FEDERAL RESERVE STATISTICAL RELEASE                                 
 
 G.17 (419)                                                          For release at 9:15 a.m. (EDT)
                                                                     May 16, 2024

 Industrial Production and Capacity Utilization

 
       Industrial production was little changed in April.  Manufacturing output decreased 0.3 percent;
 excluding motor vehicles and parts, manufacturing output edged down 0.1 percent.  The index for mining
 fell 0.6 percent, and the index for utilities rose 2.8 percent.  At 102.8 percent of its 2017 average,
 total industrial production in April was 0.4 percentage point lower than its year-earlier level.  Capacity
 utilization moved down to 78.4 percent in April, a rate that is 1.2 percentage points below its long-run
 (1972-2023) average.
 
 Market Groups
 -------------
 
      The major market groups posted mixed results in April.  The index for durable consumer goods fell
 1.5 percent, weighed down by a 1.8 percent decline in the output of automotive products.  The index for
 construction supplies dropped 1.0 percent, and the index for business equipment decreased 0.5 percent.  By
 contrast, the index for nondurable consumer goods rose 0.5 percent in April, as a 0.9 percent gain in the
 non-energy component outweighed a 0.2 percent decrease in the energy component.  The output of defense and
 space equipment rose 0.8 percent, and the output of business supplies increased 0.2 percent.
 
 Industry Groups
 ---------------
 
       Manufacturing output decreased 0.3 percent in April and was 0.5 percentage point below its
 year-earlier level.  The index for durable manufacturing declined 0.5 percent in April, while the index
 for nondurable manufacturing edged down 0.1 percent, and the index for other manufacturing (publishing and
 logging) rose 0.3 percent.
 
      Most industry groups within durable manufacturing posted declines in April.  The largest declines
 were in the indexes for motor vehicles and parts, for electrical equipment, appliances, and components,
 and for wood products, which fell 2.0 percent, 1.9 percent, and 1.6 percent, respectively.  Primary metals
 (1.0 percent), computer and electronic products (0.6 percent), and aerospace and miscellaneous
 transportation equipment (0.9 percent) were the only groups that posted increases.  Within nondurables,
 the output of petroleum and coal products dropped 4.4 percent; the other nondurable categories posted
 gains.
 
       Mining output decreased 0.6 percent in April, largely because of an 18.1 percent decline in the
 index for coal mining.  The output of utilities increased 2.8 percent.
 
       Capacity utilization for manufacturing moved down 0.3 percentage point in April to 76.9 percent, a
 rate that is 1.3 percentage points below its long-run average.  The operating rate for mining fell 0.6
 percentage point to 92.1 percent, while the operating rate for utilities increased 1.8 percentage points
 to 71.0 percent.  The rate for mining was 5.6 percentage points above its long-run average, while the rate
 for utilities remained substantially below its long-run average.
 

 Notice

 Revision of Industrial Production and Capacity Utilization
 
      The Federal Reserve Board plans to issue its annual revision to the indexes of industrial
 production (IP) and the related measures of capacity utilization on June 28, 2024.  Detailed results of
 the Economic Census for 2022 will not be published until 2025, so no new annual benchmark data will be
 included for manufacturing.  Other annual data, including information on the mining of metallic and
 nonmetallic minerals (except fuels), will be incorporated.  The updated IP indexes will include revisions
 to the monthly indicator (either product data or input data) and to seasonal factors for each industry.
 In addition, the estimation methods for some series may be changed.  Any modifications to the methods for
 estimating the output of an industry will affect the index from 1972 to the present.
 
      Capacity and capacity utilization will be revised to incorporate data for manufacturing through the
 fourth quarter of 2023 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization, along
 with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other
 organizations.


 Industrial Production and Capacity Utilization:  Summary
 Seasonally adjusted
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                             2017=100                              |                                   Percent change
                                  | ----------------------------------------------------------------- | -----------------------------------------------------------------------------------
                                  |      2023                  2024                                   |      2023                  2024                                   |    Apr. '23 to 
 Industrial production            |   Nov.[r]    Dec.[r]    Jan.[r]    Feb.[r]    Mar.[r]    Apr.[p]  |   Nov.[r]    Dec.[r]    Jan.[r]    Feb.[r]    Mar.[r]    Apr.[p]  |      Apr. '24 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                   |                                                                   |
  Total index                     |     102.9      102.6      101.8      102.6      102.8      102.8  |        .3        -.3        -.8         .8         .1         .0  |            -.4 
     Previous estimates           |     102.9      102.6      101.8      102.3      102.7             |        .4        -.3        -.8         .4         .4             |                
                                  |                                                                   |                                                                   |
  Major market groups             |                                                                   |                                                                   |
  Final Products                  |     101.7      101.2      100.6      101.0      101.4      101.4  |        .8        -.5        -.6         .4         .4         .0  |           -1.0 
     Consumer goods               |     102.4      101.9      101.5      101.5      102.0      102.1  |        .8        -.5        -.4         .0         .5         .1  |           -1.5 
     Business equipment           |      96.2       95.7       94.4       96.0       95.9       95.4  |       1.0        -.6       -1.3        1.7        -.2        -.5  |           -1.3 
  Nonindustrial supplies          |     100.1       99.8       99.3      100.8      101.0      100.8  |       -.3        -.3        -.6        1.5         .2        -.2  |             .5 
     Construction                 |     101.0      100.7       99.4      102.1      102.0      101.1  |       -.1        -.3       -1.3        2.8        -.1       -1.0  |            -.8 
  Materials                       |     104.9      104.7      103.7      104.7      104.6      104.7  |        .1        -.2       -1.0        1.0        -.1         .1  |            -.1 
                                  |                                                                   |                                                                   |
  Major industry groups           |                                                                   |                                                                   |
  Manufacturing (see note below)  |      99.3       99.3       98.2       99.5       99.7       99.4  |        .5         .0       -1.2        1.4         .2        -.3  |            -.5 
     Previous estimates           |      99.4       99.4       98.2       99.4       99.9             |        .5         .0       -1.1        1.2         .5             |                
  Mining                          |     119.0      120.0      114.4      119.2      117.9      117.1  |       -.4         .8       -4.6        4.2       -1.1        -.6  |           -1.3 
  Utilities                       |     106.2      102.0      109.7      102.1      103.7      106.7  |        .3       -4.0        7.6       -6.9        1.6        2.8  |            2.3 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                                                                                             |    Capacity
                                  |                                                             Percent of capacity                                                             |     growth
                                  | ------------------------------------------------------------------------------------------------------------------------------------------- | ---------------
                                  |     Average       1988-       1990-       1994-                         |                                                                   |                
                                  |       1972-          89          91          95        2009       2023  |      2023                  2024                                   |    Apr. '23 to 
 Capacity utilization             |       2023         high         low        high         low       Apr.  |   Nov.[r]    Dec.[r]    Jan.[r]    Feb.[r]    Mar.[r]    Apr.[p]  |      Apr. '24 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                         |                                                                   |
  Total industry                  |       79.6        85.2        78.8        85.0        66.6        79.8  |      79.0       78.6       77.9       78.5       78.5       78.4  |            1.4 
     Previous estimates           |                                                                         |      79.0       78.7       77.9       78.2       78.4             |                
                                  |                                                                         |                                                                   |
  Manufacturing (see note below)  |       78.2        85.6        77.3        84.6        63.4        78.4  |      77.3       77.3       76.2       77.2       77.2       76.9  |            1.4 
     Previous estimates           |                                                                         |      77.4       77.3       76.3       77.1       77.4             |                
  Mining                          |       86.5        86.3        84.3        88.6        78.9        92.8  |      93.5       94.4       90.0       93.8       92.7       92.1  |            -.6 
  Utilities                       |       84.4        93.2        84.7        93.2        78.1        71.8  |      71.7       68.7       73.7       68.4       69.2       71.0  |            3.5 
                                  |                                                                         |                                                                   |
  Stage-of-process groups         |                                                                         |                                                                   |
  Crude                           |       85.7        87.9        84.8        90.0        76.9        90.3  |      91.0       92.0       88.7       91.5       90.9       90.2  |            -.5 
  Primary and semifinished        |       80.2        86.5        78.0        87.8        63.6        77.1  |      76.8       76.0       76.4       75.8       76.1       76.1  |            1.5 
  Finished                        |       76.7        83.4        77.5        80.7        66.3        77.6  |      75.8       75.5       74.5       75.4       75.2       75.3  |            2.2 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised.  [p]  Preliminary.
 Note.  The statistics in this release cover output, capacity, and capacity utilization in the
 U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing,
 mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the
 North American Industry Classification System (NAICS); electric and gas utilities are those in
 NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33)
 plus the logging industry and the newspaper, periodical, book, and directory publishing industries.
 Logging and publishing are classified elsewhere in NAICS (under agriculture and information
 respectively), but historically they were considered to be manufacturing and were included in
 the industrial sector under the Standard Industrial Classification (SIC) system.  In December 2002
 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.
 
 
 

