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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
October 17, 2002

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production edged down 0.1 percent in September. Despite the declines in August and September,
the index of industrial production was 140.5 percent of the 1992 average, a level still slightly above the June 2002
reading. Average production rose at an annual rate of 3.6 percent between the second and third quarters. Manufacturing
output, which fell for the second consecutive month, dropped 0.3 percent in September, but the level of output was
2.5 percent above the December 2001 trough. Production at the nation’s mines fell 1.1 percent in September, while the
output of utilities rose 2.4 percent. Capacity utilization for total industry was 75.9 percent, a rate that is about the same
as in June 2002. Both the capacity utilization rate and the change in overall industrial production were held down
0.1 percentage point by the effects of tropical storms on oil and gas extraction and petroleum refining around the Gulf of
Mexico.

(over)

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
1992=100

Percent change

Industrial production

2002
Juner

Julyr

Aug.r

Sept.p

Total index
Previous estimates

140.3
140.3

141.1
140.9

140.6
140.5

Major market groups
Products, total
Consumer goods
Business equipment
Construction supplies
Materials

128.0
122.3
163.8
140.5
161.3

128.5
123.2
163.9
138.3
162.6

Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities

145.0
179.7
111.4
96.0
124.9

145.7
180.4
112.0
95.7
127.8

Capacity utilization

Average
1967–2001

1982
low

2002
Juner

Julyr

Aug.r

Sept.p

140.5

.6
.6

.5
.4

-.3
-.3

-.1

1.5

127.9
121.8
164.0
139.6
162.6

127.6
121.7
161.2
140.0
162.8

.6
.8
.4
.7
.7

.4
.7
.1
-1.5
.8

-.5
-1.1
.0
.9
.0

-.2
-.1
-1.7
.3
.1

.0
1.5
-4.3
1.4
4.0

145.4
180.8
111.3
96.3
124.6

145.1
180.0
111.3
95.3
127.6

.6
.7
.4
1.0
1.3

.4
.4
.5
-.3
2.3

-.2
.3
-.6
.6
-2.5

-.3
-.5
.0
-1.1
2.4

1.5
2.2
.8
-6.6
8.0

Percent of capacity
1988–89
2001
2002
high
Sept.
Juner

Julyr

Aug.r

Sept.p

Sept. ’01 to
Sept. ’02

Capacity
growth
Sept. ’01 to
Sept. ’02

Total industry
Previous estimates

81.9

71.1

85.4

75.5

76.0
76.0

76.3
76.2

76.0
76.0

75.9

1.0

Manufacturing
Advanced processing
Primary processing
Mining
Utilities

80.9
80.3
82.0
87.6
87.6

69.0
71.0
65.7
80.3
75.9

85.7
84.2
88.3
88.0
92.6

73.7
73.3
74.4
90.9
85.1

74.3
72.8
76.7
85.1
87.1

74.6
73.1
77.0
84.8
88.8

74.4
72.7
77.0
85.3
86.4

74.2
72.3
77.1
84.4
88.2

.9
.6
1.6
.6
4.3

Market Groups
A second month of broad declines in consumer durable goods helped push the output of consumer goods
down 0.1 percent in September. The index for appliances, furniture, and carpeting fell for a fourth consecutive month to a
level near its trough in 2001, and the production of miscellaneous consumer goods contracted for a second month. The
output of automotive products eased in both August and September, but together with July’s sharp increase, production
for the third quarter was up at an annual rate of more than 23 percent. The production of non-energy nondurables was
unchanged in September, with higher output levels of clothing and chemical products offset by declines elsewhere. A
small decline in the output of paper products ended a four-month series of increases. The index for consumer energy
products increased 1.0 percent in September; in recent months this measure has been influenced by large weather-driven
swings in the output of electricity for residential use.
The production of business equipment dropped 1.7 percent in September. A key contributor to this decline
was a pullback in the production of industrial and other equipment, especially construction and farm machinery. The
index for transit equipment was drawn down again last month and has now contracted for five quarters. In September,
reduced motor vehicle assemblies for businesses led the decline and were accompanied by the eighteenth consecutive
monthly contraction in commercial aircraft production. The output of information processing equipment remained weak
in September and was little changed from twelve months ago. The output of defense and space equipment, which has
increased more than 7 percent since September 2001, continued its upward climb.
Although the output of construction supplies rose slightly in September, its average in the third quarter was
little changed from the second quarter. The production of business supplies also rose slightly in September; most of the
increase was attributable to commercial electricity sales. Materials output, which has risen 4.0 percent since September
2001, edged up for a ninth month. Greater output of energy and nondurable materials slightly more than offset a decline
in the output of durable materials.
Industry Groups
Manufacturing output declined 0.3 percent in September; the production of durable goods was down, and the
production of nondurable goods was unchanged. In the third quarter, manufacturing output rose at an annual rate of
3.3 percent after similarly sized increases in the first and second quarters. The production of durable and nondurable
goods also increased in each of the last three quarters. Among durable goods, only the output of furniture and fixtures
and aerospace and miscellaneous transportation equipment declined last quarter; both of these industries have been on
downward trends for at least six quarters. In contrast, the production of motor vehicles and parts, primary and fabricated
metals, and electrical machinery posted sizable gains. Among nondurable goods industries, the output of chemicals and
products increased sharply in the third quarter. Production gains in the paper and products, printing and publishing, and
rubber and plastics products industries more than offset output decreases in the food and tobacco products, apparel
products, and petroleum products industries.
At 74.2 percent in September, the factory operating rate was 6.7 percentage points below its 1967–2001
average. This rate increased 1.7 percentage points between its December 2001 trough and July 2002, but it has fallen in
each of the past two months. The utilization rate for primary-processing industries rose marginally in September to its
highest level since February 2001, while the rate for advanced-processing industries posted a small decline. The
operating rate at mines edged down to 84.4 percent, while the rate at utilities climbed to 88.2 percent.

2

Tables
1. Industrial Production: Market and Industry Group Summary; percent change
2. Industrial Production: Special Aggregates and Selected Detail; percent change
3. Motor Vehicle Assemblies
4. Industrial Production: Market and Industry Group Summary; indexes
5. Industrial Production: Special Aggregates and Selected Detail; indexes
6. Capacity Utilization
7. Industrial Capacity
8. Gross Value of Products
9. Diffusion Indexes of Industrial Production
10. Electric Power Use
11. Historical Statistics: Total Industry
12. Historical Statistics: Manufacturing
13. Historical Statistics: Total Industry Excluding Selected High-Technology Industries
14. Historical Statistics: Manufacturing Excluding Selected High-Technology Industries
Further detail is available on the Board’s web site (www.federalreserve.gov/releases/G17/).

Revision of Industrial Production and Capacity Utilization
On November 26, the Federal Reserve Board will publish a revision to the index of industrial
production (IP), the related measures of capacity and capacity utilization, and the data on industrial use of electric
power. The revised estimates will be classified according to the 2002 North American Industrial Classification
System (NAICS); previously, the estimates from 1987 forward were classified according to the 1987 Standard
Industrial Classification system (SIC). NAICS changes the SIC system’s industry composition of manufacturing. To
preserve the continuity of the production, capacity, and utilization rate measures featured in the Federal Reserve’s
G.17 statistical release, portions of SIC 27 (printing and publishing) and SIC 24 (lumber and products) that are not
classified in manufacturing under NAICS will continue to be included in the overall IP index and capacity utilization.
The revised production indexes will be based on annual output measures that are constructed by
reclassifying the establishments in historical Censuses of Manufactures and Mineral Industries under NAICS; annual
output indexes constructed this way will maximize the reliability and historical consistency of the IP industry detail.
Data going back to at least 1972 will be restated using NAICS. The monthly indicators used in current IP will be
incorporated into the revised IP indexes as far back as the data will allow.
The updated measures will reflect the incorporation of newly available, more comprehensive source
data typical of annual revisions. The updating of source data for IP in the 2002 annual revision will include annual
data from the 2000 Annual Survey of Manufactures of the Bureau of the Census and from selected editions of its 2000
and 2001 Current Industrial Reports. Annual data from the U.S. Geological Survey regarding metallic and
nonmetallic minerals (except fuels) for 2000 and 2001 will also be introduced. The updating will include revisions to
the monthly indicator for each industry (either physical product data, production-worker hours, or electric power
usage) and revisions to seasonal factors.
Capacity and capacity utilization will be revised to incorporate preliminary data from the 2001 Survey
of Plant Capacity of the Bureau of the Census, which covers manufacturing, along with other new data on capacity
from the U.S. Geological Survey, the Department of Energy, and other organizations. The statistics on the industrial
use of electric power will incorporate additional information received from utilities for the past few years and will
include some data from the 2000 Annual Survey of Manufactures.
Once the revision is published, it will be made available on the Board’s web site,
www.federalreserve.gov/releases/G17. The revised data will also be available through the web site of the Department
of Commerce. Further information on these revisions is available from the Board’s Industrial Output Section
(telephone 202-452-3197).

3

Industrial Production

Ratio scale, 1992 = 100

160

160
Total IP

145

145

125

125

105

105
Excluding high-tech industries

85

85

65

1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Capacity Utilization

65

Percent of capacity

90

90
Total industry

85

85

80

80
Manufacturing

75

75

70

70

65

1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Industrial Production

Capacity Utilization

12 month percent change

10

Percent of capacity

90

90

10
Total IP

Primary processing

5

5

0

0

80

-5

75

-10

70

85

85

80
Advanced processing

Excluding high-tech industries

-5

-10

1994

1996

1998

65

2000

2002

75

1994

1996

High-tech industries are defined as semiconductors and related electronic components (SIC 3672-9), computers (SIC 357),
and communications equipment (SIC 366).
Shaded areas are periods of business recession as defined by the NBER.

4

1998

2000

2002

70

Table 1

INDUSTRIAL PRODUCTION: MARKET AND INDUSTRY GROUP SUMMARY
Percent change, seasonally adjusted
Fourth quarter to
fourth quarter

