1                                FEDERAL RESERVE STATISTICAL RELEASE                                 
 
 G.17 (419) 2024 Historical and Annual Revision                      For release at 12:00 noon (EDT)
                                                                     June 28, 2024

 Industrial Production and Capacity Utilization: The 2024 Annual Revision

 
      The Federal Reserve has revised its index of industrial production (IP) and the related measures of
 capacity and capacity utilization.<1>  On net, growth rates for total IP were little changed in recent
 years, with most years unchanged; the rates of change for 2020 and 2023 were revised up by 0.1 percentage
 point and down by 0.1 percentage point, respectively.<2>  Similarly, the utilization rates for total
 industry are little changed from previous estimates.
 
      Because revisions to the index of IP were minimal, the overall picture of performance in the
 industrial sector since the COVID-19 pandemic is unchanged.  After contracting sharply in the first half
 of 2020 because of the pandemic, the industrial sector rebounded later in the year and in 2021, and it
 exhibited more modest growth in 2022.  Output growth slowed further in 2023, with production roughly flat
 since 2022.
 
      In the fourth quarter of 2023, capacity utilization for total industry stood at 78.3 percent, 1/2
 percentage point below its previous estimate and about 1-1/2 percentage points below its long-run
 (1972-2023) average.  Most of the small downward revision to utilization reflects modest upward revisions
 to estimates of capacity.  The utilization rates for 2018 to 2022 are close to previous estimates--within
 0.3 percentage point--and revisions to earlier years are negligible.
 
      Annual capacity growth for the industrial sector is revised up by 0.8 percentage point in 2023;
 earlier year revisions are very small.  Capacity for total industry at the end of 2023 is now estimated to
 be 1-1/2 percent higher than at the end of 2018; previously, it was estimated to have increased about 1/2
 percent over this period.
 
      This revision incorporated newly available annual data on output for logging and mining industries
 as well as annual data on shipments for publishing industries.  The nominal data used in the benchmark
 indexes for manufacturing industries--the Census Bureau's Census of Manufactures--are not yet available
 for 2022.  Within mining, the indexes for metallic and nonmetallic minerals were updated with revised
 annual data for 2021 and with new data for 2022 from the U.S. Geological Survey (USGS).  For publishing,
 the IP indexes folded in data for 2022 from the Census Bureau's Service Annual Survey.  The index for
 logging was updated to include data from 2021 and 2022 from the U.S. Forest Service.
 
      With no new benchmark data for manufacturing, the annual rates of change for IP are very similar to
 the estimates published previously.  The monthly pattern of production, however, has been updated to
 include late-arriving or revised quarterly or monthly indicator data, including information from the
 Bureau of Labor Statistics' (BLS) benchmark revisions to the Current Employment Statistics.  The IP
 estimates also reflect updated seasonal factors.
 
       The revised estimates of capacity and capacity utilization incorporated data from the Census
 Bureau's Quarterly Survey of Plant Capacity Utilization for the fourth quarters of 2022 and 2023 along
 with new data on capacity from the USGS, the Energy Information Administration, and other organizations.
 
 RESULTS OF THE REVISION
 
 Industrial Production
 
       Manufacturing output moved up about 3-1/2 percent in 2021 and another 1/2 percent in 2022 before
 moving down approximately 1/2 percent in 2023.  The strong recovery in manufacturing output following the
 onset of the pandemic moderated in 2022 before retreating somewhat in 2023, as previously reported, though
 output remains above its pre-pandemic level.
 
      The revised contour for mining output shows a strong rebound in 2021 following the sharp,
 pandemic-induced decline in 2020 and further, more moderate gains in 2022 and 2023.  The growth rate in
 2022 is almost 1/2 percentage point stronger than previously reported, while the gain in 2023 is about 1/4
 percentage point weaker.  The rates of change for utilities output are little changed from their
 previously reported values.
 
 Production by Industry Group
 
      The output of durables follows roughly the same contour as overall manufacturing.  Output grew
 strongly in 2021 and then gradually moderated over the course of 2022 and 2023.  Relative to the previous
 estimates, the reported rates of change in 2021, 2022, and 2023 are about 1/4 percentage point weaker on
 average.  Among durable goods manufacturing industries, revisions to most growth rates were modest.  The
 largest single-year revision among durables came in the index for nonmetallic mineral products, which
 revised downward by 2-1/2 percentage points for 2022.  Elsewhere in durable goods manufacturing, the
 indexes for computer and electronic products and for electrical equipment, appliances, and components
 revised up by about 2 percentage points in 2022 and revised down by more than 1-1/2 percentage points in
 2023.
 
      The index for nondurables was also little changed after the revision.  Among nondurable
 manufacturing industries, the revisions to the rates of change were mixed, with the indexes for textiles
 and product mills, apparel and leather goods, and paper revising downward, on net, and the index for
 plastics and rubber products revising upward.
 
      The output index for industries in scope for manufacturing IP that are not part of manufacturing
 under the North American Industry Classification System (NAICS)--that is, logging and
 publishing--continued its long-running trend of decline.  The declines in 2021 and 2022 are reported to
 have been smaller than previously published, while the decrease in 2023 is larger.
 
 Production by Market Group
 
      Output of consumer goods was also little revised from previously reported values.  Within consumer
 goods, a downward revision to the index for computers, video, and audio equipment in 2022 was more than
 offset by an upward revision in 2023.  The rate of change for business equipment revised up by about 1/2
 percentage point in 2021 and revised down by about 3/4 percentage point in both 2022 and 2023; smaller
 revisions to the index were reported for earlier years.  Relative to earlier reports, the index for
 transit equipment now recorded noticeably slower growth in 2022 and 2023, although growth for 2021 revised
 upward.  The index for defense and space equipment revised down for both 2021 and 2023 due in part to a
 reassessment of annual deliveries based on manufacturer reports and Aviation Week magazine.
 
      Revisions to the index for construction supplies were minor, with output somewhat weaker than
 previously reported for 2022.  Growth in the index for business supplies revised up for 2022 by more than
 1 percentage point but revised modestly downward for 2023.  The output of materials was little changed
 cumulatively from previously reported values.
 
 Capacity Utilization
 
      Capacity utilization for total industry moved down in 2019 and 2020 before jumping up to around 80
 percent in 2021 and 2022 and then moving down modestly in 2023; the reading in May 2024 was 78.2 percent,
 about 1.5 percentage point below its 1972-2023 average.  Previous estimates displayed a similar contour,
 with the main difference being that utilization now declines somewhat more in 2023 than previously
 estimated.  The downward revision to utilization for total industry in 2023 is due primarily to
 considerably lower operating rates at mines than in previous estimates.
 
      In manufacturing, capacity utilization moved up about 3-1/4 percentage points in 2021, remained
 flat in 2022, and moved down 1-1/4 percentage points in 2023.  The factory operating rate in May 2024 was
 77.3 percent, 1 percentage point below its long-run average.  The current readings for manufacturing
 utilization are modestly higher than the previous estimates for 2020 to 2023.  Revisions to utilization
 rates for 2023 were mixed among manufacturing industries and largely offsetting.  The largest upward
 revisions in operating rates occurred in computer and electronic products, in food, and in electrical
 equipment, appliances, and components.  The largest downward revisions in operating rates occurred in
 apparel, wood products, and chemicals.
 
      The capacity utilization rate for mining decreased about 19 percentage points from 2018 to 2020
 before rebounding in 2021 and 2022 to 90.2 percent, roughly back to its 2018 level and about 4 percentage
 points above its long-run average.  Relative to its previously published rate, utilization at mines for
 the fourth quarter of 2023 is about 4-1/2 percentage points lower.  The operating rate for utilities
 declined about 6 percentage points from 2018 to 2020, was roughly flat in 2021 and 2022, and then moved
 down in 2023 to 72 percent, about 12 percentage points below its long-run average.
 
 Capacity
 
      Total industrial capacity declined in 2020 and 2021; it then rose by 1 percent in 2022 and 2.3
 percent in 2023.  Overall capacity is expected to rise 1.2 percent in 2024.  Compared with previous
 estimates, overall capacity growth is roughly unchanged prior to 2023; the increase in 2023 is now about
 3/4 percentage point larger.
 
      Manufacturing capacity is now reported to have contracted 1/2 percent per year, on average, from
 2018 to 2021.  Capacity at manufacturers expanded 0.4 percent in 2022 and 1.2 percent in 2023, modestly
 less than previous estimates.  The small downward revisions to manufacturing capacity growth during this
 period were mostly among durable manufacturing industries.  Manufacturing capacity is expected to grow by
 1.3 percent in 2024.
 
