Full text of G.3 Capacity Utilization, Manufacturing, Mining, Utilities and Industrial Materials : July 19, 1985

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•*-£§§&:.

FEDERAL RESERVE statistical release
G.3 (402)

For Immediate release

CAPACITY UTILIZATION
Manufacturing, Mining, Utilities, and Industrial Materials

July 19, 1985

The estimates of capacity utilization have been
revised back to 1967. A summary of the changes and
revised historical data through the end of 1984 is
contained in the supplement that accompanies this
release.

Capacity utilization in manufacturing, mining, and utilities
decreased 0.1 percentage point to 80.7 percent in June, continuing the small
monthly declines that have been prevalent since last August.
Within manufacturing, the rate for nondurable goods remained unchanged, while the rate for durable manufacturing fell 0.2 percentage point.
This easing reflected rate declines in electrical machinery, instruments, and
automobiles. The sharpest decline over the last several months occurred in
electrical machinery, which has dropped from a utilization rate of 81 percent
in October 1984 to about 73 percent this past June. The operating rate for
aerospace and miscellaneous transportation equipment, however, has moved
higher over this period.
Capacity utilization in materials production fell 0.3 percentage
point in June to 80.0 percent. The operating rate for durable goods materials
production dropped 0.6 percentage point while utilization in nondurable goods
materials and energy materials remained essentially unchanged.
The revised utilization rates reflect revisions of both the industrial production indexes and the capacity indexes. Mainly because of upward
revisions in the recent growth of industrial production, the revised operating
rate for total industry at the middle of 1985 is about one-half percentage
point higher than its old measure. However, for 1984 and other recent years,
the total utilization rate was revised downward somewhat, due to higher
estimates of capacity growth.
Capacity Utilization: Summary
Percent of capacity, seasonally adjusted

Series

1973
High

1975
Lou

1978
-80
High

1982
Low

1967
-84

1985
HAH

|

APS

|

HAT

]

JUN

88.6

72.1

86.9

69.5

81.7

81.0

80.9

80.8

80. 7

Manufacturing
Durable
Nondurable

87.7
87.4
88.8

69.9
67.9
71.8

86.5
86.3
87.0

68.0
63.7
74.4

80.7
78.8
83.5

80.5
78.9
82.9

80.5
79.0
82.9

80.3
78.5
83.2

80. 3
78. 3
83. 2

Mining
Utilities

92.8
95.6

87.8
82.9

95.2
88.5

76.9
78.0

88.0
88.1

82.8
85.0

82.9
84.6

82.8
84.0

82. 6
83. 6

92.0

70.5

89.1

68.4

82.7

81.4

81.0

80.3

80. 0

Total Industry

Industrial Materials




CAPACITY UTILIZATION

JUNE DATA

SEASONALLY ADJUSTED. PERCENT

110
TOTAL INDUSTRY
TOTAL MATERIALS

90

70

!

50
110

!

I

I

I I

UTILITIES

90

70

I

|

I I I

50
110

MANUFACTURING

REFINED PETROLEUM
PRODUCTS
90

NONDURABLE

70

MOTOR VEHICLES
AND PARTS

i. 1
1970

1973




1 11i1i1!11 1
1976

1979

1982

1985

30

1970

1973

1976

1979

1982

1985

MANUFACTURING, MINING AND UTILITIES
Table 1

Capacity Utilization
Monthly, seasonally adjusted, percent of capacity
1973 1 1975 I 1978
Series
H i g h 1 Low
! -80
J Hiqh

1

Total Industry

88.

Manufacturing

87.

91.
86.

Primary processing
Advanced processing
Durable manufacturing
Stone, clay and glass products
Primary metals
Iron and steel, subtotal
Nonferrous metals, subtotal
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Motor vehicles and parts
Automobiles
Aerospace and misc. trans, eqp.
Instruments
Other durables
Nondurable manufacturing
Food and kindred products
Textile mill products
Paper and products
Chemicals and products
Petroleum products
Rubber and plastics products
Other nondurables

87.
89.
•

1 0 1 .

61
1
71
1
91
01
•
I
41
3|
91

I 105. 81
I 95,6|
| 85. 01
89.
85.
97.
99.
77.
89.
87.
88.
85.
92.
95.
88.
99.
97,
86.

