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FEDERAL RESERVE statistical release G.17 (419)  For release at 9:15 a.m. (EDT) October 17, 2019  INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION  Industrial production fell back 0.4 percent in September after advancing 0.8 percent in August. For the third quarter, industrial production rose at an annual rate of 1.2 percent following declines of about 2 percent in both the first and the second quarters. (over)  Industrial Production and Capacity Utilization: Summary Seasonally adjusted 2012=100  Percent change  Industrial production  2019 Apr.r  2019 Apr.r  Mayr  Juner  Julyr  Aug.r  Sept.p  Mayr  Juner  Julyr  Aug.r  Sept.p  Total index Previous estimates  109.0 109.0  109.3 109.2  109.3 109.4  109.1 109.2  109.9 109.9  Major market groups Final Products Consumer goods Business equipment Nonindustrial supplies Construction Materials  102.5 104.5 100.7 107.6 115.2 114.8  103.0 105.1 101.1 108.2 115.9 114.8  103.6 105.6 101.7 107.9 116.7 114.4  103.4 105.6 101.2 107.8 115.3 114.2  Major industry groups Manufacturing (see note below) Previous estimates Mining Utilities  104.3 104.3 133.4 103.3  104.5 104.5 133.1 105.2  105.0 105.1 133.6 100.9  104.7 104.7 130.4 105.1  109.5  -.6 -.6  .2 .2  .1 .1  -.2 -.1  .8 .6  -.4  -.1  103.7 105.7 102.3 108.4 116.2 115.6  103.4 105.4 101.6 108.2 116.2 115.0  -1.8 -1.9 -1.9 -.5 -.7 .3  .5 .6 .4 .5 .6 -.1  .6 .5 .6 -.2 .7 -.3  -.2 .0 -.5 -.2 -1.2 -.2  .3 .1 1.1 .6 .7 1.2  -.3 -.2 -.7 -.2 .0 -.5  -.6 -1.0 -.8 .1 1.2 .2  105.2 105.2 133.5 105.4  104.8  -.9 -.9 2.6 -3.3  .1 .1 -.2 1.8  .6 .6 .4 -4.1  -.4 -.4 -2.4 4.2  .6 .5 2.4 .2  -.5  -.9  -1.3 1.4  2.6 1.2  131.8 106.8  Sept. ’18 to Sept. ’19  Capacity growth  Percent of capacity Average 19722018  198889 high  199091 low  199495 high  2009 low  2018 Sept.  2019 Apr.r  Mayr  Juner  Julyr  Aug.r  Sept.p  Total industry Previous estimates  79.8  85.1  78.8  85.0  66.7  79.3  77.8 77.8  77.8 77.8  77.7 77.8  77.4 77.5  77.9 77.9  77.5  2.2  Manufacturing (see note below) Previous estimates Mining Utilities  78.3  85.5  77.3  84.6  63.7  76.9  84.3 84.7  88.6 93.2  78.3 78.2  92.1 78.7  75.7 75.8 91.3 73.9  75.4 75.4 88.7 76.8  75.7 75.7 90.5 76.8  1.3  86.3 93.2  75.4 75.4 91.3 77.2  75.3  87.1 85.4  75.4 75.4 91.9 75.9  88.9 77.7  6.2 2.5  Stage-of-process groups Crude Primary and semifinished Finished  86.1 80.4 76.8  87.8 86.4 83.3  84.7 78.1 77.3  90.0 87.8 80.6  76.4 63.9 66.5  90.7 77.4 75.8  89.6 75.7 74.5  89.1 76.0 74.5  88.7 75.1 75.3  87.0 75.5 74.9  88.7 75.9 75.0  87.6 75.8 74.4  4.8 1.6 1.5  Capacity utilization  Sept. ’18 to Sept. ’19  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  Manufacturing production decreased 0.5 percent in September, with output reduced by a strike at a major manufacturer of motor vehicles. Excluding motor vehicles and parts, the overall index and the manufacturing index each moved down 0.2 percent. Mining production fell 1.3 percent, while utilities output rose 1.4 percent. At 109.5 percent of its 2012 average, total industrial production was 0.1 percent lower in September than it was a year earlier. Capacity utilization for the industrial sector decreased 0.4 percentage point in September to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2018) average. Market Groups The cutback in motor vehicle output in September contributed to a drop of nearly 2 percent for consumer durables and to declines of around 1 percent for transit equipment and for durable goods materials. The indexes for many of the other market groups were relatively little changed, but gains of more than 1 percent were posted by consumer energy products, by information processing equipment, and by defense and space equipment, while a loss of more than 1 percent was recorded by industrial and other equipment. Industry Groups Manufacturing output fell 0.5 percent in September but rose at an annual rate of 1.1 percent in the third quarter. In September, the motor vehicle industry strike contributed to a drop of 0.7 percent for durables; the index for nondurables declined 0.2 percent, while the index for other manufacturing (publishing and logging) rose 0.5 percent. Excluding the decrease of 4.2 percent for motor vehicles and parts, the output of durables edged down 0.1 percent, with decreases of nearly 1 percent or more in primary metals; machinery; and electrical equipment, appliances, and components. Gains of nearly 1 percent or more were recorded by computer and electronic products, by aerospace and miscellaneous transportation equipment, and by furniture and related products. Among nondurable goods industries, apparel and leather posted the largest gain (2.3 percent), while plastics and rubber products posted the largest loss (1.2 percent). Mining output moved down 1.3 percent in September; reductions in crude oil extraction and well drilling contributed to the decline. The index for mining fell at an annual rate of 4.4 percent in the third quarter, its first quarterly decrease in three years. The output of utilities moved up 1.4 percent in September, as unseasonably warm weather boosted demand for electricity. Capacity utilization for manufacturing decreased 0.4 percentage point to 75.3 percent in September, a rate that is 3.0 percentage points below its long-run average. The operating rate for durables dropped 0.7 percentage point, while the rate for nondurables decreased 0.3 percentage point. The utilization rate for mining fell to 88.9 percent yet was still almost 2 percentage points higher than its long-run average. The rate for utilities rose 0.9 percentage point but remained well below its long-run average.  2  Tables 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.  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 Final 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 Industrial Production: Reliability Estimates  Further detail is available on the Board’s website (www.federalreserve.gov/releases/G17/).  3  1. Industrial production, capacity, and utilization 175 150  Ratio scale, 2012 output = 100 Total Manufacturing  175 150  125  125  Capacity  100  100  75  75 Production  Production: 2015 to present  50  114  50  110 106 102  2016  25  1970  1975  1980  1985  1990  1995  2018  2000  98  2005  2010  2015  2020  Percent of capacity  100  90  25  100  90  Utilization  80  80  70  70  60  1970  1975  1980  1985  1990  1995  2000  2005  2010  2015  2020  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  Ratio scale, 2012=100  Equipment  130  130  120  120  110  110  100  110  90  Business  90  100  Nondurable  90  Ratio scale, 2012=100  110  70  70  90  Durable  Defense and Space  80  80  70  50  140  140  140  140  130  130  130  130  120  120  120  110  110  100  100  100  90  90  90  90  80  80  80  70  70  70  2000  2005  2010  Nonindustrial supplies  2015  Ratio scale, 2012=100  120 110  Construction  100  2000  2005  Industrial materials  2010  2015  50  Ratio scale, 2012=100  110  Non-energy  Other business  70  2000  2005  2010  Capacity utilization  2015  Percent of capacity  90 85 80  70  90  80  2010  2015  70  Percent of capacity 95  Crude processing  90  85  85  80  80  75  75  75 70  Excluding utilities  65  65  60  60  70  55  65  55  2005  Capacity utilization 85  75  2000  95  90 Primary and semifinished processing  80  Energy  2000  2005  2010  2015  70 Finished processing 2000  2005  2010  2015  65  Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).  5  3. Industrial production of selected industries Industrial production  Ratio scale, 2012 output = 100 120 110 100  Excluding high-technology industries  90 80 70 Total IP  60 55 50 45  1975  1980  1985  1990  1995  2000  2005  Industrial production  2010  2015  2020  40  Ratio scale, 2012 output = 100 140 120 Non-Energy  100 90 80  Energy  70 60 50 45 40  1975  1980  1985  1990  1995  2000  2005  Industrial production  2010  2015  2020  35  Ratio scale, 2012 output = 100 140 120 100 80 60  Motor Vehicles and Parts  40  1975  1980  1985  1990  1995  2000  2005  2010  2015  2020  20  Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 3344), computers (NAICS 3341), and communications equipment (NAICS 3342). The shaded areas represent periods of business recession as defined by the NBER.  