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FEDERAL RESERVE statistical release For immediate release July 16, 1982 G.3 (402) CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS June 1982 Capacity utilization in manufacturing declined 0.6 percentage point in June to 69,8 percent and the operating rate for producers of industrial materials dropped 0.6 percentage point to 69.0 percent. These rates were about 10 and 12 percentage points, respectively, below their year-earlier levels and were close to or below their March 1975 lows. Within manufacturing, the utilization rate for the advanced processing industries fell 0.5 percentage point in June to 72.1 percent, and the rate for the primary processing industries dropped 0.8 percentage point to 65.5 percent. Operating rates again declined for most major industry groupings; producers of iron and steel, nonferrous metals, fabricated metal products, nonelectrical machinery, chemicals, aerospace and miscellaneous transportation equipment, and stone, clay and glass were operating in June at utilization rates either below or only slightly above their lows during the 1975 recession. Capacity utilization rates rose further for the petroleum products and the motor vehicles and parts industries. The operating rate for producers of durable goods materials declined 0.4 percentage point in June to 63.7 percent. This decline in June reflected sizable further reductions in utilization rates for producers of basic metals and of equipment parts and a large rise in the rate for producers of parts for consumer durable goods. The utilization rate for nondurable goods materials producers declined 0.8 percentage point to 72.4 percent, as operating rates decreased for producers of textile, paper, and chemical materials. Producers of energy materials operated at 79.5 percent of capacity in June, 0.7 percentage point below the May rate. MANUFACTURING INDUSTRIAL MATERIALS 100 OSfo — TOTAL 80 1 1 1 1 1 1 1 1 1 1 1 1 1 1 — \ I \\ 60 I I I I I I I yv^~ NONDURABLE GOODS V f\ff\ V /DURABLE GOODS i i i i 1 1 1 1 1 1 11 1970 1973 1976 1979 V — 80 PROCESSING I V 100 PRIMARY PROCESSING \J T \ JTOTAL V -»/-\ EN Y \ 1 1 1982 60 I 1973 I I I I I I I 1976 1979 V f p I. I 1982 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 1975 LOU 1981 JUNE J0LY AUG. SEP. OCT. NOV. DEC. 1982 JAN. FEB. HAS. APR. HAY JUNE 69.0 79.6 79.8 79 .6 78.3 76.6 74.8 73.1 71.1 72.2 71.6 70.7 70.4 69.8 PRIMARY PROCESSIMG 19731 HIGHJ 1 88.0| 1 1 93.8| 68.2 79.5 80.1 79 .9 78.2 75.7 72.7 69.6 68.5 70.0 68.6 67.1 66.3 65.5 ADVANCED PROCESSING 85.5| 69.4 79.7 79.8 79.4 78.3 77.0 75.8 75.0 72.8 73.6 73.2 72.6 72.6 72. 1 SERIES MANUFACTURING, TOTAL I I OUTPUT 1981 III 1932 I IV "I CAPACITY 1981 II 152.4 152.5 145.0| 139.8 1 1 PRIMARY PROCESSING 156.5 155.8 ADVANCED PROCESSING 150.2 150.7 143.51 137.1 1 145.81 141.6 132 •0| 195.0 1 141 .11 188.7 MANUFACTURING, TOTAL 138 .11 190.9 III 192.4 196.3 190.4 1 1 III 1982 I 1 193.91 195.2 1 IV 196.4] 1 199.5| 1 194.91 I 197.51 198.6 1 192.0] 193.5 UTILIZATION 1981 II III IV 1982 I ;i I 79.8 79.3 74.81 1 71.6 70.3 80.3 79.4 72.71 69.1 66.3 79.6 79.2 75.91 73.2 72. U FEB. MAR. APR. MAY JONE 72.9 7U8 70.4 69.6 69 .0 63.7 I Industrial Materials MONTHLY CAPACITY UTILIZATION SERIES MATERIALS, TOTAL •- .1 1982 DEC. ? JAN. 1 72.4J 71.4 1 1973 r HIGH) 1975 LOB 1981 JUNE JULY AUG. SEP. OCT. NOV. 92.61 69.4 81.3 81.9 