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FEDERAL RESERVE statistical release
G.17 (419)

For release at 9:15 a.m. (EDT)
September 14, 2001

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production fell 0.8 percent in August, to 141.5 percent of its 1992 average. Having declined for
eleven consecutive months, industrial production in August was nearly 5 percent below its level in August 2000.
Manufacturing output declined 1.0 percent in August, mining output decreased 0.4 percent, and utilities production rose
1.6 percent. The rate of capacity utilization for total industry fell 0.7 percentage point, to 76.2 percent, a level almost
6 percentage points below its 1967–2000 average.
Market Groups
The output of consumer goods fell 0.8 percent in August after a 0.4 percent increase in July. The production
of durable consumer goods dropped 1.5 percent as sizable decreases in the output of automotive products and
miscellaneous consumer goods more than offset a bounceback in the production of appliances and home electronics such
as audio-visual equipment; the output of home computers contracted again. The production of nondurable consumer
(over)

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

Percent change

Industrial production

2001
Mayr

Juner

Julyr

Aug.p

Total index
Previous estimates

144.2
144.2

142.7
143.0

142.6
142.8

141.5

–.3
–.3

–1.0
–.9

–.1
–.1

–.8

–4.8

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

133.7
122.2
191.9
139.3
163.3

132.5
121.6
187.7
139.2
161.2

132.5
122.1
187.1
138.8
160.8

131.3
121.2
184.1
138.1
159.9

–.1
.1
–.7
–.3
–.5

–.9
–.5
–2.2
–.1
–1.3

.0
.4
–.3
–.3
–.3

–.9
–.8
–1.6
–.5
–.5

–3.9
–2.1
–6.9
–3.2
–6.2

Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities

149.2
190.1
112.2
103.8
119.5

147.4
187.4
111.2
103.4
119.6

147.5
187.6
111.1
102.3
118.8

146.1
185.5
110.3
101.8
120.7

–.2
.0
–.6
.3
–1.1

–1.2
–1.4
–.8
–.4
.1

.0
.1
–.1
–1.1
–.7

–1.0
–1.2
–.7
–.4
1.6

–5.5
–5.8
–5.2
.8
–1.1

Capacity utilization
Total industry
Previous estimates
Manufacturing
Advanced processing
Primary processing
Mining
Utilities

Average
1967–2000

1982
low

2001
Mayr

Percent of capacity
1988–89
2000
2001
high
Aug.
Mayr

Juner

Julyr

Aug.p

Juner

Julyr

Aug.p

Aug. ’00 to
Aug. ’01

Capacity
growth
Aug. ’00 to
Aug. ’01

82.1

71.1

85.4

82.6

78.0
78.0

77.1
77.2

76.9
77.0

76.2

3.1

81.1
80.6
82.2
87.4
87.6

69.0
71.0
65.7
80.3
75.9

85.7
84.2
88.3
88.0
92.6

81.7
80.2
85.4
86.9
91.5

76.6
77.2
76.7
90.3
87.2

75.6
76.1
75.6
90.0
87.0

75.5
76.1
75.4
89.2
86.1

74.6
75.1
74.7
88.9
87.2

3.5
2.0
6.0
–1.4
3.8

goods fell 0.6 percent. The output for all of the major non-energy categories declined; the production of consumer energy
products increased 0.3 percent and has changed little, on balance, over the past year. In August, the overall consumer
energy increase was held down by a decline in gasoline production.
The production of business equipment, which fell 1.6 percent, was nearly 7 percent lower than it was in
August 2000; decreases in transit equipment and in industrial and other equipment accounted for most of the past month’s
decline. The output of information processing equipment, which includes computers, also fell again; it has declined more
than 4 percent since May and about 8 percent since the end of 2000. The production of defense and space equipment fell
0.9 percent, erasing a similarly sized gain in July, and the output of construction supplies fell 0.5 percent further. The
production of business supplies decreased 0.4 percent, its eighth decline in the past nine months.
The output of industrial materials decreased 0.5 percent. Widespread declines in the production of durable
and nondurable materials outweighed an increase in the output of energy materials. Overall, the production of industrial
materials has fallen 6.2 percent since August 2000.
Industry Groups
Manufacturing output, which was unchanged in July, fell 1.0 percent in August and was 5-1/2 percent lower
than in August 2000. The production of durable goods fell 1.2 percent, and cutbacks were widespread across the major
sectors. Declines were particularly sharp in industrial machinery and in motor vehicles and parts. Electrical machinery
fell 0.9 percent and has fallen about 12 percent so far in 2001; the production of communications equipment and
semiconductors remained especially weak. The output of nondurables fell 0.7 percent, and production declined for nearly
all major groups. The overall factory operating rate fell 0.9 percentage point, to 74.6 percent, with decreases both in
advanced-processing and primary-processing industries.
At mines, production fell 0.4 percent, and the utilization rate decreased to 88.9 percent but remained above
its long-run average. The output of utilities increased 1.6 percent, nearly reversing the cumulative decline over the
preceding three months, and was about 1 percent below its year-ago level. The operating rate at utilities rose
1.1 percentage points, to 87.2 percent.
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
Capacity Utilization
Industrial Capacity
Gross Value of Products
Diffusion Indexes of Industrial Production
Electric Power Use
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 web site (www.federalreserve.gov/releases/G17/).

2

Revision of Industrial Production and Capacity Utilization
On November 27, the Federal Reserve Board will publish revisions to the index of industrial
production (IP), to the related measures of capacity and capacity utilization, and to the index of industrial
use of electric power. The updated measures will reflect the incorporation of newly available, more
comprehensive source data typical of annual revisions. The new source data are for recent years, primarily
1999 and 2000, although data from 1992 onward will be subject to revision.
Industrial production and capacity utilization will continue to be based on the 1987 Standard
Industrial Classification (SIC) until the 2002 annual revision, after which they will be constructed from the
North American Industrial Classification System (NAICS). The new NAICS-related production indexes
will be based on annual output measures that are constructed by reclassifying the establishments in historical
Censuses of Manufactures and Mineral Industries under NAICS; annual output indexes constructed this way
will maximize the reliability and historical consistency of the IP industry detail.
The updating of source data for IP in the 2001 annual revision will include annual data from the
1999 Bureau of the Census Annual Survey of Manufactures and from selected editions of its 1999 and 2000
Current Industrial Reports. Annual data from the U.S. Geological Survey regarding metallic and
nonmetallic minerals (except fuels) for 1999 and 2000 will also be introduced. The updating will include
revisions to the monthly indicator for each industry (either physical product data, production-worker hours,
or electric power usage) and to seasonal factors.
Capacity and capacity utilization will be revised to incorporate preliminary data from the 2000
Survey of Plant Capacity of the Bureau of the Census, which covers manufacturing, along with other new
data on capacity from the U.S. Geological Survey, the Department of Energy, and other organizations. The
statistics on the industrial use of electric power will incorporate additional information received from
utilities for the past few years and will include some data from the 1997 Census of Manufactures and the
1998 and 1999 Annual Survey of Manufactures.
Once the revision is published, it will be made available on the Board’s web site
(www.federalreserve.gov/releases/g17). The revised data will also be available through the web site of the
Department of Commerce. Further information on these revisions is available from the Board’s Industrial
Output Section (telephone 202-452-3197).

