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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
October 17, 2011

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production increased 0.2 percent in September after having been unchanged in August.
Previously, industrial production was reported to have stepped up 0.2 percent in August. For the third quarter as
a whole, industrial production rose at an annual rate of 5.1 percent. Manufacturing output moved up 0.4 percent
(over)

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
2007=100

Percent change

Industrial production

2011
Apr.r

Mayr

Juner

Julyr

Aug.r

Sept.p

Total index
Previous estimates

92.7
92.7

93.0
93.0

93.0
93.0

94.0
93.9

94.0
94.0

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

94.2
92.8
94.5
83.3
75.0
94.6

94.7
93.1
95.8
84.0
76.0
94.5

94.5
92.9
95.9
83.8
76.1
94.8

95.5
93.8
97.0
84.6
76.7
95.8

89.6
89.6
105.1
99.7

89.7
89.7
105.6
100.5

89.6
89.8
105.9
101.0

90.3
90.3
107.5
103.8

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

2011
Apr.r

Mayr

Juner

Julyr

Aug.r

Sept.p

94.2

-.4
-.4

.3
.3

.0
.1

1.1
.9

.0
.2

.2

3.2

95.9
93.7
98.4
84.4
76.8
95.7

96.2
93.8
99.4
84.3
77.0
95.8

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

.6
.3
1.4
.8
1.3
-.2

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

1.0
1.0
1.2
1.0
.9
1.1

.4
-.1
1.4
-.3
.1
-.2

.4
.1
1.0
-.1
.2
.1

3.8
1.6
10.3
2.1
4.3
3.0

90.6
90.7
108.4
100.8

90.9

-.6
-.5
.8
-.9

.1
.1
.5
.8

-.1
.0
.3
.4

.7
.6
1.5
2.8

.3
.5
.8
-2.9

.4

3.9

.8
-1.8

5.2
-3.6

109.3
98.9

Sept. ’10 to
Sept. ’11

Capacity
growth

Percent of capacity
Average
19722010

198889
high

199091
low

199495
high

2009
low

2010
Sept.

2011
Apr.r

Mayr

Juner

Julyr

Aug.r

Sept.p

Total industry
Previous estimates

80.4

85.2

78.8

85.1

67.3

75.7

76.6
76.6

76.7
76.7

76.6
76.7

77.4
77.3

77.3
77.4

77.4

1.0

Manufacturing (see note below)
Previous estimates
Mining
Utilities

79.0

85.5

77.3

84.7

64.4

72.7

83.8
84.3

88.5
93.3

79.0
79.2

88.6
82.4

74.3
74.4
88.9
79.5

74.7
74.7
90.1
81.6

74.9
75.0
90.7
79.2

.6

86.3
92.9

74.4
74.4
88.8
79.3

75.1

87.4
86.6

74.4
74.4
88.5
78.7

91.3
77.6

2.1
2.4

Stage-of-process groups
Crude
Primary and semifinished
Finished

86.4
81.3
77.3

87.7
86.5
83.3

84.3
77.9
77.4

89.6
87.9
80.7

77.6
64.9
66.8

87.1
72.8
74.4

87.1
73.6
75.8

86.9
73.9
75.8

87.0
73.9
75.6

87.9
74.8
76.1

88.0
74.3
76.5

88.8
73.9
76.7

1.6
.1
1.7

Capacity utilization

Sept. ’10 to
Sept. ’11

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

1

in September after having gained 0.3 percent in August. Production at mines advanced 0.8 percent in September,
while the output of utilities decreased 1.8 percent. At 94.2 percent of its 2007 average, total industrial production
for September was 3.2 percent above its year-earlier level. Capacity utilization for total industry edged up to
77.4 percent, a rate 1.7 percentage points above its level from a year earlier but 3.0 percentage points below its
long-run (1972–2010) average.
Market Groups
The output of consumer goods increased 0.1 percent in September. The index for durable consumer
goods rose 0.9 percent; gains in the production of automotive products, home electronics, and miscellaneous
goods more than offset a decline in the output of appliances, furniture, and carpeting. The production of
nondurable consumer goods edged down 0.1 percent, as a decrease in the index for consumer energy outweighed
a rise in the output of other nondurable consumer goods. The gain for non-energy nondurables reflected higher
output for food and tobacco; the indexes for its other three major categories—clothing, chemicals, and
paper—all fell. For the third quarter, the output of consumer goods increased at an annual rate of 3.7 percent
after having decreased 1.6 percent in the second quarter.
In September, the production of business equipment rose 1.0 percent, its third consecutive gain of
1 percent or more, and was 10.3 percent above its year-earlier level. The index for transit equipment advanced
1.9 percent, the index for information processing equipment moved up 1.4 percent, and the production of
industrial and other equipment increased 0.3 percent. For the third quarter, the output of business equipment rose
at an annual rate of 12.6 percent. The output of transit equipment jumped 31.8 percent, the largest increase
among the major components of business equipment for the quarter. The principal contributors to the gain were
civilian aircraft and trucks.
The production of defense and space equipment increased 1.2 percent in September after a similarly sized
gain in August.
The index for construction supplies rose 0.2 percent in September for its fifth consecutive monthly
increase. In the third quarter, the production of construction supplies advanced at an annual rate of 6.3 percent,
its largest quarterly increase in more than a year. The production of business supplies moved down 0.2 percent in
September after having declined 0.4 percent in August, but in the third quarter overall, output rose at an annual
rate of 2.4 percent.
The output of materials to be further processed in the industrial sector edged up 0.1 percent in September
after having recorded a 0.2 percent loss in August. The index for durable materials increased 0.2 percent and was
up for a third consecutive month in September. Among the major categories of durable materials, consumer parts
rose 0.3 percent, equipment parts increased 0.7 percent, and other consumer durables fell slightly. Following a
decrease of 0.6 percent in August, the production of nondurable materials increased 0.4 percent in September,
with gains in textile, paper, and chemical materials partly offset by decreases for containers and miscellaneous
nondurable materials. The output of energy materials edged down in September. For the third quarter, the output
of materials rose at an annual rate of 4.8 percent after having been little changed in the second quarter.
Industry Groups
Manufacturing output increased 0.4 percent in September to a level that was 3.9 percent higher than a
year earlier. The factory operating rate moved up to 75.1 percent, a rate 10.7 percentage points above its trough
in June 2009, but still 3.9 percentage points below its long-run average.

2

The output of durable goods manufacturing increased 0.6 percent in September and was 7.9 percent
above its year-earlier level. Output gains of more than 2 percent were recorded in wood products and in
aerospace and miscellaneous transportation equipment, while output gains of at least 1 percent were recorded for
computer and electronic products; electrical equipment, appliances, and components; and miscellaneous
manufacturing. Production for four major components of durables declined: nonmetallic mineral products,
primary metals, fabricated metal products, and furniture and related products.
The production index for nondurable manufacturing moved up 0.2 percent in September. Output rose at
an annual rate of 1.0 percent in the third quarter after having declined by the same amount in the second quarter.
Among the major components of nondurables, paper posted the largest increase in September, and production
rose slightly for food, beverage, and tobacco products; chemicals; and plastics and rubber products. The output
of apparel and leather dropped 1.2 percent for its second consecutive monthly decrease; the index for printing
fell 0.5 percent and was 3.1 percent below its year-earlier level. The index for other manufacturing
(non-NAICS), which consists of publishing and logging, decreased 0.7 percent in September.
Mining production increased 0.8 percent in September, and gains were widespread among mined energy
components. Capacity utilization in mining rose to 91.3 percent, a rate 3.9 percentage points above its long-run
average. The output of utilities moved down 1.8 percent as temperatures in September moderated following an
unseasonably hot August. The operating rate for utilities declined to 77.6 percent, a rate 9.0 percentage points
below its long-run average.
Capacity utilization rates in September at industries by stage of process were as follows: At the crude
stage, utilization increased 0.8 percentage point to 88.8 percent, a rate 2.4 percentage points above its long-run
average; at the primary and semifinished stages, utilization moved down 0.4 percentage point to 73.9 percent, a
rate 7.4 percentage points below its long-run average; and at the finished stage, utilization gained 0.2 percentage
point to 76.7 percent, a rate 0.6 percentage point below its long-run average.

Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

Industrial Production: Market and Industry Group Summary; percent change
Industrial Production: Special Aggregates and Selected Detail; percent change
Motor Vehicle Assemblies
Industrial Production: Market and Industry Group Summary; indexes
Industrial Production: Special Aggregates and Selected Detail; indexes
Diffusion Indexes of Industrial Production
Capacity Utilization
Industrial Capacity
Gross Value of Products and Nonindustrial Supplies
Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
Historical Statistics: Total Industry
Historical Statistics: Manufacturing
Historical Statistics: Total Industry Excluding Selected High-Technology Industries
Historical Statistics: Manufacturing Excluding Selected High-Technology Industries

Further detail is available on the Board’s website (www.federalreserve.gov/releases/G17/).

3

1. Industrial production, capacity, and utilization
175

Ratio scale, 2007 output = 100
Total
Manufacturing

175

150

150

125

125
Capacity

100

100

75

75

Production

50

50
Detail: 2007 to present
106
Production
102
98
94
90
86
82
2007 2008 2009 2010 2011

25

1970

1975

1980

1985

1990

1995

2000

78

2005

2010

Percent of capacity

100

90

25

100

90

Utilization

80

80

70

70

60

1970

1975

1980

1985

1990

1995

2000

2005

2010

60

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

4

2. Industrial production and capacity utilization
Consumer goods

100

Equipment

Ratio scale, 2007=100

Ratio scale, 2007=100

110
105
Nondurable

130

130

100

110
105

110

110

95

95

90

90

Business

90

85

85
80

90

Durable

80

75
70

70

70

75
70

Defense and Space
65

Nonindustrial supplies

110
105

100

Construction

90
80

50

100

Ratio scale, 2007=100

110
100

65

110

1998 2000 2002 2004 2006 2008 2010

Industrial materials

50

Ratio scale, 2007=100
110
105

Energy

100

95

90

85

80

95

90

90
Other business

1998 2000 2002 2004 2006 2008 2010

85

80

Non-energy

80

60

75

70

1998 2000 2002 2004 2006 2008 2010

Capacity utilization

75

70

70

70

65

60

1998 2000 2002 2004 2006 2008 2010

Capacity utilization

Percent of capacity

65

Percent of capacity

90

95

85

90

80

80

85

75

75

80

70

75

75

65

70

70

60

65

90
85

70

Primary and
semifinished
processing

Excluding utilities

65
60

1998 2000 2002 2004 2006 2008 2010

95
Crude processing

90
85

Finished processing

1998 2000 2002 2004 2006 2008 2010

80

65

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

5

3. Industrial production and capacity utilization, high-technology industries
Industrial production

Ratio scale, 2007 = 100

130

130

110

110

Excluding
high-technology
industries

90

90

70

70

Total IP

50

30

1970

1975

1980

50

1985

1990

1995

2000

Industrial production

2005

2010

30

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

1970

1975

Industrial production

1980

1985

1995

Ratio scale, 2007 = 100

200
150
100

1990

-10

2000

2005

Capacity utilization
200
150

Communications eq.

-5

2010

Percent of capacity

100
95

100

-15

100
Excluding
high-technology
industries

95

85
50

85

75

75

50

Computers

65

Semiconductors

65
High-technology industries

10
5

10

2000

2005

2010

55

5

45

55

1990

1995

2000

2005

2010

45

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.

