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•vpjg^:-. FEDERAL RESERVE statistical release For immediate release May 17, 1982 G.3 (402) CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS April 1982 Capacity utilization in manufacturing declined 0.4 percentage point in April to 71.1 percent, following a decrease of 0.6 percentage point in March. The operating rate for producers of industrial materials fell 0.8 percentage point in April to 70.8 percent, after dropping 1.0 percentage point in March. During March and April the manufacturing and materials operating rates declined less rapidly than they did from September 1981 through January 1982. In that period, the manufacturing operating rate dropped at an average of about 1.7 percentage points per month and the materials operating rate fell at an average of about 2.0 percentage points per month. Within manufacturing, the utilization rate for the primary processing industries decreased 0.6 percentage point in April to 67.7 percent, while the rate for the advanced processing industries declined 0.2 percentage point to 73.0 percent. The operating rate for producers of primary metals dropped sharply in April, and a large decline occurred in the rate for producers of nonelectrical machinery. The capacity utilization rate for the motor vehicles and parts industry increased in April for the third consecutive month but the industry still operated at less than 55 percent of capaciry. The operating rate for producers of durable goods materials fell 1.3 percentage points in April to 64.8 percent, mainly because of large reductions in the production of basic metals and equipment parts. Utilization rates for the production of raw steel and nonferrous metals declined again in April, to levels about 33 and 20 percentage points, respectively, below their rates a year earlier. Capacity utilization by producers of nondurable goods materials was unchanged at 75.2 percent in April, and the utilization rate for energy materials production declined 0.9 percentage point to 81.2 percent, mainly reflecting a sizable reduction in coal mining. INDUSTRIAL MATERIALS MANUFACTURING 100 O^WU. \ » siT / a: — 80 till 1 111! 1I ~s*\ 1 PRIMARY PROCESSING / S A. 60 100 E^RGY v L v \ y TOTAL t i jv^-, l l ! ! I V_ I I I ! I I NONDURABLE GOODS 80 \ U ADVANCED W PROCESSING — \ i V V /DURABLE GOODS fill 1 ! 11111 1976 1979 !1 1 60 i I ri II 1973 1976 1979 1982 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 UTILIZAT 1[ON SERIES 1975 | 1981 LOW 1 APR. 1973| I 1 MANUFACTURING, TOTAL | 88.0| I 1 PRIMARY PROCESSING ADVANCED 93.81 J L 1981 I PRIMARY PROCESSING AUG. SEP OCT • 80.0 79.6 79.8 79.6 78. 3 76.6 74.8 73. 1 80.6 79.5 80.1 79.9 78. 2 75. 7 72.7 69. 6 | 75.8 I 75.0 I 79.8 79.8 79.7 1 152 4 152 5 ._ IV -IJL 139.7| 189.4 145.0J 1 1 78. 3 77. 0 II III 19821 II IV 190.9 1 192. 4 193. 91 1 1 1 157.5 156 .5 155 .8 143.5| 136.81i 193.8 195.0 196. 3 150 .2 150 .7 145.8] 187.1 188.7 190. 4 \ FEE MAR if,. APR • 71 .1 72. 1 71. 5 71. 1 68.5 69. 8 68. 3 67. 7 72.8 73. 6 73. 2 73. 0 IV 1982 I UTILIZATION CAPACITY 1981 I 1982| i:CI 79.4 I 148.1 PROCESSING ADVANCED JULY \ \ 68. 2 1 80. 7 ii 151.3 MANUFACTURING, TOTAL JUNE 1 69. 0 1 79. 8 1 69. 4 1 79.4 1 85.5| 1 , ... 1 OUTPUT PROCESSING 1982 MAY 195.2J 1 1 197. 51 198.61 * i 192. 01 193.51 1 1981 I II 79. 9 III 79 .8 79. 3 1 74. 81 1 | 81. 3 80 .3 79. 4 72. 79. 1 79 .6 79..2 75. 9| 71. 6 68.9 • 73. 