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FEDERAL RESERVE statistical release For immediate release April 17 G.3 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS March 1978 Capacity utilization in manufacturing rose by an estimated 1 percentage point in March to 82.9 per cent. This increase brought manufacturing operating rates back to levels maintained during the latter two-thirds of 1977. Operating rate gains were widespread throughout both the advanced processing and primary processing sectors. A large increase in production of transportation equipment, particularly production of motor vehicles, was a significant factor in a sizable rise in capacity utilization in the advanced processing sector. Utilization of industrial materials capacity increased by about 0.8 percentage point in March to 81.7 per cent. Operating rates rose by about the same amount in each of the three major subsectors. Operating rates in the durable and nondurable materials subsectors have returned to values close to those attained on average in the latter half of 1977. The operating rate in the energy materials sector in March still was somewhat depressed by the effects of the coal strike, as naany Eastern mines did not return to full production until the end of the month. Preliminary first quarter figures indicate that operating rates both in manufacturing and in materials were down about 1 percentage point from the last two quarters of 1977. However, the first quarter utilization rates were up about 1 percentage point from the same quarter last year. 1966 MANUFACTURING PER CENT ~1 INDUSTRIAL MATERIALS 100 TOTAL ENERGY — 80 TOTAL ' I I I I 60 I 100 NONDURABLE GOODS PRIMARY PROCESSING 80 ADVANCED PROCESSING DURABLE GOODS I 1969 I I I 1972 I I I I 1975 I 60 1978 1969 I 1972 I I I 1975 I I I 1978. OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Seasonally Adjusted Manufacturing MCNiHLY CAPACITY UTILIZATION SERIES 1 IV 731 i 68.01 1975 1 197? LOW 1 MAR. APfe,. MAY JUNt JULY AUG. SEP. OC1. NOV. LtL. 1976 JAN. FfcB. MAR. 69.6 8/.3 bi.6 83.0 63.1 82.9 62.9 0«i«9 «2.V 63.0 61.7 81.9 PRIMARY PROCESSING 93.6 68.1 64.0 64.", o5.5 05.5 65.3 85.1 64.4 84.7 64.7 83.4 63.8 85.* 70.4 61. C bl.l 61.4 81.6 62.0 81.6 82.0 81.6 64.51 1 62.21 63.7 ADVANCED PROCESSING 80.4 81.1 82.4 IV 1978 1 i MANUFACTURING, TOTAL HIGH! 62.1 OUTPUT . MANUFACTURING, TOTAL 1977 1 11 111 133.1 136.9 138.7 PRIMARY PROCESSING 140.1 146.3 147.3 ADVANCED PROCESSING 129.3 132.0 134.2 CAPACITY IV 19781 11 1977 1 139.91 139.91 164.0 1 1 1 1 148.21 147.81 170.<? 1 1 135.61 135.7) 160.7 11 165.6 111 167.1 171.8 173.5 Io2.2 163. 8 1 19761 11 1 1 168.71 170.31 1 1 175.11 176.6 1 165.31 166. S IV tfl. 9 82.9 UTILIZATION 1V77 1 11 111 01.2 62.7 e, 3.0 82.3 05.1 64.9 60.5 81.4 61.9 1 62.91 1 1 84.61 1 82.01 1 82.2 83.6 81.3 Industrial Materials MLNTHLY C A P A C I T Y U T I L I Z A T I O N StKlES 19731 HIGH! 1975 1977 LOW MAR. Af'K. MAY JUNE JULY AUG. &«.'