6

Table 1
I NDUSTRIAL P RODUCTION : M ARKET AND I NDUSTRY G ROUP S UMMARY
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

2010
proportion1

Julyr

Aug.r

Sept.p

100.00

-9.1

-5.5

6.2

4.8

.5

5.1

-.4

.3

.0

1.1

.0

.2

3.2

55.24
29.07
6.17
3.26
.23
.82
1.85
22.91
16.98
9.43
.21
5.26
1.56
5.92

-9.1
-7.5
-18.5
-22.2
-6.5
-22.2
-12.7
-3.9
-5.7
-4.1
-12.3
-7.3
-9.8
1.9

-5.5
-2.1
-1.7
9.1
2.5
-15.0
-12.1
-2.2
-2.8
-1.2
-23.8
-3.5
-5.7
.1

5.3
3.3
5.6
6.1
-6.8
3.2
7.6
2.6
2.2
4.8
7.6
-.6
-3.2
3.9

4.9
3.4
20.0
29.2
-19.3
11.3
13.9
-.7
-.4
-.6
-.5
1.2
-5.9
-1.2

.6
-1.6
-5.2
-9.2
-13.6
-1.1
1.5
-.6
.5
-.8
-4.2
6.5
-13.3
-3.6

5.4
3.7
14.0
22.9
31.3
-4.7
6.1
1.0
-1.7
.9
-8.7
-4.1
-11.2
8.8

-.3
-.4
-3.1
-4.4
-.7
-4.3
-.4
.3
.8
.8
1.2
1.1
-.3
-1.1

.7
.3
.3
-.4
2.1
.3
1.1
.3
-.5
-.8
.1
.0
-.9
2.8

-.2
-.2
-.8
-.9
1.3
-.7
-1.0
-.1
-.3
-.1
-.6
-.2
-3.3
.6

1.0
1.0
2.9
4.4
3.2
-.9
1.9
.5
.0
.7
.2
-1.1
-.7
1.9

.2
-.1
.9
1.6
2.6
1.2
-.7
-.3
.0
-.4
-2.3
.5
.7
-1.2

.2
.1
.9
1.6
1.2
-2.2
.9
-.1
.1
.4
-1.7
-.5
-.6
-.7

3.4
1.6
8.0
11.1
-3.4
1.5
6.9
-.2
.0
.0
-3.3
1.4
-6.9
-.8

9.06
1.88
2.51
4.67
2.36

-12.9
-35.4
-3.7
-8.4
1.9

-7.9
11.9
1.3
-18.0
1.2

12.2
10.5
11.3
13.3
5.5

13.4
19.1
9.1
13.6
2.3

4.0
20.9
-2.1
.8
-.4

12.6
31.8
12.8
5.1
3.6

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

1.4
2.4
.5
1.4
.3

.1
.7
-.9
.4
-1.6

1.2
2.7
2.3
-.1
.7

1.4
3.5
1.0
.8
1.2

1.0
1.9
1.4
.3
1.2

10.3
18.6
7.9
8.0
2.4

4.08
10.06

-17.0
-8.7

-17.3
-5.8

10.1
1.4

1.6
2.5

4.6
.9

6.3
2.4

-.3
-.5

1.3
.6

.1
-.4

.9
1.0

.1
-.4

.2
-.2

4.3
1.2

44.76
27.26
15.40
2.02
5.71
7.67
11.87
.47
2.30
5.44
17.50

-9.1
-14.1
-13.7
-26.0
-7.3
-14.3
-14.8
-16.9
-11.0
-21.1
-.8

-5.5
-7.7
-12.9
-14.7
-10.7
-14.0
.0
-4.6
-4.5
2.9
-1.9

7.5
8.0
11.5
9.0
11.8
12.0
3.5
9.5
.5
4.9
6.5

4.6
10.2
14.9
9.2
19.0
13.3
4.2
1.9
2.7
8.2
-3.6

.2
-1.4
2.0
-11.1
5.4
3.1
-5.8
16.0
-6.5
-8.4
2.9

4.8
2.3
4.9
9.4
3.4
4.9
-1.2
1.5
-4.7
-1.5
9.0

-.5
-.8
-.5
-4.8
-.5
.5
-1.2
4.4
-.1
-2.3
.0

-.2
.1
.8
-1.1
1.2
.9
-.9
.8
-1.5
-1.4
-.6

.3
-.1
.0
2.8
.8
-1.3
-.2
.7
-.1
-.4
1.0

1.1
.6
.7
1.2
-.8
1.7
.4
1.0
.6
.7
2.0

-.2
-.1
.3
-.7
.7
.2
-.6
-2.5
-2.3
-.9
-.3

.1
.3
.2
.3
.7
-.2
.4
1.2
1.0
.8
-.2

3.0
3.8
7.3
2.4
9.7
6.7
-.6
6.5
-2.3
-.8
1.9

321
327
331
332
333
334

74.67
71.48
35.68
.93
1.57
2.19
5.14
4.63
6.51

-11.8
-11.8
-13.3
-22.5
-19.4
-19.9
-11.8
-9.0
-5.7

-6.1
-5.9
-9.1
-11.7
-18.3
-8.3
-19.3
-20.4
1.4

6.1
6.6
9.6
6.3
7.0
12.5
14.0
16.3
10.8

7.2
7.8
13.7
11.1
-8.6
25.7
9.1
25.2
13.9

-.1
.4
1.7
-5.0
13.3
-.8
13.0
.6
-2.1

4.3
4.7
8.3
-6.9
6.7
5.3
8.5
4.6
5.8

-.6
-.6
-.8
-2.4
.9
-.6
.9
-.5
-.5

.1
.2
.7
.9
1.8
-.8
1.1
1.6
.5

-.1
.0
.1
-2.6
.2
-1.6
1.6
1.5
-.9

.7
.7
1.0
-.6
.9
1.6
.8
-.4
1.0

.3
.3
.8
-.8
.5
1.8
-.1
-.1
.7

.4
.4
.6
2.4
-.9
-.4
-.3
.2
1.0

3.9
4.3
7.9
3.5
2.1
10.8
8.4
11.1
7.0

335
3361–3

1.74
4.50

-10.5
-28.7

-17.5
2.3

9.6
10.2

1.0
29.1

-8.1
-15.8

-5.5
21.4

-2.0
-6.6

-.3
-.5

-.2
-.9

-2.1
4.5

.7
1.5

1.3
.7

.1
6.7

3364–9
337
339

4.20
1.04
3.22

-13.7
-20.7
-1.1

.8
-21.3
-5.3

.9
6.5
4.1

3.3
8.4
11.5

19.1
5.6
2.6

17.5
.7
7.7

2.3
-1.4
.1

1.2
2.2
.5

.8
-3.6
.8

.8
1.3
.4

2.3
2.0
.4

2.3
-2.2
1.4

11.8
3.7
7.9

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

35.80
11.70
.74
.29
2.75
1.57
3.81
11.88
3.06

-10.1
-3.4
-16.7
-18.6
-12.9
-10.3
-4.0
-14.6
-15.5

-2.3
-.5
-10.5
-18.9
-.3
-13.5
-.9
-.5
-7.3

3.5
4.4
6.8
6.8
2.2
-3.0
4.3
1.9
9.8

2.1
-.7
2.9
5.1
2.9
-2.8
-7.0
7.5
5.4

-1.0
-.9
7.4
-.7
-7.9
-.2
4.1
-2.7
2.4

1.0
.7
-1.4
-5.8
-5.3
-1.9
14.9
-1.9
4.1

-.3
.7
2.1
1.2
-.9
.5
-2.1
-1.0
.9

-.4
-.8
.1
.5
-1.1
-.1
2.1
-1.0
.3

-.1
-.1
.4
-.4
-.3
-1.3
1.4
-.1
-.9

.5
.6
.4
.3
-.2
1.1
1.4
-.2
1.5

-.2
-.3
-1.6
-1.9
-1.5
-.7
.7
.1
-.1

.2
.2
-.1
-1.2
1.1
-.5
-.1
.2
.1

.8
-.2
2.4
1.5
-2.1
-3.1
3.4
.8
4.3

1133,5111

3.19

-12.2

-10.0

-4.7

-7.2

-10.5

-4.9

-.6

.1

-2.3

-.1

.9

-.7

-6.0

21
2211,2
2211
2212

13.94
11.39
9.73
1.66

-.4
-.4
-1.5
5.1

-5.4
-1.3
-1.7
.9

10.0
3.1
2.5
6.8

-3.9
.5
4.7
-20.8

7.7
-4.8
-3.2
-14.2

11.4
3.0
.8
17.0

.8
-.9
.1
-6.8

.5
.8
-.3
7.8

.3
.4
.9
-2.3

1.5
2.8
2.8
2.9

.8
-2.9
-3.3
-.4

.8
-1.8
-2.4
1.5

5.2
-3.6
-3.9
-1.7

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

Mining
Utilities
Electric
Natural gas

Juner

2010

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

Other manufacturing (non-NAICS)

Mayr

Sept. ’10
to
Sept. ’11

2009

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

Nondurable manufacturing
Food, beverage, and tobacco products
Textile and product mills
Apparel and leather
Paper
Printing and support
Petroleum and coal products
Chemicals
Plastics and rubber products

Monthly rate
2011
Apr.r

2008

Total IP

I NDUSTRY G ROUPS
Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
Fabricated metal products
Machinery
Computer and electronic products
Electrical equip., appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Furniture and related products
Miscellaneous

Annual rate
2011
Q1
Q2r
Q3p

31–33

r Revised. p Preliminary.
NOTE. Under the industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes. The abbreviation pt denotes part of
a NAICS code. Additional industry detail is available on the Board’s web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, miscellaneous consumer
nondurables, 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.
1. The proportion data are the relative weights for the rates of change for each series in the computation of the change in total industrial production in the following year.

7

Table 2
I NDUSTRIAL P RODUCTION : S PECIAL AGGREGATES AND S ELECTED D ETAIL
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

2010
proportion

2008

2009

100.00

-9.1

27.15
5.92
3.17
.56
4.37
13.12

Annual rate

2010

2011
Q1

Q2

-5.5

6.2

4.8

-.1
1.9
-.6
6.8
-5.7
.7

-2.4
.1
-.2
-42.4
-1.3
-2.1

6.0
3.9
1.7
44.7
3.4
7.6

72.85

-12.1

-6.5

3341
3342

3.56
.77
.73

-5.5
-1.5
-3.1

334412–9

2.06

Monthly rate
p

2011
Apr.r

May

June

.5

5.1

-.4

.3

-2.4
-1.2
-1.9
20.7
-1.0
-4.4

1.8
-3.6
1.5
28.0
6.8
1.6

8.6
8.8
2.9
23.8
5.8
10.0

-.4
-1.1
-2.1
3.7
1.2
-.4

6.3

7.6

.0

3.9

6.1
15.7
.1

10.5
12.1
-1.4

16.1
-9.8
15.7

-1.9
-3.9
-5.8

-7.8

4.3

14.4

27.4

69.29

-12.6

-7.2

6.1

4.50
2.36
1.84

-28.7
-32.0
-23.0

2.3
10.9
-7.3

64.79
20.21
7.29
4.06
6.64
24.22

-11.4
-7.7
-13.0
-17.1
-11.7
-13.4

Measures excluding selected
high-technology industries
Total industry
Manufacturing1
Durable

96.44
71.11
32.26

Measures excluding motor vehicles
and parts
Total industry
Manufacturing1
Durable

r

r

r

r

Sept. ’10
to
Sept. ’11

Aug.