01
7|
11
61

01
2|
7|
1
81
8|

11
61
61
6|
5|

«1

]
9 2 , 81
1
9 5 , 61
9 8 , 7|

Mining
Utilities
Electric utilities

I
7 2 . 11
1
6 9 . 91
1
6 8 . 31
71. 1|

•
1

APE I MAT 1 J U N
80.9

80.8

80.7

80.5

80.3

80.3

82.1
79.8

81.4
79.9

81.3
79.8

79.0
79.8
73.5
68.8
81.0
82.0
77.0
74.2
84.7

78.3

82,8
82.4
82.8
83.2

78.5
80.7
69.6
64.5
77.8
81.5
76.8
73.9
82.6
80.5
83.3
83.1
83.4

i

6 7 . 91
6 7 . 11
6 7 . 01
6 6 . 61
6 2 . 11
6 4 . 71
6 8 . 21
6 3 . 71
52. 7|
4 4 . 41
69. 6|
7 4 . 91
6 9 . 01
71.
77.
58.
67.
69.
83.
59.
72.

1 1982 I 1967 1 Year 1
1985
1 Low
I -84
1 ago 1_1984
Avq.
month 1 OCT 1 NOV 1DEC I JAN 1 FEB I MAR 1
1
1
I
1
1
8 6 . 91
6 9 . 5|
8 1 . 7|
81.1 8 1 . 3 8 1 . 11 8 1 . 1 80,9 81.0
81.6|
1
i 3 0 . 1 81.11 81.1 81.2 8 0 . 9 | 80.7 8 0 . 4 80.5
8 6 . 5»
68.
71
oi
1
89.
6 5 . 1 8 1 . 71
81.81 81.8 81.7 80.9| 81.6 81.5 81.8
11
11 8 0 . 2 |
8 5 . 11 6 9 . 51
80.71 80.7 80.9 8 0 . 8 | 8 0.2 79.8 79.8
i
i
•
i
1
I 78.
8 6 . 31
63.
81 79.01 79.5 79.5 79.3| 79.3 78.7 78. 9
71
8 6 . 61
6 2 . 91
77. 6|
80.7J 80.7 80.8 79.4| 79.8 78.1 78,6
9 7 . 11
4 5 . 81
8 0 . 51
70.6J 72.4 72.3 70.31 73.5 72.1 73.7
100. 31 3 7 . 61 8 0 . 11 65.2J 66.7 67.1 65.4| 67.6 65.4 69.9
9 1 . 11
6 0 . 81
8 1 . 31
79.7|
81.7 80.9 78.31 82.9 83.1 79.8
8 7 . 41
6 1 . 31
77. 7|
77.81 78.8 79.3 79.61 80.0 80.8 81.6
8 6 . 01
62. 9|
7 8 . 71
77.61 77.8 77.0 76. 1| 76.0 75.5 76.0
6 6 . 91
78. 5|
8 9 . 91
80.01 81.0 80.7 80.71 78.4 76.8 76.4
9 3 . 31
4 7 . 01
7 7 . 61
81.51 79.3 82.3 83.51 85.8 85.0 83.8
9 3 . 31
3 6 . 61
76. 4|
78.6| 70.4 75.3 80.2] 85.6 83.7 83.8
8 7 . 1]
7 0 . 7!
7 6 . 21 76.01
78.3 78.4 79.4J 80.3 80.8 82.2
88. 9 |
7 7 . 8»
8 3 . 41 85.51
84.6 84.4 84.31 83.8 83.5 83.4
8 1 . 71 83.81
8 1 . 01
69. It
83.8 83.6 83. 11 82.6 82.3 82.2

1
81
61
91
71
21
71
51
31

87.
85.
88.
92.
82.
91.
89.
92.

1
01
11
31
7|
91

71
41
41
95. 1

1
8 7 . 81
1
8 2 . 91
8 3 . 01

88.

2|
J
5|

87.6J

1

74.
76.
70.
80.
67.
69.
71.
78.

41
51
61
81
61
71
21

?!

1
76. 9|
1
78.
01
7 8 . 21
|

83.
82.
84.
88.
78.
87.
84.
86.
88.
88.
89.

