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FEDERAL RESERVE statistical release
G.17 (419) 2003 Historical and Annual Revision

For release at 3:00 p.m. (EST)
November 10, 2003

Industrial Production and Capacity Utilization: The 2003 Annual Revision
The Federal Reserve revised the index of industrial production (IP) and the related measures of capacity and
capacity utilization for the period from January 1972 to September 2003. Overall, the changes are small, and most of the
revisions appear in the period beginning with 2000.
Measured from fourth quarter to fourth quarter, industrial output is now reported to have increased at a
slower rate in 2000, and to have contracted a bit more slowly in 2001, than reported earlier. The changes to total
industrial production in other years are slight. The revision still places the most recent peak in IP in June 2000 and the
corresponding trough in December 2001. After reaching the trough, the total index recorded gains in the first half of
2002, only to trend downward again until mid-2003 and then head up.
The rate of industrial capacity utilization—the ratio of production to capacity—in the third quarter of 2003
was little changed by the revision; at 74.6 percent, the rate is 4 percentage points below the low of the 1990–91 recession
and 6.7 percentage points below its 1972–2002 average.1 The operating rates in manufacturing in the fourth quarter of
2002 and the third quarter of 2003 were also close to previous estimates. Capacity utilization at mines was slightly lower
in the fourth quarter of 2002, and a bit higher in the third quarter of 2003, than previously reported. The current revision
found that the utilization rates at utilities in the fourth quarters of 2001 and 2002 were higher than reported earlier but that
the rates in the third quarter of 2003 were little changed from those reported previously.
The new overall measures of capacity are also only minimally different from those estimated earlier. The
current figures suggest that industrial capacity expanded slightly faster in 1999 and 2002, and slightly slower in 2000 and
2001, than reported earlier.
The updated measures introduce improved methods for compiling a few series and incorporate newly
available and more comprehensive source data. The new source data generally cover the years from 2000 on, and the
modified methods affect indexes from 1992 forward.
The statistical revisions to the IP index were principally derived from the inclusion of information contained
in annual reports issued by the Bureau of the Census: the 2001 Annual Survey of Manufactures (ASM), the 2001 Services
Annual Survey (for publishing), and selected 2002 Current Industrial Reports. In addition, revised annual data from the
U.S. Geological Survey (USGS) on minerals (except fuels) for 2001 and some new data for 2002 were introduced.
Annual data from the U.S. Forest Service were used to generate estimates for logging. In addition, the new monthly
production estimates for 2002 and 2003 reflect updated seasonal factors and the inclusion of monthly source data that
became available (or were revised) after the closing of the regular four-month reporting window.
The capacity indexes and capacity utilization rates were calculated using the revised production indexes,
results from the Census Bureau’s 2002 Survey of Plant Capacity for the fourth quarter of the year, and newly available
2002 data on industrial capacity from the USGS, the Energy Information Agency of the Department of Energy, and other
organizations. In addition, the relationships used to estimate the current changes in manufacturing capacity were derived
from Census data on capital spending by industry for 2001 and indicators of the rates of change in manufacturers’ capital
spending in 2002 and 2003.
——————————
1. These comparisons use quarterly average data.

Finally, the revision included updates to the value-added weights used to aggregate individual indexes to the
major industry and the market group subtotals and to the index for total industry.
RESULTS OF THE REVISION
For the third quarter of 2003, the revision places the production index at 111.0 percent of output in 1997
(table 1A) and the capacity index at 148.8 percent of output in 1997 (table 1B); both indexes are slightly higher than
reported previously (chart 1). As noted earlier, the utilization rate for total industry was little changed for the third
quarter of 2003.
Tables 2 and 3 show the revised rates of change of industrial production for market groups, industry groups,
special aggregates, and selected detail for the years 1999 through 2003:Q3. Tables 4, 5, and 6 show the revised figures
for capacity utilization, capacity, and electric power use. The tables also show the difference between the revised and
earlier rates of change. For capacity utilization, the tables show the difference between revised and previous rates for the
final quarter of the year (the third quarter was used for 2003). Tables 7, 8, and 9 report the revised production, capacity,
and utilization series for manufacturing, for total industry excluding selected high-technology industries, and for
manufacturing excluding selected high-technology industries.
Industrial Production
The revision to industrial output reduced the gain in 2000 as well as the decline in 2001 (table 2). The
cumulative recovery in total IP since the end of 2001 was, on balance, unchanged. The somewhat slower increase in IP
now shown for 2000 largely reflects the incorporation of recently issued annual Census data. Among major
manufacturing groups, the new data indicated weaker increases in production of a few industries, such as machinery,
computer and electronic products, and nonmetallic mineral products. In 2001, the slightly slower decline in total IP
partly reflects an upward revision in the output of aerospace and miscellaneous transportation equipment.
The revision now shows that the rise in the output of high-technology industries—computers and office
equipment, communications equipment, and semiconductors and related electronic components—was about 15 percent in
2002 and 20 percent in 2003. In general, these industries recorded rapid gains in output in the late 1990s, only to fall
back a bit in 2001. The production of computers and semiconductors picked up again in 2002 and 2003, but the
production of communications equipment continued to fall in 2002 before posting a modest increase this year. Relative
to earlier estimates, the output of all high-technology components increased at a faster rate in 2002. In 2003, although the
gain in the output of computers now appears to have been weaker than previously reported, the output of other
high-technology industries expanded more rapidly during the same period.
Among major market groups, the revised production index for consumer goods rose somewhat more slowly
in 2002 and 2003 than earlier reports had suggested; the estimates for earlier years were little changed.2 The rise in the
production of business equipment in 1999 and 2000 is now shown to have been, on balance, somewhat less than
previously reported, and the subsequent contraction in 2001 and 2002 to have been less steep. On balance, the output of
information processing equipment has been stronger over the 1999–2003 period than previously estimated, while the
production of industrial equipment has been weaker. The production of defense and space equipment is now estimated to
have declined more steeply in 1999 and 2000, and to have bounced back more rapidly in 2001 and 2002, than reported
earlier. The output of materials is little changed from previous estimates.
Capacity Utilization
The revised indexes of capacity utilization are generally close to the previous estimates. The current
revision places the factory operating rate at 73.5 percent for the fourth quarter of 2002 and at 73.0 percent for the third
quarter of 2003—nearly identical to earlier reports and among the lowest rates since the early 1980s. The revisions to the
operating rate at mines were also small. The utilization rate at electric and gas utilities was 83.3 percent in the third
quarter of 2003, 0.1 percentage point lower than the rate reported previously. New estimates of the utilization at utilities
in 2001 and 2002 were somewhat higher than indicated in earlier reports.
——————————
2. As discussed below, the market groups were revised to incorporate the new 1997 input-output tables issued by the Bureau of
Economic Analysis.
2

Among high-technology industries, capacity utilization in the third quarter of 2003 remained at a low rate
but was higher than the rate for the fourth quarters of 2001 and 2002. Relative to earlier estimates, the utilization rates
for the third quarter of 2003 were lower for computers but a bit higher for communications equipment and
semiconductors. For the fourth quarter of 2002, the current revision shows lower estimates for all three high-technology
components than earlier estimates suggested.
Capacity
The revisions to manufacturing capacity from 1999 to 2003 are small. The general contour of the series
shows rapid acceleration during the second half of the 1990s and a slowing since then. Manufacturing capacity is now
estimated to have decelerated somewhat more in 2000 and 2001 than previously indicated, but in 2002 and 2003 it is
estimated to have risen about 1.0 percent per year, a touch more than earlier estimates suggested. Within the technology
sector, the rapid expansion that characterized the late 1990s has trailed off somewhat since then, although the revised
capacity estimates show less of a slowdown, particularly in 2002, than was previously estimated. Excluding
high-technology industries, manufacturing capacity has contracted slightly since 2001.
Relative to the earlier reports, capacity in mines expanded at a slightly slower pace in 1999, 2000, and 2003
and at a slightly faster rate in 2001 and 2002. The new measures of capacity at electric and gas utilities show a lower
rate of increase in the 2000–03 period than previously reported.
The revisions to the capacity estimates for stage-of-process groups was small. Compared with the earlier
estimates, the current capacity measures for 2003 reflect weaker expansion among producers of crude goods and a bit of
an increase for producers of primary, semifinished, and finished goods. For 2002, the rate of change for all categories is
currently estimated to have been a bit stronger than previously reported.
TECHNICAL ASPECTS OF THE REVISION
As noted earlier, the annual revision incorporated comprehensive annual data on industry output, utilization,
value added, and capital spending for 2001 and 2002, along with an update of all seasonal factors and monthly data on
production, production worker hours, and electric power use. Annual data on output and prices for previous years that
were revised by the original source were also included.
As noted above, the current revision incorporated data from the 2001 ASM, along with revisions to the 2000
ASM. These new data, deflated by industry-specific price indexes, largely formed the basis for the annual estimates of
manufacturing output for those years. After incorporating these data and other annual output measures into IP, the annual
average change in total IP between 1999 and 2000 was revised down 0.3 percent, and the rate of change between 2000
and 2001 was revised up 0.1 percent.
The industrial production and capacity data are based on the new 2002 North American Industry
Classification System (NAICS). Last year’s historical revision reclassified production and capacity indexes back to 1972
for individual industries from the Standard Industrial Classification system to NAICS.3 The Federal Reserve’s
accompanying indexes of industrial electric power use are also based on the 2002 NAICS. As in the 2002 revision, all
indexes are expressed as percentages of output in 1997.
Revised Monthly Data
This revision incorporates the product data that become available after the regular four-month reporting
window for monthly IP has closed. For example, monthly data from the Gas Appliance Manufacturers Association on
the production of water heaters and storage batteries are unavailable initially but become available for inclusion in the
annual revision.
The measures of inputs used to estimate monthly production were also updated. These included revised data
on monthly production worker hours (based on the BLS benchmark of employment to March 2002 comprehensive
——————————
3. A complete summary of the revisions and general methods used to prepare the 2002 historical and annual revision of the IP
index are found in the Federal Reserve Bulletin, vol.89 (April 2003), pp. 151–76
(www.federalreserve.gov/pubs/bulletin/2003/0403lead.pdf).
3

measures) and on monthly electric power use since 1997. In June 2003, the BLS issued on a NAICS basis national
employment, hours, and earnings data from the Current Employment Statistics program, which includes data on monthly
production worker hours. Most of the individual hours series were restated on a NAICS basis back to 1990. For years
before 1990, the Federal Reserve derived NAICS-based production worker hours series from a historical SIC-NAICS
concordance developed from plant-level data records maintained by the Census Bureau. This concordance was created
first by converting to NAICS the industry assignment of each establishment in the Censuses of Manufactures from 1963
to 1992 and then by cross-tabulating production worker hours, on both an SIC and a NAICS basis.4
Seasonal factors for all series were reestimated using data that extend into 2003. Factors for production
worker hours, which adjust for timing, holiday, and monthly seasonal patterns, were updated with data through
September 2003. A new holiday factor was incorporated into seasonal adjustment of production worker hours.
Specifically, measured production worker hours tend to be less in Julys when Independence Day falls on a Friday; an
adjustment for this effect had been incorporated into the seasonal factors for recent monthly IP releases. Factors for the
electric power series were reestimated using data through June 2003. The updated factors for the physical product series,
which include adjustments for holiday and workday patterns, used data through at least June 2003. Seasonal factors for
unit motor vehicle assemblies have been updated through June 2004 and are on the Board’s web site at
www.federalreserve.gov/releases/g17/mvsf.htm.
Revisions by the Department of Energy (DOE) to the data for electric power producers resulted in new
methods for constructing the output indexes for the related series. Previously, the DOE provided pooled monthly
information for all nonutility power producers. In the past, the Federal Reserve estimated monthly power output for
industrial and commercial power producers and then subtracted this amount from the combined DOE total. Recently, the
DOE began providing explicit monthly production totals for independent power producers and for industrial and
commercial power producers; thus, independent estimates are no longer necessary.

Weights for Aggregation
The IP index is an annually weighted Fisher index. This revision incorporates updated estimates of the
industry value-added weights used in the aggregation of IP indexes and capacity utilization rates. The Census Bureau
provides annual measures for manufacturers and quinquennial measures for mining, and 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. Annual data through 2001 were used in the estimation of industry value added. The weights for
aggregation, expressed as unit value added, were estimated using the latest data on producer prices. Table 10 shows the
annual value-added proportions incorporated in the IP index from 1995 through 2002.
Changes to Market Groups
This revision adjusts the market group structure to incorporate the 1997 input-output (I-O) tables issued by
the Bureau of Economic Analysis earlier this year.5 Beginning with the 2002 revision, the IP market groups were
restructured to allow for the assignment of one industry to multiple market groups. The rationale is that a market group
index reflects the input to a defined economic activity, and an industry’s output is often related to more than a single
market group. The share of each industry’s output that contributes to a single market group was derived using the new
interindustry relationships described by the new 1997 I-O tables.
Changes to Individual Series
Beginning with this revision, the capacity index includes new Department of Energy data for coal, which
accounts for about 11-1/2 percent of mining capacity in 2002. The new data produced estimates that were little changed
from those of the previous reports.

——————————
4. A more thorough discussion of the historical SIC–NAICS concordance can be found in the April 2003 Bulletin article.
5.

The revision scheduled for fall 2004 will update the stage-of-process groups to reflect the 1997 I-O relationships.
4

Data Availability and Publication Changes

Files containing the revised data and the text and tables from this release are available
on the Board’s web site, at www.federalreserve.gov/releases/g17, and on diskettes from Publications
Services (telephone 202-452-3245). Updated data for all of the regularly issued series on industrial
production, capacity, capacity utilization, and electric power use are available on the website. The
revised data will also be available through the STAT-USA web site of the Department of Commerce
(www.stat-usa.gov). Further information on these revisions is available from the Board’s Industrial
Output Section (telephone 202-452-3197).
A document with printed tables of the revised estimates of series shown in the G.17 release is available upon request to the Industrial Output Section, Mail Stop 82, Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.
An expanded version of this release will be published in a forthcoming article in the
Federal Reserve Bulletin.

5

1. Total industrial production, capacity, and utilization
150

Ratio scale, 1997 output = 100
Revised
Earlier

150

140

140

130

130

120

120

Capacity

110

110

100

100

Production

90

90

80

80

75

75

70

70

65

1988

1990

1992

1994

1996

1998

2000

2002

2004

Percent of capacity

87

82

65

87

82

Utilization
77

72

77

1988

1990

1992

1994

1996

1998

2000

2002

2004

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

6

72

2. Manufacturing industrial production, capacity, and utilization
160
150

Ratio scale, 1997 output = 100
Revised
Earlier

160
150

140

140

130

130

120

120
Capacity

110

110

100

100

Production

90

90

80

80

75

75

70

70

65

1988

1990

1992

1994

1996

1998

2000

2002

2004

Percent of capacity

87

82

65

87

82

Utilization
77

72

77

1988

1990

1992

1994

1996

1998

2000

2002

2004

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

7

72

3. Industrial production and capacity utilization
Industrial production

Ratio scale, 1997 = 100

120
115
110
105
100

120
115
110
105
100

Excluding
high-technology
industries

95

95

90

90

85

85

Total IP

80

80

75

75

70

70

65

1988

1990

1992

1994

1996

1998

Industrial production

2000

2002

2004

65

Percent change from year earlier

15

15
Total IP

10

10

5

5

0

0
Excluding the
contribution
of high-technology
industries

-5
-10
-15

1988

1990

Industrial production

1992

1994

1996

Ratio scale, 1997 = 100

-5
-10

1998

2000

Capacity utilization

800

800
600

95

2004

-15

Percent of capacity

100

600

2002

100
Excluding

95

high-technology

Semiconductors
400

400

industries
85

85

200

75

75

100

100

65

65

80

80

Computers
200

Communications eq.

