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FEDERAL RESERVE statistical release .6.3 (402) For immediate release June 16, 1983 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS May 1983 Capacity utilization rates for manufacturing and for industrial materials production each advanced 0,7 percentage point in May, to 72.0 percent for manufacturing and to 71.7 percent for materials* Over the five months since year-end the manufacturing rate has risen an average of 0.9 percentage point per month, while the increase in the materials rate averaged 1.3 percentage points per month. Within manufacturing* further gains in operating rates were widespread. Capacity utilization has risen particularly rapidly since December for the textile, rubber and plastics, primary metals, and motor vehicles and parts industries. Operating rates also were up substantially by May for some industries that started their recoveries later: rates have risen steadily beginning In March for petroleum refining and for both electrical and nonelectrical machinery. Producers of durable goods materials operated at 66.7 percent of capacity in May, up 0.9 percentage point from the April rate. The operating rate for raw steel was about 15 percentage points above Its December low, although there was little change from April to May. Producers of other primary metals continued to reactivate capacity in May. In addition, operating rates rose again for producers of parts both for equipment and for consumer durables. The operating rate for nondurable goods materials production climbed 0.8 percentage point to 77.6 percent, as rates increased for producers of textile materials, paper materials, and chemical materials. Capacity utilization by producers of energy materials remained about unchanged. MANUFACTURING INDUSTRIAL MATERIALS PERCENT 100 Cl?\s/U TOTAL eo — ENERGY \ f TOTAL I /'* V V^~ A I I I I I I I I I 60 I I I I I I I / I 100 Aw-v PRIMARY PROCESSING NONDURABLE GOODS 80 I / I I 1971 I I I I 1 I 1974 1977 I I I I I 1980 1983 60 /DURABLE GOODS " M I N I 1974 1977 — ^r V V V- I 1980 1983 OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Seasonally Adjusted Manufacturing HONTHLY CAPACITY UTILIZATIOB SERIES 1 1 9 7 3 ! 1975 1 1982 L 311 JfiMJ JULI AOG. 70.2 70.0 70.0 69.8 69.2 PBItSABY PBOCESSING 1 88.01 1 ! 93.8) 68.2 66.1 65.7 65.7 66.1 ADVANCED PBOCESSING 85.5| 69.4 72-5 72.3 72.3 71.7 1 19831 1982 . —11 —1 HANUPACTUBING, TOTAL JL 1 69.0 O0TPOT JL, I I III .„ _ II 1 HANUFACTUBING, TOTAL 139.8 1 1983 1 67. 5 J 1 68.5 zza* HAB. APB. A, AT 69.1 69.9 71.3 72.0 66.0 61.7 68.8 70.6 7U2 70.0 69.9 70.5 71.6 72.4 If 1983 I 67. 61 69.2 ,9£Ti. 68.0 67.4 66.4 65.0 63.9 63.7| 70.7 69.6 69.2 69.5| 1 1982 JL . SEE*. 138. 1 137.7 CAPACITY 195.2 196.4 197.7 1 PBIHABY PBOCESSING 137. 1 132.3 132.4 1 129.31 136.9| 198.6 199.5 200.4 ADVANCED PROCESSING 141.6 141.2 840.5 137.3J 139.71 193.5 194.9 196.2 jL . 11 11, JU i. 1 1983| 1982 __ ! ! _ _ 1 198.9! 200.il 1 1 1 201.31 202.31 197.61 . I 199.0! UTILIZATION II III 71.6 70.3 69.7 69.1 66.3 66.1 73.2 72.5 71.6 1 67.7 69.51 70.2 1- Industrial Materials HOBTHLT CAPACITY 0TILIZATIOB SIBIES I J 1973! 1975 | 1982 HIGH! LOH 1 &kl ! 69.4 69.4 92.6| 1 HATEBIALS, TOTAL DOfiABLE GOODS HATEBIALS 1 91.5| 1 1 I 98.3| 1 1 1 NOMDOSABLE GOODS HATEBIALS | 9 4 . 5 | HITAL HATEBIALS T E X . , PAPEB, 6 CHEH. HAT. TEXTILE HATEHIALS PAPEB HATEBIALS CHEHICAL HATEBIALS BK5BG? HATEfilALS I 95. 1| ! 92.6| | 99.4| 1 95.5! ! 1 ( I 94.6| L 1 JL - 1982 I 138.7 HATERIALS, TOTAL DUBABLE GOOCS HATEBIALS HETAL HATEBIALS 1 iSH JOLI HAg. APB. 67.7 66.6 65.7 65.2| 67.3 68.6 69.7 71.0 71.7 66. 