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FEDERAL RESERVE statistical G.3 release (402) For immediate release July 16, 1979 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS June 1979 The utilization of manufacturing capacity in June declined by 0.5 percentage point from the May rate. Since March, the utilization rate for manufacturing has declined 1.3 percentage points and in June, at an 85.0 percent rate, was 3 points below its 1973 high. Industrial materials producers operated at 86.6 percent of their capacity in June, compared to 86.8 percent in May. The industrial materials rate has declined by 1.5 percentage points since the end of 1978 and was 6.5 percentage points below the 1973 high. The June decline of the overall manufacturing utilization rate was mainly concentrated in the advanced processing industries and within those in the motor vehicle and home goods industries. Since March the utilization rate for the advanced processing industries has declined by 1.3 percentage points. In June the rate of utilization in advanced processing industries was only 1.4 percentage points from its 1973 high. The rate for primary processing was nearly 7 percentage points below its 1973 high and has declined2.5 percentage points since last December. Manufacturing capacity utilization in the second quarter at 85.0 percent was 1.1 percentage points below the first quarter rate, and materials capacity utilization at 86.6 percent was 0.8 percentage point below the first quarter irate. INDUSTRIAL MANUFACTURING MATERIALS PER CENT 100 TOTAL 80 60 100 I I I NONDURABLE GOODS PRIMARY PROCESSING 80 ADVANCED PROCESSING DURABLE GOODS I 60 1967 1970 1973 1976 1979 1970 I I 1973 I I I 1976 I 1979 OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Seasonally Adjusted Manufacturing MONTHLY CAPACITY UTILIZATION SERIES 19731 HIGHI 1 88.01 MANUFACTURING, TOTAL 1975 LOW 69.6 1979 1S78 JUNF JULY 84.3 SEP. nri. 85.0 84.7 AUG. 85.3 85.5 DEC. JAN. FEB. MAR. APR. MAY JUNE 86.3 85. B NOV. 86.0 85.9 86.3 84.6 85.5 85.0 PRIMARY PROCESSING 93.6 68.1 87.1 87.3 87.7 89.3 88.6 89.0 89.4 88.3 88.1 88.1 87.0 37.2 86.9 ADVANCED PROCESSING 85.4 70.4 82.8 83.4 83.5 83.6 83.8 84.0 84.6 84.8 84.7 85.3 83.3 84.7 84.0 CAPACITY OUTPUT 1978 1979 1979 1978 II I I 150.61 152.5 152.1 172.0 173.7 175.4| 177.1 178.9! 161.8 178.5 180.2 181.9) 183.8 185.81 147.1 168.5 170.2 171.81 173.4 III 144.4 147.7 IV PRIMARY PROCESSING 154.1 158.2 161.91 162.1 AOVANCEO PROCESSING 139.3 142.1 1 IV III I MANUFACTURING, T O T A L 1 1 I I I 1 I II 1 1 1 1 I I I 1979 III 84.0 85.0 86.3 87.8 82.7 83.5 I 1 1 1 144.5! 147.3 UTILIZATION 1978 175.11 | 1 IV 1 85.91 I 1 89.01 1 *4.1| 1 - 1 1 86.1 85.0 88.2 87.0 84.9 R4.0 Industrial Materials MONTHLY C A P A C I T Y UTILIZATION SERIES MATERIALS, TOTAL DURABLE GOODS M A T E R I A L S BASIC METAL MATERIALS NONDURABLE GOODS M A T E R I A L S T E X . , P A P E R , £ CHEM. M A T . TEXTILE MATERIALS PAPER M A T E R I A L S CHEMICAL M A T E R I A L S ENERGY MATERIALS | 1973J HIGHI 1975 93.11 69.7 85.1 R5.7 85.9 64.3 82.8 84.5 85.3 1 1 92.5! 1 97.7| 1 1 94.6! 1 94.51 1 94.41 100.51 93.8! 1 1 94.61 1 OCT. NOV. DEC.I 1979 JAN. FFB. MAR. APR, MAY JUNE 86.3 87.1 87.6 88.1! 8^.4 87.1 87.6 86.4 86.8 R6.6 86.1 87.0 87.3 88.21 87.3 86.5 87.2 85.4 86.2 86.1 84.8 83.5 85.1 83.4 83.8 88.6 88.7 89. A 88.8 89.2 Q8.B 87.3 87,6 88.2 88.0 88.2 »7.R 79.4 81.1 1978 LOW JUNE JULY AUG. SEP. 1 I 66.1 80. 8 67. 8 88.7 65.5 87.0 65.6 86.4 87.4 87.9 87.5 87.2 87.8 88.2 89.0 86.5 85 . 