      Mining capacity rose in 2018 and 2019 before falling back by an equivalent amount in 2020 and 2021.
 Mining capacity moved up in both 2022 and 2023 by about 3.5 percent per year; these gains in capacity are
 somewhat stronger than our previous estimates.  Mining capacity is expected to decline by 0.8 percent in
 2024.  Capacity for electric and gas utilities rose at a steady pace of 1-1/2 percent per year, on
 average, from 2018 to 2022 before stepping up to a growth rate of 3-1/2 percent in 2023.  Capacity at
 utilities is expected to continue to rise at this faster rate in 2024.  Revisions to the rates of capacity
 growth of utilities were, on net, very small.
 
 TECHNICAL ASPECTS OF THE REVISION
 
      The IP indexes represent the level of real output relative to a base year.  At the monthly
 frequency, movements of the indexes are based on indicators that are derived using industry-specific data
 from a variety of government and private sources.  The monthly production indexes are anchored to annual
 benchmarks that are less timely but typically based on more comprehensive data.  In most cases, the annual
 benchmark is nominal gross output reported by the Census Bureau deflated by a suitable price index.
 
      Annual revisions to the IP and capacity measures generally involve (1) incorporating new and
 revised annual benchmark data on output, prices, and value-added proportions; (2) incorporating new
 monthly or quarterly data that were revised or that arrived too late to be included in the regular
 six-month reporting window for monthly IP; (3) updating seasonal adjustment factors; (4) updating the
 methods used to construct the indexes; and (5) introducing changes to the industry- or market-group
 structure of the indexes based on changes to underlying data sources.
 
 Annual Benchmark Data on Output, Prices, and Value-Added Proportions
 
 Output
 
      The annual benchmark output indexes for IP are measures of real gross output at the six-digit NAICS
 (2017) level.  The Census Bureau provides annual figures for value-added and the cost of materials for
 manufacturing industries, which can be summed to obtain nominal gross output.  The Census Bureau has not
 yet published the 2022 Census of Manufactures, so new nominal benchmark data are not available for
 manufacturing. The benchmark indexes for metallic and nonmetallic mineral mining were updated with any
 newly available data from 2021 through 2023 from the USGS, the benchmark index for publishing was advanced
 through 2022 based on data from the U.S. Census Bureau, and the benchmark index for logging includes new
 data from the U.S. Forest Service for 2021 and 2022.
 
 Prices
 
      Individual benchmarks of real gross output are obtained by deflating the measures of nominal gross
 output by annual price deflators.  In general, the benchmark industry price deflators consist of price
 indexes from the Bureau of Economic Analysis (BEA) through 2011 that are extended through 2022 with the
 related producer price indexes (PPIs) from the BLS.<3>  However, for a few selected industries, the annual
 price deflators are constructed by the Federal Reserve.<4>
 
 Value-Added Proportions (Weights for Aggregation)
 
      The IP system is organized as a hierarchical structure where individual production indexes are
 combined using a version of the Fisher ideal index formula to construct aggregate indexes of production.
 Utilization rate aggregates are calculated on an annual basis through the most recent year as
 capacity-weighted aggregates of individual utilization rates.
 
      The weights that are used to combine individual IP indexes into more aggregate indexes are based on
 the value-added from the industry, calculated as gross output less cost of materials.  For individual IP
 indexes that are defined at the six-digit (or more aggregate) NAICS level, the value-added weights are
 derived from either the Economic Census or the Annual Survey of Manufacturers (ASM).  For IP indexes that
 cover only part of a six-digit NAICS industry, the aggregation weights were constructed by allocating
 value-added (as defined by the Census Bureau) for a six-digit industry across the various components of IP
 that compose that industry.
 
      The allocation of value-added across each component was determined by that component's share of the
 industry's overall product shipments.  As in the 2023 annual revision, this annual revision used data on
 product shipments based on the new 2017 North American Product Classification System (NAPCS).  Because the
 2022 Economic Census has not been published, we utilize data on product shipments through 2021.  In
 earlier revisions, product shipments were classified based on NAICS and were included as part of the
 Census of Manufactures or the ASM.  NAPCS is coded independently of NAICS, and a concordance was required
 to align the recent data with the historical data for the period before 2017.  Missing values for specific
 NAPCS-based products were imputed where necessary.
 
      The Federal Reserve derives estimates of value-added for the electric and gas utility industries
 from annual revenue and expense data issued by other organizations.  For electric utilities, the measures
 of value-added incorporate data from the Energy Information Administration of the U.S. Department of
 Energy and from the Edison Electric Institute.  For gas utilities, the value-added estimates incorporate
 data from the American Gas Association.  The weights for aggregation for mining industries are derived
 from value-added data from the Economic Census.  For the mining industries, figures for value-added for
 the years between the quinquennial Economic Censuses are estimated based on industry-specific nominal
 output measures (the product of real output indexes and price indexes).
 
      The weights for aggregation, expressed as value-added per unit output, were estimated with data on
 producer prices for the period after 2022.
 
 Revised Quarterly and Monthly Data
 
       This revision incorporated source data on production, shipments, and inventories that became
 available or were revised after the regular six-month reporting window for monthly IP was closed.  These
 data were released with too great of a lag to be included with monthly IP estimates but were available for
 inclusion in the annual revision.
 
 Revised Seasonal Factors
 
      IP indexes are adjusted to remove from the underlying data the predictable movements related to
 timing, holiday, workday, and monthly or quarterly seasonal patterns.  Individual indexes are adjusted
 using the Census X-13ARIMA-SEATS seasonal adjustment program.  The seasonal factors are based on the full
 history of data back to 1972, where available.
 
      Seasonal factors for indexes based on production-worker hours were updated with data through March
 2024.  The updated factors for the physical-product-based indexes used data through March 2024, where
 available.  Extreme movements in indexes are often explicitly treated as additive outliers in the seasonal
 adjustment procedure and thus excluded from the calculation of seasonal factors.  Hurricanes that produce
 extreme drops for industries based in the Gulf Coast region are often specified to be outlier events.  In
 recent years, the pandemic-related swings in most of the indexes were deemed outliers; in addition,
 February 2021 was deemed an outlier for many industries because of the extreme cold weather that caused
 widespread outages.
 
      Seasonal factors for unit motor vehicle assemblies were previously updated, and projections through
 June 2025 are available on the Board's website at https://www.federalreserve.gov/releases/g17/mvsf.htm.
 These factors are based on production data through January 2024 and were revised back to January 2019.
 The seasonal factors explicitly incorporate the holiday schedule for the vehicle assembly lines specified
 in the latest collective bargaining agreements with domestic manufacturers.
 
 Methodological Changes to Individual Production and Capacity Indexes
 
 Change in Source Data for Two Production Indexes
 
      With this revision, the source data for storage batteries (NAICS 335911) have been updated to
 reflect growth in the production of lithium-ion batteries for automobiles.  Previously, the indexes
 reflected data on production of lead acid motor vehicle batteries from Battery Council International.
 These data continue to be used and are supplemented with data on production-worker hours for the industry
 and annual estimates of lithium-ion battery production from Benchmark Mineral Intelligence.  The series
 for storage batteries is unpublished but available upon request.
 
      The source data for ball and roller bearings (NAICS 332991) have been updated as well.  The index
 for ball and roller bearings previously reflected data on the production of bearings from the American
 Bearing Manufacturers Association (ABMA) in addition to data on production-worker hours.  The ABMA report
 was discontinued, so beginning in 2017 the series is based just on production-worker hours for the
 industry.
 
 Change to Price Indexes for Semiconductors
 
      With this revision, the price indexes used to deflate the nominal output for three semiconductor
 (chip) categories have been modified, and the source data used to estimate the product mix within the
 semiconductor industry have been changed.
 
      Beginning in 2018, price indexes previously used for the subindustry IP indexes for microprocessor
 units (MPUs), dynamic random-access memory (DRAM), and flash memory have been replaced.  Global nominal
 output of these devices, reported by the Semiconductor Industry Association (SIA), is divided by Federal
 Reserve Board staff estimates of the number of transistors found on these devices.  Transistors have been
 found to be a reliable indicator of the technical capability (quality) of these chips.  This approach was
 adopted in 2023 for the subindustry IP index for metal-oxide semiconductor (MOS) logic devices excluding
 MPUs and memory chips.
 
