FEDERAL RESERVE STATISTICAL RELEASE                                 
 
 G.17 (419)                                                          For release at 9:15 a.m. (EST)
                                                                     February 17, 2004

 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

      Industrial production rose 0.8 percent in January; output in December was revised
 downward and is now estimated to have been unchanged from the November reading.  At 113.8
 percent of its 1997 average, overall industrial output in January was 2.4 percent above its January
 2003 level.  Manufacturing output rose 0.3 percent, and mining output increased 0.1 percent;
 with unusually cold weather in January, the output of utilities rose 5.2 percent.  The rate of
 capacity utilization for total industry increased from 75.6 percent in December to 76.2 percent in
 January.
 

 Market Groups
 -------------
      The output of consumer goods rose 0.8 percent in January.  The production of consumer
 durables increased 0.6 percent, with gains spread broadly across its components.  The output
 index for automotive products rose 0.8 percent; the index for appliances, furniture, and carpeting
 rose 1.0 percent; and the index for miscellaneous goods rose 0.9 percent.  After a rapid run-up
 during the fourth quarter, the output of home electronics fell back 4.2 percent in January.  The
 production of consumer nondurables rose 0.8 percent.  The bulk of this increase occurred in
 consumer energy products, as utility sales to consumers jumped, while non-energy goods
 remained flat.  The index for chemical products rose 0.5 percent, and the output of paper
 products was unchanged. The output of foods and tobacco decreased 0.2 percent, and clothing
 output fell 1.0 percent.  Despite an increase during the fourth quarter, clothing output was down
 11.2 percent from its level in January 2003.
      The production of business equipment rose 0.5 percent in January, and increases were
 distributed evenly.  The indexes for information processing equipment and for industrial and
 other equipment each rose 0.5 percent, and the production of transit equipment advanced 0.6
 percent.  The output of defense and space equipment fell 0.8 percent in January, to a level 1.4
 percent higher than that of January 2003.  The index for construction supplies rose 0.4 percent,
 and the output of business supplies increased 1.1 percent.
      The production of industrial materials rose 0.9 percent in January.  The output of durable
 materials increased 0.8 percent, with continued strength in equipment parts, especially
 semiconductors.  The production of nondurable materials was unchanged, but the strength in
 utilities contributed to an advance of 2.0 percent for energy materials.
 

 Industry Groups
 ---------------
      Manufacturing output increased 0.3 percent in January and was 2.3 percent above its
 year-ago level.  The factory operating rate rose 0.2 percentage point, to 74.6 percent, and was 5.4
 percentage points below its 1972-2003 average.  The output of durable goods rose 0.6 percent.
 The gains among the subsectors included increases of about 1.0 percent in the output indexes for
 computer and electronic products, motor vehicles and parts, fabricated metal products, and wood
 products.  The indexes for the following groups all rose by smaller amounts:  nonmetallic
 mineral products; machinery; electrical equipment, appliances, and components; furniture and
 related products; and miscellaneous durables.  The index for primary metals declined 1.4 percent.
  The production of nondurable goods was unchanged in January.  Textile and product mills
 output increased 1.2 percent, and chemical products rose 0.5 percent.  The production of food,
 beverage, and tobacco products fell 0.2 percent.  Declines of 1 percent or more occurred in the
 production indexes for apparel and leather and for petroleum and coal products.
      Production at mines rose 0.1 percent; the utilization rate edged up, to 86.0 percent, a rate
 0.9 percentage point below its 1972-2003 average.  Output at utilities jumped 5.2 percent; despite
 a rise of 4.0 percentage points in the industry operating rate, to 86.1 percent, utilization still was
 below its 1972-2003 average of 86.9 percent.  By stage of processing, capacity utilization for
 industries in the crude stage increased 0.3 percentage point, to 84.6 percent.  Utilization for
 industries in the primary and semifinished stages increased 0.9 percentage point, to 78.7 percent,
 and utilization for industries in the finished stage rose 0.1 percentage point, to 71.7 percent.
 
 Notices
      The data in this release include preliminary estimates of industrial capacity for 2004.
 Total industrial capacity is projected to increase 1.7 percent, and manufacturing capacity is
 estimated to rise 1.8 percent.  The increase in manufacturing capacity, which is notably larger
 than the 1.0 percent gain in 2003, mainly reflects a sharp increase in the pace of capacity
 expansion for high-technology industries.  Outside high-technology industries, manufacturing
 capacity is expected to edge up, on balance.  In 2004, capacity expansion at utilities is estimated
 to slow to 1.4 percent from the 4.4 percent pace in 2003, a move reflecting a less-sizable boost in
 electricity-generating capability after three years of significant gains.
      With the May 14, 2004, release of the G.17, the comparison base year for the data both in
 Table 9, Gross Value of Final Products and Nonindustrial Supplies, and in Table 10,
 Gross-Value-Weighted Industrial Production: Stage-of-Process Groups, will be advanced to 2000
 to conform with the comparison base year for the national income and product accounts.
 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION:  SUMMARY
 Seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------
                                  |                    1997=100                     |                  Percent change
                                  | ----------------------------------------------- | -------------------------------------------------
                                  |       2003                                2004  |   2003                    2004  |    Jan. '03 to 
 Industrial production            |       Oct.        Nov.        Dec.        Jan.  |   Oct.    Nov.    Dec.    Jan.  |      Jan. '04 
 --------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                 |                                 |
  Total index                     |      111.8       112.9       112.9       113.8  |     .3     1.0      .0      .8  |            2.4 
     Previous estimates           |      111.9       113.1       113.2              |     .4     1.0      .1          |                
                                  |                                                 |                                 |
  Major market groups             |                                                 |                                 |
  Final Products                  |      107.7       108.8       108.5       109.1  |    -.1     1.1     -.3      .6  |            1.4 
     Consumer goods               |      106.0       107.0       106.6       107.4  |    -.1     1.0     -.4      .8  |             .8 
     Business equipment           |      110.8       112.8       112.8       113.4  |    -.3     1.8      .0      .5  |            3.3 
  Nonindustrial supplies          |      109.6       110.6       110.5       111.5  |     .8     1.0     -.2      .9  |            2.1 
     Construction                 |      103.1       104.1       104.2       104.5  |     .9     1.0      .0      .4  |            1.8 
  Materials                       |      116.9       118.0       118.5       119.5  |     .5     1.0      .4      .9  |            3.5 
                                  |                                                 |                                 |
  Major industry groups           |                                                 |                                 |
  Manufacturing (see note below)  |      112.9       114.1       114.2       114.6  |     .2     1.0      .1      .3  |            2.3 
     Previous estimates           |      113.0       114.2       114.5              |     .2     1.0      .3          |                
  Mining                          |       93.7        94.0        94.2        94.3  |     .2      .3      .2      .1  |             .9 
  Utilities                       |      111.0       112.8       111.3       117.1  |    1.0     1.6    -1.3     5.2  |            4.4 
 --------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                                   |    Capacity
                                  |                                Percent of capacity                                |     growth
                                  | --------------------------------------------------------------------------------- | ---------------
                                  |     Average        1982     1988-89       2003  |   2003                    2004  |    Jan. '03 to 
 Capacity utilization             |  1972-2003          Low        High       Jan.  |   Oct.    Nov.    Dec.    Jan.  |      Jan. '04 
 --------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                 |                                 |
  Total industry                  |       81.1        70.9        85.2        75.2  |   75.0    75.7    75.6    76.2  |            1.1 
     Previous estimates           |                                                 |   75.1    75.8    75.8          |                
                                  |                                                 |                                 |
  Manufacturing (see note below)  |       80.0        68.7        85.6        73.6  |   73.6    74.3    74.4    74.6  |             .9 
     Previous estimates           |                                                 |   73.7    74.4    74.5          |                
  Mining                          |       86.9        78.6        85.6        84.8  |   85.4    85.7    85.9    86.0  |            -.4 
  Utilities                       |       86.9        77.6        92.8        85.9  |   82.4    83.4    82.1    86.1  |            4.1 
                                  |                                                 |                                 |
  Stage-of-process groups         |                                                 |                                 |
  Crude                           |       86.3        77.2        88.5        82.9  |   83.8    84.0    84.3    84.6  |           -1.0 
  Primary and semifinished        |       82.2        68.1        86.4        77.2  |   77.0    77.8    77.8    78.7  |            1.8 
  Finished                        |       78.2        71.3        83.2        71.4  |   71.1    71.8    71.6    71.7  |             .7 
 --------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
        The statistics in this release cover output, capacity, and capacity utilization in the
 industrial sector, which the Federal Reserve defines as manufacturing, mining, and electric and
 gas utilities.  Manufacturing comprises those industries included in the North American Industry
 Classification System, or NAICS, manufacturing plus the logging and newspaper, periodical,
 book and directory publishing industries that have traditionally been considered manufacturing and included
 in the industrial sector.
 
 
 
