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FEDERAL RESERVE statistical release G.3 (402) For immediate release October 19, 1981 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS September 1981 The capacity utilization rate for manufacturers fell 0.8 of a percentage point in September to 78*5 percent, and the operating rate for materials producers declined 1.0 percentage point to 80.4 percent• These declines followed smaller reductions in August* Both rates were lower in September than they have been since October 1980. Within manufacturing, the rate for the primary processing industries dropped 1.5 percentage points to 78.2 percent, while the rate for advanced processing industries fell 0.5 of a percentage point to 78.6 percent. Capacity utilization declined quite sharply for producers of iron and steel, following a large rise in August. Utilization rafres also declined substantially in September—generally for the second consecutive month—for a wide range of industries. A major exception was producers of paper and products, which utilized somewhat more of their capacity in September than in the preceding three months. Producers of durable goods materials operated at 77.4 percent of capacity in September, down from 79.0 percent in August. The utilization rate for producers of raw steel dropped almost 3-1/2 percentage points in September, and the operating rate for producers of aluminum fell markedly for the sixth consecutive month. The rate for producers of nondurable goods materials was about unchanged* edging down 0.1 of a percentage point to 83.4 percent, while the operating rate for energy materials producers declined 1.1 percentage points to 83.9 percent in September. MANUFACTURING INDUSTRIAL MATERIALS PgRCENT 100 ENERGY _. TOTAL \r V V 1 1 1 1 1 1 I I I ^V 80 I I I I 60 100 NONDURABLE GOODS PRIMARY PROCESSING 80 I / / W ADVANCED PROCESSING 1 1 1 ! 1 1 M i l l 1969 1972 1975 1 I 1978 I 1981 60 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 S£AISS MANUFACTURING, PRIMARY TOTAL | 1 1 | 1 1 PROCESSING ADVANCED PROCESSING 1 I 19731 HIGH! 1 88.01 1 1 93.8| 85.5| 1 OCT. 69.0 77. 0 78 .2 79.3 79.8 80.0 68.2 75. 6 77 .6 79. 5 80.9 69.4 77. 7 78 .3 79.0 79.2 TOTAL 1 1 OUTPUT 1981 1980 III IIII I I MANUFACTURING, MONTHLY CAPACITY (JTILIZATION 1981 FEB. DEC. JAN. .flov 1975 1980 LOU j SEP m PROCESSING 139.7 1 152.71 157. 5 156 .5 155. PROCESSING 142.3 146.2! 148. 1 150 .2 MAY JUNE JULY AUG SEP , 79.8 79.8 79.8 80.0 79.6 79.8 79.3 78. 5 81.5 81.5 80.8 80.7 80.6 79.5 80.1 79.7 78.2 79.2 79.0 79.2 79.4 79.8 79.7 79.7 79. 1 78. 6 1980 UTILIZATION 1981 1 1 192.4| 193.8 195. 0 196.3| 1 I 150. 51 183.8 185.5| 187.1 188. 7 190.4| • 192.5J II HI 79.8 79.2 73.1 79.3| 81.3 80.3 79.3 77.4 78.8« 79.1 79. 6 79.0 1 • I 191.2 7| I 79.11 79.9 1 • IV 1 190. 9 187.91 189.4 1 75.9 III IJ X*1 1 1 ADVANCED III 152.4| 186.4 I PRIMARY 1980 152 .4 148.61 APR. CAPACITY 1981 1 151. 3 I 141.5 MAR 1 1 Industrial Materials SERIES MATERIALS, TOTAL 19731 1975 1 92.61 69. 4 MONTHLY CAPACITY UTILIZATION 1980 | 1981 I SEP. ...OCT. , NOV. DEC. I JAM. FEB METAL 91.51 63.6 1 6 98.3! 68. 1 1 MATERIALS NONDURABLE GOODS MATERIALS TEX., PAPEit, S CHEM. MAT. TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS APE MAY JUNE JULY AUG.. SEP 82.3 82. 1 81. 1 81.2 81 .3 81.9 81. 4 80.4 77.1| 78.4 78.5 79.2 78.8 79.2 78 .9 79.3 79. 0 77. 4 80.3| 81.9 83.2 83. 9 79.9 80.3 78.7 79.5 81. 9 87.3 86.8 85.4 85.9 85.6 84 .3 84.1 83.5 83. 