1 75.2 75.4 75.7 78.2 80.1 74.8 75.5 76.2 78.2 78.5 74.3 75.3 76.3 79.0 79.4 73.8 75.6 76.9 79.1 80.1 73.7 75.3 76.9 79.6 80.5 78.5 74.1 75.9 77.3 80.1 76.9 75.0 75.4 77.7 80.3 75.2 75.4 75.9 78.2 79.6 73.9 75.4 76.7 79.2 80.0 76.1 75.0 76.0 78.1 80.0 2006 2007 2008 2009 2010 80.5 79.9 80.8 70.0 70.8 80.4 80.6 80.6 69.5 71.2 80.4 80.5 80.4 68.4 71.8 80.7 81.0 79.9 67.7 72.3 80.4 80.8 79.5 67.0 73.5 80.6 80.7 79.4 66.7 73.8 80.4 80.6 79.0 67.4 74.3 80.6 80.7 77.8 68.2 74.7 80.3 80.9 74.4 68.8 75.0 80.1 80.5 75.0 69.1 74.9 79.8 80.9 74.1 69.5 75.0 80.5 81.0 71.8 69.8 75.7 80.4 80.3 80.6 69.3 71.2 80.6 80.8 79.6 67.1 73.2 80.4 80.7 77.1 68.1 74.6 80.1 80.8 73.6 69.5 75.2 80.4 80.7 77.7 68.5 73.6 2011 2012 2013 2014 2015 75.7 77.4 77.0 77.3 78.1 75.4 77.5 77.3 78.0 77.9 76.1 76.9 77.5 78.6 77.5 75.8 77.4 77.3 78.7 77.1 75.9 77.4 77.2 78.8 76.8 76.1 77.3 77.2 79.0 76.5 76.3 77.3 76.7 78.9 76.8 76.7 76.9 77.3 78.7 76.8 76.5 76.8 77.6 78.8 76.5 77.0 76.9 77.4 78.7 76.4 76.8 77.1 77.6 79.2 76.0 77.0 77.2 77.8 78.8 75.6 75.7 77.3 77.3 78.0 77.8 75.9 77.4 77.2 78.9 76.8 76.5 77.0 77.2 78.8 76.7 76.9 77.1 77.6 78.9 76.0 76.3 77.2 77.3 78.6 76.8 2016 2017 76.1 75.9 75.9 75.9 75.4 75.6 75.6 75.8 75.9 75.8 75.6 75.8 75.6 76.0 75.8 75.7 75.8 75.8 75.8 N OTE : Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases. 16 Table 2 R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY: 2012–16 1 Item 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2.3 2.2 3.4 -2.7 -.1 .0 .1 -.1 -1.0 .0 1.1 -1.3 1.0 -.2 6.4 2.4 1.5 -1.8 -2.8 1.3 -7.2 -9.0 -7.8 1.1 .8 1.4 8.5 15.0 2.4 2.9 2.7 -.3 -2.3 .8 -5.0 -8.1 -2.4 5.9 1.6 1.2 4.1 6.4 -1.1 3.5 1.4 .4 1.8 .4 -2.5 6.5 -2.6 -3.9 -1.2 1.3 3.1 5.0 2.4 3.8 .1 .8 2.0 2.3 -5.7 3.1 -2.3 -3.9 .2 .7 3.3 5.9 4.6 1.0 .1 -.1 -1.0 -.1 -6.4 -1.5 -5.8 3.6 .0 .2 .6 1.0 .8 .0 .1 .1 .1 .1 .2 .1 .3 -.2 .0 -.1 -.3 .0 -1.5 .0 -.5 .0 -.3 -.1 -1.0 -.1 -1.1 .7 -.2 .4 .5 1.1 -1.3 .9 -.6 .4 .9 .8 -1.2 1.6 .2 -1.1 -.2 .7 -.7 -1.6 3.0 .7 -.4 1.2 2.1 1.9 -1.2 2.7 2.2 -1.3 -.1 -.1 -.8 -.8 .1 .0 -1.3 .1 -.3 -.4 -1.6 .5 -1.4 .6 7.2 16.7 6.4 3.8 .7 -1.8 3.2 -1.5 -4.0 -4.5 3.5 11.2 -.2 1.5 -2.4 -3.3 1.2 .2 -6.8 -2.9 -.4 -3.5 4.1 -.6 -1.2 -.5 -2.8 .3 -.2 .3 .2 .9 -1.0 .5 -.5 -1.1 .8 -2.1 -1.5 .8 -1.3 1.6 -.9 -2.9 1.8 -.7 -.9 -1.7 -.2 -.7 3.2 1.6 3.6 2.3 3.8 .1 .1 -.3 .9 .0 .0 .0 .0 .0 -.6 -1.0 -1.1 -.6 .7 .5 3.5 2.3 3.2 8.4 2.8 1.6 1.0 -.8 .8 1.4 5.2 3.6 2.1 3.7 4.6 4.5 2.9 -.3 7.7 -.9 -1.8 5.3 5.2 1.4 2.9 4.3 4.3 1.6 -1.0 -2.8 -.4 -2.4 9.5 -4.3 -2.2 -3.4 .1 -5.1 -3.5 -.3 -2.7 -2.9 .0 -7.1 -.5 .6 .5 5.1 -.8 -.5 .8 1.7 -1.5 .8 -2.4 .0 -.1 -.2 -.3 -.2 -.2 .0 .1 -.1 -.1 .0 .2 .4 .5 .8 .8 .3 .2 -.4 -.1 .5 -.2 -.1 -.8 -.7 -.2 -1.5 -.4 -1.0 -1.6 .1 -2.3 .3 -2.0 -1.7 -2.1 -3.3 -3.7 -.5 -1.2 -2.3 -.3 -2.8 -1.9 .1 .7 .9 .1 1.1 1.1 .3 1.0 -.7 1.0 -.7 321 327 331 332 333 334 1.7 2.1 3.9 8.1 3.9 -4.0 1.6 2.2 7.8 .9 1.0 2.6 4.3 4.6 5.3 3.5 -4.0 2.7 1.5 1.8 2.7 3.7 3.2 -1.3 .2 2.3 4.4 -.6 -.5 -2.0 3.8 2.4 -8.1 -4.7 -9.0 -.5 .2 .5 .8 3.7 .1 -2.1 -.8 .4 3.8 .0 -.1 -.1 .2 -.1 -.1 .0 -.4 .1 .1 .1 .1 -.6 .1 .4 .0 1.0 -.2 -.5 -.5 -.6 .8 -1.7 .5 -1.0 -1.6 -1.2 -.6 -.7 -1.4 3.8 -2.0 -1.1 -1.5 -4.0 -2.0 .1 .1 -.2 .9 .5 .0 -.5 .6 -.4 335 3361–3 2.2 6.5 -.1 11.0 .8 6.9 1.8 3.9 .5 4.8 -.1 -.4 .4 .9 .0 .5 -.6 -1.2 2.6 .1 3364–9 337 339 7.5 6.2 1.1 .9 -.9 1.9 4.9 4.4 -1.8 -2.0 3.8 -.9 -2.1 -2.0 -.9 .0 .0 .7 .0 -.1 -1.9 .2 .5 -2.1 -.5 .6 .6 -.6 .0 -3.3 311,2 313,4 315,6 322 323 324 325 326 .1 1.3 -1.9 -7.6 2.3 -1.0 -.7 -1.8 5.0 -.8 1.2 6.9 -4.5 -1.6 2.0 2.8 -4.5 .0 .7 .7 .9 -2.4 1.1 -2.8 -5.5 1.7 4.4 1.2 2.4 -1.9 -5.6 -3.3 2.9 1.5 1.3 .7 .1 .2 .9 -6.0 -.1 -1.9 2.1 .0 -.5 -.1 .0 -.1 .2 .1 -.4 -.4 .0 .0 .1 .0 .4 -.8 -.2 -.4 1.1 .1 .1 -.4 .9 .8 -1.0 .4 -2.2 -3.1 -.6 -1.3 .1 1.7 -1.4 -1.3 -.1 .2 -5.1 -.1 -.5 .4 -.4 .7 -1.6 -.9 .2 3.0 .8 1.1 1133,5111 -9.9 -.5 -4.7 -2.3 -6.5 .3 -.7 .6 2.0 -.4 21 2211,2 2211 2212 5.7 .2 -.4 4.6 5.6 4.4 3.6 11.2 11.9 -.6 -.3 -2.9 -10.9 -3.8 -2.7 -12.1 -4.6 2.4 2.1 4.3 -.6 .2 .2 .2 -.3 .0 .0 .1 -.5 .1 .0 .5 -2.7 .3 .6 -.6 .6 -.1 .0 -1.0 Total IP M ARKET G ROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Business equipment Transit Information processing Industrial and other Defense and space equipment Construction supplies Business supplies Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy I NDUSTRY G ROUPS Manufacturing2 Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metals Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemicals Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Electric Natural gas Difference between revised and earlier changes (percentage points) Revised change (percent) 31–33 1. Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column heading. 2. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries– logging and newspaper, periodical, book, and directory publishing–that have traditionally been considered to be a part of manufacturing and are included in the industrial sector. 17 Table 3 R ATES O F C HANGE IN I NDUSTRIAL P RODUCTION , S PECIAL AGGREGATES AND S ELECTED D ETAIL : 2012–16 1 Difference between revised and earlier changes (percentage points) Revised change (percent) Item 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2.3 2.2 3.4 -2.7 -.1 .0 .1 -.1 -1.0 .0 3.7 1.1 1.3 -8.0 4.6 5.3 4.9 5.9 3.9 -2.0 .7 6.4 6.8 -3.9 .2 6.4 .8 11.7 -7.8 -3.9 -.3 -59.7 -1.4 -8.6 -1.1 3.6 1.7 -22.9 1.6 -4.0 -.1 -.2 -.1 -.2 -.2 .0 -.1 .7 .1 -.5 -.2 -.5 .1 -1.1 -.5 -.7 .2 -.2 -1.8 -1.3 -.2 -.2 .5 -2.5 -.3 .6 -.6 -.3 .2 -.7 3341 3342 1.7 11.8 18.8 2.1 .9 11.6 -1.3 15.9 1.9 9.1 6.0 -4.9 -.7 -.4 -2.1 .9 .2 7.9 15.0 13.9 .0 .0 .4 .5 .1 .2 -1.6 -2.1 -.4 .4 3.9 -2.3 -.5 -.5 8.6 .5 .1 1.1 -1.2 -3.5 3344 13.2 13.7 15.9 -.5 3.6 -.3 1.5 .4 -3.0 2.8 1.2 .5 1.6 -.7 -.1 .0 .1 -.4 -.5 .1 6.5 1.8 10.2 11.0 14.7 6.4 6.9 5.3 8.5 3.9 4.8 2.9 4.8 2.0 7.4 -.4 -.4 -.4 .9 .9 1.0 .5 1.9 -.4 -1.2 1.5 -3.7 .1 -.2 .3 .8 -2.4 7.1 3.2 .5 .9 -.3 -1.5 -3.0 3.5 .8 1.2 1.2 1.9 3.6 3.9 -1.2 .4 -1.1 1.9 -4.4 .1 -.3 -2.5 -.5 -.8 -.9 .8 -1.1 -.1 .0 .1 -.1 .0 .0 -.1 .0 -.3 .1 .0 -.2 .3 -.5 .7 -1.4 -.6 -1.3 -.9 -.4 1.7 -2.5 -1.1 -.6 -1.4 .1 -.3 -1.0 .7 .4 .6 Measures excluding selected high-technology industries Total industry Manufacturing2 Durable 2.0 1.2 3.2 1.9 .5 1.9 3.2 1.3 2.2 -2.7 -.6 -2.2 -.3 .0 .3 .0 .0 -.1 .1 .1 .1 -.1 -.5 -.7 -1.0 -.6 -1.4 .0 .0 -.3 Measures excluding motor vehicles and parts Total industry Manufacturing2 Durable 2.1 1.4 3.6 1.7 .2 1.4 3.2 1.2 2.0 -3.0 -.9 -3.0 -.4 -.1 .1 .0 .0 .0 .1 .0 .0 -.1 -.5 -.8 -1.0 -.5 -1.4 .0 .1 -.2 Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing2 1.7 .9 1.5 -.2 3.0 .8 -3.1 -.9 -.6 -.4 .0 .0 .1 .0 -.1 -.6 -1.0 -.5 .0 .0 Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors 3.7 1.4 3.6 1.2 3.1 .3 -3.1 -1.6 .9 .4 -.2 -.1 .6 .3 -.8 -.8 -2.9 -.9 .5 .8 S TAGE - OF - PROCESS GROUPS Crude Primary and semifinished Finished 5.9 1.3 1.1 4.5 3.6 -1.3 8.5 1.3 2.4 -6.2 -2.2 -1.2 -3.1 .7 .2 -.4 .0 .0 .0 .2 -.2 -.4 -.6 .2 -2.7 -1.2 .2 .1 .6 -.6 Total industry Energy Consumer products Commercial products Oil and gas well drilling Converted fuel Primary energy Non-energy Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components 213111 Excluding selected high-technology industries Motor vehicles and parts Motor vehicles Motor vehicle parts Excluding motor vehicles and parts Consumer goods Business equipment Construction supplies Business supplies Materials 3361–3 3361 3363 1. See footnote 1 to table 2. 2. See footnote 2 to table 2. 