Item
It

2001
proportion1

Annual rate
2002
Q1
Q2r

Monthly rate

1999

2000

2001

100.00

4.3

2.6

-5.9

-6.7

2.6

4.2

3.6

.6

.5

-.3

-.1

1.5

61.89
30.46
6.50
3.49
.28
1.32
1.41

2.6
2.5
6.7
5.8
30.8
2.6
3.8

1.8
.7
-4.2
-7.3
7.4
-2.0
-2.0

-5.2
-1.7
-2.3
3.7
-18.2
-2.3
-11.4

-7.3
-3.6
-7.1
-6.5
17.8
-1.9
-17.7

1.0
3.7
11.2
13.2
33.2
10.5
2.5

1.4
1.7
10.0
16.1
-11.1
2.6
6.3

1.8
1.9
8.1
23.3
-1.5
-17.4
-2.5

.6
.8
1.4
3.8
.2
-4.9
1.0

.4
.7
2.0
3.3
-.6
-.6
1.0

-.5
-1.1
-1.3
-.5
.2
-2.2
-2.9

-.2
-.1
-.9
-.9
-.1
-.4
-1.6

.0
1.5
5.9
12.9
8.8
-4.8
-2.6

Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

23.96
20.57
11.18
1.30
5.05
3.04
3.39

1.3
1.2
.7
-2.8
4.4
.1
2.3

2.2
1.1
.4
-8.5
5.4
2.4
8.6

-1.5
-.5
-.8
-10.8
6.1
-5.3
-6.8

-2.5
-1.7
.1
-13.1
4.5
-12.8
-7.5

1.7
.5
4.4
6.6
-1.1
-13.3
10.2

-.5
-2.9
-.6
-4.1
-7.5
-2.9
15.5

.2
.0
-4.4
-4.4
6.8
8.1
1.5

.6
.8
.4
-.1
1.7
1.3
-.7

.4
.2
-.2
.6
1.1
.2
1.3

-1.0
-.9
-1.3
-3.3
-.7
1.0
-1.6

.1
.0
-.3
1.8
.5
-.4
1.0

.3
-.6
.0
-1.5
1.1
-5.1
5.9

Business equipment
Transit
Information processing
Industrial and other

13.06
2.93
5.04
5.08

4.4
-3.9
15.6
-1.8

5.8
-7.5
16.4
3.0

-12.6
-13.1
-11.5
-13.6

-14.2
-28.1
-5.1
-14.3

-4.4
-10.0
1.3
-6.8

-2.3
-9.3
-4.1
3.6

-.6
-5.8
-2.0
3.7

.4
1.2
.0
.3

.1
1.5
-.2
-.4

.0
-2.9
-.3
2.0

-1.7
-3.6
.2
-2.4

-4.3
-13.7
-.6
-2.4

Defense and space equipment

2.01

-7.6

-2.2

.2

4.2

2.8

4.4

12.3

.5

.7

1.7

1.6

7.3

Construction supplies
Business supplies

6.56
8.89

3.9
1.4

.5
.9

-3.8
-6.6

-9.3
-5.5

8.7
-2.4

5.5
3.1

-.4
3.9

.7
.3

-1.5
1.1

.9
-.8

.3
.5

1.4
.5

Materials
Durable
Consumer parts
Equipment parts
Other

38.11
22.35
4.65
8.09
9.60

7.2
10.4
5.9
19.7
4.4

3.9
7.5
-2.1
25.1
-3.1

-6.9
-8.6
-4.4
-11.1
-8.1

-5.8
-8.3
-9.3
-1.1
-13.7

5.3
8.5
21.2
9.1
2.1

8.8
10.0
9.8
12.7
7.8

6.5
6.5
11.2
7.4
3.4

.7
.8
.9
.9
.7

.8
.5
2.5
-.2
-.1

.0
.4
-.2
1.1
.2

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

4.0
4.9
9.3
7.3
.9

Nondurable
Textile
Paper
Chemical

7.63
.75
1.56
3.50

3.9
4.6
4.5
5.3

-4.7
-12.8
-4.5
-4.2

-6.1
-12.7
-5.0
-7.2

-2.7
-14.7
-6.3
-.2

2.6
10.2
-10.7
9.7

10.9
5.8
10.4
15.0

6.9
4.2
10.4
8.7

.0
-1.9
-2.5
.3

.8
4.3
2.6
.6

.2
-3.2
.7
.6

.2
-.3
.4
.3

4.0
-.5
-.2
8.2

Energy

8.13

.6

1.6

-3.2

-2.1

-.7

3.3

6.0

1.0

1.8

-1.4

.4

1.1

24
25
32
33
34
35
36
371

86.74
46.81
2.15
1.57
2.66
2.93
5.85
7.69
7.82
6.35

4.8
6.9
1.8
5.0
3.2
6.7
1.2
7.1
23.7
7.5

2.3
4.8
-6.8
.8
-.9
-5.2
2.2
7.5
27.3
-8.0

-6.1
-8.3
-1.2
-7.7
-3.0
-13.7
-6.4
-11.7
-14.3
-.4

-6.3
-9.2
-9.4
-8.0
-5.3
-26.4
-7.1
-12.0
.3
-10.1

3.0
4.7
-1.6
-.4
-2.2
11.2
.6
7.0
11.7
22.7

3.6
5.4
.2
-1.4
6.8
9.0
4.8
4.3
14.1
18.2

3.3
4.4
2.3
-3.3
.3
7.2
3.2
1.8
3.0
21.8

.6
.7
1.5
-1.6
-.1
.8
.4
.0
.0
3.7

.4
.4
-.3
1.1
.1
-2.2
.7
-.6
-.4
3.5

-.2
.3
-.6
-.7
-.3
3.6
-.5
1.9
.2
-.4

-.3
-.5
.7
-1.1
.5
.3
-.8
-1.4
.6
-1.6

1.5
2.2
-2.7
-2.6
.2
1.4
.8
1.5
7.7
14.5

372–6,9
38
39

4.10
4.51
1.18

-8.9
.6
4.8

.2
1.3
-1.0

-8.9
-4.4
-8.8

-18.2
-1.8
-14.5

-20.4
-1.3
8.8

-15.9
-4.0
9.2

-9.1
3.0
2.9

-.4
.2
1.7

-1.2
.8
-.2

-.4
-.2
-.8

-.7
.6
-.8

-15.7
.2
2.8

20,21
22
23
26
27
28
29
30

39.93
11.77
1.17
1.46
3.29
6.62
9.75
1.92
3.78

2.1
.7
.4
.3
2.3
.7
4.1
-.6
5.9

-.7
.4
-10.6
-6.7
-3.0
.5
.8
2.0
-2.8

-3.5
-.8
-10.7
-10.7
-6.1
-7.9
-.2
-1.2
-5.2

-2.8
.1
-12.9
-16.1
-9.5
-7.0
4.2
1.8
-8.7

1.2
4.3
12.6
5.2
-5.3
-10.5
1.9
9.2
7.9

1.6
-.6
7.4
-2.2
10.1
-2.5
1.1
-.7
11.4

2.0
-4.3
-.1
-3.9
8.6
3.7
8.3
-4.4
3.5

.4
.4
-1.2
.0
-1.1
.7
.7
-.6
1.4

.5
-.3
2.7
.6
1.5
.2
1.4
-.2
-.2

-.6
-1.2
-2.5
-2.7
.0
.2
-.4
-.1
-.2

.0
-.4
-.6
.1
1.1
-.3
.4
-.4
.0

.8
.0
-.7
-2.7
.3
-3.6
4.0
2.0
3.8

6.19
7.07
5.60
1.47

-.2
2.2
1.8
4.7

1.7
6.8
5.2
12.9

-2.4
-6.1
-4.1
-13.1

-11.8
-7.2
-3.4
-20.2

-9.1
8.3
3.2
31.1

-3.5
17.1
14.0
29.8

1.3
8.6
11.5
-3.2

1.0
1.3
2.5
-3.5

-.3
2.3
2.7
.6

.6
-2.5
-3.0
-.3

-1.1
2.4
3.2
-1.0

-6.6
8.0
8.3
6.8

Total IP

MARKET GROUPS
Products
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods

Q3p

2002
Juner

Julyr

Aug.r

Sept.p

Sept. ’01
to
Sept. ’02

2001
Q4

INDUSTRY GROUPS
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Electric
Gas

10–14
491,2,3pt

NOTE. Under industry groups, the figures to the right of the series descriptions are 1987 Standard Industrial Classification (SIC) codes. The abbreviation pt denotes part
of an SIC code. Additional industry detail is available on the Board’s web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, oil
and gas drilling and manufactured homes are not shown separately; in the nondurable materials category, containers and miscellaneous nondurable materials are not shown
separately. Under industry groups, in the nondurables category, leather and products (SIC 31) is not shown separately.
1. The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year.
r Revised. p Preliminary.

5

Table 2

INDUSTRIAL PRODUCTION: SPECIAL AGGREGATES AND SELECTED DETAIL
Percent change, seasonally adjusted
Fourth quarter to
fourth quarter

Item
It

2001
proportion

Annual rate
2002
Q1
Q2r

Monthly rate

1999

2000

2001

100.00

4.3

2.6

-5.9

-6.7

2.6

4.2

3.6

.6

.5

-.3

-.1

1.5

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

14.08
3.39
1.84
.72
2.67
5.46

1.2
2.3
.7
5.7
2.7
-.6

4.5
8.6
7.3
19.1
5.6
-.2

-4.3
-6.8
.7
-16.0
-8.2
-1.0

-7.5
-7.5
-6.7
-56.6
-2.2
-2.0

1.4
10.2
7.4
-32.2
5.4
-3.7

6.5
15.5
10.3
-11.1
10.4
-.4

4.9
1.5
6.2
9.3
9.8
3.7

.7
-.7
1.4
2.9
.4
1.3

1.6
1.3
2.0
-.3
3.4
.8

-1.5
-1.6
-2.6
1.2
-2.7
-.5

.9
1.0
2.5
-.2
1.5
-.2

1.6
5.9
6.1
-25.1
6.4
-1.6

Non-energy
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components

357
366

85.92
6.62
1.55
1.53

4.8
34.0
33.0
21.1

2.3
39.5
33.4
25.4

-6.2
-15.6
-8.2
-24.4

-6.6
1.3
3.6
-25.9

2.9
23.7
36.1
-19.1

3.8
18.6
4.9
-5.1

3.4
7.7
5.7
-19.0

.6
.9
-.6
.7

.4
-.1
1.0
-4.2

-.1
.6
1.1
-1.5

-.2
1.1
1.1
-.7

1.5
14.2
15.6
-16.5

3672–9

3.54

41.1

48.6

-14.9

14.4

39.0

34.5

18.6

1.6

.8

1.0

1.7

26.8

79.31

2.0

-1.4

-5.1

-7.3

1.3

2.7

3.0

.6

.4

-.2

-.3

.5

6.35
3.69
2.56

7.5
6.3
9.2

-8.0
-11.4
-1.2

-.4
2.1
-2.4

-10.1
-9.9
-9.2

22.7
21.0
26.6

18.2
18.4
15.9

21.8
26.6
14.5

3.7
4.1
2.5

3.5
5.2
1.5

-.4
-1.6
1.1

-1.6
-2.2
-.8

14.5
15.5
13.5

72.96
24.03
9.17
7.05
23.95

1.5
1.9
-3.1
1.6
3.3

-.8
.5
1.9
-.5
-2.7

-5.5
-1.6
-11.8
-8.4
-6.9

-7.0
-3.0
-13.4
-5.1
-9.3

-.5
1.3
-10.5
-4.9
.6

1.3
-1.7
-6.7
1.2
6.2

1.3
-1.3
-1.6
3.2
4.1

.3
.5
-.2
.0
.3

.1
.1
-.2
.8
.4

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

-.2
-.1
-1.7
.0
-.1

-.7
-.9
-7.0
-.9
.7

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Durable
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

93.38
80.12
40.19
6.14
2.76

1.8
1.9
1.8
-.4
3.9

-.5
-1.3
-1.8
.1
-1.2

-5.0
-5.1
-6.7
-12.7
-6.3

-7.3
-6.9
-10.9
-15.8
-.4

1.3
1.5
1.9
.3
-1.4

3.2
2.5
3.5
3.9
-.3

3.3
3.0
4.0
1.0
-5.5

.6
.5
.7
.2
-2.3

.6
.5
.4
-1.0
-.2

-.4
-.2
.2
2.1
-.2

-.2
-.4
-.7
-2.0
-.4

.6
.6
.4
-2.0
-1.9

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

93.65
80.39
40.46

4.1
4.5
6.8

3.4
3.2
6.8

-6.2
-6.6
-9.4

-6.5
-6.0
-9.0

1.3
1.6
1.9

3.2
2.4
3.3

2.2
1.7
1.5

.4
.3
.2

.3
.1
-.2

-.3
-.1
.4

.0
-.1
-.3

.6
.5
.2

Primary processing1
Advanced processing2

33.26
53.48

8.0
2.8

3.7
1.4

-7.2
-5.4

-6.1
-6.4

8.8
-.4

10.8
-.7

6.4
1.3

.6
.6

.5
.4

.2
-.4

.2
-.5

5.2
-.8

Total industry

Excluding selected high-technology
industries
Motor vehicles and parts
Motor vehicles
Motor vehicle parts

371
3711,3
3714

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

Q3p

2002
Juner

Julyr

Aug.r

Sept.p

Sept. ’01
to
Sept. ’02

2001
Q4

NOTE. See notes to table 1.
1. Primary processing consists of textile mill products, paper and products, industrial chemicals, synthetic materials, and fertilizers, petroleum products, rubber and plastics
products, lumber and products, primary metals, fabricated metals, stone, clay, and glass products, semiconductors and related electronic components, and motor vehicle parts.
2. Advanced processing consists of foods, tobacco products, apparel products, printing and publishing, chemical products and other agricultural chemicals, leather and
products, furniture and fixtures, industrial machinery and equipment, electrical machinery except semiconductors and related electronic components, transportation equipment
except motor vehicle parts, instruments, and miscellaneous manufactures.

