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FEDERAL RESERVE statistical release For Immediate Release Kay 17, 1979 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS April 1979 Manufacturers operated at 84.9 per cent of capacity in April down from the relatively high March rate of 86.1 per cent. This drop reflected declines in industrial production caused primarily by the strike and lockout in the trucking industry and the steel-haulers dispute. For the five months prior to the April work stoppages, the manufacturing utilization rate was only about 2 percentage points below its 1973 high. The capacity utilization rate in advanced processing industries declined by 1.6 percentage points to 83.5 per cent largely because of a nearly 14 per cent drop in motor vehicle production that resulted primarily from a strike-related shortage of parts. In March the utilization rate for the advanced processing industries was close to the 1973 peak. The utilization rate in primary processing industries declined by 0.5 percentage point to 87.4 per cent. Industrial materials capacity utilization fell by 0.8 percentage point to 86.7 per cent compared to a 1973 high of 93.1 per cent. Capacity utilization for durable goods materials dropped to 85.5 per cent in April from 87.0 per cent in March. This decline also was due largely to the work stoppages in trucking. Capacity utilization for nondurable goods materials was unchanged, and the rate for energy materials declined by 0.5 percentage point due to a cutback in crude oil extraction. MANUFACTURING PER CENT INDUSTRIAL MATERIALS 100 TOTAL 80 60 100 PRIMARY PROCESSING NONDURABLE GOODS 80 ADVANCED PROCESSING 1067 DURABLE GOODS I 1970 1973 1976 I 1979 60 I 1970 I I I 1973 I I I 1976 I I 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 ,_ _ MANUFACTURING, I I TOTAL PRIMARY PROCESSING ADVANCED PROCESSING 19731 HIGHJ 1975 LOW 88.0) 1 1 93.61 1 85.41 I PRIMARY PROCESSING ADVANCED PROCESSING NDV^ DJELa 1979 JAN* FEB. 84.7 85.0 85.3 85.5 85.8 86.3 86.0 85.8 86.1 87.1 87.3 87.7 88.3 83.6 89.0 88.3 88.1 87.9 87.4 82.8 83.4 83.5 83.6 83.8 84.0 89.4f 1 84.6| 1 84.8 84.6 85.1 83.5 69.6 83.7 83.9 84.3 68.1 85.7 86.2 70.4 82.7 82.5 OUTPUT II 144.4 139.8 Q£I* JUNE I TOTAL SEP. MAY 1978 MANUFACTURING, AUG. 1978 APR. ?II 147.7 148.2 154.1 158.2 135.4 139.3 142.1 IV 1 150.61 1 1 161.9J 1 144.51 I 1 19791 ' I! 1 152.31 1 1 162.01 1 147.11 | JULY CAPACITY 1978 I H III IV » 19791 II __flA&-_ — A£Bx 84.9 UTILIZATION 1979 1 1978 1— ™II«- HI IV 1 170.3 172.0 173.7 176.8 178.5 180.2 166.9 168.5 170.2 175.41 177.11 1 1 1 1 181. <»1 183.81 1 1 171.81 173.41 84.0 82.1 85.0 86.0 85.91 » 1 83.8 86.3 87.8 89.01 81.1 82.7 83.5 84.11 88. 1 1 84.8 j Industrial Materials MONTHLY CAPACITY UTILIZATION SERIES MATERIALS, TOTAL DURABLE GOODS MATERIALS BASIC METAL MATERIALS NONDURABLE GOODS MATERIALS T E X . , PAPER, t CHEM. MAT. TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS 19731 HIGH] 1 93.11 1 1 92.51 1 97.71 1 1 94.6| 1 94.51 1 94.41 100.51 93.81 1 1 94.6( 1 1975 r LOW 1 1978 APR. MAY JUME JULY 4U5* 69.7 84.0 84.5 85.1 85.7 85.9 64.3 81.6 82.1 82.8 84.5 85.3 87.3 87.9 67.8 88.2 88.6 88.7 87.5 87.2 87.8 88.2 89.0 65.5 86.5 86.9 87.0 86.5 85.5 86.7 86.9 87.7 58.0 71.8 64.7 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 84.0 84.7 86.1 86.3 85.6 