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FEDERAL RESERVE statistical release For immediate release December 17, 1981 G.3 (402) CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS November 1981 Capacity utilization in manufacturing fell 2.0 percentage points in November to 74*9 percent, following declines of 1.5: percentage points in October, and 1.2 percentage points in September• The manufacturing operating rate in November was the same as its low in July 1980. The operating rate for producers of industrial materials fell 2.2 percentage points in November, following a 2.0 percentage point drop in October and a decline of 1.7 percentage points in September. At 75.8 percent9 the materials rate in November was 2.0 percentage points above its July 1980 low. Within manufacturing, substantial declines in utilization rates again were widespread. The rate for the primary processing industries fell 2.,8 percentage points to 72*8 percent, and the rate for the advanced processing industries decreased 1.5 percentage points to 76.0 percent. The operating rate for producers of motor vehicles and parts dropped sharply, to about 50 percent of capacity. Largely as a result of sizable declines in auto and truck production, operating rates for the rubber and plastics and primary metals industries also fell sharply. The utilization rate for producers of durable goods materials dropped 3.1 percentage points in November to 71.9 percent, reflecting substantial declines in the production of aluminum, raw steel, and parts for consumer durable goods and for business equipment. Capacity utilization by producers of nondurable goods materials fell 2.0 percentage points to 78.7 percent, as operating rates declined for producers of textile, paper, and chemical materials and containers. The operating rate for energy materials production decreased from 82,6 percent in October to 82.1 percent in November. INDUSTRIAL MATERIALS MANUFACTURING PERCENT 100 ENERGY TOTAL y 80 v 1 i — v 1 i 1 ^^A 1I I I ! 60 100 NONDURABLE GOODS PRIMARY PROCESSING / V 1 1 1 i 1969 1972 80 f ADVANCED PROCESSING 11 [ 1 1 1975 1978 \/ V V __ 1 60 1981 1972 1975 1978 1981 OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Seasonally Adjusted Manufacturing | L SEhlES MANUFACTURING, PRIMARY TOTAL PROCESSING ADVANCED 1973| HIGUI 1980 1975 LOW JL NOV. ;ION:t'HLY CAPACITY UTILIZATION 1981 JAN. FEB. MAR. APfi. DEC^J MAY JUNE JULY AUG. SEP. OCT. NOV. 88.01 69. 0 79.3 79.8 80.0 79.8 79.8 79.8 80.0 79.6 79,8 79.6 78.4 76.9 74.9 81.5 81.5 80.8 80.7 80.6 79.5 80.1 79.9 78.1 75.6 72.8 79.0 79.2 79.4 79.8 79.7 79.8 79.4 78.5 77.5 76.0 1 1 1 1 I 93.8| 68. 2 79.5 80.9 85.5J 69. 4 79.0 79.2 PROCESSING L. - _.L I MANUFACTURING, PRIMARY TOTAL 1980 III I I 156.5 1980 III IIII I 152.51 186.4 1 1 155.71 191.2 150.2 150.81 1981 i -J; J L . i 148 6| 151.3 I I I 141.5 PROCESSING 79.2 L .OUIPUT 1 139.7 152. 7j 157.5 142.3 146. 2\ 148*1 II 152.4 CAPACIiY 1981 73.1 UTILIZATION 1981 IV I i 79.9 7S.1| 1 1 79.31 81.3 1 190.41 1 77.4 78.81 MAY JUNE JULY_ AUi. SE? « OCT o NO? 81. 1 81. 2 81. 3 81.9 81.7 80.0 78. 0 75. 8 71. 9 I IV 1 187.91 189.4 1 1 192.51 193.8 I II 1111 1980 III 1 190.9 195.0 192.41 1 1 196.31 75.9 II III 73.8 79.3 80.3 79-4 79.1 79.6 79.2 • ADVANCED PROCESSING 183.8 1 185.5| 187.1 - —JL 188.7 i_ Industrial Materials SERIES • • ••• • • •• 1973| flIGHl 1 92.61 J 1 91.51 • MATERIALS, TOTAL DURABLE MSTAL GOODS MATERIALS MATERIALS 1980 NOV. 1975 LOH I 80. 5 69.4 TEX., PAPEfi, & CHEM. MAT. 81.4| 82. 1 82. 3 82. 1 1 1 • 63 6 76. 6 77.1| 78. 4 78. 5 79. 2 78. 8 79. 2 78.9 79.3 79.5 77. 3 75. 0 68. 6 81. 4 81. 9 83. 2 83. 9 79.9 80.3 78. 7 79.5 83.0 79. 0 74. 5 67 2 85. 3 80.31 1 1 87.2| 87. 