 Table 1
 Industrial Production: Market and Industry Group Summary
 Percent change, seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             | Fourth quarter to   |                            |                            |
                                                             |             |   fourth quarter    |        Annual rate         |        Monthly rate        |
                                                             |             |---------------------|----------------------------|----------------------------| Jan. '03 
                                                             |        2003 |                     |  2003                      |  2003                 2004 |     to
 Item                                                        |Proportion<1>|  2001   2002   2003 |    Q1     Q2   Q3    Q4  r |  Oct.   Nov.   Dec.   Jan. |  Jan. '04 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |                     |                            |                            |
  Total IP                                                   |   100.00    |  -5.2    1.3    1.4 |    .9   -4.0    3.8    5.4 |    .3    1.0     .0     .8 |       2.4 
                                                             |             |                     |                            |                            |
  MARKET GROUPS                                              |             |                     |                            |                            |
  Final products and nonindustrial supplies                  |    58.62    |  -4.9     .5    1.1 |   1.9   -4.5    2.9    4.1 |    .1    1.0    -.3     .7 |       1.6 
     Consumer goods                                          |    31.18    |  -2.2    1.0     .2 |   1.4   -5.1    2.2    2.6 |   -.1    1.0    -.4     .8 |        .8 
        Durable                                              |     8.15    |  -2.9    6.0    3.1 |   1.6   -6.5   11.2    7.0 |   -.8    1.2     .1     .6 |       2.3 
           Automotive products                               |     4.13    |   1.1    9.9    5.0 |   3.2   -8.8   20.5    7.0 |  -2.4    1.0     .2     .8 |       3.8 
           Home electronics                                  |      .36    | -10.3    4.4   24.5 |  39.2   -8.7   18.6   59.7 |   7.1    3.3   -1.2   -4.2 |       3.9 
           Appliances, furniture, carpeting                  |     1.42    |  -2.0    1.8    1.2 |    .2    1.7    2.8     .0 |    .0    1.4    -.1    1.0 |       2.0 
           Miscellaneous goods                               |     2.24    |  -8.1    2.4   -2.3 |  -5.4   -7.2    -.5    4.1 |    .5    1.2     .2     .9 |       -.6 
        Nondurable                                           |    23.03    |  -1.9    -.8    -.8 |   1.2   -4.5    -.8    1.0 |    .2     .9    -.6     .8 |        .3 
           Non-energy                                        |    18.27    |  -1.0   -2.8    -.3 |   1.1   -1.4   -2.3    1.6 |    .3     .8    -.6     .0 |       -.5 
              Foods and tobacco                              |     9.97    |   -.6   -3.9   -1.9 |   -.7   -1.7   -2.1   -3.2 |   -.3     .4    -.8    -.2 |      -2.5 
              Clothing                                       |      .86    | -15.1   -2.4  -13.4 | -18.7  -18.5  -18.2    3.9 |   1.7     .6    -.2   -1.0 |     -11.2 
              Chemical products                              |     4.67    |   3.0   -1.8    3.3 |   1.7     .9    1.0    9.8 |   1.0    1.6    -.7     .5 |       4.0 
              Paper products                                 |     2.24    |  -3.2    -.9    5.6 |  15.6    4.2   -2.8    6.1 |   1.4     .7    -.4     .0 |       3.5 
           Energy                                            |     4.75    |  -5.8    8.7   -2.8 |   2.2  -16.0    5.5   -1.2 |   -.4    1.4    -.5    4.1 |       3.4 
                                                             |             |                     |                            |                            |
     Business equipment                                      |     9.57    | -12.8   -1.4    2.7 |   3.3   -4.8    5.3    7.3 |   -.3    1.8     .0     .5 |       3.3 
        Transit                                              |     1.57    |  -5.9  -15.2   -3.1 | -11.8  -12.6    3.9    9.9 |  -1.5    1.5    1.1     .6 |        .3 
        Information processing                               |     3.05    | -12.8    5.5    8.3 |  17.8   -1.3    8.8    8.8 |   1.8    -.1    -.7     .5 |       5.2 
        Industrial and other                                 |     4.96    | -15.0   -1.0    1.0 |   -.2   -4.5    3.5    5.6 |  -1.3    3.1     .1     .5 |       3.0 
     Defense and space equipment                             |     1.99    |  12.4    3.6    4.7 |   9.9    1.8    6.1    1.2 |    .0    -.4    -.3    -.8 |       1.4 
                                                             |             |                     |                            |                            |
     Construction supplies                                   |     4.23    |  -6.5     .4    1.1 |  -2.9   -4.5    4.7    7.6 |    .9    1.0     .0     .4 |       1.8 
     Business supplies                                       |    11.30    |  -5.6    1.4    1.4 |   3.1   -4.1    1.6    5.2 |    .7    1.0    -.2    1.1 |       2.2 
                                                             |             |                     |                            |                            |
  Materials                                                  |    41.38    |  -5.7    2.5    2.0 |   -.6   -3.4    5.0    7.2 |    .5    1.0     .4     .9 |       3.5 
     Non-energy                                              |    29.85    |  -6.6    3.0    2.6 |  -1.0   -3.3    5.5    9.5 |    .5    1.1     .7     .5 |       3.9 
        Durable                                              |    18.64    |  -7.2    4.2    4.4 |   -.8   -3.1    9.4   12.8 |    .8    1.2     .8     .8 |       6.0 
           Consumer parts                                    |     3.92    |  -7.2    6.7    2.5 |    .9   -9.8    8.1   12.4 |   -.7     .9    1.8     .8 |       3.3 
           Equipment parts                                   |     6.51    |  -7.4    5.9   11.8 |   3.0    6.8   20.4   17.9 |   1.2    1.5    1.0    1.6 |      14.4 
           Other                                             |     8.21    |  -6.8    1.5    -.5 |  -4.7   -7.3    1.7    9.0 |   1.3    1.1     .2     .2 |        .8 
        Nondurable                                           |    11.20    |  -5.6     .9    -.5 |  -1.3   -3.8    -.7    4.1 |   -.2    1.0     .4     .0 |        .5 
           Textile                                           |      .68    | -11.6   -1.0  -10.3 | -13.7  -16.5  -17.3    8.4 |   1.1    1.5    -.6     .3 |      -7.2 
           Paper                                             |     2.61    |  -6.1    1.5   -4.4 |  -7.6   -3.9   -3.0   -2.9 |  -1.0     .8     .4     .1 |      -1.8 
           Chemical                                          |     4.23    |  -5.1    1.7    2.7 |   2.2   -5.2    4.2   10.2 |   -.3    1.8     .8     .1 |       3.6 
     Energy                                                  |    11.53    |  -2.9    1.0     .5 |    .5   -3.6    3.9    1.6 |    .5     .5    -.3    2.0 |       2.5 
                                                             |             |                     |                            |                            |
                                                             |             |                     |                            |                            |
  INDUSTRY GROUPS                                            |             |                     |                            |                            |
  Manufacturing                                              |    82.29    |  -5.6    1.0    1.8 |   1.0   -3.2    3.7    6.0 |    .2    1.0     .1     .3 |       2.3 
     Manufacturing (NAICS)                                   |    76.93    |  -5.5    1.2    1.7 |    .1   -3.6    4.3    6.1 |    .1    1.0     .2     .3 |       2.3 
                                                             |             |                     |                            |                            |
        Durable manufacturing                                |    41.70    |  -7.3    3.0    3.7 |   1.4   -3.9    8.4    9.6 |    .1    1.2     .5     .6 |       4.4 
           Wood products   321                               |     1.45    |  -2.2   -1.8    3.2 |  -2.7   -2.8    7.2   11.7 |   2.5    1.1    -.3     .8 |       4.3 
           Nonmetallic mineral products   327                |     2.26    |  -5.6    2.1    1.2 |  -2.2   -3.0    3.9    6.4 |   1.1     .9     .6     .6 |       2.1 
           Primary metal   331                               |     2.16    | -10.6    3.5    -.8 |  -1.8  -16.0    -.6   18.0 |   2.1    2.3     .8   -1.4 |      -2.4 
           Fabricated metal products   332                   |     5.64    |  -8.4    -.1   -1.6 |  -5.1   -8.6    1.7    6.2 |    .2     .9     .7     .9 |        .7 
           Machinery   333                                   |     5.12    | -17.1    -.9    2.8 |   -.3    -.1    2.9    9.0 |  -1.1    3.8     .1     .6 |       5.8 
           Computer and electronic products   334            |     7.91    |  -7.5   10.8   15.7 |  12.2    7.5   25.0   19.1 |   2.1     .8     .2    1.0 |      14.9 
           Electrical equip., appliances,                    |             |                     |                            |                            |
              and components   335                           |     2.18    | -12.7   -2.3     .8 |  -3.7   -3.1    1.3    9.3 |    .6    1.3     .4     .4 |       3.1 
           Motor vehicles and parts   3361-3                 |     6.67    |  -2.8    9.9    3.9 |    .6  -11.2   19.3    9.2 |  -2.2     .5     .8     .9 |       3.2 
           Aerospace and miscellaneous                       |             |                     |                            |                            |
              transportation equipment   3364-9              |     3.46    |   4.9   -9.7     .7 |  -2.9   -1.6    2.5    5.0 |   -.1     .9     .6     .5 |       2.2 
           Furniture and related products   337              |     1.65    |  -7.4    -.4   -2.3 |   -.4   -8.1    -.4    -.1 |   -.5     .7     .3     .3 |      -2.5 
           Miscellaneous   339                               |     3.20    |  -2.8    3.5   -1.4 |   5.8   -6.4   -4.7     .3 |   -.4     .4    1.3     .3 |      -1.6 
                                                             |             |                     |                            |                            |
        Nondurable manufacturing                             |    35.23    |  -3.3    -.9    -.8 |  -1.5   -3.2    -.3    2.1 |    .1     .8    -.2     .0 |       -.2 
           Food, beverage, and tobacco products   311,2      |    11.59    |   -.4   -3.5   -1.6 |   -.6   -1.2   -1.3   -3.2 |   -.4     .3    -.6    -.2 |      -2.1 
           Textile and product mills   313,4                 |     1.17    | -10.3   -1.3   -7.0 | -11.6  -10.8   -9.7    5.4 |   1.7    2.3   -1.9    1.2 |      -3.0 
           Apparel and leather   315,6                       |      .94    | -15.5   -2.0  -12.6 | -17.9  -18.0  -16.7    4.3 |   1.6     .6     .1   -1.0 |     -10.4 
           Paper      322                                    |     2.97    |  -6.0    2.9   -2.8 |  -7.5    -.4   -2.9    -.1 |    .1     .7     .6    -.1 |        .1 
           Printing and support   323                        |     2.35    |  -6.7   -1.7   -5.1 |  -4.2  -10.4   -2.4   -3.0 |   -.5    -.3    -.1    -.1 |      -5.3 
           Petroleum and coal products   324                 |     2.46    |  -2.5    1.2    2.4 |   2.3   -2.6    3.4    6.7 |    .2     .8     .8   -1.2 |       1.7 
           Chemical   325                                    |    10.02    |  -1.3    -.1    2.9 |   2.3   -1.7    3.4    8.0 |    .3    1.4     .0     .5 |       3.8 
           Plastics and rubber products   326                |     3.72    |  -5.7    2.2    -.1 |  -1.0   -4.4    1.6    3.7 |    .4     .9    -.3    -.1 |        .5 
                                                             |             |                     |                            |                            |
     Other manufacturing (non-NAICS)   1133,5111             |     5.36    |  -6.3   -2.2    4.3 |  16.4    3.1   -5.3    4.3 |   1.0     .8    -.8     .2 |       2.2 
                                                             |             |                     |                            |                            |
  Mining      21                                             |     7.62    |  -1.0   -2.3     .7 |    .0    -.7    1.0    2.7 |    .2     .3     .2     .1 |        .9 
  Utilities   2211,2                                         |    10.08    |  -5.2    6.6   -1.1 |    .5  -13.3    6.8    2.6 |   1.0    1.6   -1.3    5.2 |       4.4 
     Electric      2211                                      |     8.32    |  -3.7    5.5     .0 |    .8  -10.9    9.2    2.2 |   1.3    1.7   -1.8    4.8 |       4.7 
     Natural gas   2212                                      |     1.77    | -12.8   13.4   -6.6 |   -.5  -24.1   -3.5    4.7 |   -.2    1.0    1.0    7.0 |       2.8 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      <1>  The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year.
      Note.  Under industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes.  The abbreviation pt
 denotes part of an NAICS code.  Additional industry detail is available on the Board's web site (www.federalreserve.gov/releases/G17).  Under market groups, in
 the products category, miscellaneous consumer nondurables, oil and gas drilling, and manufactured homes are not shown separately; in the nondurable materials
 category, containers and miscellaneous nondurable materials are not shown separately.
 
 
 
 Table 2
 Industrial Production: Special Aggregates and Selected Detail
 Percent change, seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |  Fourth quarter to  |                            |                            |
                                                             |             |   fourth quarter    |        Annual rate         |        Monthly rate        |
                                                             |             |---------------------|----------------------------|----------------------------| Jan. '03 
                                                             |        2003 |                     |  2003                      |  2003                 2004 |      to
 Item                                                        |   Proportion|  2001   2002   2003 |    Q1     Q2   Q3    Q4  r |  Oct.   Nov.   Dec.   Jan. |  Jan. '04 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |                     |                            |                            |
  Total industry                                             |   100.00    |  -5.2    1.3    1.4 |    .9   -4.0    3.8    5.4 |    .3    1.0     .0     .8 |       2.4 
                                                             |             |                     |                            |                            |
  Energy                                                     |    18.95    |  -3.6    2.9    -.2 |   1.1   -7.6    4.1    2.1 |    .5     .9    -.5    2.7 |       2.8 
     Consumer products                                       |     4.75    |  -5.8    8.7   -2.8 |   2.2  -16.0    5.5   -1.2 |   -.4    1.4    -.5    4.1 |       3.4 
     Commercial products                                     |     2.41    |  -1.6    3.5     .8 |   1.8  -12.1    3.4   11.8 |   2.4    2.0   -1.4    4.1 |       3.6 
     Oil and gas well drilling                               |      .25    | -10.9  -14.8    4.0 |  -1.2   18.1    -.2     .5 |    .5    -.4     .0   -5.2 |        .4 
     Converted fuel                                          |     3.69    |  -7.9    3.7     .2 |   3.3  -17.2   15.7    1.9 |   1.4    1.1    -.9    4.4 |       2.8 
     Primary materials                                       |     7.84    |   -.2    -.4     .8 |   -.9    3.7   -1.0    1.4 |    .1     .3     .0     .9 |       2.4 
                                                             |             |                     |                            |                            |
  Non-energy                                                 |    81.05    |  -5.6    1.0    1.8 |    .8   -3.2    3.7    6.2 |    .2    1.0     .1     .3 |       2.3 
     Selected high-technology industries                     |     4.93    |  -8.4   15.3   21.6 |  13.8   14.4   33.3   26.0 |   2.4    1.3    1.3    2.6 |      24.6 
        Computers and office equipment   3341                |     1.17    |  -5.7   24.0   14.0 |  15.9   -4.3   20.2   26.7 |   2.1    1.9    1.8    2.0 |      14.2 
        Communications equipment   3342                      |     1.31    | -22.8   -5.5    5.8 |  27.4    2.8   -6.7    2.4 |   2.2    -.9   -1.8    1.9 |       4.2 
        Semiconductors and related                           |             |                     |                            |                            |
           electronic components   334412-9                  |     2.45    |    .8   24.9   35.0 |   5.8   33.2   69.5   39.2 |   2.6    2.1    2.5    3.2 |      42.7 
                                                             |             |                     |                            |                            |
     Excluding selected high-technology                      |             |                     |                            |                            |
           industries                                        |    76.11    |  -5.2    -.1     .6 |   -.1   -4.3    1.9    4.9 |    .0    1.0     .0     .2 |        .9 
                                                             |             |                     |                            |                            |
        Motor vehicles and parts         3361-3              |     6.67    |  -2.8    9.9    3.9 |    .6  -11.2   19.3    9.2 |  -2.2     .5     .8     .9 |       3.2 
           Motor vehicles   3361                             |     2.94    |   1.5   11.6    3.7 |   1.3  -14.4   28.4    3.7 |  -4.7    -.5     .4    1.0 |       1.4 
           Motor vehicle parts   3363                        |     3.32    |  -5.3    7.8    3.1 |    .6   -8.9   12.2   10.0 |   -.9     .3    1.5    1.0 |       3.7 
                                                             |             |                     |                            |                            |
        Excluding motor vehicles and parts                   |    69.44    |  -5.5   -1.0     .2 |   -.1   -3.6     .4    4.5 |    .3    1.1     .0     .1 |        .6 
           Consumer goods                                    |    26.22    |  -1.5    -.3     .7 |   1.1   -3.0    1.5    3.1 |    .0     .9    -.4     .2 |        .2 
           Business equipment                                |     7.29    | -11.5   -4.6     .8 |   -.3   -5.3    4.3    4.9 |   -.8    2.1     .0     .1 |       1.9 
           Construction supplies                             |     4.19    |  -6.4     .5    1.0 |  -3.2   -4.6    4.9    7.6 |    .8     .9     .0     .3 |       1.7 
           Business supplies                                 |    10.95    |  -5.5     .7     .5 |   2.9   -5.1     .1    4.4 |    .6    1.0    -.3    1.0 |       1.2 
           Materials                                         |    24.81    |  -7.2     .3    -.2 |  -2.0   -5.1     .1    6.6 |    .4    1.1     .4     .1 |        .8 
                                                             |             |                     |                            |                            |
  Measures excluding selected high-technology                |             |                     |                            |                            |
        industries                                           |             |                     |                            |                            |
  Total industry                                             |    95.07    |  -4.9     .4     .4 |    .1   -5.0    2.4    4.4 |    .1    1.0    -.1     .7 |       1.2 
     Manufacturing        1                                  |    77.36    |  -5.2    -.1     .6 |    .1   -4.3    1.9    4.8 |    .0    1.0     .1     .2 |        .9 
        Durable                                              |    36.96    |  -6.9    1.0    1.3 |   -.5   -6.4    5.1    7.4 |   -.1    1.2     .4     .3 |       1.7 
                                                             |             |                     |                            |                            |
  Measures excluding motor vehicles and parts                |             |                     |                            |                            |
  Total industry                                             |    93.33    |  -5.4     .8    1.3 |    .9   -3.5    2.8    5.1 |    .4    1.0    -.1     .8 |       2.3 
     Manufacturing        1                                  |    75.62    |  -5.8     .3    1.6 |   1.0   -2.4    2.4    5.7 |    .4    1.1     .1     .3 |       2.2 
        Durable                                              |    35.22    |  -7.9    1.8    3.6 |   1.4   -2.5    6.3    9.7 |    .6    1.3     .4     .5 |       4.5 
                                                             |             |                     |                            |                            |
  Measures excluding selected high-technology                |             |                     |                            |                            |
        industries and motor vehicles and parts              |             |                     |                            |                            |
  Total industry                                             |    88.40    |  -5.1    -.2     .1 |    .1   -4.5    1.2    4.0 |    .3    1.0    -.1     .7 |       1.1 
     Manufacturing        1                                  |    70.69    |  -5.5    -.9     .3 |    .1   -3.6     .4    4.3 |    .2    1.0     .0     .1 |        .6 
                                                             |             |                     |                            |                            |
  Stage-of-process components of non-energy                  |             |                     |                            |                            |
        materials, measures of the input to                  |             |                     |                            |                            |
  Finished processors                                        |    13.73    |  -7.4    5.0    4.8 |   -.6   -1.4   10.1   11.8 |    .2    1.2    1.0    1.0 |       6.9 
  Semifinished and primary processors                        |    16.12    |  -5.8    1.2     .6 |  -1.4   -5.0    1.7    7.6 |    .6    1.1     .3     .0 |       1.4 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      <1>  See note on cover page.
 