7 SEP* _QCI»_ TEX., PAPEB, & CHEH. HAT. TEXTILE HATEfilALS PAPEB HATEBIALS CHEHICAL HATEBIALS ENfcBGY HATEBIALS JL MOTE: -AM 1 68.8 68.5 63.6 64.2 64.0 63.7 63.1 61.9 59.6 58.4 58.4| 60.8 62.6 64.1 65.8 68.6 53.9 52.2 50.7 51.2 51.9 48.6 45.5 46.0! 52.4 55.2 57-2 58.0 67.2 72.5 70.9 70.2 71.0 72.8 72.5 71.9 71.0| 72.7 74.5 75.6 76.8 77. 6 65.3 70.6 68.8 68.0 68.9 70.7 70.3 69.9 69.3| 70.8 73.3 74.7 76.2 77. 2 73.0 89.9 66.0 74.1 89.9 69.5 77.0 89.1 71.0 78.3 89.4 72.8 77.5 76.7 76.6 76.8 1 57.9 72.4 64.2 71.5 86.1 66.9 69.6 85.3 65.0 69.8 86.0 63-7 72.3 88.6 63.9 72.3 89.8 66.2 73.0 89.7 65.4 71.6 90.0 65.1 71.3| 86.5| 65.1| 84.8 79.9 79.8 80.0 79.0 76.6 77.6 76.8 76.0| 1 1 1. 1L OUTPUT _ II. 134.7 Ill 132.6 130.9 127.1 124.7 90.9 77.0 73.0 1 1963) CAPACITY II W . 1 128.7! 134.7J 192.6 1 J ! 117.11 125.11 196.4 1 7 8 . 3 | 142.3 66.5! 1 1 197.3 198.3 142.4 142.3 214.6 216.1 193.7 194.6 )63.5| 76. 6 UTILIZATIOB 19831 1982 II I -II 195.51 196.6! 1 1 1 1 199.21 200.21 72.0 69.6 1982 __!_ .- II— Al 1983 I HI I 68. 1 65.8! 68. 5 62. 5 66.7 64.4 62.9 I 1 58.81 142.4! 142.61 1 1 63.9 54.1 51.3 46.7| 217.4 218.91 220.21 75.0 72.6 71.3 71.81 74.3 230.51 i 143. 1! 166.31 294.31 1 1 158.2! 1 231.9! 72.9 70.6 69.2 69.81 72. 9 143.6! 167.0! 296.7| 71.3 89.2 69.6 71.5 86. 3 67.0 71.5 88.2 64.6 72.0! 88.71 65.2! 1 1 158.81 82.9 79.9 78.5 76.8| • NONDURABLE GOODS HATEBIALS 1983 68.2 ASS* 16 1.0 156.8 155. 1 157.0! 164.5 160.5 158.4 160.8| 1 225.6 227.3 228.8 101.3 146. 1 200.0 101.8 142.0 194.0 102.0 145.9 188.5 103.01 107.21 142.1 147.61 ) 4 9 . 7 | 163.8 191.91 2 0 4 . 3 | 287.3 142.4 164.6 239.6 142.8 165.4 291.9 129.8 125.5 123.8 1 J 121.51 122.21 156.5 157.0 157.6 1 76. ESTIHATES OP ACTDAL OUTPUT AHD CAPACITY OUTPUT ABE BOTH EXPRESSED AS PEBCEMTAGES OP 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILIZATION IN PEBCENT ABE CALCULATED AS BATIOS OP (1) THE FEDERAL RESERVE'S SSASOR&LLY ADJUSTED I1DEXZS OF I8DUSTRIAL PRODUCTION TO ( 2 ) THE COBBESPOMDING INDEXES OF CAPACITY. IlfDUSTBIAL MATERIALS ABE ITSBS SOTH PBODUCED AID OSKD AS I B PUTS BY HANUPACTOBING PLANTSv HINES ASD UTILITIES; INDUSTRIAL HATEBIALS COftfi HABY OF THE ITEHS RBPBBSBBTED IB THB PBIBAff PKOCESSINU GROUPING OP flANOPACTUBING AS WELL AS SOHB OP THE OUTPOT OP HINES AND UTILITIES — SUCH AS IROH O«B, CIODS O I L , ABO ELECIBICITY SOLD TC INDUSTBY. THE 1973 HIGHS AND 1 9 7 5 LOUS IN CAPACITY UTILIZATION, SHOWS IN THE TABLES ABOVE, ARE SPECIFIC TO EACH SERIES ABD PUT OCCOB I V DIfPEBENT MONTHS. INDUSTRIAL PLANTS USUALLY OPBBATE AT CAPACITY UTILIZATIOB BATES THAT ABB BELL BELOW 100 PBBCBBT; BOHE OF THE BBOAD AGGBEGAXE SERIES MAS EVEB INDICATED A 100 PBBCEBT USB OF CAPACITY. CAPACITY UTILIZATION BATES AVBBAGBO &BO0T 8 3 PEfiCENT FOR HANUPACTURING FBOB 1 9 5 5 THBOUGH 1 9 7 9 , AND ABOUT 8 5 PBBCEBT POB IBDUSTRIAL BATBBIALS FOR 1967 THROUGH 1 9 7 9 . IB HANUFACTUBING AS A WHOLE, UTILIZATION BATES AS HIGH AS 9 0 PEBCSMT HAVB BBBB EXCEEDED ONLY I B HABTIHB. THE PEAK BATES OP U T I LIZATION IN 1 9 7 3 MERE ASSOCIATED 9ITH SIGNIFICABT UPUABD PBBSSORE OS PBICSS. THE HETHODOLOGY AND THE SERIES ABE DESCBIBED IN U P J B i l , BJS.E.B.IB. i f i i 5 2 I B S Qf SAS4CIIT AID S&ZKGltl ABE POUND IN "CAPACITY UTILIZATION: HAHUPACTUBIHG ABD HATBRIALS, JAROABY 1967—DECSHBKR 1 9 7 8 . " TAINED PROH PUBLICATIONS SEHVICES, BOABD OF GOVBBNOBS OF THB PBDBBAL 1ESEBVS SISTER, HASBIB€TOR, QTI^IZATXOB. BBTISBD DATA BOTH »OBLICATIOBS BAY BE OBD.C. 20551
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