18 Table 4 A NNUAL R ATES OF C HANGE FOR I NDUSTRIAL P RODUCTION : 2012–16 1 Difference between revised and earlier changes (percentage points) Revised change (percent) Item 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2.9 2.0 3.1 -.7 -1.2 .2 .1 .2 -1.0 -.3 -1.4 2.3 -2.3 .7 5.5 -.5 .8 4.9 -.3 2.3 4.1 1.8 .6 2.8 .0 .0 .2 .0 .0 -.1 .0 .1 .4 .0 .9 .2 1.2 .0 -1.5 .5 Business equipment Defense and space equipment 9.6 2.0 -.1 -2.8 1.9 -3.2 -.9 -3.2 -1.8 -1.4 -.2 .1 .1 .1 -.4 -.4 -1.6 2.4 -1.1 -.3 Construction supplies Business supplies 4.3 1.0 3.0 1.8 3.4 1.0 .5 -.7 1.4 .2 .0 -.1 .0 .0 -.3 -.5 -1.0 -1.1 .2 .3 Materials Non-energy Energy 4.3 2.8 6.3 3.4 1.9 5.3 5.1 2.0 8.6 -1.4 -1.5 -1.3 -2.3 -.2 -5.8 .3 .0 .6 .1 .1 -.2 .4 .1 .3 -1.9 -2.0 -1.9 -.4 .2 -1.1 I NDUSTRY G ROUPS Manufacturing2 Manufacturing (NAICS) Durable manufacturing Nondurable manufacturing Other manufacturing (non-NAICS) 2.6 2.9 5.5 .1 -5.8 .9 1.1 2.2 .0 -5.0 1.2 1.3 2.9 -.6 -1.1 .1 .2 -.8 1.4 -3.9 .0 .2 -.2 .6 -6.6 .0 .0 .0 .0 .2 .0 .0 .0 .0 .0 -.1 -.1 -.1 -.1 -.5 -.7 -.8 -1.3 -.3 2.5 -.1 -.1 -.7 .5 -.1 Mining Utilities 7.5 -2.2 6.0 2.3 10.7 1.4 -4.3 -.7 -9.0 -.3 .1 .1 -.5 .0 -.3 .0 -2.6 .1 .4 .2 Total IP M ARKET G ROUPS Consumer goods Durable Nondurable 1. The rates of change are calculated as the percent change in the annual averages of not seasonally adjusted industrial production indexes rather than as the percent change between the fourth quarter of one year and the fourth quarter of the next. 2. See footnote 2 to table 2. Table 5 R ATES OF C HANGE IN C APACITY, BY I NDUSTRY G ROUPS : 2013–17 1 Item 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 Difference between revised and earlier changes (percentage points) Revised change (percent) 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 1.4 1.7 1.1 .2 1.0 .4 -.1 -1.0 -.2 -.3 .8 1.0 2.2 -.3 -4.4 .0 .1 .3 -.1 -4.2 .1 .2 .9 -.5 -4.4 .7 .9 1.1 .6 -4.0 .6 .7 1.1 .4 -4.0 .4 .3 .3 .4 .8 -.2 -.3 .0 -.6 1.3 -.8 -.8 .3 -2.1 .5 .0 .1 .3 -.1 -4.5 -.6 -.5 -.5 -.4 -2.1 6.6 .1 7.2 .5 .7 1.0 -4.1 2.2 2.2 .7 -.1 .1 -1.1 -.5 -5.0 .3 -.7 1.5 1.3 -.1 14.6 3.8 1.7 5.0 5.6 -.7 3.7 2.0 .9 1.6 .3 -.2 .1 .6 .4 .4 -.4 -.8 .0 -.6 5.0 1.0 .4 5.8 -.1 .3 .6 -.2 .9 -3.2 1.1 .7 1.9 .5 .8 .1 .2 .6 -.7 -.2 -.2 -4.2 -.8 -.2 -.7 .1 .1 .9 -.5 -.5 1. Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column heading. 2. See footnote 2 to table 2. 19 Table 6 R EVISED AND E ARLIER C APACITY U TILIZATION R ATES , BY I NDUSTRY G ROUPS Percent of capacity, seasonally adjusted Difference between revised and earlier rates (percentage points) Revised Rate 19722016 Ave. 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 79.9 77.6 78.9 76.0 75.8 .3 .3 .2 .4 31–33 78.4 78.3 74.7 75.2 75.9 76.4 75.4 75.8 75.1 75.5 .1 .2 -.1 .0 .0 .1 .1 .0 321 327 331 332 333 334 76.9 76.4 73.8 78.6 77.7 77.5 77.6 75.3 72.3 61.9 75.2 80.5 75.4 72.3 77.1 71.5 64.0 76.1 81.1 76.4 72.8 74.9 74.3 65.4 69.6 78.4 69.0 70.4 74.7 76.8 64.7 66.5 78.3 69.1 70.1 .6 .5 1.0 .2 -.1 1.2 2.0 .1 .1 .0 .7 -.5 .5 -.4 -1.2 6.2 -1.0 -.8 -1.0 -3.0 -2.8 -1.5 9.9 -.7 -3.0 -1.3 -2.7 -2.9 335 3361–3 82.4 75.2 81.1 74.2 81.2 78.4 80.3 80.5 80.5 82.9 -1.6 .7 -1.6 .5 -4.5 -.5 -2.1 -1.2 3364–9 337 339 74.2 76.7 76.5 79.4 72.7 77.3 84.3 77.3 78.0 80.8 80.3 77.8 78.4 79.1 77.4 .4 .1 -1.6 1.2 1.4 -1.1 -1.0 2.4 .7 -2.9 2.1 -1.3 311,2 313,4 315,6 322 323 324 325 326 80.2 80.7 79.1 76.7 86.6 79.4 85.3 76.9 82.2 74.9 79.0 70.8 65.8 81.9 64.7 83.5 68.5 80.3 75.5 77.2 72.2 69.2 85.3 63.6 81.9 71.2 82.8 76.8 77.4 71.2 68.6 84.9 67.1 82.1 73.9 82.6 76.4 76.8 71.6 67.6 87.2 67.2 80.1 74.0 80.9 -.3 -.1 -1.5 -.6 -.6 1.7 -.4 -1.0 2.4 -.1 -.3 -.4 3.1 .9 .0 .1 -.8 1.8 1.5 1.3 -.5 5.1 2.7 1.5 1.7 .7 2.6 1.9 1.9 -.5 3.8 3.4 2.3 1.5 .7 5.0 1133,5111 80.5 64.1 63.7 65.1 63.4 -1.1 -1.5 -.6 2.0 21 2211,2 87.0 85.6 86.7 81.7 90.5 80.8 80.0 76.9 79.6 77.0 -.9 -.1 -.4 .4 1.1 .3 2.2 -.9 3341 3342 77.3 77.5 76.5 68.8 64.1 79.8 72.3 71.0 71.3 70.8 66.7 70.2 72.8 76.7 76.1 1.3 .1 -.6 -1.0 1.1 -1.5 -2.8 -.3 2.5 -2.8 -9.0 -2.1 3344 78.6 66.1 73.0 72.2 70.4 2.2 -1.3 -5.7 -2.3 Measures excluding selected high-technology industries Total industry Manufacturing1 80.1 78.5 77.9 75.0 79.1 76.1 76.1 75.6 75.9 75.1 .2 .1 .3 .0 .3 .1 .4 .2 S TAGE - OF - PROCESS GROUPS Crude Primary and semifinished Finished 86.1 80.5 76.9 85.6 76.2 74.1 88.1 77.1 75.6 79.8 75.6 75.2 79.8 75.3 74.8 .1 .3 -.4 .4 .0 -.2 1.2 -.2 .2 1.9 .1 -.2 Item Total industry 1 Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metals Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemicals Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components 1. See footnote 2 to table 2. 20 Table 7A I NDUSTRIAL P RODUCTION : Manufacturing1 Seasonally adjusted Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual2 IP (percent change) 1987 1988 1989 1990 -.3 -.2 .8 -.2 1.5 .2 -1.0 1.5 .1 .3 -.1 .5 .6 .9 .3 -.2 .7 -.2 -.9 .1 .3 .2 .2 .3 .8 .0 -1.1 -.2 .6 .1 .9 .3 .5 .4 -.3 .0 1.6 .5 -.2 -.8 .6 .3 .2 -1.1 .6 .5 .1 -.7 5.8 2.8 2.1 4.3 7.1 4.3 -2.8 3.1 7.7 .8 -3.2 1.1 11.5 4.5 .4 -6.7 5.7 5.4 .8 .8 1991 1992 1993 1994 1995 -.7 -.6 1.0 .2 .2 -.7 .9 .2 .1 -.3 -.7 1.0 -.2 1.3 .2 .3 .5 .5 .8 -.1 .7 .6 -.1 .7 .1 1.0 .3 -.2 .3 .5 .3 .9 .3 .4 -.7 .2 -.4 -.2 .8 1.1 1.1 .1 .6 .5 .9 -.2 .6 .8 1.0 -.1 -.2 .4 .4 .8 .1 -.2 -.1 .6 1.1 .4 -8.8 .5 4.5 4.8 4.4 1.8 8.3 1.4 9.4 .8 7.2 4.1 .8 6.1 3.0 1.6 3.2 6.9 10.3 4.4 -1.9 3.7 3.5 5.8 5.1 1996 1997 1998 1999 2000 -.8 .1 .8 .3 .1 1.6 1.4 .1 .8 .2 -.2 1.1 -.1 .0 .6 1.1 -.2 .5 .4 .7 .8 .8 .5 .9 -.1 1.0 .7 -.8 -.3 .2 .2 .7 -.4 .5 .1 .6 1.3 2.4 .6 -.7 .8 .9 -.2 -.4 .4 -.2 .9 1.0 1.5 -.3 .9 1.1 .2 .6 -.3 .9 .4 .6 .7 -.6 2.0 9.3 6.0 5.2 4.4 10.0 7.2 2.1 4.6 4.9 7.5 10.5 3.3 3.3 -.4 6.0 11.4 8.1 8.6 -2.4 4.9 8.4 6.6 5.1 4.1 2001 2002 2003 2004 2005 -.6 .5 .5 -.1 .7 -.6 .0 .1 .7 .8 -.3 .8 .1 -.1 -.5 -.2 .2 -.8 .4 .3 -.7 .5 .1 .8 .4 -.7 1.1 .5 -.7 .2 -.5 -.4 .2 .9 -.4 -.5 .2 -.4 .5 .4 -.2 .1 .8 .0 -1.0 -.6 -.4 .1 1.0 1.5 -.3 .4 1.0 -.1 .8 .3 -.5 -.2 .7 .2 -6.0 3.6 1.7 2.4 6.4 -5.2 5.9 -1.9 3.4 2.3 -6.0 3.1 2.2 4.0 -.8 -4.0 -.4 4.6 5.4 6.3 -3.7 .4 1.3 3.1 4.0 2006 2007 2008 2009 2010 .8 -.5 -.4 -3.0 1.1 -.3 .4 -.6 -.2 -.1 -.1 .8 -.3 -1.9 1.2 .5 .7 -1.1 -.8 .9 -.5 -.1 -.5 -1.1 1.4 .3 .3 -.6 -.4 -.1 -.3 .1 -1.2 1.4 .6 .6 -.3 -1.1 1.2 .2 .1 .4 -3.4 .8 .1 -.4 -.4 -.6 .2 .1 .1 .5 -2.3 1.0 .0 1.5 .1 -3.5 -.2 .4 3.8 4.2 -2.8 -24.3 6.7 .8 5.9 -7.8 -11.5 10.8 .8 .7 -13.5 7.4 4.9 1.7 .5 -21.4 6.9 1.6 2.5 2.7 -4.8 -13.8 5.8 2011 2012 2013 2014 2015 .2 .9 -.3 -1.0 -.4 .1 .4 .5 1.1 -.5 .6 -.5 -.2 .8 .3 -.6 .6 -.4 .0 .1 .1 -.4 .2 .2 -.1 .1 .2 .2 .3 -.3 .5 -.1 -1.1 .2 .6 .4 -.2 1.0 -.4 -.1 .3 .0 .1 .0 -.3 .6 -.2 .1 .0 .2 -.4 .8 .0 .9 -.1 .6 .7 .0 -.4 -.3 2.9 5.3 2.8 -.4 -2.2 -.4 .8 -.6 4.4 -.2 3.9 -1.0 -.6 1.1 1.0 3.6 1.8 2.0 1.2 -.9 2.9 2.6 .9 1.2 .1 2016 2017 .6 .6 -.2 .5 -.2 .0 -.2 .2 .1 -.4 .2 .2 .2 .1 .7 -1.1 -.1 1.6 .0 IP (2012=100) 1987 1988 1989 1990 57.0 61.6 64.0 62.6 57.9 61.7 63.4 63.5 57.9 61.9 63.3 63.8 58.2 62.4 63.4 63.7 58.7 62.3 62.9 63.8 58.9 62.4 63.0 64.0 59.3 62.4 62.3 63.9 59.7 62.5 62.8 64.1 60.0 62.7 62.6 64.0 61.0 63.0 62.5 63.5 61.3 63.2 62.7 62.8 61.7 63.5 62.7 62.3 57.6 61.7 63.5 63.3 58.6 62.4 63.1 63.8 59.7 62.5 62.6 64.0 61.3 63.2 62.7 62.9 59.3 62.5 63.0 63.5 1991 1992 1993 1994 1995 61.9 62.6 66.3 68.3 73.8 61.5 63.1 66.4 68.3 73.6 61.0 63.8 66.3 69.2 73.8 61.2 64.1 66.6 69.8 73.7 61.7 64.5 66.6 70.3 73.8 62.3 64.7 66.5 70.4 74.2 62.5 65.3 66.6 70.7 73.7 62.6 65.0 66.5 71.3 74.5 63.3 65.0 66.9 71.6 75.2 63.2 65.4 67.5 72.3 75.1 63.1 65.7 67.8 72.9 75.2 63.0 65.6 68.2 73.7 75.5 61.5 63.2 66.3 68.6 73.8 61.7 64.4 66.6 70.2 73.9 62.8 65.1 66.7 71.2 74.5 63.1 65.6 67.8 73.0 75.3 62.3 64.6 66.8 70.7 74.3 1996 1997 1998 1999 2000 74.9 80.8 89.0 92.7 97.7 76.1 81.9 89.1 93.4 97.8 75.9 82.8 89.0 93.4 98.5 76.8 82.7 89.4 93.7 99.2 77.4 83.3 89.9 94.6 99.1 78.2 83.9 89.2 94.3 99.3 78.4 84.4 88.8 94.7 99.4 78.8 85.5 91.0 95.3 98.7 79.5 86.2 90.8 94.9 99.1 79.3 87.0 91.7 96.3 98.8 80.0 87.9 91.9 96.9 98.6 80.7 88.3 92.4 97.6 98.0 75.6 81.8 89.0 93.1 98.0 77.5 83.3 89.5 94.2 99.2 78.9 85.4 90.2 95.0 99.1 80.0 87.7 92.0 96.9 98.5 78.0 84.6 90.2 94.8 98.7 2001 2002 2003 2004 2005 97.5 93.8 96.4 97.8 102.6 96.9 93.8 96.5 98.5 103.4 96.6 94.6 96.6 98.4 102.9 96.4 94.8 95.8 98.8 103.2 95.6 95.3 95.9 99.6 103.6 95.0 96.3 96.4 98.8 103.8 94.6 96.0 96.6 99.7 103.4 94.1 96.2 96.1 100.2 103.8 93.9 96.3 96.9 100.2 102.8 93.3 96.0 97.0 101.2 104.3 93.1 96.4 98.0 101.1 105.1 93.3 95.9 97.8 101.8 105.3 97.0 94.1 96.5 98.2 102.9 95.7 95.4 96.0 99.1 103.5 94.2 96.2 96.5 100.0 103.3 93.3 96.1 97.6 101.3 104.9 95.0 95.4 96.7 99.7 103.7 2006 2007 2008 2009 2010 106.1 107.3 109.5 91.1 91.9 105.8 107.7 108.9 90.9 91.9 105.8 108.6 108.5 89.2 93.0 106.3 109.4 107.3 88.5 93.8 105.8 109.3 106.8 87.5 95.2 106.2 109.6 106.2 87.2 95.1 105.9 109.7 105.0 88.4 95.7 106.5 109.4 103.7 89.4 95.9 106.6 109.8 100.2 90.1 95.9 106.2 109.4 99.6 90.3 96.1 106.3 109.9 97.3 91.2 96.1 107.8 110.0 93.9 91.0 96.5 105.9 107.9 109.0 90.4 92.3 106.1 109.4 106.8 87.7 94.7 106.3 109.6 103.0 89.3 95.8 106.8 109.8 97.0 90.8 96.2 106.3 109.2 103.9 89.6 94.8 2011 2012 2013 2014 2015 96.7 99.8 100.7 100.1 102.4 96.7 100.2 101.2 101.2 101.9 97.3 99.6 101.0 101.9 102.2 96.7 100.3 100.6 101.9 102.2 96.8 99.9 100.8 102.1 102.2 96.9 100.1 101.0 102.4 101.9 97.4 99.9 100.0 102.7 102.5 97.7 99.8 101.0 102.3 102.4 98.0 99.7 101.1 102.3 102.1 98.6 99.5 101.2 102.3 102.3 98.3 100.3 101.2 103.2 102.2 98.9 101.0 101.1 102.8 101.9 96.9 99.9 101.0 101.1 102.1 96.8 100.1 100.8 102.1 102.1 97.7 99.8 100.7 102.4 102.3 98.6 100.3 101.2 102.7 102.1 97.5 100.0 100.9 102.1 102.2 2016 2017 102.5 103.1 102.3 103.6 102.1 102.1 101.9 102.1 102.1 101.8 102.0 102.2 102.4 102.5 102.3 102.0 102.0 102.4 102.2 Year N OTE : Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases. 1. See footnote 2 to table 2. 