.0

1.1

.0

.2

3.2

.5
2.8
1.5
3.2
.8
-1.0

.8
.6
.1
.3
.7
1.1

1.9
1.9
1.6
2.4
2.7
1.7

-.6
-1.2
-1.5
2.2
-1.8
.2

-.4
-.7
-1.2
.8
-2.1
.4

1.3
-.8
-1.3
21.2
.3
2.4

-.4

.2

-.3

.7

.3

.4

3.9

.9
31.1
3.0

-.2
-.6
-1.4

.3
.9
-.7

.1
2.4
-.2

-.4
2.8
.6

.5
2.3
.8

.5
1.9
.1

6.3
8.0
2.6

.1

-8.9

.4

.4

-.6

-1.9

-.3

.1

6.9

7.1

.1

4.0

-.4

.2

-.3

.8

.3

.4

3.8

10.2
15.4
2.8

29.1
41.4
3.9

-15.8
-19.6
-14.5

21.4
40.4
5.9

-6.6
-9.3
-4.2

-.5
-.2
-1.2

-.9
-1.4
.1

4.5
7.3
1.5

1.5
3.1
.3

.7
1.2
.3

6.7
11.6
-2.3

-7.8
-4.8
-9.7
-17.4
-8.4
-8.5

5.8
2.8
10.4
10.2
.9
7.7

5.7
1.3
12.1
1.4
3.8
9.1

1.3
1.3
5.5
4.7
.6
-.3

2.9
-.9
12.3
6.3
2.6
2.6

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

.2
-.3
1.6
1.3
.1
.1

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

.5
.0
1.1
.9
.8
.6

.2
.1
1.2
.1
.1
-.1

.4
.2
1.1
.2
.3
.3

3.6
1.0
10.9
4.3
2.1
3.9

-9.3
-12.3
-14.3

-5.9
-6.8
-10.8

6.1
5.8
9.5

4.4
6.7
13.3

.6
.0
2.1

5.3
4.4
9.1

-.4
-.6
-.9

.3
.1
.7

.0
-.1
.1

1.1
.8
1.1

.0
.3
.8

.2
.3
.6

3.1
3.7
7.9

95.50
70.17
31.31

-8.1
-10.7
-11.1

-5.8
-6.6
-10.6

6.1
5.8
9.5

3.7
5.9
11.6

1.3
1.0
4.5

4.4
3.3
6.6

-.1
-.2
.1

.3
.2
.8

.1
.0
.2

.9
.5
.5

.0
.3
.7

.2
.3
.6

3.1
3.7
8.0

Measures excluding selected
high-technology industries
and motor vehicles and parts
Total industry
Manufacturing1

91.94
66.61

-8.2
-11.1

-6.3
-7.3

5.9
5.6

3.3
5.3

1.4
1.2

4.6
3.4

-.1
-.2

.3
.2

.1
.0

.9
.5

.0
.2

.1
.3

2.9
3.5

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

10.49
16.77

-12.8
-15.0

-10.0
-6.1

8.7
7.6

12.7
8.6

.0
-2.2

2.6
2.1

-1.0
-.7

.2
.0

.9
-.7

.0
.9

-.4
.1

.7
.0

5.6
2.8

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

213111

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

3361–3
3361
3363

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

Sept.

p

July

Total industry

Q3

r

r Revised. p Preliminary.
1. Refer to note on cover page.

Table 3
M OTOR V EHICLE A SSEMBLIES
Millions of units, seasonally adjusted annual rate

2010
average

2010
Q4

2011
Q1

Q2

Q3

2011
Apr.

May

June

July

Aug.

Sept.

Total
Autos
Trucks
Light
Medium and heavy

7.74
2.73
5.01
4.87
.15

7.79
2.54
5.25
5.09
.16

8.42
2.70
5.73
5.54
.19

7.87
2.75
5.13
4.88
.25

8.70
2.87
5.83
5.58
.25

7.86
2.65
5.21
4.99
.22

7.91
2.81
5.10
4.84
.26

7.86
2.78
5.07
4.81
.27

8.59
2.67
5.92
5.69
.23

8.75
3.03
5.71
5.46
.26

8.76
2.91
5.86
5.61
.25

Memo
Autos and light trucks

7.60

7.63

8.23

7.63

8.45

7.64

7.65

7.59

8.35

8.49

8.52

Item

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

8

Table 4
I NDUSTRIAL P RODUCTION I NDEXES : M ARKET AND I NDUSTRY G ROUP S UMMARY
2007 = 100, seasonally adjusted

2010
proportion

2011
Jan.

Feb.

Mar.

Apr.r

Mayr

Juner

Julyr

Aug.r

Sept.p

100.00

92.8

92.5

93.1

92.7

93.0

93.0

94.0

94.0

94.2

55.24
29.07
6.17
3.26
.23
.82
1.85
22.91
16.98
9.43
.21
5.26
1.56
5.92

91.4
93.7
85.9
92.0
96.1
66.6
83.2
96.3
92.9
98.6
66.9
88.8
79.8
107.8

91.1
93.0
87.9
94.7
94.6
68.9
84.4
94.8
92.2
97.7
67.4
88.4
78.0
103.9

91.4
93.2
89.4
97.1
88.7
72.1
84.3
94.6
92.2
97.5
65.1
89.3
77.2
102.9

91.2
92.8
86.7
92.8
88.1
69.0
83.9
94.9
93.0
98.3
65.8
90.3
76.9
101.8

91.7
93.1
86.9
92.5
90.0
69.3
84.9
95.2
92.5
97.5
65.9
90.3
76.2
104.7

91.5
92.9
86.2
91.7
91.2
68.7
84.0
95.1
92.2
97.4
65.5
90.2
73.7
105.3

92.5
93.8
88.7
95.7
94.1
68.1
85.7
95.6
92.1
98.1
65.6
89.1
73.2
107.3

92.7
93.7
89.5
97.2
96.5
69.0
85.1
95.3
92.1
97.7
64.1
89.6
73.7
105.9

92.9
93.8
90.2
98.8
97.7
67.4
85.8
95.1
92.2
98.1
63.0
89.2
73.3
105.2

9.06
1.88
2.51
4.67
2.36

94.1
84.9
110.4
89.6
116.2

94.7
87.7
110.5
89.5
116.7

94.6
90.3
111.1
88.1
116.8

94.5
90.2
110.1
88.3
116.8

95.8
92.4
110.6
89.6
117.1

95.9
93.1
109.7
89.9
115.3

97.0
95.6
112.2
89.8
116.1

98.4
99.0
113.3
90.5
117.5

99.4
100.8
114.9
90.8
118.8

4.08
10.06

74.9
87.2

74.4
87.1

75.2
87.8

75.0
87.4

76.0
87.9

76.1
87.5

76.7
88.4

76.8
88.1

77.0
87.9

44.76
27.26
15.40
2.02
5.71
7.67
11.87
.47
2.30
5.44
17.50

94.5
88.8
88.3
67.2
101.7
85.9
89.7
82.5
86.9
87.7
104.0

94.1
88.5
88.2
68.2
101.9
85.3
89.1
85.8
85.8
86.8
103.4

95.1
89.3
88.9
69.6
103.0
85.7
89.9
82.5
85.7
88.8
104.9

94.6
88.5
88.5
66.2
102.5
86.1
88.8
86.1
85.6
86.8
104.9

94.5
88.6
89.1
65.5
103.7
86.9
88.0
86.8
84.3
85.6
104.3

94.8
88.5
89.1
67.3
104.5
85.8
87.8
87.4
84.2
85.2
105.3

95.8
89.0
89.8
68.1
103.7
87.2
88.2
88.2
84.7
85.8
107.4

95.7
88.9
90.0
67.6
104.4
87.4
87.7
86.0
82.8
85.1
107.0

95.8
89.2
90.2
67.8
105.1
87.2
88.0
87.0
83.6
85.7
106.9

321
327
331
332
333
334

74.67
71.48
35.68
.93
1.57
2.19
5.14
4.63
6.51

89.4
90.3
89.9
71.8
66.6
90.1
83.6
90.3
115.3

89.5
90.5
90.6
71.4
67.9
89.3
83.9
90.0
115.5

90.1
91.1
91.3
73.2
68.2
91.7
84.9
89.1
115.3

89.6
90.6
90.5
71.4
68.8
91.1
85.7
88.6
114.7

89.7
90.8
91.2
72.1
70.1
90.4
86.6
89.9
115.3

89.6
90.8
91.2
70.2
70.2
89.0
88.0
91.3
114.3

90.3
91.4
92.1
69.8
70.8
90.4
88.7
90.9
115.5

90.6
91.7
92.9
69.2
71.1
92.0
88.6
90.9
116.3

90.9
92.1
93.4
70.8
70.5
91.7
88.3
91.1
117.4

335
3361–3

1.74
4.50

81.1
79.5

81.3
82.5

81.5
85.0

79.9
79.4

79.6
79.0

79.4
78.3

77.8
81.8

78.4
83.0

79.4
83.6

3364–9
337
339

4.20
1.04
3.22

94.3
67.1
99.6

94.8
67.6
101.5

96.0
70.0
100.5

98.2
69.0
100.5

99.4
70.5
101.1

100.2
68.0
101.9

101.0
68.9
102.4

103.3
70.3
102.7

105.7
68.7
104.1

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

35.80
11.70
.74
.29
2.75
1.57
3.81
11.88
3.06

91.0
99.8
75.8
64.8
90.7
73.9
95.9
88.3
86.5

90.6
99.2
78.3
65.1
89.1
74.7
95.3
88.0
86.4

91.2
99.0
76.5
63.4
89.4
74.4
97.5
89.5
86.2

91.0
99.7
78.1
64.2
88.6
74.7
95.4
88.6
86.9

90.6
98.9
78.2
64.5
87.7
74.6
97.4
87.8
87.2

90.6
98.8
78.5
64.3
87.5
73.6
98.8
87.6
86.5

91.0
99.4
78.8
64.4
87.3
74.4
100.2
87.5
87.8

90.8
99.1
77.6
63.2
86.0
73.9
100.9
87.5
87.7

91.0
99.3
77.5
62.5
86.9
73.5
100.8
87.7
87.8

1133,5111

3.19

72.4

71.2

70.3

69.9

69.9

68.3

68.2

68.9

68.4

21
2211,2
2211
2212

13.94
11.39
9.73
1.66

104.0
103.4
102.5
107.9

102.5
101.0
100.7
101.7

104.2
100.7
100.1
103.2

105.1
99.7
100.2
96.2

105.6
100.5
99.9
103.7

105.9
101.0
100.8
101.2

107.5
103.8
103.6
104.1

108.4
100.8
100.2
103.8

109.3
98.9
97.8
105.3

Item
Total IP
M ARKET G ROUPS
Final products and nonindustrial supplies
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
Construction supplies
Business supplies
Materials
Non-energy
Durable
Consumer parts
Equipment parts
Other
Nondurable
Textile
Paper
Chemical
Energy
I NDUSTRY G ROUPS
Manufacturing
Manufacturing (NAICS)
Durable manufacturing
Wood products
Nonmetallic mineral products
Primary metals
Fabricated metal products
Machinery
Computer and electronic products
Electrical equip., appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Furniture and related products
Miscellaneous
Nondurable manufacturing
Food, beverage, and tobacco products
Textile and product mills
Apparel and leather
Paper
Printing and support
Petroleum and coal products
Chemicals
Plastics and rubber products
Other manufacturing (non-NAICS)
Mining
Utilities
Electric
Natural gas

31–33

r Revised. p Preliminary.
NOTE. Refer to notes on table 1.

9

Table 5
I NDUSTRIAL P RODUCTION I NDEXES : S PECIAL AGGREGATES
2007 = 100, seasonally adjusted

2010
proportion

2011
Jan.

Feb.

Mar.