      The source data used to estimate the relative importance weights for the subindustry IP indexes for
 semiconductors have been changed beginning in 2018.  Federal Reserve Board staff estimates for the U.S.
 share of global production for each semiconductor product were produced using data from Semiconductor
 Equipment and Materials International.
 
 Notice

 Data Availability and Publication Changes
 
      Files containing the revised data and the text and tables from this release are available on the
 Board's website at https://www.federalreserve.gov/releases/g17, as are updated data for the annual
 revision and for all of the regularly issued series on IP, capacity, and capacity utilization.  Other
 changes are listed on the Board's website at
 https://www.federalreserve.gov/releases/g17/g17_revision_series.htm.

 <1> The revision affected rates of change for IP from 1972 forward.  When necessary to maintain
 consistency with any revisions to the data for 1972 and subsequent years, the levels of production for the
 years before 1972 were multiplied by a constant.  However, the rates of change in IP for the years before
 1972 were not revised.  Utilization rates and capacity growth rates were revised minimally between 1968
 and 1971 but were unchanged before then.

 <2> Rates of change are calculated as the percentage change in the seasonally adjusted index from the
 fourth quarter of the previous year to the fourth quarter of the year specified.

 <3> The BEA price deflators were discontinued at the six-digit NAICS level after 2011.  Overall, at the
 industry level, the BEA and PPI measures are quite similar, as the BEA used weighted product-level PPIs to
 derive its industry-level shipments deflator.

 <4> For selected industries, the Federal Reserve constructs price indexes from alternative sources.  These
 industries include communications equipment (NAICS 3342), computer storage devices (NAICS 334112),
 semiconductors (NAICS 334413), and pharmaceuticals (NAICS 325412).

1Table 1A
 Industrial Production : Total
 Seasonally adjusted
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|Annual <1>
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change)         |                                                                                    |                            |
  1994           |    .3     .1    1.0     .6     .5     .7     .1     .7     .3     .8     .7    1.0 |   5.0    7.5    5.2    8.4 |      5.3 
  1995           |    .2    -.1     .1    -.2     .5     .3    -.4    1.3     .4    -.2     .3     .3 |   4.2    1.3    3.9    3.3 |      4.6 
                 |                                                                                    |                            |
  1996           |   -.5    1.4    -.1    1.0     .8     .7     .0     .5     .6     .0     .9     .6 |   2.8    8.9    5.3    5.6 |      4.5 
  1997           |    .2    1.2     .6     .1     .6     .5     .8    1.0     .9     .9     .8     .4 |   7.8    5.8    9.7   10.6 |      7.2 
  1998           |    .4     .2     .0     .3     .7    -.6    -.4    2.1    -.1     .7    -.1     .4 |   4.6    2.7    3.1    5.6 |      5.9 
  1999           |    .4     .6     .2     .2     .6    -.1     .6     .4    -.4    1.3     .5     .8 |   4.5    3.8    3.7    7.3 |      4.4 
  2000           |   -.1     .3     .4     .6     .3     .1    -.2    -.3     .4    -.4     .0    -.3 |   4.0    5.0    -.3   -1.1 |      3.9 
                 |                                                                                    |                            |
  2001           |   -.5    -.7    -.2    -.4    -.5    -.5    -.6    -.1    -.5    -.3    -.6     .0 |  -4.8   -4.9   -5.4   -4.3 |     -3.0 
  2002           |    .7     .0     .8     .5     .4     .8     .0    -.1     .1    -.3     .5    -.6 |   2.9    6.3    2.5    -.2 |       .3 
  2003           |    .8     .1    -.3    -.6     .0     .1     .5    -.2     .6     .1     .7     .1 |   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     .1     .0    -.2     .2     .2    -.3     .6     .1 |   4.1    4.7     .4    1.3 |      2.6 
  2008           |   -.1    -.4    -.3    -.7    -.6    -.3    -.5   -1.6   -4.4    1.0   -1.3   -2.8 |  -1.0   -5.9  -12.6  -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    6.9    6.4 |    -11.4 
  2010           |   1.1     .4     .7     .4    1.4     .2     .4     .4     .3    -.3     .1    1.0 |   7.9    8.0    5.4    1.7 |      5.6 
                 |                                                                                    |                            |
  2011           |   -.2    -.4    1.0    -.3     .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 |   4.0    2.5     .0    2.0 |      3.0 
  2013           |    .0     .5     .4    -.1     .1     .2    -.3     .6     .5    -.1     .3     .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 |   2.7    5.6    2.3    2.4 |      3.0 
  2015           |   -.8    -.6    -.3    -.6    -.5    -.3     .6    -.2    -.3    -.5    -.7    -.5 |  -4.4   -5.4     .2   -5.3 |     -1.4 
                 |                                                                                    |                            |
  2016           |    .5    -.5    -.8     .3    -.2     .5     .1    -.1    -.1     .1    -.4     .7 |  -2.7   -1.4    1.1    -.2 |     -2.1 
  2017           |   -.2    -.4     .6    1.0     .1     .2    -.2    -.5     .1    1.2     .3     .2 |    .3    5.8   -1.4    5.8 |      1.3 
  2018           |    .0     .2     .5    1.1    -.9     .8     .1     .7     .0    -.2     .1     .0 |   2.2    4.7    3.4     .6 |      3.2 
  2019           |   -.7    -.5     .0    -.5     .1     .1    -.5     .8    -.3    -.9     .6    -.2 |  -3.7   -2.3     .0   -2.0 |      -.7 
  2020           |   -.6     .3   -4.0  -13.2    1.6    6.6    3.6    1.0     .0     .7     .4    1.3 |  -6.5  -42.0   42.8    6.9 |     -7.1 
                 |                                                                                    |                            |