5 83.1 86 . 7 86.9 58.0 81.7 80.2 81.9 86.9 84.4 88.2 87.7 87.7 87.8 87.8 87.2 87.6 88.1 89.0 81.9! 86.8| 88.31 1 | 81.1 90.2 86.3 85.6 84.8 86.0 86.2 86., 9 1 81.1 81.8 82.7 86.1 1979 III IV 1 I I II I 153.2 171.7 154.1 150.4 155.21 155.2 89.8 90.0 85.8 85.8 86.1 85.1 84.9 SB. 5 84.8 BASIC METAL M A T E R I A L S 117.5 124.6 163.2 166.91 169.5 I I 173,0 174.2! 175.6 176.9 175.2 176.3 177.4! 178.4 146.1 146.5 146.81 147.1 171.4 184.4 186.5 188.51 190.7 177.7 193.1 195.4 197.5! 199.8 117.1 139.7 201.4 117.3 134.8 204.4 144.1 154.8 230.1 144.7 155.8 145.21 145.8 156.9! 158.0 236.81 240.2 179.4 82.2 85.3 80.4 85.1 192.7 88.5 87.5 201.9 86.8 86.2 1 1 119.41 117.4 137.21 137.6 209.51 215.8 1 1 233.5 1 1 81.2 90.3 81.0 86.5 87.5 87.5 84.9 85.6 1 1 128.7J 129.0 128.21 147.8 1 127.0 86.0 | 1 172.21 175.2 84.5 1 1 1 168.4 II I 1 1 1 167.7 11 1 .129.4! 124.2 163.2 IV 1979 1978 I 1 1 NOTE: 90.0 1979 I I 144.0 125.5 89.9 UTILIZATION 1978 I DURABLE GOODS MATERIALS ENERGY MATERIALS 88.8 89.6 I 152.61 153.4 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS 87.6 80.1 88.9 81.2 84.7 CAPACITY 148.7 TEX., PAPER, £ CHEM. MAT. 82.9 . 145.1 NONDURABLE GOODS MATERIALS 86.9J 71.8 64.7 1978 M A T E R I A L S , TOTAL 87.7 1 OUTPUT I I ! 89.11 1 1 88.31 | 1 148.4 148.91 150.2 1 151.0! 1 1 IV 1 87.61 1 1 87.5! I 88.1! 1 1 88.5! 1 87.21 1 82.2! 87.41 88.5! 1 | 86.41 1 M 87.4 86.6 87.0 85.9 84.4 88.9 89.0 87.7 88.0 80.5 87.1 89.8 85.9 84.9 E S T I M A T E S OF ACTUAL OUTPUT AND C A P A C I T Y OUTPUT ARE BOTH EXPRESSED AS P E R C E N T A G E S OF 1967 ACTUAL OUTPUT. E S T I M A T E S OF CAPACITY UTILIZATION IN PERCENT ARE CALCULATED AS R A T I O S OF (1) THE F E D E R A L R E S E R V E * S SEASONALLY ADJUSTED INDEXES OF INDUST R I A L PRODUCTION TO (21 THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL M A T E R I A L S ARE ITEMS BOTH PRODUCED AND USED AS INPUTS 8Y MANUFACTURING PLANTS, M I N E S AND U T I L I T I E S ; INDUSTRIAL M A T E R I A L S COVER M A N Y OF THE ITEMS REPRESENTED IN THE P R I M A R Y PROCESSING GROUPING OF M A N U F A C T U R I N G AS W E L L AS SOME OF THE OUTPUT OF M I N E S A N D U T I L I T I E S — SUCH AS IRON CRE, CRUDE OIL, AND ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 1975 L O W S IN C A P A C I T Y U T I L I Z A T I O N , SHOWN IN THE T A B L E S ABOVE, ARE SPECIFIC D-IFFERENT MONTHS. TO EACH S E R I E S A N D MAY OCCUR IN INDUSTRIAL PLANTS USUALLY OPERATE AT CAPACITY UTILIZATION RATES THAT ARE WELL BELOW 100 PERCENT; NONE OF THE B R O A D A G G R E G A T E S E R I E S HAS E V E R I N D I C A T E D A 100 PERCENT USE OF CAPACITY. C A P A C I T Y U T I L I Z A T I O N R A T E S A V E R A G E D ABOUT 83 PERCENT FOR M A N U F A C T U R I N G FROM 1955 THROUGH 1977, AND ABOUT 85 PERCENT FOR I N D U S T R I A L M A T E R I A L S FOR 1967 THROUGH 1977. IN M A N U F A C T U R I N G AS A WHOLE, U T I L I Z A T I O N R A T E S AS HIGH AS 90 PERCENT HAVE B E E N E X C E E D E D ONLY IN W A R T I M E . THE P E A K R A T E S OF U T I L I Z A T I O N IN 1973 W E R E A S S O C I A T E D WITH S I G N I F I C A N T U P W A R D PRESSURE ON PRICES. THE CAPACITY U T I L I Z A T I O N E S T I M A T E S ARE DESCRIBED, AND HISTORICAL DATA ARE PROVIDED, IN FFOERAL RESPRVF M F A S U R F S Q£ C A P A C I T Y AHD CAPACITY UTIi.IZ.AT ION- THIS PUBLICATION MAY BE OBTAINED FROM PUBLICATION SERVICES, B O A R D OF GOVERNORS OF THE F E D E R A L RfcS E R V E SYSTEM, WASHINGTON, O.C. 20551. THE PRICE IS 11.75 PER COPY; FOR TEN OR MORE, $1.50 EACH.