Table 3

MOTOR VEHICLE ASSEMBLIES
Millions of units, seasonally adjusted annual rate
2001
average

2001
Q4

2002
Q1

Q2

Q3

2002
June

July

Aug.

Sept.

Total
Autos
Trucks
Light
Medium and heavy

11.42
4.88
6.55
6.29
.25

11.61
4.80
6.81
6.59
.22

12.20
5.24
6.95
6.71
.24

12.37
5.17
7.21
6.93
.28

12.96
5.13
7.82
7.56
.27

12.71
5.26
7.44
7.15
.30

13.24
5.45
7.79
7.50
.30

12.91
5.07
7.84
7.56
.27

12.72
4.88
7.84
7.61
.23

MEMO
Autos and light trucks

11.17

11.39

11.96

12.10

12.69

12.41

12.94

12.63

12.49

Item
It

NOTE. Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board’s web site,
www.federalreserve.gov/releases/G17/mvsf.htm

6

Table 4

INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY
1992 = 100, seasonally adjusted
2001
proportion

Item
It

2002
Jan.

Feb.

Mar.

Apr.

May

Juner

Julyr

Aug.r

Sept.p

100.00

137.6

138.1

138.6

138.8

139.4

140.3

141.1

140.6

140.5

61.89
30.46
6.50
3.49
.28
1.32
1.41

126.7
120.6
154.5
158.3
625.1
125.1
108.0

126.9
121.2
155.4
158.1
628.8
128.6
108.7

127.4
121.7
156.8
159.6
620.6
129.6
110.0

127.0
121.4
157.9
162.4
605.6
128.7
109.8

127.3
121.4
159.0
162.7
606.7
131.7
110.4

128.0
122.3
161.1
169.0
607.7
125.3
111.5

128.5
123.2
164.3
174.6
603.8
124.5
112.6

127.9
121.8
162.3
173.8
605.1
121.8
109.3

127.6
121.7
160.8
172.2
604.3
121.3
107.6

Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

23.96
20.57
11.18
1.30
5.05
3.04
3.39

112.6
112.5
109.2
75.4
149.4
98.8
113.5

113.1
112.3
109.7
74.9
147.6
98.1
118.3

113.4
112.7
110.4
75.7
146.7
98.5
118.4

112.8
111.6
109.9
74.6
144.7
96.7
120.8

112.6
111.3
109.3
74.5
144.0
97.7
121.6

113.2
112.2
109.7
74.5
146.4
98.9
120.7

113.6
112.4
109.4
74.9
147.9
99.1
122.4

112.5
111.3
108.0
72.4
146.8
100.2
120.4

112.6
111.3
107.7
73.7
147.6
99.8
121.7

Business equipment
Transit
Information processing
Industrial and other

13.06
2.93
5.04
5.08

165.3
116.4
268.2
120.4

164.0
116.8
267.9
117.9

163.5
114.1
269.1
118.0

162.9
113.8
266.6
118.1

163.2
111.9
265.1
120.5

163.8
113.2
265.1
120.8

163.9
114.9
264.5
120.3

164.0
111.5
263.8
122.7

161.2
107.5
264.5
119.7

Defense and space equipment

2.01

74.9

74.9

74.9

75.3

75.7

76.1

76.7

78.0

79.2

Construction supplies
Business supplies

6.56
8.89

136.3
108.5

136.8
109.1

139.7
109.6

138.3
109.6

139.6
109.9

140.5
110.2

138.3
111.3

139.6
110.4

140.0
111.0

Materials
Durable
Consumer parts
Equipment parts
Other

38.11
22.35
4.65
8.09
9.60

155.8
209.4
161.4
434.0
120.5

157.1
211.6
162.9
439.7
121.5

157.4
212.1
163.4
440.8
121.8

158.8
214.2
165.8
444.9
122.7

160.2
216.2
166.0
452.7
123.6

161.3
218.0
167.5
456.9
124.5

162.6
219.1
171.7
456.2
124.4

162.6
219.9
171.3
461.0
124.7

162.8
219.8
169.7
461.8
124.9

Nondurable
Textile
Paper
Chemical

7.63
.75
1.56
3.50

103.3
84.9
106.9
102.8

103.4
87.4
103.3
104.1

104.1
90.3
103.2
105.4

104.8
88.8
105.8
105.9

107.1
89.7
109.1
108.6

107.1
87.9
106.4
108.9

107.9
91.7
109.1
109.5

108.1
88.8
109.9
110.1

108.3
88.5
110.3
110.5

Energy

8.13

101.6

102.6

102.1

103.0

102.4

103.3

105.2

103.8

104.2

24
25
32
33
34
35
36
371

86.74
46.81
2.15
1.57
2.66
2.93
5.85
7.69
7.82
6.35

142.6
175.7
112.9
133.6
127.7
111.3
128.7
204.5
494.0
171.8

142.9
176.0
111.0
135.0
127.8
111.8
127.7
205.3
500.8
174.5

143.4
176.6
112.9
134.8
127.7
113.1
127.9
207.1
503.1
174.9

143.4
177.2
111.6
134.8
129.6
112.1
128.2
206.8
507.9
179.3

144.2
178.4
111.8
134.7
130.0
115.2
130.0
208.3
520.1
178.8

145.0
179.7
113.5
132.5
129.9
116.2
130.6
208.4
520.1
185.5

145.7
180.4
113.2
134.0
130.0
113.6
131.5
207.1
518.3
191.9

145.4
180.8
112.5
133.1
129.6
117.8
130.8
211.0
519.3
191.1

145.1
180.0
113.2
131.6
130.2
118.1
129.7
208.1
522.1
188.1

372–6,9
38
39

4.10
4.51
1.18

87.4
113.8
114.6

86.4
112.4
114.6

84.7
112.8
116.4

83.3
112.2
115.8

82.3
111.6
117.8

82.0
111.8
119.8

81.0
112.7
119.5

80.7
112.4
118.6

80.1
113.0
117.7

20,21
22
23
26
27
28
29
30

39.93
11.77
1.17
1.46
3.29
6.62
9.75
1.92
3.78

110.3
109.9
82.5
89.4
105.1
96.6
123.0
114.8
134.7

110.5
110.4
85.1
88.4
103.5
96.0
122.9
117.2
136.6

110.9
111.1
87.2
89.5
104.5
95.4
122.8
116.7
139.1

110.5
110.5
86.7
88.3
105.3
94.9
122.2
116.9
139.2

111.0
109.9
86.8
88.7
108.3
95.3
123.3
116.0
140.2

111.4
110.4
85.8
88.7
107.1
96.0
124.2
115.2
142.1

112.0
110.1
88.1
89.3
108.7
96.2
126.0
115.0
141.9

111.3
108.8
85.9
86.9
108.7
96.4
125.4
114.9
141.7

111.3
108.4
85.3
87.0
109.9
96.2
125.9
114.4
141.6

6.19
7.07
5.60
1.47

97.0
115.7
119.8
101.0

96.6
120.3
121.9
113.7

95.4
121.8
124.6
111.4

95.3
123.9
126.6
113.9

95.1
123.3
124.4
119.1

96.0
124.9
127.5
114.9

95.7
127.8
130.9
115.6

96.3
124.6
126.9
115.3

95.3
127.6
131.0
114.2

Total IP

MARKET GROUPS
Products
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods

INDUSTRY GROUPS
Manufacturing
Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Electric
Gas

10–14
491,2,3pt

NOTE. See notes to table 1.

7

Table 5

INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES
1992 = 100, seasonally adjusted
2001
proportion

Item
It

2002
Jan.

Feb.

Mar.

Apr.

May

Juner

Julyr

Aug.r

Sept.p

100.00

137.6

138.1

138.6

138.8

139.4

140.3

141.1

140.6

140.5

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

14.08
3.39
1.84
.72
2.67
5.46

106.6
113.5
129.1
107.3
108.6
97.6

108.9
118.3
134.6
105.3
111.6
97.7

108.8
118.4
136.3
104.5
112.0
96.9

109.9
120.8
137.2
102.0
113.3
97.6

109.4
121.6
135.3
101.4
113.4
96.5

110.1
120.7
137.3
104.4
113.8
97.8

111.9
122.4
140.0
104.1
117.8
98.6

110.2
120.4
136.3
105.4
114.6
98.1

111.2
121.7
139.8
105.2
116.3
97.9

Non-energy

85.92

143.0

143.2

143.7

143.8

144.6

145.5

146.1

145.9

145.5

357
366

6.62
1.55
1.53

1032.2
1118.5
284.7

1065.5
1155.8
285.2

1077.4
1185.5
284.0

1088.0
1177.6
281.3

1107.5
1165.2
279.7

1117.7
1158.6
281.6

1116.5
1170.1
269.8

1122.9
1183.2
265.8

1135.6
1196.8
263.8

3672–9

3.54

1807.1

1884.6

1904.0

1949.0

2022.5

2054.1

2070.5

2091.3

2126.7

79.31

116.6

116.5

116.9

116.8

117.4

118.1

118.6

118.4

117.9

6.35
3.69
2.56

171.8
165.2
189.9

174.5
166.2
195.1

174.9
166.0
195.8

179.3
170.8
200.2

178.8
170.5
198.7

185.5
177.6
203.8

191.9
186.8
206.8

191.1
183.8
209.1

188.1
179.9
207.5

72.96
24.03
9.17
7.05
23.95

113.3
113.4
117.5
103.8
113.9

113.0
113.5
115.0
103.4
113.9

113.4
114.0
114.4
103.6
114.2

113.0
113.0
113.4
103.4
114.7

113.6
112.9
113.9
104.1
116.1

114.0
113.5
113.6
104.1
116.4

114.1
113.7
113.4
104.9
116.9

113.9
112.4
114.0
104.6
117.0

113.7
112.3
112.1
104.6
116.8

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Durable
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

93.38
80.12
40.19
6.14
2.76

115.1
116.4
122.8
122.8
125.7

115.4
116.4
122.5
122.4
123.4

115.7
116.7
122.7
122.9
123.6

115.8
116.6
123.0
122.9
123.5

116.2
117.2
123.7
124.3
125.9

117.0
117.8
124.5
124.5
123.0

117.6
118.4
125.1
123.3
122.7

117.2
118.1
125.3
125.9
122.5

117.0
117.7
124.4
123.4
122.0

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

93.65
80.39
40.46

135.8
140.8
176.0

136.3
140.9
175.9

136.7
141.5
176.5

136.7
141.2
176.4

137.4
142.1
178.0

137.9
142.5
178.3

138.4
142.7
177.9

138.0
142.5
178.6

138.0
142.3
178.1

Primary processing
Advanced processing

33.26
53.48

166.6
129.3

168.0
129.0

169.4
129.1

170.3
128.7

172.9
128.7

173.8
129.5

174.7
130.0

175.1
129.4

175.3
128.8

Total industry

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

371
3711,3
3714

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

NOTE. See notes to table 2.