  2021           |    .6   -3.3    2.8     .1     .9     .5     .4     .0   -1.0    1.4     .9    -.1 |   1.1    6.5    2.6    5.1 |      4.4 
  2022           |    .0     .6     .8     .2     .1    -.1     .2     .1     .4    -.1    -.3   -1.2 |   3.9    3.9    1.4   -1.8 |      3.4 
  2023           |    .9     .1     .0     .4    -.2    -.6     .7     .0     .2    -.7     .3    -.2 |    .0     .3    1.2   -1.8 |       .2 
  2024           |   -.9    1.0    -.2    -.1     .7                                                  |  -1.5                      |          
                 |                                                                                    |                            |
 IP (2017=100)   |                                                                                    |                            |
  1994           |  66.8   66.8   67.5   67.9   68.2   68.6   68.7   69.2   69.4   70.0   70.4   71.1 |  67.0   68.2   69.1   70.5 |     68.7 
  1995           |  71.3   71.2   71.3   71.2   71.5   71.7   71.4   72.4   72.7   72.5   72.7   73.0 |  71.2   71.5   72.2   72.7 |     71.9 
                 |                                                                                    |                            |
  1996           |  72.6   73.6   73.5   74.2   74.8   75.4   75.4   75.8   76.2   76.2   76.9   77.4 |  73.2   74.8   75.8   76.8 |     75.2 
  1997           |  77.5   78.4   78.9   79.0   79.4   79.8   80.5   81.3   82.0   82.8   83.4   83.8 |  78.3   79.4   81.3   83.3 |     80.6 
  1998           |  84.2   84.3   84.3   84.6   85.2   84.7   84.3   86.1   86.0   86.6   86.5   86.9 |  84.3   84.8   85.5   86.7 |     85.3 
  1999           |  87.2   87.7   87.9   88.1   88.6   88.6   89.1   89.5   89.1   90.3   90.8   91.5 |  87.6   88.4   89.2   90.8 |     89.0 
  2000           |  91.4   91.7   92.1   92.7   92.9   93.0   92.8   92.6   93.0   92.6   92.7   92.3 |  91.7   92.9   92.8   92.5 |     92.5 
                 |                                                                                    |                            |
  2001           |  91.9   91.3   91.1   90.7   90.3   89.8   89.2   89.2   88.7   88.4   87.9   87.9 |  91.4   90.3   89.0   88.0 |     89.7 
  2002           |  88.5   88.5   89.1   89.6   89.9   90.7   90.6   90.6   90.6   90.4   90.9   90.4 |  88.7   90.1   90.6   90.6 |     90.0 
  2003           |  91.1   91.3   91.0   90.4   90.4   90.5   91.0   90.8   91.4   91.5   92.1   92.2 |  91.1   90.5   91.1   91.9 |     91.1 
  2004           |  92.3   92.9   92.5   92.9   93.6   92.9   93.6   93.6   93.7   94.6   94.8   95.5 |  92.6   93.1   93.6   95.0 |     93.6 
  2005           |  95.9   96.6   96.4   96.6   96.7   97.1   96.8   97.2   95.3   96.4   97.5   98.0 |  96.3   96.8   96.4   97.3 |     96.7 
                 |                                                                                    |                            |
  2006           |  98.1   98.2   98.4   98.7   98.7   99.0   99.0   99.4   99.2   99.1   99.1  100.1 |  98.2   98.8   99.2   99.4 |     98.9 
  2007           |  99.8  100.7  100.9  101.6  101.6  101.7  101.5  101.7  101.9  101.6  102.2  102.3 | 100.5  101.6  101.7  102.0 |    101.5 
  2008           | 102.1  101.8  101.5  100.8  100.1   99.9   99.4   97.8   93.6   94.5   93.3   90.6 | 101.8  100.3   96.9   92.8 |     97.9 
  2009           |  88.4   87.8   86.5   85.8   84.9   84.7   85.7   86.6   87.4   87.6   87.9   88.2 |  87.6   85.1   86.6   87.9 |     86.8 
  2010           |  89.2   89.5   90.1   90.5   91.7   91.9   92.3   92.6   92.9   92.6   92.7   93.6 |  89.6   91.4   92.6   93.0 |     91.6 
                 |                                                                                    |                            |
  2011           |  93.4   93.0   94.0   93.7   93.8   94.0   94.5   95.1   95.0   95.7   95.7   96.2 |  93.5   93.8   94.9   95.8 |     94.5 
  2012           |  96.8   97.1   96.6   97.3   97.5   97.5   97.7   97.3   97.2   97.5   97.9   98.2 |  96.8   97.4   97.4   97.9 |     97.4 
  2013           |  98.2   98.6   99.0   98.9   99.0   99.2   98.9   99.5  100.0   99.9  100.2  100.4 |  98.6   99.1   99.5  100.1 |     99.3 
  2014           | 100.0  100.7  101.7  101.8  102.2  102.6  102.8  102.6  102.9  103.0  103.6  103.6 | 100.8  102.2  102.8  103.4 |    102.3 
  2015           | 102.8  102.1  101.8  101.2  100.8  100.5  101.1  100.9  100.6  100.2   99.4   98.9 | 102.2  100.8  100.9   99.5 |    100.9 
                 |                                                                                    |                            |
  2016           |  99.4   98.9   98.2   98.5   98.3   98.7   98.8   98.7   98.7   98.7   98.3   99.0 |  98.8   98.5   98.7   98.7 |     98.7 
  2017           |  98.8   98.4   99.0  100.0  100.1  100.3  100.1   99.6   99.7  101.0  101.2  101.5 |  98.8  100.2   99.8  101.2 |    100.0 
  2018           | 101.5  101.7  102.2  103.4  102.4  103.2  103.4  104.1  104.1  103.9  104.0  104.0 | 101.8  103.0  103.8  104.0 |    103.2 
  2019           | 103.4  102.8  102.8  102.3  102.4  102.5  102.0  102.8  102.5  101.6  102.1  101.9 | 103.0  102.4  102.4  101.9 |    102.4 
  2020           | 101.3  101.7   97.6   84.7   86.0   91.7   95.0   95.9   95.9   96.5   97.0   98.2 | 100.2   87.5   95.6   97.2 |     95.1 
                 |                                                                                    |                            |
  2021           |  98.8   95.5   98.2   98.3   99.2   99.6  100.1  100.0   99.0  100.4  101.3  101.2 |  97.5   99.1   99.7  100.9 |     99.3 
  2022           | 101.2  101.8  102.7  102.9  103.0  102.8  103.1  103.2  103.5  103.4  103.1  101.8 | 101.9  102.9  103.3  102.8 |    102.7 
  2023           | 102.7  102.8  102.8  103.2  103.0  102.4  103.1  103.1  103.3  102.6  102.9  102.6 | 102.8  102.9  103.2  102.7 |    102.9 
  2024           | 101.7  102.7  102.5  102.4  103.1                                                  | 102.3                      |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.
 <1> Annual averages of industrial production are calculated from not seasonally adjusted indexes.
 
