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FEDERAL RESERVE statistical release G.3 (402) For immediate release September 17, 1981 CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS August 1981 Capacity utilization in manufacturing declined 0.6 of a percentage point in August to 79.2 percent—its lowest level since October 1980. Producers of industrial materials operated at 81.2 percent of their capacity in August, down 0.5 of a percentage point from last month. ^ Within manufacturing, the primary processing industries' utilization rate decreased 0.5 of a percentage point in August to 79.3 percent, and the advanced processing industries' rate decreased 0.6 of a percentage point to 79.1 percent. The utilization rate for the motor vehicles and parts industry fell sharply again. Operating rates for producers of food, textiles, rubber and plastics products, iron and steel, fabricated metals, electrical machinery, aerospace and miscellaneous transportation equipment, and stone, clay and glass declined more moderately. In contrast, the operating rate for the petroleum industry increased for the first month since January, and rates also rose for the nonelectrical machinery and instruments industries. Producers of durable goods materials utilized 78.6 percent of their capacity in August, down 0.5 of a percentage point from July, and the rate for nondurable goods materials producers declined by 0.2 of a percentage point to 83.9 percent. Capacity utilization for energy materials producers fell 1.6 percentage points to 84.1 percent, largely because of declines in coal mining and electricity generation. 1. The estimates of capacity utilization contained in this release have been revised for 1980 and 1981 based on revised capacity indexes (attached) and revised industrial production indexes. INDUSTRIAL MATERIALS MANUFACTURING PERCENT 100 ENERGY TOTAL V 1 1 i 1 1 1 1 I'l /V^A ^y 1 I 1 1 ! 80 V V i i ^ V 1 1 60 100 I I I I I NONDURABLE GOODS PRIMARY PROCESSING / I I Y. 80 \ V W ADVANCED PROCESSMG 1 1 1 1 1 1 1 i i 60 DURABLE GOODS i i r ii I OUTPUT, CAPACITY AND CAPACITY UTILIZATION Output and Capacity are Percentages of 1967 Output; Capacity Utilization is a Per Cent of Capacity. Seasonally Adjusted Manufacturing 1975 1980 LOS j AUG. 69.0 75.8 77.0 78.2 79.3 i 1973| HIGH? 1 88.01 1 1 93.81 MONTHLY CAPACITY UIILIZA1DION 1981 SEP. OCT. NOV. DEC. I JAN. 68.2 72.6 75.6 77.6 i 85.51 69.4 77.3 77.7 78.3 i I 1980 II III i 143.9 141.5 SERIES 1 MANUFACTURING, PRIMARY TOTAL PROCESSING ADVANCED PROCESSING OUTPUT MANUFACTURING, PRIMARY TOTAL 145.0 PROCESSING ADVANCED 139.7 ! 143.3 PROCESSING I 1 1981 142.3 IV 1 148.6J 151.3 1 79.8 80,0 79.5 80.9 81.5 79.0 79.2 79.2 MAY JUNE JULY AUG. 79.8 80.0 79. 7 79.8 79.2 81.5 80.8 80.7 80. 6 79. 6 79,8 79.3 79.0 79.2 79.4 79.8. 79. 6 79.7 79.1 79.8 jI CAPACITY 1980 II III 1 152.4| 184.8 III_ 156.61 189.8 148.1 150.21 182.2 1 UTILIZATION I 1981 I IV I 187.91 189.4 1 190.91 191.2 192.5| 193.8 195-01 185.51 187.1 183.8 1980 II III IV 77.9 75.9 79. U 76.4 73.1 77.4 1981 I II 79 . 9 79.8 79 31 81.3 80.3 1 78. 81 79.T 79.6 I 186.4 1 152.71 157*5 146.21 APR. 79.8 FEB. I 1 1 188.7) 78.7 1 j Industrial Materials SERIES 19731 HIGHJ 1 92.6| MATERIALS, TOTAL DURABLE GOODS MATERIALS METAL MATERIALS ' 94. 51 TEX., PAPER, S CHEH. MAT. 95. 11 1 TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS ENERGY MATERIALS 1 92. 61 99. 95. 51 1 1 94. 61 * I SEP. 69. 4 76.8 • ! 75.0 70.5 69.3 MATERIALS, TOTAL DURABLE GOODS MATERIALS METAL MATEBIALS NONDURABLE GOODS MATERIALS 145. 