Apr.r

Mayr

Juner

Julyr

Aug.r

Sept.p

100.00

92.8

92.5

93.1

92.7

93.0

93.0

94.0

94.0

94.2

27.15
5.92
3.17
.56
4.37
13.12

104.0
107.8
100.6
91.1
99.0
105.5

102.7
103.9
99.5
91.5
96.3
105.6

103.8
102.9
102.3
91.8
97.1
107.4

103.3
101.8
100.2
95.1
98.3
106.9

103.8
104.7
101.6
98.2
99.1
105.9

104.6
105.3
101.8
98.4
99.8
107.0

106.7
107.3
103.4
100.9
102.4
108.9

106.0
105.9
101.8
103.0
100.6
109.1

105.6
105.2
100.6
103.9
98.5
109.6

72.85

89.1

89.1

89.6

89.2

89.4

89.2

89.8

90.1

90.4

3341
3342

3.56
.77
.73

125.3
142.9
90.4

124.9
139.0
91.6

124.2
137.3
91.7

123.9
136.5
90.4

124.3
137.6
89.7

124.4
140.9
89.5

123.9
144.9
90.0

124.5
148.2
90.8

125.1
151.0
90.9

334412–9

2.06

134.3

134.3

133.5

133.9

134.5

133.7

131.1

130.8

130.9

69.29

87.3

87.3

87.8

87.4

87.6

87.4

88.1

88.3

88.6

4.50
2.36
1.84

79.5
85.6
70.8

82.5
90.5
71.7

85.0
94.9
72.5

79.4
86.0
69.4

79.0
85.8
68.6

78.3
84.6
68.7

81.8
90.8
69.7

83.0
93.6
69.9

83.6
94.8
70.1

64.79
20.21
7.29
4.06
6.64
24.22

87.9
90.0
91.5
74.7
81.3
87.7

87.6
89.6
91.9
74.2
81.5
87.3

88.0
89.8
91.2
75.0
81.5
88.2

88.0
90.4
91.8
74.8
81.7
87.6

88.3
90.1
93.2
75.8
81.8
87.7

88.1
89.8
93.3
75.9
81.3
87.7

88.5
89.8
94.4
76.6
81.9
88.2

88.7
89.9
95.5
76.6
82.1
88.1

89.0
90.0
96.6
76.8
82.3
88.4

96.44
71.11
32.26

91.6
87.6
86.1

91.2
87.7
86.9

91.9
88.4
87.7

91.5
87.9
87.0

91.8
88.0
87.6

91.8
87.9
87.6

92.8
88.6
88.6

92.8
88.9
89.4

93.0
89.2
89.9

95.50
70.17
31.31

93.5
90.1
91.3

92.9
90.0
91.6

93.5
90.4
92.0

93.4
90.3
92.0

93.7
90.5
92.8

93.7
90.4
93.0

94.6
90.9
93.5

94.6
91.1
94.1

94.7
91.4
94.7

91.94
66.61

92.2
88.2

91.7
88.1

92.3
88.6

92.2
88.5

92.5
88.7

92.5
88.6

93.4
89.1

93.4
89.3

93.5
89.6

10.49
16.77

89.3
88.4

89.6
87.7

90.3
88.6

89.4
88.0

89.5
88.0

90.4
87.3

90.3
88.1

90.0
88.2

90.7
88.2

Item
Total industry
Energy
Consumer products
Commercial products
Oil and gas well drilling
Converted fuel
Primary energy

213111

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

3361–3
3361
3363

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

Measures excluding selected high-technology
industries
Total industry
Manufacturing1
Durable
Measures excluding motor vehicles and parts
Total industry
Manufacturing1
Durable
Measures excluding selected high-technology
industries and motor vehicles and parts
Total industry
Manufacturing1

Stage-of-process components of non-energy
materials, measures of the input to
Finished processors
Primary and semifinished processors
r Revised. p Preliminary.
1. Refer to note on cover page.

Table 6
D IFFUSION I NDEXES OF I NDUSTRIAL P RODUCTION
Percent

Item
One month earlier
2009
2010
2011
Three months earlier
2009
2010
2011
Six months earlier
2009
2010
2011

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

34.3
64.7
61.2

43.6
52.6
51.3

33.0
65.7
56.4

40.4
68.6
45.5

41.3
66.7
51.6

42.0
53.2
46.5

59.9
60.3
59.1

63.5
52.9
57.7

59.6
51.6

52.9
57.7

60.3
54.8

53.2
59.3

17.6
70.2
64.1

23.4
62.2
61.5

32.4
65.7
59.9

37.5
63.8
51.3

33.3
74.0
54.2

37.8
65.4
51.3

46.2
62.5
54.2

58.7
57.7
55.1

63.5
58.3

60.3
53.8

62.2
55.4

58.3
58.3

15.7
68.6
60.3

18.9
67.6
61.5

22.8
67.6
65.1

21.2
75.0
57.7

22.4
72.8
60.6

29.5
72.4
57.7

36.2
67.9
55.8

42.0
68.3
49.0

51.6
64.7

53.8
61.5

59.0
57.4

66.0
60.9

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.

10

Table 7
C APACITY U TILIZATION
Percent of capacity, seasonally adjusted

2010
proportion

19722010
ave.

199495
high

2009
low

2011
Q1

Q2r

Q3p

2011
Apr.r

Mayr

Juner

Julyr

Aug.r

Sept.p

100.00

80.4

85.1

67.3

76.8

76.6

77.4

76.6

76.7

76.6

77.4

77.3

77.4

31–33

77.87
74.31

79.0
78.8

84.7
84.8

64.4
64.2

74.5
74.9

74.3
74.8

74.9
75.5

74.4
74.8

74.4
74.9

74.3
74.8

74.7
75.3

74.9
75.5

75.1
75.7

321
327
331
332
333
334

39.68
1.19
2.39
2.37
5.62
4.99
6.72

77.2
77.8
75.9
79.4
77.2
78.1
78.1

83.8
87.1
82.7
94.0
85.6
87.1
84.9

59.0
50.9
45.6
49.4
60.5
61.1
68.6

72.8
62.9
51.0
72.4
74.9
78.6
79.9

72.8
62.5
53.0
72.2
77.6
78.7
77.8

73.9
61.8
54.3
73.3
79.5
79.5
76.9

72.6
62.5
52.2
73.0
76.5
77.5
78.4

72.9
63.2
53.3
72.4
77.4
78.7
78.2

72.9
61.7
53.5
71.3
78.8
79.9
76.8

73.5
61.5
54.2
72.4
79.5
79.5
77.0

74.0
61.1
54.5
73.8
79.6
79.4
76.9

74.3
62.7
54.2
73.6
79.4
79.5
77.0

335
3361–3

1.78
5.69

82.7
75.3

92.9
87.4

66.8
34.8

76.6
65.1

75.3
62.0

74.5
64.6

75.4
62.5

75.2
62.1

75.2
61.4

73.7
64.0

74.3
64.8

75.4
65.1

3364–9
337
339

4.45
1.21
3.26

73.0
77.5
76.0

68.9
82.5
80.6

70.6
59.2
68.8

71.7
68.3
78.5

74.7
69.5
78.6

77.6
70.0
79.5

74.0
69.2
78.3

74.8
70.9
78.6

75.3
68.4
79.0

75.9
69.4
79.2

77.5
71.0
79.3

79.2
69.5
80.1

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

34.63
11.15
.89
.33
2.48
1.85
3.03
11.59
3.32

81.1
81.2
80.4
78.2
87.1
82.2
85.8
78.0
82.3

86.1
86.1
92.4
87.3
92.6
85.8
90.9
81.8
92.5

69.8
74.5
53.2
62.7
71.7
63.4
78.3
66.2
57.5

77.4
78.5
64.9
70.3
83.9
63.8
84.2
77.7
73.1

77.2
78.0
66.4
70.4
82.4
63.9
84.9
77.1
74.0

77.3
77.6
66.5
69.5
81.4
63.8
87.7
76.7
75.3

77.4
78.5
66.2
70.2
83.0
64.2
83.5
77.7
73.9

77.1
77.8
66.4
70.6
82.1
64.2
85.1
76.9
74.3

77.0
77.5
66.8
70.3
82.0
63.4
86.2
76.8
73.8

77.4
77.9
67.1
70.6
81.9
64.2
87.3
76.7
75.1

77.2
77.5
66.2
69.3
80.7
63.7
87.9
76.7
75.2

77.3
77.5
66.3
68.5
81.6
63.4
87.7
76.8
75.4

1133,5111

3.56

83.4

83.2

69.0

65.4

63.8

63.1

64.2

64.3

62.8

62.8

63.4

63.0

21
2211,2

11.73
10.40

87.4
86.6

88.5
93.3

79.0
79.2

87.7
80.6

88.8
79.2

90.7
79.5

88.5
78.7

88.8
79.3

88.9
79.5

90.1
81.6

90.7
79.2

91.3
77.6

3341
3342

3.74
.74
.75

78.3
78.5
76.7

86.9
87.3
83.8

70.9
82.5
78.8

79.7
77.4
76.4

76.6
74.9
74.0

73.7
79.1
73.3

77.4
74.3
74.9

76.6
74.5
73.9

75.7
75.9
73.3

74.4
77.7
73.3

73.7
79.2
73.5

73.1
80.4
73.1

334412–9

2.25

80.3

92.2

63.1

81.9

78.5

72.4

79.8

78.7

76.9

74.0

72.3

71.0

Measures excluding selected
high-technology industries
Total industry
Manufacturing1

96.26
74.13

80.5
79.0

85.0
84.5

67.1
64.0

76.7
74.2

76.6
74.2

77.5
75.0

76.5
74.2

76.7
74.3

76.6
74.2

77.4
74.7

77.4
75.0

77.5
75.2

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

15.38
45.86
38.77

86.4
81.3
77.3

89.6
87.9
80.7

77.6
64.9
66.8

86.9
74.0
75.9

87.0
73.8
75.7

88.2
74.3
76.4

87.1
73.6
75.8

86.9
73.9
75.8

87.0
73.9
75.6

87.9
74.8
76.1

88.0
74.3
76.5

88.8
73.9
76.7

Item

Total industry
1

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

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

r Revised. p Preliminary.
1. Refer to note on cover page.

11

Table 8
I NDUSTRIAL C APACITY
Percent change

Average annual rate
19721980198979
88
94

Item

Total industry
Manufacturing

Fourth quarter to fourth quarter
19952011

2008

2009

2010

2011

Q3

Annual rate
2011
Q1
Q2

2010
Q4

Monthly
rate
2011
Sept.