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  2018 proportion1  Annual rate 2019 Q1 Q2r Q3p  Monthly rate 2019 Apr.r  Mayr  Juner  Julyr  Aug.r  Sept.p  Sept. ’18 to Sept. ’19  2016  2017  2018  100.00  -.3  3.6  4.0  -1.9  -2.2  1.2  -.6  .2  .1  -.2  .8  -.4  -.1  53.84 27.57 6.28 3.28 .12 .85 2.03 21.29 16.17 9.26 .18 5.27 1.03 5.13  .3 1.0 3.1 4.9 .8 .8 1.5 .4 -.7 .3 -2.2 -1.6 -3.4 4.4  2.7 1.7 .7 .6 1.3 -.5 1.4 1.9 1.6 2.5 -10.5 2.1 -4.5 3.0  2.1 1.5 3.0 3.5 5.7 -1.6 4.0 1.0 -.1 -.2 -5.0 1.2 -5.4 4.7  -2.0 -3.9 -11.3 -17.2 24.7 -9.6 -4.0 -1.6 1.7 3.3 -21.8 .4 -3.4 -10.9  -3.2 -3.2 1.2 5.0 4.8 -2.5 -3.4 -4.4 -2.9 .0 5.0 -8.3 -5.4 -9.3  1.6 2.1 4.8 8.3 3.2 1.9 .7 1.2 -.2 -4.9 -2.1 9.2 -1.6 6.2  -1.4 -1.9 -.9 -1.7 -3.5 .2 .1 -2.2 -1.3 -1.2 1.7 -1.9 -.7 -4.8  .5 .6 2.0 2.7 5.0 1.8 .7 .2 -.6 .0 -.6 -1.5 -1.4 2.9  .4 .5 1.4 3.2 .2 -1.9 -.2 .3 1.6 2.6 .6 .6 -.9 -4.2  -.2 .0 .4 1.1 .0 .6 -.7 -.1 -1.0 -3.0 -1.0 2.4 .1 2.6  .4 .1 -.2 -1.1 -1.0 .5 1.0 .2 .1 -.1 -.7 .4 .5 .5  -.3 -.2 -1.9 -4.1 -.6 .5 .5 .3 -.1 .4 2.3 -1.0 .7 1.4  -.4 -1.0 -3.1 -5.0 12.9 -2.9 -1.1 -.4 -1.0 -1.7 -6.4 .4 -2.7 1.5  Business equipment Transit Information processing Industrial and other Defense and space equipment  9.42 2.36 2.12 4.93 2.11  -2.1 -6.4 3.9 -2.3 .8  4.8 .2 4.1 7.6 -.8  3.9 3.6 3.6 4.2 6.7  -1.8 -5.0 10.3 -5.1 12.5  -5.2 -15.3 5.0 -4.5 7.7  2.1 5.8 5.4 -1.0 6.3  -1.9 -4.2 .2 -1.8 .3  .4 -1.7 .1 1.6 .5  .6 1.7 1.3 -.2 1.3  -.5 .8 -.1 -1.2 .1  1.1 .6 .2 1.6 .0  -.7 -1.0 1.1 -1.4 1.1  -.8 -4.9 6.5 -2.0 9.3  Construction supplies Business supplies  5.26 8.83  .8 1.4  4.1 2.3  2.5 .0  1.7 -2.0  -2.2 -3.4  -.2 1.5  -.7 -.4  .6 .5  .7 -.8  -1.2 .5  .7 .6  .0 -.3  1.2 -.6  46.16 27.77 16.42 2.98 4.77 8.67 11.35 .36 1.82 6.03 18.39  -1.0 .0 -.7 -.2 .2 -1.4 1.0 1.2 .4 .6 -2.9  4.8 2.7 2.7 .7 1.8 4.0 2.7 -1.3 -3.6 4.9 8.2  6.1 3.2 3.9 3.9 5.8 2.7 2.2 5.4 -.3 4.3 10.4  -1.9 -3.2 -3.1 -15.3 3.4 -2.1 -3.5 3.3 -9.7 -3.4 .2  -1.0 -4.1 -3.6 -7.7 -1.5 -3.3 -4.8 3.3 -11.7 -5.7 3.8  .9 .1 .4 3.7 2.1 -1.6 -.3 -.7 2.2 -.9 2.1  .3 -.3 -.6 -1.7 -1.2 .1 .1 -1.4 .8 -.2 1.3  -.1 -.1 .0 .8 .5 -.6 -.3 .7 -1.5 .0 .0  -.3 -.1 .3 .4 .5 .1 -.7 1.7 -2.0 -1.0 -.6  -.2 -.2 -.3 1.9 -.3 -.9 -.1 -2.3 1.2 -.5 -.2  1.2 .8 .7 -.9 .6 1.3 1.0 1.5 2.0 1.4 1.9  -.5 -.6 -.9 -2.6 -.1 -.7 -.2 -.4 -.4 -.1 -.4  .2 -1.4 -1.2 -6.0 1.2 -.9 -1.6 2.9 -4.4 -1.3 2.6  321 327 331 332 333 334  75.05 73.17 37.68 1.44 2.23 2.85 5.63 5.39 4.80  .3 .3 -.1 4.7 .0 -4.1 -1.6 -2.3 5.1  2.5 2.7 2.6 5.4 5.3 4.4 3.0 9.3 3.5  2.2 2.5 4.1 -.9 1.9 6.2 4.9 5.8 4.5  -1.8 -1.7 -2.7 -1.8 -.5 -10.5 1.6 -6.2 8.7  -3.2 -3.0 -2.0 1.6 -2.4 -4.9 -5.0 -8.5 4.4  1.1 1.1 2.4 5.4 1.3 -2.6 -.4 -.2 5.7  -.9 -.9 -.9 .9 .4 1.1 -.8 -3.4 .0  .1 .2 .4 1.0 -.3 -2.3 -.7 2.3 .2  .6 .6 .5 .3 .6 -2.0 .6 -.4 1.2  -.4 -.4 .0 -.1 -.9 1.1 -.9 -1.7 .1  .6 .6 .6 1.2 1.2 1.5 1.0 2.4 .2  -.5 -.5 -.7 .5 .3 -1.6 -.2 -1.4 1.0  -.9 -.8 -.3 -.2 2.1 -3.3 .1 -2.9 5.3  335 3361–3  1.81 5.61  -.2 2.5  .0 -.3  3.5 5.5  -6.1 -14.8  2.7 1.8  5.5 6.2  -1.2 -1.7  2.7 2.4  -.1 2.7  .9 1.0  .0 -.9  -.9 -4.2  -.4 -5.4  3364–9 337 339  4.10 1.18 2.64  -3.2 -.4 -1.3  -.9 -1.7 -1.2  2.7 1.6 2.2  4.5 -5.8 2.9  -6.8 .9 3.5  5.4 1.0 -.8  -1.7 .9 .9  -1.1 .9 -.3  .7 -.8 -.4  .8 .4 .5  .1 -.6 -.2  1.0 1.4 -.5  2.0 -.3 2.5  311,2 313,4 315,6 322 323 324 325 326  35.48 11.28 .64 .20 2.42 1.31 3.43 12.68 3.52  .8 .8 .9 -1.9 1.1 1.7 4.2 -.2 1.3  2.7 3.1 .2 -10.0 -2.6 -1.3 2.7 4.3 2.8  .9 .2 .9 -5.2 .0 -2.7 -1.2 2.9 .0  -.7 3.7 -1.8 -21.8 -7.5 -6.0 -1.5 -1.7 -2.3  -4.1 .2 .0 4.6 -9.7 -5.7 -5.6 -5.9 -6.3  -.2 -3.8 -5.8 -1.5 2.8 -2.4 3.9 2.7 -2.8  -.9 -1.0 -1.2 1.7 .9 -.2 -1.0 -.9 -1.9  -.1 -.1 -.4 -.6 -1.2 .3 .6 -.6 1.2  .6 2.4 1.1 .7 -1.6 -.7 .3 -.5 1.2  -.7 -2.4 -2.3 -.9 1.5 -.4 .9 .7 -2.7  .6 -.1 .4 -.7 1.3 .2 -.8 1.0 1.9  -.2 .2 .1 2.3 -.4 .1 .7 -.5 -1.2  -1.4 -1.3 -1.9 -6.2 -3.3 -3.8 -1.5 -.3 -2.4  1133,5111  1.88  -1.5  -3.5  -10.0  -4.9  -8.4  -1.8  -.6  -1.6  .6  -.5  .1  .5  -3.8  21 2211,2 2211 2212  14.56 10.39 8.73 1.66  -6.2 2.2 2.2 2.6  11.3 3.1 2.0 10.1  13.9 2.6 .8 12.8  1.7 -8.1 -5.5 -20.0  8.1 -8.5 -7.3 -14.4  -4.4 10.8 13.3 -1.6  2.6 -3.3 -3.0 -5.0  -.2 1.8 1.0 6.2  .4 -4.1 -3.8 -5.3  -2.4 4.2 4.7 1.8  2.4 .2 .3 .0  -1.3 1.4 1.9 -1.5  2.6 1.2 1.3 1.0  Total IP M ARKET G ROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy  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. 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. Note. Under the industry groups, the figures to the right of the series descriptions are 2012 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 website (www.federalreserve.gov/releases/G17/20191017/default sup.htm). Under market groups, in the products category, miscellaneous consumer nondurables, oil and gas well drilling, and manufactured homes are not shown separately; in the nondurable materials category, containers and miscellaneous nondurable materials are not shown separately.  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  2018 proportion  2016  2017  100.00  -.3  26.49 5.13 2.40 .57 4.71 13.68  Annual rate  2018  2019 Q1  Q2  3.6  4.0  -1.9  -1.6 4.4 2.3 -26.5 .6 -4.3  7.0 3.0 2.1 37.2 2.4 10.5  8.7 4.7 2.6 19.3 3.2 12.8  73.51  .1  2.5  3341 3342  1.92 .33 .45  7.9 12.2 5.0  3344  1.14  Monthly rate p  2019 Apr.r  May  June  -2.2  1.2  -.6  .2  -2.4 -10.9 -4.3 -.9 -2.7 1.0  -.2 -9.3 -5.3 -15.1 -14.6 10.9  2.6 6.2 7.8 -27.1 12.2 -1.3  -.1 -4.8 -.1 -1.3 -4.2 3.2  2.2  -1.7  -2.9  .8  1.9 12.2 -5.1  5.4 1.5 7.0  7.9 9.4 21.8  -1.1 -12.7 1.0  8.0  2.4  5.9  2.2  71.59  -.2  2.6  2.1  5.61 2.68 2.43  2.5 1.8 3.7  -.3 -5.4 2.6  65.98 19.57 7.90 5.24 6.14 24.98  -.4 -.4 -2.4 .8 .4 -.5  Measures excluding selected high-technology industries Total industry Manufacturing1 Durable  98.08 73.12 35.93  Measures excluding motor vehicles and parts Total industry Manufacturing1 Durable  r  r  r  r  Sept. ’18 to Sept. ’19  Aug.  .1  -.2  .8  -.4  -.1  .5 2.9 .4 -4.0 .9 -.2  -1.5 -4.2 -3.1 .5 -2.4 .0  .7 2.6 4.2 -3.3 4.2 -1.7  1.3 .5 -.3 -2.5 .0 2.6  -.1 1.4 .1 -5.5 .6 -.7  1.8 1.5 .6 -13.9 -2.6 4.4  -.8  .1  .6  -.5  .6  -.5  -.9  7.3 5.6 2.2  -1.2 -4.5 -.9  -.2 .3 -.5  .6 .8 .0  .6 -.3 .4  1.1 2.3 .3  .2 -1.6 .2  2.5 1.1 6.9  1.6  10.1  -.3  -.1  .8  .9  1.1  .7  1.3  -2.0  -3.0  .6  -.8  .1  .6  -.5  .6  -.5  -.9  5.5 9.5 4.4  -14.8 -19.2 -8.5  1.8 5.3 -4.3  6.2 13.8 .9  -1.7 -2.4 -1.1  2.4 3.7 1.3  2.7 4.4 .8  1.0 2.7 .4  -.9 -2.1 -.4  -4.2 -6.3 -2.6  -5.4 -5.9 -4.7  2.8 1.7 5.8 4.2 2.4 2.9  1.8 .3 2.8 2.5 -1.2 3.0  -.8 .3 -1.8 1.7 -1.1 -2.9  -3.3 -2.9 -6.5 -2.2 -2.9 -4.0  .2 -.1 1.6 -.2 -1.2 -.2  -.7 -1.2 -1.8 -.7 -.5 -.2  .0 -.3 .3 .6 .5 -.3  .4 1.3 .2 .7 .1 -.2  -.6 -.9 -.6 -1.2 -.9 -.3  .7 .2 1.2 .7 .9 .9  -.2 .0 -.3 .0 -.5 -.4  -.6 -1.1 -.9 1.2 -1.1 -1.1  -.5 .0 -.6  3.7 2.5 2.7  3.9 2.1 4.0  -2.1 -2.1 -3.1  -2.2 -3.2 -2.1  1.1 .9 2.1  -.6 -.9 -.8  .2 .1 .4  .0 .6 .5  -.2 -.4 .0  .8 .5 .5  -.4 -.5 -.8  -.2 -1.0 -.5  94.39 69.44 32.24  -.5 .1 -.6  3.9 2.7 3.2  3.9 1.9 3.9  -1.1 -.7 -.3  -2.4 -3.6 -2.7  1.0 .7 1.8  -.6 -.8 -.7  .1 -.1 .1  -.1 .4 .1  -.3 -.5 -.2  .9 .7 .8  -.2 -.2 -.1  .2 -.5 .6  Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing1  92.47 67.52  -.7 -.2  3.9 2.8  3.8 1.8  -1.3 -.9  -2.4 -3.6  .8 .5  -.6 -.8  .1 -.1  -.1 .4  -.3 -.5  .9 .7  -.2 -.2  .1 -.6  Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors  9.93 17.84  .2 -.1  .3 4.2  4.1 2.7  -4.9 -2.3  -5.0 -3.6  2.5 -1.2  -1.0 .1  .3 -.3  .0 -.2  .5 -.6  .4 1.0  -.9 -.4  -1.9 -1.1  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. The composition of manufacturing is specified in a note for the summary table.  