 
 

1Table 1B
 Capacity and Utilization: Total
 Seasonally adjusted
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|    Annual
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2017 output)    |                                                                                    |                            |
  1994           |  81.2   81.4   81.6   81.8   82.0   82.3   82.6   82.8   83.1   83.4   83.6   83.9 |  81.4   82.1   82.8   83.6 |     82.5 
  1995           |  84.2   84.4   84.7   85.0   85.3   85.6   85.9   86.2   86.6   86.9   87.3   87.6 |  84.5   85.3   86.2   87.3 |     85.8 
                 |                                                                                    |                            |
  1996           |  88.0   88.4   88.8   89.2   89.6   90.0   90.5   90.9   91.3   91.7   92.2   92.6 |  88.4   89.6   90.9   92.2 |     90.3 
  1997           |  93.1   93.5   94.0   94.5   95.0   95.5   96.1   96.7   97.2   97.9   98.5   99.1 |  93.6   95.0   96.7   98.5 |     95.9 
  1998           |  99.8  100.5  101.1  101.8  102.4  103.0  103.6  104.1  104.6  105.1  105.6  106.1 | 100.5  102.4  104.1  105.6 |    103.1 
  1999           | 106.5  107.0  107.4  107.8  108.2  108.6  109.0  109.4  109.8  110.2  110.6  111.0 | 107.0  108.2  109.4  110.6 |    108.8 
  2000           | 111.3  111.7  112.1  112.5  112.9  113.3  113.6  114.0  114.4  114.8  115.1  115.5 | 111.7  112.9  114.0  115.1 |    113.4 
                 |                                                                                    |                            |
  2001           | 115.9  116.3  116.6  117.0  117.3  117.7  118.0  118.3  118.6  118.8  119.1  119.3 | 116.3  117.3  118.3  119.1 |    117.7 
  2002           | 119.5  119.6  119.8  119.9  120.0  120.1  120.1  120.1  120.1  120.1  120.1  120.0 | 119.6  120.0  120.1  120.1 |    119.9 
  2003           | 120.0  119.9  119.9  119.8  119.8  119.7  119.7  119.7  119.7  119.6  119.6  119.6 | 119.9  119.8  119.7  119.6 |    119.7 
  2004           | 119.6  119.6  119.5  119.5  119.5  119.5  119.5  119.5  119.5  119.5  119.5  119.6 | 119.6  119.5  119.5  119.6 |    119.5 
  2005           | 119.7  119.8  119.9  120.0  120.2  120.3  120.5  120.7  120.8  121.0  121.2  121.4 | 119.8  120.2  120.7  121.2 |    120.5 
                 |                                                                                    |                            |
  2006           | 121.6  121.7  121.9  122.1  122.3  122.6  122.8  123.0  123.3  123.6  123.9  124.2 | 121.7  122.3  123.1  123.9 |    122.8 
  2007           | 124.5  124.8  125.1  125.3  125.6  125.8  125.9  126.1  126.1  126.1  126.1  126.1 | 124.8  125.6  126.0  126.1 |    125.6 
  2008           | 126.0  125.9  125.8  125.7  125.6  125.6  125.6  125.7  125.8  125.9  126.1  126.3 | 125.9  125.6  125.7  126.1 |    125.8 
  2009           | 126.4  126.6  126.8  126.9  127.0  127.1  127.1  127.0  126.9  126.8  126.6  126.4 | 126.6  127.0  127.0  126.6 |    126.8 
  2010           | 126.1  125.9  125.6  125.3  125.1  124.8  124.5  124.3  124.1  124.0  123.9  123.8 | 125.9  125.1  124.3  123.9 |    124.8 
                 |                                                                                    |                            |
  2011           | 123.7  123.7  123.7  123.7  123.8  123.9  124.1  124.2  124.4  124.6  124.8  125.0 | 123.7  123.8  124.2  124.8 |    124.1 
  2012           | 125.3  125.5  125.7  126.0  126.2  126.4  126.6  126.8  127.0  127.2  127.4  127.6 | 125.5  126.2  126.8  127.4 |    126.5 
  2013           | 127.8  127.9  128.1  128.2  128.3  128.4  128.6  128.7  128.7  128.8  128.9  129.0 | 127.9  128.3  128.6  128.9 |    128.5 
  2014           | 129.1  129.2  129.3  129.4  129.5  129.6  129.7  129.9  130.0  130.1  130.2  130.3 | 129.2  129.5  129.9  130.2 |    129.7 
  2015           | 130.4  130.5  130.5  130.5  130.6  130.6  130.6  130.5  130.5  130.5  130.5  130.5 | 130.5  130.6  130.5  130.5 |    130.5 
                 |                                                                                    |                            |
  2016           | 130.5  130.5  130.5  130.5  130.5  130.5  130.6  130.6  130.7  130.7  130.7  130.7 | 130.5  130.5  130.6  130.7 |    130.6 
  2017           | 130.7  130.7  130.6  130.5  130.4  130.3  130.2  130.0  129.9  129.7  129.6  129.5 | 130.7  130.4  130.0  129.6 |    130.2 
  2018           | 129.4  129.3  129.2  129.1  129.1  129.1  129.1  129.1  129.2  129.3  129.4  129.5 | 129.3  129.1  129.2  129.4 |    129.2 
  2019           | 129.6  129.7  129.8  129.9  130.1  130.2  130.3  130.5  130.6  130.7  130.8  130.9 | 129.7  130.1  130.5  130.8 |    130.3 
  2020           | 130.9  130.9  130.9  130.9  130.8  130.7  130.6  130.4  130.2  130.0  129.7  129.4 | 130.9  130.8  130.4  129.7 |    130.5 
                 |                                                                                    |                            |
  2021           | 129.2  128.9  128.6  128.3  128.1  127.8  127.6  127.4  127.2  127.0  126.9  126.8 | 128.9  128.1  127.4  126.9 |    127.8 
  2022           | 126.8  126.7  126.8  126.8  126.9  127.0  127.2  127.4  127.7  127.9  128.2  128.5 | 126.8  126.9  127.4  128.2 |    127.3 
  2023           | 128.8  129.1  129.4  129.7  130.0  130.3  130.5  130.7  130.9  131.1  131.2  131.3 | 129.1  130.0  130.7  131.2 |    130.3 
  2024           | 131.5  131.6  131.7  131.8  131.9                                                  | 131.6                      |          
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1994           |  82.2   82.1   82.7   83.0   83.1   83.4   83.3   83.5   83.5   83.9   84.2   84.8 |  82.3   83.2   83.4   84.3 |     83.3 
  1995           |  84.7   84.3   84.1   83.7   83.8   83.8   83.2   83.9   83.9   83.5   83.3   83.3 |  84.4   83.8   83.7   83.4 |     83.8 
                 |                                                                                    |                            |
  1996           |  82.5   83.3   82.8   83.2   83.5   83.7   83.3   83.4   83.5   83.1   83.4   83.5 |  82.8   83.5   83.4   83.3 |     83.3 
  1997           |  83.3   83.8   83.9   83.6   83.6   83.5   83.8   84.1   84.4   84.6   84.7   84.5 |  83.7   83.6   84.1   84.6 |     84.0 
  1998           |  84.3   83.9   83.4   83.2   83.2   82.2   81.4   82.7   82.2   82.4   81.9   81.9 |  83.9   82.9   82.1   82.1 |     82.7 
  1999           |  81.9   82.0   81.8   81.7   81.9   81.6   81.7   81.8   81.2   81.9   82.1   82.4 |  81.9   81.7   81.6   82.1 |     81.8 
  2000           |  82.1   82.1   82.1   82.4   82.3   82.1   81.7   81.2   81.3   80.7   80.5   79.9 |  82.1   82.3   81.4   80.4 |     81.5 
                 |                                                                                    |                            |
  2001           |  79.3   78.5   78.1   77.6   76.9   76.3   75.6   75.4   74.8   74.4   73.8   73.7 |  78.6   76.9   75.3   74.0 |     76.2 
  2002           |  74.0   73.9   74.4   74.7   74.9   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   75.9   76.4   76.5   77.0   77.1 |  76.0   75.5   76.1   76.9 |     76.1 
  2004           |  77.2   77.7   77.4   77.7   78.3   77.7   78.3   78.4   78.5   79.1   79.3   79.9 |  77.4   77.9   78.4   79.4 |     78.3 
  2005           |  80.1   80.6   80.4   80.5   80.5   80.7   80.4   80.5   78.8   79.7   80.4   80.7 |  80.4   80.6   79.9   80.3 |     80.3 
                 |                                                                                    |                            |
  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   80.8   80.6   80.3 |     80.6 
  2007           |  80.1   80.7   80.7   81.0   80.9   80.8   80.6   80.7   80.8   80.6   81.0   81.1 |  80.5   80.9   80.7   80.9 |     80.8 
  2008           |  81.1   80.8   80.7   80.2   79.7   79.5   79.2   77.9   74.4   75.0   74.0   71.8 |  80.9   79.8   77.1   73.6 |     77.8 
  2009           |  69.9   69.4   68.2   67.6   66.9   66.6   67.4   68.2   68.9   69.1   69.5   69.8 |  69.2   67.0   68.2   69.5 |     68.5 
  2010           |  70.7   71.1   71.8   72.2   73.3   73.6   74.1   74.5   74.8   74.7   74.8   75.6 |  71.2   73.1   74.5   75.0 |     73.4 
                 |                                                                                    |                            |
  2011           |  75.5   75.2   76.0   75.7   75.7   75.9   76.2   76.6   76.4   76.8   76.7   76.9 |  75.6   75.8   76.4   76.8 |     76.1 
  2012           |  77.2   77.3   76.8   77.2   77.2   77.1   77.1   76.7   76.5   76.7   76.8   77.0 |  77.1   77.2   76.8   76.8 |     77.0 
  2013           |  76.8   77.1   77.3   77.2   77.2   77.2   76.9   77.3   77.7   77.5   77.7   77.8 |  77.1   77.2   77.3   77.7 |     77.3 
  2014           |  77.5   78.0   78.7   78.7   79.0   79.1   79.2   79.0   79.2   79.1   79.6   79.5 |  78.0   78.9   79.2   79.4 |     78.9 
  2015           |  78.8   78.3   78.0   77.5   77.2   76.9   77.4   77.3   77.1   76.8   76.2   75.8 |  78.4   77.2   77.3   76.3 |     77.3 
                 |                                                                                    |                            |
  2016           |  76.2   75.8   75.2   75.5   75.3   75.6   75.7   75.6   75.5   75.5   75.2   75.8 |  75.8   75.5   75.6   75.5 |     75.6 
  2017           |  75.6   75.3   75.8   76.6   76.8   77.0   76.9   76.6   76.8   77.8   78.1   78.4 |  75.6   76.8   76.8   78.1 |     76.8 
  2018           |  78.5   78.7   79.1   80.0   79.3   80.0   80.1   80.6   80.6   80.4   80.4   80.4 |  78.8   79.8   80.4   80.4 |     79.8 
  2019           |  79.8   79.3   79.2   78.7   78.7   78.8   78.3   78.8   78.5   77.7   78.1   77.9 |  79.4   78.7   78.5   77.9 |     78.6 
  2020           |  77.4   77.7   74.6   64.7   65.7   70.1   72.8   73.6   73.7   74.3   74.7   75.9 |  76.5   66.9   73.3   75.0 |     72.9 
                 |                                                                                    |                            |
  2021           |  76.5   74.1   76.3   76.6   77.4   78.0   78.4   78.5   77.8   79.0   79.8   79.8 |  75.6   77.3   78.3   79.5 |     77.7 
  2022           |  79.8   80.4   81.0   81.1   81.1   80.9   81.0   81.0   81.1   80.9   80.4   79.2 |  80.4   81.1   81.0   80.2 |     80.7 
  2023           |  79.8   79.6   79.4   79.6   79.2   78.6   79.0   78.9   78.9   78.3   78.4   78.1 |  79.6   79.1   78.9   78.3 |     79.0 
  2024           |  77.4   78.1   77.8   77.7   78.2                                                  |  77.8                      |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.
 