 Table 1
 Industrial Production: Market and Industry Group Summary
 Percent change, seasonally adjusted
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |      Fourth quarter to       |                              |                                                            |
                                                   |             |             |        fourth quarter        |         Annual rate          |                        Monthly rate                        |
                                                   |             |             |------------------------------|------------------------------|------------------------------------------------------------| Apr. '23 
                                                   |             |        2023 |                              |     2023                2024 |     2023                2024                               |     to
 Item                                              |    NAICS    |Proportion<1>|     2021      2022      2023 |       Q3     Q4[r]     Q1[r] |  Nov.[r]   Dec.[r]   Jan.[r]   Feb.[r]   Mar.[r]   Apr.[p] |  Apr. '24 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |                              |                              |                                                            |
  Total IP                                         |             |   100.00    |      3.8       1.8        .0 |      1.6      -2.0      -1.1 |       .3       -.3       -.8        .8        .1        .0 |       -.4 
                                                   |             |             |                              |                              |                                                            |
  MARKET GROUP                                     |             |             |                              |                              |                                                            |
  Final products and nonindustrial supplies        |             |    54.43    |      3.4       2.0       -.9 |       .3      -1.1       -.5 |       .5       -.4       -.6        .7        .3       -.1 |       -.6 
     Consumer goods                                |             |    27.71    |      1.6       1.2       -.9 |      -.9      -1.4      -1.0 |       .8       -.5       -.4        .0        .5        .1 |      -1.5 
        Durable                                    |             |     5.97    |      -.3       -.3        .0 |      -.5      -5.1       6.8 |      4.3       1.1      -2.4       2.0       1.7      -1.5 |       -.1 
           Automotive products                     |             |     3.26    |     -5.5       1.9       1.6 |     -1.0     -11.2      10.9 |      8.5       1.4      -4.4       4.0       2.7      -1.8 |       -.5 
           Home electronics                        |             |      .14    |     10.8       2.9      14.4 |     18.9      13.3       7.4 |      1.5       -.2        .7       -.7       3.5        .3 |      13.7 
           Appliances, furniture, carpeting        |             |      .91    |      1.8      -8.0      -3.8 |      6.4      13.0      -9.8 |       .3       -.6        .5      -3.5      -1.2      -1.7 |      -3.5 
           Miscellaneous goods                     |             |     1.66    |      9.3       -.5      -2.2 |     -4.5      -2.7       8.8 |      -.9       1.7       -.1       1.6       1.2       -.8 |       1.5 
        Nondurable                                 |             |    21.74    |      2.4       1.6      -1.2 |     -1.0       -.3      -3.1 |      -.1       -.9        .2       -.6        .2        .5 |      -1.9 
           Non-energy                              |             |    15.72    |      1.4       1.0      -1.0 |     -5.0       2.3      -2.0 |      -.6        .0       -.9       1.0       -.2        .9 |      -1.3 
              Foods and tobacco                    |             |     9.52    |       .0        .0      -2.5 |     -6.4       3.5      -4.0 |      -.8        .1       -.9        .5       -.6        .9 |      -2.8 
              Clothing                             |             |      .17    |      6.1       2.5     -11.6 |    -21.3     -17.5     -13.2 |     -3.0      -1.1       -.6      -1.0      -1.5       1.0 |     -16.2 
              Chemical products                    |             |     4.89    |      3.9       3.3       2.6 |     -3.7        .9       3.3 |       .1        .0       -.8       2.0        .9        .9 |       1.8 
              Paper products                       |             |      .76    |      -.8      -4.3      -3.4 |     -2.2       2.0      -3.9 |      -.9       -.5       -.6        .4       -.3        .1 |       -.9 
           Energy                                  |             |     6.02    |      6.4       3.1      -1.6 |     10.7      -6.8      -5.9 |      1.2      -3.2       3.1      -4.6       1.1       -.2 |      -3.3 
                                                   |             |             |                              |                              |                                                            |
     Business equipment                            |             |     8.60    |      5.3       7.7      -1.7 |      1.0      -3.3      -1.2 |      1.0       -.6      -1.3       1.7       -.2       -.5 |      -1.3 
        Transit                                    |             |     1.72    |     -5.9      21.4        .9 |      8.2      -5.8      -1.6 |      5.6       -.2      -4.7       3.1       2.1      -2.1 |       1.0 
        Information processing                     |             |     1.70    |      9.5       -.7       1.4 |      6.0       2.5       2.2 |       .3       -.9        .9        .1        .1        .5 |       3.4 
        Industrial and other                       |             |     5.17    |      7.2       6.8      -3.5 |     -3.0      -4.4      -2.1 |      -.2       -.6       -.9       1.8      -1.0       -.3 |      -3.5 
     Defense and space equipment                   |             |     1.71    |      4.9       2.3      10.3 |     16.5       9.5       4.2 |      1.1        .2        .2        .1       1.0        .8 |      11.2 
                                                   |             |             |                              |                              |                                                            |
     Construction supplies                         |             |     5.22    |      5.5      -1.3      -1.5 |     -2.2       -.2        .8 |      -.1       -.3      -1.3       2.8       -.1      -1.0 |       -.8 
     Business supplies                             |             |    10.60    |      3.7       1.0      -1.2 |      2.4       -.5        .8 |      -.5       -.3       -.2        .9        .3        .2 |       1.2 
                                                   |             |             |                              |                              |                                                            |
  Materials                                        |             |    45.57    |      4.4       1.6       1.2 |      3.4      -3.0      -1.8 |       .1       -.2      -1.0       1.0       -.1        .1 |       -.1 
     Non-energy                                    |             |    27.52    |      3.1      -1.1        .2 |       .1      -2.7        .0 |       .4        .1      -1.0       1.4       -.2        .0 |       -.3 
        Durable                                    |             |    16.70    |      2.8       1.2       -.2 |       .3      -3.5      -1.6 |       .8       -.1       -.9        .5        .0       -.1 |      -1.1 
           Consumer parts                          |             |     2.91    |     -5.2       4.1       4.5 |      5.3      -5.5       2.3 |      3.8       1.7      -1.2       -.4       -.6      -1.0 |      -1.4 
           Equipment parts                         |             |     4.46    |      6.9       1.0        .6 |       .8      -1.8      -4.7 |      -.4      -1.2       -.1       -.4        .3        .5 |      -1.1 
           Other                                   |             |     9.33    |      3.5        .4      -2.1 |     -1.4      -3.8      -1.3 |       .4       -.1      -1.2       1.3        .1       -.2 |      -1.1 
        Nondurable                                 |             |    10.83    |      3.5      -4.5        .6 |     -1.2      -1.4       2.4 |      -.1        .3      -1.2       2.8       -.7        .3 |        .7 
           Textile                                 |             |      .32    |      1.3      -5.9      -3.9 |      1.1     -13.3        .1 |     -2.5      -1.8        .2       2.1       1.7       -.5 |      -4.0 
           Paper                                   |             |     1.56    |       .0      -4.7      -2.3 |     -2.5       5.1       5.8 |      1.8       -.9       -.6       3.1       -.2        .2 |       3.7 
           Chemical                                |             |     5.52    |      6.5      -6.7       3.0 |      1.1      -3.6       1.6 |      -.5        .5      -1.9       3.3       -.1       -.2 |        .4 
     Energy                                        |             |    18.05    |      7.2       5.4       2.8 |      9.4      -3.5      -4.6 |      -.3       -.6       -.9        .3        .0        .2 |        .5 
                                                   |             |             |                              |                              |                                                            |
                                                   |             |             |                              |                              |                                                            |
  INDUSTRY GROUP                                   |             |             |                              |                              |                                                            |
  Manufacturing                                    |             |    75.37    |      3.5        .6       -.4 |      -.6      -1.0       -.4 |       .5        .0      -1.2       1.4        .2       -.3 |       -.5 
     Manufacturing (NAICS)                         |       31-33 |    73.87    |      3.7        .7       -.3 |      -.6      -1.1       -.2 |       .5        .0      -1.2       1.4        .2       -.3 |       -.5 
                                                   |             |             |                              |                              |                                                            |
        Durable manufacturing                      |             |    36.90    |      3.5       2.5        .0 |       .8      -2.8        .1 |      1.3       -.4       -.9       1.2        .1       -.5 |       -.6 
           Wood products                           |         321 |     1.69    |       .0      -3.6      -1.1 |       .1      -1.4      -4.2 |      3.0      -4.0       -.4       1.2        .8      -1.6 |      -2.3 
           Nonmetallic mineral products            |         327 |     2.36    |      2.8       6.9      -2.8 |     -4.4        .2     -14.3 |     -1.6        .7      -3.6        .4      -1.0       -.9 |      -6.4 
           Primary metals                          |         331 |     2.87    |      6.0      -5.3       1.5 |     -3.8      -4.0      -6.0 |       .8        .0      -2.2       1.0       -.8       1.0 |      -2.5 
           Fabricated metal products               |         332 |     6.07    |      6.0       1.5      -1.6 |     -1.6      -1.6       3.5 |      -.1       -.6       1.0        .7       -.7       -.2 |        .1 
           Machinery                               |         333 |     5.53    |      8.2       4.9      -4.5 |     -1.0      -4.0      -3.4 |       .8      -1.1       -.3        .6      -1.4       -.4 |      -4.9 
           Computer and electronic products        |         334 |     4.27    |      6.7      -1.3       4.7 |     10.0       2.8        .8 |      -.5       -.8        .9       -.1        .2        .6 |       4.3 
           Electrical equip., appliances,          |             |             |                              |                              |                                                            |
              and components                       |         335 |     2.12    |      3.2       1.0        .3 |     -7.0       3.1        .4 |       .1        .0       -.2       -.3       1.5      -1.9 |      -2.3 
           Motor vehicles and parts                |      3361-3 |     5.37    |     -5.2       7.0       2.6 |      -.9     -14.4      14.9 |      8.7       1.4      -4.2       4.9       2.8      -2.0 |        .0 
           Aerospace and miscellaneous             |             |             |                              |                              |                                                            |
              transportation equipment             |      3364-9 |     3.02    |      -.3       9.4       4.4 |     10.9       4.4      -5.0 |       .8      -1.0       -.4      -1.1        .7        .9 |       5.6 
           Furniture and related products          |         337 |     1.03    |      2.4      -2.8      -8.9 |     -7.7     -10.1      -5.7 |      -.7      -1.1      -1.4       1.9      -1.2       -.5 |      -6.8 
           Miscellaneous                           |         339 |     2.58    |      8.1       4.6        .7 |      8.5       1.5       1.0 |      -.9       -.7       -.7       2.6       -.2       -.6 |       3.4 
                                                   |             |             |                              |                              |                                                            |
        Nondurable manufacturing                   |             |    36.97    |      3.9      -1.2       -.5 |     -2.1        .7       -.5 |      -.3        .5      -1.5       1.6        .2       -.1 |       -.5 
           Food, beverage, and tobacco products    |       311,2 |    12.06    |       .1        .3      -2.4 |     -6.8       3.0      -3.7 |      -.6        .3      -1.1        .6       -.8        .9 |      -2.8 
           Textile and product mills               |       313,4 |      .55    |      3.3      -8.2      -4.2 |      6.4     -14.0      -3.6 |     -2.7      -1.7       -.1       2.1       -.3        .1 |      -3.5 
           Apparel and leather                     |       315,6 |      .19    |      6.7       3.3     -10.4 |    -19.4     -16.8     -12.7 |     -3.4       -.9       -.5      -1.0      -1.5        .7 |     -15.5 
           Paper                                   |         322 |     2.31    |     -1.1      -5.9      -1.2 |       .1       6.3        .2 |       .8       -.5      -1.3       2.7      -1.0        .4 |       3.0 
           Printing and support                    |         323 |     1.28    |      3.1        .7      -8.9 |     -7.9      -8.8      14.9 |       .4       -.9       2.4       1.8       1.1        .7 |       -.7 
           Petroleum and coal products             |         324 |     4.71    |     18.2      -2.5       3.4 |      6.6       7.1      -2.6 |       .6        .4      -3.8       2.4       3.6      -4.4 |        .6 
           Chemicals                               |         325 |    12.19    |      5.9      -1.5       1.9 |     -1.2      -2.5       2.6 |      -.4       1.0      -1.4       2.3        .1        .3 |       1.0 
           Plastics and rubber products            |         326 |     3.69    |      3.6       -.8      -2.6 |      1.4       -.8      -1.9 |      -.4       1.1      -1.4        .5        .1        .7 |        .4 
                                                   |             |             |                              |                              |                                                            |
     Other manufacturing (non-NAICS)               |   1133,5111 |     1.50    |     -2.8      -3.9      -5.1 |       .0       1.9      -6.8 |     -1.4      -1.0      -1.1        .8       -.3        .3 |      -1.0 
                                                   |             |             |                              |                              |                                                            |
  Mining                                           |          21 |    14.11    |     10.0       5.8       2.9 |      3.9      -1.4      -7.4 |      -.4        .8      -4.6       4.2      -1.1       -.6 |      -1.3 
  Utilities                                        |      2211,2 |    10.52    |       .0       4.3      -1.1 |     16.0      -9.2       1.9 |       .3      -4.0       7.6      -6.9       1.6       2.8 |       2.3 
     Electric                                      |        2211 |     9.03    |       .4       2.6        .0 |     18.2      -8.6       3.5 |       .6      -3.5       6.9      -5.9       1.3       3.1 |       3.3 
     Natural gas                                   |        2212 |     1.49    |     -2.4      14.7      -6.9 |      3.8     -12.7      -7.4 |     -1.3      -7.2      12.5     -13.4       3.5       1.1 |      -4.2 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised.  [p]  Preliminary.
      <1>  The proportion data are the relative weights for the rates of change for each series in the computation of the change in total industrial production in the following year.
      Note.  Under industry groups, the figures to the right of the series descriptions are 2017 North American Industry Classification System (NAICS) codes.  The abbreviation pt
 denotes part of a NAICS code.  Additional industry detail is available on the Board's website (www.federalreserve.gov/releases/G17/20240516/default_sup.htm).  Under market groups, in
 the products category, miscellaneous consumer nondurables, oil and gas well 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                        |
                                                   |             |             |------------------------------|------------------------------|------------------------------------------------------------| Apr. '23 
                                                   |             |        2023 |                              |     2023                2024 |     2023                2024                               |     to
 Item                                              |    NAICS    |   Proportion|     2021      2022      2023 |       Q3     Q4[r]     Q1[r] |  Nov.[r]   Dec.[r]   Jan.[r]   Feb.[r]   Mar.[r]   Apr.[p] |  Apr. '24 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |                              |                              |                                                            |
  Total industry                                   |             |   100.00    |      3.8       1.8        .0 |      1.6      -2.0      -1.1 |       .3       -.3       -.8        .8        .1        .0 |       -.4 
                                                   |             |             |                              |                              |                                                            |
  Energy                                           |             |    27.41    |      7.6       5.0       1.5 |      9.3      -4.1      -4.5 |       .0      -1.2        .1       -.9        .5        .1 |       -.2 
     Consumer products                             |             |     6.02    |      6.4       3.1      -1.6 |     10.7      -6.8      -5.9 |      1.2      -3.2       3.1      -4.6       1.1       -.2 |      -3.3 
     Commercial products                           |             |     2.82    |      6.1       5.5       1.2 |     11.1       -.8       1.3 |      -.2      -1.3        .6        .1       1.7        .6 |       5.0 
     Oil and gas well drilling                     |      213111 |      .53    |     53.1      11.8      -9.4 |    -15.1      -7.0     -18.6 |     -4.0       -.6      -2.9      -1.9       2.5      -3.2 |     -13.7 
     Converted fuel                                |             |     5.24    |      4.2       2.7       2.7 |     14.2      -5.4       5.9 |      1.3      -2.1       6.0      -7.0       4.1       1.0 |       4.0 
     Primary energy                                |             |    12.81    |      8.6       6.2       2.8 |      7.3      -2.7      -8.7 |     -1.0        .1      -3.7       3.6      -1.6       -.1 |      -1.0 
                                                   |             |             |                              |                              |                                                            |
  Non-energy                                       |             |    72.59    |      2.8        .5       -.4 |      -.7      -1.2        .2 |       .5        .0      -1.1       1.5        .0        .0 |       -.3 
     Selected high-technology industries           |             |     1.88    |      7.0       1.8      12.8 |     21.2       8.9       -.3 |     -1.1       -.3        .5       -.3        .7       1.0 |       9.4 
        Computers and peripheral equipment         |        3341 |      .25    |     18.4      12.2      12.4 |     15.8       8.1      -1.7 |      1.1       -.8      -1.4        .0       3.6        .3 |       8.6 
        Communications equipment                   |        3342 |      .39    |     18.5      10.8      15.0 |     32.2      30.5      11.7 |      2.1       1.4        .7        .5        .5        .3 |      21.1 
        Semiconductors and related                 |             |             |                              |                              |                                                            |
           electronic components                   |        3344 |     1.24    |      2.1      -2.7      12.2 |     19.0       2.8      -3.8 |     -2.6       -.7        .8       -.6        .1       1.3 |       6.0 
                                                   |             |             |                              |                              |                                                            |
     Excluding selected high-technology            |             |             |                              |                              |                                                            |
           industries                              |             |    70.71    |      2.7        .5       -.8 |     -1.3      -1.5        .2 |       .5        .0      -1.1       1.5        .0       -.1 |       -.6 
                                                   |             |             |                              |                              |                                                            |
        Motor vehicles and parts                   |      3361-3 |     5.37    |     -5.2       7.0       2.6 |      -.9     -14.4      14.9 |      8.7       1.4      -4.2       4.9       2.8      -2.0 |        .0 
           Motor vehicles                          |        3361 |     2.57    |    -10.4      13.1       2.5 |     -2.7     -19.1      28.0 |     15.2       2.0      -5.1       6.6       4.1      -3.6 |        .2 
           Motor vehicle parts                     |        3363 |     2.25    |     -3.8       8.0       3.5 |      2.4     -10.4      10.5 |      4.2        .7      -1.8       3.2       1.2       -.7 |       1.9 
                                                   |             |             |                              |                              |                                                            |
        Excluding motor vehicles and parts         |             |    65.35    |      3.5        .0      -1.0 |     -1.3       -.3       -.9 |      -.1       -.1       -.9       1.2       -.3        .1 |       -.7 
           Consumer goods                          |             |    18.86    |      2.1        .3      -1.1 |     -3.4       2.4      -1.7 |      -.5        .1       -.8        .8        .0        .5 |      -1.0 
           Business equipment                      |             |     7.32    |      4.6       6.9      -2.6 |      -.4      -2.6      -3.6 |       .0      -1.0       -.6       1.1       -.9        .0 |      -2.2 
           Construction supplies                   |             |     5.21    |      5.4      -1.3      -1.5 |     -2.3       -.3        .8 |      -.1       -.3      -1.3       2.8       -.1      -1.0 |       -.8 
           Business supplies                       |             |     7.42    |      2.9       -.3      -2.7 |     -1.5       -.7        .7 |      -.5        .0       -.5       1.3       -.2        .0 |       -.6 
           Materials                               |             |    24.81    |      3.9      -1.9       -.6 |      -.9      -2.1       -.7 |       .2        .0      -1.0       1.3       -.4        .1 |       -.8 
                                                   |             |             |                              |                              |                                                            |
  Measures excluding selected high-technology      |             |             |                              |                              |                                                            |
        industries                                 |             |             |                              |                              |                                                            |
  Total industry                                   |             |    98.12    |      3.8       1.8       -.1 |      1.5      -2.2      -1.1 |       .4       -.3       -.8        .8        .1        .0 |       -.5 
     Manufacturing<1>                              |             |    73.49    |      3.4        .5       -.6 |      -.9      -1.3       -.4 |       .5        .0      -1.2       1.4        .1       -.3 |       -.7 
        Durable                                    |             |    35.16    |      3.2       2.6       -.7 |      -.2      -3.5        .0 |      1.5       -.5      -1.0       1.3        .1       -.6 |      -1.1 
                                                   |             |             |                              |                              |                                                            |
  Measures excluding motor vehicles and parts      |             |             |                              |                              |                                                            |
  Total industry                                   |             |    94.63    |      4.5       1.6        .0 |      2.1      -1.2      -2.0 |      -.1       -.4       -.6        .6        .0        .1 |       -.3 
     Manufacturing<1>                              |             |    70.01    |      4.3        .1       -.5 |      -.3        .1      -1.5 |      -.1       -.1      -1.0       1.1        .0       -.1 |       -.5 
        Durable                                    |             |    31.68    |      5.1       1.8       -.5 |      1.1       -.7      -2.4 |       .1       -.8       -.4        .6       -.4       -.2 |       -.7 
                                                   |             |             |                              |                              |                                                            |
  Measures excluding selected high-technology      |             |             |                              |                              |                                                            |
        industries and motor vehicles and parts    |             |             |                              |                              |                                                            |
  Total industry                                   |             |    92.76    |      4.4       1.5       -.3 |      1.7      -1.4      -2.0 |      -.1       -.4       -.6        .6        .0        .1 |       -.5 
     Manufacturing<1>                              |             |    68.13    |      4.2        .0       -.9 |      -.9       -.1      -1.5 |      -.1       -.1      -1.0       1.1       -.1       -.2 |       -.8 
                                                   |             |             |                              |                              |                                                            |
  Stage-of-process components                      |             |             |                              |                              |                                                            |
        of non-energy materials,                   |             |             |                              |                              |                                                            |
        measures of the input to                   |             |             |                              |                              |                                                            |
  Finished processors                              |             |     9.25    |      1.8        .6       1.1 |      1.6      -2.3       -.6 |      1.2       -.3       -.5        .2        .0       -.1 |       -.5 
  Primary and semifinished processors              |             |    18.27    |      3.8      -2.0       -.3 |      -.7      -2.9        .3 |       .0        .2      -1.3       2.0       -.3        .1 |       -.3 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised.  [p]  Preliminary.
      <1>  The composition of manufacturing is specified in a note for the summary table.
 