3.1

.2

-1.1

-1.8

1.1

-.1

.9

1.3

1.3

.1

2.2

2.5

2.5

-.6

-2.8

-2.0

.8

-.6

.3

.8

1.1

.1

.1
2.1

-.6
1.8

.0
2.2

2.6
2.4

3.4
.5

-.9
3.6

2.1
2.0

1.2
4.0

2.3
3.1

2.5
2.1

2.1
1.4

.1
.1

17.3

15.6

20.9

-.1

10.0

4.1

15.2

5.5

10.4

14.9

17.6

1.4

2.6

1.3

1.6

.9

-.7

-3.6

-2.3

.1

-.9

-.2

.2

.3

.0

1.6
3.0
3.9

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

2.3

19.6

Selected high-technology industries
Manufacturing1 ex. selected
high-technology industries

2.2

.7
4.2

Mining
Utilities

1.9

3.3

1

.4
1.3
3.3

-.5
2.5
2.6

.1
2.7
2.4

2.3
.0
-.8

.9
-2.3
-2.1

-.9
-2.1
-.7

1.5
.2
2.0

1.2
-.8
.7

1.9
-.1
1.4

1.9
.3
1.9

1.4
.4
2.2

.1
.0
.2

1. Refer to note on cover page.

Table 9
G ROSS VALUE OF F INAL P RODUCTS AND N ONINDUSTRIAL S UPPLIES
Billions of 2005 dollars at annual rate, seasonally adjusted

2005

2010

2011
Q1

Q2r

Q3p

2011
Apr.r

Mayr

Juner

Julyr

Aug.r

Sept.p

3,336.9

3,159.9

3,246.5

3,248.3

3,304.9

3,228.3

3,255.2

3,261.4

3,292.0

3,307.5

3,315.2

2,477.7
1,835.2
495.3
288.3
207.0
1,339.9

2,428.8
1,775.2
416.6
262.1
154.9
1,351.8

2,504.5
1,807.8
443.4
283.4
160.6
1,361.3

2,502.9
1,800.2
436.6
277.0
160.1
1,359.3

2,553.3
1,832.9
453.7
292.9
161.5
1,377.0

2,486.6
1,790.6
436.8
277.7
159.6
1,350.1

2,508.0
1,802.0
438.5
278.0
161.1
1,359.6

2,514.0
1,808.0
434.5
275.3
159.8
1,368.3

2,540.5
1,828.9
448.1
287.3
161.4
1,377.6

2,555.3
1,832.9
454.8
293.8
161.6
1,376.3

2,564.0
1,836.8
458.3
297.5
161.5
1,377.2

Equipment, total
Business and defense
Business
Defense and space

642.5
619.1
539.2
79.9

652.6
634.1
524.5
107.0

698.8
678.8
568.3
108.7

706.1
684.6
574.2
108.7

724.7
701.9
590.9
109.7

699.1
678.1
567.2
109.1

709.9
688.2
577.1
109.4

709.5
687.4
578.3
107.7

714.7
692.5
582.5
108.5

727.0
704.1
593.1
109.6

732.4
709.2
597.0
110.9

Nonindustrial supplies
Construction supplies
Business supplies
Commercial energy products

859.2
270.2
589.1
210.9

734.7
200.2
534.7
213.0

746.2
207.3
539.1
212.6

749.4
209.0
540.6
214.1

756.1
211.2
545.1
216.8

745.6
207.8
538.0
210.9

751.1
209.3
542.0
214.9

751.5
209.8
541.9
216.5

755.8
210.8
545.2
217.0

756.6
211.2
545.6
217.4

755.9
211.7
544.4
215.9

Item
Final products and nonindustrial
supplies
Final products
Consumer goods
Durable
Automotive products
Other durable goods
Nondurable

r Revised. p Preliminary.

Table 10
G ROSS -VALUE -W EIGHTED I NDUSTRIAL P RODUCTION : S TAGE - OF -P ROCESS G ROUPS
Percent change, seasonally adjusted

Fourth quarter to
fourth quarter
Item

Finished
Semifinished
Primary
Crude

2010
gross value1

2008

2009

1882.5
1522.1
1305.0
623.9

-10.5
-11.4
-8.6
-10.0

-3.0
-9.3
-3.4
-.4

Annual rate

2010

2011
Q1

Q2

7.1
6.0
5.4
5.0

9.5
6.4
-.2
4.4

.7
2.7
-3.8
-3.1

r Revised. p Preliminary.
1. Billions of 2005 dollars.

12

r

Monthly rate
p

2011
Apr.r

May

June

7.7
1.7
7.8
4.1

-.7
.2
-2.2
-1.1

.5
.7
.4
-.6

-.1
.2
.6
.0

Q3

r

r

r

r

July

Aug.

.8
.7
1.3
1.0

1.1
-.8
.3
-.4

Sept.

p

.6
-.4
-.5
1.2

Sept. ’10
to
Sept. ’11
5.9
2.3
1.3
1.9

Table 11
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Total Industry
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)1
1989
1990
1991
1992
1993

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

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

.3
.5
-.5
.8
.0

.0
-.1
.2
.7
.3

-.7
.2
1.0
.3
-.4

.1
.3
1.0
.0
.2

-1.0
-.1
.0
.9
.3

.9
.2
.1
-.5
.0

-.3
.2
.9
.2
.5

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

.3
-1.2
-.1
.4
.4

.6
-.7
-.3
.0
.5

1.7
2.9
-7.4
-.4
3.6

-1.4
3.0
2.5
7.2
1.0

-2.6
1.7
5.5
2.9
2.0

1.6
-6.2
.8
4.1
6.1

.9
1.0
-1.5
2.8
3.3

1994
1995
1996
1997
1998

.4
.3
-.6
.1
.5

.0
.0
1.6
1.2
.1

1.0
.2
-.1
.8
.1

.5
-.1
.8
.0
.4

.5
.2
.7
.7
.7

.7
.3
.9
.5
-.6

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

.6
1.3
.6
1.3
2.2

.2
.3
.5
.9
-.3

.8
-.2
.0
.7
.8

.6
.2
.8
.9
-.1

1.1
.4
.6
.4
.3

5.2
5.1
3.0
7.8
4.4

7.4
1.2
8.5
6.5
2.9

5.1
3.7
5.4
9.6
3.0

8.2
3.0
5.4
10.1
5.7

5.3
4.7
4.4
7.2
5.8

1999
2000
2001
2002
2003

.4
.1
-.7
.6
.8

.4
.4
-.6
.0
.3

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

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

.8
.1
-.7
.6
.0

-.1
.1
-.6
.9
.0

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

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

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

1.3
-.4
-.5
-.4
.0

.5
.0
-.5
.5
.8

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

3.8
4.7
-5.5
2.8
3.0

3.9
4.5
-5.2
6.7
-3.1

4.1
-.6
-5.7
2.6
2.0

7.5
-1.1
-4.7
-.4
3.4

4.3
4.0
-3.4
.2
1.3

2004
2005
2006
2007
2008

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

.6
.7
.1
1.1
-.2

-.6
-.1
.2
.0
-.4

.4
.0
.4
.8
-.9

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

-.9
.4
.4
.0
-.3

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

.3
.1
.2
.0
-1.7

.0
-2.0
-.1
.5
-4.1

1.0
1.2
.0
-.6
.9

.2
1.0
-.1
.4
-1.3

.7
.6
1.1
.2
-2.6

2.8
6.1
4.0
4.5
-1.2

1.7
1.7
2.4
4.5
-6.6

2.1
-1.7
1.8
1.1
-12.2

5.8
3.1
1.0
.1
-15.7

2.3
3.2
2.2
2.7
-3.7

2009
2010
2011

-2.1
1.2
.2

-.5
.2
-.4

-1.7
.5
.7

-.9
.4
-.4

-1.1
1.3
.3

-.4
.1
.0

1.1
.9
1.1

.9
.2
.0

.7
.3
.2

.3
-.1

.2
.3

.6
1.3

-18.9
8.1
4.8

-11.5
7.1
.5

5.3
6.7
5.1

5.6
3.1

-11.2
5.3

IP (2007=100)
2009
2010
2011

87.5
87.7
92.8

87.0
87.9
92.5

85.5
88.4
93.1

84.8
88.7
92.7

83.9
89.9
93.0

83.5
90.0
93.0

84.4
90.8
94.0

85.2
91.0
94.0

85.8
91.2
94.2

86.0
91.1

86.2
91.4

86.7
92.6

86.7
88.0
92.8

84.1
89.5
92.9

85.2
91.0
94.1

86.3
91.7

85.5
90.1

124.2
122.1
120.7

124.3
121.8
120.8

124.3
121.5
120.9

124.3
121.2
121.0

124.2
121.0
121.2

124.1
120.8
121.3

123.9
120.6
121.5

123.6
120.5
121.6

123.4
120.5
121.7

123.1
120.5

122.8
120.5

122.4
120.6

124.3
121.8
120.8

124.2
121.0
121.2

123.6
120.6
121.6

122.8
120.5

123.7
121.0

Utilization
(percent)
1989
1990
1991
1992
1993

85.2
82.5
79.9
79.3
81.3

84.7
83.0
79.3
79.8
81.4

84.8
83.3
78.8
80.3
81.3

84.7
83.0
78.8
80.7
81.4

84.0
83.0
79.5
80.8
81.0

83.9
83.1
80.2
80.7
81.1

82.9
82.9
80.1
81.2
81.3

83.4
82.9
80.1
80.6
81.1

83.0
83.0
80.7
80.6
81.4

82.7
82.2
80.5
81.0
81.9

82.8
81.1
80.3
81.2
82.0

83.1
80.4
79.9
81.0
82.3

84.9
82.9
79.3
79.8
81.3

84.2
83.0
79.5
80.7
81.2

83.1
82.9
80.3
80.8
81.3

82.9
81.2
80.2
81.1
82.1

83.8
82.5
79.8
80.6
81.5

1994
1995
1996
1997
1998

82.5
85.0
82.6
83.4
84.5

82.3
84.7
83.6
84.0
84.0

83.0
84.6
83.1
84.2
83.5

83.2
84.2
83.5
83.8
83.3

83.4
84.1
83.6
84.0
83.3

83.7
84.1
84.0
83.9
82.3

83.6
83.4
83.5
83.9
81.5

83.8
84.2
83.7
84.5
82.8

83.8
84.2
83.7
84.7
82.1

84.2
83.7
83.3
84.7
82.4

84.4
83.5
83.6
84.9
81.9

85.1
83.5
83.7
84.7
81.8

82.6
84.8
83.1
83.9
84.0

83.5
84.1
83.7
83.9
83.0

83.7
83.9
83.6
84.4
82.2

84.6
83.6
83.6
84.8
82.1

83.6
84.1
83.5
84.2
82.8

1999
2000
2001
2002
2003

81.8
82.0
79.1
73.8
75.7

81.8
82.0
78.4
73.7
76.0

81.6
82.1
77.9
74.2
75.9

81.5
82.3
77.5
74.4
75.4

81.7
82.1
76.8
74.8
75.4

81.3
81.9
76.1
75.4
75.5

81.6
81.5
75.6
75.2
75.7

81.6
81.0
75.1
75.3
75.7

81.1
81.2
74.7
75.4
76.2

81.8
80.6
74.2
75.1
76.2

81.9
80.4
73.6
75.5
76.8

82.2
79.8
73.5
75.1
76.8

81.7
82.1
78.5
73.9
75.9

81.5
82.1
76.8
74.9
75.4

81.4
81.2
75.1
75.3
75.9

82.0
80.3
73.8
75.2
76.6

81.7
81.4
76.0
74.8
75.9

2004
2005
2006
2007
2008

77.0
79.8
80.4
80.2
81.1

77.4
80.3
80.3
80.9
81.0

77.0
80.1
80.4
80.8
80.6

77.3
80.1
80.6
81.2
80.0

77.9
80.2
80.3
81.1
79.5

77.2
80.4
80.5
81.0
79.3

77.8
80.2
80.5
81.0
79.0

78.0
80.2
80.5
81.0
77.6

77.9
78.5
80.3
81.3
74.3

78.7
79.4
80.1
80.8
74.9

78.8
80.0
79.9
81.1
73.9

79.4
80.4
80.5
81.3
71.9

77.1
80.1
80.4
80.6
80.9

77.5
80.2
80.5
81.1
79.6

77.9
79.6
80.4
81.1
77.0

79.0
79.9
80.2
81.1
73.6

77.9
79.9
80.4
81.0
77.8

2009
2010
2011

70.4
71.9
76.9

70.0
72.2
76.5

68.8
72.8
77.0

68.2
73.2
76.6

67.5
74.3
76.7

67.3
74.5
76.6

68.2
75.3
77.4

68.9
75.5
77.3

69.5
75.7
77.4

69.9
75.7

70.2
75.8

70.8
76.8

69.7
72.3
76.8

67.7
74.0
76.6

68.9
75.5
77.4

70.3
76.1

69.2
74.5

Capacity
(percent of
2007 output)
2009
2010
2011

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

13

Table 12
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Manufacturing1
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)2
1989
1990
1991
1992
1993

