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FEDERAL RESERVE statistical release For immediate release November 17, 1977 G.3 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS October 1977 Capacity utilization in manufacturing is estimated to have been 82.8 per cent in October, down slightly from the preceding month. The utilization rate in the primary processing sector of manufacturing also edged down slightly last month, while the rate in the advanced processing industries was unchanged. The utilization rates for manufacturing as a whole and for the advanced processing sector have changed relatively little since May, but the rate for primary processing industries has trended down slightly since mid-year. Capacity utilization in materials is estimated to have remained at 82.3 per cent in October. Utilization rates for most materials have changed relatively little since mid-year, but recent declines in production of basic metals have resulted in a somewhat lower utilization rate for this grouping of materials. MANUFACTURING PER CENT INDUSTRIAL MATERIALS 105 ENERGY TOTAL 85 65 100 NONDURABLE GOODS PRIMARY PROCESSING 80 ADVANCED PROCESSING I 60 1965 1968 1971 1974 1977 1968 1971 1974 I 1977 OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Manufacturing SERIES MANUFACTURING* TOTAL PRIMARY PROCESSING ADVANCED PROCESSING 19731 1975 HI a HI toy 1976 OCT. 80.01 1 1 93.61 1 85.41 I 69.6 79.9 MONTHLY CAPACITY UTILIZATION I 1977 DEC.I JAN. FEB. MAR. 1 81.21 80.4 80.9 82.1 80.8 68.1 82.4 82.5 81.8| 80.9 82.0 70.4 78.5 79.8 80.8| 80.1 80.3 .1 MANUFACTURING, TOTAL 130.8 PRIMARY PROCESSING 139.3 ADVANCED PROCESSING 126.3 MAY SEP. OCT. 82.3 82.8 83.0 83.1 83.0 82.9 82.6 84.0 84.4 85.5 85.5 85.3 85.1 64.9 84.8 81.0 81.1 81.4 81.6 62.0 81.7 81.7 81.7 1 OUTPUT 1977 IV I 1 131.21 133.1 1 1 138.81 140.1 1 127.21 129.3 I 1976 III APR. NOV. 146.3 I 1 1 IIII 1 138.71 1 1 147.61 132.0 134.0) II 136.9 1976 III 161.9 167.6 158.9 CAPACITY 1977 IV I 1 162.81 164.0 1 1 168.81 170.2 1 159.61 160.7 II 165.6 171.8 162.2 1 1 IIII 1 167.11 1 173.51 1 163.81 1976 III 80.8 83.1 79.5 UTILIZATION 1977 IV I 1 80.6| 81.2 1 1 82.21 82.3 1 79.71 60.5 1 II III 82.7 83.0 85.1 85.1 81.4 61.8 Industrial Materials SERIES •19731 HI&Hl 1976 OCT. 1975 LOU MONTHLY CAPACITY UTILIZATION I 1977 DEC.I JAN. MAY JUNE JULY 80.2 81.6 82.1 82.7 83.0 82.9 82.2 82.3 ^82.3 75.6 1 72.51 73.7 1 1 83.5! 