 
 

 Table 3
 Motor Vehicle Assemblies
 Millions of units, seasonally adjusted annual rate
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                   |  2023 |   2023                    2024 |   2023            2024                         
 Item                                              |Average|     Q2      Q3      Q4      Q1 |   Nov.    Dec.    Jan.    Feb.    Mar.    Apr. 
 --------------------------------------------------------------------------------------------------------------------------------------------
  Total                                            | 10.64 |  11.23   11.11   10.42   11.15 |  10.89   11.00   10.48   11.24   11.73   11.18 
     Autos                                         |  1.74 |   1.76    1.78    1.70    1.71 |   1.76    1.73    1.62    1.70    1.80    1.47 
     Trucks                                        |  8.90 |   9.46    9.33    8.72    9.44 |   9.12    9.27    8.86    9.54    9.93    9.71 
        Light                                      |  8.57 |   9.12    8.98    8.40    9.08 |   8.80    8.93    8.56    9.17    9.52    9.40 
        Medium and heavy                           |   .33 |    .34     .35     .32     .36 |    .33     .35     .30     .37     .40     .31 
                                                   |       |                                |
  Memo:                                            |       |                                |
     Autos and light trucks                        | 10.31 |  10.89   10.76   10.10   10.79 |  10.56   10.66   10.18   10.87   11.33   10.87 
 --------------------------------------------------------------------------------------------------------------------------------------------
      Note.  Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board's website,
 www.federalreserve.gov/releases/G17/mvsf.htm.
 
 
 

 Table 4
 Industrial Production Indexes: Market and Industry Group Summary
 2017 = 100, seasonally adjusted
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |        2023 |     2023                                              2024                               
 Item                                              |    NAICS    |   Proportion|     Aug.     Sept.      Oct.   Nov.[r]   Dec.[r]   Jan.[r]   Feb.[r]   Mar.[r]   Apr.[p] 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |
  Total IP                                         |             |   100.00    |    103.1     103.3     102.6     102.9     102.6     101.8     102.6     102.8     102.8 
                                                   |             |             |
  MARKET GROUP                                     |             |             |
  Final products and nonindustrial supplies        |             |    54.43    |    101.3     101.1     100.8     101.3     100.8     100.2     100.9     101.3     101.2 
     Consumer goods                                |             |    27.71    |    102.3     102.2     101.5     102.4     101.9     101.5     101.5     102.0     102.1 
        Durable                                    |             |     5.97    |    106.3     107.4     102.8     107.3     108.4     105.9     108.0     109.9     108.3 
           Automotive products                     |             |     3.26    |    110.2     110.7     102.5     111.2     112.7     107.8     112.1     115.1     113.0 
           Home electronics                        |             |      .14    |    182.4     183.9     186.1     188.9     188.5     189.9     188.6     195.1     195.6 
           Appliances, furniture, carpeting        |             |      .91    |     84.2      88.1      87.3      87.6      87.1      87.5      84.4      83.4      82.0 
           Miscellaneous goods                     |             |     1.66    |    107.0     107.0     106.8     105.9     107.6     107.5     109.2     110.5     109.6 
        Nondurable                                 |             |    21.74    |    101.2     100.7     101.1     101.0     100.1     100.3      99.7      99.9     100.4 
           Non-energy                              |             |    15.72    |    100.3      99.9     101.0     100.4     100.4      99.5     100.5     100.3     101.2 
              Foods and tobacco                    |             |     9.52    |     97.8      97.2      98.8      98.0      98.1      97.2      97.7      97.1      97.9 
              Clothing                             |             |      .17    |     87.6      85.6      85.8      83.2      82.4      81.9      81.0      79.8      80.6 
              Chemical products                    |             |     4.89    |    109.3     109.3     109.3     109.3     109.4     108.5     110.6     111.6     112.6 
              Paper products                       |             |      .76    |     79.0      78.9      80.2      79.4      79.1      78.6      79.0      78.8      78.8 
           Energy                                  |             |     6.02    |    102.8     102.2     100.8     101.9      98.7     101.7      97.1      98.1      97.8 
                                                   |             |             |
     Business equipment                            |             |     8.60    |     96.8      95.9      95.3      96.2      95.7      94.4      96.0      95.9      95.4 
        Transit                                    |             |     1.72    |     74.5      74.4      71.3      75.3      75.1      71.6      73.8      75.4      73.8 
        Information processing                     |             |     1.70    |    110.1     108.8     110.5     110.8     109.8     110.8     111.0     111.1     111.6 
        Industrial and other                       |             |     5.17    |    104.5     103.3     103.2     103.0     102.3     101.4     103.2     102.2     101.9 
     Defense and space equipment                   |             |     1.71    |    123.4     123.3     124.9     126.2     126.4     126.7     126.8     128.0     129.0 
                                                   |             |             |
     Construction supplies                         |             |     5.22    |    100.5     101.4     101.2     101.0     100.7      99.4     102.1     102.0     101.1 
     Business supplies                             |             |    10.60    |    100.2     100.1     100.2      99.8      99.5      99.3     100.2     100.5     100.7 
                                                   |             |             |
  Materials                                        |             |    45.57    |    105.4     105.9     104.8     104.9     104.7     103.7     104.7     104.6     104.7 
     Non-energy                                    |             |    27.52    |     97.1      97.8      96.5      96.9      97.0      96.0      97.3      97.1      97.2 
        Durable                                    |             |    16.70    |     97.8      98.3      96.8      97.6      97.5      96.6      97.1      97.1      97.0 
           Consumer parts                          |             |     2.91    |     94.9      95.7      91.6      95.0      96.6      95.4      95.0      94.4      93.4 
           Equipment parts                         |             |     4.46    |    103.0     102.6     103.0     102.6     101.4     101.3     100.8     101.2     101.6 
           Other                                   |             |     9.33    |     96.2      97.1      95.7      96.0      95.9      94.7      95.9      96.0      95.9 
        Nondurable                                 |             |    10.83    |     95.9      96.8      95.9      95.8      96.1      95.0      97.6      96.9      97.3 
           Textile                                 |             |      .32    |     82.8      82.1      82.3      80.2      78.8      78.9      80.6      81.9      81.5 
           Paper                                   |             |     1.56    |     82.2      84.8      82.8      84.4      83.6      83.1      85.7      85.5      85.7 
           Chemical                                |             |     5.52    |     97.9      99.1      97.6      97.1      97.6      95.7      98.9      98.7      98.5 
     Energy                                        |             |    18.05    |    118.7     119.1     118.2     117.8     117.1     116.1     116.4     116.5     116.7 
                                                   |             |             |
                                                   |             |             |
  INDUSTRY GROUP                                   |             |             |
  Manufacturing                                    |             |    75.37    |     99.4      99.5      98.9      99.3      99.3      98.2      99.5      99.7      99.4 
     Manufacturing (NAICS)                         |       31-33 |    73.87    |     99.9     100.1      99.4      99.9      99.9      98.7     100.1     100.3     100.0 
                                                   |             |             |
        Durable manufacturing                      |             |    36.90    |    101.5     101.7     100.3     101.6     101.2     100.2     101.4     101.5     101.0 
           Wood products                           |         321 |     1.69    |     95.0      97.1      94.4      97.3      93.5      93.0      94.1      94.9      93.4 
           Nonmetallic mineral products            |         327 |     2.36    |    107.4     107.8     108.4     106.7     107.4     103.5     103.9     102.9     102.0 
           Primary metals                          |         331 |     2.87    |     94.0      95.9      93.3      94.1      94.1      92.0      93.0      92.2      93.1 
           Fabricated metal products               |         332 |     6.07    |     98.8      99.0      98.9      98.8      98.3      99.3     100.0      99.3      99.1 
           Machinery                               |         333 |     5.53    |    101.3     101.0      99.6     100.5      99.4      99.1      99.6      98.2      97.7 
           Computer and electronic products        |         334 |     4.27    |    114.9     114.4     116.2     115.6     114.7     115.7     115.6     115.8     116.5 
           Electrical equip., appliances,          |             |             |
              and components                       |         335 |     2.12    |    102.7     101.8     103.1     103.2     103.2     103.0     102.7     104.2     102.2 
           Motor vehicles and parts                |      3361-3 |     5.37    |    109.0     108.9     100.3     109.1     110.6     105.9     111.2     114.2     112.0 
           Aerospace and miscellaneous             |             |             |
              transportation equipment             |      3364-9 |     3.02    |     90.2      90.2      90.8      91.5      90.6      90.2      89.3      89.9      90.7 
           Furniture and related products          |         337 |     1.03    |     82.6      81.7      80.5      80.0      79.1      78.0      79.5      78.6      78.1 
           Miscellaneous                           |         339 |     2.58    |    109.6     110.9     111.1     110.1     109.3     108.6     111.5     111.3     110.6 
                                                   |             |             |
        Nondurable manufacturing                   |             |    36.97    |     98.4      98.6      98.5      98.2      98.7      97.3      98.8      99.0      98.9 
           Food, beverage, and tobacco products    |       311,2 |    12.06    |     99.2      98.7     100.1      99.4      99.7      98.7      99.3      98.5      99.4 
           Textile and product mills               |       313,4 |      .55    |     84.5      84.6      84.2      81.9      80.5      80.4      82.1      81.8      81.9 
           Apparel and leather                     |       315,6 |      .19    |     89.2      87.4      87.9      84.9      84.2      83.8      83.0      81.7      82.3 
           Paper                                   |         322 |     2.31    |     86.5      88.4      87.7      88.4      87.9      86.7      89.1      88.3      88.6 
           Printing and support                    |         323 |     1.28    |     83.8      81.8      81.0      81.3      80.6      82.5      84.0      84.9      85.5 
           Petroleum and coal products             |         324 |     4.71    |     91.6      92.2      92.5      93.0      93.3      89.7      91.9      95.3      91.1 
           Chemicals                               |         325 |    12.19    |    103.5     103.7     102.8     102.3     103.3     101.9     104.2     104.3     104.7 
           Plastics and rubber products            |         326 |     3.69    |     99.0     100.4      99.3      99.0     100.0      98.6      99.1      99.2      99.9 
                                                   |             |             |
     Other manufacturing (non-NAICS)               |   1133,5111 |     1.50    |     79.1      78.7      80.6      79.4      78.6      77.8      78.4      78.2      78.4 
                                                   |             |             |
  Mining                                           |          21 |    14.11    |    119.4     120.3     119.5     119.0     120.0     114.4     119.2     117.9     117.1 
  Utilities                                        |      2211,2 |    10.52    |    107.7     107.0     105.9     106.2     102.0     109.7     102.1     103.7     106.7 
     Electric                                      |        2211 |     9.03    |    106.6     106.2     104.7     105.3     101.6     108.6     102.2     103.5     106.7 
     Natural gas                                   |        2212 |     1.49    |    114.2     111.6     113.1     111.7     103.7     116.7     101.0     104.5     105.7 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised. [p]  Preliminary.
      Note.  Refer to the notes for table 1.
 