 
 
 Table 3
 Motor Vehicle Assemblies
 Millions of units, seasonally adjusted annual rate
 -------------------------------------------------------------------------------------------------------------------------------
                                                     |   2003 |   2003                         |   2003                    2004 
 Item                                                | Average|     Q1      Q2      Q3      Q4 |   Oct.    Nov.    Dec.    Jan. 
 -------------------------------------------------------------------------------------------------------------------------------
  Total                                              |  12.09 |  12.30   11.76   12.29   12.20 |  12.24   12.12   12.24   12.29 
     Autos                                           |   4.51 |   4.68    4.43    4.56    4.41 |   4.54    4.41    4.29    4.31 
     Trucks                                          |   7.58 |   7.63    7.32    7.73    7.79 |   7.70    7.72    7.95    7.99 
        Light                                        |   7.32 |   7.39    7.08    7.46    7.49 |   7.40    7.41    7.64    7.67 
        Medium and heavy                             |    .26 |    .23     .24     .26     .30 |    .29     .30     .31     .32 
                                                     |        |                                |
  Memo:                                              |        |                                |
     Autos and light trucks                          |  11.83 |  12.07   11.52   12.03   11.90 |  11.94   11.82   11.93   11.97 
 -------------------------------------------------------------------------------------------------------------------------------
      Note.  Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board's web site,
 www.federalreserve.gov/releases/G17/mvsf.htm
 
 
 
 Table 4
 Industrial Production Indexes: Market and Industry Group Summary
 1997 = 100, seasonally adjusted
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |        2003 |     2003                                                                            2004 
 Item                                                        |   Proportion|      May      June      July      Aug.     Sept.      Oct.      Nov.      Dec.      Jan. 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |
  Total IP                                                   |   100.00    |    110.0     110.0     110.8     110.9     111.5     111.8     112.9     112.9     113.8 
                                                             |             |
  MARKET GROUPS                                              |             |
  Final products and nonindustrial supplies                  |    58.62    |    107.1     106.8     107.5     107.6     108.0     108.2     109.3     109.0     109.8 
     Consumer goods                                          |    31.18    |    105.5     105.0     105.8     105.7     106.1     106.0     107.0     106.6     107.4 
        Durable                                              |     8.15    |    115.3     116.2     118.2     117.4     120.8     119.8     121.2     121.3     122.1 
           Automotive products                               |     4.13    |    123.5     125.7     129.1     127.3     135.0     131.8     133.0     133.3     134.4 
           Home electronics                                  |      .36    |    168.8     169.4     170.7     179.2     183.2     196.2     202.7     200.4     192.0 
           Appliances, furniture, carpeting                  |     1.42    |    111.7     110.8     112.2     112.0     110.6     110.6     112.2     112.1     113.2 
           Miscellaneous goods                               |     2.24    |     97.5      97.7      97.8      97.4      97.1      97.6      98.7      98.9      99.8 
        Nondurable                                           |    23.03    |    101.8     100.9     101.3     101.4     100.9     101.0     101.9     101.3     102.2 
           Non-energy                                        |    18.27    |    100.0      99.8      99.6      99.3      99.1      99.5     100.2      99.6      99.6 
              Foods and tobacco                              |     9.97    |     97.1      97.1      97.3      96.2      96.0      95.7      96.1      95.3      95.2 
              Clothing                                       |      .86    |     64.1      62.2      61.6      59.7      59.7      60.7      61.1      60.9      60.3 
              Chemical products                              |     4.67    |    115.6     114.4     114.4     116.5     116.3     117.4     119.4     118.6     119.2 
              Paper products                                 |     2.24    |    109.0     110.2     108.4     108.8     108.2     109.7     110.5     110.1     110.0 
           Energy                                            |     4.75    |    110.4     107.1     109.8     111.1     109.4     109.0     110.4     109.9     114.5 
                                                             |             |
     Business equipment                                      |     9.57    |    108.6     109.0     109.3     110.0     111.2     110.8     112.8     112.8     113.4 
        Transit                                              |     1.57    |     74.3      74.0      73.9      74.5      77.1      75.9      77.1      77.9      78.4 
        Information processing                               |     3.05    |    170.8     170.9     172.5     174.7     175.4     178.5     178.2     177.0     177.8 
        Industrial and other                                 |     4.96    |     88.8      89.4      89.5      89.6      90.3      89.2      91.9      92.0      92.5 
     Defense and space equipment                             |     1.99    |    111.8     111.8     112.1     113.0     113.7     113.7     113.2     112.8     111.9 
                                                             |             |
     Construction supplies                                   |     4.23    |    100.8     100.8     101.5     101.9     102.3     103.1     104.1     104.2     104.5 
     Business supplies                                       |    11.30    |    111.0     110.6     111.5     111.2     111.3     112.1     113.2     113.0     114.2 
                                                             |             |
  Materials                                                  |    41.38    |    114.1     114.4     115.4     115.5     116.4     116.9     118.0     118.5     119.5 
     Non-energy                                              |    29.85    |    117.9     118.3     119.2     119.2     120.8     121.3     122.7     123.5     124.1 
        Durable                                              |    18.64    |    132.1     133.1     134.6     134.9     137.0     138.2     139.8     140.9     142.1 
           Consumer parts                                    |     3.92    |    103.9     105.0     105.9     104.8     109.2     108.4     109.5     111.4     112.3 
           Equipment parts                                   |     6.51    |    207.9     210.5     214.2     218.2     221.6     224.2     227.6     229.7     233.3 
           Other                                             |     8.21    |     93.8      94.0      94.6      94.1      94.4      95.7      96.7      96.9      97.1 
        Nondurable                                           |    11.20    |     94.8      94.5      94.8      94.4      95.1      95.0      95.9      96.3      96.2 
           Textile                                           |      .68    |     70.4      69.9      67.8      67.0      67.5      68.3      69.3      68.8      69.0 
           Paper                                             |     2.61    |     90.5      90.7      90.9      89.3      89.6      88.7      89.4      89.7      89.8 
           Chemical                                          |     4.23    |     98.1      97.0      98.5      99.1     100.8     100.4     102.2     103.1     103.2 
     Energy                                                  |    11.53    |     99.6      99.6     100.9     101.0     100.4     100.9     101.4     101.1     103.1 
                                                             |             |
                                                             |             |
  INDUSTRY GROUPS                                            |             |
  Manufacturing                                              |    82.29    |    111.0     111.2     111.8     111.8     112.7     112.9     114.1     114.2     114.6 
     Manufacturing (NAICS)                                   |    76.93    |    111.2     111.4     112.2     112.1     113.2     113.3     114.5     114.7     115.1 
                                                             |             |
        Durable manufacturing                                |    41.70    |    122.8     123.6     124.8     124.9     127.1     127.2     128.8     129.5     130.2 
           Wood products   321                               |     1.45    |     97.0      97.7      99.6      98.7      98.7     101.2     102.2     101.9     102.8 
           Nonmetallic mineral products   327                |     2.26    |     99.3     100.0     100.8     100.9     100.4     101.5     102.4     102.9     103.5 
           Primary metal   331                               |     2.16    |     82.2      82.7      82.9      82.5      83.0      84.7      86.7      87.4      86.2 
           Fabricated metal products   332                   |     5.64    |     93.2      93.3      94.2      93.2      94.4      94.6      95.4      96.1      96.9 
           Machinery   333                                   |     5.12    |     86.2      86.3      85.9      86.7      87.3      86.3      89.5      89.6      90.2 
           Computer and electronic products   334            |     7.91    |    258.0     260.5     266.7     273.7     277.1     282.9     285.2     285.8     288.6 
           Electrical equip., appliances,                    |             |
              and components   335                           |     2.18    |     92.4      93.6      92.9      93.0      93.9      94.4      95.6      96.0      96.4 
           Motor vehicles and parts   3361-3                 |     6.67    |    112.0     113.8     116.6     114.9     122.7     119.9     120.5     121.6     122.6 
           Aerospace and miscellaneous                       |             |
              transportation equipment   3364-9              |     3.46    |     94.2      94.0      93.8      94.9      95.0      95.0      95.8      96.4      96.8 
           Furniture and related products   337              |     1.65    |    100.8     100.3     101.2     100.1     100.5     100.0     100.7     101.0     101.4 
           Miscellaneous   339                               |     3.20    |    116.6     117.2     116.6     114.8     115.3     114.8     115.3     116.8     117.2 
                                                             |             |
        Nondurable manufacturing                             |    35.23    |     96.8      96.3      96.7      96.5      96.6      96.7      97.4      97.3      97.3 
           Food, beverage, and tobacco products   311,2      |    11.59    |     98.0      98.0      98.3      97.3      97.3      96.8      97.1      96.6      96.4 
           Textile and product mills   313,4                 |     1.17    |     77.7      77.2      76.7      75.9      74.9      76.2      77.9      76.4      77.4 
           Apparel and leather   315,6                       |      .94    |     64.2      62.5      62.0      60.2      60.2      61.2      61.5      61.6      61.0 
           Paper      322                                    |     2.97    |     92.7      93.1      93.0      91.6      91.3      91.4      92.0      92.6      92.4 
           Printing and support   323                        |     2.35    |     88.8      88.8      89.0      88.5      88.7      88.3      88.0      87.9      87.8 
           Petroleum and coal products   324                 |     2.46    |    101.6      99.1     100.0     101.8     101.9     102.1     102.9     103.7     102.5 
           Chemical   325                                    |    10.02    |    104.4     103.5     104.5     105.5     106.1     106.4     107.9     107.9     108.5 
           Plastics and rubber products   326                |     3.72    |    103.0     102.5     102.8     103.1     103.0     103.4     104.3     104.0     103.9 
                                                             |             |
     Other manufacturing (non-NAICS)   1133,5111             |     5.36    |    106.1     107.0     105.0     105.2     104.7     105.8     106.6     105.7     106.0 
                                                             |             |
  Mining      21                                             |     7.62    |     92.7      93.2      93.4      93.1      93.5      93.7      94.0      94.2      94.3 
  Utilities   2211,2                                         |    10.08    |    110.2     107.9     111.3     111.8     109.9     111.0     112.8     111.3     117.1 
     Electric      2211                                      |     8.32    |    112.4     109.8     114.1     115.0     112.4     113.9     115.8     113.8     119.3 
     Natural gas   2212                                      |     1.77    |     98.0      97.5      96.7      95.9      96.8      96.6      97.6      98.5     105.5 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      Note.  See notes to table 1.
 
 
 
 Table 5
 Industrial Production Indexes: Special Aggregates
 1997 = 100, seasonally adjusted
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |        2003 |     2003                                                                            2004 
 Item                                                        |   Proportion|      May      June      July      Aug.     Sept.      Oct.      Nov.      Dec.      Jan. 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |
  Total industry                                             |   100.00    |    110.0     110.0     110.8     110.9     111.5     111.8     112.9     112.9     113.8 
                                                             |             |
  Energy                                                     |    18.95    |    103.6     102.5     104.3     104.7     103.8     104.4     105.3     104.8     107.6 
     Consumer products                                       |     4.75    |    110.4     107.1     109.8     111.1     109.4     109.0     110.4     109.9     114.5 
     Commercial products                                     |     2.41    |    112.3     108.9     112.5     112.0     111.5     114.2     116.5     114.9     119.6 
     Oil and gas well drilling                               |      .25    |     96.0      94.6      94.0      95.4      94.5      95.0      94.6      94.6      89.7 
     Converted fuel                                          |     3.69    |     98.7      99.5     103.4     104.4     101.8     103.3     104.4     103.4     107.9 
     Primary materials                                       |     7.84    |     99.3      99.1      99.1      98.8      99.2      99.2      99.5      99.5     100.4 
                                                             |             |
  Non-energy                                                 |    81.05    |    111.0     111.2     111.8     111.7     112.7     113.0     114.1     114.3     114.7 
     Selected high-technology industries                     |     4.93    |    352.9     359.6     369.1     382.6     388.1     397.4     402.6     407.7     418.3 
        Computers and office equipment   3341                |     1.17    |    253.8     256.4     261.9     266.7     272.2     277.9     283.3     288.4     294.0 
        Communications equipment   3342                      |     1.31    |    156.0     155.4     152.6     154.6     152.6     156.0     154.6     151.9     154.9 
        Semiconductors and related                           |             |
           electronic components   334412-9                  |     2.45    |    634.7     657.8     693.0     732.7     751.6     771.1     787.3     806.7     832.6 
                                                             |             |
     Excluding selected high-technology                      |             |
           industries                                        |    76.11    |     97.8      97.9      98.3      98.0      98.9      98.9      99.9     100.0     100.1 
                                                             |             |
        Motor vehicles and parts         3361-3              |     6.67    |    112.0     113.8     116.6     114.9     122.7     119.9     120.5     121.6     122.6 
           Motor vehicles   3361                             |     2.94    |    114.3     116.4     121.2     117.3     130.5     124.4     123.7     124.2     125.5 
           Motor vehicle parts   3363                        |     3.32    |    110.7     112.3     113.6     113.0     117.8     116.7     117.1     118.9     120.0 
                                                             |             |
        Excluding motor vehicles and parts                   |    69.44    |     96.6      96.5      96.7      96.6      96.8      97.1      98.1      98.1      98.2 
           Consumer goods                                    |    26.22    |    103.9     103.9     104.4     103.9     104.7     104.7     105.6     105.2     105.3 
           Business equipment                                |     7.29    |     89.8      90.0      90.3      90.7      91.3      90.6      92.5      92.5      92.7 
           Construction supplies                             |     4.19    |    100.5     100.5     101.3     101.7     102.0     102.9     103.9     103.9     104.2 
           Business supplies                                 |    10.95    |    101.4     100.9     101.6     101.2     101.2     101.8     102.9     102.6     103.6 
           Materials                                         |    24.81    |     93.3      93.2      93.5      93.1      93.8      94.2      95.2      95.5      95.6 
                                                             |             |
  Measures excluding selected high-technology                |             |
        industries                                           |             |
  Total industry                                             |    95.07    |     98.9      98.7      99.4      99.2      99.8      99.9     100.9     100.8     101.5 
     Manufacturing        1                                  |    77.36    |     97.9      98.0      98.4      98.1      99.0      99.0      99.9     100.0     100.2 
        Durable                                              |    36.96    |     97.8      98.2      98.9      98.5     100.2     100.1     101.3     101.7     102.0 
                                                             |             |
  Measures excluding motor vehicles and parts                |             |
  Total industry                                             |    93.33    |    109.9     109.7     110.4     110.6     110.7     111.2     112.4     112.3     113.2 
     Manufacturing        1                                  |    75.62    |    110.9     110.9     111.4     111.5     111.9     112.3     113.5     113.6     113.9 
        Durable                                              |    35.22    |    124.4     124.9     125.7     126.3     127.2     128.0     129.8     130.3     131.0 
                                                             |             |
  Measures excluding selected high-technology                |             |
        industries and motor vehicles and parts              |             |
  Total industry                                             |    88.40    |     97.9      97.7      98.2      98.1      98.2      98.5      99.5      99.4     100.0 
     Manufacturing        1                                  |    70.69    |     96.7      96.6      96.8      96.7      97.0      97.2      98.2      98.2      98.3 
                                                             |             |
  Stage-of-process components of non-energy                  |             |
        materials, measures of the input to                  |             |
  Finished processors                                        |    13.73    |    143.5     144.8     146.2     146.5     149.5     149.9     151.7     153.2     154.8 
  Semifinished and primary processors                        |    16.12    |     96.5      96.4      97.0      96.8      97.4      98.1      99.1      99.4      99.5 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      Note.  See notes to table 2.
      <1>  See note on cover page.
 
