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FEDERAL RESERVE statistical release For immediate release June 17, 1977 G.3 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS May 1977 Capacity utilization in manufacturing is estimated to have increased .9 percentage point in May to 83.3 per cent. Utilization rates in the primary processing and advanced processing sectors of manufacturing are estimated to have increased by about the same amount. Large gains in steel production were an important element in the increase in primary processing utilization rates. Moderate gains were widespread throughout the rest of the primary processing sector, with the exception of the petroleum industry, in which production moved down slightly from a high level of operations in April, Increases in production of equipment other than motor vehicles contributed significantly to the rise of advanced processing utilization rates. Primary processing and advanced processing utilization rates are both at their historical averages for the 1948-75 period. Capacity utilization in materials increased an estimated .8 percentage point in May to 83.1 per cent. Gains were most pronounced amongst durable goods materials, with the jump in steel production contributing largely to this rise. Utilization rates for nondurable goods materials and energy materials moved up by small amounts. MANUFACTURING PER CENT INDUSTRIAL MATERIALS 105 ENERGY TOTAL 85 65 100 NONDURABLE GOODS PRIMARY PROCESSING 80 ADVANCED PROCESSING 60 1965 1968 1971 1974 1977 1968 1971 1974 1977 OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Manufacturing MONTHLY CAPACITY UTILIZATION 1973I HlGHl SERIES 1 88.01 1 MANUFACTURING* TOTAL PRIMARY 1975 4 1976 IO W 1 MAY PROCESSING - ADVANCED PROCESSING J 69.6 93.61 1 85.4| J 80.3 JULY 80.5 80.4 neT. 79.7 80.8 81.4 82.1 82.1 82.4 83.1 81.8 82.1 79.6 79.3 79.7 80.1 78.9 78.6 79.9 111 129.4 131.1 ff^ttm. MAR. APR. 80.2 60.8 62.0 82.4 83.3 1 61.31 1 81.11 80.3 61.5. 83.3 84.0 84.9 80.1 80.4 81.3 81.5 82.3 IV 1 19771 1976 11 I 1 IV 1977 1 131.51 133.11 160.4 1 1 CAPACITY II III 161.3 162.3 1976 163.21 164.31 79.0 60.2 1 1 PRIMARY PROCESSING 133.4 136.6 139.3 138.91 140.01 166.2 ADVANCED PROCESSING 122.9 125.2 126.3 127.51 129.51 157.2 167.5 168.8 170. ll 171.41 158.8 159.61 160.61 1 1 1 11 III 80.8 80.6| 1 1 1 158.0 1 MAY UTILIZATION I 19771 II IV 1 1 1 DEL. 1 NOV. 67.8 11 126.7 81.1 SEP. 70.5 1 MANUFACTURING* TOTAL AUG. 80.9 OUTPUT 1976 I 1977 JAN. 1 81.21 1 JUNE 81.0 80.2 81.5 82.5 78.2 79.2 79.6 81.71 1 79.91 80.6 1977 JAN. Fta_ 79.1 80.0 81.6 82.3 83.1 75.2 75.7 77.8 79.0 80.3 72.4 72.4 76.0 79.3 62.6 85.6 86.6 87.1 81.3 84.0 65.3 85.8 78.4 85.9 80.9 76.1 89.5 84.1 79.4 91.4 65.5 79.7 90.9 66.2 65.1 83.7 84.8 84.5 84.8 IV 1977 I 1 81.7 1 Industrial Materials MONTHLY CAPACITY UTILIZATION 1975 LOW 19731 HIGHl SERIES • 1976 MAY 1 JUNE JULY AU&. SEP. OCT. NOV. | MATERIALS, TOTAL DURABLE GOODS MATERIALS BASIC METAL MATERIALS NONDURABLE GOODS MATERIALS TEX., PAPER, £ CHEM. MAT. TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS 93.11 1 1 92.51 1 97.71 1 1 94.61 1 94.51 1 94.41 100.51 93.81 1 1 94.61 1 1 69.7 80.8 80.8 64.3 76.6 66.1 79.1 67.8 85.5 81.0 76.5 78.5 78.9 77.8 76.8 76.6 77.7 81.9 83.5 79.2 77.7 73.6 