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FEDERAL RESERVE statistical release For immediate release March 19, 1979 G-3 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS February 1979 Capacity utilization in manufacturing in February was unchanged from the 86.0 per cent in January, when it declined 0.3 percentage point. The utilization rate for advanced processing industries in February was unchanged at 84.6 per cent, while the rate for primary processing industries edged down 0.1 percentage point to 88.6 per cent. The operating rate for primary processing producers was lower in January and February than in the preceding two months largely because of a lower level of steel production. Industrial materials capacity utilization edged up 0.1 percentage point in February to 87.6 per cent, but remained below the December level of 88.0 per centr Capacity utilization for both durable and nondurable goods materials rose by 0.2 percentage point in February, while the rate for energy materials dropped by 0.4 percentage point—largely because of a further decline in coal production. MANUFACTURING PER CENT INDUSTRIAL MATERIALS 100 TOTAL 80 TOTAL I 60 ~] 100 I NONDURABLE GOODS PRIMARY PROCESSING 80 DURABLE GOODS 60 1067 1970 1073 1076 1979 I 1970 I I I 1973 I I I 1976 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 I I MANUFACTURING, TOTAL 19731 H1GHI I 1975 LOW 1978 FEB. 88.01 6. 9 6 81.9 1 APR. MAY JUNE JULY AU£.a SEE* OCT. NOV. O.E.CAj I JftN.» EESjL 82.7 83.7 83.9 84.3 84.7 85.0 85.3 85.5 85.8 R6.3| «6.0 86.0 1 1 PRIMARY PROCESSING 93.61 1 1 85.41 88. T | 84.5| 84.6 89.41 68.1 83.6 84.1 85.7 86.2 87.1 87.3 87.7 88.3 88.6 89.0 70.4 80.8 82.0 82,7 82.5 82.8 83.4 83.5 83.6 8?. 8 84.0 1977 XV UTILIZATION 1978 1 1 1 Lll 82.9 82.1 84.0 85.0 1 ADVANCED PROCESSING 1979 MAH. 88.6 84.6 1 OUTPUT 1977 IV 1978 I II 1 III 139.9 139.8 144.4 147.7 PRIMARY PROCESSING 148.2 148.2 154.1 158.2 ADVANCED PROCESSING 135.6 135.4 139.3 142.1 MANUFACTURING, TOTAL CAPACITY 1 IVI 1977 IV 150.6| 168.7 1 1 162.01 175.1 1 144.51 165.3 1 1978 I 1 1 II, - Ill— 172.0 173.7 176.8 178.5 180.2 166.9 170.2 170.3 168.5 jy | 1 175.41 1 1 181.91 1 171.81 1 i¥ 85.9 84.6 83.8 86.3 87*8 89.0 82.0 81.1 82.7 83.5 84.1 IV^WVRw^VIGM ^^WVM^Mj M^^^F MONTHLY CAPACITY UTILIZATION SERIES MATERIALS. TOTAL DURABLE GOODS MATERIALS BASIC METAL MATERIALS HONOURABLE GOODS TEX., PAPER* MATERIALS & CHEN. MAT. TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS 19731 1975 HIGHl LOW » 93.11 69.7 1 1 92.51 64.3 1 97.7| 66.1 1 I 94.61 67.8 1 94.51 65.5 1 94.4| 58.0 100.51 71.8 93.81 64.7 1 1 94.61 .82.7 1 1978 FEB. MAR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC,| 84.0 84.5 85.1 85.7 85.9 86.3 87.1 87.6 88.01 81.9 DURABLE GOODS MATERIALS BASIC METAL MATERIALS 78.7 79.4 76.1 75.7 80.0 86.9 87.7 88.2 88.6 81.6 82.1 85.3 86.1 87.0 87.3 88.31 83.1 85.6 86.4 87.4 87.9 89.31 88.7 87.5 87.2 87.8 88.2 89.0 88.31 82.8 87.7 87.9 86.5 1 1 i 88.4 88.6 87.1 87.2 1 85.3 86.5 86.5 86.9 87.0 86.5 B5.5 86.7 86.9 87.7 86.81 80.7 80.1 81.0 90.2 87.2 81.0 90.5 87.7 81.7 90.2 87.8 81.1 86.9 87.8 80.2 