 
 
 Table 6
 Diffusion Indexes of Industrial Production
 Percent
 -------------------------------------------------------------------------------------------------------
 
 Year       Jan.    Feb.    Mar.    Apr.     May    June    July    Aug.   Sept.    Oct.    Nov.    Dec.
 -------------------------------------------------------------------------------------------------------
 
 One Month Earlier
  2001     39.3    38.3    41.0    45.8    34.6    37.3    41.4    44.1    43.7    40.0    39.7    49.5 
  2002     52.9    54.9    62.4    58.0    59.0    60.7    45.8    48.5    47.5    44.1    53.6    48.8 
  2003     48.8    48.8    38.3    36.3    51.5    52.5    57.6    45.8    59.3    62.4    71.9    51.9 
 
 Three Months Earlier
  2001     35.3    30.2    32.9    39.3    33.2    39.0    31.2    38.3    39.7    40.7    36.9    40.7 
  2002     46.8    57.1    60.2    64.7    68.1    63.1    58.0    52.9    43.7    44.4    45.8    45.8 
  2003     47.5    45.1    42.0    33.6    36.3    45.4    55.6    55.3    59.3    60.5    74.6    69.2 
 
 Six Months Earlier
  2001     30.8    30.2    27.8    29.2    29.5    32.2    33.6    32.5    36.3    30.5    33.6    36.3 
  2002     41.4    42.5    53.4    56.1    61.6    65.0    61.4    61.7    52.9    50.8    46.8    44.4 
  2003     40.7    40.0    40.3    33.6    34.9    39.3    43.1    42.4    52.9    60.3    67.1    69.5 
 -------------------------------------------------------------------------------------------------------
      Note:  The diffusion indexes are calculated as the percentage of series that increased over the indicated
 span (one, three, or six months) plus one-half the percentage that were unchanged.
 
 
 
 Table 7
 Capacity Utilization
 Percent of capacity, seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          |             |  1972-  1988-  1990-  1994-|                            |
                                                          |      2003   |  2003      89     91     95|  2003                      |  2003                 2004 
 Item                                                     |   Proportion|  Ave.    High    Low   High|    Q1     Q2   Q3    Q4  r |  Oct.   Nov.   Dec.   Jan. 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                          |      100.00 |  81.1   85.2   78.6   84.8 |  75.1   74.1   74.6   75.4 |  75.0   75.7   75.6   76.2 
                                                          |             |                            |                            |
  Manufacturing                                           |       84.35 |  80.0   85.6   77.2   84.3 |  73.5   72.7   73.2   74.1 |  73.6   74.3   74.4   74.6 
     Manufacturing (NAICS)                                |       79.53 |  79.8   85.5   77.0   84.4 |  72.9   72.0   72.6   73.6 |  73.1   73.8   73.9   74.0 
                                                          |             |                            |                            |
        Durable manufacturing                             |       44.99 |  78.3   84.5   73.4   83.7 |  70.3   69.1   70.1   71.4 |  70.8   71.5   71.8   72.1 
           Wood products   321                            |        1.45 |  80.2   88.8   73.0   87.9 |  73.1   72.7   74.0   76.1 |  75.7   76.5   76.2   76.9 
           Nonmetallic mineral products   327             |        2.20 |  79.4   85.7   72.1   84.0 |  77.5   76.9   77.7   78.8 |  78.3   78.9   79.4   79.8 
           Primary metal   331                            |        2.18 |  80.8   95.3   75.2   94.9 |  76.8   73.4   73.3   76.3 |  74.9   76.7   77.3   76.2 
           Fabricated metal products   332                |        6.26 |  76.9   80.3   71.1   83.8 |  68.8   67.2   67.3   68.2 |  67.7   68.3   68.7   69.2 
           Machinery   333                                |        5.73 |  79.5   84.6   72.8   87.6 |  66.8   67.0   67.6   69.3 |  67.5   70.1   70.3   70.8 
           Computer and electronic products   334         |        9.67 |  79.1   81.1   76.3   85.3 |  63.2   62.9   65.2   66.8 |  66.9   67.0   66.7   66.9 
           Electrical equip., appliances,                 |             |                            |                            |
              and components   335                        |        2.23 |  83.0   87.4   75.0   92.5 |  73.5   73.1   73.5   75.4 |  74.6   75.6   75.9   76.3 
           Motor vehicles and parts   3361-3              |        6.27 |  77.7   89.7   56.5   87.8 |  80.9   77.9   80.7   81.8 |  81.5   81.7   82.2   82.6 
           Aerospace and miscellaneous                    |             |                            |                            |
              transportation equipment   3364-9           |        4.06 |  72.9   88.9   81.9   67.7 |  63.8   63.6   64.0   64.8 |  64.3   64.9   65.3   65.6 
           Furniture and related products   337           |        1.77 |  78.9   84.0   67.9   83.7 |  71.1   69.6   69.6   69.6 |  69.2   69.7   69.9   70.1 
           Miscellaneous   339                            |        3.15 |  76.9   81.7   77.7   81.2 |  77.8   76.5   75.6   75.7 |  75.1   75.4   76.4   76.6 
                                                          |             |                            |                            |
        Nondurable manufacturing                          |       34.55 |  82.0   87.0   81.8   85.5 |  76.5   76.1   76.1   76.7 |  76.3   76.9   76.8   76.9 
           Food, beverage, and tobacco products   311,2   |       11.18 |  82.1   85.5   81.3   84.5 |  77.4   77.3   77.2   76.8 |  76.7   77.0   76.6   76.5 
           Textile and product mills   313,4              |        1.23 |  83.3   91.4   77.2   91.0 |  73.2   71.7   70.4   72.0 |  71.2   73.0   71.8   72.9 
           Apparel and leather   315,6                    |        1.13 |  79.6   84.2   77.3   89.2 |  65.2   63.4   61.9   64.0 |  63.3   64.1   64.6   64.5 
           Paper      322                                 |        2.69 |  88.3   93.7   85.2   92.4 |  83.6   83.8   83.4   83.6 |  82.9   83.6   84.2   84.1 
           Printing and support   323                     |        2.46 |  84.3   91.6   82.7   86.0 |  73.7   71.9   71.8   71.5 |  71.6   71.5   71.5   71.5 
           Petroleum and coal products   324              |        2.07 |  86.4   88.9   82.5   90.2 |  88.4   87.6   87.9   89.0 |  88.4   89.0   89.6   88.4 
           Chemical   325                                 |       10.27 |  78.4   85.6   80.8   81.3 |  73.1   72.6   73.0   74.2 |  73.5   74.5   74.5   74.8 
           Plastics and rubber products   326             |        3.51 |  83.7   91.3   77.2   92.4 |  79.6   79.1   79.9   81.1 |  80.6   81.4   81.3   81.5 
                                                          |             |                            |                            |
     Other manufacturing (non-NAICS)   1133,5111          |        4.81 |  83.6   90.7   79.1   82.8 |  82.3   83.2   82.4   83.5 |  83.2   84.0   83.4   83.6 
                                                          |             |                            |                            |
  Mining      21                                          |        6.71 |  86.9   85.6   83.4   88.3 |  84.7   84.7   85.0   85.6 |  85.4   85.7   85.9   86.0 
  Utilities      2211,2                                   |        8.95 |  86.9   92.8   84.1   93.8 |  86.3   82.4   82.9   82.6 |  82.4   83.4   82.1   86.1 
                                                          |             |                            |                            |
  Selected high-technology industries                     |        6.35 |  78.8   79.9   74.5   88.3 |  61.7   62.0   65.0   67.1 |  66.8   67.2   67.4   68.6 
     Computers and office equipment   3341                |        1.37 |  78.1   79.3   67.2   86.6 |  71.4   68.6   70.4   73.3 |  72.4   73.3   74.1   75.1 
     Communications equipment   3342                      |        2.09 |  77.7   81.7   73.2   87.5 |  50.6   50.9   50.2   50.7 |  51.3   50.9   50.1   51.1 
     Semiconductors and related                           |             |                            |                            |
        electronic components   334412-9                  |        2.89 |  80.7   80.5   78.1   91.5 |  64.9   66.8   73.0   75.9 |  75.3   75.8   76.5   77.8 
                                                          |             |                            |                            |
  Measures excluding selected high-technology             |             |                            |                            |
        industries                                        |             |                            |                            |
  Total industry                                          |       93.65 |  81.3   85.6   78.8   84.7 |  76.3   75.3   75.7   76.4 |  76.0   76.7   76.6   77.1 
     Manufacturing        1                               |       78.00 |  80.1   86.1   77.3   84.1 |  74.7   73.9   74.3   75.1 |  74.6   75.4   75.4   75.6 
                                                          |             |                            |                            |
  Stage-of-process groups                                 |             |                            |                            |
  Crude                                                   |        9.67 |  86.3   88.5   84.7   88.9 |  83.3   83.3   83.7   84.0 |  83.8   84.0   84.3   84.6 
  Primary and semifinished                                |       48.65 |  82.2   86.4   77.5   87.9 |  77.2   75.8   76.4   77.5 |  77.0   77.8   77.8   78.7 
  Finished                                                |       41.68 |  78.2   83.2   77.2   80.3 |  71.2   70.4   70.9   71.5 |  71.1   71.8   71.6   71.7 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      <1>  See note on cover page
      Note.  See notes to table 2.
 
 
 
 Table 8
 Industrial Capacity
 Percent change
 --------------------------------------------------------------------------------------------------------------------------------------------------------
                                           |    Average annual rate     |  Fourth quarter to fourth quarter  |        Annual rate         | Monthly rate
                                           |----------------------------|------------------------------------|----------------------------|--------------
                                           |  1972-  1980-  1989-  1995-|                                    |  2003                 2004 |         2004 
 Item                                      |     79     88     94  2004 |    2001     2002     2003     2004 |    Q2     Q3     Q4     Q1 |         Jan. 
 --------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                           |   3.0    1.9    2.3    3.9 |     2.3      1.6      1.1      1.7 |   1.2    1.0    1.0    1.2 |           .1 
                                           |                            |                                    |                            |
  Manufacturing        1                   |   3.1    2.2    2.6    4.3 |     2.2      1.1      1.0      1.8 |   1.0     .9     .8    1.0 |           .1 
                                           |                            |                                    |                            |
  Mining                                   |    .7     .1    -.8    -.1 |     2.7       .3      -.5       .1 |   -.5    -.5    -.4    -.1 |           .0 
  Utilities                                |   4.2    2.1    1.6    2.6 |     3.7      6.0      4.4      1.4 |   4.4    4.0    3.9    3.4 |           .3 
                                           |                            |                                    |                            |
                                           |                            |                                    |                            |
  Selected high-technology industries      |  18.3   17.2   15.5   32.6 |    24.9     17.6     11.8     22.8 |  12.0   10.7   10.4   12.5 |           .8 
  Manufacturing        1<@F> ex. selected  |                            |                                    |                            |
        high-technology industries         |   2.5    1.3    1.7    1.7 |      .4      -.1      -.2       .1 |   -.2    -.2    -.2    -.1 |           .0 
                                           |                            |                                    |                            |
  Stage-of-process groups                  |                            |                                    |                            |
  Crude                                    |   1.6     .3    -.2    -.1 |     1.2      -.3     -1.1      -.1 |  -1.2   -1.1    -.9    -.5 |           .0 
  Primary and semifinished                 |   3.0    1.5    2.6    4.9 |     2.8      1.8      1.8      2.5 |   1.8    1.8    1.7    1.9 |           .1 
  Finished                                 |   3.7    3.2    2.6    3.5 |     1.8      1.7       .8       .9 |    .9     .6     .5     .5 |           .0 
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 p  Preliminary.
      <1>  See note on cover page.
 
 
 
 Table 9
 Gross Value of Products
 Billions of 1996 dollars at annual rate, seasonally adjusted
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      |            |            |       2002        2003                                     |       2003                                2004 
 Item                                 |     1996   |       2003 |         Q4          Q1          Q2        Q3         Q4  r |       Oct.        Nov.        Dec.        Jan. 
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      |            |            |                                                            |
  Final products and nonindustrial    |            |            |                                                            |
        supplies                      |    2,368.0 |    2,734.8 |    2,731.0     2,740.6     2,704.8     2,736.9     2,766.9 |    2,748.5     2,777.1     2,775.1     2,794.5 
                                      |            |            |                                                            |
     Final products                   |    1,774.8 |    2,062.7 |    2,057.4     2,066.0     2,038.9     2,066.3     2,084.6 |    2,071.0     2,091.9     2,090.8     2,104.3 
                                      |            |            |                                                            |
        Consumer goods                |    1,244.3 |    1,400.1 |    1,401.0     1,406.3     1,386.3     1,402.6     1,409.2 |    1,402.6     1,413.5     1,411.6     1,420.9 
           Durable                    |      378.6 |      501.9 |      493.3       496.5       486.9       504.8       513.4 |      509.7       515.0       515.4       518.5 
              Automotive products     |      213.9 |      305.2 |      297.0       299.6       291.9       307.6       312.2 |      310.5       312.6       313.4       315.9 
              Other durable goods     |      164.7 |      195.1 |      195.0       195.5       193.8       195.4       199.4 |      197.4       200.7       200.2       200.8 
           Nondurable                 |      865.8 |      902.5 |      909.9       912.1       901.3       902.2       901.6 |      898.3       904.3       902.2       908.3 
                                      |            |            |                                                            |
        Equipment, total              |      530.5 |      658.9 |      650.5       654.1       647.8       659.8       674.0 |      666.0       677.3       678.7       682.8 
           Business and defense       |      515.6 |      649.9 |      640.9       645.3       638.5       650.6       665.1 |      657.1       668.5       669.8       674.3 
              Business                |      448.3 |      573.3 |      567.1       570.4       563.1       573.0       586.2 |      577.9       589.8       591.0       595.9 
              Defense and space       |       67.3 |       74.2 |       71.7        72.7        73.0        75.0        76.3 |       76.3        76.3        76.3        76.2 
                                      |            |            |                                                            |
     Nonindustrial supplies           |      593.1 |      672.1 |      673.6       674.5       665.9       670.5       682.2 |      677.4       685.1       684.2       690.2 
        Construction supplies         |      162.7 |      174.3 |      175.7       174.3       172.1       174.1       177.6 |      176.3       178.1       178.3       178.8 
        Business supplies             |      430.4 |      498.7 |      498.6       501.1       494.7       497.2       505.4 |      501.8       507.7       506.6       512.1 
           Commercial energy products |      113.0 |      129.4 |      131.3       131.7       127.5       128.2       132.8 |      131.3       134.3       132.7       136.7 
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
 
 
 
 Table 10
 Gross-Value-Weighted Industrial Production:  Stage-of-Process Groups
 Percent change, seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             | Fourth quarter to   |                            |                            |
                                                             |             |   fourth quarter    |        Annual rate         |        Monthly rate        |
                                                             |             |---------------------|----------------------------|----------------------------| Jan. '03 
                                                             |        2003 |                     |  2003                      |  2003                 2004 |     to
 Item                                                        |        gross|  2001   2002   2003 |    Q1     Q2   Q3    Q4  r |  Oct.   Nov.   Dec.   Jan. |  Jan. '04 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |                     |                            |                            |
  Finished                                                   |   1815.0    |  -4.2    1.4    2.0 |   1.9   -3.9    5.7    4.5 |   -.6    1.0     .1     .2 |       1.7 
  Semi-finished                                              |   1775.3    |  -6.5    3.1    2.1 |   -.3   -3.6    5.8    6.9 |    .5    1.2    -.1    1.3 |       4.1 
  Primary                                                    |    849.0    |  -6.2    3.1     .0 |    .2  -10.3    3.3    7.6 |    .5    1.2     .5    1.0 |       1.3 
  Crude                                                      |    355.0    |  -2.9    -.6    -.3 |  -1.2   -5.9    3.0    3.1 |    .3     .4     .4     .3 |        .8 
                                                             |             |                     |                            |                            |
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      <1>  Billions of 1996 dollars.
 