.8
-.1
-.8
-.6
1.0

-.9
1.4
-.6
.9
.2

-.1
.5
-.7
1.0
-.2

.2
-.3
.3
.5
.5

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

.2
.3
1.1
.3
-.1

-1.1
-.1
.2
.9
.3

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

-.2
.0
1.1
.0
.6

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

.2
-1.1
-.2
.4
.4

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

2.0
4.3
-8.8
.6
4.5

-2.7
2.9
1.9
8.2
1.5

-3.2
1.1
7.2
4.0
1.1

.3
-6.8
1.5
2.9
6.9

.8
.8
-2.0
3.6
3.5

1994
1995
1996
1997
1998

.2
.3
-.7
.1
.8

.1
-.1
1.6
1.4
.1

1.3
.3
-.2
1.2
-.1

.8
-.2
1.1
-.2
.5

.7
.1
.7
.9
.6

.3
.5
1.1
.7
-.7

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

.8
1.1
.6
1.6
2.6

.3
.8
.7
.8
-.3

1.0
-.1
-.1
.6
1.0

.8
.0
.8
1.1
.2

1.2
.4
.9
.4
.5

5.1
5.5
2.2
9.2
6.0

9.4
.6
9.7
7.7
2.4

6.0
3.0
7.8
10.8
3.3

9.9
3.8
5.6
10.9
7.8

5.9
5.2
4.8
8.4
6.6

1999
2000
2001
2002
2003

.2
.2
-.6
.5
.6

.7
.3
-.6
-.1
.2

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

.4
.6
-.2
.2
-.9

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

-.3
.2
-.7
1.1
.4

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

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

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

1.5
-.4
-.7
-.5
.0

.6
-.3
-.3
.5
1.0

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

4.4
5.3
-6.4
3.3
2.3

4.5
4.2
-5.4
6.1
-2.2

3.8
-.8
-6.3
3.4
1.5

9.0
-2.7
-4.5
-.5
3.9

5.0
4.2
-4.0
.3
1.3

2004
2005
2006
2007
2008

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

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

-.3
-.5
-.1
.7
-.4

.4
.2
.6
.7
-1.2

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

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

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

.7
.2
.4
-.5
-1.4

-.1
-1.1
.1
.5
-3.4

1.1
1.5
-.3
-.5
-.6

-.1
.8
.1
.3
-2.4

.7
.0
1.6
.3
-3.1

2.6
6.7
4.0
5.4
-2.0

2.9
2.0
1.0
5.2
-8.9

3.5
-.5
1.1
.8
-13.9

5.7
5.5
1.8
-.2
-21.4

2.8
4.0
2.5
2.9
-5.0

2009
2010
2011

-2.7
1.0
.7

.1
.1
.1

-2.0
.9
.7

-.8
.7
-.6

-1.2
1.1
.1

-.3
-.1
-.1

1.3
.8
.7

1.0
.1
.3

.8
.2
.4

.0
.2

.8
.2

.2
1.0

-22.2
7.1
7.2

-11.4
8.7
-.1

6.6
5.1
4.3

5.9
3.4

-13.5
5.4

IP (2007=100)
2009
2010
2011

83.6
84.2
89.4

83.7
84.3
89.5

82.0
85.1
90.1

81.4
85.7
89.6

80.4
86.7
89.7

80.1
86.6
89.6

81.2
87.3
90.3

81.9
87.4
90.6

82.6
87.5
90.9

82.6
87.7

83.3
87.9

83.4
88.8

83.1
84.5
89.7

80.6
86.3
89.7

81.9
87.4
90.6

83.1
88.1

82.2
86.6

125.8
122.0
120.3

125.6
121.7
120.3

125.3
121.4
120.4

125.0
121.2
120.5

124.7
120.9
120.6

124.4
120.7
120.7

124.1
120.6
120.8

123.7
120.4
120.9

123.4
120.3
121.0

123.0
120.3

122.7
120.2

122.4
120.2

125.6
121.7
120.3

124.7
120.9
120.6

123.7
120.4
120.9

122.7
120.3

124.2
120.8

Utilization
(percent)
1989
1990
1991
1992
1993

85.5
81.6
78.5
78.2
80.4

84.6
82.5
77.9
78.8
80.4

84.4
82.7
77.3
79.4
80.1

84.3
82.3
77.4
79.6
80.4

83.5
82.3
77.8
79.9
80.2

83.5
82.3
78.6
79.9
80.0

82.3
82.1
78.7
80.4
80.1

82.8
82.1
78.8
79.9
79.9

82.4
81.9
79.5
79.7
80.3

82.1
81.1
79.3
80.0
80.8

82.0
80.0
79.0
80.1
81.0

81.9
79.3
78.8
79.8
81.3

84.8
82.3
77.9
78.8
80.3

83.8
82.3
78.0
79.8
80.2

82.5
82.0
79.0
80.0
80.1

82.0
80.1
79.0
80.0
81.0

83.3
81.7
78.5
79.6
80.4

1994
1995
1996
1997
1998

81.3
84.6
81.4
82.2
83.7

81.2
84.2
82.3
82.9
83.1

82.1
84.1
81.7
83.4
82.4

82.5
83.6
82.2
82.7
82.2

82.8
83.3
82.3
82.9
82.0

82.8
83.3
82.8
82.9
80.9

82.8
82.5
82.6
82.8
80.0

83.2
83.1
82.6
83.6
81.5

83.2
83.4
82.7
83.7
80.8

83.7
82.9
82.2
83.6
81.1

84.0
82.5
82.4
83.9
80.8

84.7
82.4
82.6
83.6
80.8

81.5
84.3
81.8
82.8
83.0

82.7
83.4
82.4
82.9
81.7

83.1
83.0
82.6
83.3
80.8

84.1
82.6
82.4
83.7
80.9

82.8
83.3
82.3
83.2
81.6

1999
2000
2001
2002
2003

80.6
80.7
76.7
71.8
73.7

80.7
80.6
76.0
71.7
73.8

80.3
80.8
75.5
72.2
74.0

80.2
80.9
75.1
72.3
73.3

80.6
80.4
74.3
72.8
73.4

80.0
80.2
73.7
73.6
73.7

80.1
79.9
73.2
73.2
73.7

80.3
79.1
72.6
73.5
73.5

79.7
79.2
72.3
73.6
74.1

80.5
78.7
71.7
73.3
74.1

80.7
78.1
71.4
73.6
74.9

80.9
77.4
71.5
73.2
74.7

80.5
80.7
76.0
71.9
73.8

80.3
80.5
74.4
72.9
73.4

80.0
79.4
72.7
73.5
73.8

80.7
78.1
71.6
73.4
74.6

80.4
79.7
73.7
72.9
73.9

2004
2005
2006
2007
2008

74.8
78.1
79.1
78.7
78.9

75.4
78.6
78.9
79.0
78.5

75.2
78.2
78.6
79.3
78.1

75.5
78.2
79.0
79.7
77.2

76.1
78.4
78.5
79.4
76.8

75.5
78.4
78.6
79.5
76.3

76.1
78.1
78.4
79.5
75.6

76.6
78.2
78.6
79.0
74.6

76.4
77.2
78.5
79.3
72.2

77.2
78.2
78.1
78.8
71.8

77.1
78.7
78.0
79.0
70.2

77.6
78.5
79.1
79.2
68.2

75.1
78.3
78.9
79.0
78.5

75.7
78.3
78.7
79.5
76.8

76.3
77.8
78.5
79.3
74.1

77.3
78.5
78.4
79.0
70.1

76.1
78.2
78.6
79.2
74.9

2009
2010
2011

66.4
69.0
74.3

66.6
69.3
74.4

65.5
70.0
74.8

65.1
70.7
74.4

64.4
71.7
74.4

64.4
71.7
74.3

65.4
72.4
74.7

66.2
72.6
74.9

67.0
72.7
75.1

67.1
73.0

67.9
73.1

68.2
73.8

66.2
69.4
74.5

64.6
71.4
74.3

66.2
72.6
74.9

67.7
73.3

66.2
71.7

Capacity
(percent of
2007 output)
2009
2010
2011

1. Refer to note on cover page.
2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

14

Table 13
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY,
High-Technology Industries1