8

Table 6

CAPACITY UTILIZATION
Percent of capacity, seasonally adjusted
2001
proportion

Item

19672001
ave.

198889
high

199091
low

199495
high

2001
Q4

2002
Q1

Q2r

Q3p

2002
Juner

Julyr

Aug.r

Sept.p

Total industry

100.00

81.9

85.4

78.1

84.5

74.7

75.0

75.6

76.1

76.0

76.3

76.0

75.9

Manufacturing

87.62

80.9

85.7

76.6

84.1

73.1

73.5

74.0

74.4

74.3

74.6

74.4

74.2

24
25
32
33
34
35
36
371

49.11
2.14
1.57
2.47
2.88
6.06
8.29
9.17
6.47

79.4
82.4
81.2
78.9
81.6
77.8
81.0
81.1
77.0

84.6
93.6
86.6
83.5
92.7
82.0
85.4
84.0
89.1

73.1
75.5
72.5
69.7
73.7
71.9
72.3
75.0
55.9

83.7
88.3
84.3
82.2
95.4
85.2
87.2
90.6
85.1

70.1
75.6
72.3
78.4
72.6
71.0
67.5
64.6
74.1

70.6
75.2
72.2
77.6
75.0
71.0
68.5
65.5
77.5

71.3
75.1
71.9
78.6
77.5
71.8
69.0
66.6
80.4

71.7
75.4
71.3
78.3
79.9
72.2
69.2
65.9
83.9

71.7
75.9
71.1
78.5
78.9
72.2
69.2
66.8
82.1

71.8
75.6
71.9
78.5
77.6
72.7
68.7
66.1
84.8

71.9
75.1
71.4
78.1
80.8
72.3
70.0
65.8
84.3

71.5
75.5
70.6
78.4
81.4
71.6
69.0
65.8
82.8

372–6,9
38
39

4.29
4.57
1.19

75.1
81.1
76.0

87.3
81.4
79.0

79.2
77.2
71.7

69.0
78.3
80.7

67.5
73.1
71.3

63.8
73.0
72.7

61.2
72.3
74.1

59.9
72.9
74.3

60.8
72.3
75.2

60.2
72.9
75.0

60.0
72.7
74.3

59.6
73.2
73.6

20,21
22
23
26
27
28
29
30

38.51
10.86
1.20
1.60
3.19
6.61
9.60
1.63
3.64

83.0
83.1
85.2
80.6
88.3
84.9
79.2
87.5
84.5

87.3
85.9
90.4
85.1
93.5
91.7
86.2
88.5
89.6

80.7
81.6
77.7
75.5
85.0
79.6
79.3
85.1
77.4

84.6
85.7
92.5
85.9
92.0
82.2
79.9
92.9
91.4

77.1
79.9
71.5
65.9
76.1
72.7
77.2
92.7
76.3

77.4
80.7
74.3
67.1
75.1
70.9
77.4
94.6
77.5

77.6
80.4
76.2
66.9
77.0
70.8
77.2
94.3
79.5

77.9
79.5
76.8
66.4
78.8
71.8
78.2
93.1
80.1

77.9
80.5
75.9
67.0
77.2
71.3
77.6
93.6
80.4

78.3
80.3
78.1
67.5
78.4
71.6
78.5
93.4
80.2

77.8
79.2
76.3
65.7
78.5
71.9
78.0
93.2
80.1

77.7
78.9
76.0
65.8
79.4
71.9
78.1
92.8
80.0

6.14
6.24

87.6
87.6

88.0
92.6

87.0
83.4

89.3
92.5

87.6
83.6

85.3
84.3

84.6
86.8

84.8
87.8

85.1
87.1

84.8
88.8

85.3
86.4

84.4
88.2

357
366

8.52
2.05
1.92

80.0
80.7
80.1

81.9
86.9
84.8

72.4
66.9
73.4

88.2
85.3
88.7

60.7
62.8
57.9

62.9
66.6
54.6

64.2
66.0
53.6

63.6
65.2
50.5

64.4
64.9
53.6

63.7
65.0
51.3

63.5
65.2
50.4

63.6
65.4
49.9

3672–9

4.55

79.6

81.1

75.6

91.0

60.9

64.6

67.4

67.8

68.1

67.8

67.6

67.9

Measures excluding selected high-technology
industries
Total industry
Manufacturing
Industrial machinery
351–6,8,9
Electrical machinery
361–5,9,71

91.48
79.10
6.24
2.71

82.0
81.0
81.0
83.2

85.7
86.1
85.5
87.5

78.4
76.8
74.0
74.3

84.2
83.8
88.2
93.6

76.2
74.7
69.5
76.0

76.4
74.9
69.7
75.6

77.0
75.4
70.5
75.6

77.5
75.9
70.9
74.5

77.4
75.8
70.9
74.9

77.8
76.1
70.3
74.7

77.5
75.9
71.9
74.6

77.3
75.7
70.5
74.3

Primary processing
Advanced processing

33.80
53.82

82.0
80.3

88.3
84.2

76.7
76.6

88.8
81.3

73.3
73.0

74.6
72.8

76.2
72.6

77.0
72.7

76.7
72.8

77.0
73.1

77.0
72.7

77.1
72.3

Durable
Lumber and products
Furniture and fixtures
Stone, clay, and glass products
Primary metals
Fabricated metals
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Instruments
Miscellaneous
Nondurable
Food and tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Mining
Utilities
Selected high-technology industries
Computers and office equipment
Communications equipment
Semiconductors and related
electronic components

NOTE. See notes to table 2.

Table 7

INDUSTRIAL CAPACITY
Percent change
Item

196779

Average annual rate
1980198988
94

Fourth quarter to fourth quarter
19952002

1999

2000

2001

2002p

2001
Q4

Annual rate
2002
Q1
Q2

Q3

Monthly rate
2002
Sept.

Total industry

3.5

2.2

2.3

4.2

3.9

4.0

1.7

1.0

1.0

.9

1.0

1.0

.1

Manufacturing

3.7

2.5

2.5

4.7

4.5

4.7

1.6

1.0

.8

.8

1.0

1.1

.1

Durable
Nondurable

3.6
3.9

3.1
1.8

3.0
2.1

7.3
1.6

6.6
1.7

8.1
.4

3.0
-.2

1.6
.2

1.5
-.1

1.5
.0

1.6
.2

1.7
.3

.1
.0

.4
4.9

.2
1.2

-.6
1.4

-.4
2.3

-2.4
2.4

-1.9
2.9

.6
5.1

.4
3.9

1.4
5.4

.9
4.8

.2
4.1

.0
3.6

.0
.3

11.3

15.9

13.6

32.2

28.6

42.9

12.7

10.1

5.4

7.3

9.6

11.6

.9

3.3

1.4

1.7

2.1

2.0

1.0

.3

.2

.2

.1

.1

.1

.0

3.8
3.7

1.6
3.1

3.4
2.1

6.8
3.4

5.0
4.2

7.8
2.9

2.7
.9

1.6
.6

1.2
.6

1.4
.5

1.7
.6

1.8
.6

.1
.0

Mining
Utilities
Selected high-technology industries
Manufacturing ex. selected
high-technology industries

Primary processing
Advanced processing

9

Table 8

GROSS VALUE OF PRODUCTS
Billions of 1996 dollars at annual rate, seasonally adjusted
1996

2001

2001
Q3

Q4

2002
Q1

Q2r

Q3p

2002
Juner

Julyr

Aug.r

Sept.p

2,419.8

2,724.4

2,726.5

2,677.3

2,696.0

2,715.5

2,732.7

2,731.7

2,744.9

2,732.6

2,720.5

1,858.1
1,220.6
303.9
162.6
141.3
916.7

2,102.7
1,302.9
349.6
187.8
160.5
953.3

2,103.9
1,311.0
359.3
196.7
159.7
952.0

2,067.5
1,302.2
353.7
193.6
157.3
948.5

2,080.6
1,318.6
364.3
200.0
161.0
954.7

2,093.5
1,330.0
374.2
207.8
161.6
956.6

2,108.1
1,339.8
385.7
220.0
157.4
955.4

2,106.2
1,337.6
379.9
213.4
160.2
958.8

2,121.4
1,349.4
389.8
221.7
160.2
961.0

2,108.9
1,336.9
385.4
220.2
156.8
952.8

2,094.0
1,333.1
381.8
218.1
155.3
952.5

Equipment, total
Business and defense
Business
Defense and space

637.5
610.2
538.6
71.6

800.0
778.4
715.8
64.4

791.0
768.0
705.6
64.0

759.3
740.3
676.3
64.7

753.6
737.8
673.1
65.1

754.0
739.4
673.5
66.0

758.6
743.5
675.0
68.0

759.2
744.2
677.9
66.5

761.8
746.9
680.1
66.9

763.4
748.4
680.0
68.1

750.5
735.3
665.0
69.1

Intermediate products
Construction supplies
Business supplies
Commercial energy products

561.7
235.0
326.7
81.9

622.0
274.0
347.6
92.2

622.7
275.7
346.3
93.6

610.0
268.3
341.2
91.7

615.5
274.6
340.2
93.6

622.1
278.4
342.8
95.5

624.7
278.2
345.8
96.9

625.6
281.1
343.6
96.0

623.7
275.9
347.3
97.8

623.8
278.9
344.1
95.5

626.5
279.8
346.0
97.5

Item
It

Products, total
Final products
Consumer goods
Durable
Automotive products
Other durable goods
Nondurable

Table 9

DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION
Percent
Item
It

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

One month earlier
2000
2001
2002

54.3
46.0
54.3

55.1
36.6
56.9

57.2
39.9
60.1

47.8
43.1
50.4

50.4
41.7
60.5

53.6
40.9
56.5

49.6
47.8
54.3

41.3
43.5
49.3

51.4
39.5

43.5
42.0

44.2
38.8

42.8
52.2

Three months earlier
2000
2001
2002

61.2
39.5
44.7

57.6
37.5
57.2

59.4
36.6
56.2

55.4
38.0
56.9

48.6
37.7
64.1

51.4
37.7
61.2

51.4
39.1
59.4

44.2
40.2
55.8

38.4
41.3

39.1
36.6

40.2
33.0

38.8
39.1

Six months earlier
2000
2001
2002

63.4
35.5
39.9

62.0
32.6
44.6

65.9
32.2
51.1

59.8
30.8
52.5

57.6
31.9
62.3

58.0
32.6
61.2

53.6
30.1
62.3

45.3
32.6
57.6

43.5
35.9

41.3
30.4

40.2
34.1

37.0
35.5

NOTE. The diffusion indexes are calculated as the percentage of series that increased over the indicated span (one, three, or six months) plus one-half
the percentage that were unchanged.

Table 10

ELECTRIC POWER USE
1992 = 100
Item

1992
billion
kWh

Seasonally adjusted
2002
Mar.

Apr.

May

Juner

Not seasonally adjusted
Julyr

Aug.p

2002
Mar.

Apr.