2. Annual averages of industrial production are calculated from not seasonally adjusted indexes. 21 Table 7B C APACITY AND U TILIZATION : Manufacturing1 Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual Capacity (percent of 2012 output) 1987 1988 1989 1990 72.3 74.1 74.7 76.8 72.4 74.2 74.8 77.0 72.6 74.2 75.0 77.2 72.8 74.3 75.1 77.4 73.0 74.3 75.3 77.6 73.2 74.3 75.5 77.8 73.4 74.3 75.6 77.9 73.5 74.4 75.8 78.1 73.7 74.4 76.0 78.2 73.8 74.5 76.2 78.3 73.9 74.5 76.4 78.5 74.0 74.6 76.6 78.6 72.4 74.2 74.9 77.0 73.0 74.3 75.3 77.6 73.5 74.4 75.8 78.1 73.9 74.5 76.4 78.5 73.2 74.3 75.6 77.8 1991 1992 1993 1994 1995 78.7 80.1 82.4 84.1 87.4 78.8 80.3 82.5 84.3 87.8 78.9 80.5 82.7 84.5 88.1 79.0 80.7 82.8 84.8 88.4 79.1 80.9 82.9 85.0 88.8 79.2 81.1 83.0 85.3 89.2 79.3 81.3 83.2 85.6 89.6 79.4 81.5 83.3 85.9 90.0 79.5 81.7 83.4 86.2 90.4 79.6 81.9 83.6 86.5 90.8 79.8 82.1 83.7 86.8 91.2 79.9 82.2 83.9 87.1 91.7 78.8 80.3 82.5 84.3 87.8 79.1 80.9 82.9 85.0 88.8 79.4 81.5 83.3 85.9 90.0 79.8 82.1 83.7 86.8 91.3 79.3 81.2 83.1 85.5 89.4 1996 1997 1998 1999 2000 92.2 98.4 106.5 115.0 121.2 92.7 99.0 107.3 115.5 121.7 93.2 99.6 108.1 116.1 122.2 93.7 100.2 108.9 116.6 122.7 94.2 100.8 109.7 117.1 123.2 94.7 101.4 110.5 117.7 123.6 95.2 102.1 111.2 118.2 124.1 95.8 102.7 111.9 118.7 124.6 96.3 103.5 112.5 119.2 125.1 96.8 104.2 113.2 119.7 125.6 97.3 105.0 113.8 120.2 126.1 97.9 105.7 114.4 120.7 126.5 92.7 99.0 107.3 115.5 121.7 94.2 100.8 109.7 117.1 123.2 95.8 102.7 111.8 118.7 124.6 97.3 105.0 113.8 120.2 126.0 95.0 101.9 110.7 117.9 123.9 2001 2002 2003 2004 2005 127.0 130.4 130.8 130.5 131.0 127.4 130.5 130.8 130.4 131.2 127.8 130.6 130.7 130.4 131.4 128.2 130.6 130.7 130.4 131.7 128.6 130.7 130.7 130.3 131.9 128.9 130.7 130.7 130.3 132.2 129.2 130.7 130.7 130.3 132.5 129.4 130.7 130.7 130.4 132.8 129.7 130.7 130.6 130.4 133.1 129.9 130.8 130.6 130.5 133.3 130.1 130.8 130.6 130.6 133.6 130.2 130.8 130.5 130.8 133.8 127.4 130.5 130.8 130.4 131.2 128.5 130.7 130.7 130.3 131.9 129.4 130.7 130.7 130.4 132.8 130.1 130.8 130.6 130.7 133.6 128.9 130.7 130.7 130.5 132.4 2006 2007 2008 2009 2010 134.0 136.9 139.8 137.9 135.2 134.3 137.2 139.8 137.7 135.0 134.5 137.5 139.7 137.4 134.8 134.7 137.8 139.6 137.2 134.6 134.8 138.2 139.5 137.0 134.3 135.1 138.5 139.3 136.8 134.1 135.3 138.8 139.2 136.5 133.9 135.5 139.1 139.0 136.3 133.6 135.7 139.3 138.8 136.1 133.4 136.0 139.5 138.6 135.9 133.2 136.3 139.7 138.3 135.7 133.0 136.5 139.8 138.1 135.5 132.8 134.3 137.2 139.8 137.7 135.0 134.9 138.2 139.5 137.0 134.3 135.5 139.1 139.0 136.3 133.6 136.3 139.6 138.3 135.7 133.0 135.2 138.5 139.1 136.7 134.0 2011 2012 2013 2014 2015 132.6 132.7 134.6 135.4 135.3 132.5 132.9 134.8 135.4 135.2 132.4 133.0 134.9 135.4 135.2 132.3 133.2 135.0 135.4 135.2 132.2 133.4 135.1 135.4 135.2 132.2 133.5 135.1 135.4 135.2 132.2 133.7 135.2 135.4 135.2 132.2 133.9 135.2 135.4 135.3 132.3 134.0 135.3 135.4 135.3 132.4 134.2 135.3 135.3 135.4 132.5 134.3 135.4 135.3 135.4 132.6 134.5 135.4 135.3 135.5 132.5 132.9 134.8 135.4 135.2 132.2 133.4 135.1 135.4 135.2 132.2 133.9 135.2 135.4 135.3 132.5 134.3 135.4 135.3 135.4 132.4 133.6 135.1 135.4 135.3 2016 2017 135.6 136.5 135.6 136.6 135.7 135.8 135.9 136.0 136.1 136.2 136.2 136.3 136.4 136.5 135.6 135.9 136.2 136.4 136.0 Utilization (percent) 1987 1988 1989 1990 78.9 83.1 85.6 81.5 79.9 83.2 84.6 82.5 79.7 83.4 84.4 82.7 80.0 84.1 84.4 82.3 80.4 83.9 83.5 82.2 80.4 84.0 83.5 82.3 80.9 84.0 82.3 82.0 81.2 84.0 82.8 82.0 81.5 84.2 82.4 81.9 82.6 84.6 82.1 81.1 82.9 84.7 82.0 80.0 83.3 85.0 81.9 79.3 79.5 83.2 84.9 82.2 80.3 84.0 83.8 82.2 81.2 84.1 82.5 82.0 82.9 84.8 82.0 80.1 81.0 84.0 83.3 81.6 1991 1992 1993 1994 1995 78.6 78.1 80.4 81.2 84.4 78.0 78.6 80.5 81.1 83.9 77.3 79.3 80.2 81.9 83.8 77.5 79.5 80.5 82.3 83.3 78.0 79.7 80.3 82.6 83.1 78.7 79.8 80.0 82.6 83.2 78.8 80.3 80.1 82.7 82.3 78.9 79.7 79.8 83.0 82.8 79.6 79.6 80.2 83.1 83.2 79.3 79.9 80.8 83.7 82.7 79.1 80.1 80.9 84.0 82.4 78.8 79.8 81.2 84.6 82.3 78.0 78.7 80.3 81.4 84.0 78.1 79.7 80.3 82.5 83.2 79.1 79.9 80.1 82.9 82.8 79.1 79.9 81.0 84.1 82.5 78.6 79.5 80.4 82.7 83.1 1996 1997 1998 1999 2000 81.2 82.1 83.5 80.6 80.6 82.1 82.8 83.0 80.9 80.4 81.5 83.2 82.3 80.4 80.6 82.0 82.5 82.1 80.4 80.9 82.2 82.7 81.9 80.7 80.4 82.6 82.7 80.7 80.1 80.3 82.3 82.7 79.9 80.1 80.1 82.3 83.2 81.4 80.3 79.2 82.5 83.4 80.7 79.6 79.2 82.0 83.5 81.0 80.5 78.7 82.2 83.8 80.7 80.7 78.2 82.5 83.5 80.8 80.9 77.5 81.6 82.7 82.9 80.6 80.5 82.2 82.6 81.6 80.4 80.5 82.4 83.1 80.7 80.0 79.5 82.2 83.6 80.8 80.7 78.1 82.1 83.0 81.5 80.4 79.7 2001 2002 2003 2004 2005 76.8 72.0 73.7 74.9 78.3 76.0 71.9 73.8 75.5 78.8 75.6 72.4 73.9 75.4 78.3 75.2 72.5 73.3 75.8 78.4 74.4 72.9 73.4 76.4 78.5 73.7 73.7 73.7 75.8 78.5 73.2 73.4 73.9 76.5 78.0 72.7 73.6 73.6 76.9 78.1 72.4 73.7 74.2 76.8 77.2 71.9 73.4 74.3 77.5 78.2 71.6 73.7 75.1 77.4 78.7 71.7 73.3 75.0 77.8 78.7 76.1 72.1 73.8 75.3 78.5 74.4 73.1 73.5 76.0 78.5 72.8 73.6 73.9 76.7 77.8 71.7 73.5 74.8 77.6 78.5 73.8 73.1 74.0 76.4 78.3 2006 2007 2008 2009 2010 79.2 78.4 78.4 66.1 68.0 78.8 78.5 77.9 66.1 68.1 78.7 79.0 77.7 64.9 69.0 79.0 79.4 76.9 64.5 69.7 78.5 79.1 76.6 63.9 70.8 78.6 79.2 76.2 63.7 70.9 78.3 79.0 75.4 64.7 71.5 78.6 78.6 74.7 65.6 71.7 78.5 78.8 72.2 66.2 71.9 78.1 78.4 71.9 66.4 72.1 78.0 78.7 70.3 67.2 72.3 79.0 78.7 68.0 67.1 72.6 78.9 78.6 78.0 65.7 68.3 78.7 79.2 76.5 64.0 70.5 78.5 78.8 74.1 65.5 71.7 78.4 78.6 70.1 66.9 72.3 78.6 78.8 74.7 65.5 70.7 2011 2012 2013 2014 2015 72.9 75.2 74.8 73.9 75.7 73.0 75.4 75.1 74.7 75.3 73.5 74.9 74.9 75.3 75.6 73.1 75.3 74.5 75.2 75.6 73.2 74.9 74.7 75.4 75.6 73.3 74.9 74.8 75.6 75.3 73.7 74.7 73.9 75.8 75.8 73.9 74.5 74.6 75.6 75.7 74.1 74.4 74.7 75.6 75.5 74.5 74.2 74.8 75.6 75.6 74.2 74.6 74.7 76.2 75.5 74.6 75.1 74.7 76.0 75.2 73.1 75.2 74.9 74.6 75.5 73.2 75.0 74.6 75.4 75.5 73.9 74.6 74.4 75.6 75.7 74.4 74.6 74.7 75.9 75.4 73.7 74.8 74.7 75.4 75.5 2016 2017 75.6 75.5 75.4 75.8 75.2 75.1 75.0 75.1 75.1 74.7 74.9 75.0 75.1 75.1 75.4 75.1 74.9 75.1 75.1 N OTE : Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases. 1. See footnote 2 to table 2. 22 Table 8A I NDUSTRIAL P RODUCTION : Total Industry Excluding Selected High-Technology Industries1 Seasonally adjusted Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual2 IP (percent change) 1987 1988 1989 1990 -.5 .0 .3 -.8 1.2 .4 -.4 1.0 .2 .2 .3 .5 .5 .5 .0 -.2 .5 -.2 -.7 .1 .4 .2 .0 .3 .6 .0 -1.0 -.1 .7 .4 .9 .3 .2 -.3 -.4 .1 1.4 .5 -.2 -.8 .5 .2 .3 -1.3 .4 .5 .6 -.7 4.3 3.3 2.0 2.0 6.4 2.8 -1.6 2.6 6.4 .9 -3.3 1.3 9.1 2.6 .9 -6.7 4.3 4.5 .6 .4 1991 1992 1993 1994 1995 -.4 -.8 .4 .3 .1 -.8 .7 .4 .0 -.2 -.6 .8 -.2 .9 -.1 .2 .6 .3 .3 -.2 1.0 .2 -.4 .4 .1 .9 -.1 .2 .6 .2 .1 .8 .3 .0 -.5 .0 -.6 -.2 .4 1.0 .9 .1 .4 .1 .1 -.2 .6 .7 .6 -.4 -.2 .3 .3 .4 .1 -.6 .1 .5 .9 .1 -8.0 -1.9 3.1 4.3 2.8 1.9 6.2 .2 5.4 -1.2 5.4 2.0 1.3 3.2 1.3 .4 2.9 5.3 5.8 .4 -2.0 1.9 2.5 4.0 2.4 1996 1997 1998 1999 2000 -1.0 -.1 .3 .1 -.3 1.3 .9 .0 .2 .0 -.3 .4 .0 -.1 .1 .8 -.3 .1 -.1 .5 .5 .3 .6 .5 -.1 .6 .2 -.9 -.5 -.1 -.5 .5 -.7 .3 -.5 .4 .8 1.9 .4 -.5 .5 .6 -.5 -.5 .3 -.4 .7 .5 1.2 -.4 .8 .6 -.3 .2 -.2 .5 .1 .1 .6 -.5 -.6 5.1 2.2 .6 .6 6.6 2.3 .7 .3 1.7 2.0 6.4 -.3 .9 -3.2 3.1 7.6 2.4 5.6 -2.6 1.7 4.2 3.1 1.1 1.0 2001 2002 2003 2004 2005 -.7 .7 .5 .1 .3 -.6 -.1 .2 .6 .6 -.3 .8 -.3 -.6 -.2 -.1 .4 -.9 .5 .0 -.6 .5 -.1 .8 .1 -.5 .9 .0 -.9 .4 -.4 -.3 .2 .8 -.4 -.1 -.1 -.3 .0 .1 -.4 .1 .5 .0 -2.1 -.5 -.4 .0 .9 1.2 -.5 .5 .8 .2 1.0 -.1 -.6 -.1 .7 .6 -5.8 2.5 1.2 1.8 4.8 -4.2 6.2 -4.5 2.2 1.3 -4.5 2.0 .6 2.0 -3.0 -4.4 -.7 2.8 5.2 2.7 -3.9 .2 .2 1.8 2.6 2006 2007 2008 2009 2010 .1 -.6 -.4 -2.4 1.1 .0 1.0 -.5 -.7 .2 .2 .0 -.4 -1.7 .6 .4 .6 -.8 -1.0 .4 -.2 .1 -.6 -1.1 1.5 .3 .1 -.2 -.4 .2 -.1 -.1 -.5 1.1 .4 .3 .1 -1.5 1.1 .4 -.3 .2 -4.4 .7 .3 -.1 -.7 1.2 .3 -.3 -.1 .3 -1.0 .4 .0 1.1 -.1 -2.8 .3 .8 3.3 3.0 -2.8 -20.4 7.0 1.8 4.0 -6.5 -12.3 8.0 .5 .9 -12.3 5.6 5.8 .3 -1.0 -14.7 6.0 1.1 1.4 1.8 -4.3 -11.5 5.0 2011 2012 2013 2014 2015 -.2 .6 -.1 -.5 -.7 -.5 .3 .6 1.0 -.2 1.0 -.6 .3 .9 -.3 -.4 .8 -.1 .2 -.4 .2 .2 .0 .2 -.4 .2 .0 .2 .4 -.3 .4 .2 -.6 .0 .5 .5 -.4 .8 -.1 .0 -.1 -.1 .5 .3 -.3 .8 .2 -.1 .1 -.2 -.2 .5 .3 .8 -.6 .5 .3 .3 -.2 -.5 1.5 3.6 3.0 3.0 -3.3 1.3 2.2 1.1 5.7 -4.1 4.0 .1 .5 1.5 .4 3.9 2.0 3.0 2.7 -3.8 2.8 2.7 1.7 2.9 -.8 2016 2017 .5 -.1 -.2 .1 -.7 .3 -.1 .4 .1 -.1 -.2 .2 -.2 .7 -1.5 -.8 .6 .5 -1.3 IP (2012=100) 1987 1988 1989 1990 77.1 82.3 84.5 83.2 78.0 82.7 84.1 84.1 78.1 82.8 84.4 84.4 78.6 83.2 84.4 84.3 79.0 83.1 83.8 84.4 79.3 83.2 83.8 84.6 79.8 83.2 82.9 84.5 80.3 83.6 83.6 84.8 80.5 83.3 83.3 84.9 81.6 83.7 83.2 84.2 82.0 83.8 83.4 83.1 82.3 84.2 83.9 82.5 77.7 82.6 84.3 83.9 79.0 83.2 84.0 84.4 80.2 83.4 83.3 84.7 82.0 83.9 83.5 83.3 79.7 83.3 83.8 84.1 1991 1992 1993 1994 1995 82.2 82.1 85.5 87.7 91.9 81.5 82.7 85.8 87.7 91.7 81.0 83.3 85.6 88.5 91.6 81.2 83.9 85.9 88.7 91.4 81.9 84.1 85.5 89.1 91.4 82.7 84.0 85.6 89.6 91.6 82.8 84.7 85.9 89.6 91.1 82.8 84.2 85.8 89.9 92.1 83.5 84.3 86.1 90.0 92.1 83.4 84.8 86.7 90.6 91.8 83.2 85.1 87.0 91.0 91.8 82.7 85.1 87.4 91.8 91.9 81.5 82.7 85.6 88.0 91.7 81.9 84.0 85.7 89.1 91.5 83.0 84.4 85.9 89.8 91.8 83.1 85.0 87.1 91.1 91.8 82.4 84.0 86.1 89.5 91.7 1996 1997 1998 1999 2000 91.0 94.9 100.0 100.7 102.6 92.2 95.7 100.0 100.9 102.6 91.9 96.1 99.9 100.8 102.7 92.7 95.8 100.1 100.7 103.2 93.2 96.1 100.6 101.2 103.1 93.7 96.3 99.7 100.8 103.0 93.3 96.9 99.0 101.0 102.5 93.6 97.6 100.9 101.4 102.0 94.1 98.3 100.3 100.9 102.3 93.7 99.0 100.9 102.1 101.9 94.5 99.6 100.5 102.4 101.7 94.9 99.7 100.6 103.0 101.2 91.7 95.6 100.0 100.8 102.6 93.2 96.1 100.1 100.9 103.1 93.7 97.6 100.1 101.1 102.3 94.4 99.4 100.7 102.5 101.6 93.2 97.2 100.2 101.3 102.4 2001 2002 2003 2004 2005 100.5 97.2 99.5 99.4 102.8 100.0 97.1 99.6 100.0 103.4 99.7 97.8 99.3 99.4 103.2 99.6 98.2 98.4 99.9 103.2 99.0 98.7 98.3 100.7 103.4 98.5 99.6 98.3 99.8 103.8 98.1 99.3 98.5 100.6 103.3 98.0 99.3 98.2 100.7 103.4 97.6 99.4 98.7 100.7 101.3 97.1 99.0 98.7 101.6 102.5 96.6 99.5 99.5 101.8 103.5 96.6 98.9 99.3 102.5 104.1 100.1 97.4 99.5 99.6 103.1 99.0 98.8 98.3 100.2 103.5 97.9 99.3 98.5 100.7 102.7 96.8 99.2 99.2 101.9 103.4 98.4 98.7 98.9 100.6 103.2 2006 2007 2008 2009 2010 104.2 105.0 106.4 92.4 92.3 104.1 106.0 105.9 91.8 92.5 104.3 106.0 105.5 90.2 93.1 104.7 106.6 104.6 89.3 93.4 104.5 106.7 104.0 88.3 94.8 104.8 106.8 103.8 87.9 95.0 104.7 106.8 103.3 88.9 95.4 105.0 106.9 101.8 89.9 95.8 104.7 107.2 97.3 90.5 96.1 104.6 106.5 98.4 90.8 95.8 104.5 106.8 97.4 91.1 95.8 105.6 106.7 94.7 91.3 96.5 104.2 105.7 105.9 91.5 92.6 104.7 106.7 104.1 88.5 94.4 104.8 106.9 100.8 89.7 95.8 104.9 106.7 96.8 91.1 96.0 104.6 106.5 101.9 90.2 94.7 2011 2012 2013 2014 2015 96.4 99.5 100.8 102.2 105.1 95.9 99.8 101.4 103.2 104.9 96.9 99.1 101.6 104.1 104.5 96.5 99.9 101.5 104.3 104.1 96.7 100.1 101.5 104.6 103.7 96.9 100.0 101.6 105.0 103.4 97.3 100.3 101.0 105.0 104.0 97.9 99.9 101.8 104.9 104.0 97.8 99.9 102.2 105.2 103.7 98.5 100.1 102.1 105.3 103.4 98.4 100.6 102.4 106.1 102.8 98.9 100.9 102.7 105.9 102.3 96.4 99.5 101.3 103.2 104.8 96.7 100.0 101.5 104.6 103.8 97.7 100.0 101.7 105.0 103.9 98.6 100.5 102.4 105.7 102.9 97.3 100.0 101.7 104.6 103.8 2016 2017 102.9 102.8 102.7 102.9 101.9 102.2 102.1 102.5 102.6 102.5 102.3 102.5 102.2 103.0 102.5 102.3 102.4 102.6 102.4 Year N OTE : Estimates from October 2016 through February 2017 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. 23 Table 8B 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 2012 output) 1987 1988 1989 1990 97.4 98.4 98.8 100.7 97.5 98.4 98.9 100.9 97.6 98.4 99.0 101.1 97.7 98.4 99.2 101.2 97.8 98.4 99.3 101.4 97.9 98.4 99.5 101.5 98.0 98.4 99.7 101.6 98.1 98.5 99.8 101.8 98.2 98.5 100.0 101.9 98.3 98.5 100.2 102.0 98.3 98.6 100.4 102.1 98.4 98.7 100.6 102.3 97.5 98.4 98.9 100.9 97.8 98.4 99.3 101.4 98.1 98.5 99.8 101.8 98.3 98.6 100.4 102.1 97.9 98.5 99.6 101.5 1991 1992 1993 1994 1995 102.4 103.7 105.1 106.3 108.3 102.5 103.8 105.2 106.4 108.5 102.6 103.9 105.3 106.6 108.7 102.7 104.0 105.4 106.7 108.9 102.8 104.2 105.5 106.9 109.1 102.9 104.3 105.6 107.0 109.3 103.0 104.4 105.7 107.2 109.5 103.2 104.5 105.8 107.4 109.7 103.3 104.6 105.9 107.5 109.9 103.4 104.7 106.0 107.7 110.1 103.5 104.8 106.1 107.9 110.3 103.6 105.0 106.2 108.1 110.5 102.5 103.8 105.2 106.4 108.5 102.8 104.2 105.5 106.9 109.1 103.2 104.5 105.8 107.4 109.7 103.5 104.8 106.1 107.9 110.3 103.0 104.3 105.6 107.2 109.4 1996 1997 1998 1999 2000 110.7 113.5 118.3 123.1 125.9 110.8 113.8 118.7 123.4 126.1 111.0 114.1 119.2 123.7 126.2 111.2 114.5 119.6 124.0 126.4 111.4 114.9 120.1 124.2 126.5 111.6 115.2 120.5 124.5 126.6 111.8 115.7 120.9 124.7 126.8 112.1 116.1 121.3 124.9 126.9 112.3 116.5 121.7 125.2 127.0 112.6 117.0 122.1 125.4 127.2 112.9 117.4 122.4 125.5 127.3 113.1 117.8 122.8 125.7 127.4 110.8 113.8 118.7 123.4 126.1 111.4 114.9 120.1 124.2 126.5 112.1 116.1 121.3 124.9 126.9 112.9 117.4 122.4 125.5 127.3 111.8 115.5 120.6 124.5 126.7 2001 2002 2003 2004 2005 127.6 129.2 129.2 128.3 127.9 127.7 129.3 129.1 128.3 128.0 127.8 129.4 129.0 128.2 128.0 128.0 129.5 128.9 128.2 128.1 128.1 129.5 128.8 128.1 128.2 128.3 129.5 128.7 128.1 128.3 128.4 129.5 128.7 128.0 128.4 128.6 129.5 128.6 128.0 128.5 128.7 129.5 128.5 128.0 128.6 128.8 129.4 128.5 127.9 128.8 129.0 129.4 128.4 127.9 128.9 129.1 129.3 128.4 127.9 129.1 127.7 129.3 129.1 128.3 128.0 128.1 129.5 128.8 128.1 128.2 128.6 129.5 128.6 128.0 128.5 129.0 129.4 128.4 127.9 128.9 128.3 129.4 128.7 128.1 128.4 2006 2007 2008 2009 2010 129.2 131.4 131.4 132.0 130.8 129.4 131.6 131.3 132.2 130.5 129.6 131.7 131.2 132.3 130.1 129.8 131.8 131.1 132.3 129.8 129.9 131.9 131.1 132.4 129.5 130.1 131.9 131.1 132.3 129.2 130.3 131.9 131.2 132.2 128.9 130.5 131.9 131.3 132.1 128.7 130.7 131.8 131.4 131.9 128.4 130.9 131.7 131.6 131.7 128.2 131.1 131.6 131.7 131.4 128.0 131.3 131.5 131.9 131.1 127.9 129.4 131.6 131.3 132.2 130.5 129.9 131.9 131.1 132.3 129.5 130.5 131.9 131.3 132.1 128.7 131.1 131.6 131.7 131.4 128.1 130.2 131.7 131.3 132.0 129.2 2011 2012 2013 2014 2015 127.7 128.2 130.4 131.7 134.2 127.6 128.4 130.6 131.8 134.4 127.5 128.5 130.7 132.0 134.6 127.5 128.7 130.9 132.1 134.8 127.5 128.9 131.0 132.3 134.9 127.5 129.1 131.1 132.5 135.0 127.5 129.3 131.2 132.7 135.1 127.5 129.5 131.3 132.9 135.1 127.6 129.7 131.4 133.2 135.2 127.7 129.9 131.4 133.4 135.1 127.9 130.1 131.5 133.7 135.1 128.0 130.3 131.6 133.9 135.1 127.6 128.4 130.6 131.9 134.4 127.5 128.9 131.0 132.3 134.9 127.6 129.5 131.3 132.9 135.1 127.9 130.1 131.5 133.7 135.1 127.6 129.2 131.1 132.7 134.9 2016 2017 135.0 135.4 135.0 135.5 135.0 134.9 134.9 134.9 134.9 135.0 135.0 135.1 135.2 135.3 135.0 134.9 135.0 135.2 135.0 Utilization (percent) 1987 1988 1989 1990 79.1 83.7 85.6 82.6 80.0 84.0 85.1 83.3 80.1 84.2 85.2 83.6 80.4 84.6 85.1 83.3 80.8 84.4 84.4 83.3 81.0 84.6 84.2 83.4 81.4 84.6 83.2 83.2 81.9 84.9 83.8 83.3 81.9 84.6 83.3 83.3 83.0 84.9 83.0 82.5 83.4 85.0 83.1 81.4 83.7 85.4 83.4 80.7 79.7 84.0 85.3 83.2 80.7 84.5 84.6 83.3 81.7 84.7 83.4 83.2 83.4 85.1 83.2 81.5 81.4 84.6 84.1 82.8 1991 1992 1993 1994 1995 80.2 79.2 81.4 82.5 84.9 79.5 79.6 81.6 82.4 84.5 78.9 80.2 81.3 83.0 84.3 79.0 80.6 81.5 83.2 83.9 79.7 80.7 81.1 83.4 83.8 80.3 80.5 81.1 83.7 83.8 80.3 81.1 81.3 83.6 83.2 80.2 80.5 81.1 83.7 83.9 80.9 80.5 81.3 83.7 83.8 80.6 80.9 81.8 84.1 83.3 80.4 81.1 82.0 84.3 83.3 79.9 81.1 82.3 84.9 83.2 79.6 79.7 81.4 82.6 84.5 79.7 80.6 81.2 83.4 83.8 80.5 80.7 81.3 83.7 83.6 80.3 81.0 82.1 84.4 83.3 80.0 80.5 81.5 83.5 83.8 1996 1997 1998 1999 2000 82.2 83.6 84.5 81.8 81.5 83.2 84.1 84.2 81.8 81.4 82.8 84.2 83.8 81.5 81.4 83.3 83.7 83.7 81.2 81.7 83.6 83.7 83.8 81.5 81.5 84.0 83.6 82.7 80.9 81.3 83.4 83.8 81.9 81.0 80.9 83.5 84.1 83.1 81.2 80.4 83.8 84.3 82.4 80.6 80.5 83.3 84.6 82.6 81.5 80.1 83.7 84.8 82.1 81.6 79.9 83.9 84.6 82.0 81.9 79.4 82.7 84.0 84.2 81.7 81.4 83.6 83.7 83.4 81.2 81.5 83.6 84.1 82.5 80.9 80.6 83.6 84.7 82.2 81.6 79.8 83.4 84.1 83.1 81.4 80.8 2001 2002 2003 2004 2005 78.8 75.2 77.0 77.5 80.4 78.3 75.1 77.2 78.0 80.8 78.0 75.6 77.0 77.6 80.6 77.8 75.9 76.3 77.9 80.6 77.2 76.2 76.3 78.6 80.7 76.8 76.9 76.3 78.0 80.9 76.4 76.7 76.5 78.6 80.5 76.2 76.6 76.4 78.7 80.5 75.8 76.7 76.8 78.7 78.7 75.4 76.5 76.8 79.4 79.6 74.9 76.9 77.4 79.6 80.3 74.8 76.5 77.4 80.1 80.7 78.4 75.3 77.0 77.7 80.6 77.3 76.3 76.3 78.2 80.7 76.1 76.7 76.6 78.6 79.9 75.0 76.6 77.2 79.7 80.2 76.7 76.2 76.8 78.5 80.4 2006 2007 2008 2009 2010 80.6 79.9 81.0 70.0 70.6 80.5 80.6 80.6 69.4 70.9 80.5 80.5 80.4 68.2 71.5 80.7 80.9 79.8 67.5 72.0 80.4 80.9 79.3 66.7 73.2 80.5 81.0 79.2 66.4 73.5 80.4 80.9 78.8 67.2 74.0 80.4 81.1 77.5 68.0 74.5 80.1 81.3 74.0 68.6 74.8 79.9 80.8 74.8 68.9 74.7 79.7 81.2 74.0 69.3 74.8 80.4 81.2 71.8 69.7 75.5 80.5 80.3 80.7 69.2 71.0 80.6 80.9 79.4 66.9 72.9 80.3 81.1 76.8 68.0 74.4 80.0 81.1 73.5 69.3 75.0 80.3 80.8 77.6 68.3 73.3 2011 2012 2013 2014 2015 75.4 77.6 77.2 77.6 78.3 75.1 77.7 77.6 78.3 78.1 76.0 77.1 77.7 78.9 77.7 75.7 77.6 77.6 79.0 77.3 75.9 77.6 77.5 79.1 76.9 76.0 77.5 77.5 79.2 76.6 76.4 77.5 77.0 79.1 77.0 76.7 77.1 77.5 78.9 76.9 76.6 77.0 77.8 79.0 76.7 77.1 77.0 77.7 78.9 76.5 76.9 77.3 77.9 79.3 76.1 77.2 77.4 78.0 79.0 75.7 75.5 77.5 77.5 78.3 78.0 75.9 77.6 77.5 79.1 76.9 76.6 77.2 77.4 79.0 76.9 77.1 77.3 77.9 79.1 76.1 76.3 77.4 77.6 78.9 77.0 2016 2017 76.2 75.9 76.0 75.9 75.5 75.8 75.7 76.0 76.0 75.9 75.7 75.8 75.6 76.1 75.9 75.8 75.9 75.9 75.9 N OTE : Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases. 1. High-technology industries include computers, communications equipment, and semiconductors and related electronic components. 