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FEDERAL RESERVE statistical release For irnmediate release December 17, 1976 G.3 (Formerly E.5) Capacity utilization in manufacturing increased to an estimated 80.7 per cent in November from 79.7 per cent in October. More than half of the November increase can be traced to the settlement of strikes and the attendant restoration of production levels in the effected industries. Most of the increase in the November capacity utilization rates was in the advanced processing industries, where the post-strike effects were concentrated, but small increases in utilization were fairly widespread throughout manufacturing industries that were little affected by strikes. Capacity utilization in materials rose to about 81 per cent in November, up from 80.4 per cent in October. The resurgence was most pronounced in durable goods materials; nondurable goods materials and energy materials capacity utilization are estimated to have risen slightly. Capacity utilization rates both in manufacturing and in materials have not changed appreciably during the second half of 1976 and are below their averages in the 1955 to 1975 and 1967 to 1975 periods, respectively. Descriptions of these series and tables of historical data appear in the November Federal Reserve BULLETIN. MANUFACTURING INDUSTRIAL MATERIALS PER CENT 105 ENERGY TOTAL 85 I 65 100 NONDURABLE GOODS PRIMARY PROCESSING 80 ADVANCED PROCESSING DURABLE GOODS 60 1965 1968 1971 1974 1977 I 1968 I I I 1971 I I I 1 1974 1977 OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Manufacturing SERIES 1973) HlfiHl J 88.0) 1 ) 93.6) 1 65.4) MANUFACTURING, TOTAL PRIMARY PROCESSING ADVANCED PROCESSING MANUFACTURING, TOTAL 119.4 PRIMARY PROCESSING 124.3 ADVANCED PROCESSING 116.8 1975 NOV. DEC. 69.6 76.9 77.4 78.2 67.8 78.5 76.1 78.1) 1 77.0) 78.6 70.5 77.3 OUTPUT 1976 IV 1 1 122.5) 126.7 1 ) 128.9) 133.4 I 119.1) 122.9 1975 III MONTHLY CAPACITY UTILIZATION 1976 JAN. FEB. MAR. APR. 1975 LOU 136.6 125.2 MNE JULY AUG. SEP. OCT. NOV. 80.5 80.9 81.1 80.4 79.7 80.7 81.2 81.4 82.1 82.1 82.4 83.0 81.6 6^.0 78.8 79.6 79.3 79.7 80.1 78. v 76.6 79.9 80.6 61.0 78.6 78.7 1975 III 131.1) 158.6 « 1 139.3) 163.9 1 126.3) 155.7 1 129.4 J 80.3 79.8 1 nil 1 II MAY 79.6 79.2 CAPACITY 1976 IV I ) 159.5) 160.4 1 ) 165.0) 166.2 1 156.41 157.2 1 ii nif 1 161.3 162.31 1 1 168.8) 1 158.8) 75.3 75.0 UTILIZATION 1976 IV I 1 76.8) 79.0 1 1 60.2 78.1) 1 76.2 76.1) 167.5 158.0 1 1 1975 ifi 75.8 II 60.2 III 80.6 81.5 82.5 79.2 ?*.* 80.4 81.0 77.9 Industrial Materials MONTHLY CAPACITY UTILIZATION SERIES 19731 1975 | 1975 HIGH I 1 LOU I NOV. 93.1) MATERIALS, TOTAL DURABLE GOODS MATERIALS BASIC METAL MATERIALS 69.7 77.* 1 1 92.5) 64.3 | 97.7) 66.1 70.2 r i NONDURABLE GOODS MATERIALS TEX., PAPER, & CHEM. MAT. TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS 94.6) 1 94.5) | 94.4) 100.5) 93.6) 1 ) 94.6) 70.6 67.8 84.2 65.5 83.7 58.0 71.6 64.7 86.3 66.7 82.1 82.7 86.1 I 1976 DFC.t JAN. | 78.2 77.2) J 1 70.71 72.1 1 71.7 67.7) 1 ) 84.6 84.7) 1 83.8 84.3) 1 85.4 86.4) 87.7 87.5) 82.9) 82.2 1 1 85.1) 86.2 | 1 OUTPUT 1975 MATERIALS, TOTAL 118.2 - DURABLE GOODS MATERIALS . BASIC METAL MATERIALS • 111.6 NONDURABLE GOODS MATERIALS 132.5 TEX., PAPER, C CHEM. MAT. 135.3 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS NOTE: 98.7 110.7 115.7 153.9 116.4 1976 1 122.8) j j 115.1) 1 98.4) 1 ) 141.4) 1 146.3) 1 118.2) 124.0) 167.7) 1 118.5) J 126.9 130.3 120.8 126.1 103.7 110.8 145.0 ' 146.9 150.2 151.6 116.5 128.9 173.6 115.5 132.5 175.3 119.7 120.0 1 132.51 j j 130.7) j 117.1) 1 1 146.7) 1 151.3) 1 114.8) 131.9) 175.1) 1 1 119.7) 1 FEB. MAR. APR. MAY 79.3 79.7 BO.l 80.8 80.8 81.2 61.6 81.0 74.0 74.3 75.4 76.6 76.5 78.5 78.9 77.8 77.1 73.8 72.9 75.5 79.1 77.7 81.9 83.5 79.2 77.4 85.9 86.3 86.2 85.5 66.0 84.9 64.7 85.5 65.0 65.3 85.3 86.1 85.6 84.6 64.6 83.8 83.6 84.5 84.2 84.2 84.0 89.9 84.3 63.4 89.8 86.0 82.2 9O.9 85.2 83.7 90.1 83.3 83.3 91.9 83.4 82.2 90.2 82.6 82.2 90.4 82.1 81.9 69.1 8*.0 82.0 89.0 83.6 84.6 85.0 84.2 85.2 64.9 83.9 84. <» 83.2 82.8 83.2 1975 UTILIZATION 1976 80.6 81.3 1975 157.7 161.6 140.9 166.1 172.9 135.9 142.5 201.3 138.0 CAPACITY 1976 1 159.2) 1 1 163.1) 1 141.7) 1 1 167.8) 1 174.7) j 137.2) 143.5) 203.7) 1 1 139.1) 1 1 1 160.6 161.7 164.4 165.5 142.4 143.1 169.4 171.0 176.5 178.3 138.2 144.6 206.2 139.0 145.7 2O8.7 140.3 141.5 1 163.1) 1 | 166.7) j 143.7) 1 1 172.5) | 180.1) 1 139.8) 146.7) 211.2) 1 1 142.7) J 74.9 69.0 70.1 79.8 76.2 81.5 81.2 76.5 84.4 1 77.11 79.0 1 1 70. 6 | 73.5 | 69. 4| 72.8 1 1 64.3) 85.6 1 63.8) 65.1 1 66.2) 64.3 66.4| 69.1 62.3) 84.2 1 1 85.2) 85.3 1 76.2 76.4 77.* 61.5 85.9 85.0 8*. 0 84.0 83.1 90.9 84.0 82.1 69.9 82.9 64.8 63.9 ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILIZATION IN PER CENT ARE CALCULATED AS RATIOS OF 11) THE INDEXES OF INDUSTRIAL PRODUCTION TO (2) THE CORRE-r SPONDING INDEXES OF CAPACITY. INDUSTRIAL MATERIALS ARE THOSE CRUDE AND SEMIFINISHED PRODUCTS THAT ARE BOTH PRODUCED AND USED AS INPUTS BY INDUSTRIAL ESTABLISHMENTS; THE INDUSTRIAL MATERIALS INCLUDE MOST OF THE COMPONENTS OF THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS WELL AS THE INPUTS SUPPLIED TO THE INDUSTRIAL SECTOR BY MINES AND UTILITIES—SUCH AS IRON ORE, CRUDE OIL, AND INDUSTRIAL ELECTRICITY. THE 1973 HIGHS (AND ALSO 1975 LOWS) IN C A P A C I T Y UTILIZATION, SHOWN IN THE TABLES ABOVE, ARE SPECIFIC TO EACH SERIES AND MAY OCCUR IN DIFFERENT MONTHS. BUSINESSES USUALLY OPERATE AT CAPACITY UTILIZATION R A T E S THAT ARE WELL BELOW 1OO PER CENT; NONE OF THE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PER CENT USE OF CAPACITY. CAPACITY UTILIZATION RATES AVERAGED ABOUT 83 PER CENT FOR MANUFACTURING FROM 195S THROUGH 1975, AND ABOUT 86 PER CENT FOR INDUSTRIAL MATERIALS FOR 1967 THROUGH 1975. IN MANUFACTURING AS A WHOLE, UTILIZATION RATES AS HIGH AS 90 PER CENT HAVE BEEN EXCEEDED ONLY IN WARTIME. THE PEAK RATES OF UTILIZATION IN 1973 WERE ASSOCIATED WITH SIGNIFICANT UPWARD PRESSURES ON PRICES. THE CAPACITY UTILIZATION ESTIMATES ARE DESCRIBED, AND HISTORICAL DATA ARE PROVIDED, IN THE NOVEMBER 1976 ISSUE OF THE FEDERAL RESERVE BULLETIN. THE PRODUCTION FIGURES ARE DESCRIBED IN THE JUNE 1976 ISSUE OF THE BULLETIN! CURRENT ESTIMATES ARE PUBLISHED IN THE FEDERAL RESERVE STATISTICAL RELEASE, INDUSTRIAL PRODUCTION. G.12.3.
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