Table 3 M OTOR V EHICLE A SSEMBLIES Millions of units, seasonally adjusted annual rate  2018 average  2018 Q4  2019 Q1  Q2  Q3  2019 Apr.  May  June  July  Aug.  Sept.  Total Autos Trucks Light Medium and heavy  11.30 2.79 8.51 8.18 .33  11.64 2.91 8.73 8.38 .36  11.07 2.60 8.47 8.11 .36  10.98 2.46 8.53 8.15 .37  11.20 2.63 8.57 8.21 .36  10.53 2.38 8.16 7.78 .37  11.01 2.50 8.52 8.15 .37  11.39 2.49 8.90 8.53 .37  11.64 2.72 8.92 8.57 .35  11.26 2.60 8.66 8.29 .37  10.71 2.57 8.14 7.77 .37  Memo Autos and light trucks  10.97  11.28  10.70  10.61  10.84  10.16  10.65  11.02  11.29  10.89  10.34  Item  Note. Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board’s website, 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 2012 = 100, seasonally adjusted  2018 proportion  2019 Jan.  Feb.  Mar.  Apr.r  Mayr  Juner  Julyr  Aug.r  Sept.p  100.00  110.1  109.6  109.7  109.0  109.3  109.3  109.1  109.9  109.5  53.84 27.57 6.28 3.28 .12 .85 2.03 21.29 16.17 9.26 .18 5.27 1.03 5.13  105.2 105.4 119.5 129.4 121.4 106.9 111.6 101.9 99.6 107.2 65.2 93.7 77.9 108.9  104.8 105.8 121.0 133.5 123.4 105.7 111.1 102.0 99.8 106.9 63.1 94.3 79.6 108.7  105.3 106.5 119.2 131.5 125.2 104.1 109.1 103.2 100.4 107.6 63.9 94.9 79.4 112.1  103.8 104.5 118.2 129.3 120.7 104.3 109.2 101.0 99.1 106.3 65.0 93.1 78.9 106.7  104.3 105.1 120.5 132.8 126.7 106.2 110.0 101.2 98.4 106.3 64.6 91.7 77.7 109.8  104.7 105.6 122.1 137.1 126.9 104.2 109.8 101.4 100.0 109.1 65.0 92.2 77.1 105.3  104.5 105.6 122.6 138.7 126.9 104.8 108.9 101.3 99.1 105.8 64.3 94.4 77.1 108.0  104.9 105.7 122.4 137.1 125.6 105.4 110.0 101.5 99.2 105.7 63.8 94.8 77.5 108.6  104.6 105.4 120.0 131.5 124.8 105.9 110.6 101.8 99.1 106.1 65.3 93.9 78.1 110.1  Business equipment Transit Information processing Industrial and other Defense and space equipment  9.42 2.36 2.12 4.93 2.11  103.2 111.8 111.3 96.5 98.8  101.8 111.5 111.6 94.0 98.8  102.7 112.9 112.3 94.7 99.9  100.7 108.1 112.6 93.1 100.2  101.1 106.3 112.7 94.6 100.7  101.7 108.1 114.1 94.3 102.1  101.2 108.9 114.0 93.2 102.2  102.3 109.6 114.3 94.7 102.2  101.6 108.5 115.5 93.4 103.3  Construction supplies Business supplies  5.26 8.83  117.8 105.3  115.9 104.7  116.1 104.3  115.2 103.8  115.9 104.3  116.7 103.5  115.3 104.0  116.2 104.5  116.2 104.2  46.16 27.77 16.42 2.98 4.77 8.67 11.35 .36 1.82 6.03 18.39  115.6 107.2 108.7 109.9 110.8 107.0 104.8 99.0 92.7 107.0 126.9  114.8 106.6 108.5 109.6 111.0 106.7 103.8 100.2 90.3 105.6 125.5  114.5 105.9 107.9 108.1 111.5 105.9 102.9 101.4 88.5 104.8 125.9  114.8 105.6 107.3 106.3 110.2 106.0 103.0 100.0 89.2 104.6 127.5  114.8 105.4 107.3 107.2 110.8 105.4 102.7 100.7 87.9 104.6 127.5  114.4 105.3 107.6 107.6 111.3 105.5 102.0 102.4 86.1 103.6 126.7  114.2 105.1 107.3 109.6 110.9 104.5 101.9 100.0 87.2 103.1 126.5  115.6 106.0 108.1 108.6 111.6 105.9 102.9 101.5 89.0 104.5 128.9  115.0 105.4 107.1 105.8 111.5 105.2 102.7 101.0 88.6 104.4 128.4  321 327 331 332 333 334  75.05 73.17 37.68 1.44 2.23 2.85 5.63 5.39 4.80  105.8 106.9 108.9 126.5 122.7 98.5 105.1 95.0 124.2  105.3 106.3 108.5 125.0 118.0 97.5 104.6 92.9 124.8  105.2 106.3 108.5 123.4 118.5 97.8 104.5 93.8 125.5  104.3 105.4 107.6 124.6 119.0 98.9 103.6 90.6 125.5  104.5 105.5 108.1 125.8 118.7 96.6 102.9 92.6 125.7  105.0 106.1 108.6 126.1 119.4 94.7 103.5 92.3 127.2  104.7 105.8 108.6 126.0 118.3 95.7 102.6 90.8 127.3  105.2 106.4 109.2 127.4 119.8 97.1 103.7 92.9 127.6  104.8 105.8 108.4 128.0 120.1 95.5 103.5 91.7 128.8  335 3361–3  1.81 5.61  102.6 126.5  103.1 128.6  103.2 126.9  101.9 124.7  104.6 127.7  104.5 131.2  105.4 132.5  105.4 131.2  104.4 125.7  3364–9 337 339  4.10 1.18 2.64  102.9 106.9 100.7  102.7 105.8 101.7  103.5 104.7 101.6  101.8 105.7 102.5  100.6 106.6 102.3  101.4 105.8 101.8  102.2 106.2 102.3  102.3 105.6 102.1  103.3 107.1 101.6  311,2 313,4 315,6 322 323 324 325 326  35.48 11.28 .64 .20 2.42 1.31 3.43 12.68 3.52  104.7 109.6 99.6 66.3 96.1 96.1 109.1 101.4 110.7  104.0 109.4 99.6 64.2 94.2 94.8 104.4 101.5 110.4  103.9 110.0 101.2 64.8 92.2 93.7 105.3 101.3 108.9  103.0 108.9 100.0 65.9 93.0 93.5 104.2 100.4 106.9  102.9 108.8 99.6 65.6 91.9 93.8 104.9 99.8 108.2  103.5 111.4 100.7 66.0 90.5 93.1 105.2 99.4 109.5  102.8 108.7 98.4 65.4 91.8 92.8 106.1 100.0 106.5  103.3 108.6 98.7 65.0 93.0 93.0 105.2 101.1 108.5  103.1 108.8 98.8 66.5 92.6 93.0 105.9 100.5 107.3  1133,5111  1.88  75.7  76.3  75.2  74.7  73.5  74.0  73.6  73.7  74.1  21 2211,2 2211 2212  14.56 10.39 8.73 1.66  132.1 104.4 102.3 118.6  130.3 105.0 101.5 127.6  130.1 106.8 104.7 121.2  133.4 103.3 101.5 115.2  133.1 105.2 102.5 122.3  133.6 100.9 98.6 115.9  130.4 105.1 103.2 117.9  133.5 105.4 103.5 117.9  131.8 106.8 105.5 116.2  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  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 the notes for table 1.  9  Table 5 I NDUSTRIAL P RODUCTION I NDEXES : S PECIAL AGGREGATES 2012 = 100, seasonally adjusted  2018 proportion  2019 Jan.  Feb.  Mar.  Apr.r  Mayr  Juner  Julyr  Aug.r  Sept.p  100.00  110.1  109.6  109.7  109.0  109.3  109.3  109.1  109.9  109.5  26.49 5.13 2.40 .57 4.71 13.68  120.8 108.9 112.1 79.0 103.0 134.4  119.6 108.7 110.4 77.9 102.9 132.5  120.6 112.1 110.4 78.2 103.8 132.6  120.5 106.7 110.3 77.2 99.5 136.9  121.1 109.8 110.7 74.1 100.3 136.6  119.3 105.3 107.3 74.4 97.9 136.6  120.0 108.0 111.7 72.0 102.0 134.2  121.6 108.6 111.4 70.2 101.9 137.7  121.5 110.1 111.4 66.3 102.5 136.7  73.51  105.8  105.5  105.3  104.5  104.6  105.2  104.7  105.3  104.8  3341 3342  1.92 .33 .45  149.7 134.6 131.0  150.9 135.9 132.6  152.1 136.9 134.8  150.3 130.6 133.6  150.1 131.0 133.0  151.0 132.1 132.9  151.9 131.8 133.5  153.6 134.8 133.9  153.9 132.6 134.2  3344  1.14  162.3  163.3  163.9  163.5  163.3  164.6  166.1  168.0  169.2  71.59  104.5  104.1  103.9  103.1  103.2  103.8  103.3  103.9  103.4  5.61 2.68 2.43  126.5 124.5 130.5  128.6 127.2 130.6  126.9 125.6 128.4  124.7 122.5 127.0  127.7 127.1 128.6  131.2 132.7 129.6  132.5 136.3 130.2  131.2 133.5 129.6  125.7 125.0 126.3  65.98 19.57 7.90 5.24 6.14 24.98  102.9 101.3 99.8 117.8 99.4 104.0  102.4 101.4 98.1 115.8 99.0 103.4  102.3 101.7 98.8 116.0 98.4 102.7  101.5 100.5 97.0 115.2 97.9 102.6  101.5 100.2 97.3 115.8 98.4 102.3  101.9 101.5 97.5 116.6 98.4 102.1  101.3 100.5 96.9 115.3 97.5 101.8  102.0 100.8 98.1 116.1 98.3 102.7  101.8 100.8 97.8 116.1 97.9 102.3  98.08 73.12 35.93  109.2 104.5 106.4  108.6 103.9 105.9  108.7 103.8 105.9  108.1 103.0 105.0  108.3 103.1 105.5  108.4 103.7 106.0  108.2 103.3 106.0  109.0 103.8 106.6  108.6 103.3 105.7  94.39 69.44 32.24  109.4 104.5 106.5  108.7 103.8 105.7  108.9 103.8 106.0  108.3 103.0 105.3  108.4 102.9 105.4  108.3 103.3 105.5  108.0 102.8 105.3  108.9 103.5 106.2  108.8 103.4 106.0  92.47 67.52  108.4 103.0  107.7 102.2  107.9 102.3  107.3 101.5  107.4 101.4  107.3 101.8  107.0 101.3  107.9 102.0  107.7 101.8  9.93 17.84  106.4 107.5  106.0 106.9  105.5 106.1  104.4 106.2  104.7 105.8  104.7 105.6  105.2 104.9  105.7 106.0  104.7 105.6  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. The composition of manufacturing is specified in a note for the summary table.  Table 6 D IFFUSION I NDEXES OF I NDUSTRIAL P RODUCTION Percent  Item One month earlier 2017 2018 2019 Three months earlier 2017 2018 2019 Six months earlier 2017 2018 2019  Jan.  Feb.  Mar.  Apr.  May  June  July  Aug.  Sept.  Oct.  Nov.  Dec.  66.9 50.8 45.8  48.2 63.5 43.5  46.5 45.8 47.8  63.2 60.2 43.5  46.2 44.1 52.5  58.2 62.2 54.3  55.5 56.5 47.5  50.5 56.2 57.2  55.2 55.2  62.2 52.5  54.5 49.2  56.5 54.8  57.5 52.5 48.5  63.1 63.2 44.1  60.0 53.8 43.8  57.5 68.2 38.8  50.5 47.2 43.1  55.5 55.2 50.5  50.2 53.8 51.2  51.5 64.9 56.9  56.2 55.5  61.9 54.5  64.2 50.2  62.2 58.5  61.9 58.2 51.2  67.1 66.6 45.2  61.0 61.2 42.5  60.7 62.5 35.8  58.0 54.5 41.1  60.3 60.9 43.1  51.2 63.2 40.8  51.8 60.2 49.2  59.9 58.5  56.2 53.5  60.9 60.5  62.2 57.5  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.  