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

(over)

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.rFeb.r Mar.r Apr.p Nov.r Dec.rJan.rFeb.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.rFeb.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.

1
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.

2
Tables

1. Industrial Production: Market and Industry Group Summary; percent change

2. Industrial Production: Special Aggregates and Selected Detail; percent change

3. Motor Vehicle Assemblies

4. Industrial Production: Market and Industry Group Summary; indexes

5. Industrial Production: Special Aggregates and Selected Detail; indexes

6. Diffusion Indexes of Industrial Production

7. Capacity Utilization

8. Industrial Capacity

9. Gross Value of Final Products and Nonindustrial Supplies

10. Gross-Value-Weighted Industrial Production: Stage-of-Process Groups

11. Historical Statistics: Total Industry

12. Historical Statistics: Manufacturing

13. Historical Statistics: Total Industry Excluding Selected High-Technology Industries

14. Historical Statistics: Manufacturing Excluding Selected High-Technology Industries

15. Industrial Production: Reliability Estimates

Further detail is available on the Board’s website (www.federalreserve.gov/releases/G17/).

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.

3
 Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

25

50

75

100

125

150

175

25

50

75

100

125

150

175

Capacity

Production

Total

Manufacturing

1. Industrial production, capacity, and utilization

Ratio scale, 2017 output = 100

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

55

65

75

85

95

55

65

75

85

95

Utilization

Percent of capacity 

 Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).

2020 2022 2024

75

80

85

90

95

100

105

110 Production: 2020 to present

4
 2. Industrial production and capacity utilization

 Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER).

2000 2005 2010 2015 2020

50

60

70

80

90

100

110

120

50

60

70

80

90

100

110

120

Durable

Nondurable

 Consumer goods Ratio scale, 2017=100 

2000 2005 2010 2015 2020

60

70

80

90

100

110

120

130

60

70

80

90

100

110

120

130

Defense and Space

Business

 Equipment Ratio scale, 2017=100 

2000 2005 2010 2015 2020

70

80

90

100

110

120

130

70

80

90

100

110

120

130

Other business

Construction

 Nonindustrial supplies Ratio scale, 2017=100 

2000 2005 2010 2015 2020

70

80

90

100

110

120

130

70

80

90

100

110

120

130

Non-energy

Energy

 Industrial materials Ratio scale, 2017=100 

2000 2005 2010 2015 2020

55

60

65

70

75

80

85

90

55

60

65

70

75

80

85

90

Excluding utilities

 Primary and 

semifinished

processing

 Capacity utilization Percent of capacity 

2000 2005 2010 2015 2020

55

60

65

70

75

80

85

90

95

55

60

65

70

75

80

85

90

95 Crude processing

Finished processing

 Capacity utilization Percent of capacity 

5
 3. Industrial production of selected industries

 Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 3344),

 computers (NAICS 3341), and communications equipment (NAICS 3342).

 The shaded areas represent periods of business recession as defined by the NBER. 

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

35

40

45

50

55

60

65

70

80

90

100

110

Excluding

high-technology

industries

Total IP

 Industrial production Ratio scale, 2017 output = 100 

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

35

40

45

50

55

60

70

80

90

100

110

120

Non-Energy

Energy

 Industrial production Ratio scale, 2017 output = 100 

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

20

40

60

80

100

120

Motor Vehicles

and Parts

 Industrial production Ratio scale, 2017 output = 100 

6
Table 1

INDUSTRIAL PRODUCTION: MARKET AND INDUSTRY GROUP SUMMARY

Percent change, seasonally adjusted

Fourth quarter to

fourth quarter Annual rate Monthly rate Apr. ’23

Item 2023 2023 2024 2023 2024 to

proportion12021 2022 2023 Q3 Q4r Q1r Nov.r Dec.rJan.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 GROUPS

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 GROUPS

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 the 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.

7
Table 2

INDUSTRIAL PRODUCTION: SPECIAL AGGREGATES AND SELECTED DETAIL

Percent change, seasonally adjusted

Fourth quarter to

fourth quarter Annual rate Monthly rate Apr. ’23

Item 2023 2023 2024 2023 2024 to

proportion 2021 2022 2023 Q3 Q4r Q1r Nov.r Dec.rJan.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

Manufacturing1

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

Manufacturing1

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

Manufacturing1

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

8
Table 4

INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY

2017 = 100, seasonally adjusted

2023 2023 2024

Item 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 GROUPS

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 GROUPS

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.

9
Table 5

INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES

2017 = 100, seasonally adjusted

2023 2023 2024

Item 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

Manufacturing1

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

Manufacturing1

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

Manufacturing1

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

Item 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.

10
Table 7

CAPACITY UTILIZATION

Percent of capacity, seasonally adjusted

1972- 1994-

Item 2023 2023 95 2009 2023 2024 2023 2024

proportion ave. high low Q3 Q4r Q1r Nov.r Dec.rJan.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

Manufacturing176.01 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

Manufacturing1

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.

11
Table 8

INDUSTRIAL CAPACITY

Percent change

Monthly

Average annual rate Fourth quarter to fourth quarter Annual rate rate

Item 1972- 1980- 1989- 1995- 2023 2024 2024

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

Manufacturing13.3 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

Manufacturing1ex. 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 Q4r Q1r 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

Item 2023 2023 2024 2023 2024 to

gross value12021 2022 2023 Q3 Q4r Q1r Nov.r Dec.rJan.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.

12
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.

13
Table 12

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing1

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.

14
Table 13

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry Excluding Selected

High-Technology Industries1

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.

15
Table 14

HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing1 Excluding Selected

High-Technology Industries2

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.

16
Table 15

INDUSTRIAL PRODUCTION: RELIABILITY ESTIMATES

Seasonally adjusted

Annualized

change 2017=100 Percent change

2023 2024 2023 2024 2023 2024

Item 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

https://www.federalreserve.gov/releases/g17/g17 technical qa.htm#reliability

17
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 (pm) and the estimate for previous month:

I

A

m

I

A

m−1

=

s P

P

Impm−1

Im−1pm−1

×

P

P

Impm

Im−1pm

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.)

Month of estimate

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

18
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.

19