May

Juner

Julyr

Aug.p

Total manufacturing and mining

933.2

94.8

94.7

95.7

93.8

96.5

94.9

92.6

94.3

95.4

96.3

96.9

97.8

Manufacturing
Durable
Nondurable

853.2
366.0
487.2

95.2
95.3
95.2

95.2
96.4
94.1

96.3
97.0
95.6

94.3
95.8
93.0

97.1
98.6
95.9

95.4
97.4
93.8

92.9
93.4
92.5

94.8
95.7
94.0

96.0
97.2
95.1

96.9
99.3
95.0

97.7
99.9
95.9

98.6
100.9
96.7

80.1

88.6

88.5

87.6

87.6

88.4

88.3

88.5

88.1

87.0

87.0

85.9

86.9

908.9
835.5
97.7

95.9
94.2
95.6

95.8
94.5
97.7

96.7
95.0
97.5

95.5
94.4
96.5

97.8
97.1
94.7

96.3
95.2
95.8

92.9
92.3
96.9

94.9
94.3
94.2

96.5
95.4
95.9

98.6
96.4
94.2

99.4
96.9
96.4

100.3
97.8
97.5

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

NOTE. Additional industry detail is available on the Board’s web site, www.federalreserve.gov/releases/g17/download.htm.

10

Table 11

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry
Seasonally adjusted
Year

IP (percent
change)1
1980
1981
1982
1983
1984

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.5
-.9
-1.6
2.1
2.1

.1
.5
2.2
-.2
-.2

.0
.5
-.7
1.0
1.1

-1.9
-.7
-.9
1.3
.5

-2.5
.8
-.8
1.2
.6

-1.3
.6
-.3
.6
.5

-.6
.9
-.8
1.8
.2

1.2
-.4
-.5
1.3
.0

1.5
-.8
-.7
1.7
-.1

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

1.6
-1.4
-.3
-.1
.1

.5
-1.1
-.8
.5
-.4

.8
1.9
-6.4
6.8
11.1

-15.0
2.2
-5.2
11.9
7.2

-4.2
4.1
-7.3
17.3
2.6

14.2
-10.5
-7.5
10.3
-2.6

-2.8
1.6
-5.4
3.7
8.9

1985
1986
1987
1988
1989

.4
.6
-.6
.1
.6

.9
-.7
1.2
.3
-.8

.3
-1.0
.4
.0
.9

.2
.8
.4
.6
.2

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

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

-.4
.3
.6
.7
-1.0

.6
.3
.1
.5
.4

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

-.9
.9
1.4
.3
-.5

.6
.5
.3
.8
.4

.7
.9
.6
.5
.5

3.0
2.0
4.2
3.2
3.8

2.8
-1.7
6.7
3.1
.5

.3
.7
5.6
3.9
-4.4

1.4
6.5
7.1
3.6
-.1

1.6
1.1
4.6
4.5
1.8

1990
1991
1992
1993
1994

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

.5
-.8
.5
.4
.3

.5
-.9
.9
.2
.8

-.6
.3
.7
.3
.6

.4
.8
.3
-.4
.7

.0
1.2
-.1
.2
.5

.0
.1
.9
.2
.3

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

.1
1.0
.4
1.0
.2

-.6
-.1
.5
.4
.8

-1.3
-.1
.6
.5
.6

-.6
-.6
.0
.8
1.1

2.0
-8.3
.6
3.6
5.7

.6
1.5
6.6
1.5
7.6

1.0
6.2
3.3
1.8
5.2

-5.8
1.1
4.4
6.5
7.5

-.2
-2.0
3.1
3.4
5.5

1995
1996
1997
1998
1999

.5
-.3
.4
.6
.7

.0
1.2
1.1
.1
.2

.1
-.1
.1
.3
.4

-.2
1.0
.6
.5
.1

.3
.7
.3
.3
.4

.4
.7
.5
-.6
.2

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

1.3
.6
1.0
1.9
.5

.4
.5
.7
-.2
.0

-.1
.0
.7
.6
.8

.3
1.0
.6
-.4
.4

.2
.6
.2
.0
.7

5.9
2.9
7.7
4.5
3.6

.8
8.4
6.0
3.2
3.3

3.6
6.3
7.7
2.8
4.7

3.6
5.8
8.2
3.5
5.8

4.8
4.6
6.9
5.1
3.7

2000
2001
2002

.2
-.8
.6

.6
-.3
.4

.6
-.4
.3

.5
-.6
.1

.7
-.3
.5

.4
-.9
.6

-.4
.1
.5

.1
-.3
-.3

.1
-1.1
-.1

-.4
-.6

-.3
-.3

-.4
-.4

5.8
-6.1
2.6

7.0
-5.9
4.2

.6
-4.7
3.6

-2.6
-6.7

4.5
-3.9

IP (1992=100)
2000
2001
2002

143.2
143.9
137.6

144.0
143.5
138.1

144.9
142.9
138.6

145.6
142.0
138.8

146.6
141.6
139.4

147.2
140.3
140.3

146.5
140.4
141.1

146.7
140.0
140.6

146.8
138.5
140.5

146.3
137.7

145.8
137.2

145.1
136.7

144.0
143.5
138.1

146.5
141.3
139.5

146.7
139.6
140.7

145.7
137.2

145.7
140.1

Capacity
(percent of
1992 output)
2000
2001
2002

174.8
181.5
183.9

175.4
181.8
184.1

176.0
182.2
184.2

176.6
182.4
184.4

177.2
182.6
184.5

177.9
182.8
184.7

178.5
183.0
184.8

179.0
183.2
185.0

179.6
183.3
185.2

180.1
183.5

180.6
183.6

181.1
183.8

175.4
181.8
184.1

177.2
182.6
184.5

179.0
183.2
185.0

180.6
183.6

178.1
182.8

Utilization
(percent)
1980
1981
1982
1983
1984

84.7
81.2
76.3
72.5
80.4

84.6
81.4
77.8
72.3
80.1

84.4
81.6
77.1
72.9
80.8

82.6
80.9
76.2
73.7
81.0

80.4
81.4
75.4
74.5
81.3

79.2
81.8
75.0
74.8
81.5

78.5
82.3
74.2
76.1
81.5

79.3
81.8
73.7
77.0
81.3

80.3
80.9
73.0
78.2
81.0

80.7
80.1
72.2
78.7
80.5

81.8
78.8
71.9
78.6
80.4

82.1
77.7
71.1
78.9
79.8

84.6
81.4
77.1
72.6
80.4

80.7
81.4
75.6
74.4
81.3

79.4
81.7
73.6
77.1
81.3

81.5
78.9
71.7
78.7
80.2

81.5
80.8
74.5
75.7
80.8

1985
1986
1987
1988
1989

79.9
79.8
79.1
83.2
85.4

80.4
79.2
80.0
83.4
84.6

80.4
78.2
80.2
83.3
85.3

80.3
78.7
80.5
83.7
85.3

80.3
78.4
80.7
83.7
84.7

79.9
78.1
81.4
83.6
84.4

79.4
78.2
81.8
84.1
83.4

79.6
78.3
81.8
84.5
83.6

79.9
78.2
81.6
84.1
83.3

79.0
78.8
82.6
84.2
82.8

79.2
79.1
82.8
84.8
83.0

79.5
79.7
83.2
85.1
83.2

80.2
79.1
79.8
83.3
85.1

80.2
78.4
80.8
83.7
84.8

79.6
78.2
81.7
84.2
83.4

79.2
79.2
82.9
84.7
83.0

79.8
78.7
81.3
84.0
84.1

1990
1991
1992
1993
1994

82.7
79.6
79.0
81.1
82.1

83.0
78.9
79.3
81.3
82.1

83.3
78.1
79.8
81.2
82.6

82.7
78.2
80.3
81.4
82.8

82.9
78.7
80.3
80.9
83.1

82.7
79.6
80.1
80.9
83.3

82.6
79.5
80.7
81.0
83.3

82.6
79.5
80.3
80.6
83.4

82.6
80.2
80.4
81.3
83.3

82.0
80.0
80.7
81.4
83.6

80.8
79.8
81.0
81.6
83.8

80.2
79.2
80.9
82.1
84.4

83.0
78.9
79.4
81.2
82.3

82.8
78.8
80.2
81.1
83.1

82.6
79.7
80.5
81.0
83.3

81.0
79.6
80.9
81.7
84.0

82.3
79.3
80.2
81.2
83.2

1995
1996
1997
1998
1999

84.5
81.9
83.1
83.6
81.3

84.2
82.5
83.6
83.1
81.2

83.9
82.0
83.3
82.9
81.3

83.4
82.5
83.4
82.9
81.1

83.3
82.7
83.3
82.7
81.2

83.3
82.9
83.3
81.8
81.2

82.5
82.7
83.2
81.2
81.4

83.2
82.9
83.6
82.4
81.5

83.2
83.0
83.7
81.8
81.3

82.8
82.6
83.8
82.0
81.7

82.7
83.0
83.9
81.3
81.7

82.5
83.1
83.6
81.1
82.0

84.2
82.1
83.3
83.2
81.3

83.3
82.7
83.3
82.5
81.2

83.0
82.9
83.5
81.8
81.4

82.7
82.9
83.8
81.5
81.8

83.3
82.7
83.5
82.2
81.4

2000
2001
2002

81.9
79.3
74.8

82.1
78.9
75.0

82.3
78.5
75.2

82.5
77.8
75.3

82.7
77.5
75.6

82.8
76.7
76.0

82.1
76.7
76.3

81.9
76.4
76.0

81.7
75.5
75.9

81.2
75.0

80.7
74.7

80.2
74.4

82.1
78.9
75.0

82.6
77.4
75.6

81.9
76.2
76.1

80.7
74.7

81.8
76.8

1. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

11

Table 12

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing
Seasonally adjusted
Year