 
 
 Table 11
 Electric Power Use
 1997 = 100
 --------------------------------------------------------------------------------------------------------------------------------------------------
                                                     |       |           Seasonally adjusted            |         Not seasonally adjusted
                                                     | 1997  |------------------------------------------|------------------------------------------
                                                     |Billion|  2003                                    |  2003                                    
 Item                                                |  KWH  |  July   Aug.  Sept.   Oct.   Nov.   Dec. |  July   Aug.  Sept.   Oct.   Nov.   Dec. 
 --------------------------------------------------------------------------------------------------------------------------------------------------
  Total Industry                                     | 983.9 |  92.0   91.0   91.9   91.6   91.8   91.8 |  92.4   93.4   95.1   93.8   91.4   90.1 
                                                     |       |                                          |
  Manufacturing        1                             | 890.9 |  92.5   91.5   92.4   92.0   92.3   92.4 |  93.0   94.2   95.8   94.3   91.7   90.5 
     Durable                                         | 386.5 |  91.7   91.1   91.7   91.5   91.5   92.2 |  93.1   94.4   95.2   93.4   89.9   89.0 
     Nondurable                                      | 498.4 |  93.0   91.9   93.0   92.4   92.8   92.5 |  92.9   94.0   96.2   95.1   93.1   91.7 
                                                     |       |                                          |
  Mining                                             |  93.0 |  85.4   83.6   84.9   85.4   85.0   83.1 |  82.9   82.4   85.5   85.8   86.2   84.7 
                                                     |       |                                          |
  Total ex. nuclear nondefense                       | 962.6 |  92.4   91.5   92.4   92.4   92.8   92.9 |  94.0   95.1   96.1   94.2   91.9   90.5 
  Utility sales to industry                          | 913.5 |  90.3   88.9   89.9   89.5   89.6   89.2 |  90.2   91.2   93.2   91.7   89.2   87.5 
  Industrial generation                              |  70.4 | 124.7  126.1  127.6  125.7  128.3  128.5 | 126.8  128.8  125.5  127.2  125.9  131.7 
 --------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.  p  Preliminary.
      <1>  See note on cover page.
      Note.  Additional industry detail is available on the Board's web site, www.federalreserve.gov/releases/G17/download.htm.
 
 
 
 Table 12
 Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Year            |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change) <1>     |                                                                                    |                            |
  1982           |  -1.8    1.9    -.7    -.8    -.7    -.3    -.4    -.9    -.5    -.9    -.4    -.8 |  -7.2   -4.7   -6.1   -7.7 |   -5.1 
  1983           |   1.8    -.5     .8    1.3     .7     .6    1.5    1.1    1.5     .8     .3     .7 |   4.3   10.0   14.4   10.7 |    2.6 
  1984           |   2.0     .3     .7     .6     .6     .4     .3     .1    -.2    -.2     .3     .1 |  12.4    6.8    3.0    -.1 |    9.1 
  1985           |   -.3     .5     .1     .0     .1     .0    -.6     .5     .4    -.5     .3    1.0 |   1.0    1.0    -.6    1.9 |    1.3 
                 |                                                                                    |                            |
  1986           |    .6    -.7    -.7     .1     .2    -.3     .6    -.2     .2     .4     .5     .9 |   2.6   -2.4    1.6    4.5 |    1.0 
  1987           |   -.5    1.4     .2     .7     .6     .7     .6     .7     .2    1.4     .5     .4 |   4.9    7.7    7.3    9.1 |    5.0 
  1988           |    .1     .5     .2     .4     .0     .2     .2     .5    -.3     .5     .2     .5 |   3.6    3.0    2.2    3.1 |    5.0 
  1989           |    .3    -.5     .3    -.1    -.6     .0   -1.0     .9    -.3    -.1     .2     .7 |   1.6   -1.7   -2.8    1.5 |     .9 
  1990           |   -.5     .9     .4     .0     .1     .3    -.2     .3     .2    -.7   -1.2    -.7 |   3.0    3.0    1.3   -5.9 |     .9 
                 |                                                                                    |                            |
  1991           |   -.4    -.7    -.5     .2    1.0    1.0     .0     .0     .9    -.2    -.1    -.3 |  -7.4    2.6    5.3     .7 |   -1.5 
  1992           |   -.6     .9     .7     .7     .4    -.1     .8    -.3     .1     .7     .5     .0 |   -.1    7.0    2.7    4.3 |    2.8 
  1993           |    .4     .4     .1     .2    -.3     .2     .4    -.1     .6     .6     .4     .6 |   3.5    1.1    2.1    6.2 |    3.3 
  1994           |    .5     .1     .9     .5     .6     .7     .2     .6     .2     .8     .6    1.1 |   5.9    7.2    5.1    7.8 |    5.4 
  1995           |    .4     .0     .0     .0     .2     .3    -.4    1.4     .5    -.2     .4     .4 |   5.7     .9    3.7    3.7 |    4.8 
                 |                                                                                    |                            |
  1996           |   -.7    1.3    -.2     .9     .7     .9    -.1     .7     .6     .1     .9     .5 |   2.0    8.0    5.8    6.3 |    4.3 
  1997           |    .3    1.4     .3     .5     .4     .5     .6    1.0     .8     .8     .7     .3 |   8.5    6.5    8.3    9.2 |    7.4 
  1998           |    .5     .3     .3     .6     .5    -.4    -.2    2.0    -.2     .8    -.3     .0 |   5.0    4.2    3.7    4.9 |    5.9 
  1999           |    .6     .4     .4     .2     .7     .1     .5     .7    -.2    1.0     .5     .8 |   3.6    4.4    4.9    7.0 |    4.4 
  2000           |   -.1     .6     .4     .7     .6     .1    -.5    -.1     .4    -.4    -.1    -.3 |   4.6    6.7    -.6   -1.3 |    4.4 
                 |                                                                                    |                            |
  2001           |   -.9    -.5    -.4    -.3    -.5    -.6    -.4    -.2    -.6    -.2    -.5    -.2 |  -6.3   -5.0   -5.2   -4.5 |   -3.4 
  2002           |    .6     .2     .4     .4     .2     .6    -.1     .0    -.1    -.3     .1    -.5 |   1.9    4.2    1.2   -1.9 |    -.6 
  2003           |    .5     .4    -.7    -.6    -.1     .0     .8     .0     .6     .3    1.0     .0 |    .9   -4.0    3.8    5.4 |     .2 
  2004           |    .8                                                                              |                            |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (1997=100)      |                                                                                    |                            |
  2002           | 109.7  109.9  110.3  110.8  110.9  111.7  111.5  111.5  111.3  111.0  111.2  110.6 | 110.0  111.1  111.5  110.9 |  110.9 
  2003           | 111.2  111.6  110.8  110.1  110.0  110.0  110.8  110.9  111.5  111.8  112.9  112.9 | 111.2  110.0  111.1  112.5 |  111.1 
  2004           | 113.8                                                                              |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 1997 output)    |                                                                                    |                            |
  2002           | 145.6  145.8  146.0  146.2  146.4  146.6  146.8  147.0  147.2  147.3  147.5  147.7 | 145.8  146.4  147.0  147.5 |  146.7 
  2003           | 147.8  148.0  148.1  148.3  148.4  148.5  148.7  148.8  148.9  149.0  149.1  149.3 | 148.0  148.4  148.8  149.1 |  148.6 
  2004           | 149.4                                                                              |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1982           |  75.5   76.8   76.1   75.3   74.7   74.3   73.9   73.1   72.6   71.9   71.5   70.9 |  76.2   74.8   73.2   71.4 |   73.9 
  1983           |  72.1   71.7   72.2   73.1   73.6   74.0   75.1   75.9   77.0   77.5   77.7   78.1 |  72.0   73.6   76.0   77.8 |   74.8 
  1984           |  79.6   79.7   80.2   80.5   80.9   81.0   81.1   81.1   80.7   80.4   80.5   80.4 |  79.8   80.8   81.0   80.4 |   80.5 
  1985           |  80.0   80.2   80.1   79.9   79.8   79.6   79.0   79.2   79.3   78.8   78.9   79.5 |  80.1   79.8   79.1   79.1 |   79.5 
                 |                                                                                    |                            |
  1986           |  79.9   79.2   78.6   78.5   78.6   78.3   78.6   78.4   78.4   78.6   78.9   79.5 |  79.2   78.4   78.5   79.0 |   78.8 
  1987           |  78.9   79.9   79.9   80.3   80.7   81.0   81.4   81.8   81.9   82.9   83.2   83.5 |  79.6   80.7   81.7   83.2 |   81.3 
  1988           |  83.4   83.8   83.9   84.2   84.1   84.2   84.3   84.7   84.3   84.7   84.8   85.0 |  83.7   84.1   84.4   84.8 |   84.3 
  1989           |  85.2   84.6   84.7   84.5   83.8   83.7   82.7   83.3   82.8   82.6   82.6   83.0 |  84.8   84.0   82.9   82.7 |   83.6 
  1990           |  82.4   83.0   83.1   83.0   82.9   83.0   82.7   82.8   82.8   82.1   81.0   80.3 |  82.9   83.0   82.8   81.1 |   82.4 
                 |                                                                                    |                            |
  1991           |  79.8   79.1   78.6   78.6   79.3   80.0   79.8   79.8   80.3   80.0   79.8   79.4 |  79.2   79.3   80.0   79.7 |   79.6 
  1992           |  78.8   79.4   79.9   80.3   80.4   80.3   80.8   80.4   80.3   80.8   81.1   80.9 |  79.4   80.3   80.5   80.9 |   80.3 
  1993           |  81.1   81.3   81.3   81.3   80.9   80.9   81.1   80.9   81.2   81.6   81.8   82.1 |  81.2   81.1   81.1   81.8 |   81.3 
  1994           |  82.4   82.3   82.8   83.0   83.3   83.6   83.5   83.7   83.6   83.9   84.2   84.8 |  82.5   83.3   83.6   84.3 |   83.4 
  1995           |  84.8   84.5   84.2   83.8   83.7   83.6   82.8   83.6   83.6   83.0   82.9   82.9 |  84.5   83.7   83.3   82.9 |   83.6 
                 |                                                                                    |                            |
  1996           |  81.9   82.6   82.0   82.3   82.5   82.8   82.3   82.5   82.6   82.3   82.7   82.8 |  82.1   82.5   82.5   82.6 |   82.4 
  1997           |  82.7   83.5   83.4   83.4   83.3   83.3   83.4   83.8   84.0   84.2   84.3   84.1 |  83.2   83.3   83.7   84.2 |   83.6 
  1998           |  84.0   83.7   83.5   83.5   83.4   82.6   81.9   83.2   82.6   82.9   82.3   82.0 |  83.7   83.1   82.6   82.4 |   83.0 
  1999           |  82.2   82.1   82.2   82.1   82.3   82.1   82.3   82.6   82.1   82.7   82.8   83.2 |  82.2   82.2   82.3   82.9 |   82.4 
  2000           |  82.8   83.0   83.0   83.3   83.5   83.3   82.7   82.3   82.4   81.8   81.5   81.0 |  82.9   83.4   82.4   81.4 |   82.6 
                 |                                                                                    |                            |
  2001           |  80.1   79.5   79.0   78.6   78.1   77.5   77.0   76.7   76.1   75.8   75.3   75.1 |  79.5   78.0   76.6   75.4 |   77.4 
  2002           |  75.4   75.4   75.6   75.8   75.8   76.2   76.0   75.9   75.7   75.4   75.4   74.9 |  75.4   75.9   75.8   75.2 |   75.6 
  2003           |  75.2   75.4   74.8   74.2   74.1   74.0   74.5   74.5   74.9   75.0   75.7   75.6 |  75.1   74.1   74.6   75.4 |   74.8 
  2004           |  76.2                                                                              |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1> Quarterly percent changes are at annual rates.  Annual percentage changes are calculated from annual averages.
 