AND

U TILIZATION : Total Industry Excluding Selected

Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.3
-.7
-.4
-.8
.5

-.4
.9
-.8
.8
.3

.3
.5
-.6
.8
-.1

.0
-.2
.2
.6
.3

-.7
.1
1.0
.2
-.4

.0
.3
1.0
-.1
.2

-1.1
-.1
.0
.8
.3

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

-.3
.2
.9
.1
.4

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

.2
-1.3
-.2
.3
.3

.6
-.8
-.5
.0
.5

2.0
2.2
-8.0
-1.9
3.1

-1.6
2.5
2.0
6.2
.3

-3.5
1.3
5.3
1.8
1.4

.8
-6.7
.3
2.9
5.1

.6
.3
-2.0
1.9
2.5

1994
1995
1996
1997
1998

.4
.1
-1.0
-.1
.2

.0
-.2
1.3
.9
.0

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

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

.3
.1
.5
.3
.6

.6
.2
.7
.2
-.9

.0
-.6
-.5
.3
-.8

.4
1.1
.4
1.0
2.0

.0
.1
.3
.7
-.7

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

.4
.1
.8
.6
-.3

.9
.1
.5
.1
.1

4.5
2.9
-.4
5.1
1.9

5.3
-1.2
6.4
2.4
.8

3.2
1.5
2.1
6.2
-.3

5.7
.2
3.0
7.8
2.4

4.0
2.4
1.7
4.2
3.1

1999
2000
2001
2002
2003

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

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

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

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

.6
-.2
-.7
.5
-.1

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

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

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

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

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

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

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

.6
.5
-5.9
3.0
1.7

.3
1.5
-4.4
6.4
-4.6

1.1
-3.0
-4.6
1.8
.9

5.4
-2.7
-4.8
-1.1
2.6

1.1
1.0
-4.0
.3
.2

2004
2005
2006
2007
2008

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

.6
.6
.0
1.0
-.3

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

.5
.0
.4
.6
-.9

.7
.1
-.3
.0
-.6

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

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

.2
.0
.2
-.1
-1.7

-.1
-2.2
-.2
.4
-4.3

1.0
1.2
.0
-.8
1.1

.2
1.0
-.2
.2
-1.1

.7
.5
1.0
.1
-2.5

2.2
5.3
3.4
3.7
-2.4

1.8
.9
1.7
3.6
-7.4

1.6
-3.0
1.2
1.1
-12.2

5.4
2.0
.3
-1.5
-14.7

1.7
2.5
1.4
1.9
-4.4

2009
2010
2011

-2.1
1.2
.2

-.6
.1
-.4

-1.8
.5
.7

-1.0
.3
-.4

-1.1
1.4
.3

-.5
.1
.0

1.0
.9
1.1

.9
.2
.0

.6
.3
.2

.2
-.1

.2
.2

.6
1.2

-18.7
7.9
4.4

-12.5
6.9
.6

4.8
6.8
5.3

5.2
2.7

-11.2
5.0

IP (2007=100)
2009
2010
2011

87.0
86.8
91.6

86.6
86.9
91.2

85.0
87.4
91.9

84.1
87.7
91.5

83.2
88.9
91.8

82.8
89.0
91.8

83.7
89.8
92.8

84.4
90.0
92.8

85.0
90.2
93.0

85.1
90.1

85.3
90.3

85.8
91.4

86.2
87.1
91.6

83.4
88.5
91.7

84.3
90.0
92.9

85.4
90.6

84.8
89.0

123.7
121.0
119.3

123.7
120.6
119.4

123.7
120.3
119.5

123.6
120.0
119.6

123.5
119.8
119.7

123.3
119.6
119.8

123.1
119.4
119.8

122.8
119.3
119.9

122.4
119.3
120.0

122.1
119.2

121.7
119.2

121.3
119.3

123.7
120.6
119.4

123.5
119.8
119.7

122.8
119.3
119.9

121.7
119.3

122.9
119.8

Utilization
(percent)
1989
1990
1991
1992
1993

85.5
82.7
80.2
79.2
81.4

85.1
83.3
79.5
79.7
81.6

85.3
83.6
78.9
80.2
81.5

85.1
83.3
79.0
80.6
81.6

84.4
83.3
79.7
80.8
81.2

84.3
83.4
80.4
80.6
81.2

83.2
83.2
80.3
81.1
81.4

83.8
83.3
80.3
80.6
81.2

83.3
83.3
80.9
80.6
81.5

83.0
82.5
80.6
81.0
81.9

83.1
81.4
80.4
81.2
82.1

83.4
80.7
79.9
81.1
82.4

85.3
83.2
79.6
79.7
81.5

84.6
83.3
79.7
80.7
81.3

83.4
83.3
80.5
80.8
81.4

83.2
81.5
80.3
81.1
82.1

84.1
82.8
80.0
80.6
81.6

1994
1995
1996
1997
1998

82.6
84.9
82.4
83.8
84.6

82.5
84.6
83.4
84.3
84.2

83.1
84.4
83.0
84.4
83.9

83.2
84.0
83.5
83.9
83.7

83.4
83.9
83.8
83.9
83.9

83.8
83.9
84.2
83.8
82.8

83.7
83.3
83.6
83.8
81.9

83.9
84.1
83.8
84.3
83.3

83.7
84.0
83.9
84.6
82.5

84.1
83.5
83.4
84.8
82.7

84.4
83.4
83.9
85.0
82.1

85.0
83.4
84.1
84.7
82.0

82.7
84.6
82.9
84.1
84.2

83.5
83.9
83.8
83.9
83.5

83.8
83.8
83.7
84.2
82.5

84.5
83.4
83.8
84.8
82.3

83.6
83.9
83.6
84.3
83.1

1999
2000
2001
2002
2003

81.9
81.5
78.7
75.1
76.9

81.8
81.4
78.2
75.0
77.1

81.5
81.4
77.9
75.5
76.9

81.2
81.6
77.7
75.8
76.3

81.5
81.4
77.1
76.1
76.3

81.0
81.3
76.6
76.8
76.2

81.0
80.7
76.3
76.5
76.4

81.2
80.3
76.0
76.6
76.4

80.7
80.6
75.6
76.7
76.8

81.5
80.0
75.1
76.4
76.7

81.6
79.8
74.7
76.8
77.3

81.9
79.3
74.6
76.3
77.3

81.7
81.4
78.3
75.2
77.0

81.2
81.4
77.2
76.2
76.3

81.0
80.5
76.0
76.6
76.5

81.7
79.7
74.8
76.5
77.1

81.4
80.8
76.6
76.1
76.7

2004
2005
2006
2007
2008

77.4
80.2
80.5
80.1
81.0

77.9
80.7
80.4
80.8
80.8

77.4
80.6
80.5
80.6
80.4

77.8
80.5
80.7
81.0
79.7

78.4
80.6
80.3
81.0
79.2

77.7
80.8
80.4
81.1
79.0

78.2
80.6
80.4
81.2
78.7

78.4
80.5
80.4
81.1
77.3

78.3
78.7
80.1
81.5
73.9

79.1
79.5
80.0
80.9
74.7

79.3
80.2
79.7
81.1
73.8

79.9
80.6
80.4
81.3
71.9

77.5
80.5
80.5
80.5
80.8

77.9
80.6
80.5
81.0
79.3

78.3
79.9
80.3
81.3
76.6

79.4
80.1
80.0
81.1
73.5

78.3
80.3
80.3
81.0
77.5

2009
2010
2011

70.3
71.8
76.7

70.0
72.1
76.4

68.7
72.6
76.9

68.1
73.0
76.5

67.3
74.2
76.7

67.1
74.4
76.6

68.0
75.2
77.4

68.8
75.4
77.4

69.4
75.6
77.5

69.7
75.6

70.1
75.7

70.7
76.6

69.7
72.2
76.7

67.5
73.9
76.6

68.7
75.4
77.5

70.2
76.0

69.0
74.4

IP (percent
change)2
1989
1990
1991
1992
1993

Capacity
(percent of
2007 output)
2009
2010
2011

1. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

15

Table 14
H ISTORICAL S TATISTICS FOR I NDUSTRIAL P RODUCTION , C APACITY, AND U TILIZATION : Manufacturing1 Excluding Selected
High-Technology Industries2
Seasonally adjusted