10  Table 7 C APACITY U TILIZATION Percent of capacity, seasonally adjusted  2018 proportion  19722018 ave.  199495 high  2009 low  2019 Q1  Q2r  Q3p  2019 Apr.r  Mayr  Juner  Julyr  Aug.r  Sept.p  100.00  79.8  85.0  66.7  78.6  77.8  77.6  77.8  77.8  77.7  77.4  77.9  77.5  31–33  76.12 73.77  78.3 78.2  84.6 84.7  63.7 63.5  76.4 76.9  75.5 76.0  75.5 75.9  75.4 75.9  75.4 75.9  75.7 76.2  75.4 75.9  75.7 76.2  75.3 75.7  321 327 331 332 333 334  38.37 1.43 2.52 3.03 5.37 5.39 5.28  76.8 76.7 74.0 78.0 77.6 77.6 77.4  83.7 86.6 82.5 94.1 84.8 87.3 84.2  58.4 47.8 46.5 48.7 62.0 59.8 70.1  76.3 76.4 67.6 72.6 81.8 78.8 72.4  75.6 75.9 66.9 71.6 80.7 77.1 72.3  75.7 76.2 66.9 71.0 80.6 77.1 72.3  75.4 75.6 67.0 73.2 80.9 76.1 72.2  75.6 76.1 66.7 71.5 80.4 77.8 72.0  75.8 76.1 67.1 70.0 80.8 77.5 72.6  75.7 75.7 66.4 70.7 80.1 76.3 72.3  76.1 76.3 67.1 71.7 80.9 78.1 72.1  75.4 76.4 67.3 70.6 80.8 77.1 72.5  335 3361–3  1.84 5.55  81.9 75.1  92.8 87.6  67.0 33.7  74.7 76.6  74.9 76.8  75.6 77.9  73.7 75.0  75.6 76.8  75.4 78.8  75.9 79.5  75.8 78.7  75.0 75.4  3364–9 337 339  4.23 1.16 2.58  74.2 77.0 76.6  70.9 82.8 81.1  72.7 56.4 67.9  77.0 76.4 79.3  75.3 76.3 79.1  76.1 76.3 78.1  75.8 76.2 79.6  74.9 76.7 79.1  75.3 76.1 78.5  75.9 76.3 78.6  75.8 75.8 78.1  76.5 76.8 77.4  311,2 313,4 315,6 322 323 324 325 326  35.40 11.38 .69 .23 2.15 1.38 3.47 12.76 3.34  80.0 80.4 78.8 76.1 86.7 79.7 85.0 76.7 82.1  86.1 85.3 91.8 87.0 92.7 85.4 91.2 82.0 93.2  68.8 75.6 53.9 56.6 72.9 58.8 76.1 64.7 57.6  77.5 76.0 71.5 61.0 85.7 71.5 79.9 77.5 79.5  76.4 75.7 71.3 62.3 83.6 70.5 78.8 76.2 77.4  76.1 74.6 70.1 62.7 84.2 70.1 79.6 76.5 76.1  76.4 75.3 71.3 62.2 84.7 70.5 78.4 76.6 76.7  76.2 75.1 71.0 62.0 83.7 70.7 78.9 76.1 77.4  76.6 76.7 71.7 62.7 82.4 70.2 79.1 75.7 78.1  76.0 74.7 70.0 62.3 83.6 70.0 79.8 76.1 75.7  76.3 74.5 70.2 62.1 84.7 70.1 79.2 76.9 76.8  76.0 74.5 70.2 63.7 84.4 70.2 79.8 76.4 75.7  1133,5111  2.35  79.8  83.3  68.0  60.9  59.7  59.6  60.2  59.3  59.7  59.4  59.5  59.9  21 2211,2  13.69 10.19  87.1 85.4  88.6 93.2  78.3 78.2  91.1 77.9  91.5 75.7  89.4 77.1  91.9 75.9  91.3 77.2  91.3 73.9  88.7 76.8  90.5 76.8  88.9 77.7  3341 3342  2.14 .36 .58  77.3 77.8 76.1  86.2 86.8 86.1  71.1 82.9 77.1  73.5 75.1 64.5  72.0 72.6 62.7  72.0 73.5 61.1  72.4 72.3 63.6  71.9 72.5 62.6  71.9 73.1 61.9  71.9 72.8 61.6  72.2 74.5 61.1  71.9 73.2 60.6  3344  1.20  78.7  92.0  62.9  77.5  76.7  77.3  76.9  76.4  76.7  77.0  77.4  77.6  Measures excluding selected high-technology industries Total industry Manufacturing1  97.86 73.99  79.9 78.3  84.9 84.5  66.5 63.3  78.7 76.5  77.9 75.6  77.7 75.6  77.9 75.5  77.9 75.5  77.8 75.9  77.6 75.5  78.0 75.8  77.6 75.4  S TAGE - OF - PROCESS GROUPS Crude Primary and semifinished Finished  17.99 44.42 37.58  86.1 80.4 76.8  90.0 87.8 80.6  76.4 63.9 66.5  89.3 76.9 75.4  89.1 75.6 74.8  87.8 75.7 74.8  89.6 75.7 74.5  89.1 76.0 74.5  88.7 75.1 75.3  87.0 75.5 74.9  88.7 75.9 75.0  87.6 75.8 74.4  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. The composition of manufacturing is specified in a note for the summary table.  11  Table 8 I NDUSTRIAL C APACITY Percent change  Average annual rate 19721980198979 88 94  Item  Total industry  Fourth quarter to fourth quarter 19952019  2016  2017  2018  2019  2018 Q4  Annual rate 2019 Q1 Q2  Q3  Monthly rate 2019 Sept.  3.0  1.9  2.3  2.0  .5  .3  1.5  2.1  2.1  2.2  2.2  2.1  .2  Manufacturing  3.2  2.2  2.6  1.9  1.2  .3  .7  1.4  1.0  1.2  1.4  1.4  .1  Mining Utilities  .7 4.4  .1 2.2  -.7 1.8  1.5 1.7  -2.8 1.4  .5 1.4  7.4 1.7  5.8 2.5  8.1 2.3  7.2 2.5  5.9 2.6  5.0 2.6  .4 .2  18.6  16.7  16.1  17.3  10.6  3.9  3.0  7.1  4.7  6.0  7.1  7.6  .6  2.6  1.3  1.6  .8  .9  .2  .6  1.2  .9  1.1  1.2  1.3  .1  1.5 3.0 3.9  .4 1.4 3.3  -.5 2.5 2.8  1.3 2.1 1.9  -2.1 1.7 .7  .5 -.1 1.1  5.3 .8 1.0  4.4 1.6 1.6  6.0 1.4 1.2  5.4 1.6 1.4  4.6 1.7 1.6  3.9 1.7 1.7  .3 .1 .1  1  Selected high-technology industries Manufacturing1 ex. selected high-technology industries  S TAGE - OF - PROCESS GROUPS Crude Primary and semifinished Finished  1. The composition of manufacturing is specified in a note for the summary table.  Table 9 G ROSS VALUE OF F INAL P RODUCTS AND N ONINDUSTRIAL S UPPLIES Billions of 2012 dollars at annual rate, seasonally adjusted  2012  2018  2019 Q1  Q2r  Q3p  2019 Apr.r  Mayr  Juner  Julyr  Aug.r  Sept.p  4,020.4  4,307.9  4,319.4  4,285.6  4,312.3  4,262.9  4,289.2  4,304.5  4,311.3  4,320.5  4,305.0  3,059.0 2,238.8 436.9 272.6 164.3 1,801.9  3,251.4 2,444.0 543.3 362.2 181.2 1,898.8  3,260.6 2,433.0 531.6 351.4 180.3 1,900.6  3,235.7 2,415.6 533.4 354.6 179.0 1,880.7  3,257.3 2,431.9 542.7 363.3 179.5 1,887.1  3,215.3 2,400.0 522.1 344.3 177.8 1,877.5  3,237.5 2,418.6 534.2 354.2 180.1 1,882.9  3,254.4 2,428.2 544.0 365.3 178.9 1,881.8  3,258.2 2,435.6 550.5 372.4 178.4 1,882.0  3,263.4 2,432.9 546.3 366.8 179.7 1,884.0  3,250.3 2,427.3 531.2 350.9 180.3 1,895.3  Equipment, total Business and defense Business Defense and space  820.2 784.9 654.7 130.2  812.3 783.0 663.2 120.0  831.8 802.1 673.7 128.4  824.2 795.0 663.8 131.0  829.5 801.7 668.0 133.4  819.3 789.9 659.8 129.9  823.1 794.1 663.3 130.6  830.2 801.1 668.4 132.5  827.0 798.8 665.6 132.9  834.3 806.2 673.0 132.9  827.3 800.2 665.4 134.4  Nonindustrial supplies Construction supplies Business supplies Commercial energy products  961.4 274.1 687.3 264.8  1,056.7 314.8 740.7 292.0  1,059.0 318.9 738.1 288.9  1,050.0 317.0 730.9 284.1  1,055.2 317.1 736.3 290.7  1,047.8 315.1 730.9 286.3  1,052.0 316.9 733.1 286.0  1,050.4 319.0 728.8 280.1  1,053.3 315.6 736.3 292.7  1,057.3 317.7 737.9 290.1  1,054.8 318.1 734.8 289.3  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  2018 gross value1  2016  2017  2,391.6 2,049.3 1,945.8 1,011.7  .0 .9 2.1 -1.7  2.3 2.2 2.7 6.4  Annual rate  2018  2019 Q1  2.8 2.2 2.3 7.8  -2.3 -2.6 -5.0 -2.1  r Revised. p Preliminary. 1. Billions of 2012 dollars.  12  Monthly rate  Q2  p  Q3  2019 Apr.r  May  June  -1.4 -3.7 -6.0 .5  2.1 2.2 3.3 -2.3  -1.2 -1.7 -.7 1.7  .4 .8 -.1 -.2  1.4 -.6 -.8 -.6  r  r  r  r  r  July  Aug.  -.2 .2 1.3 -1.3  .0 .6 .2 2.0  Sept.  p  -1.0 .1 -.2 -.6  Sept. ’18 to Sept. ’19 -1.1 -.2 -1.5 -.2  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  .1 .5 .5 .0 -.6  1.2 .1 .5 .3 -.6  .7 .1 .2 .4 -.2  .0 .4 .3 .7 -.3  .6 .6 .7 .2 -.6  .5 -.6 -.2 .1 -.6  .8 -.3 .6 -.2 -.6  1.0 2.1 .4 -.3 -.1  .9 -.2 -.4 .4 -.4  .9 .8 1.3 -.3 -.4  .9 -.1 .5 .0 -.5  .3 .4 .8 -.3 .0  7.9 4.6 4.5 4.1 -5.2  5.8 2.7 3.9 4.9 -5.0  9.5 3.0 3.6 -.4 -5.4  10.4 5.9 7.3 -.8 -4.1  7.2 5.8 4.4 3.9 -3.1  2002 2003 2004 2005 2006  .6 .8 .3 .5 .1  .0 .1 .6 .7 .0  .8 -.2 -.5 -.2 .2  .4 -.7 .5 .2 .4  .4 .0 .8 .1 -.1  1.0 .2 -.8 .4 .4  -.2 .4 .8 -.3 .0  .0 -.1 .1 .3 .4  .1 .6 .1 -1.9 -.2  -.3 .1 1.0 1.3 -.1  .5 .8 .2 1.0 -.1  -.5 -.1 .7 .6 1.0  3.0 2.5 2.8 5.9 3.8  6.4 -3.0 2.3 2.0 2.4  2.4 2.7 2.2 -1.8 1.5  -.1 4.0 5.8 3.9 .9  .4 1.3 2.7 3.3 2.3  2007 2008 2009 2010 2011  -.5 -.3 -2.4 1.2 -.1  1.0 -.3 -.6 .4 -.4  .2 -.2 -1.6 .7 1.0  .7 -.8 -.8 .4 -.4  .0 -.6 -1.0 1.5 .2  .0 -.2 -.4 .1 .3  .0 -.5 1.1 .4 .5  .2 -1.5 1.1 .3 .6  .4 -4.3 .8 .2 .0  -.4 1.0 .3 -.3 .7  .6 -1.3 .4 .0 -.1  .0 -2.9 .3 1.0 .6  3.6 -1.5 -20.6 8.1 2.3  5.0 -5.8 -10.9 8.1 1.6  1.1 -12.5 6.1 5.3 4.8  1.2 -16.0 6.4 1.3 4.0  2.5 -3.5 -11.5 5.5 3.1  2012 2013 2014 2015 2016  .6 -.1 -.4 -.5 .8  .2 .6 .8 -.5 -.7  -.5 .4 1.0 -.3 -.8  .8 -.2 .0 -.6 .1  .2 .1 .4 -.4 -.1  .0 .2 .4 -.3 .4  .3 -.4 .2 .6 .3  -.5 .7 -.1 -.2 -.1  .0 .5 .3 -.4 .0  .2 -.2 .0 -.4 .2  .5 .3 .8 -.7 -.2  .4 .3 -.1 -.6 .9  3.9 3.2 3.1 -3.0 -2.1  2.6 1.7 5.5 -5.3 -2.3  .0 1.4 2.4 -.1 1.8  2.1 2.8 2.7 -5.1 1.3  3.0 2.0 3.1 -1.0 -2.0  2017 2018 2019  .1 -.3 -.4  -.4 .4 -.5  .7 .6 .1  .9 .9 -.6  .1 -.8 .2  .2 .8 .1  .0 .4 -.2  -.5 .8 .8  .0 .1 -.4  1.5 .2  .5 .5  .3 .0  2.4 2.3 -1.9  