IP (percent
change)
1980
1981
1982
1983
1984

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.2
-.6
-2.0
2.5
2.5

.3
.6
2.9
.4
.6

-.4
.3
-.7
1.4
.7

-2.1
.2
-.9
1.1
.5

-3.1
.7
-.4
1.4
.4

-1.5
-.1
.0
.8
.7

-.7
.6
-.8
1.5
.3

1.7
-.8
-.5
1.1
.1

1.5
-.8
-.5
2.2
-.2

1.1
-1.1
-1.2
.6
.0

1.7
-1.6
-.3
.3
.1

.3
-1.6
-.7
-.1
-.3

-.4
2.5
-7.6
11.5
13.2

-17.7
4.2
-2.7
14.7
6.6

-4.7
-.1
-5.6
17.1
3.4

16.8
-13.1
-8.0
11.2
-.4

-3.9
1.6
-5.9
5.7
9.9

1985
1986
1987
1988
1989

.1
1.5
-.8
-.2
.9

.6
-.5
1.6
.4
-1.2

.7
-.9
.2
-.1
.8

.2
1.4
.5
1.0
.1

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

-.3
-.3
1.0
.0
.0

-.4
.3
.7
.7
-1.1

.9
.6
-.2
.3
.3

.4
.0
.1
.2
-.3

-.8
.8
1.3
.2
-.6

1.1
.4
.5
.9
.4

-.1
1.2
.6
.6
.1

2.1
4.5
5.0
2.3
4.3

4.2
1.7
7.0
4.1
-.7

1.1
1.7
5.5
3.7
-4.5

1.6
6.7
7.6
5.2
-1.4

2.3
2.8
5.3
4.7
1.9

1990
1991
1992
1993
1994

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

.9
-.7
.7
.2
.4

.3
-1.1
1.0
.2
1.1

-.8
.3
.6
.5
.8

.4
.7
.4
-.3
.8

-.1
1.4
.0
.0
.3

.0
.2
.9
.2
.5

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

-.1
1.1
.3
1.1
.3

-.6
-.1
.5
.4
.9

-1.3
-.2
.6
.5
.8

-.6
-.5
-.1
.9
1.1

2.9
-9.7
2.0
4.2
5.9

-.1
1.2
7.4
2.1
9.4

.8
7.8
4.1
1.3
6.0

-6.3
1.7
3.7
6.9
9.0

-.5
-2.4
4.0
3.7
6.1

1995
1996
1997
1998
1999

.6
-.3
.4
.9
.6

-.1
1.2
1.2
.0
.4

.2
-.2
.3
.2
.2

-.3
1.2
.5
.7
.2

.1
.8
.4
.2
.6

.5
.9
.7
-.7
.1

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

1.2
.6
1.3
2.3
.8

.7
.6
.6
-.2
.0

.0
.0
.6
.8
.8

.1
1.0
.7
-.2
.6

.1
.7
.3
.2
.6

6.4
2.4
8.8
6.0
3.9

.4
9.2
6.8
3.0
3.6

3.0
8.4
8.9
3.2
4.8

4.2
6.2
8.7
5.2
6.9

5.3
4.9
7.9
5.9
4.2

2000
2001
2002

.3
-.8
.7

.5
-.3
.2

.9
-.4
.4

.3
-.8
.0

.7
-.2
.6

.5
-1.0
.6

-.4
.2
.4

-.1
-.5
-.2

.1
-1.1
-.3

-.5
-.5

-.5
-.1

-.7
-.3

6.3
-7.1
3.0

7.1
-6.2
3.6

.4
-4.9
3.3

-4.0
-6.3

4.8
-4.4

IP (1992=100)
2000
2001
2002

149.0
148.9
142.6

149.8
148.4
142.9

151.1
147.9
143.4

151.6
146.7
143.4

152.6
146.4
144.2

153.3
145.0
145.0

152.7
145.2
145.7

152.6
144.5
145.4

152.8
142.9
145.1

152.0
142.1

151.2
142.0

150.1
141.6

149.9
148.4
142.9

152.5
146.0
144.2

152.7
144.2
145.4

151.1
141.9

151.6
144.8

Capacity
(percent of
1992 output)
2000
2001
2002

183.8
192.0
194.3

184.6
192.4
194.4

185.4
192.7
194.6

186.1
193.0
194.8

186.9
193.2
194.9

187.7
193.4
195.1

188.4
193.5
195.3

189.1
193.6
195.5

189.8
193.8
195.6

190.4
193.9

191.0
194.0

191.5
194.2

184.6
192.3
194.4

186.9
193.2
194.9

189.1
193.6
195.5

191.0
194.0

187.9
193.3

Utilization
(percent)
1980
1981
1982
1983
1984

83.3
79.0
72.6
70.6
79.3

83.3
79.2
74.6
70.8
79.5

82.7
79.3
73.9
71.8
79.8

80.8
79.3
73.1
72.5
80.0

78.1
79.6
72.7
73.4
80.1

76.7
79.3
72.6
73.9
80.3

75.9
79.6
71.8
74.8
80.4

77.0
78.8
71.4
75.6
80.2

77.9
78.0
70.9
77.2
79.8

78.6
77.0
69.9
77.6
79.6

79.7
75.6
69.6
77.7
79.5

79.7
74.2
69.0
77.5
79.0

83.1
79.2
73.7
71.1
79.5

78.5
79.4
72.8
73.2
80.1

76.9
78.8
71.4
75.9
80.1

79.3
75.6
69.5
77.6
79.4

79.5
78.3
71.8
74.4
79.8

1985
1986
1987
1988
1989

78.9
79.1
79.1
82.9
85.7

79.1
78.6
80.2
83.1
84.5

79.3
77.8
80.3
82.9
85.0

79.2
78.7
80.6
83.7
85.0

79.4
78.5
80.7
83.5
84.2

78.9
78.1
81.4
83.4
84.1

78.3
78.2
81.8
83.8
83.0

78.8
78.6
81.5
84.0
83.1

78.8
78.4
81.5
84.0
82.7

77.9
78.9
82.5
84.1
82.1

78.5
79.1
82.8
84.8
82.2

78.2
79.9
83.1
85.1
82.1

79.1
78.5
79.9
83.0
85.1

79.2
78.5
80.9
83.5
84.4

78.6
78.4
81.6
83.9
82.9

78.2
79.3
82.8
84.7
82.1

78.8
78.7
81.3
83.8
83.6

1990
1991
1992
1993
1994

81.8
78.2
78.0
80.4
81.1

82.5
77.5
78.4
80.4
81.1

82.6
76.6
79.0
80.4
81.8

81.8
76.8
79.4
80.6
82.2

82.0
77.1
79.5
80.2
82.5

81.8
78.1
79.4
80.0
82.5

81.6
78.2
80.0
80.1
82.6

81.7
78.2
79.6
79.7
82.8

81.5
79.0
79.7
80.4
82.7

80.9
78.9
79.9
80.5
83.1

79.7
78.6
80.2
80.7
83.4

79.0
78.1
80.0
81.2
84.0

82.3
77.5
78.5
80.4
81.3

81.9
77.3
79.4
80.3
82.4

81.6
78.5
79.8
80.0
82.7

79.9
78.5
80.0
80.8
83.5

81.4
77.9
79.4
80.4
82.5

1995
1996
1997
1998
1999

84.1
80.9
82.1
83.0
80.5

83.7
81.4
82.7
82.4
80.6

83.5
80.8
82.5
82.1
80.4

82.9
81.3
82.5
82.2
80.3

82.6
81.5
82.4
81.8
80.5

82.6
81.8
82.5
80.8
80.3

81.7
81.9
82.4
80.1
80.3

82.3
82.0
83.0
81.5
80.7

82.5
82.1
83.0
80.9
80.5

82.1
81.7
83.0
81.2
80.8

81.8
82.1
83.0
80.6
81.0

81.5
82.2
82.7
80.4
81.1

83.8
81.0
82.5
82.5
80.5

82.7
81.6
82.5
81.6
80.4

82.1
82.0
82.8
80.9
80.5

81.8
82.0
82.9
80.7
81.0

82.6
81.6
82.7
81.4
80.6

2000
2001
2002

81.0
77.6
73.4

81.1
77.2
73.5

81.5
76.7
73.7

81.4
76.0
73.6

81.6
75.8
74.0

81.7
75.0
74.3

81.0
75.1
74.6

80.7
74.6
74.4

80.5
73.7
74.2

79.8
73.3

79.2
73.2

78.4
72.9

81.2
77.2
73.5

81.6
75.6
74.0

80.7
74.5
74.4

79.1
73.1

80.7
75.1

NOTE. See note to table 11.

12

Table 13

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry Excluding Selected
High-Technology Industries
Seasonally adjusted
Year