 
 

 Table 5
 Industrial Production Indexes: Special Aggregates
 2017 = 100, seasonally adjusted
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |        2023 |     2023                                              2024                               
 Item                                              |    NAICS    |   Proportion|     Aug.     Sept.      Oct.   Nov.[r]   Dec.[r]   Jan.[r]   Feb.[r]   Mar.[r]   Apr.[p] 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |             |             |
  Total industry                                   |             |   100.00    |    103.1     103.3     102.6     102.9     102.6     101.8     102.6     102.8     102.8 
                                                   |             |             |
  Energy                                           |             |    27.41    |    113.8     114.0     113.0     112.9     111.5     111.7     110.7     111.2     111.3 
     Consumer products                             |             |     6.02    |    102.8     102.2     100.8     101.9      98.7     101.7      97.1      98.1      97.8 
     Commercial products                           |             |     2.82    |    109.8     110.2     109.8     109.6     108.2     108.8     109.0     110.8     111.5 
     Oil and gas well drilling                     |      213111 |      .53    |     98.5      99.7     100.7      96.7      96.1      93.3      91.6      93.8      90.8 
     Converted fuel                                |             |     5.24    |    112.5     113.0     110.9     112.4     110.0     116.7     108.5     113.0     114.1 
     Primary energy                                |             |    12.81    |    120.5     120.9     120.5     119.2     119.3     114.9     119.0     117.1     116.9 
                                                   |             |             |
  Non-energy                                       |             |    72.59    |     99.3      99.5      98.9      99.3      99.3      98.3      99.7      99.7      99.7 
     Selected high-technology industries           |             |     1.88    |    143.1     144.9     147.5     145.8     145.5     146.1     145.7     146.7     148.1 
        Computers and peripheral equipment         |        3341 |      .25    |    163.7     165.2     165.3     167.1     165.8     163.4     163.3     169.3     169.9 
        Communications equipment                   |        3342 |      .39    |    179.5     183.3     188.5     192.4     195.1     196.4     197.4     198.4     199.1 
        Semiconductors and related                 |             |             |
           electronic components                   |        3344 |     1.24    |    129.5     130.9     133.2     129.8     128.9     129.8     129.0     129.2     130.9 
                                                   |             |             |
     Excluding selected high-technology            |             |             |
           industries                              |             |    70.71    |     98.2      98.4      97.7      98.2      98.2      97.1      98.6      98.5      98.5 
                                                   |             |             |
        Motor vehicles and parts                   |      3361-3 |     5.37    |    109.0     108.9     100.3     109.1     110.6     105.9     111.2     114.2     112.0 
           Motor vehicles                          |        3361 |     2.57    |    120.2     119.8     105.6     121.6     124.1     117.7     125.4     130.5     125.8 
           Motor vehicle parts                     |        3363 |     2.25    |    102.1     102.1      97.5     101.6     102.3     100.5     103.7     104.9     104.1 
                                                   |             |             |
        Excluding motor vehicles and parts         |             |    65.35    |     97.4      97.6      97.4      97.3      97.3      96.4      97.6      97.3      97.4 
           Consumer goods                          |             |    18.86    |    100.2     100.1     101.0     100.4     100.5      99.7     100.5     100.4     101.0 
           Business equipment                      |             |     7.32    |     92.4      91.4      91.7      91.7      90.7      90.2      91.1      90.3      90.3 
           Construction supplies                   |             |     5.21    |    100.4     101.2     101.0     100.9     100.5      99.2     102.0     101.8     100.9 
           Business supplies                       |             |     7.42    |     95.7      95.4      95.6      95.2      95.2      94.7      96.0      95.8      95.7 
           Materials                               |             |    24.81    |     95.3      96.0      94.9      95.1      95.2      94.2      95.4      95.0      95.1 
                                                   |             |             |
  Measures excluding selected high-technology      |             |             |
        industries                                 |             |             |
  Total industry                                   |             |    98.12    |    102.4     102.6     101.8     102.2     101.8     101.0     101.9     102.0     102.0 
     Manufacturing<1>                              |             |    73.49    |     98.3      98.5      97.8      98.3      98.3      97.1      98.4      98.6      98.3 
        Durable                                    |             |    35.16    |     99.4      99.5      97.9      99.4      98.9      97.9      99.1      99.2      98.7 
                                                   |             |             |
  Measures excluding motor vehicles and parts      |             |             |
  Total industry                                   |             |    94.63    |    102.9     103.1     102.8     102.7     102.3     101.7     102.3     102.2     102.4 
     Manufacturing<1>                              |             |    70.01    |     98.7      98.9      98.8      98.7      98.6      97.7      98.7      98.7      98.6 
        Durable                                    |             |    31.68    |    100.3     100.6     100.3     100.4      99.7      99.3      99.8      99.5      99.3 
                                                   |             |             |
  Measures excluding selected high-technology      |             |             |
        industries and motor vehicles and parts    |             |             |
  Total industry                                   |             |    92.76    |    102.1     102.3     101.9     101.8     101.4     100.8     101.4     101.4     101.5 
     Manufacturing<1>                              |             |    68.13    |     97.6      97.7      97.6      97.5      97.4      96.4      97.5      97.4      97.3 
                                                   |             |             |
  Stage-of-process components                      |             |             |
        of non-energy materials,                   |             |             |
        measures of the input to                   |             |             |
  Finished processors                              |             |     9.25    |     96.1      96.6      95.1      96.2      96.0      95.5      95.7      95.7      95.6 
  Primary and semifinished processors              |             |    18.27    |     97.8      98.6      97.5      97.5      97.7      96.5      98.4      98.0      98.1 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised. [p]  Preliminary.
      <1>  The composition of manufacturing is specified in a note for the summary table.
 
 
 

 Table 6
 Diffusion Indexes of Industrial Production
 Percent
 -------------------------------------------------------------------------------------------------------
 
 Year       Jan.    Feb.    Mar.    Apr.     May    June    July    Aug.   Sept.    Oct.    Nov.    Dec.
 -------------------------------------------------------------------------------------------------------
 
 One Month Earlier
  2022     42.2    62.5    59.1    57.4    44.6    49.3    58.8    40.2    54.7    52.0    41.9    32.8 
  2023     66.6    50.0    42.2    56.4    50.7    43.6    56.8    48.6    51.7    49.0    48.6    51.0 
  2024     39.2    59.6    53.9                                                                         
 
 Three Months Earlier
  2022     50.7    57.3    63.8    69.3    54.1    52.0    53.7    52.0    56.8    52.4    48.3    32.1 
  2023     43.6    47.3    56.1    50.7    52.0    47.6    50.3    47.6    57.4    44.6    44.6    47.3 
  2024     42.6    51.7    54.4                                                                         
 
 Six Months Earlier
  2022     59.1    62.8    67.6    65.5    59.7    57.0    63.2    52.7    51.0    50.7    50.0    42.9 
  2023     42.6    48.0    39.2    46.3    49.0    53.0    49.0    46.6    51.7    43.6    44.6    50.7 
  2024     34.1    47.6    50.3                                                                         
 -------------------------------------------------------------------------------------------------------
      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-     1994-          |                              |
                                                  |             |      2023   |     2023         95      2009|     2023                2024 |     2023                2024                               
 Item                                             |    NAICS    |   proportion|     ave.       high       low|       Q3     Q4[r]     Q1[r] |  Nov.[r]   Dec.[r]   Jan.[r]   Feb.[r]   Mar.[r]   Apr.[p] 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                  |             |      100.00 |     79.6      85.0      66.6 |     79.4      78.8      78.3 |     79.0      78.6      77.9      78.5      78.5      78.4 
                                                  |             |             |                              |                              |
  Manufacturing<1>                                |             |       76.01 |     78.2      84.6      63.4 |     77.7      77.2      76.9 |     77.3      77.3      76.2      77.2      77.2      76.9 
     Manufacturing (NAICS)                        |       31-33 |       74.49 |     78.2      84.7      63.3 |     77.7      77.2      76.8 |     77.3      77.2      76.2      77.1      77.2      76.8 
                                                  |             |             |                              |                              |
        Durable manufacturing                     |             |       38.38 |     76.8      83.7      58.2 |     75.9      75.1      74.8 |     75.5      75.1      74.3      75.1      75.0      74.6 
           Wood products                          |         321 |        1.63 |     76.9      86.6      48.4 |     79.5      79.2      78.2 |     81.0      77.8      77.4      78.3      78.9      77.5 
           Nonmetallic mineral products           |         327 |        2.24 |     73.6      82.4      43.8 |     81.1      81.1      78.0 |     80.5      81.0      78.1      78.4      77.5      76.8 
           Primary metals                         |         331 |        3.21 |     77.6      95.1      49.4 |     70.4      69.6      68.5 |     69.8      69.8      68.2      68.9      68.3      68.9 
           Fabricated metal products              |         332 |        6.05 |     78.0      83.7      63.5 |     77.8      77.4      78.1 |     77.6      77.1      77.9      78.5      78.0      77.8 
           Machinery                              |         333 |        5.31 |     78.0      87.5      58.6 |     80.9      79.8      78.8 |     80.3      79.3      79.0      79.3      78.1      77.6 
           Computer and electronic products       |         334 |        4.97 |     77.0      84.5      69.9 |     69.9      69.4      68.7 |     69.5      68.7      69.0      68.6      68.4      68.6 
           Electrical equip., appliances,         |             |             |                              |                              |
              and components                      |         335 |        2.12 |     81.7      92.4      66.5 |     76.7      77.0      76.9 |     77.0      76.9      76.7      76.5      77.5      76.0 
           Motor vehicles and parts               |      3361-3 |        5.73 |     74.9      87.6      33.0 |     76.8      73.6      75.9 |     75.3      76.2      72.9      76.4      78.4      76.7 
           Aerospace and miscellaneous            |             |             |                              |                              |
              transportation equipment            |      3364-9 |        3.48 |     73.8      72.0      72.2 |     70.7      71.4      70.4 |     71.8      71.1      70.7      70.0      70.5      71.0 
           Furniture and related products         |         337 |        1.13 |     77.3      82.8      53.4 |     70.7      68.9      68.2 |     69.0      68.2      67.4      68.9      68.2      67.9 
           Miscellaneous                          |         339 |        2.52 |     77.1      81.0      68.1 |     81.2      80.5      79.3 |     80.4      79.5      78.4      80.0      79.4      78.3 
                                                  |             |             |                              |                              |
        Nondurable manufacturing                  |             |       36.11 |     80.0      86.1      68.7 |     79.5      79.4      78.9 |     79.1      79.4      78.2      79.3      79.3      79.2 
           Food, beverage, and tobacco products   |       311,2 |       12.05 |     80.3      85.3      75.3 |     76.9      77.1      76.1 |     76.9      77.0      76.1      76.5      75.7      76.3 
           Textile and product mills              |       313,4 |         .63 |     78.1      91.7      54.1 |     70.1      68.0      67.8 |     67.7      66.7      66.8      68.4      68.3      68.5 
           Apparel and leather                    |       315,6 |         .20 |     75.7      87.3      58.6 |     70.7      67.5      65.3 |     66.9      66.3      66.1      65.4      64.5      65.0 
           Paper                                  |         322 |        2.19 |     86.6      92.7      72.7 |     81.9      83.5      83.6 |     83.8      83.4      82.3      84.6      83.8      84.2 
           Printing and support                   |         323 |        1.24 |     79.5      85.4      58.8 |     79.8      78.3      81.1 |     78.7      78.1      79.8      81.3      82.1      82.6 
           Petroleum and coal products            |         324 |        4.04 |     85.4      91.1      75.9 |     89.1      90.7      90.2 |     90.7      91.0      87.6      89.8      93.2      89.1 
           Chemicals                              |         325 |       12.05 |     76.6      82.1      64.9 |     79.4      78.5      78.3 |     78.1      78.7      77.4      78.9      78.8      78.8 
           Plastics and rubber products           |         326 |        3.71 |     82.1      93.2      56.9 |     77.6      77.1      76.1 |     76.7      77.5      76.1      76.2      76.1      76.3 
                                                  |             |             |                              |                              |
     Other manufacturing (non-NAICS)              |   1133,5111 |        1.52 |     79.6      83.3      64.3 |     77.3      78.7      78.3 |     78.6      78.1      77.6      78.6      78.7      79.2 
                                                  |             |             |                              |                              |
  Mining                                          |          21 |       12.23 |     86.5      88.6      78.9 |     94.0      93.9      92.2 |     93.5      94.4      90.0      93.8      92.7      92.1 
  Utilities                                       |      2211,2 |       11.76 |     84.4      93.2      78.1 |     73.0      70.7      70.4 |     71.7      68.7      73.7      68.4      69.2      71.0 
                                                  |             |             |                              |                              |
  Selected high-technology industries             |             |        2.06 |     77.3      86.3      71.3 |     76.1      75.8      73.5 |     75.6      74.8      74.3      73.3      73.0      73.0 
     Computers and peripheral equipment           |        3341 |         .26 |     76.7      86.8      82.7 |     78.5      78.6      77.5 |     79.1      78.0      76.8      76.6      79.2      79.3 
     Communications equipment                     |        3342 |         .45 |     75.4      86.1      77.3 |     72.8      75.9      75.8 |     76.1      76.5      76.2      75.8      75.4      74.8 
     Semiconductors and related                   |             |             |                              |                              |
           electronic components                  |        3344 |        1.35 |     79.0      92.4      63.0 |     76.5      74.9      71.7 |     74.4      73.2      72.8      71.5      70.7      70.8 
                                                  |             |             |                              |                              |
  Measures excluding selected high-technology     |             |             |                              |                              |
        industries                                |             |             |                              |                              |
  Total industry                                  |             |       97.94 |     79.8      84.9      66.3 |     79.6      78.9      78.5 |     79.1      78.8      78.1      78.6      78.7      78.6 
     Manufacturing<1>                             |             |       73.95 |     78.3      84.5      62.9 |     77.8      77.3      77.0 |     77.4      77.4      76.3      77.3      77.4      77.0 
                                                  |             |             |                              |                              |
  Stage-of-process groups                         |             |             |                              |                              |
  Crude                                           |             |       16.26 |     85.7      90.0      76.9 |     91.6      91.4      90.4 |     91.0      92.0      88.7      91.5      90.9      90.2 
  Primary and semifinished                        |             |       47.05 |     80.2      87.8      63.6 |     77.2      76.5      76.1 |     76.8      76.0      76.4      75.8      76.1      76.1 
  Finished                                        |             |       36.69 |     76.7      80.7      66.3 |     76.2      75.5      75.0 |     75.8      75.5      74.5      75.4      75.2      75.3 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised.  [p]  Preliminary.
      <1>  The composition of manufacturing is specified in a note for the summary table.
 