60

1998

2000

2002

2004

60

High-technology industries
55

1990

1995

2000

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

8

55

4. Consumer goods
Ratio scale, 1997 output = 100
120

120

Revised
Earlier

100

100
Detail: 2000 to present

110
108

80

80

106
104
102
2000

60

1988

1990

1992

1994

2001

1996

2002

2003

1998

Components of consumer goods

2000

2002

60

Ratio scale, 1997 output= 100

145

145

125

125

105

105

Nondurable

85

85

65

65
Durable
Detail: 2000 to present
125
120

45

45

115
110
105
100
95
2000

25

1988

1990

1992

1994

1996

2001

2002

1998

2003

2000

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

9

2002

25

5. Equipment, total
Ratio scale, 1997 output = 100
150
130

150

Revised
Earlier

130

110

110

90

90
Detail: 2000 to present

125

70

70

120
115

50

50

110
105
100
2000

30

1988

1990

1992

1994

2001

1996

2002

2003

1998

Components of equipment

2000

2002

30

Ratio scale, 1997 output = 100

150

150

130

130

Defense and space

110

110

90

90

70

70
Detail: 2000 to present

Business

130
125
120

50

50

115
110
105
100
95
2000

30

1988

1990

1992

1994

1996

2001

2002

1998

2003

90

2000

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

10

2002

30

6. Nonindustrial supplies
Ratio scale, 1997 output = 100
150
130

150

Revised
Earlier

130

110

110

100

90

90

70

70
120

Detail: 2000 to present

120
115

50

110

50

110
105

100

30

1988

1990

1992

1994

2000

2001

1996

2002

2003

1998

100

2000

Components of nonindustrial supplies

2002

30

Ratio scale, 1997 ouput = 100

130

130

110

110

100

90
90

Construction

90

80

Detail: 2000 to present
70
70

Other business
120

125

70

120
115

110

110

60

105
100
99
98
97
96
95

50
50

1988

1990

1992

1994

100
2000

1996

2001

2002

1998

2003

95

2000

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

11

2002

50

7. Industrial materials
150
130

Ratio scale, 1997 output = 100
Revised
Earlier

150
130

110

110

100

90

90

70

70
Detail: 2000 to present

125

120

120

50
110

110
2000

30

50

115

1988

1990

1992

1994

2001

1996

2002

2003

1998

105

2000

2002

30

Components of industrial materials
Ratio scale, 1997 output = 100
165

165

145

145

125

125
Energy

105

105

100
90

85

85

80

Non-energy

70

65

65

60

Detail: 2000 to present
130

130
125

50
120

120

45

45

115

40

110

110
105

100
99
98
97
96
95

30

25

1988

1990

1992

1994

100
2000

1996

2001

2002

1998

2003

95

2000

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

12

2002

25

8. Capacity utilization by stage of process
Capacity utilization

Percent of capacity

100

100

95

95
Crude processing

90

90

85

85

80

80

75

75

70

1988

1990

1992

1994

1996

1998

2000

Capacity utilization

2002

2004

70

Percent of capacity
95

95
Primary and
90

90

semifinished processing

85

85

80

80
Excluding utilities
75

75

70

70

65

1988

1990

1992

1994

1996

1998

2000

Capacity utilization

2002

2004

65

Percent of capacity
90

90
Finished processing

85

85

80

80

75

75

70

70

65

65

60

1988

1990

1992

1994

1996

1998

2000

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

13

2002

2004

60

Table 1A

INDUSTRIAL PRODUCTION: Total
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual1

IP (percent
change)
1973
1974
1975
1976

.8
-.5
-1.1
1.5

1.4
-.4
-2.2
1.2

.1
.1
-1.1
.0

-.3
.0
-.1
.7

.7
.5
-.2
.4

.1
-.1
.7
.0

.4
-.1
1.0
.5

-.2
-.9
.8
.7

.8
.0
1.2
.1

.6
-.5
.2
.2

.4
-3.2
.3
1.5

-.2
-3.5
1.4
1.2

13.0
-2.9
-22.8
13.8

2.8
1.0
-5.8
5.7

3.1
-2.6
9.7
4.6

5.2
-15.2
7.7
7.7

8.2
-.4
-8.9
7.8

1977
1978
1979
1980
1981

-.5
-1.2
-.5
.6
-.6

1.4
.3
.6
.1
-.3

1.3
1.9
.3
-.3
.5

.9
1.9
-.9
-2.0
-.4

.7
.5
.7
-2.4
.7

.7
.7
.0
-1.3
.5

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

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

.4
.2
.0
1.6
-.7

.2
.7
.4
1.0
-.8

.0
.7
-.1
1.7
-1.1

.2
.6
.1
.6
-1.1

9.0
-.7
2.4
2.2
1.3

12.5
16.5
-.1
-15.6
1.8

4.7
3.6
-2.0
-6.2
4.0

2.6
6.8
.6
15.2
-9.1

7.7
5.5
3.0
-2.6
1.3

1982
1983
1984
1985
1986

-1.8
1.8
2.0
-.3
.6

1.9
-.5
.3
.5
-.7

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

-.8
1.3
.6
.0
.1

-.7
.7
.6
.1
.2

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

-.4
1.5
.3
-.6
.6

-.9
1.1
.1
.5
-.2

-.5
1.5
-.2
.4
.2

-.9
.8
-.2
-.5
.4

-.4
.3
.3
.3
.5

-.8
.7
.1
1.0
.9

-7.2
4.3
12.4
1.0
2.6

-4.7
10.0
6.8
1.0
-2.4

-6.1
14.4
3.0
-.6
1.6

-7.7
10.7
-.1
1.9
4.5

-5.1
2.6
9.1
1.3
1.0

1987
1988
1989
1990
1991

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

1.4
.5
-.5
.9
-.7

.2
.2
.3
.4
-.5

.7
.4
-.1
.0
.2

.6
.0
-.6
.1
1.0

.7
.2
.0
.3
1.0

.6
.2
-1.0
-.2
.0

.7
.5
.9
.3
.0

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

1.4
.5
-.1
-.7
-.2

.5
.2
.2
-1.2
-.1

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

4.9
3.6
1.6
3.0
-7.4

7.7
3.0
-1.7
3.0
2.6

7.3
2.2
-2.8
1.3
5.3

9.1
3.1
1.5
-5.9
.7

5.0
5.0
.9
.9
-1.5

1992
1993
1994
1995
1996

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

.9
.4
.1
.0
1.3

.7
.1
.9
.0
-.2

.7
.2
.5
.0
.9

.4
-.3
.6
.2
.7

-.1
.2
.7
.3
.9

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

-.3
-.1
.6
1.4
.7

.1
.6
.2
.5
.6

.7
.6
.8
-.2
.1

.5
.4
.6
.4
.9

.0
.6
1.1
.4
.5

-.1
3.5
5.9
5.7
2.0

7.0
1.1
7.2
.9
8.0

2.7
2.1
5.1
3.7
5.8

4.3
6.2
7.8
3.7
6.3

2.8
3.3
5.4
4.8
4.3

1997
1998
1999
2000
2001

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

1.4
.3
.4
.6
-.5

.3
.3
.4
.4
-.4

.5
.6
.2
.7
-.3

.4
.5
.7
.6
-.5

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

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

1.0
2.0
.7
-.1
-.2

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

.8
.8
1.0
-.4
-.2

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

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

8.5
5.0
3.6
4.6
-6.3

6.5
4.2
4.4
6.7
-5.0

8.3
3.7
4.9
-.6
-5.2

9.2
4.9
7.0
-1.3
-4.5

7.4
5.9
4.4
4.4
-3.4

2002
2003

.6
.5

.2
.4

.4
-.7

.4
-.6

.2
-.1

.6
.0

-.1
.7

.0
.1

-.1
.4

-.3

.1

-.5

1.9
.9

4.2
-4.0

1.2
3.4

-1.9

-.6

IP (1997=100)
1973
1974
1975
1976

54.9
56.7
51.6
53.3

55.7
56.5
50.5
54.0

55.8
56.6
49.9
54.0

55.6
56.5
49.9
54.4

56.0
56.8
49.8
54.6

56.0
56.8
50.1
54.6

56.2
56.7
50.6
54.9

56.1
56.2
51.0
55.2

56.5
56.2
51.6
55.3

56.9
55.9
51.7
55.4

57.1
54.1
51.9
56.2

57.0
52.2
52.6
56.9

55.5
56.6
50.7
53.8

55.8
56.7
49.9
54.5

56.3
56.3
51.1
55.1

57.0
54.1
52.1
56.2

56.1
55.9
50.9
54.9

1977
1978
1979
1980
1981

56.6
59.6
64.1
64.5
63.2

57.4
59.7
64.4
64.6
63.0

58.2
60.9
64.6
64.4
63.4

58.7
62.1
64.1
63.1
63.1

59.1
62.4
64.5
61.6
63.5

59.5
62.8
64.5
60.8
63.9

59.7
62.8
64.3
60.4
64.3

59.7
63.0
63.9
60.5
64.2

60.0
63.1
63.9
61.5
63.8

60.1
63.6
64.2
62.2
63.3

60.1
64.0
64.1
63.2
62.6

60.3
64.4
64.2
63.6
61.9

57.4
60.1
64.4
64.5
63.2

59.1
62.4
64.4
61.8
63.5

59.8
63.0
64.0
60.8
64.1

60.2
64.0
64.1
63.0
62.6

59.1
62.4
64.2
62.5
63.4

1982
1983
1984
1985
1986

60.8
59.2
65.9
67.7
69.3

62.0
58.9
66.1
68.1
68.8

61.5
59.4
66.6
68.1
68.3

61.0
60.2
67.0
68.1
68.4

60.6
60.6
67.4
68.2
68.5

60.4
61.0
67.6
68.2
68.3

60.2
61.9
67.8
67.7
68.7

59.7
62.6
67.9
68.1
68.6

59.4
63.5
67.7
68.3
68.7

58.9
64.0
67.6
68.0
69.0

58.6
64.2
67.8
68.2
69.3

58.2
64.6
67.9
68.9
70.0

61.4
59.2
66.2
68.0
68.8

60.7
60.6
67.3
68.1
68.4

59.8
62.7
67.8
68.1
68.7

58.6
64.3
67.8
68.4
69.4

60.1
61.7
67.3
68.1
68.8

1987
1988
1989
1990
1991

69.6
74.8
77.2
76.5
75.7

70.6
75.2
76.8
77.1
75.1

70.7
75.4
77.0
77.4
74.7

71.2
75.7
77.0
77.4
74.9

71.6
75.7
76.5
77.5
75.7

72.0
75.8
76.5
77.7
76.4

72.5
75.9
75.8
77.6
76.4

73.0
76.3
76.5
77.8
76.4

73.1
76.1
76.2
78.0
77.1

74.1
76.5
76.1
77.4
76.9

74.5
76.6
76.3
76.5
76.8

74.8
77.0
76.8
76.0
76.6

70.3
75.1
77.0
77.0
75.2

71.6
75.7
76.7
77.6
75.7

72.9
76.1
76.1
77.8
76.6

74.5
76.7
76.4
76.6
76.8

72.3
75.9
76.6
77.2
76.1

1992
1993
1994
1995
1996

76.1
79.9
82.9
88.5
90.1

76.8
80.2
82.9
88.5
91.3

77.4
80.3
83.7
88.5
91.1

77.9
80.5
84.1
88.5
91.9

78.2
80.2
84.6
88.7
92.5

78.1
80.4
85.2
89.0
93.4

78.7
80.7
85.3
88.6
93.2

78.5
80.6
85.8
89.8
93.9

78.6
81.0
85.9
90.2
94.5

79.2
81.6
86.6
90.0
94.5

79.6
81.9
87.2
90.3
95.4

79.6
82.4
88.1
90.7
96.0

76.8
80.1
83.2
88.5
90.8

78.1
80.3
84.6
88.7
92.6

78.6
80.8
85.7
89.5
93.9

79.4
82.0
87.3
90.4
95.3

78.2
80.8
85.2
89.3
93.1

1997
1998
1999
2000
2001

96.3
104.0
108.2
113.6
114.2

97.6
104.3
108.6
114.3
113.6

97.9
104.6
109.0
114.7
113.2

98.4
105.2
109.2
115.6
112.8

98.8
105.7
110.0
116.3
112.3

99.3
105.3
110.1
116.4
111.6

99.9
105.0
110.6
115.8
111.1

100.9
107.1
111.4
115.7
110.9

101.7
106.9
111.1
116.2
110.2

102.5
107.8
112.3
115.7
109.9

103.2
107.5
112.8
115.6
109.4

103.5
107.5
113.7
115.3
109.1

97.3
104.3
108.6
114.2
113.7

98.8
105.4
109.7
116.1
112.2

100.8
106.4
111.1
115.9
110.7

103.1
107.6
112.9
115.5
109.5

100.0
105.9
110.6
115.4
111.5

2002
2003

109.7
111.2

109.9
111.6

110.3
110.8

110.8
110.1

110.9
110.0

111.7
110.0

111.5
110.8

111.5
110.8

111.3
111.3

111.0

111.2

110.6

110.0
111.2

111.1
110.0

111.5
111.0

110.9

110.9

Year

NOTE Estimates from July 2003 through September 2003 are subject to further revision in the upcoming monthly releases.
1. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

14

Table 1B

CAPACITY AND UTILIZATION: Total
Seasonally adjusted
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