81.6 80.0 77.7 75.5 91.51 63.6 78.8 79.3 79.4 77.3 74.7 72.2 68.5| 66.2 67.4 66.4 64.9 64.1 98.3| 68.6 78.7 79.5 83.0 79.1 73.9 70.8 65.5| 65.8 64.7 61.1 56.0 53.3 67.2 84.3 83.9 83.0 82.9 80.3 77.3 74.11 73.2 76.5 75.3 74.4 73.2 72.4 65.3 83.5 83.2 82.3 82.1 79.1 75.9 72.21 70.7 74.4 73.7 72.5 71.4 70.5 57.9 72.4 64.2 80.5 93.0 82.0 82.0 92.9 81.2 82.3 93.6 79.7 81.3 95-7 79.2 78.8 92.1 76.2 75.5 92.3 72.4 72.0| 86.51 69.01 68.6 87.6 67.4 71.9 90.7 71.3 73.5 89.4 70.2 73.4 87.3 69.0 73.4 86.6 67.6 84.8 83.7 86.2 85.6 83.0 82.5 82.2 81.61 83.7 83.2 81.8 80.4 80.2 1 1 DURABLE GOODS MATERIALS HETAL MATERIALS 1 1 NONDURABLE GOODS HATEHIA1S TEX., PAPEA, t CHBH. BAT. TEXTILE MATERIALS PAPER MATERIALS CHEBICAL MATERIALS ENERGY HATEBIALS 94.5| 1 95.1| 1 92.6| 99.4| 95.5| 1 94.61 1 1 j OUTPUT 1981 II III 1 1982 J IV 153.4 354.3 144.01 138.7 152.3 152.8 140.21 130.9 112.8 114.2 NONDURABLE GOODS MATERIALS 178*4 175.8 TEX., PAPER, G CfiEH. MAT. 185.9 MATERIALS, TOTAL 1 DURABLE GOODS MATERIALS HETAL MATERIALS ENERGY MATERIALS NOTE: 194.2 1982 I 1 191.51 192.6 1 1 195.31 196.4 III IV 1981 II III IV 1982 I 11 72.0 69.7 66.7 64.2 78.S 78.7 79.6 80.5 70.1| 213.1j 214.6 85.3 83.3 77.21 75.0 73 .3 221.7 223.91 225.6 227.31 84.8 82.5 75.7| 72.9 71.5 141.0 161.9 281.0 141.61 142.1 162.81 163.8 284.4| 287.3 142.4| 164.6] 289.61 81.4 93.9 83.5 81.8 94.1 80.0 75.4J 90.31 72.5| 71.3 89.2 69.6 155.0 1 155.81 156.5 1 1 157.OJ 1 81.1 84 . 9 82.11 142.11 142.3 164.51 161.0 211.2 182.8 169.41 164.5 162.4| 21.9.4 114.5 151.0 231.6 115.5 152.2 224.9 106.81 101.3 147.01 146.1 206.21 200.0 i 103.61 140.6 142.21 160.7 196.61 277.5 125.1 131.6 127.91 129.8 1 1 193.7J 81.2 81.1 1 197.31 1 1 125.6J 154.3 79 .5 UTILIZATION 142.4| 1 1 216.11 190.3 141.9 90.9 1 1 III 1 75.2| 1 1 71.81 76.7| 141.7 1 1 158.41 209.2 99.51 1 TEXTILE MATERIALS PAPBR HATEBIALS CHEMICAL MATERIALS 1981 II III 1 134.91 189.0 1 1 126.71 192.9 CAPACITY 63.9 •1 82.9 80 .0 ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILIZATION IN PERCENT ARE CALCULATED AS RATIOS OF (1) THE FEDERAL RESERVE*S SEASONALLY ADJUSTED INDEXES OF INDUSTRIAL PRODUCTION TO (2) THE CORRESPONDING INDJ XES OF CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS BOTH PRODUCED AND USED AS INPUTS BY MANUFACTURING PLANTS, MINES AND UTILITIES; INDUSTRIAL MATERIALS COVER MANY OF THE ITEMS REPRESENTED IN THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS SELL AS SOME OF TBE OUTPUT OF MINES AND UTILITIES — SUCH AS IRON ORE, CRUDE OIL, AND ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 1975 LOWS IN CAPACITY UTILIZATION, SHOWN IN THE TABLES ABOVE, ARE SPECIFIC TO EACH SERIES AND HAY OCCUR IN DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY OPERATE AT CAPACITY UTILIZATION RATES THAT ARE HELL 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 1979. AND ABOUT 85 PERCENT FOR INDUSTRIAL MATERIALS FOB 1967 THROUGH 1979. 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 HERE ASSOCIATED KITH SIGNIFICANT UPWARD PRESSURE ON PRICES. THE METHODOLOGY AND THE SERIES ARE DESCRIBED IN FEDERAL RESERVE MEASURES OF CAPACITY AND CAPACITY UTILIZATION. REVISED DATA ARE FOUND IN "CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS, JANUARY 1967—DECEMBER 1978." BOTH PUBLICATIONS HAY BE OBTAINED FROM PUBLICATIONS SERVICES, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551
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