3

Industrial Production

Ratio scale, 1992 = 100

160

160
Total IP

145

145

125

125

105

105
Excluding high-tech industries

85

85

65

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

65

Percent of capacity

90

90
Total industry

85

85

80

80
Manufacturing

75

75

70

70

65

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

Capacity Utilization

12 month percent change

10

10

65

Percent of capacity

90

90

Total IP
Primary processing

5

5

85

85

0

0

80

80
Advanced processing

Excluding high-tech industries

-5

1994

1996

1998

2000

2002

-5

75

1994

1996

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

4

1998

2000

2002

75

Table 1

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

Item
It

2000
proportion1

Annual rate
2001
Q4
Q1

Monthly rate

1998

1999

2000

100.00

3.2

5.1

4.2

3.5

–.9

–6.8

–4.4

–.3

–1.0

–.1

–.8

–4.8

60.78
28.73
6.10
2.88
.45
1.37
1.41

3.2
.2
4.3
5.4
11.7
6.9
–2.5

3.4
3.1
8.2
3.3
53.3
6.0
4.6

3.0
.6
–4.4
–6.9
2.8
–1.3
–4.2

2.2
–.5
–8.9
–10.8
1.3
–10.9
–6.2

–.5
–2.4
–13.1
–21.9
17.4
–6.2
–9.7

–4.2
–1.8
–9.6
–13.1
–37.7
3.3
–3.8

–4.1
–.7
8.9
25.6
–7.8
–4.1
–2.5

–.1
.1
1.8
2.5
6.6
.5
.3

–.9
–.5
–.7
–.5
–2.6
–.5
–1.0

.0
.4
2.1
6.1
–5.1
–2.7
.5

–.9
–.8
–1.5
–3.2
2.7
2.5
–2.8

–3.9
–2.1
–2.9
–1.1
–9.8
–1.0
–6.8

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

22.63
19.19
9.97
1.39
4.95
2.88
3.44

–1.0
–.5
.6
–8.1
3.3
–5.4
–4.1

1.6
1.5
.2
–4.9
5.8
2.6
2.5

2.0
1.2
.9
–4.4
2.5
3.1
6.7

2.0
1.6
1.2
–9.6
.7
10.6
4.5

.6
–1.0
–2.0
–7.0
1.2
1.5
10.0

.3
.8
–.1
–1.3
5.5
–3.2
–2.3

–2.9
–1.9
–2.2
–14.7
3.3
–3.6
–8.5

–.4
–.1
–.4
–1.8
1.5
–.7
–2.0

–.4
–.7
–.4
–3.5
–.9
–.2
1.1

.0
.0
–.1
.5
–.1
.1
.1

–.6
–.7
–.7
–2.2
–.2
–1.3
.3

–1.8
–2.1
–2.6
–10.1
1.4
–2.9
–.3

Business equipment
Transit
Information processing
Industrial and other

14.25
2.60
5.92
5.73

9.1
12.9
16.8
–.1

5.7
–8.9
21.0
–1.5

11.0
–8.8
23.1
8.6

12.1
–8.2
26.5
7.7

5.2
–20.5
18.5
4.4

–7.5
–17.5
–3.6
–7.4

–10.0
7.4
–10.8
–15.7

–.7
1.1
–.7
–1.4

–2.2
–.9
–2.3
–2.6

–.3
1.8
–1.6
.1

–1.6
–2.1
–.5
–2.5

–6.9
–8.4
–3.8
–9.6

Defense and space equipment

1.94

8.2

–3.1

–3.3

.7

3.6

5.7

–3.1

–1.5

–.5

.8

–.9

.2

Construction supplies
Business supplies

6.13
9.02

7.6
1.8

4.5
2.3

.3
1.3

–1.1
–2.1

–4.7
–.5

–3.1
–10.3

–2.8
–8.0

–.3
.5

–.1
–1.0

–.3
–.7

–.5
–.4

–3.2
–6.8

Materials
Durable
Consumer parts
Equipment parts
Other

39.22
22.78
4.49
8.68
9.61

3.7
7.2
.1
20.5
–.6

8.0
10.9
7.1
22.0
3.4

6.2
12.1
.2
36.1
–1.7

5.6
11.9
–1.8
36.2
–2.0

–1.6
–1.0
–6.0
11.5
–9.8

–10.6
–12.4
–28.2
–4.8
–11.9

–4.9
–4.8
17.7
–15.7
–3.2

–.5
.2
3.0
–.9
.1

–1.3
–1.3
–1.3
–1.9
–.9

–.3
–.1
1.3
–1.1
.0

–.5
–.9
–.5
–1.3
–.9

–6.2
–6.6
–6.4
–6.4
–7.4

Nondurable
Textile
Paper
Chemical

8.38
.73
1.53
4.31

–2.8
–8.5
–2.9
–4.0

5.6
–1.2
4.2
9.4

–5.2
–9.7
–4.5
–6.2

–7.6
–13.1
–13.6
–6.8

–7.7
–23.8
–1.8
–11.7

–15.1
–10.8
–12.6
–18.5

–11.8
–19.0
–4.9
–18.1

–2.1
–3.0
–2.5
–1.9

–1.9
–1.6
–3.4
–1.6

.2
–1.9
2.1
–.7

–.5
.1
–.2
–.4

–10.5
–18.5
–5.4
–14.8

Energy

8.06

–.7

.5

1.4

1.8

3.1

–.6

1.9

–1.0

–.6

–1.1

.5

–.6

24
25
32
33
34
35
36
371

87.40
47.81
1.82
1.61
2.38
3.32
5.49
9.06
9.02
5.72

4.0
8.0
5.4
6.2
5.6
–3.4
1.5
11.6
20.4
3.3

5.6
8.2
.5
3.1
2.3
8.0
1.6
13.6
25.2
5.9

4.3
8.4
–7.3
5.6
.9
–5.6
1.0
14.4
39.0
–6.4

3.7
8.1
–10.5
7.2
7.3
–10.0
.5
13.3
39.1
–11.2

–1.6
–.4
–12.4
4.2
–4.3
–16.5
–4.6
7.4
16.7
–23.6

–7.9
–9.6
–12.0
–5.6
–.6
–18.9
–9.5
–8.2
–7.1
–27.2

–5.1
–4.9
12.7
–3.2
–2.6
2.3
–7.9
–15.3
–18.5
37.4

–.2
.0
2.8
.7
.7
.1
–.4
–2.0
–.7
4.8

–1.2
–1.4
–.1
–1.3
–.5
–1.7
–1.0
–2.2
–1.9
–1.4

.0
.1
.2
–.9
–.3
.0
.3
–.2
–2.4
4.9

–1.0
–1.2
.5
–1.0
–.5
–1.0
–.4
–1.9
–.9
–2.7

–5.5
–5.8
–.7
–3.3
–2.7
–10.0
–6.5
–8.7
–7.5
–5.7

372–6,9
38
39

3.52
4.54
1.31

10.4
3.9
.7

–11.6
4.5
6.6

–.4
1.9
.0

2.9
5.1
1.7

5.4
1.8
–3.1

–3.0
–.3
–5.2

–3.4
–5.3
–2.7

–.9
–.5
–1.4

–.9
–1.6
1.0

–.2
.2
.7

–.7
–.4
–2.3

–2.1
–2.5
–3.8

20,21
22
23
26
27
28
29
30

39.59
10.52
1.23
1.41
3.30
6.58
10.33
2.39
3.65

–.4
.8
–6.5
–6.3
–.1
–1.8
.2
2.1
1.6

2.5
.3
–.2
–4.0
3.0
1.8
6.7
.2
3.6

–.7
.8
–7.9
–5.3
–3.1
1.5
–1.3
1.2
–1.9

–1.5
1.5
–13.1
–9.1
–12.7
4.1
–1.4
–3.2
–1.0

–3.0
–2.0
–18.8
–8.0
3.2
.8
–2.8
–4.5
–9.7

–5.9
–.2
–8.2
–.8
–13.4
–10.0
–8.2
–1.7
–4.9

–5.3
–2.5
–17.1
–6.8
1.2
–9.9
–7.1
3.3
–5.7

–.6
–.4
–3.6
–.3
–2.5
–.3
.1
–.4
–.7

–.8
–.4
–.4
–3.0
–1.9
–1.0
–1.3
.2
.3

–.1
.0
–2.4
.7
1.0
–.4
–.3
–.7
.5

–.7
–.7
.8
–2.9
–.9
–1.0
–.2
–1.5
–.9

–5.2
–2.5
–13.8
–8.1
–3.8
–6.9
–6.2
–3.1
–5.1

6.69
5.91
4.45
1.46

–5.3
–1.4
1.6
–11.9

–.5
2.3
1.7
4.6

1.3
6.5
6.3
7.5

2.8
1.0
–1.1
8.1

–1.5
9.3
12.1
.7

6.0
–3.4
–6.6
7.2

7.5
–8.2
1.0
–31.2

.3
–1.1
–1.7
.9

–.4
.1
–.2
.8

–1.1
–.7
–1.0
.4

–.4
1.6
2.6
–1.4

.8
–1.1
.5
–6.0

Total IP

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

Q2r

2001
Mayr

Juner

Julyr

Aug.p

Aug. ’00
to
Aug. ’01

2000
Q3

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

10–14
491,2,3pt

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

5

Table 2

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

Item
It

2000
proportion

Annual rate
2001
Q4
Q1

Monthly rate

1998

1999

2000

100.00

3.2

5.1

4.2

3.5

–.9

–6.8

–4.4

–.3

–1.0

–.1

–.8

–4.8

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

13.92
3.44
1.90
.52
2.28
5.78

–3.1
–4.1
–.5
–26.3
–.2
–1.0

1.2
2.5
1.0
5.6
2.8
–.7

4.1
6.7
7.2
18.9
5.2
–.2

2.9
4.5
.2
20.2
4.2
.9

4.2
10.0
–2.7
8.5
12.9
–.6

–.2
–2.3
–3.5
33.3
–15.5
5.9

–.3
–8.5
3.5
7.8
–1.2
3.0

–.5
–2.0
4.0
.7
–1.9
–.7

–.3
1.1
–1.0
–1.2
–2.1
–.1

–.9
.1
–1.4
–1.8
–.7
–1.2

.3
.3
.5
–3.2
.6
.5

–.6
–.3
–2.5
4.3
–4.4
.9

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

357
366

86.08
8.47
2.37
1.94

4.1
37.2
54.0
9.0

5.6
40.6
54.3
13.4

4.2
55.3
42.0
35.5

3.6
56.9
51.9
41.6

–1.8
25.2
24.8
30.2

–7.8
–6.1
–3.5
–1.7

–5.1
–20.4
–12.8
–17.0

–.2
–1.8
–2.0
–2.0

–1.2
–2.1
–1.7
–1.9

.0
–2.2
–.8
–3.5

–.9
–1.4
–.5
–1.5

–5.5
–7.2
–2.1
–5.7

3672–9

4.16

45.7

47.8

73.4

66.4

23.3

–9.6

–26.1

–1.5

–2.5

–2.4

–1.8

–10.7

77.61

1.2

2.3

–.7

–1.6

–4.7

–8.1

–3.2

.0

–1.1

.3

–.9

–5.5

5.72
3.10
2.48

3.3
6.9
–1.6

5.9
2.1
10.8

–6.4
–12.3
3.3

–11.2
–20.1
2.9

–23.6
–33.7
–7.1

–27.2
–17.7
–35.6

37.4
37.1
39.4

4.8
4.5
5.4

–1.4
–1.8
–1.3

4.9
7.9
2.0

–2.7
–4.6
–.5

–5.7
–4.8
–5.4

71.88
22.73
9.48
7.13
24.30

1.1
–.4
3.3
2.3
–1.0

2.0
2.5
–2.4
2.6
3.3

–.2
.4
5.3
–.1
–2.3

–.8
–.3
6.3
–2.6
–3.1

–3.1
–1.7
3.8
.1
–7.4

–6.5
–.1
–8.3
–12.1
–11.4

–5.7
–1.9
–11.9
–11.0
–6.4

–.4
.1
–.7
–.4
–.7

–1.1
–.6
–2.5
–1.0
–1.3

–.1
–.2
–.2
–.5
.1

–.8
–.6
–1.4
–.7
–.7

–5.4
–2.3
–7.9
–8.0
–7.7

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

91.53
78.92
39.34
6.69
2.92

.7
1.2
2.7
.5
–.3

2.2
2.3
2.2
1.2
6.5

.0
–.5
–.4
4.9
.1

–.9
–1.4
–1.3
.7
1.7

–3.4
–4.5
–5.9
.9
–1.7

–6.9
–8.2
–10.5
–10.1
–7.0

–2.8
–3.2
–1.1
–16.2
–7.7

–.1
–.1
.4
–1.9
1.3

–.9
–1.1
–1.3
–2.4
–1.2

.1
.2
.6
.0
–1.6

–.7
–.9
–1.1
–2.3
.5

–4.7
–5.5
–5.7
–11.1
–4.7

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

94.28
81.67
42.09

3.2
4.1
8.7

5.0
5.5
8.5

4.9
5.0
10.5

4.5
4.9
11.0

.6
.1
3.1

–5.5
–6.6
–7.2

–6.3
–7.3
–9.2

–.5
–.6
–.6

–1.0
–1.2
–1.5

–.4
–.3
–.5

–.6
–.8
–.9

–4.8
–5.5
–5.9

Primary processing1
Advanced processing2

34.36
53.04

4.3
3.9

8.8
3.7

5.6
3.4

3.8
3.7

–3.6
–.2

–13.0
–4.6

–5.5
–4.8

–.4
–.1

–1.2
–1.2

–.1
.1

–.7
–1.1

–7.2
–4.4

Total industry

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

371
3711,3
3714

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

Q2r

2001
Mayr

Juner

Julyr

Aug.p

Aug. ’00
to
Aug. ’01

2000
Q3

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

Table 3

MOTOR VEHICLE ASSEMBLIES
Millions of units, seasonally adjusted annual rate
2000
average

2000
Q3

Q4

2001
Q1

Q2

2001
May

June

July

Aug.

Total
Autos
Trucks
Light
Medium and heavy

12.77
5.54
7.23
6.84
.39

12.79
5.70
7.09
6.74
.35

11.63
5.00
6.63
6.32
.31

10.92
4.96
5.97
5.69
.27

11.70
5.10
6.60
6.33
.27

11.84
5.13
6.71
6.44
.27

11.72
5.11
6.61
6.34
.27

12.05
4.86
7.20
6.93
.26

11.74
4.67
7.07
6.82
.25

MEMO
Autos and light trucks

12.38

12.44

11.32

10.65

11.43

11.57

11.45

11.79

11.48

Item
It

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

6

Table 4

INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY
1992 = 100, seasonally adjusted
2000
proportion

Item
It

2000
Dec.

2001
Jan.

Feb.

Mar.

Apr.