Capacity
(percent of
1997 output)
1973
1974
1975
1976

62.5
64.9
66.8
68.3

62.7
65.1
66.9
68.4

62.9
65.3
67.0
68.5

63.1
65.5
67.2
68.7

63.3
65.6
67.3
68.8

63.5
65.8
67.4
69.0

63.7
66.0
67.5
69.1

63.9
66.1
67.6
69.3

64.1
66.3
67.7
69.4

64.3
66.4
67.9
69.6

64.5
66.6
68.0
69.7

64.7
66.7
68.1
69.9

62.7
65.1
66.9
68.4

63.3
65.6
67.3
68.8

63.9
66.1
67.6
69.3

64.5
66.5
68.0
69.7

63.6
65.9
67.5
69.1

1977
1978
1979
1980
1981

70.0
72.2
74.5
76.5
78.3

70.2
72.4
74.7
76.6
78.4

70.4
72.6
74.9
76.8
78.6

70.5
72.8
75.1
76.9
78.8

70.7
73.0
75.3
77.1
79.0

70.9
73.2
75.4
77.2
79.1

71.1
73.4
75.6
77.4
79.3

71.3
73.6
75.7
77.5
79.5

71.4
73.8
75.9
77.6
79.7

71.6
74.0
76.1
77.8
79.9

71.8
74.2
76.2
77.9
80.1

72.0
74.4
76.4
78.1
80.3

70.2
72.4
74.7
76.6
78.4

70.7
73.0
75.3
77.1
79.0

71.3
73.6
75.7
77.5
79.5

71.8
74.2
76.2
78.0
80.1

71.0
73.3
75.5
77.3
79.3

1982
1983
1984
1985
1986

80.5
82.2
82.8
84.7
86.7

80.7
82.2
82.9
84.9
86.9

80.8
82.3
83.1
85.1
87.0

81.0
82.3
83.2
85.2
87.1

81.2
82.4
83.3
85.4
87.2

81.4
82.4
83.4
85.6
87.3

81.5
82.5
83.6
85.8
87.4

81.6
82.5
83.8
86.0
87.5

81.8
82.6
83.9
86.2
87.6

81.9
82.6
84.1
86.3
87.8

82.0
82.7
84.3
86.5
87.9

82.1
82.8
84.5
86.6
88.0

80.7
82.2
82.9
84.9
86.9

81.2
82.4
83.3
85.4
87.2

81.6
82.5
83.8
86.0
87.5

82.0
82.7
84.3
86.5
87.9

81.4
82.4
83.6
85.7
87.4

1987
1988
1989
1990
1991

88.2
89.7
90.7
92.7
94.8

88.3
89.8
90.8
92.9
94.9

88.4
89.9
90.9
93.1
95.1

88.6
89.9
91.1
93.3
95.2

88.7
90.0
91.3
93.5
95.4

88.9
90.0
91.4
93.7
95.5

89.0
90.1
91.6
93.8
95.7

89.2
90.2
91.8
94.0
95.8

89.3
90.2
92.0
94.2
96.0

89.4
90.3
92.2
94.3
96.1

89.5
90.4
92.4
94.5
96.3

89.6
90.5
92.6
94.6
96.4

88.3
89.8
90.8
92.9
94.9

88.7
90.0
91.3
93.5
95.4

89.2
90.2
91.8
94.0
95.8

89.5
90.4
92.4
94.5
96.3

88.9
90.1
91.6
93.7
95.6

1992
1993
1994
1995
1996

96.6
98.5
100.6
104.3
110.0

96.7
98.6
100.8
104.7
110.6

96.9
98.8
101.0
105.1
111.1

97.0
99.0
101.3
105.6
111.6

97.2
99.1
101.6
106.0
112.2

97.4
99.3
101.9
106.5
112.7

97.5
99.4
102.2
106.9
113.3

97.7
99.6
102.5
107.4
113.8

97.8
99.8
102.8
107.9
114.3

98.0
100.0
103.2
108.4
114.9

98.2
100.2
103.5
109.0
115.4

98.3
100.4
103.9
109.5
115.9

96.7
98.6
100.8
104.7
110.6

97.2
99.1
101.6
106.0
112.2

97.7
99.6
102.5
107.4
113.8

98.2
100.2
103.5
109.0
115.4

97.4
99.4
102.1
106.8
113.0

1997
1998
1999
2000
2001

116.4
123.9
131.7
137.2
142.6

117.0
124.6
132.2
137.7
142.9

117.5
125.3
132.6
138.2
143.2

118.0
126.1
133.1
138.7
143.5

118.6
126.8
133.5
139.2
143.8

119.2
127.5
134.0
139.7
144.0

119.8
128.1
134.4
140.1
144.3

120.4
128.8
134.9
140.6
144.5

121.0
129.4
135.3
141.0
144.7

121.7
130.0
135.8
141.5
144.9

122.4
130.6
136.3
141.9
145.2

123.1
131.1
136.7
142.2
145.4

117.0
124.6
132.1
137.7
142.9

118.6
126.8
133.5
139.2
143.8

120.4
128.8
134.9
140.6
144.5

122.4
130.6
136.3
141.8
145.2

119.6
127.7
134.2
139.8
144.1

2002
2003

145.6
147.8

145.8
148.0

146.0
148.1

146.2
148.3

146.4
148.4

146.6
148.5

146.8
148.7

147.0
148.8

147.2
148.9

147.3

147.5

147.7

145.8
148.0

146.4
148.4

147.0
148.8

147.5

146.7

Utilization
(percent)
1973
1974
1975
1976

87.9
87.3
77.3
78.1

88.8
86.7
75.4
78.9

88.7
86.6
74.5
78.8

88.1
86.4
74.3
79.2

88.4
86.6
74.0
79.3

88.2
86.3
74.4
79.1

88.2
85.9
75.0
79.4

87.8
84.9
75.5
79.7

88.2
84.8
76.2
79.7

88.5
84.2
76.2
79.6

88.5
81.3
76.3
80.6

88.0
78.3
77.2
81.4

88.5
86.9
75.7
78.6

88.3
86.4
74.2
79.2

88.1
85.2
75.6
79.6

88.3
81.2
76.6
80.5

88.3
84.9
75.5
79.5

1977
1978
1979
1980
1981

80.8
82.5
85.9
84.3
80.8

81.7
82.5
86.2
84.2
80.4

82.6
83.8
86.3
83.8
80.6

83.2
85.2
85.3
82.0
80.1

83.6
85.4
85.7
79.9
80.4

83.9
85.8
85.5
78.7
80.7

84.0
85.5
85.1
78.1
81.1

83.8
85.5
84.3
78.1
80.8

83.9
85.5
84.2
79.3
80.0

83.9
85.9
84.4
79.9
79.2

83.7
86.3
84.1
81.1
78.1

83.6
86.6
84.0
81.5
77.1

81.7
82.9
86.2
84.1
80.6

83.6
85.4
85.5
80.2
80.4

83.9
85.5
84.5
78.5
80.6

83.7
86.3
84.2
80.8
78.2

83.2
85.0
85.1
80.9
79.9

1982
1983
1984
1985
1986

75.5
72.1
79.6
80.0
79.9

76.8
71.7
79.7
80.2
79.2

76.1
72.2
80.2
80.1
78.6

75.3
73.1
80.5
79.9
78.5

74.7
73.6
80.9
79.8
78.6

74.3
74.0
81.0
79.6
78.3

73.9
75.1
81.1
79.0
78.6

73.1
75.9
81.1
79.2
78.4

72.6
77.0
80.7
79.3
78.4

71.9
77.5
80.4
78.8
78.6

71.5
77.7
80.5
78.9
78.9

70.9
78.1
80.4
79.5
79.5

76.2
72.0
79.8
80.1
79.2

74.8
73.6
80.8
79.8
78.4

73.2
76.0
81.0
79.1
78.5

71.4
77.8
80.4
79.1
79.0

73.9
74.8
80.5
79.5
78.8

1987
1988
1989
1990
1991

78.9
83.4
85.2
82.4
79.8

79.9
83.8
84.6
83.0
79.1

79.9
83.9
84.7
83.1
78.6

80.3
84.2
84.5
83.0
78.6

80.7
84.1
83.8
82.9
79.3

81.0
84.2
83.7
83.0
80.0

81.4
84.3
82.7
82.7
79.8

81.8
84.7
83.3
82.8
79.8

81.9
84.3
82.8
82.8
80.3

82.9
84.7
82.6
82.1
80.0

83.2
84.8
82.6
81.0
79.8

83.5
85.0
83.0
80.3
79.4

79.6
83.7
84.8
82.9
79.2

80.7
84.1
84.0
83.0
79.3

81.7
84.4
82.9
82.8
80.0

83.2
84.8
82.7
81.1
79.7

81.3
84.3
83.6
82.4
79.6

1992
1993
1994
1995
1996

78.8
81.1
82.4
84.8
81.9

79.4
81.3
82.3
84.5
82.6

79.9
81.3
82.8
84.2
82.0

80.3
81.3
83.0
83.8
82.3

80.4
80.9
83.3
83.7
82.5

80.3
80.9
83.6
83.6
82.8

80.8
81.1
83.5
82.8
82.3

80.4
80.9
83.7
83.6
82.5

80.3
81.2
83.6
83.6
82.6

80.8
81.6
83.9
83.0
82.3

81.1
81.8
84.2
82.9
82.7

80.9
82.1
84.8
82.9
82.8

79.4
81.2
82.5
84.5
82.1

80.3
81.1
83.3
83.7
82.5

80.5
81.1
83.6
83.3
82.5

80.9
81.8
84.3
82.9
82.6

80.3
81.3
83.4
83.6
82.4

1997
1998
1999
2000
2001

82.7
84.0
82.2
82.8
80.1

83.5
83.7
82.1
83.0
79.5

83.4
83.5
82.2
83.0
79.0

83.4
83.5
82.1
83.3
78.6

83.3
83.4
82.3
83.5
78.1

83.3
82.6
82.1
83.3
77.5

83.4
81.9
82.3
82.7
77.0

83.8
83.2
82.6
82.3
76.7

84.0
82.6
82.1
82.4
76.1

84.2
82.9
82.7
81.8
75.8

84.3
82.3
82.8
81.5
75.3

84.1
82.0
83.2
81.0
75.1

83.2
83.7
82.2
82.9
79.5

83.3
83.1
82.2
83.4
78.0

83.7
82.6
82.3
82.4
76.6

84.2
82.4
82.9
81.4
75.4

83.6
83.0
82.4
82.6
77.4

2002
2003

75.4
75.2

75.4
75.4

75.6
74.8

75.8
74.2

75.8
74.1

76.2
74.0

76.0
74.5

75.9
74.5

75.7
74.8

75.4

75.4

74.9

75.4
75.1

75.9
74.1

75.8
74.6

75.2

75.6

NOTE Estimates from July 2003 through September 2003 are subject to further revision in the upcoming monthly releases.

15

Table 2

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY: 1999–20031
Difference between
revised and earlier changes
(percentage points)

Revised change
(percent)

Item
1999

2000

2001

2002

2003

1999

2000

2001

2002

2003

4.9

2.3

-5.2

1.3

.0

.0

-.4

.4

-.1

.1

2.8
2.4
4.6
5.1
11.9
2.3
3.7
1.5
1.2
.2
-3.1
4.5
3.2
3.1

2.3
1.0
-1.9
-5.1
15.7
-.5
-.3
2.1
1.0
.7
-5.6
4.4
-1.2
7.1

-4.9
-2.2
-2.9
1.1
-10.3
-2.0
-8.1
-1.9
-1.0
-.6
-15.1
3.0
-3.2
-5.8

.5
1.0
6.0
9.9
4.4
1.8
2.4
-.8
-2.8
-3.9
-2.4
-1.8
-.9
8.7

-.1
-.5
1.9
4.4
12.8
2.3
-4.6
-1.4
-1.1
-1.4
-18.1
-.1
5.5
-2.7

-.6
-.2
-1.1
-.4
-7.9
.0
-.6
.1
.0
-.1
-.3
-.3
1.2
.1

-.9
-.1
.1
-.3
6.6
.5
-.9
-.1
-.1
1.1
.6
-2.1
-2.2
-.5

.5
-.1
.1
-.6
3.2
2.6
1.4
-.1
.0
1.6
-2.5
-1.8
-3.0
-.6

.1
-.5
.0
.3
6.2
.1
.2
-.7
-1.2
-2.9
2.2
1.3
-.5
.6

-.1
-.5
-.3
-.1
-1.6
1.2
.8
-.7
-.1
.7
-2.4
-3.5
4.8
-3.2

3.8
-11.5
19.0
-.5
-9.5

6.8
-11.2
19.2
4.9
-3.1

-12.8
-5.9
-12.8
-15.0
12.4

-1.4
-15.2
5.5
-1.0
3.6

1.0
-9.1
8.2
-.3
5.5

-.2
-1.3
.4
-.7
-4.4

-1.1
-2.6
-.8
-1.4
-2.7

1.5
6.2
.6
.7
12.4

2.4
.4
7.1
-.3
1.3

-.1
-2.9
.4
.2
-1.6

2.6
4.9

-.1
2.9

-6.5
-5.6

.4
1.4

-1.8
.3

.5
-2.6

-.9
-3.5

-.5
-.5

-.2
-.8

1.0
.4

8.0
9.7
12.9
7.2
25.6
3.6
3.7
.6
2.3
7.4
1.3

2.2
2.3
5.6
-7.1
23.0
-3.9
-3.7
-9.7
-4.7
-3.9
1.7

-5.7
-6.6
-7.2
-7.2
-7.4
-6.8
-5.6
-11.6
-6.1
-5.1
-2.9

2.5
3.0
4.2
6.7
5.9
1.5
.9
-1.0
1.5
1.7
1.0

.2
.0
1.6
-.1
9.2
-3.6
-2.7
-16.4
-5.0
-1.1
.7

.7
.9
1.1
.3
2.3
-.3
.0
.3
-.4
.0
.1

.2
.1
.0
-.8
-.3
-.3
-.2
-.1
-.9
.2
.7

.3
.3
.6
-3.4
2.8
.4
-.2
1.0
-.5
.3
.5

-.3
.2
.4
-1.2
2.2
-.4
-.4
-1.1
-1.5
.5
-1.6

.5
.8
1.3
-.2
2.6
.2
.0
-.9
.2
-.9
-.6

321
327
331
332
333
334

5.5
5.5
7.8
1.7
.3
3.6
2.6
.1
31.0

2.0
2.2
4.8
-6.5
-1.7
-9.1
.0
2.5
29.4

-5.6
-5.5
-7.3
-2.2
-5.6
-10.6
-8.4
-17.1
-7.5

1.0
1.2
3.0
-1.8
2.1
3.5
-.1
-.9
10.8

.2
-.1
1.7
1.2
-1.8
-7.5
-4.0
.5
14.6

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

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

.5
.7
1.0
.9
-5.7
.9
-.6
.7
2.0

.1
.1
1.1
-.7
-.5
-.1
-1.2
-.1
6.8

.4
.2
.6
2.2
-.6
1.3
.3
-1.3
3.2

335
3361–3

3.5
5.8

2.3
-9.1

-12.7
-2.8

-2.3
9.9

-2.9
1.9

.6
.1

-.4
-.7

-1.9
-1.6

-.3
-1.0

.3
-1.0

3364–9
337
339

-12.4
2.0
2.2

-3.9
.6
6.1

4.9
-7.4
-2.8

-9.7
-.4
3.5

-1.7
-2.8
.7

-1.2
-.3
.2

.9
.0
2.3

9.8
1.4
2.9

.9
1.4
1.7

-3.2
2.1
2.5

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

2.4
.1
2.1
-3.4
1.8
.4
2.6
5.1
6.1

-1.4
.6
-6.4
-5.4
-4.8
-1.4
-1.7
-.2
-3.2

-3.3
-.4
-10.3
-15.5
-6.0
-6.7
-2.5
-1.3
-5.7

-.9
-3.5
-1.3
-2.0
2.9
-1.7
1.2
-.1
2.2

-2.2
-1.2
-10.4
-17.3
-3.6
-6.5
.6
.0
-1.3

-.1
-.1
.2
-.3
-.3
.0
1.0
-.4
-.2

-.1
1.0
-.1
.5
-.7
-.6
-1.2
-.6
-1.2

.2
1.4
2.2
-2.5
-.3
-1.1
-2.1
-.1
.0

-1.1
-2.8
-1.0
2.5
-.1
-4.7
-.1
.9
-.5

-.3
.6
-.4
-2.3
-.8
1.0
.6
-1.9
.1

1133,5111

4.6

-1.5

-6.3

-2.2

4.2

.8

-1.9

-2.4

-.4

4.0

21
2211,2
2211
2212

.2
2.3
2.1
3.8

1.1
6.1
4.9
12.9

-1.0
-5.2
-3.7
-12.8

-2.3
6.6
5.5
13.4

.5
-1.7
-.1
-9.0

.0
.3
.4
-.3

.3
.1
.1
.1

-.4
.3
.3
-.3

-.4
-1.1
-1.6
1.5

.5
-2.5
-2.1
-3.1

Total IP

MARKET GROUPS
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

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

NOTE. Estimates for the third quarter of 2003 are subject to further revision in the upcoming monthly releases.
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. For 2003, the rates are calculated from the fourth quarter of 2002 to the third quarter of 2003 and annualized.

16

Table 3

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, SPECIAL AGGREGATES AND SELECTED DETAIL: 1999–20031

Item
1999

Revised change
(percent)
2000
2001

2002

2003

1999

Difference between
revised and earlier changes
(percentage points)
2000
2001
2002

2003

Total industry

4.9

2.3

-5.2

1.3

.0

.0

-.4

.4

-.1

.1

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

2.0
3.1
2.2
9.6
2.1
.7

3.9
7.1
6.0
29.3
5.4
-.3

-3.6
-5.8
-1.6
-10.9
-7.9
-.2

2.9
8.7
3.5
-14.8
3.7
-.4

-.4
-2.7
-1.7
5.2
-1.0
1.6

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

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

-.1
-.6
-2.0
.0
-.2
.8

-.9
.6
-1.1
.1
.8
-2.8

-1.4
-3.2
-1.8
1.1
-5.7
2.1

3341
3342

5.4
42.4
14.1
31.5

2.0
38.2
19.1
27.7

-5.6
-8.4
-5.7
-22.8

1.0
15.3
24.0
-5.5

.1
20.0
10.4
6.8

.0
.8
-5.6
4.4

-.5
-1.9
1.4
-2.6

.5
1.2
.2
-2.7

.1
8.2
4.1
11.1

.4
4.6
-10.7
8.5

334412–9

64.6

52.8

.8

24.9

33.1

2.6

-3.0

4.2

5.1

8.4

1.8

-1.5

-5.2

-.1

-1.1

-.1

-.3

.4

-.5

.1

5.8
2.6
8.3

-9.1
-12.2
-5.7

-2.8
1.5
-5.3

9.9
11.6
7.8

1.9
3.2
.7

.1
.0
.4

-.7
-.2
-1.5

-1.6
-.5
-3.1

-1.0
-.5
-.9

-1.0
.0
-1.9

Excluding motor vehicles and parts
Consumer goods
Business equipment
Construction supplies
Business supplies
Materials

1.4
2.3
-3.5
2.4
2.1
3.1

-.8
-.2
3.8
-.4
.5
-2.9

-5.5
-1.5
-11.5
-6.4
-5.5
-7.2

-1.0
-.3
-4.6
.5
.7
.3

-1.4
-.2
-.6
-1.9
-.7
-2.8

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

-.3
-1.0
-1.6
-.8
-.7
-.1

.6
.7
2.3
-.4
-.6
.1

-.4
1.0
1.3
-.3
-.6
-.6

.3
.9
.3
.8
.9
.0

Measures excluding selected high-technology
industries
Total industry
Manufacturing2
Durable

1.8
1.8
1.1

-.6
-1.5
-1.6

-4.9
-5.2
-6.9

.4
-.1
1.0

-1.0
-1.0
-.8

.0
-.1
-.1

-.2
-.3
-.3

.3
.4
.9

-.6
-.5
-.1

-.1
.1
.0

Measures excluding motor vehicles and parts
Total industry
Manufacturing2
Durable

4.9
5.4
8.0

3.1
3.0
7.2

-5.4
-5.8
-7.9

.8
.3
1.8

-.1
.1
1.6

.0
.0
.0

-.4
-.5
-.6

.5
.7
1.4

.1
.2
1.5

.2
.6
1.0

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

1.5
1.5

.1
-.7

-5.1
-5.5

-.2
-.9

-1.2
-1.3

-.1
-.1

-.2
-.3

.5
.5

-.5
-.5

.0
.3

15.4
4.1

8.1
-3.3

-7.4
-5.8

5.0
1.2

2.4
-2.1

1.7
-.2

.1
-.2

.5
.1

.4
-.1

1.7
.0

1.6
7.5
2.3

-2.8
2.7
3.0

-2.8
-6.3
-4.4

-.8
3.0
-.3

-.5
-.2
.5

-.9
.4
-.3

.4
-.7
-.3

.9
-.4
1.3

-.5
-.5
.7

.5
.4
-.3

Non-energy
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components
Excluding selected high-technology
industries
Motor vehicles and parts
Motor vehicles
Motor vehicle parts

Measure of non-energy material inputs to
Finished processors
Semifinished and primary processors

3361–3
3361
3363

STAGE-OF-PROCESS GROUPS
Crude
Primary and semifinished
Finished

NOTE. Estimates for the third quarter of 2003 are subject to further revision in the upcoming monthly releases.
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. For 2003, the rates are calculated from the fourth quarter of 2002 to the third quarter of 2003 and annualized.
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 4

REVISED AND EARLIER CAPACITY UTILIZATION RATES, BY INDUSTRY GROUPS
Percent of capacity, seasonally adjusted
Difference between
revised and earlier rates
(percentage points)

Revised Rate
Item

1972–
2002
Ave.