3 86. 8 85. 4 85.9 85.6 84. 3 83.9 83.0 82.. 9 80. 7 78. 7 77. 9 1 1 94.5J i 1 95.1| NONDURABLE GOODS MATERIALS MONTHLY CAPACITY UTILIZATION I 1981 JAN. FEB MAR, APR. DEC.| i 65 3 84.9 87.11 86. 7 86. 3 85. 0 85. 5 85. 4 83. 5 83.2 82.3 82. 1 79. 9 1 92.61 99.4J 95.51 1 57. 9 72 4 64 2 82. 4 94. 3 83. 3 80.21 95.0| 86.81 82. 0 94. 5 86. 0 82. 2 94. 5 85. 3 81. 5 95. 3 83. 4 81. 9 94. 9 84. 1 81. 7 93. 9 84. 3 80. 5 93. 0 82. 0 82.0 92.9 81.2 82.3 93.6 79.7 81. 3 95. 7 79. 3 79. 5 92. 1 77. 2 94.61 84 85. 8 85. 2 79. 9 79. 8 83. 7 86.2 85.6 83. 1 82. 6 i iEXIILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS 1 I 1 ENERGY MATERIALS JL . J MATERIALS, TOTAL DURABLE GOODS MATERIALS -L1980 III 139.2 .8 84.4 84.61 | 131.4 144 | 109 84. 9 1 1 I I mi I 154. 1980 III 185. 1 I 150. 9 152.3 152.71 117. 5 112.8 I 189. 5 2 NONDURABLE GOODS MATERIALS | 163.2 176 179. 2 178.4 114. 21 141. 1 1 175. 8| 203. TEX., PAPEB, & CHEM. MAT. | 167.0 183 .71 186. 7 185.9 182. 81 212. 6 114. 8 151. 4 232. 7 114.5 151.0 231.6 130. 9 125.1 115.51 152.21 224.9| 1 1 131.61 METAL MATERIALS 87.3 1 1 n • TEXTILE MATERIALS PAPER MATEBIALS CHEMICAL MATERIALS ENERGY MATERIALS | 113.2 | 143.6 | 200.0 | 128.4 1 1 113 .71 149 .71 228 .21 1 1 128 .21 1 NOTE: 82. 1 I OUTPUT 1981 . tv i II 1 149.41 154. 2' 153.4 1 1 141. 31 141. 5 1 1 205. 31 207. 3 II 188. 9 214. 91 217. 1 209. 2 219. 4 221. 71 140.6 160.7 277.5 01 161. 91 281. 01 1 1 155. 01 192. 9 141. 7 139. 71 140. 1 158. 51 159. 7 270. 5| 274. 1 1 152.3 152.81 153. 5 1 II Ill 81. 2 81 .2 6 9.. 3 UTILIZATION 1981 IV I I 82.2 80.11 1 1 75.7| 78. 7 79.0 78 7 61.8 77.4| 79.6 80 .5 1980 III 75.2 80.2 85.9| 78.5 85.5| 81.2 91.3 74.9 84.4 86. 5 85. 3 83.3 86. 0 84. 8 82 .5 81.41 94. 5J 84.3J 81. 9 94. 8 84. 9 81.4 93.9 83.-5 81,8 94.1 80.1 1 83.91 85. 3 81. 1 85-0 • . i I 154. 2 83.0 1 1 • • 139. 4 157. 2 267. 1 I I IIII 190. 11 1 1 194. 01 1 141. 91 1 1 211. 21 • i 1 CAPACITY 1981 IV I 1 186. 4| 187. 6 1 1 190. 61 191. 8 • ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILISATION IN PERCENT ARE CALCULATED AS RATIOS OF (1) THE FEDERAL RESERVE'S SEASONALLY ADJUSTED INDEXES OF INDUSTRIAL PRODUCTION TO (2) THE CORRESPONDING INDEXES OP CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS BOTH PRODUCED AND USED AS INPUTS BY MANUFACTURING PLAMTS, MINES AND UTILITIES; INDUSTRIAL MATERIALS COVER MANY OF THE ITEMS REPRESENTED IN THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS WELL AS SOME OF THE OUTPUT OF MINES AND UTILITIES — SUCH AS IfiON ORE, CRUDE OIL, AMD ELECTRICITY SOLD TO INDUSTBY. THE 1973 HIGHS AND 1975 LOWS IN CAPACITY UTILIZATION, SHOWN IN THE TABLES ABOVE, ARE SPECIFIC 10 EACH SERIES AND MAT OCCUR IN DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY OPERATE AT CAPACITY UTILIZATION RATES THAT ARE HELL BELOH 100 PERCENT; NONE OF THE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PERCENT USE OF CAPACITY. CAPACITY UTILIZATION BATES AVERAGED ABOUT 83 PERCENT FOR MANUFACTURING FROM 1955 THROUGH 1979, AND ABOUT 85 PERCENT FOB INDUSTRIAL MATERIALS FOR 1967 THROUGH 1979.. IN MANUFACTURING AS A HHOLE, UTILIZATION BATES AS HIGH AS 90 PEBCENT HAVE BEEN EXCEEDED ONLY IN HAKTIME. THE PEAK BATES OF UTILIZATION IN 1973 HEBE ASSOCIATED WITH SIGNIFICANT UPWARD PRESSURE ON PRICES. THE METHODOLOGY AND THE SERIES ABE DESCRIBED IN FEDERAL RESERVE MEASDBES OF CAPACITY AND CAPACITY UTILIZATION. REVISED DATA ABE FOUND IN "CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS, JANUARY "1967—-DECEMBER 1978." BOTH PUBLICATIONS HAY BE OBTAINED FROM PUBLICATIONS SERVICES, BOABD OF GOVERNORS OF THE FEDEBAL RESERVE SYSTEM, WASHINGTON, D.C. 20551
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