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FEDERAL RESERVE statistical G.3 release For immediate release September 15, 1978 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS August 1978 Capacity utilization in manufacturing increased by an estimated .2 percentage point in August to 84.8 per cent. The June and July utilization rates have been revised upwards by .2 and .5 percentage points, respectively. The August increases were concentrated in the advanced processing sector, where capacity utilization rose .3 percentage point to 83.4 per cent. Gains in production of machinery and of transportation equipment other than motor vehicles contributed to the rise in advanced processing capacity utilization. Capacity utilization in the primary processing sector remained unchanged at 87.3 per cent. Industrial materials capacity utilization was unchanged in August at an upward revised 85.6 per cent. A small increase in capacity utilization by producers of durable goods materials was offset by small declines in capacity utilization within the nondurable goods materials and energy materials sectors. MANUFACTURING INDUSTRIAL MATERIALS PER CENT 100 TOTAL 80 I PRIMARY I I I 60 100 NONDURABLE GOODS PROCESSING 80 ADVANCED PROCESSING DURABLE GOODS 60 1966 1969 1972 1975 1978 I 1969 I I I 1972 I I I 1975 1978 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 UTILIZATION SERIES MANUFACTURING. TOTAL PRIMARY PROCESSING ADVA NO tD PROCESSING 1973! H1GHI 1V75 NOV. pFC. 1978 JAN. 61.7 1977 LOW 1 88.01 69.6 I 1 93.6| 66.1 1 65.4| 70.* | AUG. SEP. OCT. 82.9 82.9 52.9 82.9 63.0 85.1 84.4 84.7 84.7 82.0 81.8 01.9 b4.5| 83.6 1 »i.2| 80.5 I CAPACITY 81.6 j OUTPUT 1977 11 MANUFACTURING, TOTAL 1977 1978 111 136.9 136.7 PRIMARY PROCESSING 1*6.3 1*7.3 ADVANCED PROCESSING 132.0 134.2 IV 1 1 139.9| 139.8 1 11 144.4 11 165.6 111 167.1 ! 148.21 148.2 | 135.61 13S.4 1 154.01 171.8 | 139.41 162.2 | 173.5 163.8 FEB. MAR. .APR. MAY JUNt JUL* AUfe. 81. V 82.7 83.7 63.9 64.2 64.6 84.6 83.6 84.1 65.7 86.2 87.0 87.3 67.3 OO.b 62.0 62.7 82.5 82.6 83.1 83.4 | 1978 1 I 111 IV 1 1 168.71 170.3 172.01 1 1 1 1 178.51 175.11 176.6 1 1 165.31 166.9 168.5) | 1 UTILIZATION 1978 1977 11 82.7 111 83.0 65.1 04.9 61. «• 01.9 I IV 1 62.91 1 | 8<i.6| 1 b2.0| 1 62.1 11 (J3.9 83.8 86-:* tol.l 82.7 Industrial Materials SERIES MATERIALS* TOTAL DURABLE GOODS MATERIALS BASIC METAL MATERIALS NONDURABLE bOODS MATERIALS TEX., PAPER* & CHEM. MAT. TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS 1973J 1V7:> HlGHl LOW | 93.11 69.7 | 1 92.5| 64.3 1 97.71 66.1 1 1 9*.6| 67.6 1 9*. 5| 65.5 1 94. 4| 58.0 100.51 71.8 93.81 64.7 1 1 94.6| 82.7 I 1977 AUG. 82.0 76.9 74.8 86.7 85.3 78.7 89.7 85.9 83.6 OUTPUT 1977 II MATERIALS, TOTAL 13b,l DURABLE GOODS MATERIALS 135.1 136.0 BASIC METAL MATERIALS 116.4 109.4 NONDURABLE GOODS MATERIALS 154.6 154.4 TEX., PAPER, & CHEM. M A T . 159.9 159.2 110.9 134.3 191.8 112.3 135.1 189.5 122.6 123.4 ENERGY MATERIALS NOTE: 85.2 84.9 84.4 1 1 1977 11 1 11 1 139.2 145.11 166.6 1 1 137.9 143.91 170.3 1 110.5 117.51 145.1 1 1 15b.O 163.31 177.2 1 163.1 167.81 165.4 | 115.3 117.11 141.9 136.5 139.71 150.1 201.4| 21b.7 194.9 1 1 119.1 125.51 144.7 1 1 81. 