1988–
1989
High

1990–
1991
Low

2001
Q4

2002
Q4

2003
Q3

2001
Q4

2002
Q4

2003
Q3

Total industry

81.3

85.2

78.6

75.4

75.2

74.6

.3

-.1

-.1

Manufacturing
Manufacturing (NAICS)

80.2
80.0

85.6
85.5

77.2
77.0

73.5
73.2

73.5
73.2

73.0
72.5

.2
.3

.0
.2

.1
.2

321
327
331
332
333
334

78.5
80.4
79.4
81.0
77.2
79.8
79.5

84.5
88.8
85.7
95.3
80.3
84.6
81.1

73.4
73.0
72.1
75.2
71.1
72.8
76.3

70.3
74.1
76.3
73.5
70.2
66.5
64.4

70.5
73.4
77.9
77.1
69.7
66.7
63.1

70.1
74.4
76.9
72.6
67.4
67.5
65.2

.3
.6
-4.0
.5
-.4
-.8
.3

.8
.9
-3.5
-.4
-1.1
.0
.8

.9
2.5
-3.5
.5
-1.0
-.4
.9

335
3361–3

83.2
77.6

87.4
89.7

75.0
56.5

74.8
75.4

74.1
81.3

73.0
80.6

-1.1
.2

-1.4
.4

-1.1
.5

3364–9
337
339

73.2
79.2
76.9

88.9
84.0
81.7

81.9
67.9
77.7

70.8
71.7
74.3

64.3
71.1
76.7

63.5
69.7
77.1

5.5
.3
-.4

5.6
1.0
2.0

4.2
2.2
4.6

323
324
325
326

82.2
82.3
83.7
80.1
88.4
84.7
86.3
78.6
83.8

87.0
85.5
91.4
84.2
93.7
91.6
88.9
85.6
91.3

81.8
81.3
77.2
77.3
85.2
82.7
82.5
80.8
77.2

77.1
79.6
74.1
64.6
80.8
75.5
87.2
74.0
77.2

76.7
77.3
74.9
67.2
84.9
74.4
88.1
72.9
79.5

75.9
77.1
70.7
62.1
83.4
71.3
87.6
72.3
79.9

.1
.6
2.2
-.9
-.2
-.7
-1.4
-.7
1.3

-.8
-1.3
1.8
4.0
.7
-6.5
-.8
-.8
.1

-.9
-.9
2.1
4.8
.2
-5.3
-.2
-2.1
.1

1133,5111

83.7

90.7

79.1

79.4

78.9

82.3

-2.5

-3.5

-1.0

21
2211,2

86.9
87.0

85.6
92.8

83.4
84.1

86.9
86.7

84.6
87.2

85.2
83.3

.3
1.7

-.5
1.2

.4
-.1

3341
3342

79.2
78.4
78.6

79.9
79.3
81.7

74.5
67.2
73.2

62.9
68.6
58.8

61.7
71.6
48.2

64.9
70.5
50.2

-.2
-.1
-1.9

-.4
-5.5
-1.6

.3
-11.0
.8

334412–9

81.0

80.5

78.1

63.4

66.7

72.8

.2

-.3

1.9

81.4
80.2

85.6
86.1

78.8
77.3

76.4
74.5

76.3
74.6

75.6
74.1

.1
.0

-.5
-.4

-.3
-.1

86.4
82.4
78.4

88.5
86.4
83.2

84.7
77.5
77.2

83.8
76.3
72.6

83.1
77.5
71.1

83.8
76.4
70.8

.8
.1
.6

.0
-.4
.5

1.1
-.2
.2

Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metal
Fabricated metal products
Machinery
Computer and electronic products
Electrical equip., appliances,
and components
Motor vehicles and parts
Aerospace and other miscellaneous
transportation equipment
Furniture and related products
Miscellaneous
Nondurable manufacturing
Food, beverage, and tobacco products
Textile and product mills
Apparel and leather
Paper
322 Printing and support
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components

311,2
313,4
315,6

Measures excluding selected high-technology
industries
Total industry
Manufacturing1

STAGE-OF-PROCESS GROUPS
Crude
Primary and semifinished
Finished

NOTE. Estimates for the third quarter of 2003 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.

18

Table 5

RATES OF CHANGE IN CAPACITY, BY INDUSTRY GROUPS: 1999 to 20031

Item
1999

Revised change
(percent)
2000
2001

2002

2003

1999

Difference between
revised and earlier changes
(percentage points)
2000
2001
2002

2003

Total industry

4.4

4.1

2.3

1.6

1.1

.2

-.2

-.1

.5

.0

Manufacturing2

5.0

4.8

2.2

1.1

1.0

.2

-.1

-.2

.3

.2

Durable
Nondurable

7.5
2.2

8.3
.9

4.7
-.4

2.6
-.4

2.5
-.7

.1
.3

.0
-.3

.1
-.4

.4
.2

.4
-.2

Mining
Utilities

-2.8
1.9

-1.2
2.5

2.7
3.7

.3
6.0

-.5
4.4

-.2
.6

-.8
-.4

.5
-.4

.5
-.5

-.9
-.6

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

27.8

42.3

24.9

17.6

11.8

-.7

1.9

1.7

8.9

2.0

2.6

1.2

.4

-.1

-.2

.3

-.3

.0

.0

-.4

-2.1
5.5
4.3

-1.3
5.1
4.3

1.2
2.8
1.8

-.3
1.8
1.7

-1.1
1.8
.8

.1
.5
-.1

-.9
-.5
.2

.4
-.3
-.2

.3
.1
.7

-1.0
.3
.1

STAGE–OF–PROCESS GROUPS
Crude
Primary and semifinished
Finished

1. Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year
specified in the column heading.
2. See footnote 2 to table 3.

Table 6

RATES OF CHANGE IN ELECTRIC POWER USE: 1999 to 20031

Item
1999

Revised change
(percent)
2000
2001

2002

2003

1999

Difference between
revised and earlier changes
(percentage points)
2000
2001
2002

2003

Total Industry

2.2

1.0

-7.7

.5

-5.8

1.1

3.0

1.6

-.2

1.5

Manufacturing2

2.6
3.0
2.2

1.2
-.1
2.4

-8.0
-8.3
-7.9

.9
2.2
-.1

-5.8
-7.1
-4.8

1.2
1.3
1.2

3.2
3.2
3.3

1.7
1.9
1.6

-.2
-.8
.2

1.8
2.7
1.0

-3.1

-2.7

-3.2

-4.7

-5.2

.0

-.1

.1

.1

-2.8

2.3
1.9
5.9

.2
.6
9.1

-6.7
-8.5
.2

.4
.4
2.1

-5.8
-6.3
-1.8

1.1
1.0
1.2

3.2
2.9
3.8

1.6
1.5
1.9

-.4
-.5
1.5

1.9
3.3
2.6

Durable
Nondurable

Mining
Total ex. nuclear nondefense
Utility sales to industry
Industrial generation

NOTE. Estimates for the third quarter of 2003 are subject to further revision in the upcoming monthly releases.
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. For 2003, the percent change is calculated from the fourth quarter of 2002 to the second quarter of 2003.
2. See footnote 2 to table 3.

19

Table 7A

INDUSTRIAL PRODUCTION: Manufacturing1
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

IP (percent
change)
1973
1974
1975
1976

.8
-.6
-1.7
1.3

1.6
-.4
-2.7
1.7

.3
.1
-1.3
.1

-.3
-.1
-.4
.8

.7
.5
.0
.4

.0
.1
.9
.1

.4
-.3
1.4
.7

-.3
-.8
.8
.6

.8
.0
1.5
.1

.7
-.9
.2
.1

.6
-2.9
.3
1.3

.1
-4.5
1.4
1.2

14.8
-2.5
-27.5
15.1

3.2
.4
-7.3
7.4

2.5
-2.6
12.9
5.3

6.6
-16.8
9.1
6.6

9.0
-.3
-10.6
8.9

1977
1978
1979
1980
1981

-.2
-1.2
-.6
.5
-.4

1.6
.1
.4
.0
-.3

1.6
1.8
.4
-.7
.3

1.1
1.5
-1.2
-2.0
.6

.7
.5
1.1
-3.0
.6

.7
.8
.1
-1.5
-.4

.2
.0
.0
-.9
.3

.4
.4
-1.3
.6
-.1

.1
.4
.1
1.6
-.6

.2
.6
.2
1.5
-1.1

.1
.9
-.3
1.9
-1.2

1.2
.8
.3
.3
-1.7

11.2
1.0
2.6
1.6
1.1

14.4
13.9
-.3
-18.2
3.8

5.3
4.3
-1.6
-7.7
-.2

3.8
7.8
-1.1
17.8
-10.8

8.7
6.0
3.1
-3.7
1.0

1982
1983
1984
1985
1986

-2.2
2.4
1.9
-.4
1.2

2.8
-.1
.9
-.2
-.5

-.8
1.0
.8
.7
-.4

-.6
1.2
.5
-.1
.4

-.3
1.4
.4
.2
.2

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

-.2
1.4
.5
-.6
.5

-.9
.7
.2
.6
.3

-.4
1.9
-.3
.1
.2

-1.2
1.1
.3
-.4
.3

-.6
.3
.2
.6
.5

-.4
.3
.4
.4
.9

-8.3
9.1
13.1
.0
4.8

-1.5
12.6
7.0
1.8
.0

-4.3
14.9
3.9
.1
2.5

-8.8
12.1
2.0
1.5
4.9

-5.4
4.6
10.0
1.7
2.2

1987
1988
1989
1990
1991

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

1.6
.3
-1.0
1.4
-.7

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

.6
.7
.1
-.1
.4

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

.6
.0
.2
.3
1.1

.7
.2
-1.1
-.2
.3

.4
.1
.9
.3
.1

.5
.3
-.3
-.1
1.0

1.4
.6
-.1
-.7
-.2

.6
.3
.1
-1.2
-.3

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

5.3
2.7
1.8
4.5
-8.7

7.6
3.8
-3.1
2.8
2.1

7.2
1.6
-3.3
.7
6.9

10.4
4.7
.2
-6.6
1.4

5.5
5.1
.7
.7
-2.0

1992
1993
1994
1995
1996

-.6
.9
.3
.5
-.8

1.1
.2
.2
.0
1.3

.9
.0
1.1
.1
-.3

.5
.4
.8
-.1
1.1

.6
-.1
.8
.0
.8

.2
-.2
.3
.4
1.1

.8
.3
.4
-.6
.3

-.2
-.2
.8
1.2
.7

-.1
.8
.2
.9
.7

.6
.7
.9
-.2
.0

.5
.5
.8
.2
.9

-.2
.7
1.2
.5
.8

1.1
4.4
5.9
6.2
1.0

8.0
1.6
9.2
.3
9.1

3.7
1.2
5.9
3.1
8.3

3.2
6.9
9.5
4.6
6.7

3.7
3.5
6.1
5.3
4.7

1997
1998
1999
2000
2001

.3
.9
.4
.0
-.9

1.7
.3
.6
.5
-.5

.6
.1
.2
.7
-.4

.4
.7
.3
.6
-.3

.5
.3
.9
.4
-.5

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

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

1.2
2.4
.9
-.4
-.5

.8
-.3
-.2
.4
-.6

.7
1.0
1.1
-.4
-.3

.9
-.1
.7
-.4
-.3

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

10.0
6.9
3.9
5.1
-7.4

7.8
3.8
4.9
6.7
-4.9

9.2
3.9
4.7
-.7
-5.7

9.7
6.8
8.4
-2.8
-4.3

8.6
6.8
5.0
4.7
-4.0

2002
2003

.6
.7

.1
.0

.3
-.3

.2
-.6

.3
-.1

.6
.2

-.2
.5

.2
-.2

-.1
.7

-.5

.0

-.6

2.1
1.0

3.4
-3.2

1.7
2.9

-2.9

-.7

IP (1997=100)
1973
1974
1975
1976

51.0
53.0
47.4
49.0

51.8
52.8
46.1
49.9

52.0
52.8
45.5
49.9

51.8
52.7
45.3
50.3

52.1
53.0
45.3
50.6

52.1
53.0
45.7
50.6

52.3
52.8
46.4
50.9

52.2
52.4
46.7
51.2

52.6
52.4
47.5
51.3

53.0
52.0
47.6
51.3

53.3
50.5
47.7
52.0

53.3
48.2
48.4
52.6

51.6
52.9
46.3
49.6

52.0
52.9
45.5
50.5

52.3
52.6
46.9
51.2

53.2
50.2
47.9
52.0

52.3
52.1
46.6
50.8

1977
1978
1979
1980
1981

52.5
56.2
60.3
60.5
58.8

53.4
56.3
60.5
60.5
58.6

54.2
57.3
60.8
60.0
58.8

54.8
58.1
60.1
58.9
59.2

55.2
58.4
60.7
57.1
59.5

55.6
58.8
60.8
56.2
59.3

55.7
58.8
60.8
55.7
59.4

56.0
59.0
60.0
56.1
59.4

56.0
59.3
60.1
57.0
59.1

56.2
59.7
60.2
57.8
58.4

56.2
60.2
60.0
58.9
57.7

56.9
60.7
60.2
59.1
56.7

53.4
56.6
60.6
60.3
58.8

55.2
58.4
60.5
57.4
59.3

55.9
59.1
60.3
56.3
59.3

56.4
60.2
60.1
58.6
57.6

55.2
58.6
60.4
58.2
58.8

1982
1983
1984
1985
1986

55.5
55.4
62.2
64.7
66.4

57.0
55.3
62.8
64.6
66.1

56.6
55.8
63.3
65.1
65.8

56.3
56.5
63.6
65.0
66.1

56.1
57.3
63.8
65.1
66.2

56.1
57.7
64.2
65.2
66.0

56.0
58.5
64.5
64.8
66.4

55.5
58.9
64.6
65.2
66.5

55.2
60.0
64.4
65.3
66.7

54.6
60.7
64.6
65.0
66.9

54.3
60.9
64.8
65.4
67.2

54.0
61.1
65.0
65.6
67.8

56.4
55.5
62.8
64.8
66.1

56.2
57.2
63.9
65.1
66.1

55.6
59.2
64.5
65.1
66.5

54.3
60.9
64.8
65.3
67.3

55.6
58.2
64.0
65.1
66.5

1987
1988
1989
1990
1991

67.4
72.7
75.6
74.0
72.9

68.5
72.9
74.9
75.0
72.5

68.6
73.1
74.8
75.3
71.9

69.0
73.6
74.9
75.2
72.2

69.5
73.6
74.3
75.2
72.7

69.9
73.6
74.4
75.4
73.5

70.4
73.8
73.5
75.3
73.7

70.7
73.9
74.2
75.5
73.8

71.0
74.1
73.9
75.4
74.6

72.1
74.5
73.8
74.9
74.5

72.5
74.7
73.9
74.0
74.3

72.8
75.1
74.0
73.5
74.2

68.2
72.9
75.1
74.7
72.4

69.5
73.6
74.5
75.3
72.8

70.7
73.9
73.9
75.4
74.0

72.5
74.8
73.9
74.1
74.3

70.2
73.8
74.4
74.9
73.4

1992
1993
1994
1995
1996

73.8
78.0
80.7
87.4
88.7

74.5
78.1
80.9
87.3
89.8

75.2
78.1
81.8
87.4
89.5

75.6
78.5
82.4
87.3
90.5

76.1
78.4
83.0
87.3
91.2

76.2
78.3
83.3
87.7
92.2

76.8
78.6
83.6
87.1
92.5

76.6
78.4
84.3
88.2
93.1

76.6
79.0
84.5
89.0
93.8

77.0
79.5
85.3
88.8
93.8

77.4
79.9
85.9
89.0
94.7

77.3
80.5
87.0
89.4
95.4

74.5
78.1
81.1
87.4
89.3

75.9
78.4
82.9
87.4
91.3

76.6
78.6
84.1
88.1
93.1

77.2
80.0
86.1
89.1
94.7

76.1
78.8
83.6
88.0
92.1

1997
1998
1999
2000
2001

95.7
104.8
109.4
115.6
115.4

97.3
105.1
110.1
116.2
114.8

97.8
105.2
110.3
117.0
114.3

98.2
106.0
110.6
117.8
114.1

98.7
106.4
111.6
118.2
113.5

99.4
105.8
111.5
118.4
112.7

99.9
105.5
111.9
118.1
112.4

101.1
108.0
112.9
117.6
111.8

101.9
107.7
112.7
118.1
111.2

102.6
108.9
114.0
117.6
110.8

103.5
108.8
114.8
117.1
110.5

103.9
109.0
115.6
116.5
110.4

96.9
105.1
109.9
116.2
114.9

98.8
106.1
111.3
118.1
113.4

101.0
107.1
112.5
117.9
111.8

103.3
108.9
114.8
117.1
110.5

100.0
106.8
112.1
117.4
112.7

2002
2003

111.0
112.0

111.0
112.1

111.4
111.8

111.6
111.1

111.9
111.0

112.6
111.2

112.4
111.7

112.6
111.5

112.5
112.3

111.9

111.9

111.3

111.1
112.0

112.1
111.1

112.5
111.9

111.7

111.8

Year

NOTE. Estimates from July 2003 through September 2003 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.
2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