0 80.5 78.4 76.6 73.3 81.4| APR,. MAY JUNE JULY AUG. 82.1 81.1 81.2 81.4 81.7 81.2 78.4 78.5 79.2 78,8 79.2 78.8 79-1 78.6 81.9 83.2 83.9 79.9 80.3 78.4 78.2 1 1 77.11 62.4 63.6 81.4 70w5 80.3| i i 67. 2 79.3 83.9 85.1 85.3 87.2| 87.3 86.8 85.4 85.9 85.6 84.7 84.1 83.9 65. 3 77.5 82.6 84.5 84.9 87.1| 86.7 86.3 85.0 85.5 85.4 84.0 83.4 83.2 57. 9 72. 4 64. 2 80.9 90.7 73.6 82.0 93.8 80.3 81.4 94.1 82.9 82.4 94,. 3 83.3 80.2| 95.01 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 80.8 93.0 82.7 81.2 92.3 81-8 84.9 1, CAPACITY 85.8 85.2 79-9 79.8 83.4 85.7 84.1 1981 I II 82.2 81.2 1 1 84. 8 84.9 83.8 I][I. 139 2 1981 I IV I 84.4 82.7 1 1 1980 II 84.6| 1981 1*1 1 149.4| 154.2 153.41 183.8 1 1 1 185.1 131 .4 144.3| 150.9 152.31 188.3 189.5 | 101 .5 87 .3 109.41 117.5 112.71 140.9 141.2 1 1 1 176.31 179,2 178.7| 201.5 163 .2 IV I 186.41 187.6 1 1 I 140. 7 ! 166.1 MAR. 82.3 i OUTPUT 1980 II FEB. 82.1 1 1 1 91. 51 63. 6 1 98. 3| 68. 6 1 1 NONDURABLE GOODS MATERIALS MONTHLY CAPACITY UTILIZATION « 1981 OCT.. NOV. DEC.l JAN. 1975 1980 LOH 1 AUG. 203.4 190.6| 191.8 1 141.31 141.5 1 1 205.31 207.3 I I III UTILIZATION 1980 II III IV 1 188.91 78.8 75.2 80. 11 1 1 1 192.91 74.7 69.3 75.7J 78.7 78.9 141.71 72-0 61.8 77.4| 83. 0 7S.5 1 8 209.21 82.4 80.2 85.9| 86.5 85.4 TEX., PAPER, & CBEM. MAT. I 171 .5 167-0 183.7| 186.7 186.31 210.4 212.6 214.91 217.1 219.4| 81.5 78.5 85.5| 86.0 84.9 ! 117.7 | 141.2 I 207 .3 113.2 143.6 200.0 113.71 114.8 149-71 151.4 228.21 232.7 114.61 139.1 151.01 155.9 232.21 263.6 139.4 157.2 267.1 139.71 140-1 158.51 159.7 270,51 274.. 1 140.. 61 160.71 277.5| 84.6 90.5 78.7 81.2 91.3 74.9 81.4| 94.5| 84.3| 81.9 94.8 84.9 81.5 93.9 83.7 I 129 .1 128.4 128.21 130.9 152,3 152.81 153.5 85.1 84.4 83-9| 85.3 81.0 • TEXTILE MATERIALS PAPER MATERIALS CHEMICAL MATERIALS 1 1 ENERGY MATEBIALS NOTE: j 1 1 1 125.01 151.7 1 1 1 154.21 I ESTIMATES OF ACTUAL OUTPUT AND CAPACITY OUTPUT ARE BOTH EXPRESSED AS PERCENTAGES OF 1967 ACTUAL OUTPUT. ESTIMATES OF CAPACITY UTILIZATION IN PERCENT ARE CALCULATED AS RATIOS OF (1) THE FEDERAL RESERVE*S SEASONALLY ADJUSTED INDEXES OF INDUSTRIAL PRODUCTION TO (2) THE CORRESPONDING INDEXES OF CAPACITY. INDUSTRIAL MATERIALS ARE ITEMS BOTH PRODUCES 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 HELL AS SOME OF THE OUTPUT OF MINES AND UTILITIES — SUCH AS IRON ORE, CRUDE OIL, AND ELECTRICITY SOLD TO INDUSTRY. THE 1973 HIGHS AND 1975 LOWS IN CAPACITY UTILIZATION, SHORN IN THE TABLES ABOVE, ARE SPECIFIC TO EACH SERIES AND MAY OCCUR IN DIFFERENT MONTHS. INDUSTRIAL PLANTS USUALLY OPERATE AT CAPACITY UTILIZATION RATES THAT ARE HELL BELOH 100 PERCENT; NONE OF THE BROAD AGGREGATE SERIES HAS EVER INDICATED A 100 PERCENT USE OF CAPACITY. CAPACITY UTILIZATION RATES AViBAGED ABOUT 83 PERCENT FOR MANUFACTURING FROM 1955 THROUGH 1979, AND ABOUT 85 PERCENT FOR INDUSTRIAL MATERIALS FOR 1967 THROUGH 1979. IN MANUFACTURING AS A WHOLE, UTILIZATION RATES AS HIGH AS 90 PERCENT HAVE BEEN EXCEEDED ONLY IN WARTIME. THE PEAK RATES OF UTILIZATION IN 1973 HERE ASSOCIATED H U H SIGNIFICANT UPWARD PRESSURE ON PRICES. THE METHODOLOGY AND THE SERIES ARE DESCRIBED IN FfigERAL RESERVE MEASURES Of. CAPACITY AND CAPACITY UTILIZATION. REVISED DATA ARE FOUND IN "CAPACITY UTILIZATION: MANUFACTURING AND MATERIALS, JANUARY 1967—DECEMBER 1978," BOTH PUBLICATIONS HAY BE OBTAINED FROM PUBLICATIONS SERVICES, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, HASHINGTON, D.C. 20551
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