24 Table 9A I NDUSTRIAL P RODUCTION : Manufacturing Excluding Selected High-Technology Industries1,2 Seasonally adjusted Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual3 IP (percent change) 1987 1988 1989 1990 -.5 -.2 .9 -.3 1.4 .2 -1.0 1.5 .1 .2 -.1 .4 .4 .8 .2 -.3 .6 -.3 -.9 .1 .2 .1 .2 .2 .7 -.1 -1.3 -.2 .5 .0 .8 .3 .4 .3 -.3 -.1 1.5 .5 -.3 -.9 .5 .3 .2 -1.2 .5 .5 .0 -.8 4.6 2.2 2.4 3.5 6.0 3.4 -3.1 2.5 6.0 -.1 -4.3 .6 10.3 4.3 -.6 -7.5 4.6 4.5 .4 .0 1991 1992 1993 1994 1995 -.8 -.8 1.0 .1 .1 -.8 .8 .2 .1 -.4 -.8 1.0 -.3 1.1 -.1 .4 .4 .5 .6 -.4 .6 .5 -.1 .5 -.1 1.1 .1 -.2 .1 .3 .3 .8 .3 .2 -.8 .1 -.5 -.3 .6 .8 1.1 -.1 .6 .2 .5 -.2 .5 .8 .7 -.4 -.3 .3 .3 .6 -.1 -.4 -.2 .5 1.0 .0 -9.7 -1.2 4.0 3.9 2.7 1.2 7.1 .6 7.1 -2.3 7.1 2.8 .3 3.7 .2 1.1 1.5 5.9 7.1 .7 -2.6 2.6 2.6 4.4 2.5 1996 1997 1998 1999 2000 -1.2 -.2 .6 -.1 -.3 1.3 1.1 .0 .5 -.2 -.5 .8 -.3 -.4 .3 1.0 -.6 .2 .0 .4 .6 .4 .4 .7 -.6 .8 .4 -1.2 -.7 .0 -.1 .4 -.8 .0 -.2 .3 1.0 2.3 .6 -1.0 .6 .6 -.6 -.5 .3 -.5 .7 .7 1.4 -.4 .7 .8 -.1 .4 -.5 .7 .1 .2 .4 -.8 -2.0 6.2 3.4 .7 .3 7.4 2.9 -.2 .3 .9 4.0 6.8 -.5 .0 -3.8 2.9 8.2 4.1 6.7 -4.6 1.5 4.9 3.5 1.3 .7 2001 2002 2003 2004 2005 -.6 .6 .4 -.2 .6 -.6 -.2 -.1 .7 .7 -.3 .8 .0 -.2 -.6 -.1 .2 -1.0 .4 .2 -.7 .6 -.1 .8 .3 -.5 1.1 .3 -.8 .1 -.2 -.4 .0 .9 -.5 -.5 .1 -.6 .4 .2 -.2 .1 .7 -.1 -1.2 -.7 -.4 -.1 1.0 1.4 -.2 .4 1.0 -.1 .8 .2 -.6 -.3 .6 .1 -6.8 3.2 .5 1.3 5.2 -4.4 5.6 -3.9 3.3 1.4 -4.6 2.5 -.1 3.8 -2.2 -4.2 -1.0 3.1 4.8 5.0 -4.7 .4 .0 2.0 3.1 2006 2007 2008 2009 2010 .8 -.6 -.5 -3.1 1.0 -.4 .3 -.8 -.2 -.3 -.1 .6 -.5 -2.0 1.1 .5 .5 -1.2 -.9 .8 -.6 .0 -.6 -1.2 1.5 .2 .5 -.6 -.4 -.1 -.4 .0 -1.1 1.4 .6 .5 -.4 -1.2 1.2 .2 -.1 .3 -3.5 .8 .0 -.4 -.7 -.4 .1 .1 .0 .3 -2.1 .9 -.1 1.5 .0 -3.3 -.3 .2 3.1 3.3 -4.5 -24.2 5.2 .0 4.7 -9.3 -12.5 10.1 -.4 .7 -13.8 7.4 4.7 .8 -1.7 -20.3 6.4 .9 1.5 1.8 -5.9 -13.9 5.1 2011 2012 2013 2014 2015 .1 .9 -.3 -1.1 -.4 .1 .3 .5 1.1 -.5 .6 -.6 -.2 .7 .3 -.6 .6 -.5 -.1 .1 .1 -.5 .2 .1 -.1 .0 .2 .2 .3 -.3 .6 -.2 -1.2 .2 .7 .3 -.1 1.0 -.4 -.1 .3 -.1 .1 .0 -.3 .7 -.3 .1 .0 .1 -.4 .8 -.1 .9 -.1 .6 .7 -.1 -.4 -.3 2.2 5.0 2.8 -.8 -2.2 -.6 .1 -1.1 3.9 -.3 3.7 -1.3 -1.2 .8 1.1 3.7 1.3 1.7 1.2 -.9 2.5 2.3 .5 .8 .0 2016 2017 .5 .6 -.2 .5 -.2 .0 -.2 .2 .0 -.4 .2 .1 .2 .1 .5 -1.3 -.3 1.1 -.2 IP (2012=100) 1987 1988 1989 1990 80.5 86.0 89.0 86.3 81.6 86.2 88.1 87.6 81.7 86.4 88.0 88.0 82.0 87.1 88.2 87.8 82.5 86.8 87.4 87.8 82.7 86.9 87.5 88.0 83.3 86.8 86.4 87.9 83.7 86.8 87.0 88.1 84.0 87.1 86.8 88.0 85.3 87.5 86.5 87.2 85.7 87.8 86.6 86.2 86.2 88.2 86.6 85.5 81.2 86.2 88.4 87.3 82.4 86.9 87.7 87.9 83.6 86.9 86.7 88.0 85.7 87.8 86.6 86.3 83.3 87.0 87.3 87.4 1991 1992 1993 1994 1995 84.8 85.1 89.1 91.1 96.4 84.1 85.8 89.3 91.2 96.1 83.4 86.7 89.0 92.2 96.0 83.8 87.0 89.4 92.7 95.6 84.3 87.4 89.3 93.2 95.5 85.2 87.5 89.1 93.3 95.8 85.5 88.3 89.3 93.5 95.0 85.6 87.8 89.1 94.0 95.7 86.6 87.7 89.6 94.2 96.3 86.4 88.1 90.3 94.9 95.9 86.1 88.4 90.6 95.4 95.8 85.8 88.2 91.0 96.3 95.8 84.1 85.8 89.1 91.5 96.2 84.4 87.3 89.2 93.1 95.6 85.9 87.9 89.3 93.9 95.7 86.1 88.3 90.6 95.5 95.8 85.1 87.3 89.6 93.5 95.8 1996 1997 1998 1999 2000 94.7 99.3 105.6 106.4 108.5 95.9 100.3 105.6 106.9 108.3 95.5 101.1 105.3 106.4 108.7 96.5 100.5 105.6 106.4 109.1 97.0 100.9 106.0 107.2 108.5 97.8 101.3 104.8 106.4 108.5 97.6 101.7 104.0 106.4 108.3 97.9 102.7 106.3 107.1 107.2 98.5 103.3 105.7 106.5 107.6 98.0 104.0 106.4 108.0 107.1 98.7 104.9 106.3 108.4 106.5 99.4 105.0 106.5 108.8 105.7 95.3 100.2 105.5 106.6 108.5 97.1 100.9 105.5 106.7 108.7 98.0 102.6 105.3 106.7 107.7 98.7 104.7 106.4 108.4 106.4 97.3 102.1 105.7 107.1 107.8 2001 2002 2003 2004 2005 105.1 101.8 103.8 103.4 108.0 104.5 101.6 103.8 104.2 108.8 104.2 102.3 103.8 104.0 108.1 104.1 102.5 102.7 104.4 108.4 103.4 103.1 102.6 105.3 108.7 102.8 104.3 102.9 104.4 108.9 102.6 103.8 102.9 105.4 108.3 102.1 103.9 102.3 105.9 108.6 101.9 104.0 103.0 105.7 107.3 101.2 103.6 103.0 106.8 108.8 101.0 104.0 104.0 106.7 109.6 101.1 103.4 103.7 107.3 109.7 104.6 101.9 103.8 103.9 108.3 103.4 103.3 102.8 104.7 108.7 102.2 103.9 102.7 105.7 108.1 101.1 103.7 103.5 106.9 109.4 102.8 103.2 103.2 105.3 108.6 2006 2007 2008 2009 2010 110.6 110.8 111.7 92.7 92.9 110.1 111.1 110.8 92.5 92.7 110.0 111.8 110.3 90.6 93.8 110.6 112.3 109.0 89.8 94.5 109.9 112.3 108.3 88.7 95.9 110.2 112.9 107.6 88.3 95.8 109.8 112.9 106.4 89.6 96.4 110.3 112.4 105.1 90.7 96.5 110.2 112.8 101.5 91.4 96.6 109.8 112.0 101.1 91.5 96.7 109.8 112.3 98.9 92.3 96.6 111.4 112.3 95.7 92.1 96.8 110.2 111.2 110.9 92.0 93.1 110.2 112.5 108.3 88.9 95.4 110.1 112.7 104.3 90.5 96.5 110.3 112.2 98.6 92.0 96.7 110.2 112.2 105.5 90.9 95.4 2011 2012 2013 2014 2015 97.0 100.1 100.5 99.4 101.5 97.1 100.4 101.0 100.5 101.0 97.7 99.8 100.8 101.2 101.3 97.0 100.4 100.3 101.2 101.4 97.1 99.9 100.5 101.3 101.3 97.1 100.0 100.7 101.6 101.0 97.7 99.9 99.5 101.9 101.7 98.0 99.8 100.5 101.4 101.6 98.3 99.6 100.6 101.4 101.3 98.9 99.3 100.6 101.4 101.4 98.5 100.1 100.6 102.3 101.4 99.1 100.8 100.5 101.9 101.0 97.2 100.1 100.8 100.4 101.3 97.1 100.1 100.5 101.4 101.2 98.0 99.8 100.2 101.6 101.5 98.9 100.1 100.6 101.9 101.3 97.8 100.0 100.5 101.3 101.3 2016 2017 101.6 101.9 101.4 102.5 101.2 101.1 100.9 101.1 101.2 100.8 101.0 101.1 101.3 101.4 101.4 101.1 101.0 101.3 101.2 Year N OTE : Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases. 1. See footnote 2 to table 2. 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. 25 Table 9B 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 2012 output) 1987 1988 1989 1990 101.7 103.1 103.4 105.6 101.9 103.1 103.5 105.8 102.0 103.1 103.7 106.0 102.2 103.1 103.9 106.2 102.3 103.1 104.0 106.4 102.5 103.1 104.2 106.5 102.6 103.1 104.4 106.7 102.8 103.1 104.6 106.9 102.9 103.1 104.8 107.0 103.0 103.2 105.0 107.2 103.0 103.2 105.2 107.3 103.1 103.3 105.4 107.5 101.9 103.1 103.6 105.8 102.3 103.1 104.0 106.4 102.8 103.1 104.6 106.9 103.0 103.2 105.2 107.3 102.5 103.1 104.4 106.6 1991 1992 1993 1994 1995 107.6 109.1 110.8 112.1 114.2 107.7 109.3 110.9 112.3 114.5 107.9 109.4 111.0 112.4 114.7 108.0 109.5 111.2 112.5 114.9 108.1 109.7 111.3 112.7 115.2 108.3 109.8 111.4 112.9 115.4 108.4 110.0 111.5 113.0 115.7 108.5 110.1 111.6 113.2 115.9 108.6 110.2 111.7 113.4 116.2 108.8 110.4 111.8 113.6 116.4 108.9 110.5 111.9 113.8 116.6 109.0 110.7 112.0 114.0 116.9 107.7 109.3 110.9 112.3 114.5 108.1 109.7 111.3 112.7 115.2 108.5 110.1 111.6 113.2 115.9 108.9 110.5 111.9 113.8 116.6 108.3 109.9 111.4 113.0 115.5 1996 1997 1998 1999 2000 117.1 120.6 126.4 132.2 135.8 117.4 121.0 127.0 132.5 136.0 117.6 121.4 127.5 132.9 136.2 117.8 121.8 128.0 133.3 136.4 118.1 122.3 128.5 133.6 136.6 118.3 122.7 129.1 133.9 136.8 118.6 123.2 129.5 134.2 137.0 118.9 123.7 130.0 134.5 137.2 119.2 124.3 130.5 134.8 137.3 119.5 124.8 130.9 135.0 137.5 119.8 125.3 131.4 135.3 137.7 120.2 125.9 131.8 135.5 137.8 117.4 121.0 127.0 132.5 136.0 118.1 122.3 128.5 133.6 136.6 118.9 123.8 130.0 134.5 137.2 119.9 125.3 131.4 135.3 137.6 118.6 123.1 129.2 134.0 136.8 2001 2002 2003 2004 2005 137.9 138.9 138.5 137.4 137.2 138.1 138.9 138.4 137.3 137.3 138.2 138.9 138.3 137.2 137.4 138.3 138.9 138.3 137.2 137.6 138.4 138.9 138.2 137.1 137.7 138.5 138.9 138.1 137.0 137.9 138.6 138.9 138.0 137.0 138.1 138.7 138.8 137.9 137.0 138.3 138.8 138.8 137.8 137.0 138.6 138.8 138.7 137.7 137.0 138.8 138.9 138.6 137.6 137.0 139.0 138.9 138.6 137.5 137.1 139.2 138.1 138.9 138.4 137.3 137.3 138.4 138.9 138.2 137.1 137.7 138.7 138.8 137.9 137.0 138.3 138.9 138.6 137.6 137.0 139.0 138.5 138.8 138.0 137.1 138.1 2006 2007 2008 2009 2010 139.5 141.6 142.5 140.9 137.5 139.7 141.7 142.4 140.7 137.2 139.9 141.8 142.4 140.4 136.9 140.1 142.0 142.3 140.2 136.6 140.3 