Mayr

Juner

Julyr

Aug.p

100.00

147.3

146.0

145.4

145.0

144.6

144.2

142.7

142.6

141.5

60.78
28.73
6.10
2.88
.45
1.37
1.41

136.0
123.1
153.4
140.7
796.9
134.4
115.5

135.0
121.8
148.9
133.8
749.6
132.1
116.5

134.6
122.3
150.8
138.2
690.6
135.8
115.4

134.5
122.4
153.6
145.4
661.7
135.1
114.7

133.8
122.1
152.9
145.1
663.3
132.7
115.0

133.7
122.2
155.6
148.7
707.1
133.4
115.3

132.5
121.6
154.5
148.1
689.0
132.8
114.2

132.5
122.1
157.8
157.1
653.5
129.2
114.7

131.3
121.2
155.3
152.0
671.1
132.4
111.6

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

22.63
19.19
9.97
1.39
4.95
2.88
3.44

115.7
113.9
110.1
82.4
139.0
112.2
126.1

114.9
114.3
110.3
82.6
139.1
113.7
119.0

115.3
114.6
110.7
82.8
141.5
111.1
119.2

114.8
114.2
110.1
82.2
141.5
110.9
118.6

114.6
114.1
110.2
81.2
140.9
111.5
117.5

114.2
114.1
109.7
79.8
143.0
110.7
115.2

113.7
113.3
109.3
77.0
141.7
110.5
116.4

113.7
113.3
109.3
77.3
141.5
110.6
116.5

113.0
112.4
108.5
75.7
141.3
109.1
116.8

Business equipment
Transit
Information processing
Industrial and other

14.25
2.60
5.92
5.73

199.2
117.4
335.9
147.9

197.4
111.7
337.4
146.7

195.3
114.4
330.6
144.7

195.6
117.8
327.7
144.7

193.3
116.3
326.7
141.8

191.9
117.5
324.3
139.8

187.7
116.4
316.7
136.2

187.1
118.5
311.5
136.3

184.1
116.1
309.9
133.0

Defense and space equipment

1.94

77.5

78.5

76.7

77.7

78.0

76.8

76.4

77.0

76.3

Construction supplies
Business supplies

6.13
9.02

140.6
118.5

140.7
118.4

139.9
117.0

140.5
114.9

139.6
114.3

139.3
114.9

139.2
113.8

138.8
113.0

138.1
112.5

Materials
Durable
Consumer parts
Equipment parts
Other

39.22
22.78
4.49
8.68
9.61

167.8
230.3
157.6
522.3
129.6

165.9
226.6
146.1
517.5
130.1

165.0
225.2
149.9
514.9
127.2

163.9
223.6
153.1
508.2
125.5

164.1
223.0
153.6
498.3
126.9

163.3
223.6
158.2
493.7
127.0

161.2
220.6
156.1
484.4
125.9

160.8
220.3
158.2
479.1
125.9

159.9
218.2
157.5
473.1
124.8

Nondurable
Textile
Paper
Chemical

8.38
.73
1.53
4.31

108.6
90.3
109.4
109.8

107.5
91.0
110.3
108.5

107.2
87.7
112.4
108.2

104.6
87.4
105.9
105.9

105.2
86.3
111.3
104.1

103.1
83.7
108.5
102.2

101.1
82.4
104.8
100.5

101.4
80.9
107.0
99.9

100.9
80.9
106.8
99.5

Energy

8.06

104.5

104.4

103.9

104.9

105.8

104.8

104.2

103.0

103.6

24
25
32
33
34
35
36
371

87.40
47.81
1.82
1.61
2.38
3.32
5.49
9.06
9.02
5.72

152.6
195.1
111.5
145.3
132.4
126.3
132.9
262.3
610.2
151.8

151.3
192.3
108.3
144.1
135.2
124.0
133.5
258.4
604.3
138.6

150.7
191.1
109.1
143.8
134.3
121.3
130.3
255.0
593.7
147.4

150.0
191.3
111.4
143.2
134.3
117.8
129.8
255.7
581.0
156.5

149.6
190.1
110.9
142.5
133.3
122.4
129.3
251.0
569.9
155.4

149.2
190.1
114.0
143.5
134.3
122.5
128.8
246.1
565.8
162.9

147.4
187.4
113.9
141.6
133.5
120.4
127.5
240.6
554.9
160.7

147.5
187.6
114.1
140.4
133.1
120.4
127.9
240.0
541.7
168.6

146.1
185.5
114.7
139.0
132.4
119.1
127.4
235.6
536.7
164.0

372–6,9
38
39

3.52
4.54
1.31

95.3
123.1
129.4

94.3
125.0
130.4

93.5
123.3
127.6

94.3
122.6
127.6

94.1
123.1
128.4

93.2
122.4
126.6

92.4
120.4
127.9

92.2
120.7
128.8

91.6
120.2
125.8

20,21
22
23
26
27
28
29
30

39.59
10.52
1.23
1.41
3.30
6.58
10.33
2.39
3.65

114.1
110.7
94.5
88.2
112.7
109.2
122.9
114.7
137.3

114.0
110.8
93.0
88.9
111.8
109.6
121.8
115.1
138.5

114.0
111.2
92.7
88.7
112.8
107.7
122.6
116.5
137.3

112.7
110.6
92.4
88.4
107.7
106.2
121.2
115.0
136.5

112.8
110.6
90.7
88.2
113.7
105.6
120.1
116.7
136.0

112.2
110.2
87.4
87.9
110.9
105.3
120.2
116.2
135.0

111.2
109.8
87.1
85.3
108.8
104.2
118.6
116.5
135.4

111.1
109.7
85.0
85.9
109.9
103.8
118.2
115.6
136.1

110.3
109.0
85.7
83.4
108.9
102.8
118.0
114.0
134.9

6.69
5.91
4.45
1.46

99.6
129.1
131.2
120.2

101.0
124.0
126.7
113.7

101.4
121.8
123.9
112.9

102.7
122.0
125.5
109.7

103.5
120.9
127.2
101.2

103.8
119.5
125.0
102.1

103.4
119.6
124.8
102.9

102.3
118.8
123.5
103.3

101.8
120.7
126.8
101.9

Total IP

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

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

10–14
491,2,3pt

NOTE. See notes to table 1.

7

Table 5

INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES
1992 = 100, seasonally adjusted
2000
proportion

Item
It

2000
Dec.

2001
Jan.

Feb.

Mar.

Apr.

Mayr

Juner

Julyr

Aug.p

100.00

147.3

146.0

145.4

145.0

144.6

144.2

142.7

142.6

141.5

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

13.92
3.44
1.90
.52
2.28
5.78

112.9
126.1
129.7
139.1
117.3
98.6

111.4
119.0
129.5
146.7
111.8
100.3

111.0
119.2
127.8
147.9
113.1
99.3

111.5
118.6
127.4
150.7
113.7
100.4

111.7
117.5
126.4
151.2
114.7
101.2

111.1
115.2
131.4
152.2
112.6
100.5

110.8
116.4
130.2
150.4
110.3
100.5

109.8
116.5
128.3
147.7
109.4
99.3

110.2
116.8
129.0
143.0
110.1
99.8

Non-energy

86.08

153.1

151.9

151.3

150.6

150.1

149.8

148.0

148.0

146.6

357
366

8.47
2.37
1.94

1368.9
1508.3
400.9

1351.7
1497.4
403.2

1334.1
1484.2
393.0

1312.2
1477.5
388.2

1283.1
1464.4
384.2

1260.2
1434.6
376.6

1233.3
1410.1
369.6

1206.0
1398.3
356.8

1189.6
1391.5
351.3

3672–9

4.16

2353.7

2297.1

2275.5

2217.7

2138.2

2105.3

2052.0

2003.3

1967.4

77.61

122.3

121.4

121.1

120.7

120.5

120.5

119.2

119.5

118.4

5.72
3.10
2.48

151.8
134.4
180.8

138.6
127.2
159.8

147.4
133.6
172.2

156.5
143.5
180.3

155.4
142.5
179.9

162.9
148.9
189.6

160.7
146.2
187.2

168.6
157.7
191.0

164.0
150.5
190.1

71.88
22.73
9.48
7.13
24.30

120.5
115.9
138.6
115.8
120.7

120.3
115.9
137.6
115.7
120.4

119.4
116.1
135.6
114.3
118.9

118.5
115.7
135.3
111.9
117.2

118.4
115.5
133.7
111.4
117.9

117.9
115.6
132.7
110.9
117.1

116.7
114.9
129.4
109.8
115.6

116.6
114.7
129.2
109.2
115.8

115.7
113.9
127.3
108.4
115.0

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

91.53
78.92
39.34
6.69
2.92

121.1
122.1
130.6
149.7
136.7

120.1
121.1
128.7
147.0
137.0

119.7
120.8
128.0
144.8
133.7

119.5
120.4
128.7
145.6
130.7

119.4
120.3
128.4
142.5
130.5

119.2
120.2
128.9
139.7
132.2

118.1
118.9
127.2
136.3
130.7

118.2
119.2
128.0
136.3
128.5

117.3
118.1
126.5
133.1
129.2

Measures excluding motor vehicles and parts
Total industry
Manufacturing
Durable

94.28
81.67
42.09

147.2
152.7
201.7

146.5
152.2
200.5

145.4
151.1
197.6

144.5
149.8
196.5

144.1
149.3
195.2

143.4
148.5
194.0

141.9
146.7
191.2

141.3
146.3
190.3

140.4
145.1
188.5

Primary processing
Advanced processing

34.36
53.04

176.1
139.6

173.5
139.0

173.1
138.4

171.1
138.3

171.3
137.5

170.6
137.3

168.6
135.7

168.4
135.8

167.3
134.3

Total industry

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

371
3711,3
3714

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

NOTE. See notes to table 2.

8

Table 6

CAPACITY UTILIZATION
Percent of capacity, seasonally adjusted
2000
proportion

19672000
ave.

198889
high

199091
low

199495
high

2000
Q3

Q4

2001
Q1

Q2r

2001
Mayr

Juner

Julyr

Aug.p

Total industry

100.00

82.1

85.4

78.1

84.4

82.4

81.3

79.2

77.8

78.0

77.1

76.9

76.2

Manufacturing

88.70

81.1

85.7

76.6

84.0

81.7

80.3

77.9

76.4

76.6

75.6

75.5

74.6

24
25
32
33
34
35
36
371

49.19
1.89
1.65
2.31
3.13
5.85
9.34
9.26
5.74

79.6
82.6
81.3
78.9
81.6
77.9
81.4
81.4
77.0

84.6
93.6
86.6
83.5
92.7
82.0
85.4
84.0
89.1

73.1
75.5
72.5
69.7
73.7
71.9
72.3
75.0
55.9

83.6
89.4
83.9
86.8
95.4
85.2
87.3
90.1
85.9

82.5
79.1
80.1
85.5
87.0
77.1
82.7
90.9
81.7

80.7
76.3
80.0
84.0
83.1
75.7
82.5
87.1
76.0

77.2
73.7
78.2
83.4
78.8
73.4
79.5
80.0
69.9

75.3
75.8
77.2
82.4
79.3
71.6
75.3
72.9
75.4

75.7
76.5
77.7
82.7
79.8
71.8
75.4
73.1
77.0

74.4
76.4
76.6
82.2
78.5
70.9
73.4
71.1
75.8

74.3
76.5
75.9
81.8
78.5
71.1
73.0
68.8
79.4

73.2
76.9
75.0
81.2
77.7
70.7
71.4
67.7
77.2

372,6–9
38
39

4.01
4.69
1.32

75.2
81.6
75.9

87.3
81.4
79.0

60.7
74.5
71.7

85.3
82.6
81.9

71.7
80.3
81.4

72.8
80.5
80.5

72.3
80.3
79.2

71.7
79.0
78.3

71.7
79.3
77.7

71.0
78.0
78.3

70.8
78.1
78.7

70.3
77.7
76.8

20,21
22
23
26
27
28
29
30

39.52
10.54
1.26
1.64
3.18
6.59
10.56
1.97
3.58

83.2
83.3
85.5
80.6
88.7
85.4
79.3
87.3
84.7

87.3
85.9
90.4
85.1
93.5
91.7
86.2
88.5
89.6

79.7
79.1
77.7
70.7
83.1
77.8
74.2
85.1
77.4

85.6
85.8
92.6
85.9
91.6
87.7
84.2
97.1
91.3

80.5
81.6
80.9
70.5
82.9
81.8
76.4
95.3
83.7

79.7
81.2
77.1
69.4
83.3
82.0
75.5
94.3
80.9

78.5
81.2
76.0
69.6
80.1
79.9
73.8
93.8
79.3

77.5
80.7
73.1
68.6
80.2
77.8
72.5
94.5
77.8

77.6
80.7
72.3
69.2
80.0
77.9
72.8
94.3
77.6

76.9
80.5
72.3
67.2
78.4
77.1
71.9
94.4
77.7

76.8
80.4
70.8
67.7
79.2
76.8
71.7
93.7
78.0

76.3
79.9
71.6
65.8
78.4
76.1
71.6
92.3
77.2

5.96
5.33

87.4
87.6

88.0
92.6

82.0
83.0

91.0
93.5

86.6
90.7

86.6
92.0

88.2
90.4

90.1
87.6

90.3
87.2

90.0
87.0

89.2
86.1

88.9
87.2

357
366

9.18
2.79
2.03

80.4
81.2
80.4

81.9
86.9
84.8

72.4
66.9
73.4

87.9
91.4
87.8

89.1
79.1
84.9

85.1
78.2
87.3

77.3
73.7
83.2

69.4
68.6
75.5

69.4
68.5
75.5

67.1
66.6
72.8

64.9
65.4
69.0

63.4
64.4
66.7

3672–9

4.36

80.0

81.1

72.6

90.8

97.0

87.9

76.4

66.5

66.6

64.1

62.0

60.4

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

90.82
79.52
6.54
2.88

82.2
81.2
81.3
83.4

85.7
86.1
85.5
87.5

78.4
76.8
72.9
74.3

84.2
83.8
88.1
93.2

81.5
80.6
84.1
83.9

80.6
79.5
84.2
82.9

79.1
77.6
81.8
81.0

78.4
76.9
77.9
79.4

78.6
77.2
78.0
80.1

77.9
76.3
76.0
79.2

77.9
76.5
75.8
78.0

77.3
75.7
73.9
78.4

Primary processing
Advanced processing

33.89
54.81

82.2
80.6

88.3
84.2

76.7
76.6

88.7
82.3

85.4
80.1

82.7
79.5

78.4
78.2

76.5
76.9

76.7
77.2

75.6
76.1

75.4
76.1

74.7
75.1

Item

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

NOTE. See notes to table 2.