 
 

 Table 8
 Industrial Capacity
 Percent change
 -----------------------------------------------------------------------------------------------------------------------------------------------------
                                        |    Average annual rate     |  Fourth quarter to fourth quarter  |        Annual rate         | Monthly rate
                                        |----------------------------|------------------------------------|----------------------------|--------------
                                        |  1972-  1980-  1989-  1995-|                                    |  2023          2024        |         2024 
 Item                                   |     79     88     94  2024 |    2021     2022     2023     2024 |    Q3     Q4     Q1     Q2 |         Apr. 
 -----------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                        |   3.1    1.9    2.3    1.6 |    -2.0       .9      1.5      1.7 |   1.4    1.3    1.4    1.5 |           .1 
                                        |                            |                                    |                            |
  Manufacturing<1>                      |   3.3    2.2    2.6    1.4 |    -1.0       .7      1.3      1.7 |   1.3    1.3    1.5    1.6 |           .1 
                                        |                            |                                    |                            |
  Mining                                |    .7     .1    -.7     .9 |    -9.9      1.9      -.4       .7 |   -.9   -1.0    -.2     .3 |           .0 
  Utilities                             |   4.4    2.2    1.8    1.8 |     2.3      3.1      3.5      3.6 |   3.5    3.4    3.5    3.5 |           .3 
                                        |                            |                                    |                            |
                                        |                            |                                    |                            |
  Selected high-technology industries   |  18.6   16.7   16.0   15.8 |     3.7      6.5     10.5     13.4 |  10.8   10.7   12.6   13.4 |          1.1 
  Manufacturing<1> ex. selected         |                            |                                    |                            |
        high-technology industries      |   2.6    1.3    1.6     .4 |    -1.2       .6      1.1      1.4 |   1.1    1.1    1.2    1.3 |           .1 
                                        |                            |                                    |                            |
  Stage-of-process groups               |                            |                                    |                            |
  Crude                                 |   1.5     .5    -.5     .7 |    -8.1      1.2      -.4       .8 |   -.9   -1.0     .0     .5 |           .0 
  Primary and semifinished              |   3.0    1.4    2.5    1.6 |     -.8      1.1      1.4      1.8 |   1.4    1.3    1.6    1.7 |           .1 
  Finished                              |   3.9    3.2    2.8    1.5 |      .1      1.3      2.2      2.2 |   2.2    2.2    2.3    2.2 |           .2 
 -----------------------------------------------------------------------------------------------------------------------------------------------------
      <1>  The composition of manufacturing is specified in a note for the summary table.
 
 
 

 Table 9
 Gross Value of Final Products and Nonindustrial Supplies
 Billions of 2012 dollars at annual rate, seasonally adjusted
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      |            |            |       2023                    2024 |       2023                    2024                                     
 Item                                 |    2012    |       2023 |         Q3       Q4[r]       Q1[r] |    Nov.[r]     Dec.[r]     Jan.[r]     Feb.[r]     Mar.[r]     Apr.[p] 
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      |            |            |                                    |
  Final products and nonindustrial    |            |            |                                    |
        supplies                      |    4,005.8 |    4,174.9 |    4,194.9     4,175.4     4,174.0 |    4,192.2     4,180.6     4,142.3     4,179.0     4,200.6     4,175.5 
                                      |            |            |                                    |
     Final products                   |    2,986.7 |    3,099.0 |    3,118.2     3,100.7     3,096.4 |    3,118.0     3,109.3     3,077.5     3,097.8     3,114.0     3,092.9 
                                      |            |            |                                    |
        Consumer goods                |    2,189.9 |    2,345.0 |    2,358.2     2,346.0     2,340.5 |    2,358.6     2,351.8     2,332.1     2,338.0     2,351.4     2,336.9 
           Durable                    |      431.0 |      547.7 |      558.1       546.9       557.9 |      555.6       561.7       544.5       558.8       570.4       557.8 
              Automotive products     |      284.6 |      393.5 |      405.2       391.9       402.9 |      401.5       406.6       388.6       404.3       415.7       404.5 
              Other durable goods     |      146.4 |      155.0 |      154.2       155.6       156.1 |      155.2       156.3       156.4       155.7       156.3       154.5 
           Nondurable                 |    1,758.9 |    1,793.6 |    1,796.3     1,795.5     1,779.1 |    1,799.3     1,786.6     1,783.8     1,775.7     1,777.8     1,775.6 
                                      |            |            |                                    |
        Equipment, total              |      796.8 |      766.1 |      772.2       766.8       768.1 |      771.5       769.6       757.3       772.0       775.0       768.2 
           Business and defense       |      761.5 |      744.7 |      750.9       745.8       748.2 |      750.8       749.0       737.6       752.1       754.9       748.7 
              Business                |      632.8 |      606.3 |      610.0       602.4       603.5 |      606.8       604.8       593.5       607.7       609.2       602.2 
              Defense and space       |      128.8 |      138.9 |      141.7       145.1       146.6 |      145.5       145.8       146.3       146.0       147.5       148.8 
                                      |            |            |                                    |
     Nonindustrial supplies           |    1,019.1 |    1,076.5 |    1,077.3     1,075.3     1,078.1 |    1,074.9     1,072.0     1,065.4     1,081.8     1,087.1     1,083.0 
        Construction supplies         |      243.9 |      270.2 |      268.6       268.7       269.6 |      269.2       267.8       264.9       271.8       272.1       268.8 
        Business supplies             |      775.2 |      805.4 |      808.3       806.2       808.0 |      805.1       803.7       800.5       809.1       814.4       814.3 
           Commercial energy products |      273.7 |      312.8 |      319.0       316.8       318.6 |      316.6       314.5       314.7       316.7       324.2       325.0 
 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [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                        |
                                                             |                  |------------------------------|------------------------------|------------------------------------------------------------| Apr. '23 
                                                             |             2023 |                              |     2023                2024 |     2023                2024                               |     to
 Item                                                        |    gross value<1>|     2021      2022      2023 |       Q3     Q4[r]     Q1[r] |  Nov.[r]   Dec.[r]   Jan.[r]   Feb.[r]   Mar.[r]   Apr.[p] |  Apr. '24 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |                  |                              |                              |                                                            |
  Finished                                                   |       2,400.6    |      1.4       4.0       -.4 |     -1.7      -2.6        .9 |      1.5        .0      -1.6       2.0       -.2       -.1 |      -1.2 
  Semifinished                                               |       1,979.9    |      2.7       1.5       -.7 |      1.9      -1.9       2.8 |       .7       -.6        .6        .4       -.1        .2 |        .4 
  Primary                                                    |       1,802.4    |      7.3       -.6        .4 |      6.0      -2.7      -3.2 |       .1       -.9       -.4       -.6       1.7      -1.2 |       -.7 
  Crude                                                      |         948.5    |      5.8       -.4       3.1 |      2.8       -.5      -1.9 |      -.2       1.5      -3.2       3.1       -.4      -1.0 |        .2 
                                                             |                  |                              |                              |                                                            |
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 [r]  Revised.  [p]  Preliminary.
      <1>  Billions of 2012 dollars.
 
 
 

 Table 11
 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>     |                                                                                    |                            |
  2002           |    .7     .0     .7     .5     .4     .8     .0    -.1     .1    -.3     .5    -.6 |   3.0    6.3    2.5    -.2 |     .3 
  2003           |    .8     .1    -.3    -.6     .0     .1     .5    -.2     .7     .1     .7     .0 |   2.5   -2.9    2.7    3.9 |    1.3 
  2004           |    .2     .6    -.4     .4     .7    -.8     .7     .1     .1     .9     .2     .8 |   2.9    2.3    2.3    5.8 |    2.7 
  2005           |    .4     .7    -.1     .2     .1     .4    -.3     .3   -1.9    1.2    1.1     .5 |   5.7    2.3   -1.7    3.7 |    3.4 
                 |                                                                                    |                            |
  2006           |    .2     .0     .2     .3     .0     .3    -.1     .4    -.2    -.1     .0    1.0 |   3.9    2.4    1.6    1.0 |    2.3 
  2007           |   -.4    1.0     .2     .7     .0     .0    -.2     .2     .2    -.3     .6     .1 |   4.2    4.7     .3    1.3 |    2.6 
  2008           |   -.1    -.4    -.3    -.7    -.6    -.3    -.4   -1.6   -4.4    1.0   -1.3   -2.8 |  -1.0   -5.9  -12.5  -16.0 |   -3.5 
  2009           |  -2.5    -.6   -1.6    -.8   -1.0    -.3    1.2    1.1     .9     .2     .4     .3 | -20.7  -10.6    7.0    6.4 |  -11.4 
  2010           |   1.1     .3     .7     .4    1.4     .2     .4     .4     .3    -.3     .1    1.0 |   7.8    8.0    5.4    1.7 |    5.5 
                 |                                                                                    |                            |
  2011           |   -.2    -.4    1.1    -.4     .1     .3     .5     .6    -.1     .7     .0     .5 |   2.2    1.6    4.5    4.2 |    3.1 
  2012           |    .6     .3    -.5     .7     .2     .0     .2    -.4    -.1     .3     .4     .3 |   4.1    2.5    -.1    2.0 |    3.1 
  2013           |    .0     .5     .4    -.1     .1     .2    -.3     .6     .5    -.1     .2     .2 |   3.1    1.8    1.6    2.7 |    2.0 
  2014           |   -.4     .8    1.0     .1     .4     .3     .2    -.2     .3     .0     .6     .0 |   2.8    5.6    2.3    2.4 |    3.0 
  2015           |   -.8    -.7    -.3    -.6    -.5    -.3     .6    -.2    -.3    -.5    -.7    -.5 |  -4.4   -5.5     .3   -5.4 |   -1.4 
                 |                                                                                    |                            |
  2016           |    .5    -.5    -.7     .3    -.2     .5     .1    -.1    -.1     .1    -.4     .7 |  -2.7   -1.5    1.1    -.2 |   -2.2 
  2017           |   -.2    -.4     .6    1.0     .1     .2    -.2    -.4     .1    1.2     .3     .2 |    .3    5.7   -1.2    5.7 |    1.3 
  2018           |   -.1     .4     .5    1.1    -.9     .8     .1     .7     .0    -.2     .1     .0 |   2.2    4.7    3.4     .5 |    3.2 
  2019           |   -.6    -.5     .0    -.6     .2     .1    -.5     .7    -.2    -.9     .5    -.3 |  -3.7   -2.4     .2   -2.2 |    -.7 
  2020           |   -.5     .3   -3.9  -13.4    1.6    6.5    3.8     .9     .0     .6     .4    1.2 |  -6.3  -42.2   43.2    6.4 |   -7.2 
                 |                                                                                    |                            |
  2021           |    .8   -3.5    2.9     .2     .9     .4     .6     .0   -1.1    1.3     .9    -.3 |   1.4    6.5    3.2    4.2 |    4.4 
  2022           |    .1     .6     .8     .3     .0    -.1     .4     .1     .3    -.1    -.3   -1.5 |   3.7    4.1    2.1   -2.5 |    3.4 
  2023           |   1.0     .0     .1     .5    -.2    -.6     .9    -.1     .2    -.7     .3    -.3 |   -.3     .8    1.6   -2.0 |     .2 
  2024           |   -.8     .8     .1     .0                                                         |  -1.1                      |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2017=100)      |                                                                                    |                            |
  2022           | 101.0  101.7  102.5  102.8  102.8  102.7  103.1  103.2  103.5  103.4  103.1  101.5 | 101.7  102.8  103.3  102.7 |  102.6 
  2023           | 102.5  102.6  102.7  103.2  102.9  102.3  103.2  103.1  103.3  102.6  102.9  102.6 | 102.6  102.8  103.2  102.7 |  102.8 
  2024           | 101.8  102.6  102.8  102.8                                                         | 102.4                      |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2017 output)    |                                                                                    |                            |
  2022           | 127.2  127.2  127.3  127.4  127.5  127.6  127.7  127.9  128.1  128.2  128.4  128.6 | 127.2  127.5  127.9  128.4 |  127.8 
  2023           | 128.8  128.9  129.1  129.3  129.4  129.6  129.7  129.9  130.0  130.2  130.3  130.4 | 128.9  129.4  129.9  130.3 |  129.6 
  2024           | 130.6  130.8  130.9  131.1                                                         | 130.8                      |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  2002           |  74.1   74.0   74.4   74.7   75.0   75.5   75.5   75.4   75.5   75.3   75.7   75.3 |  74.1   75.1   75.4   75.4 |   75.0 
  2003           |  76.0   76.1   75.9   75.5   75.5   75.6   76.0   75.8   76.3   76.4   77.0   77.0 |  76.0   75.5   76.1   76.8 |   76.1 
  2004           |  77.2   77.6   77.4   77.7   78.3   77.7   78.2   78.3   78.4   79.1   79.2   79.8 |  77.4   77.9   78.3   79.4 |   78.2 
  2005           |  80.0   80.5   80.4   80.4   80.4   80.7   80.3   80.5   78.8   79.6   80.4   80.7 |  80.3   80.5   79.9   80.2 |   80.2 
                 |                                                                                    |                            |
  2006           |  80.7   80.6   80.7   80.8   80.7   80.8   80.6   80.8   80.5   80.2   80.0   80.6 |  80.7   80.7   80.6   80.3 |   80.6 
  2007           |  80.1   80.7   80.7   81.1   81.0   80.8   80.6   80.7   80.9   80.6   81.1   81.1 |  80.5   81.0   80.7   80.9 |   80.8 
  2008           |  81.1   80.8   80.6   80.1   79.7   79.5   79.1   77.8   74.3   75.0   73.9   71.7 |  80.8   79.8   77.1   73.5 |   77.8 
  2009           |  69.8   69.3   68.1   67.5   66.8   66.6   67.3   68.1   68.8   69.0   69.4   69.7 |  69.1   66.9   68.1   69.4 |   68.4 
  2010           |  70.6   71.0   71.6   72.0   73.2   73.5   73.9   74.3   74.7   74.5   74.7   75.5 |  71.1   72.9   74.3   74.9 |   73.3 
                 |                                                                                    |                            |
  2011           |  75.3   75.0   75.8   75.5   75.6   75.7   76.0   76.4   76.2   76.6   76.5   76.8 |  75.4   75.6   76.2   76.6 |   76.0 
  2012           |  77.1   77.2   76.6   77.1   77.1   76.9   77.0   76.5   76.4   76.5   76.7   76.8 |  77.0   77.0   76.6   76.6 |   76.8 
  2013           |  76.7   76.9   77.1   77.0   77.0   77.0   76.7   77.1   77.5   77.3   77.5   77.6 |  76.9   77.0   77.1   77.4 |   77.1 
  2014           |  77.2   77.8   78.5   78.5   78.7   78.9   79.0   78.8   79.0   78.9   79.4   79.3 |  77.8   78.7   78.9   79.2 |   78.7 
  2015           |  78.6   78.1   77.8   77.3   77.0   76.7   77.2   77.1   76.9   76.6   76.0   75.6 |  78.2   77.0   77.1   76.1 |   77.1 
                 |                                                                                    |                            |
  2016           |  76.0   75.6   75.1   75.3   75.1   75.4   75.5   75.4   75.3   75.3   75.0   75.5 |  75.6   75.2   75.4   75.3 |   75.4 
  2017           |  75.4   75.1   75.6   76.4   76.6   76.8   76.7   76.4   76.6   77.7   77.9   78.2 |  75.4   76.6   76.6   77.9 |   76.6 
  2018           |  78.2   78.6   79.0   79.9   79.2   79.8   79.9   80.4   80.4   80.3   80.3   80.2 |  78.6   79.6   80.3   80.3 |   79.7 
  2019           |  79.7   79.2   79.1   78.6   78.7   78.7   78.2   78.7   78.5   77.7   78.1   77.8 |  79.3   78.7   78.5   77.9 |   78.6 
  2020           |  77.4   77.6   74.5   64.6   65.6   70.0   72.7   73.4   73.5   74.1   74.6   75.6 |  76.5   66.7   73.2   74.8 |   72.8 
                 |                                                                                    |                            |
  2021           |  76.4   73.9   76.2   76.5   77.4   77.8   78.4   78.5   77.8   78.8   79.5   79.3 |  75.5   77.2   78.2   79.2 |   77.6 
  2022           |  79.4   79.9   80.5   80.7   80.6   80.5   80.7   80.7   80.8   80.6   80.3   78.9 |  80.0   80.6   80.8   79.9 |   80.3 
  2023           |  79.6   79.5   79.5   79.8   79.5   78.9   79.5   79.4   79.4   78.8   79.0   78.6 |  79.6   79.4   79.4   78.8 |   79.3 
  2024           |  77.9   78.5   78.5   78.4                                                         |  78.3                      |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1> Quarterly percentage changes are at annual rates.  Annual percentage changes are calculated from annual averages.
 
