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FEDERAL RESERVE statistical release G.3 (402) For immediate release November 16, 1981 CAPACITY UTILIZATION: MANUFACTURING A2® MATERIALS October 1981 Capacity utilization in manufacturing fell 1.5 percentage paints in October, following a revised 1.2 percentage point drop in September and a decline of 0.2 of a percentage point in August. At 76.9 percent, the October index for manufacturing is 2.0 percentage points above its July 1980 low. Producers of industrial materials operated at 78.2 percent of capacity in October, down 2.0 percentage points from their September rate. The operating rate for materials producers had declined 1.4 percentage points (revised) in September and 0.3 of a percentage point iii August. The materials utilization rate in October was 4.4 percentage points above its recent low in July 1980. Within manufacturing, sizable declines in utilization rates were widespread again in October. The rate for the primary processing industries fell 2.1 percentage points to 76.1 percent, and the advanced processing industries rate decreased 1*0 percentage point to 77.4 percent. For the second consecutive month, capacity utilization dropped sharply for producers of iron and steel. The rate for motor vehicles and parts producers also declined quite sharply, and approached its August 1980 low. The utilization rate for producers of durable goods materials dropped 2*6 percentage points to 74.8 percent, reflecting large declines in the production of aluminum, raw steel, and parts for consumer durable goods and for equipment* Producers of nondurable goods materials utilised 81«3 percent of their capacity in October™a decline of 1.5 percentage points from September, as operating rates decreased for producers of textile* paper, and chemical materials and containers. The operating rate for energy materials production declined from 84.1 percent in September to 83.3 percent in October. INDUSTRIAL MATERIALS MANUFACTURING r~ TOTAL V | — ~ M \T^ PRIMARY PROCESSING I U W ADVANCED PROCESSING _ \ V 1 ! 1969 ! i 60 L I L 1972 1975 1978 1981 1972 1975 1978 1981 OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Seasonally Adjusted Manufacturing HOiTHLI CAPACITY UIILIiATIOM SBfilES 19731 1975 : tflGHi J MANUFACTURING, TOTAL t980 OCI*i M0*. 69.0 78.2 79.3 93.81 68.2 77.6 85.51 69. 4 1 78.3 88.01 1 1 PRIHAfiY PROCESSING ADVANCED PROCESSING j . JAM. PBB. BAB. APB HAY .JUNE JOJJ AUG.. SEP. 60.0 79.8 79.6 79.6 80.0 79.6 79.8 79*6 78.4 .76.9 79.5 79.81 1 1 80.9| 81.5 81.5 80.8 80.7 80.6 79.5 80.1 79.9 78.2 76. 1 7S.0 79-21 79.2 79.0 79.2 79.4 79-8 79.7 79.8 79.4 78-4 77. 4 fiEC^l 1980 , III OUTPUT 1981 IV I 141^5 148.61 151.3 152.4 152.51 186. 4 139.7 152.71 157.5 156.5 142.3 146.2{ 148.1 150.2 1 IIII 1980 III CAPACITY 1981 IV I J 1980 II J MANUFACTURING, TOTAL PtIMARY PROCESSING ADVANCED PROCESSING IIII 1 " 1 75.9 UTILIZATION 1961 IV I 1 79.1| 79.9 1 1 79.31 81.3 • 78.81 79.1 190. 9 155.6t 191.2 187.91 189.4 1 1 192.51 193.8 195.0 196.31 73.1 150.71 183.8 185.51 187.1 188. 7 190.4J 77.4 APR. HAY JUKE 61.1 81.2 81.. 3 81.9 II Ill 79.8 79. 3 80.3 79. 4 79.6 79. 2 81.6 80.2 78.2 74.8 Industrial Materials INDUSTRIAL SERIES L 19731 HIGBi • • • ' • • MATERIALS, TOTAL 92-6J i 91.5| JfiABLE GOODS MATERIALS 1980 1975 LOM JL _ Q C 2 A 1 69,4 78.4 78,4 73.5 79-2 76.8 79.2 78.9 79.2 79.5 77.4 61.9 83.2 83.9 79.9 80.3 78-7 79.5 83.0 78.8 85.3 87.3 86.8 85.4 85.9 85.6 84.3 8 3.. 