20

Table 7B

CAPACITY AND UTILIZATION: Manufacturing1
Seasonally adjusted
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

Capacity
(percent of
1997 output)
1973
1974
1975
1976

58.7
61.0
62.9
64.4

58.9
61.2
63.0
64.5

59.1
61.4
63.2
64.6

59.2
61.6
63.3
64.8

59.4
61.8
63.4
64.9

59.6
61.9
63.5
65.1

59.8
62.1
63.6
65.3

60.0
62.3
63.7
65.4

60.2
62.4
63.8
65.6

60.4
62.5
64.0
65.7

60.6
62.7
64.1
65.9

60.8
62.8
64.2
66.0

58.9
61.2
63.0
64.5

59.4
61.8
63.4
64.9

60.0
62.3
63.7
65.4

60.6
62.7
64.1
65.9

59.7
62.0
63.6
65.2

1977
1978
1979
1980
1981

66.2
68.2
70.6
72.8
75.0

66.4
68.4
70.8
73.0
75.2

66.5
68.6
71.0
73.2
75.4

66.7
68.8
71.2
73.3
75.6

66.8
69.0
71.4
73.5
75.8

67.0
69.2
71.6
73.7
76.0

67.2
69.4
71.7
73.9
76.2

67.3
69.6
71.9
74.0
76.4

67.5
69.7
72.1
74.2
76.5

67.7
69.9
72.3
74.4
76.7

67.9
70.2
72.5
74.6
76.9

68.1
70.4
72.7
74.8
77.1

66.4
68.4
70.8
73.0
75.2

66.8
69.0
71.4
73.5
75.8

67.3
69.6
71.9
74.0
76.4

67.9
70.2
72.5
74.6
76.9

67.1
69.3
71.6
73.8
76.1

1982
1983
1984
1985
1986

77.2
78.7
79.5
81.8
84.0

77.4
78.8
79.7
82.0
84.2

77.6
78.9
79.8
82.3
84.3

77.7
78.9
80.0
82.5
84.4

77.9
79.0
80.1
82.7
84.5

78.0
79.0
80.3
82.9
84.6

78.2
79.0
80.5
83.1
84.7

78.3
79.1
80.7
83.3
84.9

78.4
79.2
80.9
83.5
85.0

78.5
79.2
81.1
83.6
85.1

78.6
79.3
81.4
83.8
85.3

78.7
79.4
81.6
83.9
85.4

77.4
78.8
79.7
82.0
84.2

77.9
79.0
80.1
82.7
84.5

78.3
79.1
80.7
83.3
84.9

78.6
79.3
81.4
83.8
85.3

78.0
79.0
80.5
82.9
84.7

1987
1988
1989
1990
1991

85.6
87.4
88.4
90.7
92.9

85.8
87.4
88.5
90.9
93.1

85.9
87.5
88.7
91.1
93.2

86.1
87.6
88.9
91.3
93.4

86.3
87.6
89.1
91.5
93.6

86.5
87.7
89.3
91.7
93.7

86.6
87.7
89.5
91.8
93.9

86.8
87.8
89.7
92.0
94.0

86.9
87.9
89.9
92.2
94.2

87.1
88.0
90.1
92.4
94.3

87.2
88.1
90.3
92.6
94.5

87.3
88.2
90.5
92.7
94.7

85.8
87.4
88.5
90.9
93.1

86.3
87.6
89.1
91.5
93.6

86.8
87.8
89.7
92.0
94.0

87.2
88.1
90.3
92.6
94.5

86.5
87.7
89.4
91.7
93.8

1992
1993
1994
1995
1996

94.8
97.1
99.5
103.6
110.1

95.0
97.3
99.8
104.0
110.7

95.2
97.5
100.0
104.5
111.3

95.3
97.7
100.3
105.0
111.9

95.5
97.8
100.6
105.5
112.6

95.7
98.0
100.9
106.0
113.2

95.9
98.2
101.3
106.5
113.8

96.1
98.4
101.6
107.1
114.4

96.3
98.6
102.0
107.6
115.0

96.5
98.8
102.4
108.2
115.6

96.7
99.1
102.8
108.8
116.2

96.9
99.3
103.2
109.4
116.8

95.0
97.3
99.8
104.0
110.7

95.5
97.8
100.6
105.5
112.6

96.1
98.4
101.6
107.1
114.4

96.7
99.1
102.8
108.8
116.2

95.8
98.2
101.2
106.4
113.5

1997
1998
1999
2000
2001

117.4
125.9
134.8
141.5
147.9

118.0
126.7
135.4
142.1
148.3

118.6
127.6
135.9
142.7
148.6

119.2
128.4
136.5
143.3
148.9

119.8
129.2
137.0
143.9
149.2

120.5
130.0
137.5
144.5
149.4

121.2
130.8
138.0
145.0
149.6

121.9
131.5
138.6
145.6
149.8

122.7
132.2
139.1
146.1
150.0

123.4
132.9
139.7
146.6
150.2

124.2
133.6
140.3
147.1
150.3

125.1
134.2
140.9
147.5
150.4

118.0
126.7
135.4
142.1
148.3

119.9
129.2
137.0
143.9
149.2

121.9
131.5
138.6
145.6
149.8

124.2
133.6
140.3
147.1
150.3

121.0
130.3
137.8
144.6
149.4

2002
2003

150.6
152.3

150.7
152.4

150.9
152.6

151.0
152.7

151.1
152.8

151.3
153.0

151.4
153.1

151.6
153.2

151.7
153.3

151.9

152.0

152.2

150.7
152.4

151.1
152.8

151.6
153.2

152.0

151.4

Utilization
(percent)
1973
1974
1975
1976

87.0
86.8
75.3
76.2

88.1
86.2
73.1
77.3

88.0
86.0
72.0
77.2

87.4
85.6
71.6
77.7

87.7
85.8
71.5
77.9

87.4
85.6
72.0
77.7

87.4
85.1
72.9
78.1

86.9
84.2
73.4
78.3

87.3
84.0
74.4
78.2

87.6
83.1
74.4
78.1

87.9
80.5
74.4
78.9

87.7
76.7
75.4
79.7

87.7
86.3
73.5
76.9

87.5
85.7
71.7
77.8

87.2
84.4
73.5
78.2

87.7
80.1
74.7
78.9

87.5
84.1
73.4
77.9

1977
1978
1979
1980
1981

79.3
82.3
85.5
83.1
78.5

80.4
82.2
85.6
82.9
78.0

81.5
83.5
85.7
82.1
78.0

82.2
84.5
84.4
80.3
78.3

82.6
84.6
85.1
77.7
78.5

83.0
85.1
85.0
76.3
78.0

82.9
84.8
84.7
75.5
78.0

83.1
84.9
83.4
75.7
77.8

83.0
85.0
83.3
76.8
77.1

83.0
85.3
83.2
77.7
76.1

82.8
85.8
82.8
79.0
75.1

83.6
86.3
82.8
79.0
73.6

80.4
82.7
85.6
82.7
78.2

82.6
84.7
84.8
78.1
78.3

83.0
84.9
83.8
76.0
77.7

83.1
85.8
82.9
78.6
74.9

82.3
84.5
84.3
78.8
77.3

1982
1983
1984
1985
1986

71.9
70.3
78.3
79.1
79.0

73.7
70.1
78.9
78.8
78.5

73.0
70.8
79.3
79.1
78.1

72.4
71.6
79.6
78.8
78.3

72.1
72.5
79.7
78.7
78.4

71.9
73.1
79.9
78.6
78.0

71.6
74.1
80.1
78.0
78.3

70.9
74.5
80.0
78.3
78.4

70.4
75.8
79.6
78.2
78.5

69.5
76.6
79.6
77.8
78.6

69.0
76.8
79.6
78.1
78.8

68.7
76.9
79.7
78.2
79.4

72.8
70.4
78.8
79.0
78.6

72.1
72.4
79.7
78.7
78.2

71.0
74.8
79.9
78.2
78.4

69.1
76.8
79.6
78.0
78.9

71.3
73.6
79.5
78.5
78.5

1987
1988
1989
1990
1991

78.8
83.2
85.6
81.6
78.5

79.9
83.4
84.6
82.5
77.9

79.9
83.6
84.4
82.6
77.2

80.2
84.1
84.2
82.3
77.3

80.5
84.0
83.4
82.2
77.8

80.8
84.0
83.3
82.3
78.5

81.2
84.1
82.2
81.9
78.5

81.4
84.1
82.7
82.0
78.5

81.7
84.3
82.3
81.8
79.2

82.8
84.7
82.0
81.0
78.9

83.2
84.8
81.8
79.9
78.6

83.5
85.1
81.8
79.2
78.4

79.5
83.4
84.8
82.3
77.8

80.5
84.0
83.7
82.3
77.8

81.5
84.2
82.4
81.9
78.8

83.1
84.9
81.9
80.1
78.6

81.2
84.1
83.2
81.6
78.3

1992
1993
1994
1995
1996

77.8
80.3
81.1
84.3
80.6

78.5
80.3
81.0
83.9
81.1

79.0
80.2
81.8
83.6
80.4

79.3
80.4
82.2
83.1
80.8

79.6
80.2
82.5
82.8
81.0

79.6
79.9
82.5
82.7
81.4

80.1
80.0
82.6
81.8
81.2

79.7
79.6
82.9
82.3
81.4

79.5
80.1
82.8
82.7
81.5

79.8
80.5
83.3
82.1
81.1

80.1
80.7
83.6
81.8
81.5

79.8
81.0
84.3
81.7
81.7

78.4
80.3
81.3
84.0
80.7

79.5
80.1
82.4
82.9
81.1

79.8
79.9
82.8
82.3
81.4

79.9
80.7
83.7
81.9
81.4

79.4
80.3
82.6
82.7
81.1

1997
1998
1999
2000
2001

81.5
83.3
81.2
81.7
78.0

82.4
83.0
81.3
81.8
77.4

82.5
82.5
81.1
82.0
76.9

82.4
82.6
81.1
82.2
76.6

82.4
82.3
81.5
82.2
76.1

82.5
81.3
81.1
82.0
75.4

82.5
80.7
81.1
81.4
75.1

82.9
82.1
81.5
80.8
74.6

83.1
81.5
81.0
80.8
74.1

83.1
81.9
81.6
80.2
73.8

83.3
81.4
81.9
79.6
73.5

83.1
81.2
82.1
79.0
73.4

82.1
82.9
81.2
81.8
77.5

82.4
82.1
81.2
82.1
76.0

82.8
81.4
81.2
81.0
74.6

83.2
81.5
81.9
79.6
73.5

82.6
82.0
81.4
81.1
75.4

2002
2003

73.7
73.6

73.7
73.5

73.8
73.3

73.9
72.7

74.1
72.6

74.4
72.7

74.3
73.0

74.3
72.8

74.2
73.3

73.7

73.6

73.1

73.7
73.5

74.1
72.7

74.2
73.0

73.5

73.9

NOTE. Estimates from July 2003 through September 2003 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.

21

Table 8A

INDUSTRIAL PRODUCTION: Total Industry Excluding Selected High-Technology Industries1
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual2