2 Industrial Materials HONTHLY CAPACITY UTILIZATION SERIES 1981 APR. gAY JUNE JULY AUG. SEP. pCT. MOV. 1 DEC. 1 1 1982 jAM. FEB. MAR. APR. 69.4 81.1 81.1 81.3 81.9 81.6 80.0 77.7 75.5 72-4| 71.4 72.6 71.6 70.8 63.6 78.8 79.2 78.8 79.3 79.4 77.3 74.7 72,2 68.5| 66.2 67.4 66.1 64.8 68.6 79.9 80.3 78.7 79.5 83.0 79.1 73.9 70.8 65.8 64.4 60.7 94.5| 67.2 85.9 85.6 84.3 83.9 83.0 82.9 80.3 77.3 73.2 75.7 75.2 75.2 95.11 65.3 85.5 85.4 83.5 83-2 82.3 82.1 79.1 75.9 65.51 1 1 74.1| I 72.2| 70.7 73-5 73.3 73.0 92.6| 99.4| 95.5| 57.9 I 81.9 72.4 | 94.9 64.2 | 84.1 81.7 93.9 84.3 80.5 93.0 82.6 82.0 92.9 81.2 82.3 93.6 79.7 81.3 95.7 79.2 78.8 92.1 76.2 75.5 92.3 72.4 72.0| 86.5| 69.0| 68.6 87.6 67.4 71.9 89.9 70.1 72,9 89.0 69.9 | 79.9 79.7 83.7 86.2 85.6 83.0 82.5 82.2 81.61 1 83.7 83.0 82.1 19821 II 1981 I 1973| HIGHI 1 92.6| 1 1 91.5| MATERIALS, TOTAL DURABLE GOODS MATERIALS 1975 LOW J 1 1 • 98.31 METAL MATERIALS • 1 1 MOMDURABLE GOODS HATERIALS TEX., PAPER, & CHEH. HAT. • TEXTILE HATERIALS PAPER MATERIALS CHEHICAL HATERIALS SMERGY HATERIALS [ | | 1 1 1 1 I 94.6| 1 1981 I II III 1 154.2 153.4 154.3 84.8 I OUTPUT MATERIALS, TOTAL CAPACITY 1981 1982| 11 I 1 144.0| 138.41 187.6 IV UTILIZATION i; in 189.0 190.3 191.51 192.61 1 1 82.2 81.2 81.1 78.7 78.9 78.7 83.0 79.6 86.5 1 81.2 XV H III i IV 1982 . I I 75.21 I 71,9 80.5 70, i! 1 63.6 77.21 74.7 1 DURABLE GOODS MATERIALS 150.9 152.3 152-8 140.21 191.8 192.9 194.2 195.31 117.5 112.8 114.2 141.7 141.9 NONDURABLE GOODS HATERIALS 179.2 178.4 175.8 TEX., PAPER, $ CHSB. HAT. 186.7 185.9 182.8 90.5| 141.5 1 1 1 1 164.51 160.31 207.3 • 1 169.4| 163.5| 217.1 114.8 151.4 232.7 114.5 151.0 231.6 115.5 152-2 224.9 106.8| 147.01 20fi.2| 130.9 125.1 131.6 METAL MATERIALS 99.5| 209.2 211.2 219.4 221.7 223.91 225.61 140.1 159.7 274.1 140.6 160.7 277.5 141.0 161.9 281.0 127.91 129.81 153.5 154.3 155.0 141.61 142.11 162.81 163.81 284.4| 287.31 1 1 « 155.81 1 EMERGY HATERIALS NOTE: 145.* 51 198.51 1 1 66.6 85.3 83.3 86.0 84.8 82.5 75.7| 72.5 81.9 94.8 84.9 81.4 93.9 83.5 81.8 94.1 80.0) 75, 41 90.31 72.51 I 71.1 88.8 69.1 85.3 81.1 84.9 82.1| 1 83.0 • • • TEXTILE HATERIALS PAPBR MATERIALS CHEMICAL MATERIALS 196.41 142.11 142.31 1 1 213.11 214.61 ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILIZATION IN PBRCBNT ARE CALCULATED AS RATIOS OF (1) THE FEDERAL RESERVE*S SEASONALLY ADJUSTED INDEXES OP INDUSTRIAL PRODUCTION TO (2) THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS BOTH PRODUCED AND USED AS II* PUTS BY MANUFACTURING PLANTS, HIRES AND UTILITIES; INDUSTRIAL HATERIALS COVER MANY OF THE 1TEHS REPRESENTED IN TBE PRIMARY PROCESSING GROUPING OF HANUFACTURING AS WELL AS SOME OF THE OUTPUT OF MINES AMD UTILITIES -- SUCH AS I1OM ORE, CRUDE OIL, AMD ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 1975 LOWS IN CAPACITY UTILIZATION, SHOWN III THE TABLES ABOVE, ARE SPECIFIC TO EACH SERIES AND HAY OCCUR IN DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY OPERATE AT CAPACITY UTILIZATION RATES THAT ARE WELL BELOW 100 PERCENT; SOME OF THE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PERCENT USE OF CAPACITY. CAPACITY UTILIZATION RATES AVERAGED ABOUT 83 PERCENT FOR MANUFACTURING FROM 1955 THROUGH 1979, AMD ABOUT 85 PERCENT FOR INDUSTRIAL MATERIALS FOR 1967 THROOGH 1979. IM MANUFACTURING AS A WHOLE, UTILIZATION RATES AS HIGH AS 90 PERCENT HAVE BBBM EXCEEDED OMLY IM WARTIME. THE PEAK RATES OP UTILIZATION IM 1973 WERE ASSOCIATED WITH SIGNIFICANT UPWARD PRESSURE OH PRICES. THE METHODOLOGY AMD THE SERIES ARE DBSCRIBED IN FJDBRAL RESERVE HEASUBES OF CAPACITY AMD CAPACITY UTILIZATION. RBVISBD DATA ARE FOUND IM "CAPACITY UTILIZATION: MANUFACTURING AMD MATERIALS, JANUABY~967~-DECEHBER 1978.** BOTH PUBLICATIONS HAY BE OB" TAIMED FROM PUBLICATIONS SERVICES, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551