82.7 1 82.4| 81.5 1 80.6J 78.7 86.11 85.9 61.81 81.3 1 1 85.5| 85.5 1 1 I 1976 IIII III 1 138.41 163.1 1 1 136.11 166.7 1 110.21 143.7 1 1 154.71 172.5 1 159.61 180.1 1 112.51 139.6 135.7| 146.7 190.01 211.2 1 | 124.01 142.7 J 76.0 77.8 78.7 79.4 79.9 60.0 76.9 79.0 79.1 72.9 78.4 79.3 81.2 80.2 77.6 75.2 74.7 | 1 132.5 DURABLE GOODS MATERIALS 130.8 BASIC METAL MATERIALS 117.4 NONDURABLE GOODS MATERIALS 146.3 TEX.t PAPER, t CHEM. MAT. 150.8 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS NOTE: 115.1 130.8 174.4 119.6 AUG OCT. 1 93.11 69.7 80.4 1 | DURABLE GOODS MATERIALS 92.5| 64.3 76.6 1 BASIC METAL MATERIALS 97.71 66.1 77.7 1 | 1 94.6J 67.8 NONDURABLE GOODS MATERIALS 85.0 1 TEX.t PAPER t C CHEM. MAT. 94.51 65.5 84.1 1 94.4| 58.0 TEXTILE MATERIALS 80.2 89.5 PAPER MATERIALS 100.51 71.8 83.7 CHEMICAL MATERIALS 93.81 64.7 1 I ENERGY MATERIALS 94.61 82.7 84.1 I OUTPUT 1976 1977 III IV I MATERIALSt TOTAL MATERlALSt TOTAL SEP. APR 79.4 NOV. 80.3 80.2| 76.4 76.5| 1 1 73.1 84.6 83.2 78.2 88.6 83.3 84.7 II 131.91 1 1 128.41 1 107.41 j 1 146.91 1 151.41 1 112.11 130.21 177.31 1 133.1 137.7 129.2 135.1 108.6 116.4 149.5 154.6 153.9 159.9 111.3 131.7 181.6 110.9 134.3 191.8 122.01 1 122.0 122.6 85.7 87.0 87.0 87.7 87.0 86.4 86.6 86.5 86.3 83.8 85.9 86.0 86.7 66.1 65.1 85.3 65.4 85.3 77.7 89.6 84.0 79.9 69.7 86.6 78.8 86.3 87.5 78.8 90.7 87.9 76.7 89.2 87.8 77.4 89.0 86.4 78.8 89.6 85.9 80.8 90.5 85.4 83.7 84.4 83.9 84.5 65.8 86.3 84*9 65.0 CAPACITY 1977 IV I 1 164.31 165.5 1 1 167.81 169.0 1 144.41 144.8 1 1 174.11 175.6 1 182.01 183.6 1 140.61 141.4 147.91 146.9 213.71 216.2 I 1 1,3.9| 144.3 1 | 1 1976 II IIII III 1 167.6| 81.2 166.6 1 | 170.3 171.61 78.4 1 145.1 145.31 81.7 1 1 177.2 178.8} 84.8 j 185.4 187.11 83.7 1 141.9 142.51 82.4 150.1 ,151.31 89.2 218.7 221.21 82.6 1 1 144.7 145.21 83.8 1 UTILIZATION 1977 IV I 1 80.3| 1 1 76.51 1 74.4| 1 1 84.41 1 83.21 1 79.7| 66.11 83.01 1 1 84.81 1 II JI J 80.4 82.6 82.5 76.5 79.4 79.3 75.0 80.2 75.8 85.1 87.2 86.5 63.8 86.3 85.3 78.7 88.4 84.0 78.1 89.5 87.7 79.0 89.7 85.9 84.5 84.8 85.4 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 (2) THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL M A T E R I A L S ARE THOSE CRUDE AND SEMIFINISHED PRODUCTS THAT A R E BOTH PRODUCED AND USED AS INPUTS BY INDUSTRIAL ESTABLISHMENTS; THE INDUSTRIAL M A T E R I A L S 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 O R E V CRUDE OIL* AND INDUSTRIAL ELECTRICITY. THE 1973 HIGHS (AND ALSO 1975 LOWS) IN CAPACITY UTILIZATION* SHOWN IN THE TABLES ABOVEf 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 SERIES HAS EVER INDICATED A 1,00 PER CENT USE OF CAPACITY. CAPACITY UTILIZATION R A T E S A V E R A G E D ABOUT 63 PER CENT FOR MANUFACTURING FROM 1955 THROUGH 19751 AND ABOUT 66 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 UPWARD PRESSURES ON PRICES. THE CAPACITY UTILIZATION ESTIMATES ARE DESCRIBED* AND HISTORICAL DATA ARE PROVIDED* IN THE NOVEMBER 1976 ISSUE OF THE FEDERAL RESERVE BULLETIN. THE PRODUCTION FIGURES ARE DESCRIBED IN THE JUNE 1976 ISSUE OF THE BULLETIN; CURRENT ESTIMATES ARE PUBLISHED IN THE FEDERAL RESERVE STATISTICAL RELEASE* INDUSTRYAt PRODUCTION. G.12.3.
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