IP (percent
change)
1973
1974
1975
1976

.8
-.6
-1.0
1.4

1.3
-.4
-2.1
1.2

.1
.1
-1.1
-.1

-.4
.0
.0
.7

.6
.5
-.2
.3

-.1
-.1
.7
.0

.4
-.1
1.0
.4

-.3
-.8
.8
.6

.8
-.2
1.2
.0

.6
-.4
.1
.1

.3
-3.2
.2
1.5

-.3
-3.6
1.3
1.2

12.6
-3.9
-22.7
13.4

2.0
.8
-5.4
4.9

2.3
-2.4
9.9
3.7

4.5
-15.4
7.3
6.9

7.7
-.9
-8.8
7.3

1977
1978
1979
1980
1981

-.5
-1.2
-.6
.5
-.7

1.2
.2
.5
.0
-.4

1.3
1.9
.2
-.4
.5

.8
1.9
-.9
-2.1
-.6

.7
.4
.6
-2.5
.6

.5
.6
-.1
-1.3
.5

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

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

.4
.2
-.1
1.7
-.8

.2
.7
.4
1.0
-.9

.0
.6
-.2
1.7
-1.2

.2
.5
.0
.5
-1.2

8.5
-1.4
1.3
1.2
.4

11.5
16.0
-.9
-16.7
.9

3.9
2.8
-3.2
-6.8
3.4

1.9
5.9
-.4
15.0
-10.0

6.9
4.8
2.1
-3.6
.6

1982
1983
1984
1985
1986

-1.9
1.7
1.9
-.4
.6

1.8
-.5
.1
.6
-.7

-.7
.7
.6
.0
-.8

-.9
1.3
.5
.1
.1

-.8
.7
.5
.1
.1

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

-.5
1.4
.2
-.5
.3

-.9
1.2
.0
.5
-.2

-.5
1.2
-.3
.5
.2

-.9
.7
-.2
-.5
.4

-.4
.2
.3
.2
.4

-.9
.6
.1
1.0
.8

-8.1
3.5
11.3
.8
2.6

-5.7
9.1
5.3
1.5
-2.7

-6.8
13.5
1.8
-.1
.7

-8.3
9.6
-.8
2.0
4.0

-5.9
1.8
7.9
1.0
.9

1987
1988
1989
1990
1991

-.7
.0
.3
-.6
-.4

1.4
.5
-.5
.8
-.8

.2
.2
.4
.4
-.6

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

.5
-.1
-.6
.1
1.0

.6
.1
.0
.3
1.0

.5
.2
-1.1
-.2
.0

.6
.5
.9
.3
.0

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

1.3
.5
-.2
-.8
-.2

.5
.2
.2
-1.3
-.2

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

3.9
3.3
1.8
2.3
-7.9

7.0
2.3
-1.9
2.4
2.0

6.3
1.6
-3.6
1.0
5.1

8.4
2.9
.8
-6.5
.1

4.2
4.4
.6
.3
-2.0

1992
1993
1994
1995
1996

-.8
.4
.5
.2
-.9

.9
.3
.1
-.2
1.2

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

.6
.2
.2
-.2
.7

.3
-.4
.4
.0
.5

-.2
.2
.6
.2
.7

.7
.3
.0
-.6
-.4

-.4
-.2
.4
1.1
.5

.1
.5
.0
.1
.3

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

.4
.3
.5
.2
.8

.0
.6
.9
.3
.3

-1.6
3.0
5.1
3.1
.1

6.1
.6
4.8
-1.4
5.6

1.5
1.2
3.2
1.3
2.5

3.2
4.9
5.6
.4
3.4

1.9
2.5
4.0
2.4
1.7

1997
1998
1999
2000
2001

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

1.1
.1
.1
.3
-.4

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

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

.0
.4
.5
.3
-.4

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

.5
-.7
.1
-.8
-.3

.8
1.8
.6
-.3
-.1

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

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

.4
-.5
.3
-.2
-.6

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

5.3
1.6
.5
.7
-6.0

2.2
2.6
.6
3.0
-3.8

5.6
-.3
1.5
-3.2
-4.3

7.0
2.1
4.5
-2.8
-5.5

4.2
3.1
1.2
1.2
-3.9

2002
2003

.6
.5

.1
.3

.4
-.8

.3
-.7

.1
-.1

.6
-.1

-.2
.6

-.2
-.1

-.2
.4

-.3

.0

-.6

1.3
.1

3.6
-5.0

.0
2.0

-3.0

-1.1

IP (1997=100)
1973
1974
1975
1976

68.4
70.1
63.7
65.8

69.3
69.7
62.3
66.6

69.4
69.8
61.7
66.6

69.1
69.8
61.7
67.0

69.6
70.1
61.5
67.2

69.5
70.1
62.0
67.2

69.8
70.0
62.6
67.5

69.5
69.4
63.1
67.9

70.1
69.3
63.8
67.9

70.5
69.0
63.9
68.0

70.7
66.8
64.1
69.0

70.5
64.4
64.9
69.8

69.1
69.9
62.6
66.4

69.4
70.0
61.7
67.2

69.8
69.6
63.2
67.8

70.6
66.7
64.3
68.9

69.7
69.0
62.9
67.6

1977
1978
1979
1980
1981

69.4
72.5
77.4
77.1
75.0

70.3
72.6
77.7
77.1
74.7

71.2
74.0
77.9
76.8
75.1

71.8
75.4
77.2
75.2
74.6

72.3
75.7
77.7
73.3
75.1

72.7
76.2
77.6
72.3
75.5

72.9
76.2
77.3
71.8
76.0

72.8
76.3
76.7
71.9
75.8

73.1
76.5
76.6
73.1
75.3

73.3
77.0
76.9
73.9
74.6

73.2
77.4
76.7
75.2
73.7

73.4
77.8
76.7
75.6
72.9

70.3
73.0
77.7
77.0
74.9

72.3
75.8
77.5
73.6
75.1

73.0
76.3
76.9
72.3
75.7

73.3
77.4
76.8
74.9
73.7

72.2
75.6
77.2
74.4
74.9

1982
1983
1984
1985
1986

71.5
69.1
76.3
77.5
79.6

72.8
68.7
76.4
78.0
79.0

72.3
69.2
76.8
78.0
78.4

71.6
70.1
77.2
78.1
78.4

71.1
70.6
77.6
78.2
78.5

70.8
70.9
77.8
78.2
78.4

70.4
71.9
77.9
77.7
78.7

69.8
72.8
77.9
78.1
78.5

69.5
73.7
77.7
78.5
78.6

68.8
74.2
77.5
78.1
78.9

68.5
74.4
77.7
78.3
79.3

67.9
74.9
77.8
79.1
79.9

72.2
69.0
76.5
77.8
79.0

71.2
70.5
77.5
78.1
78.5

69.9
72.8
77.8
78.1
78.6

68.4
74.5
77.7
78.5
79.4

70.4
71.7
77.4
78.2
78.9

1987
1988
1989
1990
1991

79.4
84.8
87.2
85.9
84.6

80.4
85.2
86.7
86.6
83.9

80.6
85.4
87.0
86.9
83.4

81.1
85.7
86.9
86.8
83.6

81.5
85.6
86.4
86.9
84.4

82.0
85.6
86.4
87.1
85.2

82.4
85.8
85.4
87.0
85.2

82.9
86.2
86.1
87.2
85.2

83.0
85.9
85.8
87.3
86.0

84.1
86.3
85.7
86.7
85.8

84.5
86.5
85.8
85.6
85.6

84.8
86.9
86.4
84.9
85.1

80.1
85.1
87.0
86.4
84.0

81.5
85.6
86.6
87.0
84.4

82.8
86.0
85.8
87.2
85.5

84.5
86.6
85.9
85.7
85.5

82.2
85.8
86.3
86.6
84.8

1992
1993
1994
1995
1996

84.5
87.9
90.4
94.6
93.9

85.2
88.1
90.5
94.5
95.0

85.8
88.2
91.1
94.2
94.6

86.3
88.4
91.3
94.0
95.3

86.5
88.0
91.7
94.1
95.8

86.4
88.2
92.2
94.2
96.4

87.0
88.5
92.2
93.7
96.0

86.6
88.3
92.6
94.7
96.4

86.6
88.7
92.5
94.8
96.8

87.2
89.2
93.1
94.3
96.6

87.6
89.5
93.6
94.5
97.4

87.6
90.0
94.4
94.7
97.7

85.1
88.1
90.7
94.4
94.5

86.4
88.2
91.7
94.1
95.8

86.7
88.5
92.4
94.4
96.4

87.4
89.5
93.7
94.5
97.2

86.4
88.6
92.1
94.4
96.0

1997
1998
1999
2000
2001

97.8
102.4
103.7
105.4
103.7

98.9
102.5
103.8
105.7
103.2

98.8
102.7
103.9
105.9
102.9

98.9
103.2
103.7
106.3
102.7

98.9
103.6
104.2
106.6
102.3

99.2
102.8
103.9
106.5
101.8

99.6
102.1
104.1
105.7
101.5

100.4
103.9
104.6
105.4
101.3

101.1
103.3
104.3
105.7
100.6

101.8
104.1
105.1
105.1
100.2

102.2
103.5
105.4
104.9
99.6

102.3
103.3
105.9
104.6
99.2

98.5
102.5
103.8
105.7
103.3

99.0
103.2
103.9
106.5
102.3

100.4
103.1
104.3
105.6
101.1

102.1
103.6
105.5
104.9
99.7

100.0
103.1
104.4
105.7
101.6

2002
2003

99.8
100.3

99.9
100.5

100.3
99.7

100.7
99.0

100.7
98.9

101.3
98.7

101.1
99.3

100.9
99.2

100.7
99.6

100.3

100.3

99.8

100.0
100.2

100.9
98.9

100.9
99.4

100.1

100.5

Year

NOTE. Estimates from July 2003 through September 2003 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.

22

Table 8B

CAPACITY AND UTILIZATION: Total Industry Excluding Selected High-Technology Industries1
Seasonally adjusted
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

Capacity
(percent of
1992 output)
1973
1974
1975
1976

77.6
80.2
82.3
83.7

77.8
80.4
82.4
83.9

78.0
80.6
82.5
84.0

78.2
80.8
82.7
84.1

78.4
81.0
82.8
84.3

78.6
81.2
82.9
84.4

78.9
81.4
83.0
84.5

79.1
81.5
83.1
84.7

79.3
81.7
83.2
84.8

79.5
81.8
83.4
85.0

79.8
82.0
83.5
85.1

80.0
82.1
83.6
85.3

77.8
80.4
82.4
83.9

78.4
81.0
82.8
84.3

79.1
81.5
83.1
84.7

79.8
82.0
83.5
85.1

78.8
81.2
82.9
84.5

1977
1978
1979
1980
1981

85.4
87.7
90.0
91.6
93.1

85.6
87.9
90.2
91.7
93.2

85.8
88.2
90.3
91.9
93.4

85.9
88.4
90.5
92.0
93.5

86.1
88.6
90.6
92.1
93.7

86.3
88.8
90.7
92.2
93.8

86.5
88.9
90.9
92.3
94.0

86.7
89.1
91.0
92.5
94.1

86.9
89.3
91.1
92.6
94.3

87.1
89.5
91.3
92.7
94.5

87.3
89.7
91.4
92.8
94.6

87.5
89.8
91.5
93.0
94.8

85.6
87.9
90.2
91.7
93.2

86.1
88.6
90.6
92.1
93.7

86.7
89.1
91.0
92.5
94.1

87.3
89.7
91.4
92.8
94.6

86.4
88.8
90.8
92.3
93.9

1982
1983
1984
1985
1986

94.9
96.1
96.2
97.4
99.1

95.1
96.1
96.2
97.5
99.2

95.2
96.1
96.3
97.7
99.3

95.4
96.1
96.3
97.8
99.4

95.5
96.1
96.4
98.0
99.5

95.6
96.1
96.5
98.1
99.6

95.7
96.1
96.6
98.3
99.7

95.8
96.1
96.7
98.4
99.8

95.9
96.1
96.8
98.6
99.8

96.0
96.1
96.9
98.7
99.9

96.0
96.1
97.1
98.8
100.0

96.1
96.2
97.2
99.0
100.1

95.1
96.1
96.2
97.5
99.2

95.5
96.1
96.4
98.0
99.5

95.8
96.1
96.7
98.4
99.8

96.0
96.1
97.1
98.8
100.0

95.6
96.1
96.6
98.2
99.6

1987
1988
1989
1990
1991

100.2
101.2
101.9
103.8
105.6

100.3
101.2
102.0
104.0
105.7

100.4
101.3
102.1
104.1
105.9

100.5
101.3
102.3
104.3
106.0

100.6
101.3
102.4
104.5
106.1

100.7
101.4
102.6
104.6
106.3

100.8
101.4
102.8
104.8
106.4

100.9
101.4
103.0
104.9
106.5

101.0
101.5
103.1
105.0
106.6

101.0
101.6
103.3
105.2
106.7

101.1
101.7
103.5
105.3
106.8

101.1
101.8
103.7
105.5
107.0

100.3
101.2
102.0
104.0
105.7

100.6
101.3
102.4
104.5
106.1

100.9
101.4
103.0
104.9
106.5

101.1
101.7
103.5
105.3
106.8

100.7
101.4
102.7
104.7
106.3

1992
1993
1994
1995
1996

107.1
108.3
109.6
111.8
114.9

107.2
108.4
109.8
112.0
115.2

107.3
108.5
109.9
112.3
115.4

107.4
108.6
110.0
112.5
115.6

107.5
108.8
110.2
112.8
115.9

107.6
108.9
110.3
113.1
116.1

107.7
109.0
110.5
113.4
116.3

107.8
109.1
110.7
113.6
116.6

107.9
109.2
110.9
113.9
116.8

108.0
109.3
111.1
114.2
117.0

108.1
109.4
111.3
114.4
117.3

108.2
109.5
111.5
114.7
117.6

107.2
108.4
109.8
112.0
115.2

107.5
108.8
110.2
112.8
115.9

107.8
109.1
110.7
113.6
116.6

108.1
109.4
111.3
114.4
117.3

107.6
108.9
110.5
113.2
116.2

1997
1998
1999
2000
2001

117.8
122.1
125.8
128.3
129.5

118.1
122.5
126.1
128.5
129.6

118.5
122.8
126.4
128.6
129.7

118.8
123.1
126.6
128.7
129.8

119.1
123.5
126.9
128.8
129.9

119.5
123.8
127.1
128.9
130.0

119.8
124.1
127.3
129.0
130.1

120.2
124.4
127.5
129.1
130.2

120.6
124.7
127.7
129.1
130.3

121.0
125.0
127.9
129.2
130.4

121.3
125.3
128.1
129.3
130.5

121.7
125.6
128.2
129.4
130.6

118.1
122.5
126.1
128.5
129.6

119.1
123.5
126.9
128.8
129.9

120.2
124.4
127.5
129.1
130.2

121.3
125.3
128.1
129.3
130.5

119.7
123.9
127.1
128.9
130.0

2002
2003

130.7
131.3

130.8
131.3

130.8
131.3

130.9
131.4

131.0
131.4

131.0
131.4

131.1
131.4

131.2
131.4

131.2
131.5

131.2

131.3

131.3

130.8
131.3

131.0
131.4

131.1
131.4

131.3

131.0

Utilization
(percent)
1973
1974
1975
1976

88.2
87.4
77.4
78.6

89.1
86.8
75.7
79.4

89.0
86.6
74.7
79.3

88.4
86.4
74.6
79.7

88.7
86.6
74.3
79.8

88.4
86.3
74.7
79.6

88.5
86.0
75.4
79.8

87.9
85.2
75.9
80.2

88.4
84.9
76.7
80.1

88.6
84.3
76.7
80.0

88.7
81.4
76.7
81.0

88.2
78.4
77.6
81.8

88.8
86.9
75.9
79.1

88.5
86.4
74.6
79.7

88.2
85.3
76.0
80.0

88.5
81.4
77.0
81.0

88.5
85.0
75.9
80.0

1977
1978
1979
1980
1981

81.3
82.6
86.0
84.1
80.6

82.1
82.6
86.2
84.0
80.1

83.1
83.9
86.3
83.6
80.4

83.6
85.3
85.3
81.7
79.8

84.0
85.5
85.7
79.5
80.2

84.2
85.9
85.5
78.4
80.5

84.3
85.6
85.0
77.8
80.9

84.0
85.6
84.2
77.8
80.6

84.1
85.6
84.1
79.0
79.8

84.1
86.0
84.2
79.7
79.0

83.9
86.3
83.9
81.0
77.9

83.8
86.7
83.8
81.3
76.9

82.2
83.0
86.1
83.9
80.4

83.9
85.6
85.5
79.9
80.2

84.2
85.6
84.4
78.2
80.4

83.9
86.3
84.0
80.6
77.9

83.5
85.1
85.0
80.7
79.7

1982
1983
1984
1985
1986

75.3
71.9
79.3
79.6
80.3

76.6
71.5
79.4
80.0
79.7

75.9
72.0
79.8
79.9
79.0

75.1
72.9
80.1
79.9
78.9

74.4
73.4
80.5
79.8
78.9

74.0
73.8
80.6
79.7
78.8

73.6
74.8
80.7
79.1
79.0

72.9
75.7
80.6
79.4
78.7

72.4
76.7
80.2
79.7
78.8

71.7
77.2
80.0
79.2
79.0

71.3
77.4
80.1
79.2
79.3

70.7
77.8
80.0
79.9
79.8

75.9
71.8
79.5
79.8
79.7

74.5
73.4
80.4
79.8
78.9

73.0
75.7
80.5
79.4
78.8

71.2
77.5
80.0
79.4
79.4

73.7
74.6
80.1
79.6
79.2

1987
1988
1989
1990
1991

79.2
83.8
85.6
82.7
80.1

80.2
84.2
85.0
83.3
79.4

80.3
84.3
85.2
83.4
78.8

80.7
84.6
85.0
83.3
78.9

81.0
84.4
84.3
83.2
79.5

81.4
84.5
84.2
83.3
80.2

81.8
84.6
83.1
83.0
80.1

82.2
85.0
83.6
83.1
80.0

82.2
84.6
83.2
83.1
80.6

83.3
85.0
82.9
82.4
80.4

83.6
85.1
82.9
81.2
80.1

83.8
85.4
83.3
80.5
79.6

79.9
84.1
85.3
83.1
79.4

81.0
84.5
84.5
83.3
79.5

82.0
84.7
83.3
83.1
80.2

83.6
85.2
83.0
81.4
80.0

81.6
84.6
84.0
82.7
79.8

1992
1993
1994
1995
1996

78.9
81.1
82.5
84.6
81.7

79.5
81.3
82.4
84.3
82.5

80.0
81.3
82.9
84.0
82.0

80.4
81.4
83.0
83.6
82.4

80.5
80.9
83.2
83.4
82.6

80.3
81.0
83.6
83.3
83.0

80.8
81.2
83.4
82.6
82.5

80.3
80.9
83.6
83.4
82.8

80.3
81.2
83.5
83.3
82.9

80.7
81.6
83.9
82.6
82.5

81.0
81.8
84.1
82.5
83.0

80.9
82.1
84.7
82.6
83.1

79.5
81.2
82.6
84.3
82.1

80.4
81.1
83.2
83.4
82.7

80.5
81.1
83.5
83.1
82.7

80.9
81.8
84.2
82.6
82.9

80.3
81.3
83.4
83.4
82.6

1997
1998
1999
2000
2001

83.0
83.9
82.4
82.1
80.1

83.7
83.7
82.3
82.3
79.7

83.4
83.6
82.2
82.4
79.3

83.3
83.8
81.9
82.6
79.1

83.1
83.9
82.1
82.8
78.8

83.0
83.0
81.8
82.7
78.3

83.2
82.2
81.7
82.0
78.0

83.5
83.5
82.1
81.7
77.8

83.9
82.9
81.7
81.8
77.2

84.2
83.2
82.2
81.3
76.9

84.3
82.6
82.3
81.1
76.3

84.0
82.3
82.6
80.8
76.0

83.3
83.7
82.3
82.3
79.7

83.1
83.6
81.9
82.7
78.7

83.5
82.9
81.8
81.8
77.7

84.2
82.7
82.4
81.1
76.4

83.5
83.2
82.1
82.0
78.1

2002
2003

76.4
76.4

76.4
76.5

76.7
75.9

76.9
75.4

76.9
75.3

77.3
75.1

77.1
75.6

76.9
75.5

76.7
75.8

76.4

76.4

76.0

76.5
76.3

77.0
75.3

76.9
75.6

76.3

76.7

NOTE. Estimates from July 2003 through September 2003 are subject to further revision in the upcoming monthly releases.
1. High technology industries include computers, communications equipment, and semiconductors and related electronic components.