1
5|
51
51
21
7|
9|
51

01
1
01
1

11

01

69.4
81.5
77. 1
73.2
82. 1
79.2
84.0
82.4
83.0

84. 11
80.21
86.21
93.21
77.21
84, 1j
89.91
89.6|

83.4
80.3
82,2
92.9
77.5
82.0
89.4
87.7

83.6
79.8
79.5
92.8
77.8
83.1
89.4
89.0

83.1J
79.81
77.51
93.41
77.1J
81.8|
89.1}
88.4|

82,8
79.1
76,5
92.9
78, 4
81.4
88.4
8 7.3

83.0
79.6
80.5
91.3
78.4
81.5
87.9
87.4

82.9
78.8
81. 1
91.5
78.7
82.4
86. 5
87.6

82.9
80.0
81.3
90.2
77.9
85. 1
86.6
87.3

83.2
80.0
80.3
89.9
78.2
83.6
86.6
88.5

83.2

85.51

80.6

81.7

81.71 82.9

82. 1

82.8

82.9

82.8

82.6

84.21
84.0J

82.4
82.5

84.3
83.8

83.8| 84.7
82.81 83.5
1

86.7
85.4

85.0
83.4

84.6
82.9

84.0
81.9

83.6
81.7

83.1
88.3

Table 2
Output, Capacity, and Capacity Utilization
Quarterly, seasonally adjusted
O0TP0T

1985

1984
Q2

Series

Q3

Q4

Q2

Q1

1 2 1 . 5 123. 4 1 2 3 . 1J123.8 1 2 4 .

Total Industry

i

Manufacturing
Primary processing
Advanced processing

1
1
1
I

1

127.3J127. 7
112.
5
8 0 , 21 8 1 . 2
7 0 . 41 7 0 . 9
98. 8|100. 7
105. 4J107. 5
145. 6 | 1 4 5 . 5
179, 21174. 1
106, 71112. 3
101,. 9 | 1 1 5 . 9
1 2 6 . 8 127, . 9 1 1 3 1 . 8
139 . 8 138.7|138. 8
121 . 1 121, 21120. 5

i

Durable manufacturing
Stone, clay and glass products
Primary metals
Iron and steel subtotal
Nonferrous metals, subtotal
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Motor vehicles and Darts
Automobiles
Aerospace and misc. trans, eqp.
Instruments
Other durables

123. 9
112. 5
82. 4
73. 8
98. 9
102. 2
141, 5
169, 9
103, 8
104. 2
122. 8
136. 3
119. 8

127. 1
113, 4
82. 5
72. 4
101. 7
104. 2
146, 8
176, 1
106.1
100, 7

108.
149.
168.
111.
112.
135.
139.
122.

8|
5|
6|
31
51
51
01
61

Nondurable manufacturing
Food and kindred products
Textile mill products
Pacer and Droducts
Chemicals and Droducts
Petroleum products
Rubber and plastics products
Other nondurables

122.
127,
106.
127,
120.

123.4 123 . 5 J 1 2 3 . 6 1 2 4 .

J
8|
]

II W.I 1

W IVI

l a l V V l l tWWll
ITtvlvl

wlV»WI,

tfUVIVIW

1 1 IM%S1 I I I IWl J

TwlllWlvW

Gil 1VI

^/Otl fcW

IMOll UlllwlllO

1

Gft^Wl

WIIVIIIIVW0

U l IVI

Gil IVI

k*• WVIVIV» IW

|/IWUUWlB

Mining
iti
Electric utilities

1 2 8 . 11

1

78. 4|

1
1

128 . 9 1 1 2 8 . 7
97 .41 97. 2
1
128.4 128 , 0 | 1 2 7 . 2
1
123 . 0 123 . 7 J 1 2 6 . 0
1
8 5 . 91
85 .41 84. 3
86 . 8
144 . 9 146 . 4 1 1 4 5 . 3
1
126 . 0 126 , 5 | 1 2 6 . 3 1 2 8 . 31

0
3
0
5
88 5
142. 8
125, 5

127 . 9
103 . 3

1 1 1 .. 7

113 . 8

109 . 8
117 6 116 . 3
111. 4

Q4

81. 3

81. 9

8 1 . 21 81.0

Q1

81. 6

8 1 . 01 80.5

82. 0
81, 3

8
80. 9
72. 2
67. 4
80. 3
77. 0
76. 7
79. 9
81. 4
79. 5
75. 6
84. 7
83. 8

80.
81.
73.
67.
82.
78.
78.
81.
82.
75.