Table 7

INDUSTRIAL CAPACITY
Percent change
Item

196779

Average annual rate
1980198988
94

Fourth quarter to fourth quarter
19952001

1998

1999

2000

2001p

2000
Q4

Annual rate
2001
Q1
Q2

Q3

Monthly rate
2001
Aug.

Total industry

3.5

2.2

2.2

4.9

6.5

4.6

4.6

2.4

4.6

3.7

2.5

1.8

.1

Manufacturing

3.7

2.5

2.5

5.5

7.2

5.1

5.0

2.7

5.1

4.1

2.8

1.9

.1

Durable
Nondurable

3.6
3.9

3.1
1.8

3.0
2.0

8.5
1.9

10.2
4.1

8.4
1.3

8.8
.8

4.9
–.1

9.2
.5

7.6
.1

5.1
–.1

3.6
–.2

.3
.0

.4
4.9

.2
1.2

–.6
1.4

–.3
2.1

–.1
1.1

–1.5
2.4

–.8
3.3

–1.3
4.1

–1.5
3.3

–1.7
3.7

–1.4
4.0

–1.2
4.3

–.1
.4

11.3

15.9

13.5

38.9

39.5

37.8

47.6

21.5

50.9

37.7

22.7

14.1

1.0

3.3

1.4

1.7

2.5

4.4

2.1

1.3

.6

1.0

.7

.5

.5

.0

3.8
3.7

1.6
3.1

3.3
2.1

7.6
4.0

9.4
5.7

4.9
5.2

8.0
3.0

4.2
1.8

9.5
2.4

7.6
2.1

4.4
1.9

2.5
1.7

.2
.1

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

Primary processing
Advanced processing

9

Table 8

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

2000

2000
Q2

Q3

Q4

2001
Q1

Q2r

2001
Mayr

Juner

Julyr

Aug.p

2,427.8

2,878.0

2,875.0

2,879.2

2,860.3

2,821.6

2,809.5

2,818.9

2,796.7

2,805.7

2,776.3

1,862.5
1,225.0
303.9
162.6
141.3
921.0

2,216.7
1,342.8
372.3
195.0
177.9
970.6

2,209.0
1,351.6
382.4
201.7
181.0
970.1

2,217.1
1,347.1
371.5
195.3
176.7
975.3

2,202.4
1,332.9
355.0
181.9
175.0
975.8

2,175.9
1,321.1
344.4
175.0
171.6
973.5

2,170.8
1,327.8
356.9
186.8
170.6
969.5

2,178.7
1,331.9
360.8
189.2
172.0
970.1

2,159.1
1,326.1
357.9
187.6
170.7
966.9

2,172.4
1,337.5
369.5
200.7
167.0
968.1

2,145.6
1,324.4
362.5
193.5
168.4
961.5

Equipment, total
Business and defense
Business
Defense and space

637.5
610.2
538.6
71.6

872.7
850.4
788.7
65.9

863.9
841.2
784.1
65.7

878.9
856.4
800.3
65.3

879.7
859.2
802.2
66.1

863.7
842.9
784.5
66.7

848.8
826.4
768.1
66.2

852.8
830.3
772.4
66.0

837.1
814.2
756.3
65.6

838.0
815.5
757.2
65.9

823.0
801.1
743.1
65.3

Intermediate products
Construction supplies
Business supplies
Commercial energy products

565.3
235.0
330.3
85.5

661.3
285.4
375.6
95.8

664.9
286.6
377.9
97.1

661.2
284.9
375.9
96.8

656.9
281.3
375.2
95.9

644.9
278.7
365.9
94.7

638.1
277.7
360.1
95.8

639.6
277.6
361.7
97.0

637.0
277.4
359.2
96.7

632.9
276.4
356.2
95.2

630.1
275.6
354.3
95.1

Item
It

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

Table 9

DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION
Percent
Item
It

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

One month earlier
1999
2000
2001

53.6
58.7
46.7

56.5
50.4
41.8

55.4
56.5
41.7

59.4
51.4
44.9

55.1
51.4
42.4

50.7
56.2
34.8

58.2
54.2
43.1

55.8
43.5

48.6
54.0

64.5
43.5

53.3
45.7

59.8
37.9

Three months earlier
1999
2000
2001

52.9
61.2
38.9

56.9
62.0
36.8

56.5
59.8
37.7

56.5
56.2
39.9

55.8
54.0
39.9

58.0
52.9
37.7

56.2
49.6
34.8

63.4
44.9

58.0
48.9

62.0
43.1

58.3
45.3

62.7
42.4

Six months earlier
1999
2000
2001

59.1
68.1
40.9

53.3
65.9
38.0

56.2
68.1
35.1

54.3
64.1
33.3

58.0
60.0
34.4

59.8
55.4
35.1

60.1
49.6
33.0

60.1
43.8

61.6
47.5

67.4
44.9

62.7
41.7

62.7
39.5

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

Table 10

ELECTRIC POWER USE
1992 = 100
Item

1992
billion
kWh

Seasonally adjusted
2001
Feb.

Mar.

Apr.

Mayr

Not seasonally adjusted
Juner

Julyp

2001
Feb.

Mar.

Apr.