23

Table 9A

INDUSTRIAL PRODUCTION: Manufacturing1 Excluding Selected High-Technology Industries2
Seasonally adjusted
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual3

IP (percent
change)
1973
1974
1975
1976

.8
-.8
-1.7
1.3

1.5
-.5
-2.6
1.7

.2
.0
-1.3
.0

-.4
-.1
-.3
.8

.6
.4
.0
.3

-.2
.1
.9
.0

.4
-.3
1.4
.6

-.5
-.5
.8
.5

.8
-.2
1.6
-.1

.7
-.9
.2
.0

.5
-2.9
.3
1.2

.1
-4.6
1.4
1.2

14.2
-3.6
-27.5
14.7

2.3
.1
-6.9
6.5

1.6
-2.4
13.2
4.2

5.8
-17.1
8.6
5.5

8.5
-1.0
-10.5
8.4

1977
1978
1979
1980
1981

-.2
-1.3
-.8
.4
-.6

1.5
.0
.3
-.1
-.4

1.6
1.7
.4
-.9
.3

.9
1.5
-1.3
-2.2
.5

.7
.4
1.0
-3.1
.5

.6
.7
.0
-1.6
-.5

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

.3
.3
-1.5
.5
-.2

.0
.3
.0
1.7
-.7

.2
.6
.1
1.5
-1.2

.0
.8
-.5
1.9
-1.3

1.2
.8
.2
.2
-1.9

10.6
.2
1.2
.3
-.1

13.2
13.2
-1.3
-19.7
2.7

4.3
3.3
-3.0
-8.5
-1.2

2.9
6.8
-2.5
17.6
-12.1

7.8
5.2
1.9
-4.9
.1

1982
1983
1984
1985
1986

-2.3
2.5
1.8
-.5
1.3

2.6
-.2
.8
-.1
-.5

-.8
.9
.6
.7
-.5

-.7
1.1
.3
.0
.4

-.4
1.3
.2
.2
.1

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

-.4
1.2
.4
-.4
.2

-.8
.9
.1
.7
.2

-.5
1.5
-.4
.2
.2

-1.3
1.1
.3
-.4
.3

-.7
.2
.2
.5
.4

-.6
.3
.3
.3
.8

-9.7
8.3
11.6
-.3
5.0

-2.6
11.6
5.0
2.5
-.2

-5.1
13.7
2.3
.7
1.3

-9.7
10.7
1.1
1.6
4.3

-6.5
3.7
8.5
1.4
2.2

1987
1988
1989
1990
1991

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

1.6
.3
-1.1
1.4
-.8

.2
.2
.0
.3
-.8

.5
.6
.0
-.2
.4

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

.5
-.1
.1
.2
1.1

.6
.1
-1.4
-.2
.3

.3
.1
.8
.3
.1

.5
.3
-.3
-.1
1.1

1.4
.5
-.3
-.8
-.2

.5
.3
.0
-1.3
-.4

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

4.0
2.2
2.1
3.8
-9.4

6.7
3.0
-3.5
2.1
1.4

5.9
.8
-4.4
.3
6.7

9.6
4.6
-.7
-7.3
.7

4.6
4.4
.4
.0
-2.6

1992
1993
1994
1995
1996

-.8
.9
.3
.2
-1.1

1.1
.1
.2
-.3
1.1

.8
-.1
.9
-.2
-.5

.4
.4
.5
-.3
.9

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

.1
-.3
.1
.3
.8

.7
.3
.2
-.9
.0

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

-.2
.6
.0
.6
.4

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

.4
.3
.6
-.1
.8

-.2
.6
1.0
.3
.6

-.7
3.8
4.9
3.1
-1.3

6.9
1.0
6.4
-2.4
6.2

2.3
.2
3.7
.1
4.5

1.8
5.4
6.9
.7
3.3

2.5
2.5
4.4
2.5
1.6

1997
1998
1999
2000
2001

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

1.3
.0
.3
.2
-.4

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

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

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

.4
-1.0
-.5
.0
-.6

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

1.0
2.1
.8
-.6
-.4

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

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

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

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

6.2
3.0
.4
.5
-7.2

2.8
2.0
.6
2.4
-3.5

6.1
-.8
.8
-3.8
-4.6

7.2
3.8
5.7
-4.7
-5.7

4.9
3.5
1.4
1.0
-4.6

2002
2003

.6
.7

.0
-.1

.3
-.3

.2
-.7

.2
-.2

.5
.0

-.3
.4

.0
-.4

-.2
.6

-.6

-.1

-.7

1.4
.1

2.5
-4.3

.3
1.1

-4.3

-1.3

IP (1997=100)
1973
1974
1975
1976

66.6
68.5
61.1
63.3

67.6
68.2
59.5
64.4

67.8
68.2
58.7
64.4

67.5
68.1
58.5
64.9

67.9
68.4
58.6
65.1

67.8
68.4
59.1
65.1

68.0
68.2
60.0
65.5

67.7
67.8
60.4
65.8

68.2
67.7
61.4
65.8

68.7
67.1
61.5
65.8

69.0
65.2
61.6
66.6

69.1
62.2
62.5
67.4

67.3
68.3
59.8
64.0

67.7
68.3
58.7
65.0

68.0
67.9
60.6
65.7

68.9
64.8
61.8
66.6

68.0
67.3
60.2
65.3

1977
1978
1979
1980
1981

67.3
71.3
75.8
75.1
72.3

68.2
71.3
76.0
75.0
72.0

69.3
72.5
76.3
74.3
72.1

70.0
73.6
75.3
72.7
72.5

70.4
73.9
76.0
70.4
72.8

70.9
74.4
76.0
69.3
72.5

71.0
74.3
75.9
68.7
72.7

71.2
74.6
74.8
69.0
72.5

71.3
74.8
74.9
70.2
72.0

71.4
75.2
74.9
71.2
71.1

71.4
75.8
74.6
72.5
70.2

72.2
76.4
74.7
72.7
68.9

68.3
71.7
76.0
74.8
72.1

70.4
74.0
75.8
70.8
72.6

71.2
74.6
75.2
69.3
72.4

71.7
75.8
74.7
72.1
70.1

70.4
74.0
75.4
71.8
71.8

1982
1983
1984
1985
1986

67.3
66.5
74.0
75.9
78.3

69.1
66.4
74.6
75.8
77.9

68.5
67.0
75.0
76.4
77.5

68.1
67.7
75.3
76.4
77.8

67.8
68.6
75.4
76.5
77.9

67.7
69.1
75.7
76.6
77.8

67.5
69.9
76.0
76.3
77.9

66.9
70.5
76.0
76.8
78.1

66.6
71.6
75.7
76.9
78.3

65.7
72.4
75.9
76.6
78.5

65.3
72.5
76.1
77.0
78.8

64.9
72.7
76.3
77.3
79.5

68.3
66.6
74.5
76.0
77.9

67.9
68.5
75.5
76.5
77.8

67.0
70.7
75.9
76.7
78.1

65.3
72.5
76.1
77.0
78.9

67.1
69.6
75.5
76.5
78.2

1987
1988
1989
1990
1991

78.8
84.3
87.4
84.8
83.2

80.1
84.6
86.5
86.0
82.5

80.2
84.8
86.4
86.2
81.8

80.6
85.3
86.4
86.1
82.2

81.0
85.2
85.7
86.1
82.7

81.4
85.1
85.8
86.3
83.6

81.9
85.2
84.7
86.1
83.8

82.1
85.3
85.4
86.3
83.9

82.5
85.5
85.1
86.2
84.8

83.7
86.0
84.9
85.5
84.6

84.1
86.3
84.9
84.4
84.3

84.5
86.7
85.0
83.8
84.0

79.7
84.5
86.8
85.7
82.5

81.0
85.2
86.0
86.1
82.8

82.2
85.3
85.0
86.2
84.2

84.1
86.3
84.9
84.6
84.3

81.8
85.3
85.7
85.7
83.5

1992
1993
1994
1995
1996

83.3
87.2
89.4
94.5
93.0

84.2
87.3
89.5
94.2
94.1

84.9
87.3
90.4
94.0
93.6

85.3
87.6
90.8
93.7
94.4

85.7
87.5
91.3
93.5
94.9

85.7
87.3
91.4
93.8
95.7

86.3
87.6
91.6
92.9
95.6

86.0
87.2
92.2
93.8
96.1

85.9
87.8
92.2
94.4
96.5

86.3
88.3
92.9
93.8
96.2

86.6
88.6
93.4
93.8
96.9

86.4
89.2
94.3
94.0
97.4

84.2
87.3
89.8
94.3
93.6

85.6
87.5
91.2
93.7
95.0

86.1
87.5
92.0
93.7
96.1

86.5
88.7
93.5
93.9
96.8

85.6
87.7
91.6
93.9
95.4

1997
1998
1999
2000
2001

97.4
103.0
104.2
106.0
103.1

98.7
103.0
104.5
106.2
102.7

98.8
103.0
104.3
106.7
102.3

98.8
103.7
104.3
107.0
102.2

98.9
103.9
104.9
106.9
101.9

99.3
102.9
104.4
107.0
101.3

99.6
102.1
104.3
106.3
101.1

100.6
104.3
105.1
105.6
100.7

101.2
103.6
104.8
105.8
100.0

101.8
104.5
105.8
105.3
99.5

102.4
104.2
106.2
104.7
99.1

102.5
104.1
106.6
104.0
98.8

98.3
103.0
104.4
106.3
102.7

99.0
103.5
104.5
107.0
101.8

100.5
103.3
104.7
105.9
100.6

102.2
104.3
106.2
104.6
99.1

100.0
103.5
105.0
106.0
101.1

2002
2003

99.4
99.3

99.4
99.2

99.7
98.8

99.8
98.1

100.0
97.9

100.5
98.0

100.2
98.4

100.3
98.0

100.0
98.6

99.4

99.3

98.6

99.5
99.1

100.1
98.0

100.2
98.3

99.1

99.7

Year

NOTE. Estimates from July 2003 through September 2003 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.
2. High technology industries include computers, communications equipment, and semiconductors and related electronic components.
3. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

24

Table 9B

CAPACITY AND UTILIZATION: Manufacturing1 Excluding Selected High-Technology Industries2
Seasonally adjusted
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

Capacity
(percent of
1997 output)
1973
1974
1975
1976

76.3
78.9
81.1
82.5

76.5
79.1
81.2
82.6

76.7
79.3
81.3
82.8

76.9
79.5
81.4
82.9

77.1
79.7
81.5
83.0

77.4
79.9
81.7
83.2

77.6
80.1
81.8
83.3

77.8
80.3
81.9
83.5

78.0
80.5
82.0
83.6

78.2
80.6
82.1
83.8

78.5
80.8
82.2
83.9

78.7
80.9
82.4
84.1

76.5
79.1
81.2
82.6

77.1
79.7
81.5
83.0

77.8
80.3
81.9
83.5

78.5
80.8
82.2
83.9

77.5
80.0
81.7
83.3

1977
1978
1979
1980
1981

84.3
86.4
88.7
90.7
92.6

84.4
86.6
88.9
90.8
92.8

84.6
86.8
89.1
91.0
92.9

84.8
87.0
89.2
91.1
93.1

84.9
87.2
89.4
91.3
93.3

85.1
87.4
89.6
91.5
93.4

85.3
87.6
89.8
91.6
93.6

85.5
87.8
89.9
91.8
93.7

85.7
87.9
90.1
91.9
93.9

85.8
88.1
90.2
92.1
94.0

86.0
88.3
90.4
92.3
94.1

86.2
88.5
90.5
92.4
94.3

84.4
86.6
88.9
90.8
92.8

84.9
87.2
89.4
91.3
93.3

85.5
87.8
89.9
91.8
93.7

86.0
88.3
90.4
92.3
94.1

85.2
87.5
89.7
91.6
93.5

1982
1983
1984
1985
1986

94.4
95.1
95.1
96.6
98.4

94.5
95.1
95.2
96.8
98.5

94.6
95.1
95.2
97.0
98.6

94.7
95.1
95.3
97.1
98.7

94.8
95.1
95.4
97.3
98.8

94.9
95.0
95.6
97.5
98.9

94.9
95.0
95.7
97.6
99.0

95.0
95.0
95.8
97.8
99.1

95.1
95.0
96.0
97.9
99.2

95.1
95.0
96.1
98.0
99.3

95.1
95.0
96.3
98.2
99.4

95.1
95.1
96.5
98.3
99.5

94.5
95.1
95.2
96.8
98.5

94.8
95.1
95.4
97.3
98.8

95.0
95.0
95.8
97.8
99.1

95.1
95.0
96.3
98.2
99.4

94.8
95.0
95.7
97.5
99.0

1987
1988
1989
1990
1991

99.7
100.7
101.5
103.6
105.6

99.8
100.8
101.6
103.8
105.7

99.9
100.8
101.8
104.0
105.9

100.0
100.8
101.9
104.1
106.0

100.1
100.8
102.1
104.3
106.2

100.3
100.9
102.3
104.5
106.3

100.4
100.9
102.5
104.6
106.4

100.4
101.0
102.7
104.8
106.5

100.5
101.0
102.9
105.0
106.7

100.6
101.1
103.1
105.1
106.8

100.6
101.2
103.3
105.3
106.9

100.7
101.3
103.5
105.4
107.0

99.8
100.8
101.6
103.8
105.7

100.1
100.9
102.1
104.3
106.2

100.4
101.0
102.7
104.8
106.5

100.6
101.2
103.3
105.3
106.9

100.3
101.0
102.4
104.5
106.3

1992
1993
1994
1995
1996

107.1
108.6
110.2
112.4
116.0

107.2
108.8
110.4
112.7
116.2

107.4
108.9
110.5
113.0
116.5

107.5
109.1
110.6
113.3
116.8

107.6
109.2
110.8
113.5
117.0

107.7
109.3
111.0
113.9
117.3

107.8
109.5
111.1
114.2
117.6

108.0
109.6
111.3
114.5
117.8

108.1
109.7
111.5
114.8
118.1

108.2
109.8
111.7
115.1
118.3

108.4
110.0
111.9
115.4
118.6

108.5
110.1
112.2
115.7
118.9

107.2
108.8
110.4
112.7
116.2

107.6
109.2
110.8
113.6
117.0

108.0
109.6
111.3
114.5
117.8

108.4
110.0
111.9
115.4
118.6

107.8
109.4
111.1
114.0
117.4

1997
1998
1999
2000
2001

119.2
124.0
128.2
131.2
132.6

119.6
124.4
128.5
131.4
132.7

119.9
124.8
128.8
131.5
132.7

120.3
125.2
129.1
131.7
132.8

120.6
125.5
129.3
131.8
132.8

121.0
125.9
129.6
131.9
132.9

121.4
126.2
129.9
132.0
132.9

121.8
126.6
130.1
132.1
133.0

122.3
126.9
130.4
132.2
133.0

122.7
127.2
130.6
132.3
133.0

123.1
127.5
130.8
132.4
133.0

123.6
127.8
131.0
132.5
133.0

119.6
124.4
128.5
131.4
132.7

120.6
125.5
129.3
131.8
132.8

121.9
126.6
130.1
132.1
133.0

123.1
127.5
130.8
132.4
133.0

121.3
126.0
129.7
131.9
132.9

2002
2003

133.0
132.8

133.0
132.8

133.0
132.7

133.0
132.7

133.0
132.7

132.9
132.7

132.9
132.7

132.9
132.6

132.9
132.6

132.9

132.8

132.8

133.0
132.8

133.0
132.7

132.9
132.6

132.8

132.9

Utilization
(percent)
1973
1974
1975
1976

87.3
86.9
75.4
76.7

88.4
86.2
73.3
77.9

88.3
85.9
72.2
77.8

87.7
85.6
71.9
78.3

88.0
85.8
71.8
78.4

87.6
85.6
72.4
78.3

87.7
85.1
73.3
78.6

87.0
84.5
73.8
78.8

87.4
84.1
74.8
78.6

87.8
83.2
74.8
78.5

88.0
80.7
74.9
79.3

87.8
76.8
75.8
80.1

88.0
86.3
73.7
77.5

87.8
85.7
72.0
78.3

87.4
84.6
74.0
78.7

87.9
80.2
75.2
79.3

87.7
84.2
73.7
78.4

1977
1978
1979
1980
1981

79.8
82.5
85.5
82.8
78.0

80.8
82.4
85.5
82.5
77.6

81.9
83.6
85.7
81.7
77.6

82.6
84.6
84.4
79.8
77.8

82.9
84.8
85.1
77.1
78.1

83.3
85.2
84.9
75.8
77.6

83.3
84.9
84.6
74.9
77.7

83.4
85.0
83.2
75.2
77.4

83.2
85.1
83.1
76.3
76.7

83.2
85.4
83.0
77.3
75.7

83.0
85.8
82.5
78.6
74.6

83.8
86.3
82.5
78.6
73.1

80.9
82.8
85.6
82.3
77.7

82.9
84.9
84.8
77.6
77.9

83.3
85.0
83.6
75.5
77.2

83.3
85.8
82.7
78.2
74.5

82.6
84.6
84.2
78.4
76.8

1982
1983
1984
1985
1986

71.4
69.9
77.8
78.6
79.6

73.1
69.8
78.4
78.3
79.1

72.5
70.4
78.8
78.8
78.6

71.9
71.2
79.0
78.7
78.9

71.6
72.2
79.1
78.7
78.9

71.4
72.7
79.2
78.6
78.7

71.1
73.6
79.4
78.1
78.7

70.4
74.3
79.3
78.5
78.8

70.0
75.4
78.9
78.6
78.9

69.1
76.2
79.0
78.1
79.0

68.6
76.3
79.0
78.4
79.3

68.2
76.5
79.1
78.6
79.8

72.3
70.0
78.3
78.6
79.1

71.6
72.0
79.1
78.6
78.8

70.5
74.4
79.2
78.4
78.8

68.7
76.3
79.0
78.4
79.4

70.8
73.2
78.9
78.5
79.0

1987
1988
1989
1990
1991

79.1
83.7
86.1
81.9
78.8

80.3
83.9
85.1
82.9
78.1

80.3
84.1
84.9
82.9
77.3

80.6
84.6
84.8
82.6
77.5

80.9
84.4
84.0
82.5
77.9

81.2
84.4
83.9
82.6
78.7

81.6
84.4
82.6
82.2
78.8

81.8
84.5
83.1
82.4
78.7

82.1
84.7
82.7
82.1
79.5

83.2
85.0
82.3
81.3
79.2

83.6
85.2
82.2
80.2
78.9

83.9
85.5
82.1
79.5
78.5

79.9
83.9
85.4
82.6
78.1

80.9
84.5
84.2
82.6
78.0

81.8
84.5
82.8
82.3
79.0

83.5
85.3
82.2
80.3
78.9

81.5
84.5
83.7
81.9
78.5

1992
1993
1994
1995
1996

77.8
80.3
81.1
84.1
80.2

78.5
80.3
81.1
83.6
80.9

79.1
80.1
81.8
83.2
80.3

79.3
80.4
82.1
82.8
80.9

79.6
80.1
82.4
82.4
81.1

79.6
79.8
82.4
82.4
81.6

80.0
80.0
82.4
81.4
81.4

79.7
79.6
82.8
82.0
81.5

79.4
80.0
82.7
82.2
81.7

79.7
80.4
83.2
81.5
81.3

79.9
80.6
83.5
81.2
81.7

79.7
81.0
84.1
81.3
81.9

78.5
80.2
81.3
83.6
80.5

79.5
80.1
82.3
82.5
81.2

79.7
79.9
82.7
81.9
81.5

79.8
80.6
83.6
81.4
81.6

79.4
80.2
82.5
82.3
81.2

1997
1998
1999
2000
2001

81.7
83.1
81.3
80.8
77.8

82.5
82.8
81.4
80.8
77.4

82.4
82.6
81.0
81.1
77.1

82.1
82.8
80.8
81.2
77.0

82.0
82.8
81.1
81.1
76.7

82.0
81.7
80.5
81.1
76.2

82.0
80.9
80.3
80.5
76.1

82.5
82.4
80.8
79.9
75.7

82.8
81.6
80.4
80.0
75.2

83.0
82.1
81.0
79.5
74.8

83.2
81.7
81.2
79.0
74.5

82.9
81.4
81.3
78.5
74.3

82.2
82.8
81.2
80.9
77.4

82.1
82.5
80.8
81.1
76.6

82.5
81.6
80.5
80.1
75.7

83.0
81.8
81.2
79.0
74.5

82.4
82.2
80.9
80.3
76.1

2002
2003

74.7
74.8

74.7
74.7

74.9
74.5

75.1
73.9

75.2
73.8

75.6
73.9

75.4
74.1

75.4
73.8

75.3
74.3

74.8

74.7

74.2

74.8
74.7

75.3
73.9

75.4
74.1

74.6

75.0

NOTE. Estimates from July 2003 through September 2003 are subject to further revision in the upcoming monthly releases.
1. See footnote 2 to table 3.
2. High technology industries include computers, communications equipment, and semiconductors and related electronic components.