142.1 142.2 139.9 136.3 140.5 142.2 142.1 139.6 136.0 140.7 142.3 142.0 139.3 135.7 140.8 142.3 141.8 139.0 135.4 141.0 142.4 141.7 138.7 135.1 141.1 142.4 141.5 138.4 134.8 141.3 142.5 141.3 138.1 134.5 141.4 142.5 141.1 137.8 134.2 139.7 141.7 142.4 140.7 137.2 140.3 142.1 142.2 139.9 136.3 140.8 142.3 141.8 139.0 135.4 141.3 142.5 141.3 138.1 134.5 140.5 142.1 141.9 139.4 135.8 2011 2012 2013 2014 2015 133.9 132.7 134.0 134.1 133.9 133.7 132.8 134.0 134.1 133.8 133.4 132.9 134.1 134.1 133.8 133.2 133.0 134.1 134.1 133.8 133.0 133.1 134.1 134.1 133.8 132.9 133.3 134.1 134.1 133.8 132.8 133.4 134.2 134.0 133.8 132.7 133.5 134.2 134.0 133.9 132.6 133.6 134.2 134.0 133.9 132.6 133.7 134.2 134.0 133.9 132.6 133.8 134.2 133.9 134.0 132.7 133.9 134.1 133.9 134.1 133.7 132.8 134.0 134.1 133.8 133.0 133.1 134.1 134.1 133.8 132.7 133.5 134.2 134.0 133.9 132.7 133.8 134.1 133.9 134.0 133.0 133.3 134.1 134.0 133.9 2016 2017 134.1 134.9 134.2 134.9 134.3 134.3 134.4 134.5 134.5 134.6 134.7 134.7 134.8 134.8 134.2 134.4 134.6 134.8 134.5 Utilization (percent) 1987 1988 1989 1990 79.1 83.4 86.0 81.7 80.1 83.6 85.1 82.8 80.0 83.8 84.9 83.0 80.3 84.4 84.9 82.6 80.6 84.2 84.0 82.6 80.7 84.3 84.0 82.6 81.1 84.2 82.7 82.3 81.4 84.2 83.2 82.5 81.7 84.5 82.8 82.3 82.8 84.8 82.3 81.4 83.2 85.0 82.3 80.3 83.6 85.4 82.2 79.6 79.7 83.6 85.3 82.5 80.5 84.3 84.3 82.6 81.4 84.3 82.9 82.4 83.2 85.1 82.3 80.4 81.2 84.3 83.7 82.0 1991 1992 1993 1994 1995 78.8 78.0 80.4 81.2 84.4 78.1 78.5 80.5 81.2 83.9 77.4 79.2 80.1 82.0 83.7 77.5 79.4 80.4 82.4 83.2 77.9 79.7 80.2 82.7 82.9 78.7 79.7 80.0 82.7 83.0 78.8 80.3 80.1 82.7 82.1 78.9 79.8 79.8 83.1 82.6 79.7 79.6 80.2 83.1 82.9 79.4 79.8 80.7 83.5 82.4 79.1 80.0 80.9 83.8 82.1 78.7 79.7 81.3 84.5 82.0 78.1 78.6 80.4 81.5 84.0 78.1 79.6 80.2 82.6 83.0 79.1 79.9 80.0 82.9 82.5 79.1 79.8 81.0 83.9 82.2 78.6 79.5 80.4 82.7 82.9 1996 1997 1998 1999 2000 80.8 82.3 83.6 80.5 79.9 81.7 82.9 83.2 80.6 79.6 81.2 83.3 82.6 80.1 79.8 81.9 82.5 82.5 79.9 80.0 82.1 82.6 82.5 80.2 79.4 82.6 82.6 81.2 79.5 79.3 82.3 82.6 80.3 79.3 79.1 82.3 83.0 81.8 79.6 78.2 82.6 83.2 81.0 79.0 78.3 82.0 83.4 81.3 80.0 77.9 82.4 83.7 80.9 80.1 77.4 82.7 83.4 80.8 80.3 76.7 81.2 82.8 83.1 80.4 79.8 82.2 82.5 82.1 79.8 79.6 82.4 82.9 81.0 79.3 78.5 82.4 83.5 81.0 80.1 77.3 82.1 82.9 81.8 79.9 78.8 2001 2002 2003 2004 2005 76.2 73.2 75.0 75.3 78.7 75.7 73.1 75.0 75.9 79.2 75.4 73.7 75.0 75.8 78.7 75.2 73.8 74.3 76.1 78.8 74.7 74.2 74.3 76.8 78.9 74.2 75.1 74.5 76.2 78.9 74.0 74.8 74.6 77.0 78.4 73.6 74.9 74.2 77.3 78.5 73.4 75.0 74.8 77.2 77.4 72.9 74.7 74.8 78.0 78.4 72.7 75.0 75.5 77.9 78.9 72.8 74.6 75.4 78.3 78.8 75.7 73.3 75.0 75.6 78.9 74.7 74.4 74.4 76.4 78.9 73.7 74.9 74.5 77.2 78.1 72.8 74.8 75.2 78.0 78.7 74.2 74.3 74.8 76.8 78.6 2006 2007 2008 2009 2010 79.3 78.2 78.4 65.8 67.6 78.8 78.4 77.8 65.8 67.6 78.6 78.8 77.5 64.6 68.5 78.9 79.1 76.6 64.1 69.2 78.3 79.1 76.1 63.4 70.4 78.4 79.4 75.7 63.3 70.5 78.0 79.4 74.9 64.3 71.0 78.3 79.0 74.1 65.2 71.3 78.2 79.2 71.6 65.9 71.5 77.8 78.7 71.4 66.1 71.7 77.7 78.8 70.0 66.9 71.8 78.8 78.8 67.8 66.8 72.2 78.9 78.5 77.9 65.4 67.9 78.6 79.2 76.1 63.6 70.0 78.2 79.2 73.5 65.1 71.3 78.1 78.8 69.7 66.6 71.9 78.4 78.9 74.3 65.2 70.3 2011 2012 2013 2014 2015 72.4 75.4 75.0 74.1 75.8 72.6 75.6 75.4 74.9 75.5 73.2 75.1 75.2 75.5 75.7 72.8 75.4 74.8 75.4 75.8 73.0 75.0 74.9 75.6 75.7 73.1 75.1 75.0 75.8 75.5 73.6 74.9 74.2 76.0 76.0 73.8 74.7 74.9 75.7 75.9 74.1 74.6 75.0 75.7 75.6 74.6 74.3 75.0 75.7 75.7 74.3 74.8 75.0 76.4 75.6 74.7 75.3 74.9 76.1 75.4 72.7 75.3 75.2 74.9 75.7 73.0 75.2 74.9 75.6 75.6 73.8 74.7 74.7 75.8 75.8 74.5 74.8 75.0 76.1 75.6 73.5 75.0 74.9 75.6 75.7 2016 2017 75.7 75.6 75.6 75.9 75.4 75.3 75.1 75.2 75.2 74.9 75.0 75.1 75.2 75.2 75.6 75.2 75.0 75.1 75.2 N OTE : Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases. 1. See footnote 2 to table 2. 2. High-technology industries include computers, communications equipment, and semiconductors and related electronic components. 26 Table 10 A NNUAL P ROPORTIONS IN I NDUSTRIAL P RODUCTION , M ARKET AND I NDUSTRY G ROUP S UMMARY Item 2009 2010 2011 2012 2013 2014 2015 2016 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 55.7 28.4 5.6 2.5 .3 .9 1.9 53.2 26.8 5.4 2.6 .2 .8 1.8 52.3 26.2 5.1 2.4 .2 .7 1.8 51.7 25.3 5.1 2.4 .2 .7 1.8 50.7 24.8 5.3 2.5 .2 .8 1.8 52.1 25.5 5.6 2.8 .2 .8 1.9 55.2 27.8 6.2 3.2 .2 .9 2.0 55.3 28.2 6.3 3.3 .2 .9 2.0 22.8 18.1 9.9 .3 5.8 1.6 4.8 21.4 16.4 9.1 .3 5.1 1.4 5.0 21.1 15.9 8.7 .3 5.1 1.3 5.2 20.2 15.2 8.5 .3 4.8 1.2 4.9 19.5 14.9 8.5 .2 4.5 1.2 4.7 19.9 15.4 8.7 .2 4.8 1.2 4.5 21.6 17.0 9.5 .2 5.6 1.2 4.6 21.9 17.2 9.5 .2 5.8 1.1 4.7 9.5 2.0 2.6 4.9 2.5 9.3 2.1 2.3 4.9 2.5 9.2 1.9 2.1 5.2 2.3 9.8 2.2 2.2 5.3 2.3 9.6 2.3 2.2 5.1 2.2 10.0 2.6 2.1 5.3 2.2 10.4 2.8 2.2 5.4 2.3 10.2 2.7 2.2 5.3 2.3 4.4 10.3 4.2 9.7 4.1 9.5 4.2 9.1 4.3 8.8 4.5 8.9 4.9 9.3 5.0 9.3 44.3 26.0 14.8 2.2 5.3 7.2 11.2 .4 2.2 5.0 18.3 46.8 26.8 15.6 2.5 5.3 7.8 11.2 .5 2.1 5.4 20.0 47.7 27.0 16.0 2.5 5.5 7.9 11.0 .4 2.0 5.5 20.7 48.3 26.6 16.0 2.7 5.4 7.8 10.7 .4 2.0 5.3 21.7 49.3 26.1 15.7 2.8 5.1 7.9 10.4 .4 1.9 5.1 23.1 47.9 26.7 16.4 2.9 5.3 8.1 10.4 .4 1.9 5.0 21.1 44.8 27.6 16.7 3.1 5.3 8.3 10.8 .4 2.0 5.2 17.2 44.7 27.4 16.6 3.2 5.1 8.3 10.9 .4 1.9 5.3 17.2 321 327 331 332 333 334 75.3 71.9 36.3 1.0 1.7 2.1 5.3 4.9 6.4 73.6 70.7 36.3 .9 1.6 2.7 5.1 5.1 6.0 72.8 70.1 36.1 .9 1.6 2.8 5.3 5.5 5.8 72.1 69.6 36.4 1.0 1.6 2.5 5.4 5.8 5.7 70.6 68.4 36.2 1.1 1.7 2.6 5.4 5.5 5.2 72.3 70.0 37.6 1.2 1.9 2.6 5.5 5.8 5.1 76.4 74.0 39.2 1.2 2.1 2.4 5.7 5.8 5.3 76.4 74.2 39.1 1.3 2.2 2.3 5.6 5.7 5.2 335 3361–3 1.9 4.0 1.8 4.4 1.8 4.2 1.8 4.4 1.7 4.6 1.8 5.1 1.9 5.7 1.9 5.8 3364–9 337 339 4.6 1.1 3.4 4.4 1.0 3.2 4.2 1.0 3.0 4.4 1.0 2.8 4.4 1.0 2.8 4.7 1.1 2.8 5.0 1.2 3.0 5.0 1.2 3.0 311,2 313,4 315,6 322 323 324 325 326 35.6 12.1 .7 .3 2.8 1.8 3.1 11.9 2.9 34.4 11.1 .7 .3 2.6 1.6 3.5 11.7 2.9 34.1 10.6 .7 .3 2.5 1.5 3.9 11.7 2.9 33.2 10.2 .6 .3 2.5 1.4 3.7 11.4 3.0 32.2 10.3 .7 .2 2.5 1.4 3.2 10.9 3.0 32.4 10.5 .7 .2 2.5 1.4 2.8 11.1 3.1 34.8 11.4 .7 .3 2.6 1.5 2.9 12.1 3.4 35.1 11.5 .7 .2 2.5 1.5 3.0 12.4 3.4 1133,5111 3.4 2.9 2.6 2.4 2.3 2.3 2.4 2.2 21 2211,2 2211 2212 13.9 10.8 9.5 1.3 16.0 10.4 9.2 1.2 17.4 9.9 8.7 1.2 18.6 9.3 8.3 1.0 19.9 9.5 8.4 1.1 17.8 9.9 8.8 1.2 13.1 10.5 9.3 1.2 12.9 10.6 9.4 1.2 Total IP M ARKET G ROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Business equipment Transit Information processing Industrial and other Defense and space equipment Construction supplies Business supplies Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy I NDUSTRY G ROUPS Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metals Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills Apparel and leather Paper Printing and support Petroleum and coal products Chemicals Plastics and rubber products Other manufacturing (non-NAICS) Mining Utilities Electric Natural gas 31–33 N OTE : The IP proportion data are estimates of the industries’ relative contributions to the overall change in IP between the reference year and the following year. For example, a 1 percent increase in durable goods manufacturing between 2015 and 2016 would account for a 0.412 percent increase in total IP. 27 Table 11 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY Seasonally adjusted 2012=100 Industrial production 2016 Sept.r Dec.r 2017 Jan.r Oct.r Nov.r Total index Previous estimates 103.0 104.1 103.2 104.4 103.0 104.1 103.8 104.8 Major market groups Final Products Consumer goods Business equipment Nonindustrial supplies Construction Materials 100.5 104.9 98.7 104.1 107.5 104.3 100.5 104.8 99.0 104.2 108.2 104.8 99.9 103.8 98.9 104.5 109.4 104.9 Major industry groups Manufacturing (see note below) Previous estimates Mining Utilities 102.0 102.9 100.3 104.6 102.2 103.2 102.7 102.7 102.4 103.3 102.8 99.3 Feb.r Oct.r 103.6 104.7 103.7 104.7 -.2 -.3 .2 .3 -.2 -.3 .7 .6 -.1 -.1 .1 .0 .4 .3 101.0 105.1 99.7 104.8 109.1 105.3 100.7 104.5 99.7 104.8 110.7 105.4 100.7 104.2 100.1 104.9 112.0 105.6 -.1 -.2 .1 .2 .4 -.3 .0 -.1 .2 .0 .7 .5 -.6 -.9 -.1 .4 1.1 .0 1.2 1.3 .9 .2 -.3 .4 -.4 -.6 .0 .0 1.4 .0 .0 -.3 .5 .1 1.2 .2 .3 -.2 .9 .2 2.2 .7 102.5 103.5 102.3 106.1 103.1 104.0 103.5 99.2 103.6 104.5 106.1 93.3 .2 .1 -.3 -2.8 .2 .3 2.4 -1.9 .2 .1 .0 -3.2 .1 .2 -.5 6.8 .6 .5 1.2 -6.5 .5 .5 2.5 -6.0 1.3 1.2 1.0 -6.9 Percent of capacity 200809 2016 2016 low Feb. Sept.r Average 19722016 198889 high 199091 low 199495 high Total industry Previous estimates 79.9 79.9 85.2 85.3 78.8 78.8 85.0 85.0 66.7 66.7 75.9 75.6 Manufacturing (see note below) Previous estimates 78.4 78.4 85.6 85.6 77.3 77.3 84.6 84.6 63.7 63.8 Mining Utilities 87.0 85.6 86.1 93.2 83.8 84.7 88.6 93.2 Stage-of-process groups Crude Primary and semifinished Finished 86.1 80.5 76.9 87.7 86.5 83.4 84.5 78.1 77.3 90.1 87.8 80.6 Capacity utilization Percent change 2017 Nov.r Dec.r Jan.r 2016 Sept.r Feb.r Feb. ’16 to Feb. ’17 Capacity growth Oct.r Nov.r Dec.r 2017 Jan.r Feb.r Feb. ’16 to Feb. ’17 75.6 75.3 75.8 75.4 75.6 75.2 76.0 75.6 75.9 75.5 75.9 75.4 .5 .6 75.4 75.4 74.9 74.8 75.0 74.9 75.1 74.9 75.1 75.0 75.5 75.3 75.8 75.6 .7 .8 78.4 78.1 79.4 76.4 77.8 78.7 79.7 77.1 79.7 74.5 79.3 79.5 80.2 74.2 82.0 69.7 -2.3 2.0 76.3 63.8 66.7 78.9 75.5 75.3 78.3 75.5 74.7 79.5 75.3 74.8 80.1 74.8 74.6 79.7 75.9 74.8 80.4 75.1 75.1 81.4 74.6 75.3 -1.6 1.1 .7 r Revised. N OTE . The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS); electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all of its industrial output data from the SIC system to NAICS. 