IP (percent
change)
1980
1981
1982
1983
1984

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.3
-.9
-1.6
2.5
1.9

.0
.4
2.0
-.4
-.3

-.1
.4
-.8
.8
1.0

-2.2
-.8
-.9
1.2
.4

-2.7
.8
-.9
1.2
.4

-1.3
.5
-.4
.4
.3

-.8
.9
-1.0
1.8
.1

1.2
-.5
-.4
1.4
-.1

1.6
-1.0
-1.0
1.6
-.2

.6
-.8
-1.0
.6
-.5

1.6
-1.6
-.3
-.2
.0

.5
-1.4
-1.2
.5
-.5

-.7
1.3
-7.7
6.9
9.7

-16.6
1.1
-5.8
10.6
5.3

-4.9
3.2
-8.2
16.8
1.0

13.8
-11.8
-9.1
8.7
-3.5

-4.0
.8
-6.5
2.8
7.5

1985
1986
1987
1988
1989

.3
.7
-.8
.1
.5

.9
-.8
1.2
.2
-.7

.2
-1.1
.3
.1
.9

.1
.8
.4
.4
.1

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

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

-.5
.0
.5
.6
-.9

.6
.2
.1
.5
.4

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

-.8
1.0
1.3
.4
-.3

.3
.4
.3
.6
.2

.7
1.0
.5
.5
.3

2.3
1.7
3.5
2.8
3.5

2.5
-1.8
6.8
1.8
-.3

.5
-.6
5.0
3.3
-4.8

1.0
6.3
6.5
3.5
-.4

.9
.8
4.2
3.9
1.4

1990
1991
1992
1993
1994

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

.5
-.9
.5
.4
.3

.5
-1.0
.8
.1
.6

-.5
.4
.7
.3
.3

.3
.8
.2
-.5
.5

-.1
1.2
-.3
.2
.4

.0
.1
.8
.2
.2

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

.2
1.0
.3
.9
.1

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

-1.4
-.2
.5
.4
.5

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

1.7
-8.8
-.9
3.5
4.8

.6
1.4
5.8
.8
5.5

.7
6.1
2.2
1.0
3.3

-6.4
.4
3.3
5.3
5.3

-.5
-2.4
2.2
2.7
4.1

1995
1996
1997
1998
1999

.2
-.5
.2
.2
.4

-.2
1.1
.9
-.2
.0

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

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

.1
.5
.1
.2
.3

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

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

1.1
.3
.8
1.8
.4

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

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

.1
.8
.3
-.5
.1

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

2.8
.6
4.9
.7
.7

-1.4
6.1
2.8
1.9
.8

1.4
3.2
5.0
-.4
2.1

.3
2.8
6.1
1.3
3.7

2.4
2.0
4.1
2.5
1.1

2000
2001
2002

-.2
-.7
.5

.3
-.2
.2

.2
-.3
.3

.2
-.4
.1

.3
-.1
.4

.3
-.8
.6

-.7
.3
.6

.0
-.3
-.4

-.1
-1.1
-.2

-.5
-.7

-.4
-.3

-.5
-.5

1.2
-5.4
1.3

2.8
-3.9
3.2

-2.0
-3.3
3.3

-3.9
-7.3

1.3
-3.9

IP (1992=100)
2000
2001
2002

121.7
119.6
115.1

122.0
119.4
115.4

122.3
119.1
115.7

122.5
118.6
115.8

122.9
118.5
116.2

123.2
117.6
117.0

122.3
117.9
117.6

122.3
117.6
117.2

122.2
116.3
117.0

121.6
115.5

121.1
115.1

120.5
114.6

122.0
119.4
115.4

122.8
118.2
116.3

122.2
117.2
117.3

121.0
115.0

122.0
117.3

Capacity
(percent of
1992 output)
2000
2001
2002

149.2
150.2
151.0

149.3
150.3
151.1

149.4
150.4
151.1

149.5
150.5
151.1

149.6
150.5
151.2

149.7
150.6
151.2

149.7
150.7
151.2

149.8
150.7
151.2

149.9
150.8
151.3

150.0
150.9

150.1
150.9

150.2
151.0

149.3
150.3
151.1

149.6
150.5
151.2

149.8
150.7
151.2

150.1
150.9

149.7
150.6

Utilization
(percent)
1980
1981
1982
1983
1984

84.4
81.0
76.0
72.3
80.0

84.3
81.2
77.4
72.0
79.7

84.1
81.5
76.7
72.6
80.4

82.1
80.7
75.9
73.4
80.6

79.8
81.3
75.1
74.2
80.8

78.7
81.6
74.7
74.5
81.0

78.0
82.2
73.9
75.8
80.9

78.8
81.6
73.5
76.8
80.7

80.0
80.7
72.6
78.0
80.5

80.4
79.9
71.8
78.4
80.0

81.6
78.5
71.5
78.2
79.9

81.8
77.3
70.5
78.6
79.3

84.3
81.2
76.7
72.3
80.1

80.2
81.2
75.2
74.0
80.8

78.9
81.5
73.3
76.9
80.7

81.3
78.6
71.3
78.4
79.7

81.2
80.6
74.1
75.4
80.3

1985
1986
1987
1988
1989

79.5
80.1
79.4
83.6
85.7

80.0
79.4
80.2
83.7
85.0

80.1
78.5
80.5
83.7
85.6

80.0
79.0
80.8
84.0
85.6

80.0
78.7
81.1
83.8
84.9

79.8
78.5
81.7
83.9
84.6

79.3
78.4
82.1
84.3
83.6

79.6
78.5
82.2
84.6
83.9

80.0
78.3
81.9
84.3
83.5

79.1
79.0
83.0
84.6
83.2

79.2
79.3
83.2
85.0
83.3

79.6
80.0
83.5
85.3
83.4

79.9
79.3
80.0
83.7
85.4

79.9
78.7
81.2
83.9
85.0

79.6
78.4
82.1
84.4
83.7

79.3
79.4
83.2
85.0
83.3

79.7
79.0
81.6
84.2
84.4

1990
1991
1992
1993
1994

83.0
80.0
79.2
81.2
82.2

83.3
79.2
79.5
81.4
82.3

83.7
78.4
80.1
81.4
82.7

83.1
78.6
80.5
81.5
82.8

83.3
79.1
80.6
81.0
83.1

83.1
80.0
80.3
81.0
83.3

83.0
80.0
80.9
81.1
83.3

83.0
79.9
80.4
80.8
83.3

83.0
80.6
80.5
81.4
83.2

82.4
80.4
80.8
81.5
83.5

81.1
80.2
81.0
81.8
83.7

80.5
79.5
81.0
82.2
84.2

83.3
79.2
79.6
81.3
82.4

83.2
79.2
80.5
81.2
83.1

83.0
80.2
80.6
81.1
83.3

81.4
80.0
80.9
81.8
83.8

82.7
79.7
80.4
81.3
83.1

1995
1996
1997
1998
1999

84.2
81.7
83.2
83.7
81.3

83.9
82.4
83.7
83.2
81.2

83.6
82.0
83.3
83.2
81.2

83.1
82.5
83.5
83.3
81.0

83.1
82.8
83.3
83.2
81.1

83.1
83.0
83.3
82.2
80.9

82.4
82.8
83.3
81.4
81.1

83.2
82.9
83.7
82.6
81.3

83.1
83.0
84.0
82.0
81.1

82.6
82.6
84.2
82.2
81.6

82.5
83.1
84.2
81.5
81.6

82.3
83.2
83.8
81.1
81.8

83.9
82.1
83.4
83.4
81.2

83.1
82.8
83.4
82.9
81.0

82.9
82.9
83.7
82.0
81.2

82.5
83.0
84.1
81.6
81.7

83.1
82.7
83.6
82.5
81.3

2000
2001
2002

81.6
79.6
76.2

81.8
79.5
76.4

81.8
79.2
76.6

81.9
78.8
76.6

82.2
78.7
76.9

82.3
78.1
77.4

81.7
78.3
77.8

81.6
78.0
77.5

81.5
77.1
77.3

81.1
76.6

80.7
76.3

80.2
75.9

81.7
79.4
76.4

82.1
78.5
77.0

81.6
77.8
77.5

80.7
76.2

81.5
78.0

NOTE. Excluded industries are computers, communications equipment, and semiconductors and related electronic components. See also note to table 11.

13

Table 14

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing Excluding Selected
High-Technology Industries
Seasonally adjusted
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)
1980
1981
1982
1983
1984

.0
-.6
-2.1
3.1
2.3

.1
.4
2.7
.3
.4

-.6
.2
-.8
1.3
.6

-2.4
.1
-.9
1.0
.3

-3.4
.7
-.5
1.4
.1

-1.5
-.3
-.1
.6
.5

-.9
.5
-1.0
1.5
.2

1.7
-.9
-.3
1.1
-.1

1.6
-1.1
-.9
2.1
-.3

1.0
-1.2
-1.4
.4
.0

1.7
-1.8
-.4
.1
.0

.2
-2.0
-1.1
-.1
-.4

-2.3
1.8
-9.4
12.1
11.6

-19.9
2.8
-3.4
13.2
4.0

-5.6
-1.7
-6.7
16.3
1.4

16.5
-15.0
-10.2
9.1
-1.3

-5.4
.5
-7.4
4.7
8.1

1985
1986
1987
1988
1989

.0
1.6
-1.0
-.2
.9

.6
-.6
1.6
.2
-1.1

.6
-1.0
.1
.1
.8

.1
1.5
.6
.8
.0

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

-.1
-.1
.9
.0
-.1

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

.9
.6
-.2
.1
.3

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

-.8
.9
1.3
.4
-.4

.8
.3
.5
.8
.2

-.1
1.3
.5
.5
-.1

1.2
4.4
4.1
1.8
4.1

4.0
1.9
7.1
2.6
-1.7

1.4
.3
4.8
2.9
-5.0

1.1
6.6
6.9
5.3
-1.8

1.5
2.5
4.8
4.0
1.4

1990
1991
1992
1993
1994

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

.9
-.8
.6
.1
.4

.4
-1.2
.9
.1
.8

-.7
.4
.6
.5
.6

.4
.7
.3
-.4
.6

-.2
1.5
-.1
-.1
.1

.1
.2
.8
.2
.4

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

.0
1.2
.2
1.0
.1

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

-1.4
-.3
.5
.5
.6

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

2.7
-10.3
.1
4.0
4.8

-.1
1.0
6.4
1.3
7.0

.4
7.8
2.8
.3
3.8

-7.1
1.0
2.3
5.6
6.5

-.9
-2.8
2.9
2.8
4.6

1995
1996
1997
1998
1999

.3
-.5
.2
.5
.3

-.4
1.0
.9
-.3
.2

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

-.5
1.0
.3
.6
-.1

-.1
.5
.1
.1
.5

.4
.7
.5
-1.0
-.2

-.9
.3
.1
-.7
.0

1.0
.3
1.1
2.1
.7

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

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

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

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

2.8
-.4
5.7
1.7
.6

-2.1
6.7
3.1
1.4
.8

.5
4.9
5.7
-.4
1.8

.4
2.6
6.3
2.8
4.5

2.5
1.9
4.6
2.9
1.4

2000
2001
2002

-.2
-.7
.6

.1
-.2
-.1

.4
-.3
.3

-.1
-.5
-.1

.2
.0
.5

.3
-.8
.5

-.7
.5
.5

-.3
-.5
-.2

.0
-1.1
-.4

-.6
-.7

-.7
-.1

-.8
-.3

1.0
-6.3
1.5

2.2
-3.9
2.5

-2.5
-3.2
3.0

-5.6
-6.9

1.1
-4.6

IP (1992=100)
2000
2001
2002

123.9
120.5
116.4

124.1
120.4
116.4

124.6
120.0
116.7

124.5
119.4
116.6

124.8
119.4
117.2

125.2
118.5
117.8

124.3
119.0
118.4

124.0
118.4
118.1

123.9
117.0
117.7

123.2
116.3

122.4
116.1

121.3
115.7

124.2
120.3
116.5

124.9
119.1
117.2

124.1
118.1
118.1

122.3
116.1

123.9
118.2

Capacity
(percent of
1992 output)
2000
2001
2002

153.8
155.1
155.4

153.9
155.2
155.5

154.1
155.2
155.5

154.2
155.2
155.5

154.3
155.3
155.5

154.5
155.3
155.5

154.6
155.3
155.5

154.7
155.3
155.6

154.8
155.3
155.6

154.9
155.4

155.0
155.4

155.0
155.4

153.9
155.1
155.5

154.3
155.3
155.5

154.7
155.3
155.6

155.0
155.4

154.5
155.3

Utilization
(percent)
1980
1981
1982
1983
1984

82.8
78.6
71.9
70.1
78.7

82.8
78.8
73.8
70.3
79.0

82.2
78.9
73.2
71.2
79.3

80.1
78.8
72.5
71.9
79.4

77.2
79.3
72.0
72.9
79.3

75.9
78.9
71.9
73.3
79.6

75.1
79.2
71.1
74.4
79.6

76.3
78.4
70.9
75.2
79.4

77.4
77.5
70.2
76.8
79.0

78.0
76.5
69.2
77.0
78.9

79.2
75.0
68.8
77.1
78.8

79.2
73.4
68.0
77.0
78.4

82.6
78.8
72.9
70.5
79.0

77.8
79.0
72.1
72.7
79.4

76.3
78.4
70.7
75.5
79.3

78.8
75.0
68.7
77.1
78.7

78.8
77.8
71.1
73.9
79.1

1985
1986
1987
1988
1989

78.2
79.4
79.3
83.3
86.1

78.5
78.8
80.5
83.5
85.0

78.8
78.0
80.5
83.4
85.5

78.7
79.0
80.9
84.0
85.3

78.9
78.8
81.1
83.6
84.5

78.7
78.6
81.8
83.6
84.3

78.1
78.4
82.2
84.1
83.2

78.7
78.8
82.0
84.1
83.4

78.8
78.6
81.9
84.3
82.9

78.0
79.2
82.9
84.5
82.5

78.5
79.3
83.2
85.1
82.5

78.2
80.2
83.6
85.4
82.3

78.5
78.7
80.1
83.4
85.5

78.8
78.8
81.3
83.8
84.7

78.5
78.6
82.0
84.2
83.2

78.2
79.6
83.2
85.0
82.4

78.5
78.9
81.7
84.1
83.9

1990
1991
1992
1993
1994

82.1
78.5
78.2
80.5
81.1

82.8
77.8
78.6
80.4
81.3

83.0
76.8
79.2
80.4
81.8

82.3
77.0
79.6
80.7
82.1

82.4
77.5
79.7
80.3
82.5

82.1
78.5
79.6
80.1
82.4

82.1
78.6
80.1
80.2
82.5

82.1
78.6
79.7
79.7
82.7

81.9
79.5
79.8
80.5
82.6

81.3
79.3
79.9
80.5
83.0

80.0
78.9
80.1
80.8
83.3

79.3
78.4
80.0
81.3
83.8

82.6
77.7
78.7
80.5
81.4

82.3
77.7
79.6
80.4
82.3

82.0
78.9
79.9
80.1
82.6

80.2
78.9
80.0
80.9
83.3

81.8
78.3
79.5
80.5
82.4

1995
1996
1997
1998
1999

83.8
80.6
82.2
83.0
80.4

83.3
81.2
82.8
82.5
80.4

83.0
80.6
82.5
82.3
80.2

82.5
81.3
82.5
82.5
80.0

82.3
81.5
82.3
82.2
80.3

82.4
81.8
82.5
81.1
80.0

81.5
81.9
82.4
80.3
79.9

82.1
82.0
83.0
81.7
80.3

82.2
82.0
83.1
81.0
80.2

81.7
81.5
83.3
81.3
80.6

81.4
82.0
83.4
80.7
80.8

81.2
82.2
82.9
80.4
80.8

83.4
80.8
82.5
82.6
80.4

82.4
81.5
82.5
81.9
80.1

81.9
82.0
82.8
81.0
80.1

81.4
81.9
83.2
80.8
80.7

82.3
81.6
82.7
81.6
80.3

2000
2001
2002

80.6
77.7
74.9

80.6
77.6
74.8

80.9
77.4
75.1

80.8
76.9
75.0

80.9
76.9
75.4

81.1
76.3
75.8

80.4
76.6
76.1

80.1
76.2
75.9

80.1
75.3
75.7

79.5
74.8

79.0
74.7

78.3
74.5

80.7
77.5
74.9

80.9
76.7
75.4

80.2
76.1
75.9

78.9
74.7

80.2
76.3

NOTE. See note to table 13.