0
0
0
2
6
4
6
0
2
7
78. 1
86. 0
84. 0

81. 5|
8 0 . 81
1
7 9 . 41
80. 3|
7 1 . 71
6 6 . 41
8 0 . 31
7 9 . 31
7 6 . 91
8 0 . 81
8 1 . 71
7 5 . 31
78. 7|
84* 4|
83. 5|

8
2
3
2
3
9
0
5

83. 9
80.1
84. 7
93. 8
77. 5
82. 9
89. 3
88. 9

83.
80.
79.
93.
77.
82.
89.
88.

84. 2

85. 6

8 1 . 31 82.6

j

•

146.
158.
121.
136.
158.
105.
160,
140.

1
3
8
2
0
4
5
3

1
1

147 . 1 148.. 1 1 1 4 9 . 2 150. 21
159 . 8 16 1.21 162. 6
1
122 . 0 122 • 2 J 1 2 2 . 4
1
136.. 9 137,. 6 J 1 3 8 . 4
1
158 . 8 159 . 7 1 1 6 0 . 6
1
1 0 4 . 6 103 . 8 1 1 0 3 . 0 102. 31
162 . 2 163 . 9 | 1 6 5 . 8
1
141 . 7 143 . 1 | 1 4 4 . 5 145. 81

132. 2 1 3 2 . 6
140, 3 1 4 1 . 0

I
1

80. 8
80. 4

1

78.

1

81.6
80.0

81. 6
79. 8

79.0
78.8
73. 1
67.6
81.9
80.8
75.9
77.2
84.9
84.4
81. 1
83.6
82.4

78. 6
70. 8

81.
76.
73.
83.
80.

7
9
8
1
8
83. 2
82. 8
83. 2

1

83.
80.
87.
93.

76,
83,
89.
89.

1

133

Q2

1

8

l
111 . 1 1 1 1 4 . 2 1 1 3 .
11
117 . 7 J 1 2 0 . 1 118. 41

1

1985
Q3

81. 7
80. 4

132, 6 1 3 2 . 9

I

UTILIZATION

1984
Q2

80.

I

i

I
•

1
1
1

152. 6 153. 9 155. 2 | 1 5 6 . 5 157. 71

I
1 1 1 0 . 61

108

Q2

1 3 1 . 0 1 3 1 . 2 131. 4|131.6 132. 01
165. 7 167. 6 169. 61171. 4 173. 21
j
I
157. 3 158. 8 160. 3| 161. 7 163. 11
139.
139. 9 140. 6 | 1 4 1 . 4
1
1 110. 81
114. 2 113. 1 111.
109. 5 107. 7 106, 01104^ 8
1
123. 2 123, 1 123, 0|123. 0
1
132. 7 132. 8 132. 9 J133. 1 133. 2 |
184. 4 186. 8 189, 31191.8 194. 3 |
212. 7 217. 2 221. 7J225. 5 228. 51
127. 4 129. 1 130. 7J132. 3 133. 91
1 3 1 . 0 133. 2 135. 3|137. 3 139. 21
162. 4 162. 4 162, 51162. 6 1 6 2 . 81
161. 0 162 6 164, 3J166. 0 167. 9 |
143. 0 144, 0 145, H 146. 2 1 4 7 . 4 |

•

4

1985
Q1

Q4

a
1

Not*. Data for output are percentages of 1977 output as shown in the Federal Reserve's seasonally adjusted indexes of Industrial production. Capacity is also expressed as a percentage of




Q3

149. 5 150. 6 151.71152. 8 154. 01

1
1 2 3 . 4 125. 6 1 2 5 . 81126. 0 1 2 6 . 8 |
I
I
1 0 7 . 0 107. 6 1 0 7 . 01107. 5 1 0 7 . 1
7|
1 3 3 . 2 136. 3 1 3 7 . 01137. 1 138. 31
i

CAPACITY
1984
Q2

1

41
01
71
01
5|
3|
31
41

82.9
79.2
79.4
91.9
78.5
81.8
87.6
87.4

83,

1

83.

9

88.