9 83.2 62.6 81.3 84.S 84.9 67.1| 66.7 86.3 85.0 85.5 85-4 83.5 63.2 82.4 82.0 80.5 S2.6I 99.4| 95.5| 81.4 57.9 72.4 I 94.1 82.9 64.2 82.4 94.3 83.3 80.2| 95.0( 86 c a i 82.0 94.5 86.0 82.2 94.5 85-3 81.5 95.3 63.4 81.9 94.9 84*1 81.7 93.9 84.3 80.5 93.0 82.. 0 82*0 92.9 81.2 82.3 94.0 79.9 81.6 S5.6 79.1 94.6| 84.8 82.7 84.4 85.8 85.2 79.9 79.8 63.7 86.2 65.3 64.1 CAPACITY 1981 IV I II 153-4 84.6| 84.9 1 J i 1980 III iiil1 154.4| 185.1 73.3 76.6 68.6 70.5 61.4 NONDOfiABLE GOODS MATERIALS 94.51 67.2 I 85.1 IEX., PAPEB, & CHEM. HAT. 95. 11 65.3 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGI MATERIALS L 1980 III MATERIALS, TOTAL 139.2 131.4 DURABLE GOODS 8ATESIALS i 77.1| OOTPOT 1981 I 1 149.4| 154.2 1 1 144.31 150-9 IV II 152.3 i 152.8J 189.5 112.6 114. 1( 141.2 NONDURABLE GOODS MATERIALS 163.2 109.4| 117.5 1 J 176.3| 179-2 176.4 ( 175-8| 203,-4 IEX. # PAPE.fi, & CHEM. KAT- 167.0 183.7| 186.7 165.9 182.9i 212.6 113.2 143.6 200.0 113.7J 149.71 228.21 j 1 128.21 114.8 151.4 232.7 114.5 115.61 139.4 151.0' 152.4j 157.2 231.6 224.91 26 7-1 130.9 125.1 METAL MATERIALS 87.3 . 1 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS NOTE: A0G.. 80.3| 1 1 87.2| 63.6 98.31 I METAL MATERIALS MATERIALS MONTHLY CAPACITY UTILIZATION I 1961 NOV. DEC.i JAN^ PE2Mil. I 81.4| 82.1 82.3 82.1 80.5 128.4 j 111 UTILIZATION 1981 IV 1 \ 82.2 80.11 1 186.4J 187.6 i i 190.6| 191.8 188.9 190.11 192*9 194.OJ 69.3 75.71 141.31 141.5 141.7 141.9( 61.6 77. 41 1 1 75.2 JI 81,2 81.2 78.7 79 .0 76.8 83.0 73.6 80.4 1 209*2 I 211.2j 80.2 1 85»Sj 66-5 85.. 3 63.3 214.9J 217.1 219.4 221.7J 78.5 85.5i 86.0 84.. 8 62.5 139.7{ 140.1 158.51 159.7 270,5] 274. 1 140.6 160.. 7 277.5 81-2 91.3 74.9 81. 4J 94.51 84.34 J J G1.9 94.6 84.9 81.4 93.9 83.5 81.9 94.2 80.0 152.8J 153.5 I. 154.2 141.0J 161.91 28t,0| 1 1 155.01 85.3 81.1 85.2 205.31 207.3 £ • i 1 132.0| 152-3 1 1980 83.3 _i 84.4 .... _i._ ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PEBCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES Of CAPACITY U1ILIZATIOH IN PERCENT ABE CALCULATED AS EA1IOS OF £1) THE FEDEJRAL RESERVE'S SEASONALLY ADJUSTED INDEXES OF INDOSihlAL PRODUCTION TO (2) THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS BOTH PRODUCED AND USED AS INPUTS BY MANUFACTURING PLANTS, MINES AND UTILITIES; INDUSTRIAL MATERIALS COVER MANY OF THE ITEMS REPRESENTED IN THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS WELL AS SOME OF THE OUTPUT OF MINES AND UTILITIES — SUCK AS IRON ORE, CRUDE OIL, ASB ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 1975 LOWS IN CAPACITY UTILIZATION, SHOHH IN THE TABLES ABOVE, AR£ SPECIFIC TO EACH SERIES AND MAY OCCUR IS DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY OPEEATE AT CAPACITY UTILIZATION SATES THAT ABE HELL BELOW 100 PSBCENl^ NONE OF 1HE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PERCENT USE OF CAPACITY. CAPACI1Y UTILIZATION RATES AVERAGED ABOUT 83 PERCENT FOR MANUFACTURING FROfl 1S55 THROUGH 1979, AND ABOUT 85 PFflCENT FOR INDUSTRIAL MATERIALS FOR 1967 THROUGH 1979- IN MANUFACTURING AS A WHOLE, UTILIZATION RAXES AS HIGH AS 90 PERCENT HAVE BEEN EXCEEDED ONLY IN KAfiTIHE. THE PEAX RATES OF UTILIZATION IN 1973 HERE ASSOCIATED WI1H SIGNIFICANT UPHAfiD PRESSURE ON PRICES. THE METHODOLOGY AND THE SERIES ARE DESCRIBED IN FEDERAL RESERVE MEASURES OF CAPACIIX ANfi £ M £ C I T Y SIlkiSMSSM.* REVISED DATA ARE FOUND IN "CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS, JANUARY 1967—DECEMBER 1978-» BOTH PUBLICATIONS KAY BE OBTAINED FROM PUBLICATIONS SERVICES, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C, 20551