28 E XPLANATORY N OTE A Im The Industrial Production and Capacity Utilization statistical release, which is published around the middle of the month, reports measures of output, capacity, and capacity utilization in manufacturing, mining, and the electric and gas utilities industries. More detailed descriptions of industrial production and capacity utilization are available on the Board’s website at www.federalreserve.gov/releases/G17. In addition, files containing data shown in the release, more detailed series that were published in the G.17 prior to December 2000, and historical data are available from the Data Download Program on the Board’s website. Instructions for searching for and downloading specific series are provided as well. A Im−1 s P P Im p m Im pm−1 P P = × Im−1 pm−1 Im−1 pm The IP proportions (typically shown in the first column of the relevant tables in the monthly G.17 release) are estimates of the industries’ relative contributions to overall growth in the following year. For example, the relative importance weight of the motor vehicles and parts industry is about 6 percent. If output in this industry increased 10 percent in a month, then this gain would boost growth in total IP by 6/10 percentage point (0.06 x 10% = 0.6%). To assist users with calculations, the Federal Reserve’s website provides supplemental monthly statistics that represent the exact proportionate contribution of a monthly change in a component index to the monthly change in the total index (www.federalreserve.gov/ releases/G17/ipdisk/ipweightssa.txt). I NDUSTRIAL P RODUCTION Coverage. The industrial production (IP) index measures the real output of the manufacturing, mining, and electric and gas utilities industries; the reference period for the index is 2012. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries–logging and newspaper, periodical, book, and directory publishing–that have traditionally been considered to be manufacturing and included in the industrial sector. For the period since 1997, the total IP index has been constructed from 299 individual series based on the 2012 NAICS codes. These individual series are classified in two ways: (1) market groups, and (2) industry groups. Market groups consist of products and materials. Total products are the aggregate of final products, such as consumer goods and equipment, and nonindustrial supplies (which are inputs to nonindustrial sectors). Materials are inputs in the manufacture of products. Major industry groups include three-digit NAICS industries and aggregates of these industries—for example, durable and nondurable manufacturing, mining, and utilities. A complete description of the market and industry structures, including details regarding series classification, relative importance weights, and data sources, is available on the Board’s website at www.federalreserve.gov/releases/G17/About.htm. Timing. The first estimate of output for a month is published around the 15th of the following month. The estimate is preliminary (denoted by the superscript “p” in tables) and subject to revision in each of the subsequent five months as new source data become available. (Revised estimates are denoted by the superscript “r” in tables.) For the first estimate of output for a given month, about 72 percent of the source data (in value-added terms) are available; the fraction of available source data increases to 85 percent for estimates in the second month that the estimate is published, 95 percent in the third month, 96 percent in the fourth month, 97 percent in the fifth month, and 97 percent in the sixth month. Data availability by data type in early 2016 is summarized in the table below: Availability of Monthly IP Data in Publication Window (Percent of value added in 2016; the numbers may not sum because of rounding.) Month of estimate Source Data. On a monthly basis, the individual indexes of industrial production are constructed from two main types of source data: (1) output measured in physical units and (2) data on inputs to the production process, from which output is inferred. Data on physical products, such as tons of steel or barrels of oil, are typically obtained from private trade associations and from government agencies; data of this type are used to estimate monthly IP wherever possible and appropriate. Production indexes for a few industries are derived by dividing estimated nominal output (calculated using unit production and unit values or sales) by a corresponding Fisher price index; the most notable of these fall within the high-technology grouping and include semiconductors. When suitable data on physical product are not available, estimates of output are based on production-worker hours by industry. Data on hours worked by production workers are collected in the monthly establishment survey conducted by the Bureau of Labor Statistics. The factors used to convert inputs into estimates of production are based on historical relationships between the inputs and the comprehensive annual data used to benchmark the IP indexes; these factors also may be influenced by technological or cyclical developments. The annual data used in benchmarking the individual IP indexes are constructed from a variety of source data, such as the quinquennial Censuses of Manufactures and Mineral Industries and the Annual Survey of Manufactures, prepared by the Bureau of the Census; the Minerals Yearbook, prepared by the U.S. Geological Survey of the Department of the Interior; and publications of the Department of Energy. Type of data 1st 2nd 3rd 4th 5th 6th Physical product 27 39 49 50 51 52 Production-worker hours 46 46 46 46 46 46 IP data received 72 85 95 96 97 97 IP data estimated 28 15 5 4 3 3 The physical product group includes series based on either monthly or quarterly data. As can be seen in the first row of the table, in the first month, a physical product indicator is available for about one-half of the series (in terms of value added) that ultimately are based on physical product data (27 percent out of a total of 52 percent). Of the 27 percent, about four-fifths (22 percent of total IP) include series that are derived from weekly physical product data and for which actual monthly data may lag up to several months. On average, quarterly product data are received for the fourth estimate of industrial production. Specifically, quarterly data are available for the third estimate of the last month of a quarter, the fourth estimate of the second month of a quarter, and the fifth estimate of the first month of a quarter. Seasonal adjustment. Individual series are seasonally adjusted using Census X-12 ARIMA. For series based on production-worker hours, the current seasonal factors were estimated with data through January 2017; for other series, the factors were estimated with data through at least December 2016. Series are pre-adjusted for the effects of holidays or the business cycle when appropriate. For the data since 1972, all seasonally adjusted aggregate indexes are calculated by aggregating the seasonally adjusted indexes of the individual series. Additional documentation and X-12 specifications can be found on the Board’s website at www.federalreserve.gov/releases/G17/About.htm. Aggregation Methodology and Weights. The aggregation method for the IP index is a version of the Fisher-ideal index formula. (For a detailed discussion of the