5.6 4.6 -2.2  -.8 5.2 1.2  7.5 3.9  2.3 3.9  IP (2012=100) 2017 2018 2019  103.0 106.3 110.1  102.6 106.6 109.6  103.3 107.3 109.7  104.3 108.2 109.0  104.4 107.4 109.3  104.6 108.2 109.3  104.5 108.7 109.1  104.0 109.5 109.9  104.1 109.7 109.5  105.6 109.9  106.2 110.5  106.5 110.6  103.0 106.7 109.8  104.4 107.9 109.2  104.2 109.3 109.5  106.1 110.3  104.4 108.6  Capacity (percent of 2012 output) 2017 2018 2019  136.4 136.9 139.4  136.5 137.0 139.6  136.5 137.2 139.9  136.5 137.3 140.2  136.6 137.5 140.4  136.6 137.7 140.6  136.6 137.9 140.9  136.6 138.1 141.1  136.7 138.4 141.4  136.7 138.6  136.8 138.9  136.8 139.1  136.5 137.0 139.6  136.6 137.5 140.4  136.6 138.2 141.1  136.8 138.9  136.6 137.9  Utilization (percent) 1997 1998 1999 2000 2001  83.4 84.5 81.9 82.1 79.2  84.0 84.0 82.0 82.0 78.4  84.1 83.5 81.8 82.0 78.0  83.7 83.3 81.7 82.3 77.6  83.7 83.3 81.9 82.2 76.9  83.7 82.3 81.5 82.0 76.2  83.9 81.5 81.7 81.6 75.6  84.2 82.8 81.7 81.1 75.3  84.5 82.2 81.1 81.2 74.8  84.7 82.4 81.9 80.7 74.3  84.9 82.0 82.0 80.4 73.8  84.6 81.9 82.3 80.0 73.7  83.8 84.0 81.9 82.0 78.6  83.7 83.0 81.7 82.2 76.9  84.2 82.2 81.5 81.3 75.2  84.7 82.1 82.1 80.4 74.0  84.1 82.8 81.8 81.5 76.2  2002 2003 2004 2005 2006  74.0 75.8 77.1 80.0 80.7  73.9 75.9 77.6 80.5 80.6  74.4 75.8 77.2 80.3 80.6  74.6 75.3 77.6 80.3 80.8  74.9 75.3 78.2 80.3 80.6  75.5 75.5 77.6 80.5 80.8  75.3 75.8 78.2 80.2 80.6  75.3 75.8 78.2 80.3 80.8  75.4 76.2 78.3 78.7 80.5  75.2 76.3 79.0 79.6 80.2  75.6 76.9 79.1 80.3 80.0  75.2 76.9 79.7 80.7 80.6  74.1 75.9 77.3 80.2 80.6  75.0 75.4 77.8 80.4 80.7  75.3 75.9 78.2 79.7 80.6  75.3 76.7 79.3 80.2 80.3  74.9 76.0 78.2 80.1 80.6  2007 2008 2009 2010 2011  80.0 80.9 70.0 70.8 75.6  80.6 80.7 69.4 71.2 75.3  80.6 80.6 68.3 71.8 76.0  81.0 80.0 67.7 72.3 75.7  80.9 79.6 67.0 73.5 75.8  80.8 79.5 66.7 73.8 75.9  80.6 79.0 67.4 74.2 76.2  80.7 77.8 68.2 74.6 76.6  81.0 74.4 68.8 74.9 76.4  80.6 75.0 69.1 74.8 76.8  81.1 74.0 69.5 74.9 76.6  81.1 71.7 69.9 75.6 76.9  80.4 80.8 69.2 71.3 75.6  80.9 79.7 67.1 73.2 75.8  80.8 77.1 68.2 74.6 76.4  80.9 73.6 69.5 75.1 76.8  80.8 77.8 68.5 73.5 76.1  2012 2013 2014 2015 2016  77.2 76.7 77.2 78.6 75.9  77.2 77.1 77.8 78.1 75.3  76.7 77.3 78.5 77.8 74.7  77.2 77.1 78.4 77.3 74.7  77.2 77.0 78.6 76.9 74.6  77.0 77.1 78.8 76.6 74.9  77.1 76.7 78.9 77.0 75.1  76.6 77.2 78.7 76.9 75.0  76.5 77.5 78.8 76.6 74.9  76.6 77.3 78.7 76.3 75.0  76.8 77.4 79.2 75.7 74.9  77.0 77.6 79.0 75.3 75.5  77.1 77.0 77.8 78.1 75.3  77.1 77.1 78.6 76.9 74.8  76.7 77.1 78.8 76.8 75.0  76.8 77.5 79.0 75.8 75.1  76.9 77.2 78.6 76.9 75.0  2017 2018 2019  75.5 77.6 79.0  75.2 77.8 78.5  75.7 78.2 78.4  76.4 78.8 77.8  76.5 78.1 77.8  76.6 78.6 77.7  76.5 78.8 77.4  76.2 79.3 77.9  76.1 79.3 77.5  77.3 79.3  77.6 79.6  77.9 79.5  75.5 77.9 78.6  76.5 78.5 77.8  76.3 79.1 77.6  77.6 79.4  76.5 78.7  IP (percent change)1 1997 1998 1999 2000 2001  1. Quarterly percentage changes are at annual rates. Annual percentage 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  .1 .8 .3 .1 -.6  1.4 .1 .8 .2 -.6  1.0 -.1 -.1 .6 -.2  -.2 .5 .4 .7 -.3  .7 .5 .9 -.1 -.6  .7 -.8 -.3 .2 -.7  .7 -.4 .5 .1 -.5  1.3 2.4 .6 -.7 -.5  .9 -.2 -.4 .4 -.2  .9 1.0 1.5 -.3 -.6  1.1 .2 .6 -.3 -.3  .4 .5 .7 -.6 .3  9.4 6.1 5.1 4.5 -6.0  7.0 2.1 4.5 4.8 -5.2  10.5 3.3 3.2 -.4 -5.8  11.4 8.0 8.7 -2.4 -3.8  8.4 6.7 5.1 4.1 -3.7  2002 2003 2004 2005 2006  .6 .7 .0 .7 .8  .0 -.1 .8 .8 -.3  .8 .1 -.2 -.5 .0  .2 -.9 .4 .4 .5  .5 .1 .8 .3 -.4  1.1 .5 -.7 .1 .4  -.3 .2 .9 -.3 -.3  .2 -.4 .5 .5 .7  .1 .8 .0 -1.0 .1  -.4 .1 1.0 1.5 -.4  .5 1.0 -.1 .8 .0  -.5 -.2 .7 .2 1.4  3.6 2.1 2.6 6.6 3.8  5.8 -2.2 3.3 2.3 .8  3.1 2.5 4.0 -.7 1.0  -.3 4.4 5.5 6.4 1.5  .5 1.3 3.1 4.1 2.6  2007 2008 2009 2010 2011  -.5 -.4 -3.0 1.1 .2  .4 -.6 -.1 .0 .1  .9 -.3 -1.9 1.2 .6  .7 -1.1 -.7 .8 -.6  -.1 -.5 -1.1 1.4 .1  .3 -.7 -.3 -.1 .1  .1 -1.2 1.5 .6 .6  -.3 -1.2 1.1 .1 .4  .5 -3.5 .9 .0 .3  -.3 -.6 .2 .1 .5  .6 -2.4 1.0 .0 -.3  .1 -3.5 -.2 .5 .7  4.0 -2.6 -24.4 6.9 3.1  5.9 -8.2 -10.6 10.4 -.1  1.1 -14.0 8.1 4.2 4.5  1.2 -21.9 7.1 1.2 3.8  2.8 -4.8 -13.8 5.8 2.9  2012 2013 2014 2015 2016  .8 -.3 -1.1 -.4 .7  .3 .5 1.0 -.7 -.6  -.5 -.1 .8 .3 -.2  .5 -.4 -.2 -.1 -.4  -.4 .3 .3 .0 .0  .2 .2 .4 -.4 .3  -.1 -.9 .4 .7 .3  -.2 .9 -.5 -.3 -.4  -.1 .1 .0 -.4 .4  -.4 .1 -.1 .0 .3  .7 .0 .8 -.3 .1  .8 .0 -.3 -.3 .3  5.2 2.9 -.8 -2.9 -.3  .6 -.1 4.3 -1.2 -2.4  -1.1 -.1 1.6 .2 1.2  1.2 1.7 .5 -2.8 2.5  2.6 .9 1.1 -.5 -.8  2017 2018 2019  .6 -.4 -.6  -.1 1.1 -.5  -.3 .0 -.1  1.1 .4 -.9  -.2 -.8 .1  .1 .7 .6  -.2 .4 -.4  -.3 .4 .6  -.2 .0 -.5  1.3 -.1  .3 .2  -.1 .6  3.0 1.6 -1.8  3.4 2.0 -3.2  -1.6 3.6 1.1  5.3 1.5  2.0 2.3  IP (2012=100) 2017 2018 2019  102.0 103.3 105.8  102.0 104.4 105.3  101.7 104.5 105.2  102.8 104.9 104.3  102.6 104.1 104.5  102.8 104.8 105.0  102.6 105.2 104.7  102.3 105.7 105.2  102.1 105.7 104.8  103.5 105.6  103.8 105.8  103.7 106.4  101.9 104.1 105.5  102.7 104.6 104.6  102.3 105.5 104.9  103.7 105.9  102.7 105.0  Capacity (percent of 2012 output) 2017 2018 2019  136.5 136.8 137.9  136.5 136.8 138.0  136.6 136.9 138.2  136.6 136.9 138.3  136.6 137.0 138.5  136.7 137.1 138.7  136.7 137.2 138.8  136.7 137.3 139.0  136.7 137.4 139.2  136.7 137.5  136.7 137.6  136.7 137.7  136.5 136.8 138.0  136.6 137.0 138.5  136.7 137.3 139.0  136.7 137.6  136.6 137.2  Utilization (percent) 1997 1998 1999 2000 2001  82.2 83.6 80.7 80.7 76.8  82.9 83.1 81.0 80.5 76.1  83.2 82.4 80.5 80.7 75.7  82.6 82.2 80.5 80.9 75.2  82.7 82.0 80.8 80.5 74.5  82.7 80.8 80.2 80.3 73.8  82.8 80.0 80.2 80.1 73.3  83.2 81.5 80.4 79.3 72.8  83.4 80.8 79.7 79.3 72.5  83.5 81.2 80.6 78.8 71.9  83.8 80.9 80.7 78.3 71.6  83.5 80.9 80.9 77.6 71.7  82.8 83.0 80.7 80.6 76.2  82.7 81.7 80.5 80.6 74.5  83.1 80.8 80.1 79.6 72.9  83.6 81.0 80.7 78.2 71.8  83.0 81.6 80.5 79.7 73.8  2002 2003 2004 2005 2006  72.1 73.8 75.0 78.4 79.4  71.9 73.7 75.6 79.0 79.1  72.4 73.8 75.5 78.4 78.9  72.5 73.2 75.8 78.6 79.2  72.9 73.3 76.4 78.7 78.7  73.6 73.7 75.9 78.6 78.9  73.4 73.9 76.6 78.2 78.5  73.5 73.6 76.9 78.4 78.9  73.6 74.2 76.9 77.5 78.8  73.3 74.3 77.6 78.5 78.3  73.6 75.1 77.5 78.9 78.2  73.3 75.0 77.9 78.9 79.1  72.1 73.8 75.4 78.6 79.1  73.0 73.4 76.1 78.6 78.9  73.5 73.9 76.8 78.0 78.7  73.4 74.8 77.7 78.8 78.5  73.0 74.0 76.5 78.5 78.8  2007 2008 2009 2010 2011  78.5 78.6 65.9 68.0 72.7  78.6 78.1 65.9 68.1 72.8  79.1 77.8 64.7 69.0 73.3  79.4 77.0 64.4 69.7 72.9  79.1 76.7 63.8 70.8 73.0  79.2 76.2 63.7 70.9 73.1  79.1 75.4 64.7 71.4 73.5  78.7 74.6 65.6 71.6 73.8  78.9 72.1 66.2 71.7 74.0  78.6 71.8 66.5 71.9 74.3  78.9 70.2 67.2 72.0 74.0  78.9 67.8 67.2 72.5 74.5  78.7 78.2 65.5 68.4 72.9  79.3 76.6 64.0 70.5 73.0  78.9 74.1 65.5 71.6 73.8  78.8 69.9 66.9 72.1 74.3  78.9 74.7 65.5 70.7 73.5  2012 2013 2014 2015 2016  75.0 74.4 73.6 75.7 75.1  75.1 74.7 74.4 75.2 74.6  74.7 74.5 75.0 75.5 74.3  75.0 74.2 74.9 75.5 74.0  74.6 74.4 75.2 75.5 73.9  74.7 74.5 75.5 75.2 74.0  74.5 73.8 75.8 75.8 74.1  74.2 74.4 75.5 75.5 73.8  74.1 74.5 75.5 75.2 74.0  73.8 74.5 75.5 75.1 74.1  74.2 74.5 76.1 74.9 74.1  74.7 74.5 75.9 74.6 74.4  74.9 74.5 74.3 75.5 74.7  74.8 74.4 75.2 75.4 74.0  74.3 74.2 75.6 75.5 74.0  74.2 74.5 75.8 74.9 74.2  74.5 74.4 75.2 75.3 74.2  2017 2018 2019  74.8 75.5 76.7  74.7 76.3 76.3  74.5 76.3 76.2  75.3 76.6 75.4  75.1 76.0 75.4  75.2 76.5 75.7  75.1 76.7 75.4  74.8 77.0 75.7  74.7 76.9 75.3  75.7 76.8  75.9 76.9  75.8 77.3  74.6 76.1 76.4  75.2 76.4 75.5  74.9 76.9 75.5  75.8 77.0  75.1 76.6  IP (percent change)2 1997 1998 1999 2000 2001  1. The composition of manufacturing is specified in a note for the summary table. 