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

.9
-.3
-.8
-.9
1.1

-1.0
1.5
-.8
.9
.1

.0
.4
-.8
.9
-.3

.1
-.3
.3
.4
.5

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

.2
.2
1.1
.1
-.2

-1.4
-.2
.3
.8
.2

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

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

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

.1
-1.2
-.3
.3
.3

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

2.3
3.6
-9.7
-1.1
4.0

-3.1
2.3
1.4
7.1
.7

-4.3
.6
7.0
2.7
.4

-.7
-7.6
1.0
1.4
5.7

.4
.0
-2.6
2.6
2.5

1994
1995
1996
1997
1998

.1
.1
-1.2
-.2
.5

.1
-.3
1.3
1.0
-.1

1.2
-.1
-.4
.9
-.3

.5
-.4
1.0
-.7
.2

.4
-.1
.5
.5
.4

.2
.3
.8
.4
-1.1

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

.6
.9
.3
1.3
2.4

.1
.5
.4
.6
-.8

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

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

.9
.0
.7
.2
.2

4.2
2.8
-1.8
6.1
3.1

7.0
-2.2
7.3
2.9
-.2

3.7
.3
4.0
6.8
-.5

7.0
.6
2.8
8.2
4.1

4.4
2.5
1.5
4.9
3.5

1999
2000
2001
2002
2003

-.1
-.3
-.6
.7
.5

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

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

.0
.4
-.1
.1
-1.1

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

-.7
.0
-.5
1.0
.3

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

.6
-.8
-.7
.3
-.4

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

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

.3
-.6
-.2
.4
.9

.3
-.9
.2
-.7
-.3

.7
.3
-6.9
3.7
.7

.3
.6
-4.3
5.7
-3.9

.2
-3.7
-4.9
2.4
.1

6.6
-4.7
-4.6
-1.4
2.9

1.4
.7
-4.8
.4
.0

2004
2005
2006
2007
2008

-.1
.7
.8
-.4
-.4

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

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

.5
.1
.5
.5
-1.3

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

-.9
.1
.2
.4
-.6

.8
-.3
-.1
.3
-1.0

.6
.1
.3
-.6
-1.4

-.3
-1.3
.0
.4
-3.5

1.1
1.4
-.4
-.8
-.4

-.1
.7
.0
.1
-2.2

.6
-.1
1.6
.2
-3.0

1.8
5.7
3.3
4.5
-3.6

3.1
.9
.0
4.0
-10.0

3.1
-2.1
.2
.8
-14.1

5.2
4.2
.9
-2.3
-20.4

2.0
3.1
1.5
2.0
-6.0

2009
2010
2011

-2.8
1.0
.6

.1
.0
.1

-2.2
.9
.7

-1.0
.7
-.6

-1.3
1.2
.1

-.4
-.1
-.1

1.3
.9
.8

.9
.0
.3

.8
.1
.3

-.1
.2

.8
.1

.2
1.0

-22.2
6.8
6.7

-12.9
8.6
.0

5.9
5.1
4.4

5.4
2.9

-13.7
4.9

IP (2007=100)
2009
2010
2011

82.9
82.8
87.6

82.9
82.8
87.7

81.1
83.6
88.4

80.3
84.2
87.9

79.3
85.2
88.0

79.0
85.1
87.9

80.0
85.8
88.6

80.7
85.8
88.9

81.3
86.0
89.2

81.2
86.2

81.9
86.2

82.0
87.1

82.3
83.1
87.9

79.5
84.8
87.9

80.7
85.9
88.9

81.7
86.5

81.1
85.1

125.2
120.5
118.4

124.9
120.1
118.4

124.5
119.8
118.4

124.2
119.5
118.4

123.8
119.3
118.5

123.4
119.1
118.5

122.9
118.9
118.5

122.5
118.7
118.6

122.1
118.6
118.6

121.6
118.5

121.2
118.5

120.8
118.4

124.9
120.1
118.4

123.8
119.3
118.5

122.5
118.7
118.6

121.2
118.5

123.1
119.2

Utilization
(percent)
1989
1990
1991
1992
1993

86.0
81.8
78.8
77.9
80.6

85.0
82.9
78.1
78.6
80.5

84.9
83.0
77.4
79.2
80.2

84.8
82.6
77.5
79.5
80.5

84.0
82.6
78.0
79.8
80.3

84.0
82.6
78.7
79.8
80.1

82.7
82.4
78.9
80.3
80.2

83.2
82.5
78.9
79.8
79.9

82.8
82.3
79.7
79.7
80.3

82.4
81.4
79.4
79.9
80.8

82.3
80.3
79.1
80.1
81.0

82.2
79.5
78.7
79.8
81.3

85.3
82.6
78.1
78.6
80.4

84.3
82.6
78.1
79.7
80.3

82.9
82.4
79.1
79.9
80.1

82.3
80.4
79.1
79.9
81.0

83.7
82.0
78.6
79.5
80.5

1994
1995
1996
1997
1998

81.3
84.5
81.0
82.5
83.7

81.3
84.0
81.9
83.1
83.2

82.1
83.8
81.4
83.5
82.7

82.5
83.3
82.1
82.7
82.5

82.7
83.0
82.3
82.7
82.5

82.7
83.1
82.8
82.7
81.3

82.8
82.2
82.5
82.5
80.3

83.2
82.8
82.6
83.3
81.9

83.1
83.1
82.8
83.4
81.0

83.6
82.5
82.2
83.5
81.3

83.9
82.3
82.6
83.8
80.9

84.5
82.1
82.9
83.6
80.8

81.6
84.1
81.4
83.0
83.2

82.6
83.1
82.4
82.7
82.1

83.0
82.7
82.6
83.1
81.1

84.0
82.3
82.5
83.6
81.0

82.8
83.1
82.3
83.1
81.8

1999
2000
2001
2002
2003

80.6
79.9
76.0
73.1
74.9

80.7
79.7
75.6
73.0
74.9

80.1
79.8
75.3
73.6
75.0

79.9
79.9
75.1
73.7
74.2

80.2
79.4
74.5
74.2
74.2

79.5
79.3
74.1
75.0
74.4

79.3
78.9
74.0
74.6
74.4

79.6
78.1
73.4
74.9
74.1

79.1
78.3
73.2
75.0
74.7

80.0
77.8
72.7
74.6
74.6

80.2
77.3
72.5
74.9
75.4

80.3
76.5
72.6
74.4
75.2

80.4
79.8
75.6
73.2
74.9

79.9
79.5
74.6
74.3
74.3

79.4
78.4
73.5
74.8
74.4

80.2
77.2
72.6
74.7
75.1

80.0
78.7
74.1
74.2
74.7

2004
2005
2006
2007
2008

75.1
78.5
79.2
78.5
78.6

75.7
79.1
78.9
78.8
78.1

75.5
78.6
78.6
79.1
77.7

76.0
78.6
78.9
79.4
76.7

76.5
78.8
78.3
79.2
76.2

75.9
78.8
78.4
79.5
75.7

76.5
78.5
78.2
79.6
75.0

77.0
78.5
78.3
79.1
74.0

76.8
77.3
78.2
79.4
71.5

77.6
78.3
77.8
78.8
71.3

77.5
78.8
77.7
78.9
69.9

78.0
78.6
78.9
79.0
68.0

75.5
78.7
78.9
78.8
78.2

76.1
78.8
78.5
79.4
76.2

76.7
78.1
78.3
79.4
73.5

77.7
78.6
78.1
78.9
69.7

76.5
78.5
78.5
79.1
74.4

2009
2010
2011

66.2
68.8
74.0

66.4
69.0
74.1

65.1
69.8
74.6

64.7
70.4
74.2

64.0
71.4
74.3

64.0
71.5
74.2

65.1
72.2
74.7

65.9
72.3
75.0

66.6
72.5
75.2

66.8
72.7

67.6
72.8

67.9
73.5

65.9
69.2
74.2

64.3
71.1
74.2

65.9
72.3
75.0

67.4
73.0

65.9
71.4

IP (percent
change)3
1989
1990
1991
1992
1993

Capacity
(percent of
2007 output)
2009
2010
2011

1. Refer to note on cover page.
2. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
3. Quarterly changes are at annual rates. Annual changes are calculated from annual averages.

16

value added divided by the average annual IP index.

E XPLANATORY N OTE
The Industrial Production and Capacity Utilization statistical
release, which is published around the middle of the month, reports
measures of output, capacity, and capacity utilization in
manufacturing, mining, and the electric and gas utilities industries.
More detailed descriptions of industrial production and capacity
utilization are available on the Board’s website at
www.federalreserve.gov/releases/G17. In addition, the website
includes files containing data shown in the release, more detailed
series that are published in a monthly supplement to the G.17, and
historical data. Instructions on searching for and downloading specific
series are provided as well.

A
Im
A
Im−1

=

Im p m
Im−1 pm

Im pm−1
×
Im−1 pm−1

The IP proportions (typically shown in the first column of the relevant
tables in the 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 4 percent. If output in this industry increased 10 percent in a
month, then this gain would boost growth in total IP by 4/10
percentage point (0.04 x 10% = 0.4%). 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/IPWeightsSa.txt).

I NDUSTRIAL P RODUCTION
Coverage. The industrial production (IP) index measures the real
output of the manufacturing, mining, and electric and gas utilities
industries; the reference period for the index is 2007. Manufacturing
consists of those industries included in the North American Industry
Classification System (NAICS) definition of manufacturing plus those
industries— newspaper, periodical, book, and directory publishing
plus logging—that have traditionally been considered to be
manufacturing. For the period since 1997, the total IP index has been
constructed from 312 individual series based on the 2002 NAICS
codes. These individual series are classified in two ways: (1) market
groups, and (2) industry groups. Market groups consist of products
and materials. Total products are the aggregate of final products, such
as consumer goods and equipment, and nonindustrial supplies (which
are inputs to nonindustrial sectors). Materials are inputs in the
manufacture of products. Major industry groups include three-digit
NAICS industries and aggregates of these industries—for example,
durable and nondurable manufacturing, mining, and utilities. A
complete description of the market and industry structures, including
details regarding series classification, relative importance weights,
and data sources, is available on the Board’s web site
(www.federalreserve.gov/releases/G17/About.htm).

Timing. The first estimate of output for a month is published around
the 15th of the following month. The estimate is preliminary (denoted
by the superscript “p” in tables) and subject to revision in each of the
subsequent five months as new source data become available.
(Revised estimates are denoted by the superscript “r” in tables.) For
the first estimate of output for a given month, about 67 percent of the
source data (in value-added terms) are available; the fraction of
available source data increases to 81 percent for estimates in the
second month that the estimate is published, 93 percent in the third
month, 96 percent in the fourth month, 99 percent in the fifth month,
and 99 percent in the sixth month. Data availability by data type in
early 2011 is summarized in the table below:
Availability of Monthly IP Data in Publication Window
(Percent of value added in 2011)
Month of estimate

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
and unit values or sales) 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 direct measures of product are not available, estimates
of output are based on production-worker hours by industry. Data on
hours worked by production workers are collected in the monthly
establishment survey conducted by the Bureau of Labor Statistics.
The factors used to convert inputs into estimates of production are
based on historical relationships between the inputs and the
comprehensive annual data used to benchmark the IP indexes; these
factors also may be influenced by technological or cyclical
developments. The annual data used in benchmarking the individual
IP indexes are constructed from a variety of source data, such as the
quinquennial Censuses of Manufactures and Mineral Industries and
the Annual Survey of Manufactures, prepared by the Bureau of the
Census; the Minerals Yearbook, prepared by the United States
Geological Survey of the Department of the Interior; and publications
of the Department of Energy.

Type of data

1st

2nd

3rd

4th

5th

6th

Physical product

27

41

53

55

58

58

Production-worker hours

41

41

41

41

41

41

IP data received

67

81

93

96

99

99

IP data estimated

33

19

7

4

1

1

The physical product group includes series based on either monthly or
quarterly data. As can be seen in the first row of the table, in the first
month, a physical product indicator is available for about half of the
series (in terms of value added) that ultimately are based on physical
product data (27 percent out of a total of 58 percent). Of the 27
percent, about two-thirds (19 percent of total IP) include series that
are derived from weekly physical product data and for which actual
monthly data may lag up to several months. On average, quarterly
product data are received for the fourth estimate of industrial
production. Specifically, quarterly data are available for the third
estimate of the last month of a quarter, the fourth estimate of the
second month of a quarter, and the fifth estimate of the first month of
a quarter.
Seasonal adjustment. Individual series are seasonally adjusted using
Census X-12 ARIMA. For series based on production-worker hours,
the current seasonal factors were estimated with data through January
2011; for other series, the factors were estimated with data through at
least December 2010. Series are pre-adjusted for the effects of
holidays or business cycles when appropriate. For the data since 1972,
all seasonally adjusted aggregate indexes are calculated by
aggregating the seasonally adjusted indexes of the individual series.

Aggregation Methodology and Weights. The aggregation method
for the IP index is a version of the Fisher-ideal index formula. (For a
detailed discussion of the aggregation method, see the Federal
Reserve Bulletins of 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
A
shown below. An output index for month m is denoted by Im for
aggregate A and Im for each of its components. The monthly price
measure in the formula (pm ) is interpolated from an annual series of

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

17

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 Census Bureau’s annual Survey of
Plant Capacity (the predecessor to the QSPC) 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 QSPC.

period. In most cases (about 85 percent), the direction of the change
in output indicated by the first estimate for a given month is the same
as that shown by the fourth estimate.
Rounding. The published percent changes are calculated from
unrounded indexes, and may not be the same as percent changes
calculated from the rounded indexes shown in the release.
C APACITY U TILIZATION

Perspective. Over the 1972–2010 period, the average total industry
utilization rate is 80.4 percent; for manufacturing, the average factory
operating rate has been 79.0 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.

Overview. The Federal Reserve Board constructs estimates of
capacity and capacity utilization for industries in manufacturing,
mining, and electric and gas utilities. For a given industry, the
capacity utilization rate is equal to an output index (seasonally
adjusted) divided by a capacity index. The Federal Reserve Board’s
capacity indexes attempt to capture the concept of sustainable
maximum output—the greatest level of output a plant can maintain
within the framework of a realistic work schedule, after factoring in
normal downtime and assuming sufficient availability of inputs to
operate the capital in place.

R EFERENCES AND R ELEASE DATES
Coverage. Capacity indexes are constructed for 89 detailed industries
(71 in manufacturing, 16 in mining, and 2 in utilities), which mostly
correspond to industries at the three- and four-digit NAICS level.
Estimates of capacity and utilization are available for a variety of
groups, including durable and nondurable manufacturing, total
manufacturing, mining, utilities, and total industry. Manufacturing
consists of those industries included in the North American Industry
Classification System (NAICS) definition of manufacturing plus those
industries— newspaper, periodical, book, and directory publishing
plus logging—that have traditionally been considered to be
manufacturing. Also, special aggregates are available, such as
high-technology industries and manufacturing excluding
high-technology industries.

References. The release for the annual revision that was published on
March 25, 2011 is available on the Board’s website (www.federal
reserve.gov/releases/g17/revisions/Current/DefaultRev.htm). A
summary of the annual revision that incorporated back to 1972
production and capacity indexes reclassified according to the North
American Industry Classification System is available in an article in
the Federal Reserve Bulletin, vol. 89 (April 2003), pp. 151–176. A
description of the aggregation methods for industrial production and
capacity utilization is included in an article in the Federal Reserve
Bulletin, vol. 83 (February 1997), pp. 67–92. The Federal Reserve
methodology for constructing industry-level measures of capital is
detailed in “Capital Stock Estimates for Manufacturing Industries:
Methods and Data” by Mike Mohr and Charles Gilbert (1996), which
can be obtained at:
www.federalreserve.gov/releases/g17/CapitalStockDocLatest.pdf.

Source Data. The monthly rates of capacity utilization are designed
to be consistent with both the monthly data on production and the
periodically available data on capacity and utilization. Because there
is no direct monthly information on overall industrial capacity or
utilization rates, the Federal Reserve first estimates annual capacity
indexes from the source data. Capacity data reported in physical units
from government sources (primarily from the U.S. Geological Survey
and the Department of Energy’s Energy Information Administration)
and trade sources are available for portions of several industries in
manufacturing (e.g., paper, industrial chemicals, petroleum refining,
motor vehicles), as well as for electric utilities and mining; these
industries represent about 25 percent of total industrial capacity.
When physical product data are unavailable for manufacturing
industries, capacity indexes are based on responses to the Bureau of
the Census’s Quarterly Survey of Plant Capacity (QSPC); these
industries account for a bit less than 70 percent of total industry
capacity. In the absence of utilization data for a few mining and
petroleum series, capacity is based on trends through peaks in
production (roughly 5 percent of total industry capacity). A detailed
description of the methodology used to construct the capacity indexes
is available on the Board’s web site
(www.federalreserve.gov/releases/G17/CapNotes.htm).

Industrial Production—1986 Edition contains a more detailed
description of the other methods used to compile the industrial
production index, plus a history of its development, a glossary of
terms, and a bibliography. The major revisions to the IP indexes and
capacity utilization since 1990 have been described in the Federal
Reserve Bulletin (April 1990, June 1990, June 1993, March 1994,
January 1995, January 1996, February 1997, February 1998, January
1999, March 2000, March 2001, March 2002, April 2003, Winter
2004, Winter 2005, March 2006, May 2007, August 2008, August
2009) or in an on-line staff study
(www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf).
Release Schedule
At 9:15 a.m. on
2011: January 14, February 16, March 17, April 15, May 17, June 15,
July 15, August 16, September 15, October 17, November 16, and
December 15.

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 the annual capacity aggregate 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.

2012: January 18, February 15, March 16, April 17, May 16, June 15,
July 17, August 15, September 14, October 16, November 16, and
December 14.

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

18