4 82.9 78.4 80.5 81.4| 1 70.5 73.3 76.6 63.6 70.5 81.4 1 1 DURABLE GOODS MATERIALS MAIU 82.1 1 76.8 85. 1 94.5! 67. 2 83.9 95.1| 65.3 82.6 92.61 99.41 95.51 57. 9 82.0 72. 4 | 93.8 64. 2 80.3 84. 8 82.7 1 1 85.3 87.2| 84.5 84.9 87.1| 86.7 86.3 85.0 85. 5 85.4 83 .5 83. 4 82.9 81. 4 94. 1 82. 9 82.4 94.3 83.3 80.21 95.0| 86.81 82.0 94.5 86.0 82.2 94.5 85.3 81. 5 95. 3 83. 4 81.9 94. 9 84.1 81.7 93.9 84,. 3 80 .5 93 .0 82 .0 82.6 92.4 81.5 81.9 92.5 81.0 84.4 84.6| 84.9 85. 8 85.2 79.9 79.8 83-7 86.3 85 .0 1 I ENERGY MATERIALS MATERIALS, TOTAL DURABLE GOODS MATERIALS METAL MATERIALS 1 94.6| 1 ( 1980 III 1 83.^ OUTPUT 1981 I 1 149. 41 154.2 1 IV I I II 1980 III | 131.4 144. 31 150.9 152.3 1 154.41 185.1 1 1 152.41 189.5 | 109. 41 117.5 1 1 176. 3! 179.2 112. 8 113.21 I 139.2 87.3 NONDURABLE GOODS MATERIALS | 163.2 TEX., PAPER, & CHEM. MAT. | 167.0 183.71 153. 4 141.2 1980 UTILIZATION 1981 IV I 188. 9 I I III| I 190. 1 1 75.2 80 .11 1 190.68 191. 8 192. 9 194. 01 69.3 75 -7! 141. 5 141 7 141. 1 9| 61.8 77 1 80.2 1 1 85 • 9| CAPACITY 1981 IV I 1 187. 6 186.4| 3CI ENERGY MATERIALS I 128.4 113. 7! 149. 71 228. 2| 1 1 128. 21 J 78.7 79 .0 78. 6 83. 0 79 .6 79.8 86.5 85 .3 83.7 1 1 i 1 176.61 203.4 1 205.31 207. 3 209.2 219 4 211.21 i 186.7 185. 9 184.11 212.6 221* 71 78.5 85 -5| 86.0 84 .8 83. 1 114.8 151.4 232*7 114.5 151.0 231.6 115.31 139.4 150.15 157.2 228.11 267.1 139.7| 140. 1 158.51 159. 7 270.51 274. 1 1 140. 6 160. 7 277 .5 141. 01 161. 9| 281. 81.2 91.3 74.9 81.4| 94.5» 84.3| 81.9 94.8 84.9 81 .4 93 .9 83 .5 81. 7 92. 7 81. 2 130.9 125. 1 131.8! 152.3 152.81 153.5 1 154 .2 155.0! 1 84.4 1 83 .91 85.3 81 .1 85. 1 i | 113.2 1 143.6 | 200.0 81.2 214.9| 217. 1 i TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS Ill 81 .2 1 1 178. 4 CI 82.2 1 1 141.31 83.9 1 1 1 i ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACIIY UTILIZATION IN PERCENT ARE CALCULATED AS RADIOS OF (1) THE FEDERAL RESERVE'S SEASONALLY ADJUSTED IBDBIBS OF INDUSTRIAL PRODUCTION TO (2) THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS BOTH PRODUCED AHD USED AS INPUTS BY MANUFACTURING PLANTS, MINES AND UTILITIES; INDUSTRIAL MATERIALS COVER MANY OF THE ITEMS REPRESENTED li THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS HELL AS SOME OF THE OUTPUT OF MINES AND UTILITIES — SUCH AS ISOH ORB, CBQDB OIL* AMD ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 1975 LCBS IN CAPACITY UTILIZATION, SHOHN IN THE TABLES ABOVE, ARE SPECIFIC 10 EACH SERIES IIS MAY QCC0R II DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY OPERATE AT CAPACITY UTILIZATION RATES THAT ARE HELL BELOH 100 PBBCSVT; NONE OF 1HE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PERCENT USE OF CAPACITY. CAPACITY UTILIZATION BATES AVEBIGED ABOUT 83 PERCENT FOR MANUFACTURING FROM 1955 THROUGH 1979, AND ABOUT 85 PERCENT FOR INDUSTRIAL MATERIALS FOR 1967 THROUGH 1979. IN MANUFACTURING AS A HHOLL, UTILIZATION RATES AS HIGH AS 90 PERCENT HAVE BEEN EXCEEDED ONLY IN WARTIME. THE PEAK RATES OF UTILIZATION IN 1973 HERE ASSOCIATED WITH SIGNIFICANT UPWARD PRESSURE ON PRICES. THE METHODOLOGY AND THE SERIES ARE DESCRIBED IN FEDEJils RESERVE MEASURES OF CAPACITY £Njf CAPACITY UTILIZATION. REVISED DATA 1ILIZATION: MANUFACTURING AND MATERIALS, JANUARY 1967—DECEMBER 1978.** BOTH PUBLICATIONS MAY BE OBA«E FOUND IN "CAPACIIY U1IL 20551 TAINED FROM PUBLICATIONS SERVICES, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, HASHINGTON, D.G
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