 
 
 Table 13
 Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing <1>
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Year            |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change) <2>     |                                                                                    |                            |
  1982           |  -2.2    2.8    -.8    -.6    -.3    -.1    -.2    -.9    -.4   -1.2    -.6    -.4 |  -8.3   -1.5   -4.3   -8.8 |   -5.4 
  1983           |   2.4    -.1    1.0    1.2    1.4     .8    1.4     .7    1.9    1.1     .3     .3 |   9.1   12.6   14.9   12.1 |    4.6 
  1984           |   1.9     .9     .8     .5     .4     .5     .5     .2    -.3     .3     .2     .4 |  13.1    7.0    3.9    2.0 |   10.0 
  1985           |   -.4    -.2     .7    -.1     .2     .2    -.6     .6     .1    -.4     .6     .4 |    .0    1.8     .1    1.5 |    1.7 
                 |                                                                                    |                            |
  1986           |   1.2    -.5    -.4     .4     .2    -.3     .5     .3     .2     .3     .5     .9 |   4.8     .0    2.5    4.9 |    2.2 
  1987           |   -.6    1.6     .1     .6     .6     .6     .7     .4     .5    1.4     .6     .5 |   5.3    7.6    7.2   10.4 |    5.5 
  1988           |   -.2     .3     .3     .7    -.1     .0     .2     .1     .3     .6     .3     .5 |   2.7    3.8    1.6    4.7 |    5.1 
  1989           |    .8   -1.0    -.1     .1    -.8     .2   -1.1     .9    -.3    -.1     .1     .2 |   1.8   -3.1   -3.3     .2 |     .7 
  1990           |   -.1    1.4     .3    -.1     .1     .3    -.2     .3    -.1    -.7   -1.2    -.7 |   4.5    2.8     .7   -6.6 |     .7 
                 |                                                                                    |                            |
  1991           |   -.7    -.7    -.7     .4     .7    1.1     .3     .1    1.0    -.2    -.3    -.1 |  -8.7    2.1    6.9    1.4 |   -2.0 
  1992           |   -.6    1.1     .9     .5     .6     .2     .8    -.2    -.1     .6     .5    -.2 |   1.1    8.0    3.7    3.2 |    3.7 
  1993           |    .9     .2     .0     .4    -.1    -.2     .3    -.2     .8     .7     .5     .7 |   4.4    1.6    1.2    6.9 |    3.5 
  1994           |    .3     .2    1.1     .8     .8     .3     .4     .8     .2     .9     .8    1.2 |   5.9    9.2    5.9    9.5 |    6.1 
  1995           |    .5     .0     .1    -.1     .0     .4    -.6    1.2     .9    -.2     .2     .5 |   6.2     .3    3.1    4.6 |    5.3 
                 |                                                                                    |                            |
  1996           |   -.8    1.3    -.3    1.1     .8    1.1     .3     .7     .7     .0     .9     .8 |   1.0    9.1    8.3    6.7 |    4.7 
  1997           |    .3    1.7     .6     .4     .5     .7     .5    1.2     .8     .7     .9     .4 |  10.0    7.8    9.2    9.7 |    8.6 
  1998           |    .9     .3     .1     .7     .3    -.6    -.3    2.4    -.3    1.0    -.1     .2 |   6.9    3.8    3.9    6.8 |    6.8 
  1999           |    .4     .6     .2     .3     .9    -.1     .4     .9    -.2    1.1     .7     .7 |   3.9    4.9    4.7    8.4 |    5.0 
  2000           |    .0     .5     .7     .6     .4     .2    -.3    -.4     .4    -.4    -.4    -.6 |   5.1    6.7    -.7   -2.8 |    4.7 
                 |                                                                                    |                            |
  2001           |   -.9    -.5    -.4    -.3    -.5    -.7    -.3    -.5    -.6    -.3    -.3    -.1 |  -7.4   -4.9   -5.7   -4.3 |   -4.0 
  2002           |    .6     .1     .3     .2     .3     .6    -.2     .2    -.1    -.5     .0    -.6 |   2.1    3.4    1.7   -2.9 |    -.7 
  2003           |    .7     .0    -.3    -.6    -.1     .2     .5     .0     .9     .2    1.0     .1 |   1.0   -3.2    3.7    6.0 |     .3 
  2004           |    .3                                                                              |                            |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (1997 = 100)    |                                                                                    |                            |
  2002           | 111.0  111.0  111.4  111.6  111.9  112.6  112.4  112.6  112.5  111.9  111.9  111.3 | 111.1  112.1  112.5  111.7 |  111.8 
  2003           | 112.0  112.1  111.8  111.1  111.0  111.2  111.8  111.8  112.7  112.9  114.1  114.2 | 112.0  111.1  112.1  113.7 |  112.2 
  2004           | 114.6                                                                              |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 1997 output)    |                                                                                    |                            |
  2002           | 150.6  150.7  150.9  151.0  151.1  151.3  151.4  151.6  151.7  151.9  152.0  152.2 | 150.7  151.1  151.6  152.0 |  151.4 
  2003           | 152.3  152.4  152.6  152.7  152.8  153.0  153.1  153.2  153.3  153.4  153.5  153.6 | 152.4  152.8  153.2  153.5 |  153.0 
  2004           | 153.7                                                                              |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1982           |  71.9   73.7   73.0   72.4   72.1   71.9   71.6   70.9   70.4   69.5   69.0   68.7 |  72.8   72.1   71.0   69.1 |   71.3 
  1983           |  70.3   70.1   70.8   71.6   72.5   73.1   74.1   74.5   75.8   76.6   76.8   76.9 |  70.4   72.4   74.8   76.8 |   73.6 
  1984           |  78.3   78.9   79.3   79.6   79.7   79.9   80.1   80.0   79.6   79.6   79.6   79.7 |  78.8   79.7   79.9   79.6 |   79.5 
  1985           |  79.1   78.8   79.1   78.8   78.7   78.6   78.0   78.3   78.2   77.8   78.1   78.2 |  79.0   78.7   78.2   78.0 |   78.5 
                 |                                                                                    |                            |
  1986           |  79.0   78.5   78.1   78.3   78.4   78.0   78.3   78.4   78.5   78.6   78.8   79.4 |  78.6   78.2   78.4   78.9 |   78.5 
  1987           |  78.8   79.9   79.9   80.2   80.5   80.8   81.2   81.4   81.7   82.8   83.2   83.5 |  79.5   80.5   81.5   83.1 |   81.2 
  1988           |  83.2   83.4   83.6   84.1   84.0   84.0   84.1   84.1   84.3   84.7   84.8   85.1 |  83.4   84.0   84.2   84.9 |   84.1 
  1989           |  85.6   84.6   84.4   84.2   83.4   83.3   82.2   82.7   82.3   82.0   81.8   81.8 |  84.8   83.7   82.4   81.9 |   83.2 
  1990           |  81.6   82.5   82.6   82.3   82.2   82.3   81.9   82.0   81.8   81.0   79.9   79.2 |  82.3   82.3   81.9   80.1 |   81.6 
                 |                                                                                    |                            |
  1991           |  78.5   77.9   77.2   77.3   77.8   78.5   78.5   78.5   79.2   78.9   78.6   78.4 |  77.8   77.8   78.8   78.6 |   78.3 
  1992           |  77.8   78.5   79.0   79.3   79.6   79.6   80.1   79.7   79.5   79.8   80.1   79.8 |  78.4   79.5   79.8   79.9 |   79.4 
  1993           |  80.3   80.3   80.2   80.4   80.2   79.9   80.0   79.6   80.1   80.5   80.7   81.0 |  80.3   80.1   79.9   80.7 |   80.3 
  1994           |  81.1   81.0   81.8   82.2   82.5   82.5   82.6   82.9   82.8   83.3   83.6   84.3 |  81.3   82.4   82.8   83.7 |   82.6 
  1995           |  84.3   83.9   83.6   83.1   82.8   82.7   81.8   82.3   82.7   82.1   81.8   81.7 |  84.0   82.9   82.3   81.9 |   82.7 
                 |                                                                                    |                            |
  1996           |  80.6   81.1   80.4   80.8   81.0   81.4   81.2   81.4   81.5   81.1   81.5   81.7 |  80.7   81.1   81.4   81.4 |   81.1 
  1997           |  81.5   82.4   82.5   82.4   82.4   82.5   82.5   82.9   83.1   83.1   83.3   83.1 |  82.1   82.4   82.8   83.2 |   82.6 
  1998           |  83.3   83.0   82.5   82.6   82.3   81.3   80.7   82.1   81.5   81.9   81.4   81.2 |  82.9   82.1   81.4   81.5 |   82.0 
  1999           |  81.2   81.3   81.1   81.1   81.5   81.1   81.1   81.5   81.0   81.6   81.9   82.1 |  81.2   81.2   81.2   81.9 |   81.4 
  2000           |  81.7   81.8   82.0   82.2   82.2   82.0   81.4   80.8   80.8   80.2   79.6   79.0 |  81.8   82.1   81.0   79.6 |   81.1 
                 |                                                                                    |                            |
  2001           |  78.0   77.4   76.9   76.6   76.1   75.4   75.1   74.6   74.1   73.8   73.5   73.4 |  77.5   76.0   74.6   73.5 |   75.4 
  2002           |  73.7   73.7   73.8   73.9   74.1   74.4   74.3   74.3   74.2   73.7   73.6   73.1 |  73.7   74.1   74.2   73.5 |   73.9 
  2003           |  73.6   73.5   73.3   72.7   72.6   72.7   73.0   73.0   73.6   73.6   74.3   74.4 |  73.5   72.7   73.2   74.1 |   73.4 
  2004           |  74.6                                                                              |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1>  See note on cover page.
      <2>  Quarterly percent changes are at annual rates.  Annual percentage changes are calculated from annual averages.
 
 
 
 Table 14
 Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry Excluding Selected High-Technology Industries
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Year            |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change) <1>     |                                                                                    |                            |
  1982           |  -1.9    1.8    -.7    -.9    -.8    -.4    -.5    -.9    -.5    -.9    -.4    -.9 |  -8.1   -5.7   -6.8   -8.3 |   -5.9 
  1983           |   1.7    -.5     .7    1.3     .7     .5    1.4    1.2    1.2     .7     .2     .6 |   3.5    9.1   13.5    9.6 |    1.8 
  1984           |   1.9     .1     .6     .5     .5     .2     .2     .0    -.3    -.2     .3     .1 |  11.3    5.3    1.8    -.8 |    7.9 
  1985           |   -.4     .6     .0     .1     .1     .0    -.5     .5     .5    -.5     .2    1.0 |    .8    1.5    -.1    2.0 |    1.0 
                 |                                                                                    |                            |
  1986           |    .6    -.7    -.8     .1     .1    -.1     .3    -.2     .2     .4     .4     .8 |   2.6   -2.7     .7    4.0 |     .9 
  1987           |   -.7    1.4     .2     .6     .5     .6     .5     .6     .2    1.3     .5     .3 |   3.9    7.0    6.3    8.4 |    4.2 
  1988           |    .0     .5     .2     .3    -.1     .1     .2     .5    -.4     .5     .2     .5 |   3.3    2.3    1.6    2.9 |    4.4 
  1989           |    .3    -.5     .4    -.2    -.6     .0   -1.1     .9    -.4    -.2     .2     .7 |   1.8   -1.9   -3.6     .8 |     .6 
  1990           |   -.6     .8     .4    -.1     .1     .3    -.2     .3     .1    -.8   -1.3    -.7 |   2.3    2.4    1.0   -6.5 |     .3 
                 |                                                                                    |                            |
  1991           |   -.4    -.8    -.6     .2    1.0    1.0     .0     .0     .9    -.2    -.2    -.5 |  -7.9    2.0    5.1     .1 |   -2.0 
  1992           |   -.8     .9     .7     .6     .3    -.2     .7    -.4     .1     .6     .4     .0 |  -1.6    6.1    1.5    3.2 |    1.9 
  1993           |    .4     .3     .1     .2    -.4     .2     .3    -.2     .5     .5     .3     .6 |   3.0     .6    1.2    4.9 |    2.5 
  1994           |    .5     .1     .7     .2     .4     .6     .0     .4     .0     .6     .5     .9 |   5.1    4.8    3.2    5.6 |    4.0 
  1995           |    .2    -.2    -.2    -.2     .0     .2    -.6    1.1     .1    -.6     .2     .3 |   3.1   -1.4    1.3     .4 |    2.4 
                 |                                                                                    |                            |
  1996           |   -.9    1.2    -.4     .7     .5     .7    -.4     .5     .3    -.2     .8     .3 |    .1    5.6    2.5    3.4 |    1.7 
  1997           |    .1    1.1    -.1     .2     .0     .3     .5     .8     .7     .7     .4     .0 |   5.3    2.2    5.6    7.0 |    4.2 
  1998           |    .1     .1     .2     .5     .4    -.8    -.7    1.8    -.5     .7    -.5    -.2 |   1.6    2.6    -.3    2.1 |    3.1 
  1999           |    .3     .1     .1    -.2     .5    -.3     .1     .6    -.3     .8     .3     .5 |    .5     .6    1.5    4.5 |    1.2 
  2000           |   -.5     .3     .2     .4     .3     .0    -.8    -.3     .2    -.5    -.2    -.3 |    .7    3.0   -3.2   -2.8 |    1.2 
                 |                                                                                    |                            |
  2001           |   -.8    -.4    -.4    -.1    -.4    -.5    -.3    -.1    -.7    -.4    -.6    -.4 |  -6.0   -3.8   -4.3   -5.5 |   -3.9 
  2002           |    .6     .1     .4     .3     .1     .6    -.2    -.2    -.2    -.3     .0    -.6 |   1.3    3.6     .0   -3.0 |   -1.1 
  2003           |    .5     .3    -.8    -.7    -.1    -.1     .7    -.2     .5     .1    1.0    -.1 |    .1   -5.0    2.4    4.4 |    -.8 
  2004           |    .7                                                                              |                            |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (1997 = 100)    |                                                                                    |                            |
  2002           |  99.8   99.9  100.3  100.7  100.7  101.3  101.1  100.9  100.7  100.3  100.3   99.8 | 100.0  100.9  100.9  100.1 |  100.5 
  2003           | 100.3  100.5   99.7   99.0   98.9   98.7   99.4   99.2   99.8   99.9  100.9  100.8 | 100.2   98.9   99.5  100.5 |   99.7 
  2004           | 101.5                                                                              |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 1997 output)    |                                                                                    |                            |
  2002           | 130.7  130.8  130.8  130.9  131.0  131.0  131.1  131.2  131.2  131.2  131.3  131.3 | 130.8  131.0  131.1  131.3 |  131.0 
  2003           | 131.3  131.3  131.3  131.4  131.4  131.4  131.4  131.4  131.5  131.5  131.5  131.5 | 131.3  131.4  131.4  131.5 |  131.4 
  2004           | 131.6                                                                              |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1982           |  75.3   76.6   75.9   75.1   74.4   74.0   73.6   72.9   72.4   71.7   71.3   70.7 |  75.9   74.5   73.0   71.2 |   73.7 
  1983           |  71.9   71.5   72.0   72.9   73.4   73.8   74.8   75.7   76.7   77.2   77.4   77.8 |  71.8   73.4   75.7   77.5 |   74.6 
  1984           |  79.3   79.4   79.8   80.1   80.5   80.6   80.7   80.6   80.2   80.0   80.1   80.0 |  79.5   80.4   80.5   80.0 |   80.1 
  1985           |  79.6   80.0   79.9   79.9   79.8   79.7   79.1   79.4   79.7   79.2   79.2   79.9 |  79.8   79.8   79.4   79.4 |   79.6 
                 |                                                                                    |                            |
  1986           |  80.3   79.7   79.0   78.9   78.9   78.8   79.0   78.7   78.8   79.0   79.3   79.8 |  79.7   78.9   78.8   79.4 |   79.2 
  1987           |  79.2   80.2   80.3   80.7   81.0   81.4   81.8   82.2   82.2   83.3   83.6   83.8 |  79.9   81.0   82.0   83.6 |   81.6 
  1988           |  83.8   84.2   84.3   84.6   84.4   84.5   84.6   85.0   84.6   85.0   85.1   85.4 |  84.1   84.5   84.7   85.2 |   84.6 
  1989           |  85.6   85.0   85.2   85.0   84.3   84.2   83.1   83.6   83.2   82.9   82.9   83.3 |  85.3   84.5   83.3   83.0 |   84.0 
  1990           |  82.7   83.3   83.4   83.3   83.2   83.3   83.0   83.1   83.1   82.4   81.2   80.5 |  83.1   83.3   83.1   81.4 |   82.7 
                 |                                                                                    |                            |
  1991           |  80.1   79.4   78.8   78.9   79.5   80.2   80.1   80.0   80.6   80.4   80.1   79.6 |  79.4   79.5   80.2   80.0 |   79.8 
  1992           |  78.9   79.5   80.0   80.4   80.5   80.3   80.8   80.3   80.3   80.7   81.0   80.9 |  79.5   80.4   80.5   80.9 |   80.3 
  1993           |  81.1   81.3   81.3   81.4   80.9   81.0   81.2   80.9   81.2   81.6   81.8   82.1 |  81.2   81.1   81.1   81.8 |   81.3 
  1994           |  82.5   82.4   82.9   83.0   83.2   83.6   83.4   83.6   83.5   83.9   84.1   84.7 |  82.6   83.2   83.5   84.2 |   83.4 
  1995           |  84.6   84.3   84.0   83.6   83.4   83.3   82.6   83.4   83.3   82.6   82.5   82.6 |  84.3   83.4   83.1   82.6 |   83.4 
                 |                                                                                    |                            |
  1996           |  81.7   82.5   82.0   82.4   82.6   83.0   82.5   82.8   82.9   82.5   83.0   83.1 |  82.1   82.7   82.7   82.9 |   82.6 
  1997           |  83.0   83.7   83.4   83.3   83.1   83.0   83.2   83.5   83.9   84.2   84.3   84.0 |  83.3   83.1   83.5   84.2 |   83.5 
  1998           |  83.9   83.7   83.6   83.8   83.9   83.0   82.2   83.5   82.9   83.2   82.6   82.3 |  83.7   83.6   82.9   82.7 |   83.2 
  1999           |  82.4   82.3   82.2   81.9   82.1   81.8   81.7   82.1   81.7   82.2   82.3   82.6 |  82.3   81.9   81.8   82.4 |   82.1 
  2000           |  82.1   82.3   82.4   82.6   82.8   82.7   82.0   81.7   81.8   81.3   81.1   80.8 |  82.3   82.7   81.8   81.1 |   82.0 
                 |                                                                                    |                            |
  2001           |  80.1   79.7   79.3   79.1   78.8   78.3   78.0   77.8   77.2   76.9   76.3   76.0 |  79.7   78.7   77.7   76.4 |   78.1 
  2002           |  76.4   76.4   76.7   76.9   76.9   77.3   77.1   76.9   76.7   76.4   76.4   76.0 |  76.5   77.0   76.9   76.3 |   76.7 
  2003           |  76.4   76.5   75.9   75.4   75.3   75.1   75.6   75.5   75.9   76.0   76.7   76.6 |  76.3   75.3   75.7   76.4 |   75.9 
  2004           |  77.1                                                                              |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1>  Quarterly percent changes are at annual rates.  Annual percentage changes are calculated from annual averages.
      Note.  Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
 