84.8 86.0 86.2 82.7 II \11 148.7 GOODS MATERIALS 137.9 144.0 150.4 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS 87.0 87.4 83.1 145.1 MAT. 86.1 fr6.4 80.8 139.2 TEX., PAPER, t CHEM. 87.6 80.4 TOTAL NONDURABLE GOODS MATERIALS 87.1 86.3 80.0 I BASIC METAL MATERIALS NOV. 66.1 1978 DURABLE OCT. 85.6 OUTPUT MATERIALS, SE% 110.5 117.5 124.6 158.0 163.2 163.2 163.1 167.7 168.4 115.3 136.5 194.9 117.1 139.7 201.4 117.3 134.8 204.4 119.1 125.5 127.0 IV 1 152.61 1 1 155.21 1 129.41 1 1 166.91 1 172.21 1 119.41 137.21 209.51 ! 1 128.71 1 1 1979J I! 1 153.3J 1 1 155.11 1 124.31 1 1 169.41 f 175.01 1 117.81 137.41 215.31 1 1 129.0J I CAPACITY 1978 I II _III 170.4 171.7 173.0 174.0 175.2 176.3 145.8 146.1 146.5 182.3 184.4 186.5 190.8 193.1 195.4 143.5 153.6 226.6 144.1 154.8 230.1 144.7 155.8 233.5 147.2 147.8 148.4 IV 1 174.21 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 1 19791 II 1 175.61 1 1 178.41 1 147.11 1 1 190.7J 1 199.81 1 145.81 158.01 240.21 1 1 150.21 1 1 DEC. f 1 88.11 1 1 88.21 1 89.11 1 1 88.3| 1 86.91 1 81.9| 86.8| 88.3( 1 1 86.9| J 1979 JAN. FF-Pf MAR. APR. 87.4 86.9 87.5 86.7 87.3 86.7 87.0 85.5 84.8 84.0 84.8 88.6 88.8 39.1 89.1 87.3 87.6 87.9 88.1 81.1 84.7 89.6 80.2 87.6 89.8 81.0 88.5 89.6 85.8 85.0 86.9 66.4 UTILIZATION 1979 1978 1_ II III IV 1 1 81.7 79.3 84.5 86.0 87.61 82.2 85.3 87.51 B7.3 1 1 75.8 80.4 85.1 86.7 88.5 87.5 85.5 86.8 86.2 80.3 88.9 86.0 81.2 90.3 87.5 81.0 86.5 87.5 80.9 84.9 85.6 1 88.11 1 1 88.51 1 87.21 1 82.21 87.41 88.51 1 1 86.41 1 87.0 84.5 88.8 87.6 80.8 87.0 89.6 ENERGY MATERIALS NOTE: E S T I M A T E S OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS P E R C E N T A G E S OF 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILIZATION IN PERCENT ARE CALCULATED AS R A T I O S OF U) THE F E D E R A L RESERVE'S SEASONALLY ADJUSTED INDEXES OF INDUSTRIAL PRODUCTION TO <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 IN: UTS BY M A N U F A C T U R I N G PLANTS, MINES AND UTILITIES; 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 3F THE OUTPUT OF M I N E S AND UTILITIES — SUCH AS IRON ORE, CRUDE OIL, AND ELECTRICITY SOLD TO INDUSTRY. 85.9 THE 1973 HIGHS AND 1975 LOWS IN C A P A C I T Y UTILIZATION, SHOWN IN THE T A B L E S ABOVE, ARE SPECIFIC TO EACH S E R I E S A N D MAY OCCUR IN O I P F E R E N T MONTHS. I N D U S T R I A L 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 B E L O W 100 PERCENT; N O N E OF THE B R O A D A G G R E G A T E S E R I E S 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 R A T E S A V E R A G E D ABOUT 83 PERCENT FOR M A N U F A C T U R I N G FROM 1955 THROUGH 1977, AMD A B O U T 85 P E R C E N T FOR I M O U S T R I A L 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 H A V E B E E N E X C E E D E D ONLY IN W A R T I M E . THE PEAK R A T E S OF UTIL I Z A T I O N IN 1973 W E R E A S S O C I A T E D 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 C A P A C I T Y 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 D A T A ARE PROVIDED, IN EEDJlfiAi. BESffiVJE BEASUS££ Q£ C A P A C I T Y AND C A P A C I T Y UTILIZATION. THIS P U B L I C A T I O N MAY BE O B T A I N E D FROM P U B L I C A T I O N SERVICES, BOARD OF GOVERNORS OF THE F E D E R A L IESERVE SYSTEM, WASHINGTON, D.C. 20551. THE PRICE IS $1.75 PER COPY; FOR TEN 9R M O R E , 41.50 EACH.