4| | 83.1 IV 1 138.91 1 « 137.71 1 109.4| 1 1 155.01 1 159.51 1 117.9| 132.31 188.91 1 1 121.9| 1 1 FEB. MAR. APR. MAY JUNE JUL.Y AUG. 61.3 81.9 64.0 84.5 85.1 85.6 85.6 b4.6 78.7 79.4 bl.6 62.1 82.7 64.2 76.1 75.7 bO.O 80.4 80.9 82.5 86.9 87.7 88.2 68.6 68.6 67.8 tt?*5 65.3 66.5 86.5 86.9 67.1 86.7 06^ 60.7 80.1 81.0 61.0 81.7 81.9 89.0 89.5 90.2 90.5 90.2 67.7 85.7 87.4 87,2 87.7 67.8 67.8 80. G 79.7 64.0 84.7 65.9 85.7 CAPACITY 1978 1978 111 137.7 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS MONTHLY CAPACITY UTILIZATION | 1978 Lit C.I JAN. DC1. NOV. 1 61.91 81.9 82.4 82.3 82.0 1 1 79.5 79.4 78.9 80.11 79.6 1 75.71 75.7 75.6 74.2 73.4 1 1 85.6 86.1 85.9 85.81 85.3 1 84.9 84.3 84.7 64.0| 84.5 1 62.9 82.4 80.3 82.01 80.1 89.1 88.3 86.7 85.21 88.1 84.8 84.6 84.4 84.3J 84.6 | S.EP. III 167.8 171.6 145.3 178.8 167.1 142.5 151.3 221.2 145.2 IV I 108.91 1 1 172.81 1 145.51 I 1 180.41 1 188.91 | 143.01 152.51 223.61 1 1 145.71 1 1 17O.4 174.0 145.8 182.3 190.8 1*3.5 153.6 226.6 147.2 1 1 1IJ 1 171.7| 1 1 175.21 1 146.11 | b5.5 UTILIZATION 1977 11 82.6 1978 111 82.3 79.4 79.2 60.2 75.3 I 184.41 87.2 1 193.11 86.3 1 144 . 1 |7b.l 154.8| 89.5 87.7 230.11 1 1 147.61 84.8 i 66.3 85.1 76.8 69.3 65.7 85.0 IV I i 82.21 81.7 1 1 79.7| 79.3 i 75.8 75.21 1 1 86.7 85.91 1 84.51 85.5 | 60.3 82.4| 68.9 66.71 66.0 84.51 1 1 80.9 63.71 1 11 84.5 62.2 80.4 88.5 86.9 61.2 90.3 67.5 84.9 ESTIMATES OF A C T U A L OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES UF CAPACITY UTILIZATION IN PERCENT ARE CALCULATED AS RATIOS OF (1) THE FEDERAL RESERVE'S SEASONALLY ADJUSTED INDEXES OF INDUSTRIAL PRODUCTION TO (21 THE CORRESPONDING INDEXES UF CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS BOTH PRODUCED AND USED AS INPUTS BY MANUFACTURING PLANTS, MINES AND UTILITIES; INDUSTRIAL M A T E R I A L S COVER MANY OF THE ITEMS REPRESENTED IN THE PRIMARY PROCESSING GROUPING OF MANUFACTURING AS WELL AS SOME OF THE OUTPUT OF MINES ANO UTILITIES — SUCH AS IKON ORE, CRUDE OIL, AND ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 19?5 LUWS IN CAPACITY UTILIZATION, SHOWN IN THE TABLES ABOVE, ARE SPECIFIC TO EACH SEMES ANO MAY OCCUR IN DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY OPERATE AT CAPACITY UTILIZATION RATES, THAT ARfc WELL BELOW 1OO PERCENT; NONE OF THF BROAD AGGREGATE SERIES HAS LVER INDICATED A 100 PERCENT USE OF CAPACITY. CAPACITY UTILIZATION RATE* AVERAGED ABOUT 83 PERCENT FOR MANUFACTURING FROM 1955 THROUGH 1977* ANO ABOUT 85 PERCENT FOR INDUSTRIAL MATERIALS FUR 1967 THROUGH 1977. IN MANUFACTURING AS A WHOLE, UTILIZATION RATES AS HIGH AS 9O PERCENT NAVE SEEN EXCEEDED ONLY IN WARTIME. THE PEAK RATES OF UTILIZATION IN 1973 WERE ASSOCIATED WITH SIGNIFICANT UPWARD PRESSURE ON PRICES. THE CAPACITY UTILIZATION ESTIMATES ARE DESCRIBED, ANO HISTORICAL DATA ARE PROVIDED, IN FEDERAL RESERVE MEASURES.flfcCAPACITY AttQ CAPACITY UTILIZATION. THIS PUBLICATION MAY BE OBTAINED FROM PUBLICATION SERVICES, BOARD OF GOVERNORS OF THE FEDERAL RES E R V E SYSTEM, WASHINGTON, D.C. 20551. THE PRICE IS SI.75 PER COPY; FOR TEN OR MORE, S1.5O EACH.
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