 
 
 Table 15
 Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing <1> Excluding Selected High-Technology Industries
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Year            |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change) <2>     |                                                                                    |                            |
  1982           |  -2.3    2.6    -.8    -.7    -.4    -.1    -.4    -.8    -.5   -1.3    -.7    -.6 |  -9.7   -2.6   -5.1   -9.7 |   -6.5 
  1983           |   2.5    -.2     .9    1.1    1.3     .7    1.2     .9    1.5    1.1     .2     .3 |   8.3   11.6   13.7   10.7 |    3.7 
  1984           |   1.8     .8     .6     .3     .2     .3     .4     .1    -.4     .3     .2     .3 |  11.6    5.0    2.3    1.1 |    8.5 
  1985           |   -.5    -.1     .7     .0     .2     .1    -.4     .7     .2    -.4     .5     .3 |   -.3    2.5     .7    1.6 |    1.4 
                 |                                                                                    |                            |
  1986           |   1.3    -.5    -.5     .4     .1    -.1     .2     .2     .2     .3     .4     .8 |   5.0    -.2    1.3    4.3 |    2.2 
  1987           |   -.8    1.6     .2     .5     .5     .5     .6     .3     .5    1.4     .5     .4 |   4.0    6.7    5.9    9.6 |    4.6 
  1988           |   -.2     .3     .2     .6    -.2    -.1     .1     .1     .3     .5     .3     .5 |   2.2    3.0     .8    4.6 |    4.4 
  1989           |    .8   -1.1     .0     .0    -.8     .1   -1.4     .8    -.3    -.3     .0     .2 |   2.1   -3.5   -4.4    -.7 |     .4 
  1990           |   -.2    1.4     .3    -.2     .0     .2    -.2     .3    -.1    -.8   -1.3    -.8 |   3.8    2.1     .3   -7.3 |     .0 
                 |                                                                                    |                            |
  1991           |   -.7    -.8    -.8     .4     .7    1.1     .3     .1    1.1    -.2    -.4    -.3 |  -9.4    1.4    6.7     .7 |   -2.6 
  1992           |   -.8    1.1     .8     .4     .5     .1     .7    -.3    -.2     .5     .4    -.2 |   -.7    6.9    2.3    1.8 |    2.5 
  1993           |    .9     .1    -.1     .4    -.1    -.3     .3    -.4     .6     .6     .3     .6 |   3.8    1.0     .2    5.4 |    2.5 
  1994           |    .3     .2     .9     .5     .5     .1     .2     .6     .0     .7     .6    1.0 |   4.9    6.4    3.7    6.9 |    4.4 
  1995           |    .2    -.3    -.2    -.3    -.2     .3    -.9     .9     .6    -.6    -.1     .3 |   3.1   -2.4     .1     .7 |    2.5 
                 |                                                                                    |                            |
  1996           |  -1.1    1.1    -.5     .9     .5     .8     .0     .4     .4    -.3     .8     .6 |  -1.3    6.2    4.5    3.3 |    1.6 
  1997           |    .0    1.3     .1     .0     .1     .4     .3    1.0     .6     .6     .6     .1 |   6.2    2.8    6.1    7.2 |    4.9 
  1998           |    .5     .0     .0     .6     .3   -1.0    -.8    2.1    -.7     .9    -.3    -.1 |   3.0    2.0    -.8    3.8 |    3.5 
  1999           |    .1     .3    -.2    -.1     .6    -.5    -.1     .8    -.3     .9     .4     .3 |    .4     .6     .8    5.7 |    1.4 
  2000           |   -.5     .2     .5     .2    -.1     .0    -.6    -.6     .2    -.5    -.6    -.6 |    .5    2.4   -3.8   -4.7 |    1.0 
                 |                                                                                    |                            |
  2001           |   -.8    -.4    -.4    -.1    -.3    -.6    -.2    -.4    -.6    -.5    -.4    -.3 |  -7.2   -3.5   -4.6   -5.7 |   -4.6 
  2002           |    .6     .0     .3     .2     .2     .5    -.3     .0    -.2    -.6    -.1    -.7 |   1.4    2.5     .3   -4.3 |   -1.3 
  2003           |    .7    -.1    -.3    -.7    -.2     .0     .4    -.2     .8     .0    1.0     .1 |    .1   -4.3    1.9    4.8 |    -.9 
  2004           |    .2                                                                              |                            |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (1997 = 100)    |                                                                                    |                            |
  2002           |  99.4   99.4   99.7   99.8  100.0  100.5  100.2  100.3  100.0   99.4   99.3   98.6 |  99.5  100.1  100.2   99.1 |   99.7 
  2003           |  99.3   99.2   98.8   98.1   97.9   98.0   98.4   98.1   99.0   99.0   99.9  100.0 |  99.1   98.0   98.5   99.6 |   98.8 
  2004           | 100.2                                                                              |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 1997 output)    |                                                                                    |                            |
  2002           | 133.0  133.0  133.0  133.0  133.0  132.9  132.9  132.9  132.9  132.9  132.8  132.8 | 133.0  133.0  132.9  132.8 |  132.9 
  2003           | 132.8  132.8  132.7  132.7  132.7  132.7  132.7  132.6  132.6  132.6  132.6  132.6 | 132.8  132.7  132.6  132.6 |  132.7 
  2004           | 132.6                                                                              |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1982           |  71.4   73.1   72.5   71.9   71.6   71.4   71.1   70.4   70.0   69.1   68.6   68.2 |  72.3   71.6   70.5   68.7 |   70.8 
  1983           |  69.9   69.8   70.4   71.2   72.2   72.7   73.6   74.3   75.4   76.2   76.3   76.5 |  70.0   72.0   74.4   76.3 |   73.2 
  1984           |  77.8   78.4   78.8   79.0   79.1   79.2   79.4   79.3   78.9   79.0   79.0   79.1 |  78.3   79.1   79.2   79.0 |   78.9 
  1985           |  78.6   78.3   78.8   78.7   78.7   78.6   78.1   78.5   78.6   78.1   78.4   78.6 |  78.6   78.6   78.4   78.4 |   78.5 
                 |                                                                                    |                            |
  1986           |  79.6   79.1   78.6   78.9   78.9   78.7   78.7   78.8   78.9   79.0   79.3   79.8 |  79.1   78.8   78.8   79.4 |   79.0 
  1987           |  79.1   80.3   80.3   80.6   80.9   81.2   81.6   81.8   82.1   83.2   83.6   83.9 |  79.9   80.9   81.8   83.5 |   81.5 
  1988           |  83.7   83.9   84.1   84.6   84.4   84.4   84.4   84.5   84.7   85.0   85.2   85.5 |  83.9   84.5   84.5   85.3 |   84.5 
  1989           |  86.1   85.1   84.9   84.8   84.0   83.9   82.6   83.1   82.7   82.3   82.2   82.1 |  85.4   84.2   82.8   82.2 |   83.7 
  1990           |  81.9   82.9   82.9   82.6   82.5   82.6   82.2   82.4   82.1   81.3   80.2   79.5 |  82.6   82.6   82.3   80.3 |   81.9 
                 |                                                                                    |                            |
  1991           |  78.8   78.1   77.3   77.5   77.9   78.7   78.8   78.7   79.5   79.2   78.9   78.5 |  78.1   78.0   79.0   78.9 |   78.5 
  1992           |  77.8   78.5   79.1   79.3   79.6   79.6   80.0   79.7   79.4   79.7   79.9   79.7 |  78.5   79.5   79.7   79.8 |   79.4 
  1993           |  80.3   80.3   80.1   80.4   80.1   79.8   80.0   79.6   80.0   80.4   80.6   81.0 |  80.2   80.1   79.9   80.6 |   80.2 
  1994           |  81.1   81.1   81.8   82.1   82.4   82.4   82.4   82.8   82.7   83.2   83.5   84.1 |  81.3   82.3   82.7   83.6 |   82.5 
  1995           |  84.1   83.6   83.2   82.8   82.4   82.4   81.4   82.0   82.2   81.5   81.2   81.3 |  83.6   82.5   81.9   81.4 |   82.3 
                 |                                                                                    |                            |
  1996           |  80.2   80.9   80.3   80.9   81.1   81.6   81.4   81.5   81.7   81.3   81.7   81.9 |  80.5   81.2   81.5   81.6 |   81.2 
  1997           |  81.7   82.5   82.4   82.1   82.0   82.0   82.0   82.5   82.8   83.0   83.2   82.9 |  82.2   82.1   82.5   83.0 |   82.4 
  1998           |  83.1   82.8   82.6   82.8   82.8   81.7   80.9   82.4   81.6   82.1   81.7   81.4 |  82.8   82.5   81.6   81.8 |   82.2 
  1999           |  81.3   81.4   81.0   80.8   81.1   80.5   80.3   80.8   80.4   81.0   81.2   81.3 |  81.2   80.8   80.5   81.2 |   80.9 
  2000           |  80.8   80.8   81.1   81.2   81.1   81.1   80.5   79.9   80.0   79.5   79.0   78.5 |  80.9   81.1   80.1   79.0 |   80.3 
                 |                                                                                    |                            |
  2001           |  77.8   77.4   77.1   77.0   76.7   76.2   76.1   75.7   75.2   74.8   74.5   74.3 |  77.4   76.6   75.7   74.5 |   76.1 
  2002           |  74.7   74.7   74.9   75.1   75.2   75.6   75.4   75.4   75.3   74.8   74.7   74.2 |  74.8   75.3   75.4   74.6 |   75.0 
  2003           |  74.8   74.7   74.5   73.9   73.8   73.9   74.2   74.0   74.6   74.6   75.4   75.4 |  74.7   73.9   74.3   75.1 |   74.5 
  2004           |  75.6                                                                              |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1>  See note on cover page.
      <2>  Quarterly percent changes are at annual rates.  Annual percentage changes are calculated from annual averages.
      Note.  Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
 
 
 
 
 Explanatory Note
 
 
 The Industrial Production and Capacity Utilization statistical release,
 which is published around the middle of the month, reports measures of
 output, capacity, and capacity utilization in manufacturing, mining, and
 the electric and gas utilities industries.  The release also includes monthly
 indexes on the use of electric power in manufacturing and mining. More
 detailed descriptions of industrial production, capacity utilization, and
 electric power are available at www.federalreserve.gov/releases/G17 at
 the Board's World Wide Web site. In addition, files containing data shown
 in the release, more detailed series that were published in the G.17 prior to
 December 2000, and historical data are available at the Board's Web site.
 Instructions for searching for and downloading specific series are provided
 as well.  For paid access to the data files through the Department of
 Commerce's Economic Bulletin Board or World Wide Web site, please
 call STAT-USA at 1-800-STAT-USA or 202-452-1986.  Diskettes
 containing historical data and the data published in this release also are
 available from the Board of Governors of the Federal Reserve System,
 Publications Services, 202-452-3245.
 