Mayr

Juner

Julyp

Total manufacturing and mining

933.2

106.4

105.1

102.8

102.3

99.9

99.7

103.3

103.0

102.3

101.5

101.7

101.1

Manufacturing
Durable
Nondurable

853.2
366.0
487.2

107.0
108.3
106.0

105.7
107.0
104.7

103.3
103.9
102.8

102.7
104.5
101.2

100.1
102.6
98.0

100.0
102.5
98.0

103.6
105.7
101.9

103.5
105.7
101.7

102.8
103.5
102.2

101.9
104.0
100.2

102.1
104.6
100.1

101.7
103.8
100.0

80.1

98.2

97.0

96.5

96.9

97.9

96.4

98.1

97.2

95.9

95.4

97.1

93.0

908.9
835.5
97.7

108.1
106.6
103.1

107.0
104.8
104.9

104.5
102.7
102.6

105.1
101.7
102.0

103.6
100.4
102.8

103.2
100.6
101.3

104.6
103.6
98.1

104.2
102.9
105.7

103.4
102.6
99.0

104.2
101.5
100.5

105.6
101.8
101.0

104.9
100.9
103.7

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

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

10

Table 11

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

IP (percent
change)1
1979
1980
1981
1982
1983

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

–.5
.5
–.9
–1.6
2.1

.8
.1
.5
2.2
–.2

.3
.0
.5
–.7
1.0

–.9
–1.9
–.7
–.9
1.3

1.2
–2.5
.8
–.8
1.2

.0
–1.3
.6
–.3
.6

–.7
–.6
.9
–.8
1.8

–.4
1.2
–.4
–.5
1.3

.1
1.5
–.8
–.7
1.7

.4
.7
–.8
–.8
.8

–.5
1.6
–1.4
–.3
–.1

–.2
.5
–1.1
–.8
.5

2.2
.8
1.9
–6.4
6.8

1.1
–15.0
2.2
–5.2
11.9

–2.3
–4.2
4.1
–7.3
17.3

–.3
14.2
–10.5
–7.5
10.3

3.3
–2.8
1.6
–5.4
3.7

1984
1985
1986
1987
1988

2.1
.4
.6
–.6
.1

–.2
.9
–.7
1.2
.3

1.1
.3
–1.0
.4
.0

.5
.2
.8
.4
.6

.6
.2
–.2
.4
.1

.5
–.2
–.3
.9
.1

.2
–.4
.3
.6
.7

.0
.6
.3
.1
.5

–.1
.6
–.1
–.1
–.4

–.5
–.9
.9
1.4
.3

.1
.6
.5
.3
.8

–.4
.7
.9
.6
.5

11.1
3.0
2.0
4.2
3.2

7.2
2.8
–1.7
6.7
3.1

2.6
.3
.7
5.6
3.9

–2.6
1.4
6.5
7.1
3.6

8.9
1.6
1.1
4.6
4.5

1989
1990
1991
1992
1993

.6
–.5
–.5
.1
.4

–.8
.5
–.8
.5
.5

.9
.5
–.9
.9
.2

.2
–.6
.3
.7
.3

–.6
.4
.8
.3
–.5

–.2
.0
1.2
–.2
.3

–1.0
.0
.1
.7
.2

.4
.2
.1
–.3
–.2

–.2
.1
1.0
.4
1.1

–.5
–.6
–.1
.7
.3

.4
–1.3
–.1
.5
.4

.5
–.6
–.6
.0
.8

3.8
2.0
–8.3
1.0
3.8

.5
.6
1.5
6.5
1.5

–4.4
1.0
6.2
2.4
1.9

–.1
–5.8
1.1
5.0
6.2

1.8
–.2
–2.0
3.1
3.5

1994
1995
1996
1997
1998

.2
.6
–.2
.5
.4

.3
–.1
1.1
1.0
.0

.8
.2
–.1
.2
.3

.5
–.2
1.1
.6
.5

.8
.4
.8
.3
.4

.4
.4
.8
.6
–.7

.6
–.4
.0
.7
–.1

.3
1.3
.6
.9
2.1

.1
.6
.5
.6
–.3

.5
–.4
.0
.6
.5

.7
.3
1.0
.6
–.4

1.0
.1
.4
.3
.1

5.5
6.0
2.8
7.6
3.6

7.7
1.1
9.2
6.1
3.0

5.8
4.4
5.4
7.9
3.4

6.3
2.9
5.3
7.3
2.9

5.4
4.8
4.6
6.8
4.9

1999
2000
2001

.6
.5
–.9

.3
.5
–.4

.7
.7
–.3

.1
.7
–.3

.7
.7
–.3

.2
.5
–1.0

.8
–.2
–.1

.4
.7
–.8

.1
.2

.8
–.2

.3
–.3

.7
–.6

3.9
6.7
–6.8

4.9
7.9
–4.4

5.8
3.5

5.7
–.9

4.2
5.6

IP (1992=100)
1999
2000
2001

135.9
143.6
146.0

136.3
144.3
145.4

137.3
145.2
145.0

137.4
146.3
144.6

138.4
147.2
144.2

138.6
147.9
142.7

139.7
147.6
142.6

140.3
148.6
141.5

140.4
149.0

141.5
148.7

141.9
148.2

142.8
147.3

136.5
144.4
145.5

138.1
147.1
143.9

140.1
148.4

142.1
148.1

139.6
147.5

Capacity
(percent of
1992 output)
1999
2000
2001

167.9
175.4
183.3

168.6
176.1
183.7

169.2
176.7
184.2

169.9
177.4
184.5

170.5
178.1
184.9

171.1
178.7
185.2

171.7
179.4
185.4

172.3
180.1
185.7

172.9
180.7

173.5
181.4

174.1
182.1

174.8
182.8

168.6
176.1
183.7

170.5
178.1
184.9

172.3
180.1

174.1
182.1

171.4
179.1

Utilization
(percent)
1979
1980
1981
1982
1983

86.7
84.7
81.2
76.3
72.5

87.1
84.6
81.4
77.8
72.3

87.1
84.4
81.6
77.1
72.9

86.1
82.6
80.9
76.2
73.7

86.9
80.4
81.4
75.4
74.5

86.7
79.2
81.8
75.0
74.8

85.9
78.5
82.3
74.2
76.1

85.4
79.3
81.8
73.7
77.0

85.3
80.3
80.9
73.0
78.2

85.5
80.7
80.1
72.2
78.7

84.9
81.8
78.8
71.9
78.6

84.5
82.1
77.7
71.1
78.9

87.0
84.6
81.4
77.1
72.6

86.6
80.7
81.4
75.6
74.4

85.5
79.4
81.7
73.6
77.1

85.0
81.5
78.9
71.7
78.7

86.0
81.5
80.8
74.5
75.7

1984
1985
1986
1987
1988

80.4
79.9
79.8
79.1
83.2

80.1
80.4
79.2
80.0
83.4

80.8
80.4
78.2
80.2
83.3

81.0
80.3
78.7
80.5
83.7

81.3
80.3
78.4
80.7
83.7

81.5
79.9
78.1
81.4
83.6

81.5
79.4
78.2
81.8
84.1

81.3
79.6
78.3
81.8
84.5

81.0
79.9
78.2
81.6
84.1

80.5
79.0
78.8
82.6
84.2

80.4
79.2
79.1
82.8
84.8

79.8
79.5
79.7
83.2
85.1

80.4
80.2
79.1
79.8
83.3

81.3
80.2
78.4
80.8
83.7

81.3
79.6
78.2
81.7
84.2

80.2
79.2
79.2
82.9
84.7

80.8
79.8
78.7
81.3
84.0

1989
1990
1991
1992
1993

85.4
82.7
79.6
79.1
81.0

84.6
83.0
78.9
79.4
81.3

85.3
83.3
78.1
79.9
81.3

85.3
82.7
78.2
80.4
81.4

84.7
82.9
78.7
80.4
80.9

84.4
82.7
79.6
80.1
80.9

83.4
82.6
79.5
80.5
81.0

83.6
82.6
79.5
80.2
80.7

83.3
82.6
80.2
80.3
81.4

82.8
82.0
80.0
80.8
81.5

83.0
80.8
79.8
81.0
81.6

83.2
80.2
79.2
80.9
82.1

85.1
83.0
78.9
79.5
81.2

84.8
82.8
78.8
80.3
81.1

83.4
82.6
79.7
80.3
81.0

83.0
81.0
79.6
80.9
81.7

84.1
82.3
79.3
80.2
81.3

1994
1995
1996
1997
1998

82.1
84.4
81.9
83.0
83.5

82.1
84.0
82.4
83.5
83.1

82.5
83.8
82.0
83.3
82.9

82.7
83.3
82.5
83.4
82.8

83.2
83.3
82.8
83.3
82.7

83.3
83.2
83.1
83.3
81.6

83.5
82.5
82.7
83.5
81.1

83.5
83.3
82.8
83.8
82.4

83.3
83.4
82.9
83.8
81.8

83.5
82.8
82.5
83.9
81.8

83.7
82.7
83.0
83.9
81.1

84.3
82.4
83.0
83.7
80.8

82.2
84.1
82.1
83.3
83.2

83.1
83.3
82.8
83.3
82.4

83.4
83.1
82.8
83.7
81.8

83.8
82.6
82.8
83.8
81.2

83.1
83.3
82.6
83.5
82.1

1999
2000
2001

81.0
81.9
79.7

80.9
82.0
79.2

81.1
82.2
78.7

80.9
82.5
78.4

81.2
82.7
78.0

81.0
82.7
77.1

81.3
82.3
76.9

81.4
82.6
76.2

81.2
82.4

81.5
82.0

81.5
81.4

81.7
80.6

81.0
82.0
79.2

81.0
82.6
77.8

81.3
82.4

81.6
81.3

81.2
82.1

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

11

Table 12

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

IP (percent
change)
1979
1980
1981
1982
1983

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

–.3
.2
–.6
–2.0
2.5

.7
.3
.6
2.9
.4

.4
–.4
.3
–.7
1.4

–1.5
–2.1
.2
–.9
1.1

1.5
–3.1
.7
–.4
1.4

.1
–1.5
–.1
.0
.8

–.5
–.7
.6
–.8
1.5

–.9
1.7
–.8
–.5
1.1

.0
1.5
–.8
–.5
2.2

.5
1.1
–1.1
–1.2
.6

–.7
1.7
–1.6
–.3
.3

–.1
.3
–1.6
–.7
–.1

3.4
–.4
2.5
–7.6
11.5

.3
–17.7
4.2
–2.7
14.7

–2.4
–4.7
–.1
–5.6
17.1

–1.5
16.8
–13.1
–8.0
11.2

3.6
–3.9
1.6
–5.9
5.7

1984
1985
1986
1987
1988

2.5
.1
1.5
–.8
–.2

.6
.6
–.5
1.6
.4

.7
.7
–.9
.2
–.1

.5
.2
1.4
.5
1.0

.4
.5
–.1
.3
–.1

.7
–.3
–.3
1.0
.0

.3
–.4
.3
.7
.7

.1
.9
.6
–.2
.3

–.2
.4
.0
.1
.2

.0
–.8
.8
1.3
.2

.1
1.1
.4
.5
.9

–.3
–.1
1.2
.6
.6

13.2
2.1
4.5
5.0
2.3

6.6
4.2
1.7
7.0
4.1

3.4
1.1
1.7
5.5
3.7

–.4
1.6
6.7
7.6
5.2

9.9
2.3
2.8
5.3
4.7

1989
1990
1991
1992
1993

.9
–.2
–.9
.3
.7

–1.2
.9
–.7
.6
.3

.8
.3
–1.1
1.0
.2

.1
–.8
.3
.6
.5

–.7
.4
.7
.4
–.4

.0
–.1
1.4
–.1
.0

–1.1
.0
.2
.7
.2

.3
.3
.2
–.2
–.2

–.3
–.1
1.1
.3
1.3

–.6
–.6
–.1
.7
.2

.4
–1.3
–.2
.5
.5

.1
–.6
–.5
–.1
.9

4.3
2.9
–9.7
2.4
4.4

–.7
–.1
1.2
7.3
2.0

–4.5
.8
7.8
3.0
1.5

–1.4
–6.3
1.7
4.5
6.6

1.9
–.5
–2.4
4.0
3.7

1994
1995
1996
1997
1998

.0
.6
–.2
.5
.6

.4
–.2
1.0
1.2
.0

1.0
.3
–.2
.4
.2

.8
–.3
1.3
.5
.6

.9
.2
.9
.3
.3

.2
.5
.9
.8
–.8

.8
–.6
.2
.6
–.1

.5
1.3
.6
1.1
2.3

.2
.9
.6
.5
–.2

.6
–.3
.0
.6
.7

.9
.2
1.0
.7
–.2

1.0
.1
.6
.4
.2

5.6
6.5
2.3
8.5
4.8

9.4
.7
10.1
6.7
2.8

6.6
3.9
7.1
9.0
3.9

7.6
3.6
5.7
7.7
4.7

6.0
5.3
4.9
7.8
5.6

1999
2000
2001

.5
.6
–.8

.5
.4
–.4

.5
.9
–.5

.2
.6
–.3

.8
.6
–.2

.2
.4
–1.2

.6
–.1
.0

.6
.6
–1.0

.1
.3

.9
–.1

.5
–.5

.6
–1.0

4.1
7.1
–7.9

5.4
8.0
–5.1

6.0
3.7

6.8
–1.6

4.8
6.1

IP (1992=100)
1999
2000
2001

140.5
149.2
151.3

141.2
149.9
150.7

141.9
151.3
150.0

142.2
152.2
149.6

143.4
153.1
149.2

143.6
153.8
147.4

144.5
153.7
147.5

145.3
154.6
146.1

145.6
155.1

146.8
154.9

147.5
154.1

148.4
152.6

141.2
150.1
150.7

143.1
153.0
148.7

145.1
154.4

147.6
153.8

144.8
153.6

Capacity
(percent of
1992 output)
1999
2000
2001

175.3
183.8
192.9

176.0
184.6
193.5

176.8
185.3
194.0

177.5
186.1
194.4

178.3
186.9
194.8

179.0
187.6
195.1

179.7
188.4
195.4

180.3
189.1
195.7

181.0
189.9

181.7
190.7

182.4
191.5

183.1
192.3

176.0
184.6
193.5

178.3
186.9
194.8

180.3
189.2

182.4
191.5

179.3
188.0

Utilization
(percent)
1979
1980
1981
1982
1983

86.4
83.3
79.0
72.6
70.6

86.7
83.3
79.2
74.6
70.8

86.9
82.7
79.3
73.9
71.8

85.3
80.8
79.3
73.1
72.5

86.4
78.1
79.6
72.7
73.4

86.3
76.7
79.3
72.6
73.9

85.6
75.9
79.6
71.8
74.8

84.5
77.0
78.8
71.4
75.6

84.3
77.9
78.0
70.9
77.2

84.5
78.6
77.0
69.9
77.6

83.6
79.7
75.6
69.6
77.7

83.3
79.7
74.2
69.0
77.5

86.7
83.1
79.2
73.7
71.1

86.0
78.5
79.4
72.8
73.2

84.8
76.9
78.8
71.4
75.9

83.8
79.3
75.6
69.5
77.6

85.3
79.5
78.3
71.8
74.4

1984
1985
1986
1987
1988

79.3
78.9
79.1
79.1
82.9

79.5
79.1
78.6
80.2
83.1

79.8
79.3
77.8
80.3
82.9

80.0
79.2
78.7
80.6
83.7

80.1
79.4
78.5
80.7
83.5

80.3
78.9
78.1
81.4
83.4

80.4
78.3
78.2
81.8
83.8

80.2
78.8
78.6
81.5
84.0

79.8
78.8
78.4
81.5
84.0

79.6
77.9
78.9
82.5
84.1

79.5
78.5
79.1
82.8
84.8

79.0
78.2
79.9
83.1
85.1

79.5
79.1
78.5
79.9
83.0

80.1
79.2
78.5
80.9
83.5

80.1
78.6
78.4
81.6
83.9

79.4
78.2
79.3
82.8
84.7

79.8
78.8
78.7
81.3
83.8

1989
1990
1991
1992
1993

85.7
81.8
78.2
78.1
80.4

84.5
82.5
77.5
78.5
80.4

85.0
82.6
76.6
79.1
80.4

85.0
81.8
76.8
79.5
80.7

84.2
82.0
77.1
79.6
80.2

84.1
81.8
78.1
79.4
80.1

83.0
81.6
78.2
79.8
80.1

83.1
81.7
78.2
79.5
79.7

82.7
81.5
79.0
79.6
80.6

82.1
80.9
78.9
79.9
80.6

82.2
79.7
78.6
80.2
80.7

82.1
79.0
78.1
79.9
81.3

85.1
82.3
77.5
78.6
80.4

84.4
81.9
77.3
79.5
80.3

82.9
81.6
78.5
79.6
80.1

82.1
79.9
78.5
80.0
80.9

83.6
81.4
77.9
79.4
80.4

1994
1995
1996
1997
1998

81.1
84.0
80.9
82.1
82.9

81.1
83.5
81.3
82.6
82.4

81.7
83.3
80.7
82.5
82.0

82.1
82.7
81.4
82.5
82.0

82.6
82.5
81.7
82.3
81.8

82.5
82.6
82.0
82.5
80.6

82.8
81.7
81.8
82.6
80.1

82.9
82.3
81.9
83.1
81.5

82.8
82.7
82.0
83.0
80.9

83.0
82.0
81.6
83.0
81.0

83.3
81.7
82.0
83.1
80.4

83.8
81.4
82.1
82.9
80.2

81.3
83.6
81.0
82.4
82.4

82.4
82.6
81.7
82.5
81.5

82.8
82.2
81.9
82.9
80.8

83.4
81.7
81.9
83.0
80.5

82.5
82.5
81.6
82.7
81.3

1999
2000
2001

80.2
81.2
78.4

80.2
81.2
77.9

80.3
81.6
77.3

80.1
81.8
76.9

80.4
81.9
76.6

80.2
82.0
75.6

80.4
81.6
75.5

80.6
81.7
74.6

80.4
81.7

80.8
81.2

80.9
80.5

81.0
79.3

80.2
81.3
77.9

80.3
81.9
76.4

80.5
81.7

80.9
80.3

80.5
81.3

NOTE. See note to table 11.