14

Explanatory Note

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.

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. Files
containing data shown in the release, along with more detailed series that
were published in the G.17 prior to February 2001 and historical data for
all published series, are available at the Federal Reserve Board web site
(www.federalreserve.gov/releases/G17). 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.

Aggregation method and weights. The aggregation method for the
current IP index is a version of the Fisher-ideal index formula. The
weights used to combine the individual industry output indexes are
monthly unit value added measures (”or prices”), which are derived from
annual data on industry value added. The formula for the change in
monthly IP (or a monthly IP sub–aggregate) is the geometric mean of the
change in output computed using current month weights and the change
computed using weights for the previous month:
IA
m
+
A
I
m–1

ȍ
Ǹȍ

Imp m–1

Im–1p m–1

ȍ Imp m
ȍ Im–1p m

Industrial Production
Coverage. The industrial production (IP) index measures the real output
of the manufacturing, mining, and electric and gas utilities industries; the
reference base year for the index is 1992. For the period since 1997, the
total IP index has been constructed from 276 individual series based on
the 1987 Standard Industrial Classification (SIC) 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 intermediate products, which are inputs to nonindustrial
sectors. Materials are inputs in the manufacture of products. Major
industry groups include two-digit SIC industries and aggregates of these
industries—for example, durable and nondurable manufacturing, mining,
and utilities. Changes in output for the market and industry groups are
summarized in table 1, and the levels of output (in index form) are 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. A complete description of the
market and industry structures, including details regarding series
classification, relative importance weights, and data sources, is available
on the Board’s web site
(www.federalreserve.gov/releases/G17/About.htm).

where Im is an individual production index for a month and pm is the unit
value added in month m. (For futher discussion and information on the
variant of this formula that was used from 1977 to 1992, see the Federal
Reserve Bulletin article issued in February 1997.)
The Federal Reserve Board web site provides supplemental monthly
statistics on the relative importance weights for published IP series:
(www.federalreserve.gov/releases/G17/ipdisk/ipweights.sa).These
weights are the exact proportionate contribution of a monthly percentage
change in a component index to the monthly percentage change in the
total index. The weights are computed after IP is derived according to the
formula given above and are provided to assist users of the index with
calculations and interpretation of current developments. For example, if
the relative importance weight of the motor vehicles and parts industry is 5
percent for a month, and if output in this industry increased 10 percent,
then the gain in motor vehicle output would boost the change in total IP
by ½ percentage point (0.05 x 10% = 0.5%).
In addition, annual IP proportions for the most recent full year
(approximately the value added by an industry divided by the total value
of all industries in the industrial sector) are typically in the first column of
the relevant tables in the G.17 release. These may be used to estimate an
industry’s relative contribution to overall IP growth in the current year.

Source data. On a monthly basis, the individual IP indexes 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, the most notable include semiconductors and computers, are
derived by calculating a monthly real output index. These indexes are
developed from very detailed product data (unit production or sales and
unit value). Where 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 to benchmark the individual IP indexes are constructed from various
source data, such as the quinquennial Censuses of Manufactures and

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 the 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 the tables.)

15

Data availability. For the first estimate of output for a given month,
about 50 percent of the source data (in value-added terms) are available;
the fraction of available source data increases to about 85 percent for 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.
Until the source data for a particular series become available for a
given month, estimates for the missing observations are based on other
available data, such as labor input, recent trends in output and orders, and
anecdotal reports from industry sources. After the fourth month that an IP
estimate is published, indexes are not revised further until an annual
revision or benchmark revision. These historical revisions are typically
published in the late fall of each year; the most recent revision was
published on November 27, 2001, and incorporated revised source data as
well as data from the 1999 Annual Survey of Manufactures.

Availability of Monthly IP Data in Publication Window
(Percent of value added in 2001)

within manufacturing are listed in the note in table 2 of the G.17 release.
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. Capacity data reported in
physical units from government sources (primarily from the U.S.
Geological Survey and the Department of Energy’s Energy Information
Administration) and trade sources are available for portions of several
industries in manufacturing (for example, paper, industrial chemicals,
petroleum refining, and motor vehicles), as well as for electric utilities and
mining; these industries represent about 15 percent of total industrial
capacity. When physical product data are unavailable for manufacturing
industries, capacity indexes are based on the Bureau of the Census’s
Survey of Plant Capacity (SPC); these industries account for a bit more
than 80 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.htm).

Month of estimate
Type of data

1st

2nd

3rd

4th

Physical product

24

37

47

48

Production-worker
hours

26

26

26

26

Electric power use

0

22

22

22

IP data received

50

85

95

96

IP data estimated

50

15

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 48 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.

Aggregation method. 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.

Seasonal adjustment. Individual series are seasonally adjusted using the
Census X-12 ARIMAprogram. For series based on production-worker
hours, the current seasonal factors were estimated with data through
October 2001; for other series, the factors were estimated with data
through at least June 2001. Series are pre-adjusted for the effects of
holidays or the business cycle when appropriate. For the data since 1977,
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 percentage changes are calculated from
unrounded indexes and may not be the same as changes calculated from
the rounded indexes in the release.

Consistency. The Federal Reserve utilization rates are calculated to be
consistent over time so that, for example, a rate of 85 percent represents
about the same degree of tightness that it did 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 IP index and the survey-based utilization rates. The
McGraw-Hill/DRI Survey, now discontinued, was the primary source of
manufacturing utilization rates for many years. This survey of large
companies reported, on average, higher utilization rates than those
reported by establishments covered by the SPC (currently the primary
source of factory operating rates) for the fourteen years the two surveys
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 1967–2001 period, the average total industry
utilization rate is 81.9 percent; for manufacturing, the average factory
operating rate is 80.9 percent. Industrial plants usually operate at capacity
utilization rates that are well below 100 percent: None of the broad
aggregates has ever reached 100 percent. For total industry and total
manufacturing, utilization rates have exceeded 90 percent only in wartime.
The highs and lows in capacity utilization in table 6 of the G.17 release are
specific to each series and did not all occur in the same month.

Capacity Utilization
Overview. Estimates of capacity and capacity utilization are constructed
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 FRB’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.

Electric Power

Coverage. Capacity indexes are constructed for 76 detailed industries (56
in manufacturing, 18 in mining, and 2 in utilities), which mostly
correspond to industries at the two- and three-digit SIC level. Estimates of
capacity and utilization are available for various groups, including
primary- and advanced-processing industries within manufacturing,
durable and nondurable manufacturing, total manufacturing, mining,
utilities, and total industry. Also, special aggregates are available, such as
high-tech industries and manufacturing excluding high-tech industries.
Component industries of the primary- and advanced-processing groups

16

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 three-digit SIC level for mining and
manufacturing. Aggregates for two-digit industries––as well as for total
mining, durable, nondurable, total manufacturing and total industrial
electric power use––are computed. An aggregate showing total industry
excluding nuclear nondefense is shown separately because the
value-added proportion for the nondefense (part of SIC 2819) in total IP is
considerably less than its share of total electric power use. In addition,
aggregates for utility sales to industrial users and for industry generation
are computed. While only the major aggregates are shown in the release,

data for the two- and three-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 1998 Annual
Survey of Manufactures suggests the Federal Reserve data cover about 75
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 to
correct for any survey shortcomings, the series are benchmarked at the
three-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 by weight to the three-digit SIC
industry level and above. Where reports are late or unavailable for some
reason, responses are estimated.
Seasonal Adjustment. Series are seasonally adjusted at the three-digit
SIC level, with seasonally adjusted aggregates typically computed as sums
of seasonally adjusted components. The seasonal adjustment procedure
(Census’s 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 made where appropriate.
Description of Tables.
Table 1 summarizes the latest changes in output for the major market and
industry groupings. Fourth-quarter to fourth-quarter changes for the past
three years are shown. Output changes expressed at an annual rate for the
past four quarters as well as monthly changes for the latest four months are
shown. In addition, year-over-year changes are displayed for the latest IP
month.
Table 2, which is in the same format as table 1, summarizes the latest
changes in output for a special group of aggregates that have been
constructed for analytical purposes. The total index is sub-divided into
two broad categories: an energy group, which includes consumer energy
products, commercial energy products, energy materials, and oil and gas
well drilling, and a non-energy group, which includes the remaining
portion of the total index. Within the non-energy aggregate, several other
analytically useful categories are shown. One of these is a group of
high-technology industries, which is composed of semiconductors and
related electronic components, and industries that use a large concentration
of these parts—computers and communication equipment. Other
sub-groups of the market and industry structures excluding this
high-technology group and motor vehicles and parts are shown.
Table 3 displays motor vehicle assemblies (seasonally adjusted annual
rate) for the latest year, four quarters, and four months. Seasonal factors
for auto, light truck, and medium and heavy truck production are available
on the Board’s web site
(www.federalreserve.gov/releases/G17/mvsf.html). Monthly changes in
the IP indexes for the corresponding motor vehicle series will differ
slightly from the monthly changes in assemblies, mainly because the IP
indexes are built from a weighted (based on relative values) aggregate of
the individual models.
Tables 4 and 5 show seasonally adjusted indexes for recent months for
the major market and industry groups included on table 1 and the special
aggregates displayed on table 2.

Table 7 summarizes change in capacity. Average rates of change in
capacity for selected historical periods and for the most recent four years
(on a fourth-quarter to fourth-quarter basis) are shown. In addition, rates
of change for capacity on a annual-average basis are shown for the latest
four quarters; the rate of change in capacity for the current IP month is
shown as well.
Table 8 shows total products expressed in gross values in billions of
chained 1996 dollars at an annual rate. Compiling the IP index using
gross-value weights facilitates comparison with other dollar-based data.
The gross-value system focuses on products that leave the industrial sector
and includes both final and intermediate products. The materials
consumed in making final and intermediate products are implicitly
included in the value weights applied to product series. The gross-product
weights are derived from Census of Manufactures and Annual Survey of
Manufactures data.
Table 9 shows diffusion indexes, which are calculated as the percentage of
IP series that increased over the relevant span (one, three, or six months)
plus one-half of the percentage of series that were unchanged. Because
available source data for the current IP month only account for about half
of the total index, the diffusion indexes are published with a one-month
lag.
Table 10 shows the most recent six months in index form (both seasonally
and not seasonally adjusted) of electric power use by industry for the
major industry aggregates.
Tables 11–14 display historical seasonally adjusted data for total IP and
manufacturing as well as the aggregates excluding high-technology
industries. Monthly changes in output as well as indexes for output,
utilization, and capacity are shown.
Note: The summary tables in the G17 release do not include all of the
publicly available data. The more detailed series for IP, utilization,
capacity, and electric power are available at the Board’s web site
(www.federalreserve.gov/releases/G17/download.html).
References and Release Dates
References. The annual revision published in November 2001 was
described in an article published in the Federal Reserve Bulletin, vol. 88
(March 2002), pp. 173–187. 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, and March
2002).
Release Schedule
At 9:15 a.m. on
2002: January 16, February 15, March 15, April 16, May 15, June 14,
July 16, August 15, September 17, October 17, November 15, and
December 17.

Table 6 summarizes the capacity utilization for the major industry
groupings as well as for a few special aggregates. In addition to the
utilization rates for the most recent four months and four quarters, the
average of utilization rates since 1967 and operating rates for relevant
cyclical peaks and troughs are shown for each series.

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.

17