0

1

4

133. 61
1

1

82. 8

I

84. 1
8 3 . 51 85.5
84. 3 82. 8
133 .01133. 7 134.5i
83. 8
141 .7|142. 8 144, 21
8 2 . 5 8 3 . 01 84. 1 8 2 . 2
1
1
I
1977 actual output. Capacity utilization percentages are calculated as ratios of production to
capacity.

INDUSTRIAL MATERIALS
Table 3

Capacity Utilization
Monthly, seasonally adjusted, percent of capacity
1973
Series
High
Materials Industrial

92.

Durable goods materials

91.

Metal materials

99.
106.
95.

Raw steel
Aluminum
Nondurable goods materials
Textile, paper, and chemical materials
Pulp and paper materials
Chemical materials

91.

92.
98.
92.

1975 | 1978 I 1982
Low 1 - 8 0 I Low
Hiah I
70.5|
I
1
64.4J
1
67.11
1
66.4]
73.01
1
I
66.7!
1
64.81
1

70.61
64.4J
I

94.

Energy materials

86.91
i

Tear 1
ago |^ -12fliL
monthI OCT i

1967

89.11 6 8 . 4 |
1
I
I
1
89.8|
60.9|
J
93.61 4 5 . 7 |
I
I
98.9| 36.11
97.41 58.81
I
I
I
i
88.1|
I 70.61
1
89.41
I 68.6|
i
97. 3|
87.91 79.91
I 63.3|
I
1
I
94.01 82.2J
j
1

82.71
I
1
79.5J
78.9J
I

82.8|
I
1
80.4|
TO. 0|

1985
NOV t

DEC I J A N

l

I

flAR

I

APR 1 MAY > J U H

81.5 8 1 . 3 | 81.7 81.5 81.4 81.0 8 0 . 3 80.0
I
I
80.3 80.2 7 9 . 7 | 7 9 . 9 7 9 . 1 7 8 . 9 7 8 . 1 7 7 . 1 7 6 . 5
6 8 . 1 6 8 . 6 68.01 6 8 . 1 68.2 6 9 . 8 68.8 6 7 . 3 66.4

I

I

81.91 71.8|
88.9| 86.91
)
1
l
l
83.31 81.81
1
1
83.7J 8 2 . 3 |

63.4
81.2

61.6
80.3

56.7J
80.2|
I
I
81.4 80.9 80,8!
I
82,0 8 1 . 1 8 0 . 7 |

l

91.3|
80.91
1
I
89.91
I

I FEB

81.3

65.9
78.8

67,2
76.6

68.2
74.2

68.4
73.6

67.9
72.9

80.9

81.1

80.2

80.1

80.1

81.7

82.0

81.4

80.9

80.8 81.1

80.0

I

96.2J 93.7 92.5 93.71 9 3 . 7 9 2 . 6 9 2 . 1 89.9 9 0 . 2
78.21 78.6 7 8 . 8 78.31 8 0 . 1 8 0 . 2 7 9 . 5 79.2 7 9 . 1
1
1
I
I
8 9 . 0 ! 83.5 84.8 8 5 . 5 | 8 6 . 6 8 7 . 4 8 8 . 4 8 8 . 4 8 8 . 1 8 8 . 0
1
1
.

Table 4
Output, Capacity, and Capacity Utilization
Quarterly, seasonally adjusted
Series

Materials Industrial
Durable goods materials
Metal materials
Raw steel
Aluminum
Nondurable goods materials
Textile, paper and chemical materials
Pulp and paper materials
Chemical materials

Energy materials

OUTPUT
1985
Q3
Q4
Q1
Q2
I
114.8 116.0 114.5|115.4 114, 6
I
1
121.9 124,0 123.71 123.6 121. 6

1984
Q2

84.1

82.0

81.4
103.5

70.7
99.1

111.3 111.6
111.8 112.2
127.4 127.7
109.3 110.2
105.3 105.7

80.4|

80.6

79. 2

64.11 70.4
95.91 90.9
I
1
110.9| 110.9 110. 3
j
110.7|111.6 110. 9
I
126.21126.3
110.9|113.2
1
1
101.31105.0 106. 1
1
1

1984
Q.2

Q3

138.9 139.8
151.8 153. 1
119.7 118.8
109.3 107.6
119.6 119.3
135.7 136.3
135. 1 135.7
132.2 133.7
140.6 140.8
118.9 119.3