25

Table 10

ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY
Item

1995

1996

1997

1998

1999

2000

2001

2002

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

56.0
27.6
7.6
3.4
.4
1.4
2.4

56.4
27.7
7.8
3.6
.4
1.4
2.4

56.9
27.6
7.9
3.7
.4
1.4
2.4

58.2
28.1
7.9
3.7
.4
1.4
2.4

57.7
28.3
8.0
3.9
.4
1.4
2.4

57.7
28.6
7.9
3.7
.4
1.4
2.3

59.3
30.3
7.8
3.7
.3
1.4
2.3

58.9
31.1
8.1
4.0
.3
1.4
2.3

20.0
16.4
8.8
1.9
3.6
1.7
3.6

19.9
16.3
8.7
1.8
3.7
1.7
3.7

19.7
16.4
8.8
1.6
3.7
1.8
3.4

20.2
16.9
9.2
1.5
3.8
1.9
3.2

20.2
16.7
9.2
1.3
3.8
1.9
3.5

20.7
16.9
9.4
1.2
3.9
2.0
3.8

22.5
18.4
10.2
1.1
4.5
2.1
4.1

23.0
18.6
10.4
1.0
4.6
2.1
4.4

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

10.9
1.8
3.5
5.6
2.1

11.2
1.8
3.7
5.7
2.0

11.8
2.0
4.0
5.8
1.9

12.3
2.4
4.1
5.8
1.9

11.9
2.3
4.1
5.5
1.8

11.7
2.0
4.1
5.6
1.5

11.1
2.0
3.8
5.4
1.9

10.0
1.7
3.2
5.1
1.9

Construction supplies
Business supplies

4.0
11.1

4.1
11.0

4.1
11.1

4.3
11.1

4.3
11.1

4.3
11.2

4.3
11.2

4.3
11.2

44.0
34.0
21.2
4.1
8.0
9.1
12.8
1.1
3.3
5.0
9.9

43.6
33.4
21.4
4.1
8.1
9.1
12.1
1.1
3.0
4.8
10.2

43.1
33.8
21.7
4.2
8.3
9.2
12.1
1.1
2.9
4.9
9.3

41.8
33.3
21.5
4.2
8.2
9.1
11.9
1.0
2.8
4.6
8.5

42.3
33.2
21.4
4.4
8.1
9.0
11.7
1.0
2.9
4.5
9.2

42.3
32.3
20.9
4.1
8.1
8.6
11.4
.9
2.8
4.3
10.1

40.7
30.7
19.5
3.8
7.3
8.4
11.2
.8
2.8
4.1
10.0

41.1
30.5
19.1
4.0
6.7
8.4
11.3
.8
2.7
4.2
10.6

321
327
331
332
333
334

84.5
80.4
44.8
1.5
2.1
3.0
5.8
6.2
9.7

84.4
80.2
45.5
1.5
2.2
3.0
6.0
6.2
9.9

85.7
81.2
46.5
1.5
2.2
3.1
6.1
6.2
10.4

86.6
81.8
47.1
1.5
2.3
3.0
6.1
6.2
10.3

85.9
81.1
46.6
1.6
2.3
2.8
6.0
5.8
10.3

84.6
79.7
45.5
1.4
2.3
2.5
6.1
6.0
10.3

84.1
79.1
43.8
1.4
2.3
2.3
6.0
5.6
9.0

83.5
78.4
42.6
1.4
2.3
2.2
5.9
5.2
8.1

335
3361–3

2.6
6.4

2.6
6.5

2.6
6.7

2.6
6.6

2.5
7.0

2.5
6.6

2.4
6.2

2.3
6.7

3364–9
337
339

3.3
1.4
2.7

3.2
1.5
2.8

3.5
1.6
2.8

4.1
1.7
2.8

3.8
1.7
2.8

3.3
1.7
2.9

3.8
1.7
3.1

3.6
1.7
3.2

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

35.6
10.3
1.7
2.0
3.7
2.7
1.5
10.1
3.6

34.7
10.1
1.7
1.9
3.3
2.7
1.6
10.0
3.6

34.8
10.1
1.7
1.8
3.2
2.7
1.6
10.1
3.7

34.7
10.6
1.6
1.6
3.2
2.6
1.5
9.9
3.7

34.4
10.5
1.5
1.4
3.2
2.6
1.8
9.6
3.8

34.2
10.7
1.4
1.3
3.2
2.6
1.9
9.4
3.7

35.3
11.7
1.3
1.2
3.1
2.6
2.0
9.7
3.7

35.8
11.9
1.3
1.1
3.1
2.5
2.2
10.0
3.8

1133,5111

4.1

4.1

4.4

4.7

4.8

4.9

5.1

5.1

21
2211,2
2211
2212

5.7
9.8
8.3
1.5

6.1
9.6
8.1
1.4

5.4
9.0
7.6
1.3

4.8
8.6
7.4
1.2

5.6
8.5
7.3
1.2

6.5
8.9
7.5
1.4

6.5
9.4
8.0
1.4

6.8
9.8
8.3
1.5

Total IP

MARKET GROUPS
Final products and nonindustrial supplies
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

Materials
Non-energy
Durable
Consumer parts
Equipment parts
Other
Nondurable
Textile
Paper
Chemical
Energy

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

NOTE. The IP proportion data are estimates of the industries’ relative contributions to overall IP change between the reference year and the following year. For example, a
1 percent increase in durable goods manufacturing between 2002 and 2003 would account for a 0.426 percent increase in total IP.

26

EXPLANATORY NOTE
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. The release also includes monthly
indexes on the use of electric power in manufacturing and mining. More
detailed descriptions of industrial production, capacity utilization, and
electric power are available at www.federalreserve.gov/releases/G17 at
the Board’s World Wide Web site. In addition, files containing data shown
in the release, more detailed series that were published in the G.17 prior to
December 2000, and historical data are available at the Board’s Web site.
Instructions for searching for and downloading specific series are provided
as well. For paid access to the data files through the Department of
Commerce’s Economic Bulletin Board or World Wide Web site, please
call STAT-USA at 1-800-STAT-USA or 202-452-1986. Diskettes
containing historical data and the data published in this release also are
available from the Board of Governors of the Federal Reserve System,
Publications Services, 202-452-3245.
INDUSTRIAL PRODUCTION
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 1997. 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 295 individual series based on the 2002 North American
Industrial Classification System (NAICS) codes. These individual series
are classified in two ways: (1) market groups, and (2) industry groups.
Market groups consist of products and materials. Total products are the
aggregate of final products, such as consumer goods and equipment, and
nonindustrial supplies (which are inputs to nonindustrial sectors).
Materials are inputs in the manufacture of products. Major industry
groups include three-digit NAICS industries and aggregates of these
industries—for example, durable and nondurable manufacturing, mining,
and utilities. A complete description of the market and industry structures,
including details regarding series classification, relative importance
weights, and data sources, is available on the Board’s web site
(www.federalreserve.gov/releases/G17/About.html) . Changes in
output for the market and industry groups are summarized in table 1 and
the levels of output (in index form) are shown in table 4. Special
aggregates, that highlight the relative importance and contributions of
several key industries, such as high-technology and motor vehicles, are
summarized in tables 2 and 5. For a detailed description of the contents of
the statistical tables, see below.
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 obtained from private trade associations
and from government agencies; data of this type are used to estimate
monthly IP wherever possible and appropriate. Production indexes for a
few industries are derived by dividing estimated nominal output
(calculated using unit production or sales and unit values) by a
corresponding Fisher price index; the most notable of these fall within the
high-technology grouping and include computers, communications
equipment, and semiconductors. When suitable data on physical product
are not available, estimates of output are based on either
production-worker hours or electric power use by industry. Data on hours
worked by production workers are collected in the monthly establishment
survey conducted by the Bureau of Labor Statistics. The data on electric
power use are described below. The factors used to convert inputs into
estimates of production are based on historical relationships between the
inputs and the comprehensive annual data used to benchmark the IP
indexes; these factors also may be influenced by technological or cyclical
developments. The annual data used in benchmarking the individual IP
indexes are constructed from a variety of source data, such as the
quinquennial Censuses of Manufactures and Mineral Industries and the
Annual Survey of Manufactures, prepared by the Bureau of the Census;

the Minerals Yearbook, prepared by the United States Geological Survey
of the Department of the Interior; and publications of the Department of
Energy.
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 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:
IA
m
+
IA
m–1

ȍ
Ǹȍ

Imp m–1

Im–1p m–1

ȍ Imp m
ȍ Im–1p m

The IP proportions (typically shown in the first column of the relevant
tables in the 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 5 percent. If output in this industry increased 10 percent in a month,
then this gain would boost growth in total IP by ½ percentage point (0.05
x 10% = 0.5%). To assist users with calculations, the Federal Reserve’s
web site provides supplemental monthly statistics that represent the exact
proportionate contribution of a monthly change in a component index to
the monthly change in the total index (www.federalreserve.gov/
releases/G17/ipdisk/ipweights.sa
).
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
three 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 55 percent of the source data (in value-added
terms) are available; the fraction of available source data increases to about
84 percent for estimates in the second month that the estimate is published,
95 percent in the third month, and 96 percent in the fourth month. Data
availability by data type is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2002)
Month of estimate
Type of data

1st

2nd

3rd

4th

Physical product

24

34

46

46

Production-worker
hours

31

31

31

31

Electric power use

0

19

19

19

IP data received

55

84

95

96

IP data estimated

45

16

5

4

NOTE––The physical product group includes series based on either
monthly or quarterly data. As can be seen in the first line of the table, in
the first month, a physical product indicator is available for about half of
the series (in terms of value added) that ultimately are based on physical
product data (24 percent out of total of 46 percent). Of the 24 percent,
about two–thirds (15 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 third estimate of industrial production. Specifically, quarterly data
are available for the second estimate of the last month of a quarter, the
third estimate of the second month of a quarter, and the fourth estimate of
the first month of a quarter. About 4 percent of the source data for
monthly IP––all physical product measures––are available too late for
direct inclusion in the current index and are incorporated at the time of an
annual historical revision.

27

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 September
2003; for other series, the factors were estimated with data through at least
June 2003. 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.
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 1987–2001 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 1987–2001 period. In most cases (about
84 percent), the direction of 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.
CAPACITY UTILIZATION
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.
Coverage. Capacity indexes are constructed for 85 detailed industries (67
in manufacturing, 16 in mining, and 2 in utilities), which mostly
correspond to industries at the three- and four-digit NAICS level.
Estimates of capacity and utilization are available for a variety of groups,
including durable and nondurable manufacturing, total manufacturing,
mining, utilities, and total industry. Manufacturing consists of those
industries included in the North American Industry Classification System,
or NAICS, definition of manufacturing plus those industries–logging and
newspaper, periodical, book and directory publishing–that have
traditionally been considered to be manufacturing and included in the
industrial sector. Also, special aggregates are available, such as high-tech
industries and manufacturing excluding high-tech 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 (e.g., paper,
industrial chemicals, petroleum refining, motor vehicles), as well as for
electric utilities and mining; these industries represent about 18 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 Survey of Plant Capacity (SPC); these industries
account for a bit less than 78 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 4 percent of total
industry capacity). A detailed description of the methodology used to
construct the capacity indexes is available on the Board’s web site
(www.federalreserve.gov/releases/G17/cap_notes.html).
Aggregation Methodology. Monthly capacity aggregates are calculated
in three steps: (1) utilization aggregates are calculated on an annual basis
through the most recent full year as capacity-weighted aggregates of
individual utilization rates; (2) the annual aggregate capacity is derived
from the corresponding production and utilization aggregates; (3) the
monthly capacity aggregate is obtained by interpolating with a Fisher
index of its constituent monthly capacity series. Utilization rates for the

individual series and aggregates are calculated by dividing the pertinent
monthly production index by the related capacity index.
Consistency. A major aim is that the Federal Reserve utilization rates be
consistent over time so that, for example, a rate of 85 percent means about
the same degree of tightness that it meant in the past. A major task for the
Federal Reserve in developing reasonable and consistent time series of
capacity and utilization is dealing with inconsistencies between the
movements of the industrial production index and the survey-based
utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was
the primary source of manufacturing utilization rates for many years. This
was a survey of large companies that reported, on average, higher
utilization rates than those reported by establishments covered by the SPC
(currently the primary source of factory operating rates) for the fourteen
years they overlapped. Adjustments have been made to keep the industry
utilization rates currently reported by the Federal Reserve 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 SPC.
Perspective. Over the 1972–2002 period, the average total industry
utilization rate is 81.3 percent; for manufacturing, the average factory
operating rate has been 80.2 percent. Industrial plants usually operate at
capacity utilization rates that are well below 100 percent: none of the
broad aggregates has ever reached 100 percent. For total industry and
total manufacturing, utilization rates have exceeded 90 percent only in
wartime. The highs and lows in capacity utilization shown in table 7 are
specific to each series and do not all occur in the same month.
ELECTRIC POWER
Coverage. Electric power data for sales by utilities to industry users and
for electric power produced by cogenerators (manufacturing and mining
firms that produce electricity for their own use or to sell to a utility) are
generally collected at the 4-digit NAICS and 3-digit SIC level for mining
and manufacturing. Aggregates for 3-digit industries, as well as for total
mining, durable, nondurable, total manufacturing and total industrial
electric power use, are computed. 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. An aggregate showing total industry excluding nuclear
nondefense is shown separately because the value-added proportion for
the nondefense nuclear material series (part of NAICS 3251) in total IP is
considerably less than its share of total electric power use. In addition,
aggregates for utility sales to industrial users and industry generation are
computed. While only the major aggregates are shown in the release, data
for the 3- and 4-digit industries are available on the Board’s web site
(www.federalreserve.gov/releases/G17).
Source Data. Electric power data are collected from a sample of utilities
and cogenerators covering all twelve Federal Reserve Districts. The
primary criterion for inclusion of a utility in the panel is whether the utility
provides electric power to industrial customers. A comparison of Federal
Reserve kilowatt-hour aggregates to estimates from the 1997 Census of
Manufactures (the most recent available) and recent reporting panel
statistics suggests the Federal Reserve data cover about 50 percent of the
overall sales to manufacturing in that year. The cogeneration panel covers
about 50 percent of cogeneration used directly by manufacturers. In order
to provide more complete coverage and correct for any shortcomings of
the survey, the series are benchmarked at the 4-digit industry level to the
latest available data from the Annual Survey of Manufactures and the
Census of Manufactures.
Methodology. The data we receive from utilities and cogenerators are
edited for anomalies and aggregated, using self weights, to the 4-digit
NAICS industry levels and above. Where reports are late or unavailable
for some reason, responses are estimated.
Seasonal Adjustment. Series are seasonal adjusted at the 4-digit NAICS
level, with seasonally-adjusted aggregates typically computed as sums of
seasonally adjusted components. The seasonal adjustment procedure
(Census X-12 program) is used without trading-day adjustments because
the reporting periods of the various utilities are not the same. A leap year
adjustment is also made where appropriate.

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REFERENCES AND RELEASE DATES
References. The annual revision published in November 2003 will be
described in an article published in an upcoming Federal Reserve Bulletin.
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/capital_stock_doc-latest.pdf.
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).
Release Schedule
At 9:15 a.m. on
2003: January 17, February 14, March 14, April 15, May 15, June 17,
July 16, August 15, September 15, October 16, November 14, and
December 16.
2004: January 16, February 17, March 15, April 16, May 14, June 16,
July 15, August 17, September 15, October 15, November 17, and
December 14.

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