 
 
 
 
 
 

1Table 2
 Rates of Change in Industrial Production, Market and Industry Group Summary: 2019-2023 <1>
 
 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          |               |                                              |              Difference between
                                                          |               |                Revised change                |         revised and earlier changes
                                                          |               |                  (percent)                   |             (percentage points)
 Item                                                     |         NAICS |     2019     2020     2021     2022     2023 |     2019     2020     2021     2022     2023
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          |               |                                              |
  Total IP                                                |               |    -2.0     -4.6      3.8      1.8      -.1  |      .0       .1       .0       .0      -.1 
                                                          |               |                                              |
  MARKET GROUP                                            |               |                                              |
  Final products and nonindustrial supplies               |               |    -2.1     -3.2      3.3      1.9     -1.0  |      .0       .1       .0      -.1      -.1 
     Consumer goods                                       |               |    -1.0       .1      1.6       .6      -.6  |      .0       .1      -.1      -.5       .3 
        Durable                                           |               |    -3.4      6.7      -.2     -1.3       .2  |      .0       .0       .1     -1.1       .2 
           Automotive products                            |               |    -3.2     10.0     -5.1       .6      1.6  |      .1       .0       .4     -1.3      -.1 
           Home electronics                               |               |     -.4     15.3      9.4      -.4     20.1  |     -.4      1.4     -1.4     -3.4      5.7 
           Appliances, furniture, carpeting               |               |    -4.0      3.9      1.7     -9.0     -4.6  |     -.1      -.2       .0     -1.0      -.8 
           Miscellaneous goods                            |               |    -3.5       .3      9.1     -1.0     -1.3  |      .0       .1      -.2      -.4       .9 
        Nondurable                                        |               |     -.3     -1.9      2.2      1.2      -.8  |      .0       .1      -.1      -.4       .4 
           Non-energy                                     |               |     1.4      -.4      1.3       .6      -.3  |      .0       .1      -.1      -.3       .7 
              Foods and tobacco                           |               |     2.3       .8      -.2      -.4     -1.4  |      .0       .1      -.2      -.4      1.1 
              Clothing                                    |               |    -1.3     -8.1      5.2      -.7    -10.0  |     -.1       .2      -.9     -3.2      1.7 
              Chemical products                           |               |     1.7     -1.5      3.8      3.2      3.1  |      .1       .1      -.2      -.2       .4 
              Paper products                              |               |    -7.1     -3.3       .1     -4.2     -6.0  |      .1      -.3       .9       .2     -2.7 
           Energy                                         |               |    -5.1     -7.6      6.2      2.5     -2.0  |      .0       .2      -.1      -.5      -.4 
                                                          |               |                                              |
     Business equipment                                   |               |    -6.6     -9.9      5.9      6.8     -2.4  |     -.1      -.1       .5      -.8      -.7 
        Transit                                           |               |   -13.7    -19.2     -3.1     19.1      -.4  |     -.5      -.7      2.8     -2.3     -1.1 
        Information processing                            |               |     -.6     -6.2      9.5     -1.0       .7  |      .0       .0      -.1      -.3      -.6 
        Industrial and other                              |               |    -5.4     -7.1      7.2      6.1     -4.1  |      .0       .0       .0      -.7      -.6 
     Defense and space equipment                          |               |     7.2     -7.3       .2      1.7      6.8  |     -.6      1.3     -4.7      -.6     -3.5 
                                                          |               |                                              |
     Construction supplies                                |               |    -2.3      -.8      5.4     -1.7     -1.4  |      .0       .0       .0      -.4       .0 
     Business supplies                                    |               |    -2.0     -3.1      3.9      2.2     -1.6  |      .0       .1       .2      1.2      -.4 
                                                          |               |                                              |
  Materials                                               |               |    -1.9     -6.4      4.4      1.8      1.0  |      .0       .2       .0       .1      -.2 
     Non-energy                                           |               |    -3.9     -2.9      3.1      -.9      -.1  |      .1       .2       .0       .3      -.3 
        Durable                                           |               |    -4.9     -4.3      2.8      1.5      -.4  |      .1       .2       .0       .4      -.1 
           Consumer parts                                 |               |    -9.6     -1.2     -5.6      3.6      3.9  |      .1       .2      -.4      -.5      -.6 
           Equipment parts                                |               |    -2.5     -6.4      6.9      3.2      -.1  |      .4       .5       .0      2.2      -.7 
           Other                                          |               |    -4.6     -4.2      3.6       .1     -1.9  |      .0       .1       .1      -.2       .2 
        Nondurable                                        |               |    -2.4      -.6      3.5     -4.4       .4  |     -.1       .2       .0       .1      -.2 
           Textile                                        |               |    -4.2     -6.5      1.7     -7.9     -6.9  |      .0      -.2       .3     -2.0     -3.0 
           Paper                                          |               |     -.2     -8.4       .1     -4.7     -5.2  |      .0       .0       .1       .0     -2.9 
           Chemical                                       |               |    -5.0      1.7      6.5     -6.3      3.5  |      .1       .3      -.1       .4       .5 
     Energy                                               |               |     1.5    -12.5      7.3      5.3      2.7  |      .0       .1       .1       .0      -.1 
                                                          |               |                                              |
                                                          |               |                                              |
  INDUSTRY GROUP                                          |               |                                              |
  Manufacturing<2>                                        |               |    -2.7     -2.9      3.4       .5      -.4  |      .0       .1      -.1       .0      -.1 
     Manufacturing (NAICS)                                |        31-33  |    -2.6     -2.9      3.5       .6      -.3  |      .0       .2      -.2      -.1       .0 
                                                          |               |                                              |
        Durable manufacturing                             |               |    -4.1     -3.7      3.3      2.3      -.4  |      .0       .2      -.2      -.2      -.4 
           Wood products                                  |          321  |      .2      2.1       .4     -4.5     -1.4  |      .0       .1       .4      -.9      -.3 
           Nonmetallic mineral products                   |          327  |     -.6       .3      2.6      4.4     -3.0  |     -.1       .0      -.3     -2.5      -.2 
           Primary metals                                 |          331  |    -7.2     -4.3      5.9     -5.2      1.9  |      .0       .2      -.1       .0       .4 
           Fabricated metal products                      |          332  |    -4.7     -7.3      6.1      1.9     -1.8  |      .0       .0       .1       .4      -.1 
           Machinery                                      |          333  |    -6.9     -7.1      8.3      3.4     -3.6  |      .2      -.3       .1     -1.4       .8 
           Computer and electronic products               |          334  |     1.0      -.8      5.8       .6      2.9  |     -.2      1.3      -.9      2.0     -1.8 
           Electrical equip., appliances,                 |               |                                              |
              and components                              |          335  |    -3.0      -.4      3.7      2.7     -1.2  |      .0      -.1       .5      1.7     -1.6 
           Motor vehicles and parts                       |       3361-3  |    -5.4      2.7     -5.1      5.8      1.6  |      .1       .0       .1     -1.2     -1.0 
           Aerospace and miscellaneous                    |               |                                              |
              transportation equipment                    |       3364-9  |    -3.4    -13.2     -1.4      9.7      3.0  |     -.4       .5     -1.2       .3     -1.4 
           Furniture and related products                 |          337  |    -5.4     -6.9      2.7     -3.5    -10.5  |      .0      -.1       .3      -.7     -1.6 
           Miscellaneous                                  |          339  |    -6.0     -1.2      7.7      3.6       .7  |      .0       .1      -.4      -.9      -.1 
                                                          |               |                                              |
        Nondurable manufacturing                          |               |    -1.1     -2.0      3.8     -1.1      -.1  |      .0       .1      -.2       .0       .5 
           Food, beverage, and tobacco products           |        311,2  |     2.4       .8      -.1       .0     -1.4  |     -.2       .1      -.1      -.3       .9 
           Textile and product mills                      |        313,4  |    -3.8     -4.7      3.6     -9.6     -6.5  |      .0      -.2       .3     -1.5     -2.3 
           Apparel and leather                            |        315,6  |    -1.8     -8.1      5.8       .2     -8.8  |     -.1       .2      -.8     -3.1      1.6 
           Paper                                          |          322  |     -.4     -4.1     -1.0     -6.0     -3.3  |      .0       .0       .0       .0     -2.1 
           Printing and support                           |          323  |    -4.3     -8.2      3.5      1.2    -10.2  |      .1      -.1       .4       .4     -1.3 
           Petroleum and coal products                    |          324  |    -5.3    -18.8     17.8     -2.6      3.9  |     -.1       .1      -.3      -.1       .4 
           Chemicals                                      |          325  |    -1.6       .1      5.7     -1.3      2.1  |      .1       .2      -.1       .2       .3 
           Plastics and rubber products                   |          326  |    -3.8      -.5      3.0       .2       .3  |      .1       .1      -.6      1.0      2.9 
                                                          |               |                                              |
     Other manufacturing (non-NAICS)                      |    1133,5111  |    -3.7     -2.5      -.3     -1.6     -8.1  |      .2      -.6      2.5      2.2     -3.2 
                                                          |               |                                              |
  Mining                                                  |           21  |     1.8    -17.6     10.4      6.2      2.6  |      .0       .1       .3       .4      -.3 
  Utilities                                               |       2211,2  |    -1.6     -2.3       .2      4.1     -1.2  |      .0       .1       .2      -.2      -.1 
     Electric                                             |         2211  |    -1.2     -1.4       .6      2.6       .1  |      .0       .1       .2       .0       .1 
     Natural gas                                          |         2212  |    -4.1     -8.4     -2.0     13.3     -8.7  |      .0      -.1       .4     -1.4     -1.8 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
 <1>  Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the
      previous year to the fourth quarter of the year specified in the column heading.
 <2>  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 a part of manufacturing and are included in the industrial sector.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1Table 3
 Rates of Change in Industrial Production, Special Aggregates and Selected Detail: 2019-2023 <1>
 