12

Table 13

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

IP (percent
change)
1979
1980
1981
1982
1983

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

–.7
.3
–.9
–1.6
2.5

.8
.0
.4
2.0
–.4

.2
–.1
.4
–.8
.8

–1.1
–2.2
–.8
–.9
1.2

1.1
–2.7
.8
–.9
1.2

–.1
–1.3
.5
–.4
.4

–.8
–.8
.9
–1.0
1.8

–.5
1.2
–.5
–.4
1.4

.0
1.6
–1.0
–1.0
1.6

.3
.6
–.8
–1.0
.6

–.6
1.6
–1.6
–.3
–.2

–.3
.5
–1.4
–1.2
.5

.9
–.7
1.3
–7.7
6.9

–.1
–16.6
1.1
–5.8
10.6

–3.5
–4.9
3.2
–8.2
16.8

–1.4
13.8
–11.8
–9.1
8.7

2.2
–4.0
.8
–6.5
2.8

1984
1985
1986
1987
1988

1.9
.3
.7
–.8
.1

–.3
.9
–.8
1.2
.2

1.0
.2
–1.1
.3
.1

.4
.1
.8
.4
.4

.4
.2
–.3
.5
–.2

.3
–.1
–.2
.8
.1

.1
–.5
.0
.5
.6

–.1
.6
.2
.1
.5

–.2
.7
–.2
–.2
–.3

–.5
–.8
1.0
1.3
.4

.0
.3
.4
.3
.6

–.5
.7
1.0
.5
.5

9.7
2.3
1.7
3.5
2.8

5.3
2.5
–1.8
6.8
1.8

1.0
.5
–.6
5.0
3.3

–3.5
1.0
6.3
6.5
3.5

7.5
.9
.8
4.2
3.9

1989
1990
1991
1992
1993

.5
–.4
–.5
–.2
.4

–.7
.5
–.9
.4
.5

.9
.5
–1.0
.8
.1

.1
–.5
.4
.7
.3

–.7
.3
.8
.2
–.6

–.3
–.1
1.2
–.4
.2

–.9
.0
.1
.6
.2

.4
.1
.0
–.4
–.2

–.3
.2
1.0
.3
1.0

–.3
–.6
–.2
.6
.2

.2
–1.4
–.2
.4
.4

.3
–.7
–.7
.0
.7

3.5
1.7
–8.8
–.6
3.7

–.3
.6
1.4
5.7
.8

–4.8
.7
6.1
1.3
1.2

–.4
–6.4
.4
3.9
5.0

1.4
–.5
–2.4
2.2
2.8

1994
1995
1996
1997
1998

.1
.3
–.3
.3
.1

.3
–.3
.9
.8
–.2

.6
–.1
–.3
–.1
.3

.3
–.4
1.0
.4
.4

.7
.2
.6
.1
.3

.3
.3
.6
.3
–1.1

.4
–.6
–.3
.4
–.5

.2
1.1
.3
.8
2.0

.0
.3
.2
.5
–.6

.4
–.7
–.4
.6
.2

.6
.1
.8
.4
–.6

.8
–.1
.2
.1
–.2

4.5
2.9
.7
5.2
1.0

5.6
–1.3
7.0
3.0
1.8

4.0
2.2
2.2
5.4
–.1

4.2
–.5
2.0
6.4
.0

4.1
2.4
2.0
4.1
2.7

1999
2000
2001

.4
.1
–.8

.0
.1
–.3

.5
.2
–.2

–.3
.3
–.1

.5
.3
–.1

–.1
.0
–.9

.4
–.7
.1

.3
.5
–.7

.0
.0

.6
–.4

.0
–.5

.3
–.8

.9
1.7
–6.9

1.4
2.9
–2.8

2.9
–.9

3.4
–3.4

1.2
1.8

IP (1992=100)
1999
2000
2001

119.3
122.2
120.1

119.4
122.3
119.7

119.9
122.6
119.5

119.6
123.0
119.4

120.2
123.4
119.2

120.1
123.4
118.1

120.6
122.5
118.2

120.9
123.2
117.3

120.9
123.2

121.7
122.6

121.7
122.0

122.1
121.1

119.5
122.4
119.7

119.9
123.2
118.9

120.8
122.9

121.8
121.9

120.5
122.6

Capacity
(percent of
1992 output)
1999
2000
2001

147.1
149.6
151.3

147.3
149.8
151.4

147.6
150.0
151.5

147.8
150.2
151.6

148.1
150.3
151.6

148.3
150.5
151.7

148.5
150.7
151.7

148.7
150.8
151.8

148.9
150.9

149.1
151.0

149.3
151.2

149.5
151.3

147.3
149.8
151.4

148.1
150.3
151.6

148.7
150.8

149.3
151.2

148.3
150.5

Utilization
(percent)
1979
1980
1981
1982
1983

86.6
84.4
81.0
76.0
72.3

87.1
84.3
81.2
77.4
72.0

87.1
84.1
81.5
76.7
72.6

86.1
82.1
80.7
75.9
73.4

86.8
79.8
81.3
75.1
74.2

86.6
78.7
81.6
74.7
74.5

85.8
78.0
82.2
73.9
75.8

85.2
78.8
81.6
73.5
76.8

85.1
80.0
80.7
72.6
78.0

85.3
80.4
79.9
71.8
78.4

84.7
81.6
78.5
71.5
78.2

84.3
81.8
77.3
70.5
78.6

86.9
84.3
81.2
76.7
72.3

86.5
80.2
81.2
75.2
74.0

85.4
78.9
81.5
73.3
76.9

84.7
81.3
78.6
71.3
78.4

85.9
81.2
80.6
74.1
75.4

1984
1985
1986
1987
1988

80.0
79.5
80.1
79.4
83.6

79.7
80.0
79.4
80.2
83.7

80.4
80.1
78.5
80.5
83.7

80.6
80.0
79.0
80.8
84.0

80.8
80.0
78.7
81.1
83.8

81.0
79.8
78.5
81.7
83.9

80.9
79.3
78.4
82.1
84.3

80.7
79.6
78.5
82.2
84.6

80.5
80.0
78.3
81.9
84.3

80.0
79.1
79.0
83.0
84.6

79.9
79.2
79.3
83.2
85.0

79.3
79.6
80.0
83.5
85.3

80.1
79.9
79.3
80.0
83.7

80.8
79.9
78.7
81.2
83.9

80.7
79.6
78.4
82.1
84.4

79.7
79.3
79.4
83.2
85.0

80.3
79.7
79.0
81.6
84.2

1989
1990
1991
1992
1993

85.7
83.0
80.0
79.3
81.2

85.0
83.3
79.2
79.5
81.5

85.6
83.7
78.4
80.1
81.5

85.6
83.1
78.6
80.6
81.6

84.9
83.3
79.1
80.6
81.0

84.6
83.1
80.0
80.2
81.1

83.6
83.0
80.0
80.7
81.2

83.9
83.0
79.9
80.3
80.9

83.5
83.0
80.6
80.4
81.6

83.2
82.4
80.4
80.8
81.6

83.3
81.1
80.2
81.0
81.8

83.4
80.5
79.5
81.0
82.2

85.4
83.3
79.2
79.7
81.4

85.0
83.2
79.2
80.5
81.2

83.7
83.0
80.2
80.4
81.2

83.3
81.4
80.0
80.9
81.9

84.4
82.7
79.7
80.4
81.4

1994
1995
1996
1997
1998

82.2
84.2
81.8
83.1
83.8

82.3
83.8
82.4
83.6
83.3

82.7
83.5
81.9
83.3
83.3

82.7
83.0
82.6
83.4
83.3

83.2
83.0
82.9
83.3
83.3

83.3
83.1
83.3
83.3
82.1

83.5
82.5
82.8
83.4
81.4

83.5
83.2
82.9
83.8
82.8

83.3
83.3
82.9
83.9
82.1

83.4
82.5
82.5
84.2
82.0

83.7
82.4
83.0
84.2
81.3

84.2
82.2
83.0
84.0
81.0

82.4
83.8
82.0
83.3
83.5

83.1
83.0
82.9
83.3
82.9

83.4
83.0
82.9
83.7
82.1

83.7
82.4
82.8
84.2
81.4

83.1
83.1
82.7
83.6
82.5

1999
2000
2001

81.1
81.6
79.3

81.0
81.6
79.0

81.2
81.7
78.9

80.9
81.9
78.8

81.2
82.1
78.6

81.0
82.0
77.9

81.2
81.3
77.9

81.3
81.7
77.3

81.2
81.6

81.7
81.2

81.5
80.7

81.7
80.0

81.1
81.7
79.1

81.0
82.0
78.4

81.3
81.5

81.6
80.6

81.3
81.5

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

13

Table 14

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

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Q1

Q2

Q3

Q4

Annual

IP (percent
change)
1979
1980
1981
1982
1983

–.7
.0
–.6
–2.1
3.1

.7
.1
.4
2.7
.3

.3
–.6
.2
–.8
1.3

–1.7
–2.4
.1
–.9
1.0

1.4
–3.4
.7
–.5
1.4

.0
–1.5
–.3
–.1
.6

–.6
–.9
.5
–1.0
1.5

–1.1
1.7
–.9
–.3
1.1

–.1
1.6
–1.1
–.9
2.1

.4
1.0
–1.2
–1.4
.4

–.9
1.7
–1.8
–.4
.1

–.2
.2
–2.0
–1.1
–.1

1.9
–2.3
1.8
–9.4
12.1

–1.2
–19.9
2.8
–3.4
13.2

–3.8
–5.6
–1.7
–6.7
16.3

–2.9
16.5
–15.0
–10.2
9.1

2.2
–5.4
.5
–7.4
4.7

1984
1985
1986
1987
1988

2.3
.0
1.6
–1.0
–.2

.4
.6
–.6
1.6
.2

.6
.6
–1.0
.1
.1

.3
.1
1.5
.6
.8

.1
.5
–.2
.4
–.4

.5
–.1
–.1
.9
.0

.2
–.5
–.1
.6
.6

–.1
.9
.6
–.2
.1

–.3
.4
–.1
.0
.3

.0
–.8
.9
1.3
.4

.0
.8
.3
.5
.8

–.4
–.1
1.3
.5
.5

11.6
1.2
4.4
4.1
1.8

4.0
4.0
1.9
7.1
2.6

1.4
1.4
.3
4.8
2.9

–1.3
1.1
6.6
6.9
5.3

8.1
1.5
2.5
4.8
4.0

1989
1990
1991
1992
1993

.9
–.1
–.8
.0
.8

–1.1
.9
–.8
.5
.3

.8
.4
–1.2
1.0
.1

.0
–.7
.4
.6
.5

–.7
.4
.7
.3
–.5

–.1
–.2
1.5
–.2
.0

–1.0
.1
.2
.6
.2

.3
.2
.1
–.3
–.4

–.3
.0
1.2
.2
1.2

–.4
–.7
–.2
.5
.1

.2
–1.4
–.3
.5
.4

–.1
–.7
–.6
–.1
.8

4.1
2.7
–10.3
.6
4.3

–1.7
–.1
1.0
6.3
1.3

–5.0
.4
7.8
1.7
.6

–1.8
–7.1
1.0
3.1
5.2

1.4
–.9
–2.8
2.9
2.9

1994
1995
1996
1997
1998

.0
.3
–.3
.3
.3

.4
–.5
.8
.9
–.2

.8
–.1
–.5
.0
.2

.5
–.5
1.2
.3
.6

.8
.1
.7
.0
.2

.0
.3
.7
.5
–1.2

.6
–.8
–.1
.4
–.5

.3
1.0
.2
.9
2.2

.1
.6
.3
.4
–.6

.4
–.7
–.4
.6
.4

.7
–.1
.8
.5
–.5

.8
–.1
.4
.1
–.1

4.5
2.9
–.2
5.8
2.0

7.1
–2.0
7.6
3.2
1.4

4.5
1.3
3.6
6.2
.0

5.2
–.3
2.0
6.7
1.6

4.5
2.4
1.9
4.7
3.2

1999
2000
2001

.2
.1
–.8

.2
.0
–.2

.2
.5
–.3

–.2
.1
–.1

.6
.2
–.1

–.1
.0
–1.1

.3
–.7
.2

.4
.3
–.9

.1
.1

.7
–.4

.2
–.8

.2
–1.2

.7
1.5
–8.2

1.4
2.4
–3.2

2.7
–1.4

4.4
–4.5

1.5
1.7

IP (1992=100)
1999
2000
2001

121.2
124.3
121.1

121.5
124.3
120.8

121.7
124.9
120.4

121.5
125.1
120.3

122.2
125.4
120.2

122.0
125.3
118.9

122.4
124.5
119.2

122.9
124.9
118.1

123.0
125.0

123.9
124.6

124.1
123.6

124.3
122.1

121.5
124.5
120.8

121.9
125.2
119.8

122.7
124.8

124.1
123.4

122.5
124.5

Capacity
(percent of
1992 output)
1999
2000
2001

151.0
153.7
155.5

151.3
153.9
155.6

151.6
154.1
155.6

151.8
154.3
155.7

152.1
154.4
155.8

152.3
154.6
155.8

152.5
154.8
155.9

152.7
154.9
156.0

153.0
155.0

153.2
155.2

153.4
155.3

153.5
155.4

151.3
153.9
155.6

152.1
154.4
155.8

152.7
154.9

153.4
155.3

152.4
154.6

Utilization
(percent)
1979
1980
1981
1982
1983

86.3
82.8
78.6
71.9
70.1

86.7
82.8
78.8
73.8
70.3

86.8
82.2
78.9
73.2
71.2

85.2
80.1
78.8
72.5
71.9

86.2
77.2
79.3
72.0
72.9

86.0
75.9
78.9
71.9
73.3

85.4
75.1
79.2
71.1
74.4

84.2
76.3
78.4
70.9
75.2

84.0
77.4
77.5
70.2
76.8

84.2
78.0
76.5
69.2
77.0

83.3
79.2
75.0
68.8
77.1

83.0
79.2
73.4
68.0
77.0

86.6
82.6
78.8
72.9
70.5

85.8
77.8
79.0
72.1
72.7

84.5
76.3
78.4
70.7
75.5

83.5
78.8
75.0
68.7
77.1

85.1
78.8
77.8
71.1
73.9

1984
1985
1986
1987
1988

78.7
78.2
79.4
79.3
83.3

79.0
78.5
78.8
80.5
83.5

79.3
78.8
78.0
80.5
83.4

79.4
78.7
79.0
80.9
84.0

79.3
78.9
78.8
81.1
83.6

79.6
78.7
78.6
81.8
83.6

79.6
78.1
78.4
82.2
84.1

79.4
78.7
78.8
82.0
84.1

79.0
78.8
78.6
81.9
84.3

78.9
78.0
79.2
82.9
84.5

78.8
78.5
79.3
83.2
85.1

78.4
78.2
80.2
83.6
85.4

79.0
78.5
78.7
80.1
83.4

79.4
78.8
78.8
81.3
83.8

79.3
78.5
78.6
82.0
84.2

78.7
78.2
79.6
83.2
85.0

79.1
78.5
78.9
81.7
84.1

1989
1990
1991
1992
1993

86.1
82.1
78.5
78.3
80.4

85.0
82.8
77.8
78.6
80.5

85.5
83.0
76.8
79.3
80.5

85.3
82.3
77.0
79.7
80.9

84.5
82.4
77.5
79.8
80.3

84.3
82.1
78.5
79.5
80.2

83.2
82.1
78.6
79.9
80.3

83.4
82.1
78.6
79.6
79.9

82.9
81.9
79.5
79.6
80.7

82.5
81.3
79.3
79.9
80.6

82.5
80.0
78.9
80.1
80.8

82.3
79.3
78.4
79.9
81.3

85.5
82.6
77.7
78.7
80.5

84.7
82.3
77.7
79.7
80.5

83.2
82.0
78.9
79.7
80.3

82.4
80.2
78.9
80.0
80.9

83.9
81.8
78.3
79.5
80.5

1994
1995
1996
1997
1998

81.2
83.8
80.7
82.1
83.1

81.3
83.2
81.1
82.6
82.6

81.8
82.9
80.6
82.4
82.4

82.1
82.4
81.3
82.4
82.5

82.6
82.2
81.7
82.2
82.4

82.4
82.3
82.1
82.4
81.1

82.7
81.5
81.9
82.5
80.4

82.8
82.1
81.9
83.0
81.8

82.7
82.5
81.9
83.1
81.1

82.8
81.7
81.4
83.3