2. Quarterly percentage changes are at annual rates. Annual percentage 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  -.1 .3 .1 -.3 -.7  .9 .0 .2 .0 -.6  .4 -.1 -.1 .1 -.3  -.3 .2 -.1 .5 -.2  .3 .6 .5 -.2 -.6  .2 -.9 -.5 -.1 -.5  .6 -.7 .3 -.5 -.4  .8 1.9 .4 -.5 -.1  .6 -.5 -.5 .3 -.4  .7 .6 1.2 -.4 -.5  .7 -.3 .2 -.2 -.4  .1 .1 .6 -.5 -.1  5.2 2.2 .6 .6 -5.9  2.1 .8 .3 1.5 -4.3  6.3 -.3 .9 -3.2 -4.3  7.6 2.5 5.6 -2.6 -4.4  4.2 3.1 1.1 1.0 -3.9  2002 2003 2004 2005 2006  .7 .7 .1 .3 .1  -.2 .0 .6 .6 -.1  .8 -.3 -.6 -.2 .2  .4 -.9 .5 .1 .4  .4 -.1 .8 .1 -.2  .9 .0 -.9 .4 .3  -.3 .3 .8 -.4 -.1  -.1 -.3 .0 .2 .3  .1 .5 .0 -2.1 -.3  -.3 .0 .9 1.2 -.1  .5 .7 .2 1.0 -.1  -.6 -.1 .7 .6 1.0  2.6 1.5 1.9 4.8 3.2  6.0 -4.7 2.1 1.2 1.8  1.8 .7 1.9 -3.0 .6  -.6 2.7 5.3 2.7 .1  .3 .2 1.7 2.6 1.4  2007 2008 2009 2010 2011  -.6 -.3 -2.4 1.1 -.2  1.0 -.5 -.7 .2 -.5  .0 -.4 -1.7 .6 1.1  .5 -.8 -.9 .3 -.4  .1 -.7 -1.1 1.5 .2  .2 -.3 -.4 .1 .3  -.1 -.5 1.1 .4 .5  .2 -1.6 1.1 .3 .5  .3 -4.5 .7 .2 .0  -.6 1.2 .3 -.3 .7  .4 -1.0 .3 .0 -.1  -.1 -2.8 .3 .9 .5  2.8 -2.6 -20.4 7.0 1.7  4.0 -6.8 -11.7 7.5 1.6  1.1 -12.8 6.1 5.1 4.6  -.5 -14.9 6.0 .8 4.1  1.8 -4.3 -11.5 4.9 2.8  2012 2013 2014 2015 2016  .6 -.2 -.4 -.5 .8  .2 .6 .8 -.5 -.7  -.5 .4 .9 -.3 -.8  .7 -.2 .0 -.6 .1  .2 .1 .3 -.4 -.1  -.1 .2 .4 -.4 .4  .3 -.5 .2 .6 .2  -.5 .6 -.1 -.2 -.1  .0 .5 .3 -.4 .0  .2 -.2 .0 -.4 .2  .5 .3 .8 -.7 -.2  .4 .3 -.1 -.6 .9  3.6 3.1 3.0 -3.1 -2.4  2.1 1.4 5.2 -5.5 -2.4  -.1 1.1 2.3 -.1 1.7  1.8 2.6 2.7 -5.3 1.1  2.8 1.8 2.9 -1.1 -2.1  2017 2018 2019  .1 -.3 -.4  -.4 .4 -.5  .7 .6 .1  .9 .9 -.6  .1 -.8 .2  .2 .7 .0  .0 .4 -.2  -.5 .8 .8  .0 .1 -.4  1.5 .2  .5 .6  .3 .0  2.6 2.2 -2.1  5.7 4.5 -2.2  -.7 4.9 1.1  7.4 4.0  2.3 3.9  IP (2012=100) 2017 2018 2019  102.2 105.4 109.2  101.9 105.8 108.6  102.6 106.4 108.7  103.5 107.4 108.1  103.6 106.5 108.3  103.8 107.3 108.4  103.8 107.8 108.2  103.3 108.6 109.0  103.3 108.8 108.6  104.8 109.0  105.4 109.6  105.7 109.7  102.2 105.9 108.9  103.6 107.1 108.3  103.5 108.4 108.6  105.3 109.5  103.7 107.7  Capacity (percent of 2012 output) 2017 2018 2019  135.2 135.6 138.0  135.2 135.8 138.3  135.3 135.9 138.5  135.3 136.0 138.8  135.3 136.2 139.0  135.3 136.4 139.2  135.3 136.6 139.5  135.4 136.8 139.7  135.4 137.1 139.9  135.4 137.3  135.5 137.5  135.6 137.8  135.2 135.8 138.3  135.3 136.2 139.0  135.4 136.8 139.7  135.5 137.5  135.3 136.6  Utilization (percent) 1997 1998 1999 2000 2001  83.7 84.6 82.0 81.6 78.9  84.2 84.2 81.9 81.5 78.3  84.3 83.9 81.6 81.5 78.0  83.8 83.7 81.3 81.8 77.8  83.7 83.9 81.6 81.5 77.3  83.6 82.8 81.0 81.4 76.8  83.8 82.0 81.1 80.9 76.4  84.2 83.2 81.3 80.4 76.3  84.4 82.5 80.7 80.6 75.8  84.6 82.7 81.6 80.2 75.4  84.9 82.2 81.7 79.9 75.0  84.6 82.1 82.0 79.5 74.8  84.1 84.2 81.8 81.5 78.4  83.7 83.5 81.3 81.6 77.3  84.1 82.6 81.0 80.6 76.2  84.7 82.3 81.8 79.9 75.1  84.1 83.2 81.5 80.9 76.7  2002 2003 2004 2005 2006  75.3 77.2 77.6 80.5 80.8  75.1 77.2 78.0 80.9 80.6  75.7 77.0 77.6 80.7 80.6  75.9 76.4 78.0 80.8 80.8  76.2 76.3 78.7 80.8 80.6  76.9 76.4 78.0 81.0 80.7  76.7 76.6 78.7 80.6 80.5  76.6 76.5 78.7 80.7 80.6  76.7 76.9 78.7 78.9 80.2  76.5 76.9 79.5 79.7 80.0  76.9 77.5 79.7 80.4 79.8  76.6 77.4 80.2 80.8 80.5  75.3 77.1 77.7 80.7 80.7  76.3 76.4 78.2 80.9 80.7  76.7 76.7 78.7 80.1 80.5  76.7 77.3 79.8 80.3 80.1  76.3 76.9 78.6 80.5 80.5  2007 2008 2009 2010 2011  79.9 81.1 69.9 70.6 75.3  80.6 80.8 69.3 70.9 75.0  80.5 80.6 68.1 71.5 75.8  80.9 79.9 67.5 72.0 75.6  80.9 79.4 66.7 73.2 75.7  81.0 79.2 66.5 73.5 75.9  81.0 78.8 67.2 74.0 76.3  81.1 77.5 68.1 74.3 76.6  81.4 74.0 68.7 74.6 76.5  80.9 74.8 69.0 74.5 77.0  81.3 73.9 69.3 74.6 76.8  81.3 71.7 69.7 75.4 77.1  80.4 80.8 69.1 71.0 75.4  81.0 79.5 66.9 72.9 75.7  81.1 76.8 68.0 74.3 76.5  81.2 73.5 69.3 74.8 76.9  80.9 77.6 68.3 73.3 76.1  2012 2013 2014 2015 2016  77.4 76.9 77.5 78.6 75.9  77.4 77.3 78.0 78.2 75.3  76.9 77.5 78.7 77.9 74.7  77.3 77.3 78.6 77.3 74.8  77.3 77.3 78.8 76.9 74.7  77.2 77.4 79.0 76.6 75.0  77.3 76.9 79.0 77.0 75.1  76.8 77.4 78.8 76.9 75.0  76.7 77.7 78.9 76.6 75.0  76.7 77.5 78.8 76.3 75.1  77.0 77.7 79.4 75.8 74.9  77.1 77.9 79.1 75.3 75.5  77.3 77.3 78.1 78.2 75.3  77.3 77.3 78.8 77.0 74.8  76.9 77.3 78.9 76.9 75.1  76.9 77.7 79.1 75.8 75.2  77.1 77.4 78.7 77.0 75.1  2017 2018 2019  75.6 77.7 79.1  75.3 78.0 78.6  75.8 78.3 78.5  76.5 79.0 77.9  76.6 78.2 77.9  76.7 78.7 77.8  76.7 78.9 77.6  76.3 79.4 78.0  76.3 79.3 77.6  77.4 79.4  77.8 79.7  78.0 79.6  75.6 78.0 78.7  76.6 78.6 77.9  76.4 79.2 77.7  77.7 79.6  76.6 78.8  IP (percent change)2 1997 1998 1999 2000 2001  1. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. 2. Quarterly percentage changes are at annual rates. Annual percentage 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  IP (percent change)3 1997 1998 1999 2000 2001  -.2 .6 -.1 -.3 -.6  1.1 .0 .5 -.2 -.6  .7 -.3 -.4 .3 -.2  -.5 .3 .0 .4 -.2  .4 .4 .7 -.6 -.6  .4 -1.2 -.7 .0 -.5  .4 -.8 .0 -.3 -.2  1.0 2.3 .6 -1.0 -.4  .6 -.6 -.5 .3 -.2  .7 .7 1.4 -.4 -.6  .8 -.1 .4 -.5 -.2  .1 .2 .4 -.8 .1  6.3 3.5 .7 .4 -7.0  2.7 -.2 .3 .8 -4.4  6.8 -.5 .0 -3.8 -4.5  8.2 4.1 6.8 -4.6 -4.1  5.0 3.5 1.3 .7 -4.7  2002 2003 2004 2005 2006  .7 .7 -.1 .6 .8  -.2 -.3 .7 .7 -.4  .8 .0 -.2 -.6 -.1  .2 -1.0 .4 .3 .5  .5 -.1 .8 .3 -.5  1.1 .3 -.8 .1 .3  -.4 .0 1.0 -.5 -.4  .1 -.6 .4 .3 .5  .1 .7 -.1 -1.3 -.1  -.4 .0 1.0 1.4 -.5  .4 .9 -.1 .8 .0  -.6 -.3 .7 .1 1.5  3.2 .8 1.5 5.3 3.1  5.4 -4.3 3.1 1.3 -.1  2.5 .0 3.7 -2.2 -.2  -.9 2.9 4.8 5.0 .6  .4 .0 2.0 3.1 1.5  2007 2008 2009 2010 2011  -.6 -.5 -3.1 1.0 .1  .3 -.8 -.2 -.3 .1  .6 -.5 -2.0 1.1 .6  .5 -1.3 -.8 .8 -.6  .0 -.7 -1.1 1.4 .1  .5 -.7 -.3 -.1 .1  .1 -1.1 1.5 .6 .7  -.4 -1.2 1.2 .0 .3  .3 -3.6 .8 .0 .4  -.6 -.4 .1 .1 .6  .3 -2.2 .9 -.1 -.3  .0 -3.3 -.2 .3 .7  3.0 -4.2 -24.3 5.4 2.3  4.7 -9.8 -11.6 9.7 -.2  1.1 -14.4 8.1 3.8 4.3  -1.1 -20.8 6.5 .4 3.9  1.8 -5.9 -13.9 5.1 2.5  2012 2013 2014 2015 2016  .8 -.4 -1.2 -.4 .6  .3 .5 1.0 -.7 -.6  -.6 -.1 .8 .3 -.2  .5 -.5 -.2 -.1 -.4  -.5 .3 .2 .0 .0  .2 .2 .3 -.4 .3  -.2 -1.0 .5 .7 .2  -.2 .9 -.6 -.3 -.4  -.2 .1 .0 -.5 .3  -.5 .1 -.1 .0 .3  .8 -.1 .8 -.3 .1  .8 .0 -.3 -.4 .4  4.8 2.8 -1.2 -3.0 -.7  -.2 -.6 3.8 -1.3 -2.6  -1.4 -.7 1.5 .2 1.1  .6 1.5 .4 -3.0 2.3  2.3 .5 .8 -.7 -1.0  2017 2018 2019  .6 -.4 -.6  .0 1.1 -.5  -.3 .0 -.1  1.1 .4 -.9  -.2 -.8 .1  .1 .6 .6  -.2 .4 -.4  -.3 .4 .5  -.2 .0 -.5  1.3 -.1  .2 .2  -.1 .6  3.2 1.5 -2.1  3.4 1.9 -3.2  -1.5 3.3 .9  5.0 1.7  1.9 2.2  IP (2012=100) 2017 2018 2019  100.9 102.1 104.5  100.9 103.2 103.9  100.6 103.2 103.8  101.7 103.7 103.0  101.5 102.8 103.1  101.6 103.5 103.7  101.5 103.9 103.3  101.2 104.3 103.8  101.0 104.3 103.3  102.3 104.3  102.6 104.5  102.5 105.1  100.8 102.9 104.1  101.6 103.3 103.2  101.2 104.2 103.5  102.5 104.6  101.5 103.8  Capacity (percent of 2012 output) 2017 2018 2019  134.8 135.0 136.0  134.8 135.0 136.1  134.8 135.0 136.2  134.9 135.1 136.3  134.9 135.2 136.5  134.9 135.2 136.6  134.9 135.3 136.8  134.9 135.4 136.9  134.9 135.5 137.1  134.9 135.6  134.9 135.7  134.9 135.8  134.8 135.0 136.1  134.9 135.2 136.5  134.9 135.4 136.9  134.9 135.7  134.9 135.3  Utilization (percent) 1997 1998 1999 2000 2001  82.4 83.6 80.6 80.0 76.2  83.0 83.3 80.8 79.8 75.7  83.3 82.7 80.2 79.9 75.4  82.6 82.5 80.0 80.1 75.2  82.6 82.6 80.3 79.5 74.7  82.6 81.3 79.5 79.4 74.3  82.6 80.3 79.4 79.1 74.1  83.1 81.9 79.7 78.3 73.7  83.2 81.1 79.1 78.4 73.5  83.4 81.4 80.1 78.0 73.0  83.7 81.0 80.2 77.5 72.8  83.5 80.9 80.4 76.8 72.9  82.9 83.2 80.5 79.9 75.8  82.6 82.1 79.9 79.7 74.7  82.9 81.1 79.4 78.6 73.7  83.5 81.1 80.2 77.4 72.9  83.0 81.9 80.0 78.9 74.3  2002 2003 2004 2005 2006  73.3 75.2 75.4 78.9 79.5  73.2 75.0 76.0 79.4 79.1  73.7 75.1 75.9 78.9 78.8  73.8 74.4 76.2 79.0 79.1  74.2 74.4 76.9 79.1 78.6  75.1 74.6 76.3 79.1 78.7  74.8 74.7 77.1 78.6 78.3  74.9 74.3 77.4 78.7 78.6  75.0 74.9 77.3 77.6 78.4  74.7 74.9 78.1 78.6 78.0  75.1 75.6 78.0 79.1 77.9  74.7 75.4 78.5 79.0 78.9  73.4 75.1 75.8 79.1 79.1  74.4 74.5 76.5 79.1 78.8  74.9 74.6 77.3 78.3 78.4  74.8 75.3 78.2 78.9 78.3  74.4 74.9 76.9 78.8 78.7  2007 2008 2009 2010 2011  78.3 78.6 65.6 67.7 72.2  78.5 78.0 65.6 67.6 72.4  78.9 77.7 64.4 68.5 73.0  79.2 76.7 64.0 69.2 72.7  79.1 76.2 63.4 70.4 72.8  79.4 75.7 63.3 70.4 72.9  79.4 74.9 64.3 71.0 73.5  79.1 74.0 65.2 71.2 73.7  79.3 71.5 65.9 71.3 74.0  78.8 71.3 66.1 71.5 74.4  79.0 69.8 66.9 71.6 74.1  79.0 67.6 66.9 72.0 74.6  78.6 78.1 65.2 67.9 72.5  79.2 76.2 63.5 70.0 72.8  79.3 73.5 65.2 71.1 73.7  79.0 69.6 66.6 71.7 74.4  79.0 74.3 65.1 70.2 73.3  2012 2013 2014 2015 2016  75.2 74.6 73.8 75.7 75.1  75.3 74.9 74.6 75.2 74.5  74.8 74.8 75.2 75.5 74.3  75.1 74.4 75.1 75.5 74.0  74.7 74.6 75.3 75.5 73.9  74.8 74.7 75.5 75.2 74.0  74.6 74.0 75.9 75.8 74.2  74.4 74.6 75.5 75.5 73.8  74.2 74.7 75.5 75.2 74.0  73.8 74.7 75.5 75.1 74.2  74.3 74.7 76.2 74.9 74.2  74.9 74.7 76.0 74.6 74.4  75.1 74.7 74.5 75.5 74.6  74.9 74.6 75.3 75.4 74.0  74.4 74.4 75.6 75.5 74.0  74.3 74.7 75.9 74.9 74.3  74.7 74.6 75.3 75.3 74.2  2017 2018 2019  74.9 75.6 76.8  74.8 76.5 76.4  74.6 76.5 76.2  75.4 76.8 75.5  75.3 76.1 75.5  75.4 76.5 75.9  75.2 76.8 75.5  75.0 77.0 75.8  74.9 77.0 75.4  75.9 76.9  76.0 77.0  76.0 77.4  74.8 76.2 76.5  75.3 76.5 75.6  75.0 76.9 75.6  76.0 77.1  75.3 76.7  1. The composition of manufacturing is specified in a note for the summary table. 2. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. 3. Quarterly percentage changes are at annual rates. Annual percentage changes are calculated from annual averages.  16  Table 15 I NDUSTRIAL P RODUCTION : R ELIABILITY E STIMATES Seasonally adjusted  Item  Annualized change 2019 Q2 Q3  2012=100  Percent change  2019 Apr.  May  June  July  Aug.  Sept.  2019 Apr.  May  June  July  Aug.  Sept.  Total index 85th percentile Current estimate 15th percentile  -1.98 -2.19 -2.39  2.25 1.25 .46  108.99 108.99 108.99  109.31 109.25 109.20  109.42 109.31 109.20  109.31 109.10 108.92  110.27 109.94 109.67  109.93 109.52 109.09  -.63 -.63 -.63  .29 .24 .20  .15 .05 -.03  -.02 -.19 -.30  1.07 .77 .53  -.07 -.39 -.73  Manufacturing (SIC) 85th percentile Current estimate 15th percentile  -2.92 -3.18 -3.36  1.92 1.07 .06  104.33 104.33 104.33  104.51 104.45 104.39  105.15 105.03 104.91  104.84 104.65 104.45  105.48 105.24 104.95  105.15 104.76 104.27  -.87 -.87 -.87  .18 .12 .06  .65 .55 .45  -.25 -.36 -.47  .72 .56 .40  -.18 -.46 -.76  8.66 8.09 7.49  -.99 -4.42 -7.59  133.42 133.42 133.42  133.28 133.12 132.94  134.04 133.64 133.22  131.07 130.42 129.64  134.97 133.50 132.08  133.44 131.75 129.89  2.56 2.56 2.56  -.11 -.23 -.36  .67 .39 .10  -1.92 -2.41 -2.80  3.24 2.36 1.64  -.38 -1.31 -2.20  -8.39 -8.52 -8.67  15.70 10.78 8.82  103.27 103.27 103.27  105.17 105.16 105.14  100.94 100.89 100.81  105.76 105.13 104.83  107.29 105.39 104.20  108.66 106.82 105.74  -3.34 -3.34 -3.34  1.84 1.82 1.81  -4.00 -4.06 -4.13  4.89 4.21 3.94  2.02 .24 -1.14  3.16 1.36 -.41  Mining 85th percentile Current estimate 15th percentile Electric and gas utilities 85th percentile Current estimate 15th percentile  Note. The reliability measures show the likely range of values for the IP indexes after their fifth and final monthly revision. The 15th (85th) percentile estimate is equal to the current estimate plus an amount such that the equivalent measure revised by a lower (higher) amount for only 15 percent of the months since 2008. More information is available at https://www.federalreserve.gov/releases/g17/g17 technical qa.htm#reliability  17  E XPLANATORY N OTE  month (pm ) and the estimate for previous month:  The Industrial Production and Capacity Utilization statistical release, which is published around the middle of the month, reports measures of output, capacity, and capacity utilization in manufacturing, mining, and the electric and gas utilities industries. More detailed descriptions of industrial production and capacity utilization are available on the Board’s website at www.federalreserve.gov/releases/G17. In addition, files containing data shown in the release, more detailed series that were published in the G.17 prior to December 2000, and historical data are available from the Data Download Program on the Board’s website. Instructions for searching for and downloading specific series are provided as well.  A Im A Im−1  s P P I p I p P m m−1 × P m m = Im−1 pm−1  Im−1 pm  The IP proportions (typically shown in the first column of the relevant tables in the monthly G.17 release) are estimates of the industries’ relative contributions to overall growth in the following year. For example, the relative importance weight of the motor vehicles and parts industry is about 6 percent. If output in this industry increased 10 percent in a month, then this gain would boost growth in total IP by 6/10 percentage point (0.06 x 10% = 0.6%). To assist users with calculations, the Federal Reserve’s website provides supplemental monthly statistics that represent the exact proportionate contribution of a monthly change in a component index to the monthly change in the total index (www.federalreserve.gov/ releases/G17/ipdisk/ipweightssa.txt).  I NDUSTRIAL P RODUCTION Coverage. The industrial production (IP) index measures the real output of the manufacturing, mining, and electric and gas utilities industries; the reference period for the index is 2012. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries— logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered to be manufacturing and included in the industrial sector. For the period since 2012, the total IP index has been constructed from 299 individual series based on the 2012 NAICS codes. These individual series are classified in two ways: (1) market groups, and (2) industry groups. Market groups consist of products and materials. Total products are the aggregate of final products, such as consumer goods and equipment, and nonindustrial supplies (which are inputs to nonindustrial sectors). Materials are inputs in the manufacture of products. Major industry groups include three-digit NAICS industries and aggregates of these industries—for example, durable and nondurable manufacturing, mining, and utilities. A complete description of the market and industry structures, including details regarding series classification, relative importance weights, and data sources, is available on the Board’s website at www.federalreserve.gov/releases/G17/About.htm.  Timing. The first estimate of output for a month is published around the 15th of the following month. The estimate is preliminary (denoted by the superscript “p” in tables) and subject to revision in each of the subsequent five months as new source data become available. (Revised estimates are denoted by the superscript “r” in tables.) For the first estimate of output for a given month, about 75 percent of the source data (in value-added terms) are available; the fraction of available source data increases to 85 percent for estimates in the second month that the estimate is published, 94 percent in the third month, 95 percent in the fourth month, 96 percent in the fifth month, and 96 percent in the sixth month. Data availability by data type in 2018 is summarized in the table below: Availability of Monthly IP Data in Publication Window (Percent of value added in 2018; the numbers may not sum because of rounding.) Month of estimate  Source Data. On a monthly basis, the individual indexes of industrial production are constructed from two main types of source data: (1) output measured in physical units and (2) data on inputs to the production process, from which output is inferred. Data on physical products, such as tons of steel or barrels of oil, are typically obtained from private trade associations and from government agencies; data of this type are used to estimate monthly IP wherever possible and appropriate. Production indexes for a few industries are derived by dividing estimated nominal output (calculated using unit production and unit values or sales) by a corresponding Fisher price index; the most notable of these fall within the high-technology grouping and include semiconductors. When suitable data on physical product are not available, estimates of output are based on production-worker hours by industry. Data on hours worked by production workers are collected in the monthly establishment survey conducted by the Bureau of Labor Statistics. The factors used to convert inputs into estimates of production are based on historical relationships between the inputs and the comprehensive annual data used to benchmark the IP indexes; these factors also may be influenced by technological or cyclical developments. The annual data used in benchmarking the individual IP indexes are constructed from a variety of source data, such as the quinquennial Censuses of Manufactures and Mineral Industries and the Annual Survey of Manufactures, prepared by the Bureau of the Census; the Minerals Yearbook, prepared by the U.S. Geological Survey of the Department of the Interior; and publications of the Department of Energy.  