 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |              |                                         |           Difference between
                                                   |              |             Revised change              |       revised and earlier changes
                                                   |              |                (percent)                |           (percentage points)
 Item                                              |        NAICS |    2019    2020    2021    2022    2023 |    2019    2020    2021    2022    2023
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |              |                                         |
  Total industry                                   |              |   -2.0    -4.6     3.8     1.8     -.1  |     .0      .1      .0      .0     -.1 
                                                   |              |                                         |
  Energy                                           |              |    -.3   -12.1     7.7     5.1     1.3  |     .0      .1      .1      .1     -.2 
     Consumer products                             |              |   -5.1    -7.6     6.2     2.5    -2.0  |     .0      .2     -.1     -.5     -.4 
     Commercial products                           |              |     .9    -8.2     6.1     6.3      .4  |    -.1     -.1      .0      .7     -.7 
     Oil and gas well drilling                     |      213111  |  -12.9   -48.4    59.2    21.4    -7.9  |     .0     -.4     6.1     9.7     1.5 
     Converted fuel                                |              |   -2.6    -3.7     4.1     3.3     2.4  |     .1      .1     -.1      .6     -.3 
     Primary energy                                |              |    3.3   -16.3     8.7     6.0     2.9  |     .0      .1      .2     -.2      .1 
                                                   |              |                                         |
  Non-energy                                       |              |   -2.6    -2.2     2.8      .5     -.6  |     .0      .1      .0      .0     -.2 
     Selected high-technology industries           |              |    4.3     5.9     5.1     6.5     7.8  |    -.4     3.2    -2.0     4.7    -4.9 
        Computers and peripheral equipment         |        3341  |    -.5    -8.2    18.4     8.2     6.9  |     .4      .6      .0    -4.0    -5.4 
        Communications equipment                   |        3342  |     .2     2.0    18.0    10.4    14.3  |    -.2     -.3     -.5     -.3     -.7 
        Semiconductors and related                 |              |                                         |
           electronic components                   |        3344  |    6.7     9.5     -.5     5.0     5.9  |    -.6     4.8    -2.6     7.8    -6.2 
                                                   |              |                                         |
     Excluding selected high-technology            |              |                                         |
           industries                              |              |   -2.8    -2.5     2.7      .3     -.8  |     .0      .1      .0     -.2     -.1 
                                                   |              |                                         |
        Motor vehicles and parts                   |      3361-3  |   -5.4     2.7    -5.1     5.8     1.6  |     .1      .0      .1    -1.2    -1.0 
           Motor vehicles                          |        3361  |   -3.4     7.0   -10.1    11.0     1.3  |     .2     -.1      .3    -2.1    -1.2 
           Motor vehicle parts                     |        3363  |   -8.3    -1.0    -4.1     7.3     2.7  |     .1      .2     -.3     -.7     -.9 
                                                   |              |                                         |
        Excluding motor vehicles and parts         |              |   -2.6    -2.9     3.5     -.1    -1.0  |     .0      .1      .0     -.1      .0 
           Consumer goods                          |              |     .4      .1     2.0     -.1     -.6  |     .0      .1     -.1     -.4      .5 
           Business equipment                      |              |   -6.9    -9.3     5.2     6.0    -3.0  |    -.2     -.1      .6     -.8     -.3 
           Construction supplies                   |              |   -2.3     -.8     5.4    -1.8    -1.5  |     .0      .0      .0     -.4      .0 
           Business supplies                       |              |   -3.3    -1.9     3.4      .7    -2.8  |     .1     -.1      .5     1.0     -.1 
           Materials                               |              |   -4.0    -3.7     4.1    -1.9     -.6  |     .1      .0      .1      .1      .0 
                                                   |              |                                         |
  Measures excluding selected high-technology      |              |                                         |
        industries                                 |              |                                         |
  Total industry                                   |              |   -2.2    -4.8     3.8     1.7     -.3  |     .0      .1      .0     -.1     -.1 
     Manufacturing<2>                              |              |   -2.9    -3.1     3.4      .4     -.6  |     .0      .1      .0     -.2      .0 
        Durable                                    |              |   -4.5    -4.2     3.1     2.0     -.9  |     .0      .0     -.1     -.5     -.2 
                                                   |              |                                         |
  Measures excluding motor vehicles and parts      |              |                                         |
  Total industry                                   |              |   -1.8    -5.1     4.5     1.6     -.2  |     .0      .1      .0      .1     -.1 
     Manufacturing<2>                              |              |   -2.4    -3.4     4.2      .1     -.6  |     .0      .2     -.1      .0      .0 
        Durable                                    |              |   -3.8    -4.8     4.9     1.7     -.8  |     .0      .2     -.2     -.1     -.3 
                                                   |              |                                         |
  Measures excluding selected high-technology      |              |                                         |
        industries and motor vehicles and parts    |              |                                         |
  Total industry                                   |              |   -2.0    -5.3     4.5     1.5     -.3  |     .0      .1      .0      .0     -.1 
     Manufacturing<2>                              |              |   -2.7    -3.6     4.2     -.1     -.8  |     .0      .1      .0     -.1      .1 
                                                   |              |                                         |
  Stage-of-process components                      |              |                                         |
        of non-energy materials,                   |              |                                         |
        measures of the input to                   |              |                                         |
  Finished processors                              |              |   -4.4    -5.2     1.7     1.5      .1  |     .2      .3     -.1      .9    -1.1 
  Primary and semifinished processors              |              |   -3.7    -1.5     3.9    -2.0     -.2  |     .0      .2      .0      .0      .2 
                                                   |              |                                         |
  Stage-of-process groups                          |              |                                         |
  Crude                                            |              |     .5   -11.0     6.6     2.5     2.9  |     .0      .1      .1      .3     -.3 
  Primary and semifinished                         |              |   -3.7    -3.9     3.7      .7    -1.1  |     .1      .1      .1      .2     -.3 
  Finished                                         |              |    -.9    -2.8     2.8     2.8     -.2  |    -.1      .1     -.2     -.5      .1 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 <1> See footnote 1 to table 2.
 <2> See footnote 2 to table 2.
 
 
 
 
 
 
 

1Table 4
 Annual Rates of Change for Industrial Production <1>
 
 
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                          |                                         |           Difference between
                                                          |          Revised Growth Rates           |        revised and earlier rates
                                                          |                                         |           (percentage points)
 Item                                                     |    2019    2020    2021    2022    2023 |    2019    2020    2021    2022    2023
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                          |                                         |
  Total IP                                                |    -.7    -7.1     4.4     3.4      .2  |     .0      .1      .0      .0     -.1 
                                                          |                                         |
  MARKET GROUP                                            |                                         |
  Consumer goods                                          |    -.4    -3.3     4.4     1.5     -.7  |     .0      .0      .0     -.3      .2 
     Durable                                              |   -1.6    -5.4     9.9     1.7     -.5  |     .0      .0      .1     -.6      .4 
     Nondurable                                           |    -.1    -2.7     2.8     1.5     -.7  |     .0      .0      .0     -.2      .1 
                                                          |                                         |
  Business equipment                                      |   -7.2   -12.9     5.7     8.3     -.4  |     .3     -.3      .5     -.5     -.8 
  Defense and space equipment                             |   10.1    -5.6     1.5    -1.8     6.7  |   -1.2     1.2    -1.8    -4.6      .1 
                                                          |                                         |
  Construction supplies                                   |   -1.4    -3.9     4.7     2.7    -2.5  |     .1      .1     -.1     -.1     -.5 
  Business supplies                                       |   -2.1    -5.8     4.6     4.4    -1.7  |     .0      .1      .0     1.2     -.1 
                                                          |                                         |
  Materials                                               |     .5    -8.5     4.1     3.6     1.2  |     .0      .1      .0      .2     -.1 
     Non-energy                                           |   -2.3    -7.2     4.8     1.8     -.6  |     .0      .1      .0      .2      .0 
     Energy                                               |    4.9   -10.8     2.9     6.2     3.9  |     .0      .1      .0      .2     -.3 
                                                          |                                         |
                                                          |                                         |
  INDUSTRY GROUP                                          |                                         |
  Manufacturing<2>                                        |   -2.0    -6.5     4.9     2.7     -.5  |     .0      .0      .0      .0      .0 
     Manufacturing (NAICS)                                |   -1.9    -6.5     5.0     2.7     -.4  |     .0      .0      .0     -.2      .1 
        Durable manufacturing                             |   -2.8    -8.9     6.1     4.0      .2  |     .0      .1     -.1     -.3     -.1 
        Nondurable manufacturing                          |    -.9    -3.9     3.9     1.5     -.9  |     .0      .0      .0      .0      .4 
     Other manufacturing (non-NAICS)                      |   -4.4    -7.8     2.9      .7    -6.8  |     .0      .0      .4     4.7    -3.4 
                                                          |                                         |
  Mining                                                  |    6.6   -14.7     3.2     7.5     4.8  |     .0      .2      .0      .6     -.2 
  Utilities                                               |    -.8    -2.9     2.0     3.0    -1.9  |     .0      .0      .0     -.1     -.1 
 --------------------------------------------------------------------------------------------------------------------------------------------
 