81.2

83.2
81.4
81.9
83.4
80.6

83.7
81.1
82.0
83.1
80.3

81.4
83.3
80.8
82.4
82.7

82.3
82.3
81.7
82.4
82.0

82.7
82.0
81.9
82.8
81.1

83.2
81.4
81.8
83.3
80.7

82.4
82.3
81.6
82.7
81.6

1999
2000
2001

80.3
80.9
77.9

80.3
80.8
77.7

80.3
81.0
77.4

80.0
81.1
77.3

80.4
81.2
77.2

80.1
81.0
76.3

80.2
80.4
76.5

80.4
80.6
75.7

80.4
80.6

80.9
80.3

80.9
79.6

80.9
78.5

80.3
80.9
77.6

80.2
81.1
76.9

80.4
80.6

80.9
79.5

80.4
80.5

NOTE. See note to table 13.

14

EXPLANATORY NOTE
The Industrial Production and Capacity Utilization statistical release,
which is published around the middle of the month, reports measures of
output, capacity, and capacity utilization in manufacturing, mining, and
the electric and gas utilities industries. The release also includes monthly
indexes on the use of electric power in manufacturing and mining. More
detailed descriptions of industrial production, capacity utilization, and
electric power are available at www.federalreserve.gov/releases/G17 at
the Board’s World Wide Web site. In addition, files containing data shown
in the release, more detailed series that were published in the G.17 prior to
December 2000, and historical data are available at the Board’s Web site.
Instructions for searching for and downloading specific series are provided
as well. For paid access to the data files through the Department of
Commerce’s Economic Bulletin Board or World Wide Web site, please
call STAT-USA at 1-800-STAT-USA or 202-452-1986. Diskettes
containing historical data and the data published in this release also are
available from the Board of Governors of the Federal Reserve System,
Publications Services, 202-452-3245.

Aggregation Methodology and Weights. The aggregation method for
the IP index is a version of the Fisher-ideal index formula. (For a detailed
discussion of the aggregation method, see Federal Reserve Bulletin
February 1997 and March 2001.) In the IP index, series that measure the
output of an individual industry are combined using weights derived from
their proportion in the total value-added output of all industries. The IP
index, which extends back to 1919, is built as a chain-type index since
1977. Between 1977 and 1992, the weights for months from January to
June were drawn from the year containing the month being estimated and
the preceding year; for months from July to December, the weights are
drawn from the current and following year. Since mid-1992, the weights
change monthly, eliminating distortions in the contributions of several
high-technology industries—sectors where weights shift noticeably
year-to-year. Thus, the current formula for the growth in monthly IP (or
any of the sub-aggregates) since mid 1992 is the geometric mean of the
change in output (I), and, as can be seen below, is computed using the unit
value added estimate for the current month (pm ) and the estimate for
previous month:
IA
m
+
IA
m–1

INDUSTRIAL PRODUCTION
Coverage. The industrial production (IP) index measures the real output
of the manufacturing, mining, and electric and gas utilities industries; the
reference period for the index is 1992. For the period since 1997, the total
IP index has been constructed from 276 individual series based on the
1987 Standard Industrial Classification (SIC) codes. These individual
series are classified in two ways: (1) market groups, and (2) industry
groups. Market groups consist of products and materials. Total products
are the aggregate of final products, such as consumer goods and
equipment, and intermediate products (which are inputs to nonindustrial
sectors). Materials are inputs in the manufacture of products. Major
industry groups include two-digit SIC industries and aggregates of these
industries—for example, durable and nondurable manufacturing, mining,
and utilities. A complete description of the market and industry structures,
including details regarding series classification, relative importance
weights, and data sources, is available on the Board’s web site
(www.federalreserve.gov/releases/G17/About.html) . Changes in
output for the market and industry groups are summarized in table 1 and
the levels of output (in index form) are shown in table 4. Special
aggregates, that highlight the relative importance and contributions of
several key industries, such as high-technology and motor vehicles, are
summarized in tables 2 and 5. For a detailed description of the contents of
the statistical tables, see below.
Source data. On a monthly basis, the individual indexes of industrial
production are constructed from two main types of source data: (1) output
measured in physical units and (2) data on inputs to the production
process, from which output is inferred. Data on physical products, such as
tons of steel or barrels of oil, are obtained from private trade associations
and from government agencies; data of this type are used to estimate
monthly IP wherever possible and appropriate. Production indexes for a
few industries are derived by dividing estimated nominal output
(calculated using unit production or sales and unit values) by a
corresponding Fisher price index; the most notable of these fall within the
high-technology grouping and include computers and semiconductors.
When suitable data on physical product are not available, estimates of
output are based on either production-worker hours or electric power use
by industry. Data on hours worked by production workers are collected in
the monthly establishment survey conducted by the Bureau of Labor
Statistics. The data on electric power use are described below. The factors
used to convert inputs into estimates of production are based on historical
relationships between the inputs and the comprehensive annual data used
to benchmark the IP indexes; these factors also may be influenced by
technological or cyclical developments. The annual data used in
benchmarking the individual IP indexes are constructed from a variety of
source data, such as the quinquennial Censuses of Manufactures and
Mineral Industries and the Annual Survey of Manufactures, prepared by
the Bureau of the Census; the Minerals Yearbook, prepared by the United
States Geological Survey of the Department of the Interior; and
publications of the Department of Energy.

15

ȍ
Ǹȍ

Imp m–1

Im–1p m–1

ȍ Imp m
ȍ Im–1p m

The IP proportions (typically shown in the first column of the relevant
tables in the G.17 release) are estimates of the industries’ relative
contributions to overall growth in the following year. For example, the
relative importance weight of the motor vehicles and parts industry is
about 5 percent. If output in this industry increased 10 percent in a month,
then this gain would boost growth in total IP by ½ percentage point (0.05
x 10% = 0.5%). To assist users with calculations, the Federal Reserve’s
web site provides supplemental monthly statistics that represent the exact
proportionate contribution of a monthly change in a component index to
the monthly change in the total index (www.federalreserve.gov/
releases/G17/ipdisk/ipweights.sa
).
Timing. The first estimate of output for a month is published around the
15th of the following month. The estimate is preliminary (denoted by the
superscript “p” in tables) and subject to revision in each of the subsequent
three months as new source data become available. (Revised estimates are
denoted by the superscript “r” in tables.) For the first estimate of output
for a given month, about 48 percent of the source data (in value-added
terms) are available; the fraction of available source data increases to about
85 percent for estimates in the second month that the estimate is published,
96 percent in the third month, and 97 percent in the fourth month. Data
availability by data type is summarized in the table below:
Proportion (in percent) of industrial production covered by data
available in successive monthly estimates, 1999.
Month of estimate
Type of data

1st

2nd

3rd

4th

Physical product

191

33

462

47

Production-worker
hours

283

28

28

28

Electric power use

0

22

22

22

Federal Reserve
estimates4

53

17

3

35

Total industrial
production

100

100

100

100

1. Includes provisional series totaling nearly 13 percent of IP that are
derived from weekly data and for which the actual data may lag several
months.
2. Includes quarterly data totaling 6 percent of IP that, on average, are
received for the third estimate of industrial production. Specifically, data
are available for the second estimate of the last month of a quarter, the
third estimate of the second month of a quarter, and the fourth estimate of
the first month of a quarter.
3. This figure refers only to those individual series that both initially and
ultimately are based on the hours data.