Definition. This release contains estimates of output, capacity, and capacity utilization for the
nation's factories, mines, and electric and gas utilities. Output data are the Federal Reserve's
seasonally adjusted indexes of industrial production, which express output as percentages of
1977 output. The capacity estimates are expressed as percentages of 1977 output as well.
Capacity utilization percentages are calculated as ratios of production to capacity. The capacity indexes are based on a variety of data, including capacity data in physical units compiled
by trade associations, private and government surveys of capacity growth and utilization rates,
and estimates of capital stock growth. The concept of practical capacity is applied, which is
defined as the greatest level of output that a plant can maintain within the framework of a realistic
work pattern, taking account of normal.i|p^n|lr^e;4nd^s8urj^(jg.:«ufficl9nt::avaHabiUty;af*inpu^
to operate machinery and equipment in place. When the capacity indexes for individual industries are aggregated—for example to total manufacturing—no explicit account is taken of possible general equilibrium constraints such as emerging industry bottlenecks. Because of the
large and heterogeneous database, changes in utilization rates may be more meaningful in the
analysis of business conditions than any particular level of these rates.
Groupings. Estimates of capacity and industrial production for manufacturing industries are
aggregated to primary processing and advanced processing industries, to durable and nondurable
manufacturing industries, and to total manufacturing. The mining, manufacturing, and utilities
estimates aggregate to the total index. Industrial materials are items produced and used as inputs
by manufacturing plants, mines, and utilities. Industrial materials include many of the items
included in the primary processing grouping of manufacturing, as well as some of the output
of the advanced processing industries, mines, and utilities—such as iron ore, crude oil, semiconductors, and electricity sold to industry.




CAPACITY
1985
Q4
Q1
1
140.7J141.6
I
I
154.4J 155.9
•
117.8|117.3
1
105.8J 104.9
119,0}118.8
1
1
136.81137.3
|
136.21136.7
j
135.31 136. 1
141.1|141.5
I
1
119.71120.0
1

Q2

1984
Q2

142. 5

82.6

157.

80.3

117. 3

70.2
74.5
86.6

137. 8

82.0

137. 0

82.7
96.4
77.8
88.6

120. 3
I

UTILIZATION
1985
Q3
Q4
Q1
1
83.0 81.4} 8 1 . 5
1
1
81.0 80.1J 7 9 . 3
|
69.0 68.21 6 8 . 7
1
6 5 . 7 60.6J 6 7 . 1
8 3 . 0 80.61 7 6 . 5
1
1
81.9 81.01 8 0 . 7
|
82.7 81.31 8 1 . 7
|
95.5 93.3| 9 2 . 8
78.3 78.61 8 0 . 0
I
88.6

1
8 4 . 6 | 87.5
1

Q2
80.4
77.2
67.5

80.1
80.9

88.2

Perspective. The historical highs and lows in capacity utilization shown in the tables above are
specific to each series and did not all occur in the same month. Industrial plants usually operate at capacity utilization rates that are well below 100 percent: none of the broad aggregates
has ever reached 100 percent. For mining, manufacturing, and utilities as a whole, and for total
manufacturing, utilization rates as high as 90 percent have been exceeded only in wartime.
Revisions. The first estimates for a month are published about the 17th of the following month.
These estimates may revise in each of the next three months as new data become available.
After the fourth month no further revisions are undertaken until an annual or benchmark revision. The median of the revisions in the total manufacturing utilization rate between the first
and fourth estimate is 0.3 of a percentage point; that is, in about half of the cases, the absolute
value of the revision from the first to the fourth estimate is less than 0.3 of a percentage point.
Sources. The basic methodologies used to estimate the series is discussed in Federal Reserve
Measures of Capacity and Capacity Utilization, February 1978. An article, scheduled to be forthcoming in the October Federal Reserve Bulletin, describes the revisions and expansions In the
series. Revised data from 1948-84 are included in the statistical supplement to the July 1985
capacity utilization release, which may be obtained from Publications Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
Rounding. Utilization rates are calculated from unrounded capacity and production indexes. Aggregates are derived from unrounded detailed components.
Release schedule for 1985. Approximately 11 a.m. on January 16, February 19, March 18,
April 17, May 16, June 17, July 19, August 16, September 16, October 16, November 18, and
December 16.