 
 

 Table 12
 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>     |                                                                                    |                            |
  2002           |    .7     .0     .7     .3     .5    1.0    -.1     .1     .1    -.3     .5    -.6 |   3.6    5.8    3.2    -.4 |     .5 
  2003           |    .8    -.1     .1    -.8     .1     .4     .3    -.5     .8     .1     .9    -.1 |   2.1   -2.2    2.5    4.4 |    1.3 
  2004           |   -.1     .8     .0     .4     .7    -.7     .9     .5     .0     .9     .0     .8 |   2.6    3.4    4.0    5.5 |    3.1 
  2005           |    .6     .8    -.5     .4     .3     .2    -.4     .5   -1.1    1.4     .9     .1 |   6.4    2.6    -.6    6.1 |    4.1 
                 |                                                                                    |                            |
  2006           |    .8    -.3     .0     .3    -.2     .3    -.3     .7     .1    -.4     .1    1.5 |   3.9     .7    1.1    1.6 |    2.6 
  2007           |   -.3     .3     .8     .6    -.1     .3    -.1    -.3     .3    -.2     .5     .2 |   4.7    5.5     .1    1.3 |    2.8 
  2008           |   -.2    -.7    -.4   -1.0    -.6    -.7   -1.1   -1.3   -3.4    -.6   -2.5   -3.4 |  -2.0   -8.4  -14.0  -22.0 |   -4.8 
  2009           |  -3.2    -.1   -1.8    -.7   -1.0    -.2    1.6    1.1    1.0     .1    1.0    -.2 | -24.7  -10.3    9.1    7.1 |  -13.8 
  2010           |   1.0    -.1    1.3     .8    1.3     .0     .5     .1     .1     .1     .1     .5 |   6.6   10.4    4.3    1.6 |    5.9 
                 |                                                                                    |                            |
  2011           |    .1     .1     .6    -.6     .0     .1     .6     .4     .3     .5    -.2     .7 |   3.0    -.2    4.2    3.9 |    2.9 
  2012           |    .9     .4    -.5     .5    -.4     .3    -.2    -.1    -.2    -.2     .6     .7 |   5.5     .5   -1.2    1.0 |    2.6 
  2013           |   -.2     .4    -.1    -.3     .3     .2    -.8     .9     .1     .1     .0    -.2 |   2.8     .1     .2    1.6 |     .9 
  2014           |  -1.1     .9     .9     .0     .3     .3     .4    -.6     .0    -.1     .7    -.2 |  -1.1    4.8    1.4     .3 |    1.1 
  2015           |   -.6    -.8     .4     .0     .0    -.4     .7    -.3    -.3    -.1    -.3    -.3 |  -3.4    -.6     .8   -2.7 |    -.5 
                 |                                                                                    |                            |
  2016           |    .4    -.4    -.1    -.2    -.1     .2     .0    -.3     .2     .1    -.1     .0 |   -.6   -1.2     .0     .5 |    -.8 
  2017           |    .2    -.1    -.4    1.1    -.1     .0    -.4    -.2     .0    1.1     .1    -.2 |   -.1    3.0   -2.0    4.0 |     .6 
  2018           |   -.4    1.0    -.1     .7    -.9     .6     .0     .3     .0    -.5    -.3     .3 |    .4    2.3    1.6   -1.7 |    1.3 
  2019           |   -.9    -.5    -.3    -.6     .0     .4    -.7     .7    -.6    -.9     .9     .1 |  -4.6   -3.2    -.6   -2.1 |   -2.0 
  2020           |   -.2     .2   -4.6  -15.5    4.4    7.7    3.6    1.5     .0     .8     .6     .6 |  -5.0  -44.0   53.9    8.0 |   -6.6 
                 |                                                                                    |                            |
  2021           |   1.0   -3.9    3.0     .1    1.1    -.1    1.0    -.3    -.9    1.3     .9    -.1 |   -.1    5.9    3.4    4.9 |    5.0 
  2022           |   -.6    1.2     .8     .1    -.4    -.4     .2     .2     .2     .1    -.7   -2.1 |   3.0    2.7     .1   -3.3 |    2.7 
  2023           |   1.7     .3    -.8     .9    -.2    -.7     .4    -.1     .2    -.7     .5     .0 |   -.2     .4    -.6   -1.0 |    -.5 
  2024           |  -1.2    1.4     .2    -.3                                                         |   -.4                      |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2017 = 100)    |                                                                                    |                            |
  2022           |  98.7   99.8  100.6  100.8  100.4  100.0  100.2  100.4  100.6  100.8  100.0   97.9 |  99.7  100.4  100.4   99.6 |  100.0 
  2023           |  99.5   99.9   99.1   99.9   99.8   99.1   99.5   99.4   99.5   98.9   99.3   99.3 |  99.5   99.6   99.4   99.2 |   99.5 
  2024           |  98.2   99.5   99.7   99.4                                                         |  99.1                      |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2017 output)    |                                                                                    |                            |
  2022           | 125.9  125.9  126.0  126.1  126.1  126.2  126.3  126.4  126.6  126.7  126.8  126.9 | 125.9  126.1  126.4  126.8 |  126.3 
  2023           | 127.1  127.2  127.3  127.5  127.6  127.8  127.9  128.0  128.2  128.3  128.5  128.6 | 127.2  127.6  128.0  128.5 |  127.8 
  2024           | 128.8  128.9  129.1  129.3                                                         | 128.9                      |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  2002           |  72.1   72.0   72.5   72.6   73.0   73.7   73.6   73.6   73.7   73.5   73.8   73.4 |  72.2   73.1   73.6   73.5 |   73.1 
  2003           |  74.0   73.9   74.0   73.4   73.5   73.8   74.1   73.7   74.4   74.5   75.1   75.1 |  73.9   73.6   74.1   74.9 |   74.1 
  2004           |  75.1   75.7   75.7   76.0   76.5   76.0   76.7   77.0   77.0   77.7   77.6   78.1 |  75.5   76.2   76.9   77.8 |   76.6 
  2005           |  78.5   79.0   78.5   78.7   78.8   78.8   78.4   78.6   77.6   78.6   79.1   79.0 |  78.7   78.8   78.2   78.9 |   78.6 
                 |                                                                                    |                            |
  2006           |  79.5   79.2   79.0   79.1   78.8   78.9   78.5   78.9   78.8   78.3   78.2   79.2 |  79.2   79.0   78.8   78.6 |   78.9 
  2007           |  78.7   78.8   79.2   79.5   79.3   79.3   79.1   78.7   78.8   78.5   78.8   78.9 |  78.9   79.4   78.9   78.8 |   79.0 
  2008           |  78.7   78.2   77.8   77.1   76.7   76.2   75.4   74.5   72.0   71.6   69.9   67.7 |  78.2   76.6   74.0   69.8 |   74.7 
  2009           |  65.6   65.6   64.4   64.1   63.5   63.4   64.5   65.3   66.1   66.2   66.9   66.9 |  65.2   63.7   65.3   66.7 |   65.2 
  2010           |  67.7   67.7   68.7   69.3   70.3   70.4   70.9   71.1   71.3   71.5   71.7   72.1 |  68.0   70.0   71.1   71.8 |   70.2 
                 |                                                                                    |                            |
  2011           |  72.2   72.4   72.9   72.6   72.6   72.7   73.1   73.4   73.5   73.9   73.7   74.1 |  72.5   72.6   73.3   73.9 |   73.1 
  2012           |  74.7   74.9   74.4   74.7   74.3   74.5   74.2   74.1   73.8   73.6   74.0   74.5 |  74.7   74.5   74.0   74.0 |   74.3 
  2013           |  74.2   74.5   74.4   74.1   74.3   74.5   73.9   74.5   74.6   74.7   74.7   74.6 |  74.4   74.3   74.4   74.7 |   74.4 
  2014           |  73.9   74.6   75.3   75.3   75.6   75.9   76.3   76.0   76.1   76.0   76.7   76.6 |  74.6   75.6   76.1   76.4 |   75.7 
  2015           |  76.2   75.7   76.1   76.2   76.2   76.0   76.6   76.4   76.2   76.1   75.9   75.7 |  76.0   76.1   76.4   75.9 |   76.1 
                 |                                                                                    |                            |
  2016           |  76.0   75.6   75.5   75.4   75.3   75.4   75.4   75.1   75.3   75.4   75.3   75.4 |  75.7   75.4   75.3   75.4 |   75.4 
  2017           |  75.5   75.5   75.3   76.3   76.3   76.4   76.2   76.2   76.3   77.2   77.4   77.3 |  75.5   76.3   76.2   77.3 |   76.3 
  2018           |  77.1   77.9   77.9   78.5   77.9   78.4   78.5   78.8   78.8   78.5   78.3   78.5 |  77.6   78.3   78.7   78.4 |   78.3 
  2019           |  77.9   77.5   77.3   76.9   77.0   77.3   76.8   77.4   76.9   76.2   76.9   77.1 |  77.6   77.1   77.1   76.7 |   77.1 
  2020           |  76.9   77.1   73.6   62.2   65.0   70.1   72.7   73.8   73.9   74.6   75.2   75.7 |  75.9   65.8   73.5   75.2 |   72.6 
                 |                                                                                    |                            |
  2021           |  76.6   73.7   76.0   76.2   77.1   77.1   78.0   77.8   77.1   78.2   78.9   78.8 |  75.4   76.8   77.6   78.6 |   77.1 
  2022           |  78.4   79.3   79.9   79.9   79.6   79.2   79.3   79.4   79.5   79.5   78.9   77.1 |  79.2   79.6   79.4   78.5 |   79.2 
  2023           |  78.3   78.5   77.8   78.4   78.2   77.6   77.8   77.6   77.7   77.1   77.3   77.3 |  78.2   78.0   77.7   77.2 |   77.8 
  2024           |  76.2   77.2   77.2   76.9                                                         |  76.9                      |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1>  The composition of manufacturing is specified in a note for the summary table.
      <2>  Quarterly percentage changes are at annual rates.  Annual percentage changes are calculated from annual averages.
 