4. Estimates for series not yet covered by data for physical product or
electric power use.
5. Includes monthly and quarterly physical product data totaling 3
percent of IP that typically are available too late for inclusion in the
current index but are included at the time of an annual revision.
Until the source data for a particular series become available for a given
month, estimates for the missing observations are based on other available
data, such as labor input, recent trends in output and orders, and anecdotal
reports from industry sources. After the fourth month that an estimate is
published, indexes are not revised further until the time of an annual
revision or a benchmark revision. These historical revisions are typically
published in the late fall of each year; the most recent revision was
published on December 5, 2000, and incorporated revised source data as
well as data from the 1998 Annual Survey of Manufactures and the 1997
Census of Manufactures.
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 October 2000;
for other series, the factors were estimated with data through at least June
2000. Series are pre-adjusted for the effects of holidays or the business
cycle when appropriate. For the data since 1977, all seasonally adjusted
aggregate indexes are calculated by aggregating the seasonally adjusted
indexes of the individual series.
Reliability. The average revision to the level of the total IP index, without
regard to sign, between the first and the fourth estimates was 0.27 percent
during the 1987–99 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 1987–99 period. In most cases (about 83
percent), the direction of change in output indicated by the first estimate
for a given month is the same as that shown by the fourth estimate.
Rounding. The published percent changes are calculated from unrounded
indexes, and may not be the same as percent changes calculated from the
rounded indexes shown in the release.
CAPACITY UTILIZATION
Overview. The Federal Reserve Board constructs estimates of capacity
and capacity utilization for industries in manufacturing, mining, and
electric and gas utilities. For a given industry, the capacity utilization rate
is equal to an output index (seasonally adjusted) divided by a capacity
index. The Federal Reserve Board’s capacity indexes attempt to capture
the concept of sustainable maximum output—the greatest level of output a
plant can maintain within the framework of a realistic work schedule, after
factoring in normal downtime and assuming sufficient availability of
inputs to operate the capital in place.
Coverage. Capacity indexes are constructed for 78 detailed industries (55
in manufacturing, 21 in mining, and 2 in utilities), which mostly
correspond to industries at the two- and three-digit SIC level. Estimates of
capacity and utilization are available for a variety of groups, including
primary and advanced processing industries within manufacturing,
durable and nondurable manufacturing, total manufacturing, mining,
utilities, and total industry. Also, special aggregates are available, such as
high-tech industries and manufacturing excluding high-tech industries.
Component industries of the primary- and advanced-processing groups
within manufacturing are listed in the note on table 2 of the release.
Source Data. The monthly rates of capacity utilization are designed to be
consistent with both the monthly data on production and the periodically
available data on capacity and utilization. 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 15 percent of
total industrial capacity. When physical product data are unavailable for
manufacturing industries, capacity indexes are based on responses to the
Bureau of the Census’s Survey of Plant Capacity (SPC); these industries

16

account for a bit more than 80 percent of total industry capacity. In the
absence of utilization data for a few mining and petroleum series, capacity
is based on trends through peaks in production (roughly 4 percent of total
industry capacity). A detailed description of the methodology used to
construct the capacity indexes is available on the Board’s web site
(www.federalreserve.gov/releases/G17/cap_notes.html).
Aggregation Methodology. Monthly capacity aggregates are calculated
in three steps: (1) utilization aggregates are calculated on an annual basis
through the most recent full year as capacity-weighted aggregates of
individual utilization rates; (2) the annual aggregate capacity is derived
from the corresponding production and utilization aggregates; (3) the
monthly capacity aggregate is obtained by interpolating with a Fisher
index of its constituent monthly capacity series. Utilization rates for the
individual series and aggregates are calculated by dividing the pertinent
monthly production index by the related capacity index.
Consistency. A major aim is that the Federal Reserve utilization rates be
consistent over time so that, for example, a rate of 85 percent means about
the same degree of tightness that it meant in the past. A major task for the
Federal Reserve in developing reasonable and consistent time series of
capacity and utilization is dealing with inconsistencies between the
movements of the industrial production index and the survey-based
utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was
the primary source of manufacturing utilization rates for many years. This
was a survey of large companies that reported, on average, higher
utilization rates than those reported by establishments covered by the SPC
(currently the primary source of factory operating rates) for the fourteen
years they overlapped. Adjustments have been made to keep the industry
utilization rates currently reported by the Federal Reserve roughly in line
with rates formerly reported by McGraw-Hill. As a consequence, the rates
reported by the Federal Reserve tend to be higher than the rates reported in
the SPC.
Perspective. Over the 1967–1999 period, the average total industry
utilization rate is 82.0 percent; for manufacturing, the average factory
operating rate has been 81.1 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 6 are
specific to each series and do not all occur in the same month.
ELECTRIC POWER
Coverage. Electric power data for sales by utilities to industry users and
for electric power produced by cogenerators (manufacturing and mining
firms that produce electricity for their own use or to sell to a utility) are
generally collected at the 3-digit SIC level for mining and manufacturing.
Aggregates for 2-digit industries, as well as for total mining, durable,
nondurable, total manufacturing and total industrial electric power use, are
computed. An aggregate showing total industry excluding nuclear
nondefense is shown separately because the value-added proportion for
the nondefense nuclear material series (part of SIC 2819) in total IP is
considerably less than its share of total electric power use. In addition,
aggregates for utility sales to industrial users and industry generation are
computed. While only the major aggregates are shown in the release, data
for the 2- and 3-digit industries are available on the Board’s web site
(www.federalreserve.gov/releases/G17).
Source Data. Electric power data are collected from a sample of utilities
and cogenerators covering all twelve Federal Reserve Districts. The
primary criterion for inclusion of a utility in the panel is whether the utility
provides electric power to industrial customers. A comparison of Federal
Reserve kilowatt-hour aggregates to estimates from the 1998 Annual
Survey of Manufactures (the most recent available) suggests the Federal
Reserve data cover about 75 percent of the overall sales to manufacturing
in that year. The cogeneration panel covers about 50 percent of
cogeneration used directly by manufacturers. In order to provide more
complete coverage and correct for any shortcomings of the survey, the
series are benchmarked at the 3-digit industry level to the latest available
data from the Annual Survey of Manufactures and the Census of
Manufactures.

Methodology. The data we receive from utilities and cogenerators are
edited for anomalies and aggregated, using self weights, to the 3-digit SIC
industry levels and above. Where reports are late or unavailable for some
reason, responses are estimated.
Seasonal Adjustment. Series are seasonal adjusted at the 3-digit SIC
level, with seasonally-adjusted aggregates typically computed as sums of
seasonally adjusted components. The seasonal adjustment procedure
(Census X-12 program) is used without trading-day adjustments because
the reporting periods of the various utilities are not the same. A leap year
adjustment is also made where appropriate.
Description of Tables.
Table 1 summarizes the latest changes in output for the major market and
industry groupings. Fourth-quarter to fourth-quarter changes for the past
three years are shown. Output changes expressed at an annual rate for the
past four quarters as well as monthly changes for the latest four months are
shown. In addition, year-over-year changes are displayed for the latest IP
month.
Table 2, which is in the same format as table 1, summarizes the latest
changes in output for a special group of aggregates that have been
constructed for analytical purposes. The total index is sub-divided into
two broad categories: an energy grouping, which includes consumer
energy products, commercial energy products, energy materials, and oil
and gas well drilling, and a nonenergy grouping, which includes the
remaining portion of the total index. Within the nonenergy aggregate,
several other analytically useful categories are shown. One of these is a
grouping of high-technology industries, which is composed of
semiconductors and related electronic components, and industries that use
a large concentration of these parts—computers and communication
equipment. Other sub-groupings of the market and industry structures
excluding this high-technology grouping and motor vehicles and parts are
shown.
Table 3 displays the last nine months of motor vehicle assemblies, shown
at seasonally adjusted annual rates. Seasonal factors for auto, light truck,
and medium and heavy truck production are available on the Board’s web
site (www.federalreserve.gov/releases/G17/mvsf.html). Monthly
changes in the IP indexes for the corresponding motor vehicle series will
differ slightly from the monthly changes in assemblies, mainly because the
IP indexes are built from a weighted (based on relative values) aggregate
of the individual models.
Tables 4 and 5 show seasonally adjusted indexes for recent months for
the major market and industry groups included on table 1 and the special
aggregates displayed on table 2.
Table 6 summarizes the capacity utilization for the major industry
groupings as well as for a few special aggregates. In addition to the
utilization rates for the most recent four months and four quarters, the
1967–1999 average of utilization rates and operating rates for relevant
cyclical peaks and troughs also are shown for each series.
Table 7 summarizes capacity growth. Average rates of growth in capacity
for selected historical periods and for the most recent five years (on a
fourth-quarter to fourth-quarter basis) are shown. In addition, growth rates
for capacity on a annual-average basis are shown for the latest four
quarters; the capacity growth rate for the current IP month is shown as
well.
Table 8 shows total products expressed in gross values in billions of
chained 1996 dollars at an annual rate. Compiling the IP index using
gross-value weights facilitates comparison with other dollar-based data.
The gross-value system focuses on products that leave the industrial sector
and includes both final and intermediate products. The materials
consumed in making final and intermediate products are implicitly
included in the value weights applied to product series. The gross-product
weights are derived from Census of Manufactures and Annual Survey of
Manufactures data.
Table 9 shows diffusion indexes, which are calculated as the percentage of
IP series that increased over the relevant span (one, three, or six months)
plus one-half of the percentage of series that were unchanged. Because
available source data for the current IP month account for a little less than
half of the total index, the diffusion indexes are published with a
one-month lag.

17

Table 10 shows the most recent six months in index form (both seasonally
and not seasonally adjusted) of electric power use by industry for the
major industry aggregates.
Tables 11–14 display historical seasonally adjusted data for total IP and
manufacturing as well as the aggregates excluding high-technology
industries. Monthly changes in output as well as indexes for output,
utilization, and capacity are shown.
Note: The summary tables in the G17 release do not include all of the
publicly available data. The more detailed series for IP, utilization,
capacity, and electric power are available at the Board’s web site
(www.federalreserve.gov/releases/G17/download.html).
REFERENCES AND RELEASE DATES
References. The annual revision published in early December 2000 was
described in an article published in the March 2001 Federal Reserve
Bulletin. The annual revision published late 1999 is described more
completely in the Federal Reserve Bulletin, vol.86 (March 2000). A
description of the aggregation methods for industrial production and
capacity utilization is included in an article in the Federal Reserve
Bulletin, vol. 83 (February 1997), pp. 67–92. The Federal Reserve
methodology for constructing industry-level measures of capital is detailed
in “Capital Stock Estimates for Manufacturing Industries: Methods and
Data” by Mike Mohr and Charles Gilbert (1996), which can be obtained at
www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf.
Industrial Production—1986 Edition contains a more detailed description
of the other methods used to compile the industrial production index, plus
a history of its development, a glossary of terms, and a bibliography. The
major revisions to the IP indexes and capacity utilization since 1990 have
been described in the Federal Reserve Bulletin (April 1990, June 1990,
June 1993, March 1994, January 1995, January 1996, February 1997,
February 1998, January 1999, and March 2000).
Release Schedule for 2001
At 9:15 a.m. on
January 17, February 16, March 16, April 17, May 14, June 15, July 17,
August 15, September 14, October 16, November 16, and December 14.