.! bi .7 83.0 62 .9 SEP. OCT. M A T E R l A L S t TOTAL DURABLE GOODS M A T E R I A L S BASIC METAL M A T E R I A L S NONDURABLE GOODS MATERIALS TEX. PAPER L LHEM MAT T E X T I L E MATERIALS PAPER M A T E R I A L S CHEMICAL MATERIALS ENERGY M A T E R I A L S 93 • 1 1 69.7 1 1 92.51 | 97.7| 1 1 94.61 1 CM* 51 1 94.4| 100.51 93.81 1 1 94.6| 81.6 77.6 76.7 79.4 79.9 oO.O 78.9 78.9 79. t> 66.1 78.4 79.3 61.2 80.2 77.6 74.8 73.4 75.6 74.2 67.8 67.0 67.0 67.7 d7.0 86.4 66.7 85.9 65.6 06.1 58.0 71.8 64.7 79.9 89.7 86.6 76.6 faB.3 37.5 7b.6 90.7 67. V 76.7 69.2 87.8 77.4 69.0 66.4 78.7 89.7 85.9 60.3 89.1 84.8 82.9 68.3 64.o 82.4 86.7 84.4 82.7 84.4 63. V b4.5 85.8 86.3 83.6 84.9 65.2 84.4 OUTPUT MATERIALS, TOTAL. DURABLE GOODS MATERIALS BASIC M E T A L MATERIALS NONDURABLE GOODS MATERIALS TEX., PAPtk, t CHEM. M A T . TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS NOTE: 7V.4 8 . 11 111 133.1 137.7 138.1 129.2 135.1 136.0 108.6 116.4 109.4 149.5 154.6 154.4 153.9 159.9 159.2 111.3 131.7 181.6 110.9 134.3 191.8 112.3 135.1 189.5 122.0 122.6 123.4 1978 JAN. 1 19781 1977 CAPACITY | 19761 1977 1 1 oO.ll I 7t>.7| | 1 05.81 1 64 Of 02.01 65.21 84.31 1 I 81.4| 166.6 167.8 170.3 171.6 145.1 145.3 177.2 178.8 165.4 187.1 141.9 150.1 218.7 142.5 151.3 221.2 144.7 145.2 MAR. 1 168.91 170.4 1 | 172.81 174.0 I 145.51 1 1 180.41 182.3 I 188.91 190.8 I 143.01 152.51 223.61 | 60.4 8 1 .7 79.6 78.7 79.6 75.7 75.6 85.2 65.9 86.7 84 .6 84.6 85.4 60.1 87.7 65.0 60.7 86.5 65.0 82.1 78.9 62.6 111 82.3 76.5 79.4 79.2 73. G 8C.2 75.3 85.1 87.2 86.3 63.8 66.3 65.1 78.7 88.4 64.0 78.1 89.5 87.7 78.6 89.3 85.7 64.6 85. 0 1 145.7) 147.21 64.5 | | 79.7 UTILIZATION 11 IV | | 136.91 138.71 165.5 | 1 1 137.71 138.01 169.0 1 1 1 144. ti 109.4*1 | 1 1 1 155.01 156.71 175.6 1 1 159.51 162.11 163.6 | 1 ' 141.4 117.91 t 148.9 132.31 Ib8.9| 2 216.2 1 1 I 1 121.91 116.11 144.3 1 | FEB. 80.9 64.3 Tf*l »J\ 1977 1 1 NOV. DhC.l 1 82 .0 1 IV 1 82.21 1 1 79.7| 1 75.21 1 1 85.91 1 84.51 1 82.4| 86.7| 84.51 1 1 83.71 I 1976 1 81.4 79.3 85.9 65.0 80.2 E S T I M A T E S OF ACTUAL OUTPUT ANO CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES Of- 1967 A C T U A L OUTPUT. ESTIMATES OF C A P A C I T Y U T I L I Z A T I O N IN PERCENT ARE C A L C U L A T E AS R A T I O S OF (1) TMt FEDERAL RESERVE'S SEASONALLY ADJUSTED INDEXES OF INDUST R I A L PRODUCTION TO (2) THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS 6O1H PRODUCED AND USED AS INPUTS BY MANUFACTURING PLANTS* MINES AND U T I L I T I E S ; INDUSTRIAL M A T E R I A L S COVER MANY OF THE ITEMS REPRESENTED IN THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS WELL AS SOME OF THE OUTPUT OF NINES AND UTILITIES — SUCH AS IRON ORE, CRUDE OIL, AND ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 1975 LOWS IN CAPACITY U T I L I Z A T I O N , SHOWN IN THE TABLES ABOVE, ARE SPECIFIC TO EACH SERIES AND MAY OCCUR IN D I F F E R E N T MONTHS. INDUSTRIAL PLANTS USUALLY OPERAlk AT CAPACITY UTILIZATION RATES THAT ARE WELL BELOW 100 PERCENT; NONE OF THE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PERCENT USE OF CAPACITY. CAPACITY UTILIZATION RATES AVERAGED ABOUT 83 PERCENT FOR MANUFACTURING FROM 1955 THROUGH 1977, AND ABOUT 65 PERCENT FOR INDUSTRIAL MATERIALS FOR 1967 THROUGH 1977. IN MANUFACTURING AS A WHOLE, UTILIZATION RATES AS HIGH AS 90 PERCENT HAVE BEEN EXCEEDED ONLY IN WARTIME. THE PEAK RATES OF UTILIZATION IN 1973 WERE ASSOCIATED WITH SIGNIFICANT UPWARD PRESSURE UN PRICES. THE CAPACITY UTILIZATION ESTIMATES ARE DESCRIBED, AND HISTORICAL DATA. ARE PROVIDED* IN FEDERAL. EPSERVE nPAMiftPE Qt CAPACITY Attfi CAPACITY U1IL17AT1UN. THIS PUBLICATION MAY BE OBTAINED FROM PUBLICATION SERVICES, BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM* WASHINGTON, D.C. 20551. THE PRICE IS *1.75 PER COPY; FOR TEN OR MORE* $1.50 EACH.