 
 

 Table 13
 Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry Excluding Selected High-Technology Industries <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>     |                                                                                    |                            |
  2002           |    .8    -.1     .7     .5     .4     .8    -.1    -.2     .1    -.3     .5    -.6 |   2.7    6.0    1.9    -.8 |     .3 
  2003           |    .8    -.1    -.4    -.8    -.2     .0     .3    -.4     .6     .0     .6     .0 |   1.5   -4.6     .8    2.6 |     .2 
  2004           |    .1     .6    -.4     .4     .7    -.8     .8     .0     .1     .9     .2     .7 |   1.9    2.2    2.0    5.3 |    1.8 
  2005           |    .2     .6    -.2     .1     .0     .4    -.4     .2   -2.2    1.2    1.1     .5 |   4.7    1.3   -2.9    2.5 |    2.6 
                 |                                                                                    |                            |
  2006           |    .1     .0     .2     .3    -.1     .3    -.1     .3    -.3    -.1    -.1    1.0 |   3.3    1.7     .8     .2 |    1.4 
  2007           |   -.4     .9     .0     .5     .1     .1    -.2     .1     .1    -.5     .4    -.1 |   3.3    3.8     .3    -.5 |    1.8 
  2008           |   -.2    -.5    -.5    -.8    -.7    -.3    -.4   -1.6   -4.5    1.2   -1.1   -2.7 |  -2.3   -6.9  -12.5  -14.9 |   -4.3 
  2009           |  -2.5    -.7   -1.7    -.9   -1.1    -.3    1.2    1.1     .8     .2     .3     .3 | -20.6  -11.5    6.7    5.8 |  -11.4 
  2010           |   1.0     .2     .6     .3    1.4     .2     .3     .3     .3    -.3     .0     .9 |   6.7    7.4    5.1    1.1 |    4.9 
                 |                                                                                    |                            |
  2011           |   -.3    -.5    1.1    -.4     .1     .3     .5     .6    -.1     .7     .0     .5 |   1.6    1.6    4.4    4.2 |    2.8 
  2012           |    .6     .3    -.6     .7     .2     .0     .2    -.4    -.1     .3     .4     .3 |   3.7    2.1    -.2    1.7 |    2.8 
  2013           |    .0     .5     .4    -.2     .1     .2    -.4     .6     .5    -.2     .2     .2 |   3.0    1.4    1.3    2.5 |    1.8 
  2014           |   -.4     .7    1.0     .0     .4     .3     .2    -.2     .3     .0     .6     .0 |   2.6    5.3    2.2    2.3 |    2.8 
  2015           |   -.8    -.7    -.3    -.6    -.5    -.3     .7    -.2    -.3    -.5    -.7    -.5 |  -4.5   -5.7     .3   -5.5 |   -1.5 
                 |                                                                                    |                            |
  2016           |    .5    -.6    -.8     .3    -.2     .5     .1    -.1    -.2     .0    -.4     .7 |  -2.9   -1.7     .8    -.7 |   -2.4 
  2017           |   -.2    -.4     .6     .9     .1     .2    -.2    -.4     .1    1.2     .2     .2 |    .2    5.5   -1.2    5.5 |    1.1 
  2018           |   -.1     .4     .5    1.1   -1.0     .8     .1     .7     .0    -.2     .1     .0 |   2.2    4.6    3.1     .6 |    3.0 
  2019           |   -.6    -.6     .0    -.6     .2     .1    -.5     .7    -.2    -.9     .5    -.3 |  -3.9   -2.5     .1   -2.3 |    -.8 
  2020           |   -.5     .3   -4.0  -13.6    1.7    6.6    3.8     .9    -.1     .6     .4    1.2 |  -6.4  -42.8   44.1    6.2 |   -7.4 
                 |                                                                                    |                            |
  2021           |    .8   -3.5    2.9     .1     .9     .4     .7     .0   -1.1    1.3     .9    -.3 |   1.2    6.2    3.5    4.1 |    4.3 
  2022           |    .1     .6     .8     .3     .0    -.1     .4     .1     .3    -.1    -.4   -1.5 |   3.8    4.2    2.0   -2.5 |    3.4 
  2023           |   1.1     .0     .1     .4    -.2    -.6     .9    -.1     .2    -.8     .4    -.3 |   -.2     .3    1.5   -2.2 |     .1 
  2024           |   -.8     .8     .1     .0                                                         |  -1.1                      |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2017 = 100)    |                                                                                    |                            |
  2022           | 100.5  101.1  101.9  102.3  102.3  102.1  102.6  102.7  103.0  102.8  102.5  100.9 | 101.2  102.2  102.7  102.1 |  102.1 
  2023           | 102.0  102.0  102.1  102.5  102.3  101.6  102.5  102.4  102.6  101.8  102.2  101.8 | 102.0  102.1  102.5  101.9 |  102.2 
  2024           | 101.0  101.9  102.0  102.0                                                         | 101.7                      |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2017 output)    |                                                                                    |                            |
  2022           | 126.4  126.4  126.5  126.6  126.7  126.8  126.9  127.1  127.2  127.4  127.5  127.7 | 126.4  126.7  127.1  127.5 |  126.9 
  2023           | 127.8  128.0  128.1  128.3  128.4  128.6  128.7  128.8  128.9  129.1  129.2  129.3 | 128.0  128.4  128.8  129.2 |  128.6 
  2024           | 129.4  129.6  129.7  129.8                                                         | 129.6                      |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  2002           |  75.3   75.2   75.7   76.0   76.3   76.9   76.9   76.7   76.8   76.6   77.1   76.6 |  75.4   76.4   76.8   76.8 |   76.4 
  2003           |  77.3   77.3   77.1   76.5   76.5   76.5   76.8   76.5   77.0   77.0   77.5   77.5 |  77.2   76.5   76.8   77.4 |   77.0 
  2004           |  77.6   78.1   77.8   78.1   78.7   78.1   78.8   78.8   78.9   79.6   79.8   80.4 |  77.8   78.3   78.8   79.9 |   78.7 
  2005           |  80.6   81.0   80.9   80.9   80.9   81.1   80.7   80.8   79.0   79.8   80.6   80.8 |  80.8   81.0   80.2   80.4 |   80.6 
                 |                                                                                    |                            |
  2006           |  80.8   80.7   80.7   80.8   80.6   80.7   80.5   80.7   80.3   80.0   79.8   80.5 |  80.7   80.7   80.5   80.1 |   80.5 
  2007           |  80.1   80.7   80.6   81.0   81.0   81.1   81.0   81.1   81.3   80.9   81.3   81.3 |  80.5   81.0   81.1   81.2 |   81.0 
  2008           |  81.2   80.9   80.5   80.0   79.4   79.2   78.8   77.5   73.9   74.7   73.8   71.6 |  80.9   79.5   76.8   73.4 |   77.6 
  2009           |  69.7   69.2   67.9   67.3   66.5   66.3   67.1   67.9   68.6   68.8   69.2   69.5 |  68.9   66.7   67.9   69.2 |   68.2 
  2010           |  70.4   70.7   71.3   71.8   72.9   73.3   73.7   74.1   74.4   74.3   74.4   75.2 |  70.8   72.7   74.1   74.7 |   73.0 
                 |                                                                                    |                            |
  2011           |  75.1   74.8   75.6   75.4   75.5   75.7   76.0   76.4   76.2   76.7   76.6   76.9 |  75.2   75.5   76.2   76.7 |   75.9 
  2012           |  77.2   77.3   76.8   77.2   77.2   77.1   77.1   76.7   76.5   76.6   76.8   77.0 |  77.1   77.1   76.8   76.8 |   77.0 
  2013           |  76.9   77.2   77.4   77.2   77.2   77.3   76.9   77.4   77.7   77.6   77.7   77.8 |  77.1   77.2   77.3   77.7 |   77.4 
  2014           |  77.5   78.0   78.8   78.7   79.0   79.1   79.2   79.0   79.2   79.1   79.5   79.5 |  78.1   78.9   79.1   79.4 |   78.9 
  2015           |  78.8   78.2   77.9   77.4   77.1   76.8   77.3   77.2   77.0   76.7   76.2   75.8 |  78.3   77.1   77.2   76.2 |   77.2 
                 |                                                                                    |                            |
  2016           |  76.2   75.8   75.2   75.4   75.2   75.6   75.6   75.6   75.4   75.4   75.1   75.6 |  75.7   75.4   75.5   75.4 |   75.5 
  2017           |  75.5   75.2   75.7   76.5   76.6   76.8   76.7   76.5   76.6   77.7   77.9   78.1 |  75.5   76.6   76.6   77.9 |   76.7 
  2018           |  78.2   78.5   79.0   79.9   79.2   79.8   79.9   80.4   80.5   80.3   80.3   80.3 |  78.6   79.6   80.3   80.3 |   79.7 
  2019           |  79.7   79.2   79.2   78.6   78.7   78.7   78.3   78.8   78.5   77.7   78.1   77.8 |  79.4   78.7   78.5   77.9 |   78.6 
  2020           |  77.4   77.6   74.5   64.4   65.5   69.9   72.7   73.5   73.5   74.1   74.6   75.6 |  76.5   66.6   73.2   74.8 |   72.8 
                 |                                                                                    |                            |
  2021           |  76.4   73.9   76.2   76.5   77.3   77.8   78.4   78.6   77.8   78.8   79.6   79.4 |  75.5   77.2   78.3   79.3 |   77.6 
  2022           |  79.5   80.0   80.6   80.8   80.7   80.6   80.8   80.8   80.9   80.7   80.4   79.0 |  80.0   80.7   80.9   80.1 |   80.4 
  2023           |  79.8   79.7   79.7   79.9   79.6   79.0   79.7   79.5   79.6   78.9   79.1   78.8 |  79.7   79.5   79.6   78.9 |   79.4 
  2024           |  78.1   78.6   78.7   78.6                                                         |  78.5                      |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1>  Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
      <2>  Quarterly percentage changes are at annual rates.  Annual percentage changes are calculated from annual averages.
 
 
 

 Table 14
 Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing <1> Excluding Selected High-Technology Industries <2>
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Year            |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change) <3>     |                                                                                    |                            |
  2002           |    .8    -.2     .7     .3     .5    1.0    -.2     .0     .0    -.3     .4    -.7 |   3.4    5.4    2.6   -1.1 |     .4 
  2003           |    .7    -.3     .0    -.9    -.1     .3     .1    -.7     .7    -.1     .8    -.2 |    .8   -4.2     .1    2.7 |     .0 
  2004           |   -.2     .7    -.1     .4     .7    -.7     .9     .4    -.1     .9    -.1     .7 |   1.5    3.3    3.8    4.9 |    2.0 
  2005           |    .5     .7    -.6     .3     .2     .1    -.5     .4   -1.4    1.4     .8     .0 |   5.1    1.4   -2.1    4.7 |    3.1 
                 |                                                                                    |                            |
  2006           |    .8    -.4    -.1     .3    -.4     .2    -.4     .6    -.1    -.5     .1    1.5 |   3.2    -.2     .0     .6 |    1.5 
  2007           |   -.4     .2     .6     .4     .0     .5    -.1    -.4     .1    -.4     .3     .0 |   3.7    4.3     .0   -1.0 |    1.8 
  2008           |   -.3    -.9    -.6   -1.2    -.7    -.8   -1.0   -1.3   -3.5    -.4   -2.3   -3.2 |  -3.9   -9.8  -14.1  -20.8 |   -5.9 
  2009           |  -3.3    -.2   -2.0    -.8   -1.1    -.3    1.6    1.2    1.0     .0     .9    -.2 | -24.8  -11.5    8.9    6.4 |  -13.9 
  2010           |    .9    -.3    1.2     .8    1.3     .0     .5     .1     .0     .0     .0     .4 |   5.0    9.6    3.8     .9 |    5.1 
                 |                                                                                    |                            |
  2011           |    .0     .1     .7    -.6     .0     .1     .6     .4     .3     .6    -.2     .6 |   2.2    -.3    4.0    3.9 |    2.5 
  2012           |    .8     .4    -.6     .5    -.4     .2    -.2    -.1    -.3    -.3     .7     .7 |   5.0    -.1   -1.5     .6 |    2.3 
  2013           |   -.3     .4    -.1    -.4     .3     .2    -.9     .9     .1     .1    -.1    -.2 |   2.6    -.4    -.4    1.3 |     .5 
  2014           |  -1.1     .9     .9    -.1     .2     .3     .4    -.6     .0    -.1     .7    -.2 |  -1.4    4.3    1.2     .2 |     .8 
  2015           |   -.6    -.8     .4    -.1     .0    -.4     .8    -.3    -.3    -.1    -.2    -.3 |  -3.6    -.8     .9   -2.8 |    -.7 
                 |                                                                                    |                            |
  2016           |    .4    -.4    -.1    -.2    -.1     .2     .0    -.4     .1     .1    -.1     .0 |   -.8   -1.4    -.4    -.1 |   -1.0 
  2017           |    .2    -.1    -.4    1.1    -.2     .1    -.4    -.2     .0    1.0     .1    -.3 |   -.1    2.7   -2.1    3.7 |     .3 
  2018           |   -.4    1.1    -.1     .7    -.9     .6     .0     .3     .0    -.5    -.2     .3 |    .3    2.1    1.1   -1.7 |    1.1 
  2019           |   -.9    -.5    -.3    -.6     .1     .4    -.7     .7    -.6   -1.0     .8     .1 |  -5.0   -3.4    -.8   -2.3 |   -2.2 
  2020           |   -.2     .2   -4.8  -15.9    4.6    7.9    3.6    1.5     .0     .8     .6     .6 |  -5.1  -44.7   55.5    7.7 |   -6.8 
                 |                                                                                    |                            |
  2021           |   1.0   -4.1    3.1     .0    1.1     .0    1.1    -.3    -.9    1.4     .8     .0 |   -.5    5.5    3.8    4.8 |    4.8 
  2022           |   -.6    1.2     .8     .2    -.4    -.5     .2     .2     .2     .2    -.8   -2.1 |   3.0    2.8    -.1   -3.4 |    2.7 
  2023           |   1.7     .3    -.9     .8    -.2    -.7     .4    -.1     .2    -.7     .5     .0 |   -.1    -.2    -.9   -1.3 |    -.7 
  2024           |  -1.2    1.4     .1    -.3                                                         |   -.4                      |        
                 |                                                                                    |                            |
 IP              |                                                                                    |                            |
 (2017 = 100)    |                                                                                    |                            |
  2022           |  97.9   99.0   99.9  100.0   99.6   99.2   99.4   99.6   99.8   99.9   99.2   97.1 |  98.9   99.6   99.6   98.7 |   99.2 
  2023           |  98.8   99.1   98.2   99.0   98.8   98.1   98.5   98.3   98.5   97.8   98.3   98.3 |  98.7   98.6   98.4   98.1 |   98.5 
  2024           |  97.1   98.4   98.6   98.3                                                         |  98.0                      |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2017 output)    |                                                                                    |                            |
  2022           | 124.8  124.9  124.9  125.0  125.0  125.1  125.2  125.3  125.4  125.5  125.6  125.7 | 124.9  125.0  125.3  125.6 |  125.2 
  2023           | 125.8  125.9  126.0  126.1  126.2  126.4  126.5  126.6  126.7  126.8  126.9  127.0 | 125.9  126.2  126.6  126.9 |  126.4 
  2024           | 127.2  127.3  127.4  127.6                                                         | 127.3                      |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  2002           |  73.4   73.3   73.8   74.0   74.4   75.1   75.0   75.0   75.1   74.9   75.2   74.8 |  73.5   74.5   75.1   75.0 |   74.5 
  2003           |  75.4   75.2   75.2   74.5   74.5   74.7   74.9   74.4   75.0   75.0   75.7   75.6 |  75.2   74.6   74.8   75.4 |   75.0 
  2004           |  75.5   76.0   76.0   76.4   77.0   76.4   77.2   77.5   77.5   78.2   78.1   78.7 |  75.8   76.6   77.4   78.3 |   77.1 
  2005           |  79.0   79.5   79.0   79.2   79.3   79.3   78.8   79.0   77.8   78.7   79.2   79.1 |  79.2   79.2   78.5   79.0 |   79.0 
                 |                                                                                    |                            |
  2006           |  79.6   79.2   79.0   79.1   78.7   78.7   78.3   78.7   78.5   78.0   77.9   79.0 |  79.2   78.8   78.5   78.3 |   78.7 
  2007           |  78.5   78.7   79.1   79.3   79.2   79.6   79.5   79.1   79.2   78.8   79.0   79.0 |  78.8   79.4   79.2   78.9 |   79.1 
  2008           |  78.8   78.1   77.6   76.7   76.2   75.6   74.9   74.0   71.4   71.2   69.6   67.4 |  78.1   76.2   73.4   69.4 |   74.3 
  2009           |  65.3   65.2   64.0   63.6   63.0   62.9   64.1   64.9   65.7   65.8   66.6   66.5 |  64.8   63.2   64.9   66.3 |   64.8 
  2010           |  67.3   67.2   68.2   68.8   69.9   70.0   70.5   70.7   70.9   71.1   71.2   71.6 |  67.5   69.6   70.7   71.3 |   69.8 
                 |                                                                                    |                            |
  2011           |  71.8   72.0   72.6   72.3   72.3   72.5   72.9   73.2   73.5   73.9   73.7   74.1 |  72.1   72.3   73.2   73.9 |   72.9 
  2012           |  74.7   75.0   74.5   74.8   74.4   74.5   74.3   74.2   73.9   73.7   74.1   74.6 |  74.7   74.5   74.1   74.1 |   74.4 
  2013           |  74.4   74.7   74.6   74.3   74.6   74.7   74.1   74.8   74.9   75.0   75.0   74.9 |  74.6   74.5   74.6   75.0 |   74.7 
  2014           |  74.1   74.9   75.6   75.6   75.8   76.1   76.5   76.1   76.2   76.2   76.8   76.7 |  74.8   75.8   76.3   76.6 |   75.9 
  2015           |  76.4   75.8   76.2   76.3   76.3   76.1   76.7   76.6   76.4   76.3   76.1   75.9 |  76.1   76.2   76.6   76.1 |   76.3 
                 |                                                                                    |                            |
  2016           |  76.1   75.8   75.7   75.6   75.5   75.6   75.6   75.3   75.4   75.5   75.4   75.5 |  75.9   75.6   75.5   75.5 |   75.6 
  2017           |  75.7   75.7   75.5   76.3   76.3   76.4   76.3   76.2   76.3   77.2   77.4   77.2 |  75.6   76.4   76.3   77.3 |   76.4 
  2018           |  77.0   77.9   77.9   78.5   77.8   78.4   78.4   78.7   78.8   78.4   78.3   78.6 |  77.6   78.2   78.6   78.4 |   78.2 
  2019           |  77.9   77.5   77.3   76.9   77.0   77.3   76.8   77.4   76.9   76.2   76.9   77.0 |  77.6   77.1   77.0   76.7 |   77.1 
  2020           |  76.9   77.2   73.6   61.9   64.8   70.0   72.7   73.9   74.0   74.6   75.2   75.7 |  75.9   65.6   73.5   75.2 |   72.5 
                 |                                                                                    |                            |
  2021           |  76.6   73.6   76.0   76.1   77.0   77.1   78.0   77.8   77.1   78.2   78.9   78.9 |  75.4   76.7   77.6   78.7 |   77.1 
  2022           |  78.4   79.3   79.9   80.1   79.7   79.3   79.4   79.5   79.6   79.7   79.0   77.2 |  79.2   79.7   79.5   78.6 |   79.3 
  2023           |  78.5   78.7   77.9   78.5   78.3   77.6   77.9   77.7   77.7   77.1   77.4   77.4 |  78.4   78.1   77.8   77.3 |   77.9 
  2024           |  76.3   77.3   77.4   77.0                                                         |  77.0                      |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      <1>  The composition of manufacturing is specified in a note for the summary table.
      <2>  Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components.
      <3>  Quarterly percentage changes are at annual rates.  Annual percentage changes are calculated from annual averages.
 