84.4 87.2 81.9 88.2 87.6 81.8 87.7 88.1 82.9 87.7 89.0 81.91 86.31 88.3| 84.0 84.7 86.1 86.3 85.6 84.8 86.0 86.2 86.5( 1977 IV UTILIZATION 1978 I 11 82.2 81.7 84.5 86.0 87.6 79.7 79.3 82.2 85.3 87.5 75.2 75.8 80.4 85.1 88.2 85.9 86.7 88.5 87.5 88.5 1 89.0 85.7 89.5 8T.4 81.6 84.8 89.2 1 1 80.0 79.7 1 1 1978 I II III IVI 1 138.9 139.2 145.1 148.7 137.7 137.9 144.0 150.4 152.61 1 1 155.31 1 129.51 1 1 166.8) 1 172.11 1 119.41 136.9J 209.51 1 1 128.51 117.5 124.6 HONOURABLE GOODS MATERIALS 155.0 158.0 163.2 163.2 TEX., PAPER* £ CHEM. MAT. 159.5 163.1 167.7 168.4 117.9 132.3 188.9 115.3 136.5 194.9 117.1 139.7 201.4 117.3 134.8 204.4 121.9 119.1 125.5 127.0 \ NOTE: 84.5 80.8 80.4 110.5 ENERGY MATERIALS 87.6 1 109.4 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS FEB. m 87.5 1 1 IV MATERIALS* TOTAL 1979 JAM* 1 81.3 OUTPUT 1977 APR. CAPACITY 1977 IV 1978 j I I 168.9 170.4 171.7 172.8 174.0 175.2 176.3 11 1 173.0 145.5 145.8 146.1 146.5 180.4 182.3 184.4 186.5 188.9 190.8 193.1 195.4 143.0 152.5 223.6 143.5 153.6 144.7 155.8 226.6 144.1 154.8 230.1 233.5 145.7 147.2 147.8 148.4 1 1 IVJ 174.21 1 1 177.41 1 146.81 1 1 188.51 1 197.51 1 145.21 156.91 236.81 1 1 148.91 1 85,5 Ml 85.1 iy 84.5 85.5 86.8 86.2 87.2 82.4 86.7 84.5 80.3 88.9 86.0 81.2 90.3 87.5 81.0 87.5 82.2 87.2 88.5 83.7 80.9 84.9 85.6 86.3 86.5 ESTIMATES OF ACTUAL OUTPUT AND C A P A C I T Y OUTPUT ARE BOTH E X P R E S S E D 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 (II THE FEDERAL RESERVE'S S E A S O N A L L Y ADJUSTED INDEXES OF INDUST R I A L PRODUCTION TO C 2 » THE CORRESPONDING INDEXES OF CAPACITY. I N D U S T R I A L M A T E R I A L S ARE ITEMS BOTH PRODUCED AND USED AS INPUTS BY MANUFACTURING PLANTS, M I N E S AND U T I L I T I E S ; I N D U S T R I A L 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 WELL 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 ORE, CRUDE OIL, 4NO ELECTRICITY SOLO TO INDUSTRY. THE 1973 HIGHS AND 1975 LOWS 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 A B O V E * ARE SPECIFIC TO EACH S E R I E S AND MAY OCCUR IN DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY O P E R A T E AT C A P A C I T Y U T I L I Z A T I O N R A T E S THAT ARE W E L L BELOW 100 PERCENT; NONE OF THE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PERCENT USE OF C A P A C I T Y . C A P A C I T Y U T I L I Z A T I O N RATES A V E R A G E D ABOUT 83 PERCENT FOR MANUFACTURING FROM 1955 THROUGH 1977, AND ABOUT 85 P E R C E N T FOR INDUSTRIAL 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 RATES 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 PEAK RATES OF UTIL I Z A T I O N IN 1973 W E R E ASSOCIATED WITH S I G N I F I C A N T U P W A R D P R E S S U R E 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 H I S T O R I C A L DATA ARE PROVIDED, IN E£D£fiAL RESERVE HEASUBES Of. CAEAtll* AMD CAPACITY UTILIZATION. THIS PUBLICATION MAY BE O B T A I N E D FROM P U B L I C A T I O N S E R V I C E S , BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM* WASHINGTON. D.C. 20551. THE PRICE IS $1.75 PER COPY; FOR TEN OR MORE, $1.50 EACH.