aggregation method, see the Federal Reserve Bulletin February 1997 and March 2001.) In the IP index, series that measure the output of an individual industry are combined using weights derived from their proportion in the total value-added output of all industries. The IP index, which extends back to 1919, is built as a chain-type index since 1972. The current formula for the growth in monthly IP (or any of the sub-aggregates) since 1972 is the geometric mean of the change in output (I), and, as can be seen below, is computed using the unit value added estimate for the current month (pm ) and the estimate for previous month: Reliability. The average revision to the level of the total IP index, without regard to sign, between the first and the fourth estimates was 0.28 percent during the 1987–2016 period. The average revision to the percent change in total IP, without regard to sign, from the first to the fourth estimates was 0.22 percentage point during the 1987–2016 29 establishments covered by the annual Survey of Plant Capacity (the primary source of factory operating rates through 2006, after which it was discontinued) for the fourteen years they overlapped. Adjustments have been made to keep the industry utilization rates currently reported by the Federal Reserve (now based on the QSPC) roughly in line with rates formerly reported by McGraw-Hill. As a consequence, the rates reported by the Federal Reserve tend to be higher than the rates reported in the Census utilization surveys. period. In most cases (about 85 percent), the direction of the change in output indicated by the first estimate for a given month is the same as that shown by the fourth estimate. Rounding. The published percent changes are calculated from unrounded indexes, and may not be the same as percent changes calculated from the rounded indexes shown in the release. C APACITY U TILIZATION Perspective. Over the 1972–2016 period, the average total industry utilization rate was 79.9 percent; for manufacturing, the average factory operating rate was 78.4 percent. Industrial plants usually operate at capacity utilization rates that are well below 100 percent: none of the broad aggregates has ever reached 100 percent. For total industry and total manufacturing, utilization rates have exceeded 90 percent only in wartime. The highs and lows in capacity utilization are specific to each series and do not all occur in the same month. Overview. The Federal Reserve Board constructs estimates of capacity and capacity utilization for industries in manufacturing, mining, and electric and gas utilities. For a given industry, the capacity utilization rate is equal to an output index (seasonally adjusted) divided by a capacity index. The Federal Reserve Board’s capacity indexes attempt to capture the concept of sustainable maximum output—the greatest level of output a plant can maintain within the framework of a realistic work schedule, after factoring in normal downtime and assuming sufficient availability of inputs to operate the capital in place. R EFERENCES AND R ELEASE DATES References. The release for the annual revision that was published on March 31, 2017, is available on the Board’s website (www.federal reserve.gov/releases/g17/revisions/Current/DefaultRev.htm). A summary of the annual revision that incorporated back to 1972 production and capacity indexes reclassified according to the North American Industry Classification System is available in an article in the Federal Reserve Bulletin, vol. 89 (April 2003), pp.151–176. A description of the aggregation methods for industrial production and capacity utilization is included in an article in the Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67–92. The Federal Reserve methodology for constructing industry-level measures of capital is detailed in “Capital Stock Estimates for Manufacturing Industries: Methods and Data” by Mike Mohr and Charles Gilbert (1996), which can be obtained at www.federalreserve.gov/releases/g17/CapitalStockDocLatest.pdf. Coverage. Capacity indexes are constructed for 89 detailed industries (71 in manufacturing, 16 in mining, and 2 in utilities), which mostly correspond to industries at the three- and four-digit North American Industry Classification System, or NAICS level. Estimates of capacity and utilization are available for a variety of groups, including durable and nondurable manufacturing, total manufacturing, mining, utilities, and total industry. Manufacturing consists of those industries included in the NAICS definition of manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing —that have traditionally been considered to be manufacturing and included in the industrial sector. Also, special aggregates are available, such as high-technology industries and manufacturing excluding high-technology industries. Source Data. The monthly rates of capacity utilization are designed to be consistent with both the monthly data on production and the periodically available data on capacity and utilization. Because there is no direct monthly information on overall industrial capacity or utilization rates, the Federal Reserve first estimates annual capacity indexes from the source data. Capacity data reported in physical units from government sources (primarily from the U.S. Geological Survey and the Department of Energy’s Energy Information Administration) and trade sources are available for portions of several industries in manufacturing (for example, paper, industrial chemicals, petroleum refining, motor vehicles), as well as for electric utilities and mining; these industries represent about 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 about 65 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 10 percent of total industry capacity). A detailed description of the methodology used to construct the capacity indexes is available on the Board’s website (www.federalreserve.gov/releases/G17/Meth/MethCap.htm). Industrial Production—1986 Edition contains a more detailed description of the other methods used to compile the industrial production index, plus a history of its development, a glossary of terms, and a bibliography. The major revisions to the IP indexes and capacity utilization since 1990 have been described in the Federal Reserve Bulletin (April 1990, June 1990, June 1993, March 1994, January 1995, January 1996, February 1997, February 1998, January 1999, March 2000, March 2001, March 2002, April 2003, Winter 2004, Winter 2005, March 2006, May 2007, August 2008, August 2009) or in online staff studies (www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf, www.federalreserve.gov/releases/g17/articles/rev2012/industrial12.pdf, www.federalreserve.gov/releases/g17/articles/rev2013/industrial13.pdf). Release Schedule On the day the G.17 is released, it is published at 9:15 a.m., the publication schedule for 2017 is January 18, February 15, March 17, April 18, May 16, June 15, July 14, August 17, September 15, October 17, November 16, and December 15. This release schedule is available on the Board’s website at http://www.federalreserve.gov/releases/g17. Aggregation Methodology. Monthly capacity aggregates are calculated in three steps: (1) utilization aggregates are calculated on an annual basis through the most recent full year as capacity-weighted aggregates of individual utilization rates; (2) the annual aggregate capacity is derived from the corresponding production and utilization aggregates; (3) the monthly capacity aggregate is obtained by interpolating with a Fisher index of its constituent monthly capacity series. Utilization rates for the individual series and aggregates are calculated by dividing the pertinent monthly production index by the related capacity index. Consistency. A major aim is that the Federal Reserve utilization rates be consistent over time so that, for example, a rate of 85 percent means about the same degree of tightness that it meant in the past. A major task for the Federal Reserve in developing reasonable and consistent time series of capacity and utilization is dealing with inconsistencies between the movements of the industrial production index and the survey-based utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was the primary source of manufacturing utilization rates for many years. This survey of large companies reported, on average, higher utilization rates than those reported by 30
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