Type of data  1st  2nd  3rd  4th  5th  6th  Physical product  34  44  54  54  56  56  Production-worker hours  40  40  40  40  40  40  IP data received  75  85  94  95  96  96  IP data estimated  25  15  6  5  4  4  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 more than one-half of the series (in terms of value added) that ultimately are based on physical product data (34 percent out of a total of 56 percent). Of the 34 percent, about three-quarters (25 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-13 ARIMA. For series based on production-worker hours, the current seasonal factors were estimated with data through January 2019; for other series, the factors were estimated with data through at least December 2018. Series are pre-adjusted for the effects of holidays or the business cycle when appropriate. For the data since 1972, all seasonally adjusted aggregate indexes are calculated by aggregating the seasonally adjusted indexes of the individual series. Additional documentation and X-13 specifications can be found on the Board’s website at www.federalreserve.gov/releases/G17/About.htm.  Aggregation Methodology and Weights. The aggregation method for the IP index is a version of the Fisher-ideal index formula. (For a detailed discussion of the aggregation method, see the Federal Reserve Bulletin February 1997 and March 2001.) In the IP index, series that measure the output of an individual industry are combined using weights derived from their proportion in the total value-added output of all industries. The IP index, which extends back to 1919, is built as a chain-type index since 1972. The current formula for the growth in monthly IP (or any of the sub-aggregates) since 1972 is the geometric mean of the change in output (I), and, as can be seen below, is computed using the unit value added estimate for the current  Reliability. The average revision to the level of the total IP index, without regard to sign, between the first and the fourth estimates was  18  0.28 percent during the 1987–2018 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 1987–2018 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.  inconsistencies between the movements of the industrial production index and the survey-based utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was the primary source of manufacturing utilization rates for many years. This survey of large companies reported, on average, higher utilization rates than those reported by establishments covered by the annual Survey of Plant Capacity (the primary source of factory operating rates through 2006, after which it was discontinued) for the fourteen years they overlapped. Adjustments have been made to keep the industry utilization rates currently reported by the Federal Reserve (now based on the QSPC) roughly in line with rates formerly reported by McGraw-Hill. As a consequence, the rates reported by the Federal Reserve tend to be higher than the rates reported in the Census utilization surveys.  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 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.  Perspective. Over the 1972–2018 period, the average total industry utilization rate was 79.8 percent; for manufacturing, the average factory operating rate was 78.3 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 manufacturing, utilization rates have exceeded 90 percent only in wartime. The highs and lows in capacity utilization are specific to each series and do not all occur in the same month. 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 North American Industry Classification System, or NAICS, level. Estimates of capacity and utilization are available for a variety of groups, including durable and nondurable manufacturing, total manufacturing, mining, utilities, and total industry. Manufacturing consists of those industries included in the NAICS definition of manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered to be manufacturing and included in the industrial sector. Also, special aggregates are available, such as high-technology industries and manufacturing excluding high-technology industries.  References. The release for the annual revision that was published on March 27, 2019, 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 (for example, paper, industrial chemicals, petroleum refining, motor vehicles), as well as for electric utilities and mining; these industries represent about 27 percent of total industrial capacity. When physical product data are unavailable for manufacturing industries, capacity indexes are based on responses to the Bureau of the Census’s Quarterly Survey of Plant Capacity (QSPC); these industries account for about 64 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 9 percent of total industry capacity). A detailed description of the methodology used to construct the capacity indexes is available on the Board’s website (www.federalreserve.gov/releases/G17/Meth/MethCap.htm).  Industrial Production—1986 Edition contains a more detailed description of the other methods used to compile the industrial production index, plus a history of its development, a glossary of terms, and a bibliography. The major revisions to the IP indexes and capacity utilization since 1990 have been described in the Federal Reserve Bulletin (April 1990, June 1990, June 1993, March 1994, January 1995, January 1996, February 1997, February 1998, January 1999, March 2000, March 2001, March 2002, April 2003, Winter 2004, Winter 2005, March 2006, May 2007, August 2008, August 2009) or in online staff studies (www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf, www.federalreserve.gov/releases/g17/articles/rev2012/industrial12.pdf, www.federalreserve.gov/releases/g17/articles/rev2013/industrial13.pdf). Release Schedule The G.17 release on Industrial Production and Capacity Utilization is published at 9:15 a.m. on: 2019: January 18, February 15, March 15, April 16, May 15, June 14, July 16, August 15, September 17, October 17, November 15, December 17.  Aggregation Methodology. Monthly capacity aggregates are calculated in three steps: (1) utilization aggregates are calculated on an annual basis through the most recent full year as capacity-weighted aggregates of individual utilization rates; (2) the annual aggregate capacity is derived from the corresponding production and utilization aggregates; (3) the monthly capacity aggregate is obtained by interpolating with a Fisher index of its constituent monthly capacity series. Utilization rates for the individual series and aggregates are calculated by dividing the pertinent monthly production index by the related capacity index.  2020: January 17, February 14, March 17, April 15, May 15, June 16, July 15, August 14, September 15, October 16, November 17, December 15. This release schedule is available on the Board’s website at http://www.federalreserve.gov/releases/g17.  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  19