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FEDERAL statistical E. 5 RESERVE release For immediate release November 19, 1976 REVISION OF MANUFACTURING CAPACITY UTILIZATION RATES A major revision of the Federal Reserve Board's series for capacity utilization in manufacturing has been completed. The estimates -- including subtotals for primary and advanced processing -have been revised from 1948 to the present. Manufacturing capacity utilization in the third quarter of 1976 is now estimated at 80.9 per cent, up 10 percentage, points from the recent cyclical low in the first quarter of 1975 and almost 7 percentage points below the recent peak in the third quarter of 1973. Both advanced and primary processing industries also remain significantly below their 1973 peak rates. On the basis of the revised series, utilization rates in manufacturing are considerably higher at the present time than had been indicated by the earlier figures. Most of the upward revision results from the incorporation of new data into the series. However, the new figures do show a somewhat greater rise in utilization rates since the 1975 low in manufacturing output. A description of the Federal Reserve's manufacturing and materials capacity utilization series will be published in the November Federal Reserve BULLETIN. A more detailed methodological description is scheduled to be published next spring. - 2 - Period MANUFACTURING OUTPUT, CAPACITY, AND UTILIZATION (seasonally adjusted) Output Capacity Utilization (Output as Per Cent of Capacity) Total Total Advanced Total Primary (1967 out(1967= Processing Processing put = 100) 100) 127.2 129.2 130.7 131.8 146.1 147.5 149.0 150.4 87.1 87.6 87.8 87.7 91.8 92.1 92.7 93.0 84.5 85.2 85.0 85.0 130.1 131.3 132.1 124.1 151.8 153.1 154.4 155.7 85.7 85.8 85.5 79.7 90.5 90.0 89.0 80.4 83.0 83.4 83.6 79.3 111.2 112.4 119.4 122.5 156.8 157.7 158.6 159.5 70.9 71.3 75.3 76.8 69.5 70.0 75.8 78.1 71.5 72.1 75.0 76.1 126.7 129.4 131.2 160.4 161.3 162.3 79.0 80.2 80.9 80.2 81.6 82.4 78.2 79.3 79.3 Septemberp 131.0 October e 130.0 162.6 162.9 80.5 79.8 82.9 n.a. 78.3 n.a. 1973 :Q1 Q2 Q3 Q4 1974 :Q1 Q2 Q3 Q4 1975:Q1 Q2 Q3 Q4 1976:Q1 Q2 Q3p Note - Based on data from Federal Reserve, McGraw-Hill Economics Department and Department of Commerce. For description and back data, see Federal Reserve BULLETIN, November 1976. e - estimated p - preliminary
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