 Industrial Production
 
 Coverage. The industrial production (IP) index measures the real output
 of the manufacturing, mining, and electric and gas utilities industries; the
 reference period for the index is 1997.  Manufacturing consists of those
 industries included in the North American Industry Classification System,
 or NAICS, definition of manufacturing plus those industries-logging and
 newspaper, periodical, book and directory publishing-that have
 traditionally been considered to be manufacturing and included in the
 industrial sector.  For the period since 1997, the total IP index has been
 constructed from 295 individual series based on the 2002 North American
 Industrial Classification System (NAICS) codes. These individual series
 are classified in two ways: (1) market groups, and (2) industry groups.
 Market groups consist of products and materials.  Total products are the
 aggregate of final products, such as consumer goods and equipment, and
 nonindustrial supplies (which are inputs to nonindustrial sectors).
 Materials are inputs in the manufacture of  products.  Major industry
 groups include three-digit NAICS industries and aggregates of these
 industries-for example, durable and nondurable manufacturing, mining,
 and utilities.  A complete description of the market and industry structures,
 including details regarding series classification, relative importance
 weights, and data sources, is available on the Board's web site
 (www.federalreserve.gov/releases/G17/About.html) .  Changes in
 output for the market and industry groups are summarized in table 1 and
 the levels of output (in index form) are shown in table 4.  Special
 aggregates, that highlight the relative importance and contributions of
 several key industries, such as high-technology and motor vehicles, are
 summarized in tables 2 and 5.  For a detailed description of the contents of
 the statistical tables, see below.
 
 Source data. On a monthly basis, the individual indexes of industrial
 production are constructed from two main types of source data: (1) output
 measured in physical units and (2) data on inputs to the production
 process, from which output is inferred.  Data on physical products, such as
 tons of steel or barrels of oil, are obtained from private trade associations
 and from government agencies; data of this type are used to estimate
 monthly IP wherever possible and appropriate.  Production indexes for a
 few industries are derived by dividing estimated nominal output
 (calculated using unit production or sales and unit values) by a
 corresponding Fisher price index; the most notable of these fall within the
 high-technology grouping and include computers, communications
 equipment, and semiconductors.  When suitable data on physical product
 are not available, estimates of output are based on either
 production-worker hours or electric power use by industry.  Data on hours
 worked by production workers are collected in the monthly establishment
 survey conducted by the Bureau of Labor Statistics. The data on electric
 power use are described below. The factors used to convert inputs into
 estimates of production are based on historical relationships between the
 inputs and the comprehensive annual data used to benchmark the IP
 indexes; these factors also may be influenced by technological or cyclical
 developments.  The annual data used in benchmarking the individual IP
 indexes are constructed from a variety of source data, such as the
 quinquennial Censuses of Manufactures and Mineral Industries and the
 Annual Survey of Manufactures, prepared by the Bureau of the Census;
 the Minerals Yearbook, prepared by the United States Geological Survey
 of the Department of the Interior; and publications of the Department of
 Energy.
 
 Aggregation Methodology and Weights.  The aggregation method for
 the IP index is a version of the Fisher-ideal index formula.  (For a detailed
 discussion of the aggregation method, see Federal Reserve Bulletin
 February 1997 and March 2001.)  In the IP index, series that measure the
 output of an individual industry are combined using weights derived from
 their proportion in the total value-added output of all industries.   The IP
 index, which extends back to 1919, is built as a chain-type index since
 1972.  The current formula for the growth in monthly IP (or any of the
 sub-aggregates) since 1972 is the geometric mean of the change in output
 (I), and, as can be seen below, is computed using the unit value added
 estimate for the current month (pm) and the estimate for previous month:
 
 
 
 The IP proportions (typically shown in the first column of the relevant
 tables in the G.17 release) are estimates of the industries' relative
 contributions to overall growth in the following year.  For example, the
 relative importance weight of the motor vehicles and parts industry is
 about 5 percent.  If output in this industry increased 10 percent in a month,
 then this gain would boost growth in total IP by  percentage point (0.05
 x 10% = 0.5%).  To assist users with calculations, the Federal Reserve's
 web site provides supplemental monthly statistics that represent the exact
 proportionate contribution of a monthly change in a component index to
 the monthly change in the total index (www.federalreserve.gov/
 releases/G17/ipdisk/ipweights.sa).
 
 Timing. The first estimate of output for a month is published around the
 15th of the following month. The estimate is preliminary (denoted by the
 superscript "p" in tables) and subject to revision in each of the subsequent
 three months as new source data become available. (Revised estimates are
 denoted by the superscript "r" in tables.)  For the first estimate of output
 for a given month, about 55 percent of the source data (in value-added
 terms) are available; the fraction of available source data increases to about
 84 percent for estimates in the second month that the estimate is published,
 95 percent in the third month, and 96 percent in the fourth month.  Data
 availability by data type is summarized in the table below:
 
 Availability of Monthly IP Data in Publication Window(Percent of value added in 2002)
                                                                                                                                                                 
                                 Month of estimate               
 Type of data                         1st     2nd     3rd     4th
 Physical product                      24      34      46      46
 Production-worker hours               31      31      31      31
 Electric power use                    0       19      19      19
 IP data received                      55      84     95       96
 IP data estimated                     45      16       5       4
 
 
 NOTE--The physical product group includes series based on either
 monthly or quarterly data.  As can be seen in the first line of the table, in
 the first month, a physical product indicator is available for about half of
 the series (in terms of value added) that ultimately are based on physical
 product data (24 percent out of total of 46 percent).  Of the 24 percent,
 about two-thirds (15 percent of total IP) include series that are derived
 from weekly physical product data and for which actual monthly data may
 lag up to several months.  On average, quarterly product data are received
 for the third estimate of industrial production.  Specifically, quarterly data
 are available for the second estimate of the last month of a quarter, the
 third estimate of the second month of a quarter, and the fourth estimate of
 the first month of a quarter.  About 4 percent of the source data for
 monthly IP--all physical product measures--are available too late for
 direct inclusion in the current index and are incorporated at the time of an
 annual historical revision.
 
 Seasonal adjustment. Individual series are seasonally adjusted using
 Census X-12 ARIMA. For series based on production-worker hours, the
 current seasonal factors were estimated with data through September
 2003; for other series, the factors were estimated with data through at least
 June 2003.  Series are pre-adjusted for the effects of holidays or the
 business cycle when appropriate.  For the data since 1972, all seasonally
 adjusted aggregate indexes are calculated by aggregating the seasonally
 adjusted indexes of the individual series.
 
 Reliability.  The average revision to the level of the total IP index, without
 regard to sign, between the first and the fourth estimates was 0.28 percent
 during the 1987-2001 period.  The average revision to the percent change
 in total IP, without regard to sign, from the first to the fourth estimates was
 0.22 percentage point during the 1987-2001 period.  In most cases (about
 84 percent), the direction of change in output indicated by the first
 estimate for a given month is the same as that shown by the fourth
 estimate.
 
 Rounding.  The published percent changes are calculated from unrounded
 indexes, and may not be the same as percent changes calculated from the
 rounded indexes shown in the release.
 
 Capacity Utilization
 
 Overview.  The Federal Reserve Board constructs estimates of capacity
 and capacity utilization for industries in manufacturing, mining, and
 electric and gas utilities.  For a given industry, the capacity utilization rate
 is equal to an output index (seasonally adjusted) divided by a capacity
 index.  The Federal Reserve Board's capacity indexes attempt to capture
 the concept of sustainable maximum output-the greatest level of output a
 plant can maintain within the framework of a realistic work schedule, after
 factoring in normal downtime and assuming sufficient availability of
 inputs to operate the capital in place.
 
 Coverage.  Capacity indexes are constructed for 85 detailed industries (67
 in manufacturing, 16 in mining, and 2 in utilities), which mostly
 correspond to industries at the three- and four-digit NAICS level.
 Estimates of capacity and utilization are available for a variety of groups,
 including durable and nondurable manufacturing, total manufacturing,
 mining, utilities, and total industry.  Manufacturing consists of those
 industries included in the North American Industry Classification System,
 or NAICS, definition of manufacturing plus those industries-logging and
 newspaper, periodical, book and directory publishing-that have
 traditionally been considered to be manufacturing and included in the
 industrial sector.  Also, special aggregates are available, such as high-tech
 industries and manufacturing excluding high-tech industries.
 
 Source Data.  The monthly rates of capacity utilization are designed to be
 consistent with both the monthly data on production and the periodically
 available data on capacity and utilization.  Because there is no direct
 monthly information on overall industrial capacity or utilization rates, the
 Federal Reserve first estimates annual capacity indexes from the source
 data.  Capacity data reported in physical units from government sources
 (primarily from the U.S. Geological Survey and the Department of
 Energy's Energy Information Administration) and trade sources are
 available for portions of several industries in manufacturing (e.g., paper,
 industrial chemicals, petroleum refining, motor vehicles), as well as for
 electric utilities and mining; these industries represent about 18 percent of
 total industrial capacity.  When physical product data are unavailable for
 manufacturing industries, capacity indexes are based on responses to the
 Bureau of the Census's Survey of Plant Capacity (SPC); these industries
 account for a bit less than 78 percent of total industry capacity.  In the
 absence of utilization data for a few mining and petroleum series, capacity
 is based on trends through peaks in production (roughly 4 percent of total
 industry capacity).  A detailed description of the methodology used to
 construct the capacity indexes is available on the Board's web site
 (www.federalreserve.gov/releases/G17/cap_notes.html).
 
 Aggregation Methodology.  Monthly capacity aggregates are calculated
 in three steps: (1) utilization aggregates are calculated on an annual basis
 through the most recent full year as capacity-weighted aggregates of
 individual utilization rates; (2) the annual aggregate capacity is derived
 from the corresponding production and utilization aggregates; (3) the
 monthly capacity aggregate is obtained by interpolating with a Fisher
 index of its constituent monthly capacity series.  Utilization rates for the
 individual series and aggregates are calculated by dividing the pertinent
 monthly production index by the related capacity index.
 
 Consistency.  A major aim is that the Federal Reserve utilization rates be
 consistent over time so that, for example, a rate of 85 percent means about
 the same degree of tightness that it meant in the past.  A major task for the
 Federal Reserve in developing reasonable and consistent time series of
 capacity and utilization is dealing with inconsistencies between the
 movements of the industrial production index and the survey-based
 utilization rates.  The McGraw-Hill/DRI Survey, now discontinued, was
 the primary source of manufacturing utilization rates for many years.  This
 was a survey of large companies that reported, on average, higher
 utilization rates than those reported by establishments covered by the SPC
 (currently the primary source of factory operating rates) for the fourteen
 years they overlapped.  Adjustments have been made to keep the industry
 utilization rates currently reported by the Federal Reserve roughly in line
 with rates formerly reported by McGraw-Hill.  As a consequence, the rates
 reported by the Federal Reserve tend to be higher than the rates reported in
 the SPC.
 
 Perspective.  Over the 1972-2002 period, the average total industry
 utilization rate is 81.3 percent; for manufacturing, the average factory
 operating rate has been 80.2 percent.  Industrial plants usually operate at
 capacity utilization rates that are well below 100 percent: none of the
 broad aggregates has ever reached 100 percent.  For total industry and
 total manufacturing, utilization rates have exceeded 90 percent only in
 wartime.  The highs and lows in capacity utilization shown in table 7 are
 specific to each series and do not all occur in the same month.
 
 Electric Power
 
 Coverage.  Electric power data for sales by utilities to industry users and
 for electric power produced by cogenerators (manufacturing and mining
 firms that produce electricity for their own use or to sell to a utility) are
 generally collected at the 4-digit NAICS and 3-digit SIC level for mining
 and manufacturing.  Aggregates for 3-digit industries, as well as for total
 mining, durable, nondurable, total manufacturing and total industrial
 electric power use, are computed.  Manufacturing consists of those
 industries included in the North American Industry Classification System,
 or NAICS, definition of manufacturing plus those industries-logging and
 newspaper, periodical, book and directory publishing-that have
 traditionally been considered to be manufacturing and included in the
 industrial sector.  An aggregate showing total industry excluding nuclear
 nondefense is shown separately because the value-added proportion for
 the nondefense nuclear material series (part of NAICS 3251) in total IP is
 considerably less than its share of total electric power use.  In addition,
 aggregates for utility sales to industrial users and industry generation are
 computed.  While only the major aggregates are shown in the release, data
 for the 3- and 4-digit industries are available on the Board's web site
 (www.federalreserve.gov/releases/G17).
 
 Source Data.  Electric power data are collected from a sample of utilities
 and cogenerators covering all twelve Federal Reserve Districts. The
 primary criterion for inclusion of a utility in the panel is whether the utility
 provides electric power to industrial customers.  A comparison of Federal
 Reserve kilowatt-hour aggregates to estimates from the 1997  Census of
 Manufactures (the most recent available) and recent reporting panel
 statistics suggests the Federal Reserve data cover about 50 percent of the
 overall sales to manufacturing in that year.  The cogeneration panel covers
 about 50 percent of cogeneration used directly by manufacturers.  In order
 to provide more complete coverage and correct for any shortcomings of
 the survey, the series are benchmarked at  the 4-digit industry level to the
 latest available data from the Annual Survey of Manufactures and the
 Census of Manufactures.
 
 Methodology.  The data we receive from utilities and cogenerators are
 edited for anomalies and aggregated, using self weights, to the 4-digit
 NAICS industry levels and above.  Where reports are late or unavailable
 for some reason, responses are estimated.
 
 Seasonal Adjustment.  Series are seasonal adjusted at the 4-digit NAICS
 level, with seasonally-adjusted aggregates typically computed as sums of
 seasonally adjusted components.  The seasonal adjustment procedure
 (Census X-12 program) is used without trading-day adjustments because
 the reporting periods of the various utilities are not the same.  A leap year
 adjustment is also made where appropriate.
 
 References and Release Dates
 
 References.  The annual revision published in November 2003 will be
 described in an article published in an upcoming Federal Reserve Bulletin.
 A description of the aggregation methods for industrial production and
 capacity utilization is included in an article in the Federal Reserve
 Bulletin, vol.  83 (February 1997), pp. 67-92.  The Federal Reserve
 methodology for constructing industry-level measures of capital is detailed
 in "Capital Stock Estimates for Manufacturing Industries: Methods and
 Data" by Mike Mohr and Charles Gilbert (1996), which can be obtained at
 
 www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf.
 
 Industrial Production-1986 Edition contains a more detailed description
 of the other methods used to compile the industrial production index, plus
 a history of its development, a glossary of terms, and a bibliography.  The
 major revisions to the IP indexes and capacity utilization since 1990 have
 been described in the Federal Reserve Bulletin (April 1990, June 1990,
 June 1993, March 1994, January 1995, January 1996, February 1997,
 February 1998, January 1999, March 2000, March 2001, March 2002,
 April 2003).
 
 Release Schedule
 
 At 9:15 a.m. on
 
 2004:  January 16, February 17, March 15, April 16, May 14, June 16,
 July 15, August 17, September 15, October 15, November 17, and
 December 14.