 
 

 Table 15
 Industrial Production: Reliability Estimates
 Seasonally adjusted
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                         |    Annualized    |                                                      |
                                         |      Change      |                       2017=100                       |                 Percent change
                                         |------------------|------------------------------------------------------|------------------------------------------------
                                         |    2023     2024 |    2023              2024                            |   2023            2024                         
 Sector                                  |      Q4       Q1 |    Nov.     Dec.     Jan.     Feb.     Mar.     Apr. |   Nov.    Dec.    Jan.    Feb.    Mar.    Apr. 
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                         |                  |                                                      |
 Total index                             |                  |                                                      |
     85th percentile                     |   -1.92     -.32 |  102.90   102.63   101.91   102.83   103.10   103.16 |    .33    -.27    -.66     .97     .42     .32 
     Current estimate                    |   -1.99    -1.11 |  102.90   102.57   101.80   102.63   102.76   102.76 |    .33    -.32    -.76     .82     .12     .01 
     15th percentile                     |   -2.06    -1.81 |  102.90   102.52   101.70   102.45   102.47   102.33 |    .33    -.37    -.86     .70    -.11    -.36 
                                         |                  |                                                      |
    Manufacturing (SIC)                  |                  |                                                      |
        85th percentile                  |    -.94      .26 |   99.34    99.41    98.28    99.70    99.94    99.78 |    .47     .06   -1.11    1.49     .34     .02 
        Current estimate                 |   -1.03     -.35 |   99.34    99.34    98.15    99.50    99.66    99.39 |    .47     .00   -1.20    1.37     .16    -.26 
        15th percentile                  |   -1.10    -1.14 |   99.34    99.29    98.03    99.28    99.36    98.86 |    .47    -.06   -1.31    1.23    -.02    -.59 
                                         |                  |                                                      |
    Mining                               |                  |                                                      |
        85th percentile                  |   -1.22    -5.35 |  118.97   120.12   114.77   119.79   119.20   118.66 |   -.43     .96   -4.34    4.62    -.19     .30 
        Current estimate                 |   -1.37    -7.42 |  118.97   119.98   114.45   119.25   117.89   117.14 |   -.43     .84   -4.61    4.20   -1.14    -.64 
        15th percentile                  |   -1.57    -9.58 |  118.97   119.81   114.07   118.64   116.63   115.43 |   -.43     .70   -4.90    3.81   -1.88   -1.63 
                                         |                  |                                                      |
    Electric and gas utilities           |                  |                                                      |
        85th percentile                  |   -9.15     5.27 |  106.24   101.98   109.82   102.70   105.65   108.70 |    .32   -4.01    7.71   -6.37    3.34    4.72 
        Current estimate                 |   -9.16     1.91 |  106.24   101.96   109.75   102.12   103.71   106.65 |    .32   -4.03    7.64   -6.95    1.56    2.83 
        15th percentile                  |   -9.18      .05 |  106.24   101.95   109.66   101.91   102.47   105.44 |    .32   -4.04    7.54   -7.16     .14    1.09 
                                         |                  |                                                      |
 -------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Note.  The reliability measures show the likely range of values for the IP indexes after their fifth and final monthly
 revision.  The 15th (85th) percentile estimate is equal to the current estimate plus an amount such that the
 equivalent measure revised by a lower (higher) amount for only 15 percent of the months since 2008.  More
 information is available at www.federalreserve.gov/releases/g17/g17_technical_qa.htm#reliability.
 
 
 
 
 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.  More detailed descriptions of
 industrial production and capacity utilization are available on the Board's
 website at www.federalreserve.gov/releases/G17. 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 from the Data Download Program on the Board's website.
 Instructions for searching for and downloading specific series are provided as well.
  
 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 2017.
 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 2012, the total IP index has
 been constructed from 296 individual series based on the 2017 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 website at 
 www.federalreserve.gov/releases/G17/About.htm.
  
 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 typically 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 and unit values or sales) by a
 corresponding Fisher price index; the most notable of these fall within the
 high-technology grouping and include semiconductors.  When suitable data on physical
 product are not available, estimates of output are based on production-worker
 hours by industry.  Data on hours worked by production workers are
 collected in the monthly establishment survey conducted by the Bureau of
 Labor Statistics.  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 U.S. 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 the 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 (p_m) and the estimate for previous month:
 
 %     Equation not available in ascii file. 
  
 The IP proportions (typically shown in the first column of the relevant
 tables in the monthly 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 5/10 percentage point
 (0.05 x 10% = 0.5%).  To assist users with calculations, the Federal
 Reserve's website 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/ipweightssa.txt).
 
 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 five 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 76
 percent of the source data (in value-added terms) are available; the
 fraction of available source data increases to 86 percent for 
 estimates in the second month that the estimate is published, 94
 percent in the third month, 98 percent in the fourth month, 98 percent
 in the fifth month, and 98 percent in the sixth month. Data
 availability by data type in 2022 is summarized in the table
 below:
 
   Availability of Monthly IP Data in Publication Window
   (Percent of value added in 2022; the numbers may not sum because of rounding.)  %
      Type of data                1st  2nd  3rd  4th  5th  6th 
       Physical product            35   44   53   56   57   57
       Production-worker hours     42   42   42   42   42   42
       IP data received            76   86   94   98   98   98
       IP data estimated           24   14   6    2    2    2
 
 The physical product group includes series based on either monthly or
 quarterly data.  As can be seen in the first row of the table, in the
 first month, a physical product indicator is available for more than one-half
 of the series (in terms of value added) that ultimately are based on
 physical product data (35 percent out of a total of 57 percent).  Of
 the 35 percent, about two-thirds (24 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 fourth estimate of
 industrial production.  Specifically, quarterly data are available for
 the third estimate of the last month of a quarter, the fourth estimate
 of the second month of a quarter, and the fifth estimate of the first
 month of a quarter.
 
 Seasonal Adjustment. Individual series are seasonally adjusted
 using Census X-13 ARIMA. For series based on production-worker hours,
 the current seasonal factors were estimated with data through February 2023;
 for other series, the factors were estimated with data through
 at least December 2022.  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.
 Additional documentation and X-13 specifications can be found on the Board's
 website at www.federalreserve.gov/releases/G17/About.htm.
 
 Reliability.  The average revision to the level of the
 total IP index, without regard to sign, between the first and the
 fourth estimates was 0.30 percent during the 1987-2022 period.  The
 average revision to the percent change in total IP, without
 regard to sign, from the first to the fourth estimates was 0.24
 percentage point during the 1987-2022 period.  In most cases (about
 86 percent), the direction of the 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 89 detailed
 industries (71 in manufacturing, 16 in mining, and 2 in utilities),
 which mostly correspond to industries at the three- and four-digit
 North American Industry Classification System, or 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 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-technology industries and manufacturing excluding high-technology 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 (for example, paper,
 industrial chemicals, petroleum refining, motor vehicles), as well as
 for electric utilities and mining; these industries represent about 26
 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 Quarterly Survey of
   Plant Capacity (QSPC); these industries account for about
 64 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 10 percent of total
 industry capacity).  A detailed description of the methodology used to
 construct the capacity indexes is available on the Board's website
 (www.federalreserve.gov/releases/G17/Meth/MethCap.htm).
 
 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 survey of
 large companies reported, on average, higher utilization rates
 than those reported by establishments covered by the
 annual Survey of Plant Capacity (the primary source of factory
 operating rates through 2006, after which it was discontinued) 
 for the fourteen years they overlapped.  Adjustments have been made to 
 keep the industry utilization rates currently reported by the Federal
 Reserve (now based on the QSPC) 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
 Census utilization surveys.
 
 Perspective.  Over the 1972-2022 period, the average total
 industry utilization rate was 79.7 percent; for manufacturing, the
 average factory operating rate was 78.2 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 manufacturing, utilization rates have exceeded 
 90 percent only in wartime.  The highs and lows in capacity utilization 
 are specific to each series and do not all occur in the same month.
 
 References and Release Dates
 
 References.  The release for the annual revision that was published
 on March 28, 2023, is available on the Board's website (www.federal
 reserve.gov/releases/g17/revisions/Current/DefaultRev.htm).  
 A summary of the annual revision that incorporated back to 1972
 production and capacity indexes reclassified according to the North American
 Industry Classification System is available in an article in the
 Federal Reserve Bulletin, vol. 89 (April 2003), pp. 151-176.
 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/CapitalStockDocLatest.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, Winter
 2004, Winter 2005, March 2006, May 2007, August 2008, August 2009) or
 in online staff studies
 (www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf, 
 www.federalreserve.gov/releases/g17/articles/rev2012/industrial12.pdf,
 www.federalreserve.gov/releases/g17/articles/rev2013/industrial13.pdf).
 
 Release Schedule
 
 The G.17 release on Industrial Production and Capacity Utilization is published at 9:15 a.m. on:
 
 2024: January 17, February 15, March 15, April 16, May 16, June 18, 
 July 17, August 15, September 17, October 17, November 15, December 17.
 
 This release schedule is available on the Board's website at
 http://www.federalreserve.gov/releases/g17.