86.0 84.9 84.7 85.4 85.0 64.5 84.6 84.8 83.8 83.6 64.4 84.1 83.1 58.0 71.8 64.7 83*7 90.1 83.3 83.3 91.9 83.4 62.2 90.2 62.6 82.2 90.4 82.1 81.1 89.1 84.0 80.2 89.5 83.7 77.4 66.6 63.4 62.7 85.2 84.9 83.9 84.4 83.5 63.3 64.6 II III 130.3 132.6 DURABLE GOODS MATERIALS 120.8 126.1 130.7 BASIC METAL MATERIALS 103.7 110.6 117.1 145.0 146.9 146.6 NONDURABLE GOODS MATERIALS TEX., PAPER* G CHEM. MAT. TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS NOTE: 80.3 81.6 65.5 126.9 MATERIALS* TOTAL 80.3 81.2 ' OUTPUT 1976 I DEC. 1 150.2 151.6 151.2 116.5 128.9 173.6 115.5 114.4 132.5 131.9 175.3 175.1 119.7 120.0 119.9 IV 1 131.81 1 1 128.41 1 107.71 1 1 147.01 1 151.51 1 111.71 130.21 177.61 1 1 121.51 1 1 19771 1976 II I 1 132.81 160.6 1 1 128.91 164.4 1 107.51 142.4 1 1 149.21 169.4 1 153.41 176.5 '! 111.11 138.2 132.41 144.6 180.51 206.2 1 1 121.91 140.3 1 CAPACITY II III 161.7 163.1 165.5 166.7 143.1 143.7 171.0 172.5 178.3 180.1 139.0 145.7 208.7 139.8 146.7 211.2 141.5 142.7 IV 1 164.31 1 1 167.81 1 144.41 1 1 174.11 1 182.01 1 140.61 147.9| 213.71 1 1 143.91 80.11 1 1 76.31 j 72.51 1 I 83.71 1 82.51 1 80.61 86.11 82.21 1 1 85.31 1 1 19771 II 1 165.51 1 1 169.01 1 144.81 1 1 175.61 1 Ib3.6| 1 141.41 148.91 216.21 1 1 144.31 87.3 UTILIZATION 1976 I 79.0 II III 60.6 61.3 73.5 76.2 78.4 72.8 77.4 81.5 85.6 85.9 65.0 85.1 85.0 84.0 84.3 89.1 84.2 83.1 90.9 64.0 81.8 89.9 82.9 85.3 64.8 84.0 1 80.21 80.3 | 1 76. 5| 76.3 1 74.61 74.2 1 84.4| 1 83.2) 1 79.4| 88.11 63.11 1 I 64.4| 84.9 83.6 76.6 68.9 83.5 84.5 ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 -ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILIZATION IN PER CENT ARE CALCULATED AS RATIOS OF (1) THE INDEXES OF INDUSTRIAL PRODUCTION TO 12) THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL MATERIALS ARE THOSE CRUDE AND SEMIFINISHED PRODUCTS THAT ARE BOTH PRODUCED AND USED AS INPUTS BY INDUSTRIAL ESTABLISHMENTS; THE INDUSTRIAL MATERIALS INCLUDE MOST OF THE COMPONENTS OF THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS WELL AS THE INPUTS SUPPLIED TO THE INDUSTRIAL SECTOR BY MINES AND UTILITIES— SUCH AS IRON ORE, CRUDE OIL, AND INDUSTRIAL ELECTRICITY. THE 1973 HIGHS UNO ALSO 1975 LOWS! IN CAPACITY UTILIZATION* SHOWN IN THE TABLES ABOVE* ARE SPECIFIC TO EACH SERIES AND MAY OCCUR IN DIFFERENT MONTHS. BUSINESSES USUALLY OPERATE AT CAPACITY UTILIZATION RATES THAT ARE WELL BELOW 100 PER CENT; NONE OF THE BROAD AGGREGATE SERltS HAS EVER INDICATED A 10O PER CENT USE OF CAPACITY. CAPACITY UTILIZATION RATES AVERAGED ABOUT 83 PER CENT FOR MANUFACTURING FROM 1955 THROUGH 1975, AND ABOUT 86 PER CENT FOR INDUSTRIAL MATERIALS FOR 1967 THROUGH 1975. IN MANUFACTURING AS A WHOLE, UTILIZATION RATES AS HIGH AS 90 PER CENT HAVE BEEN EXCEEDED ONLY IN WARTIME. THE PEAK RATES OF UTILIZATION IN 1973 WERE ASSOCIATED WITH SIGNIFICANT UPWAKD PRESSURES ON PRICES. THE CAPACITY UTILIZATION ESTIMATES ARE DESCRIBED, AND HISTORICAL DATA ARE PROVIDED, IN THE NOVEMBER 1976 ISSUE OF THfc FfcOfcKAL RESERVE BULLETIN. THE PRODUCTION FIGURES ARb DESCRIBfcD IN THE JUNL 1976 ISSUfc OF THt BULLETINS CURRENT ESTIMATES ARE FEDERAL REStRVt STATISTICAL R E L t A S t , INDUSTRIAL PRODUCTION. G.12.3. PUBLISHED IN THE
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