 <1> The rates of change are calculated as the percent change in the annual averages of not seasonally adjusted industrial production indexes
     rather than as the percent change between the fourth quarter of one year and the fourth quarter of the next.
 <2> See footnote 2 to table 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1Table 5
 Rates of Change in Capacity, by Industry Groups: 2020-2024 <1>
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |                                                   |                Difference between
                                                   |                  Revised change                   |            revised and earlier changes
                                                   |                     (percent)                     |                (percentage points)
 Item                                              |      2020      2021      2022      2023      2024 |      2020      2021      2022      2023      2024
 ---------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                   |      -.8      -2.1       1.0       2.3       1.2  |      -.1       -.1        .1        .8       -.5 
                                                   |                                                   |
  Manufacturing<2>                                 |     -1.1      -1.0        .4       1.2       1.3  |      -.1        .0       -.3       -.1       -.4 
     Manufacturing (NAICS)                         |     -1.0       -.9        .6       1.4       1.4  |      -.1        .0       -.3       -.1       -.4 
        Durable manufacturing                      |      -.4       -.5       1.1       1.0       1.6  |      -.7        .1       -.4       -.7       -.2 
        Nondurable manufacturing                   |     -1.7      -1.1        .1       1.7       1.3  |       .5       -.1       -.2        .4       -.5 
     Other manufacturing (non-NAICS)               |     -5.2      -5.3      -5.4      -5.0      -4.6  |      -.1       -.2        .2        .1        .1 
                                                   |                                                   |
  Mining                                           |     -2.7      -9.8       3.5       3.4       -.8  |       .1        .1       1.5       3.8      -1.5 
  Utilities                                        |      2.5       1.3       2.3       3.6       3.6  |       .0      -1.0       -.8        .2       -.1 
                                                   |                                                   |
                                                   |                                                   |
  Selected high-technology industries              |      4.6        .1       4.4       9.8      12.0  |      -.6      -3.6      -2.1       -.6      -1.4 
  Manufacturing<2> ex. selected                    |                                                   |
        high-technology industries                 |     -1.3      -1.1        .3       1.0       1.0  |      -.1        .1       -.3        .0       -.3 
                                                   |                                                   |
  Stage-of-process groups                          |                                                   |
  Crude                                            |     -2.2      -8.1       2.5       2.7       -.5  |       .2        .0       1.4       3.1      -1.3 
  Primary and semifinished                         |      -.2      -1.0        .6       1.7       1.6  |       .1       -.3       -.5        .3       -.2 
  Finished                                         |     -1.1        .1        .9       1.6       1.8  |      -.4        .0       -.4       -.6       -.4 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------
 <1> Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the
     previous year to the fourth quarter of the year specified in the column heading.
 <2> See footnote 2 to table 2.
 
 
 

1Table 6
 Revised and Earlier Capacity Utilization Rates, by Industry Groups
 
   Percent of capacity, seasonally adjusted
 
 
 --------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          |               |                                         |         Difference between
                                                          |               |              Revised rate               |      revised and earlier rates
                                                          |               |                                         |         (percentage points)
                                                          |               |   1972-                                 |                                    
 Item                                                     |     NAICS     |    2023    2020    2021    2022    2023 |     2020     2021     2022     2023
                                                          |               |    Ave.      Q4      Q4      Q4      Q4 |       Q4       Q4       Q4       Q4
 --------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                          |               |   79.7    75.0    79.5    80.2    78.3  |      .2       .3       .2      -.5 
                                                          |               |                                         |
  Manufacturing<1>                                        |               |   78.3    75.4    78.8    78.8    77.6  |      .2       .2       .3       .3 
     Manufacturing (NAICS)                                |        31-33  |   78.2    75.4    78.8    78.8    77.5  |      .2       .1       .3       .3 
                                                          |               |                                         |
        Durable manufacturing                             |               |   76.9    73.5    76.3    77.2    76.1  |      .8       .7       .9      1.0 
           Wood products                                  |          321  |   76.7    81.5    83.1    78.4    76.4  |    -1.2     -1.4     -2.1     -2.7 
           Nonmetallic mineral products                   |          327  |   73.7    75.6    79.6    83.6    80.9  |     1.8      2.0       .1      -.2 
           Primary metals                                 |          331  |   77.5    66.2    74.6    69.4    70.7  |      .2       .0       .2      1.1 
           Fabricated metal products                      |          332  |   78.4    73.8    76.8    78.0    76.5  |     1.0      -.8     -1.0     -1.0 
           Machinery                                      |          333  |   77.8    73.1    81.0    84.3    81.9  |    -1.6      -.4      -.2      2.1 
           Computer and electronic products               |          334  |   77.4    75.3    78.9    77.1    76.0  |     4.9      5.6      7.3      6.6 
           Electrical equip., appliances,                 |               |                                         |
              and components                              |          335  |   81.9    78.5    80.3    81.4    80.1  |      .1      1.4      3.4      3.1 
           Motor vehicles and parts                       |       3361-3  |   75.0    72.8    69.5    72.4    71.7  |      .3      -.2      -.8     -2.0 
           Aerospace and miscellaneous                    |               |                                         |
              transportation equipment                    |       3364-9  |   73.8    62.8    62.4    68.3    70.6  |      .3      -.5      -.2      -.8 
           Furniture and related products                 |          337  |   77.4    80.0    80.5    76.9    69.5  |     1.2      1.5      1.3       .6 
           Miscellaneous                                  |          339  |   77.1    83.6    87.9    85.8    82.0  |     1.4      1.8      1.6      1.5 
                                                          |               |                                         |
        Nondurable manufacturing                          |               |   80.1    77.6    81.4    80.4    79.0  |     -.5      -.6      -.3      -.3 
           Food, beverage, and tobacco products           |        311,2  |   80.3    78.9    80.5    81.5    80.5  |    -2.0      -.2      1.2      3.4 
           Textile and product mills                      |        313,4  |   78.1    70.0    75.1    70.2    68.1  |     -.4       .7      1.1       .1 
           Apparel and leather                            |        315,6  |   75.5    67.5    73.4    72.9    65.6  |    -1.2     -2.2     -3.2     -1.9 
           Paper                                          |          322  |   86.5    86.7    88.5    83.5    81.5  |     -.3       .0      -.2     -2.0 
           Printing and support                           |          323  |   79.2    72.4    78.1    80.3    72.2  |    -1.3     -2.2     -3.7     -6.1 
           Petroleum and coal products                    |          324  |   85.4    71.4    91.1    89.7    90.6  |     -.5       .4      2.0       .0 
           Chemicals                                      |          325  |   77.0    75.7    78.7    76.4    76.1  |     1.1      -.8     -2.0     -2.4 
           Plastics and rubber products                   |          326  |   81.9    82.9    82.6    79.9    77.0  |    -1.1     -2.0      -.6      -.1 
                                                          |               |                                         |
     Other manufacturing (non-NAICS)                      |    1133,5111  |   78.4    75.1    79.1    82.3    79.6  |     -.3      1.9      3.6       .8 
                                                          |               |                                         |
  Mining                                                  |           21  |   86.5    71.8    87.8    90.2    89.4  |      .0       .2      -.8     -4.5 
  Utilities                                               |       2211,2  |   84.5    75.0    74.2    75.5    72.0  |      .2      1.1      1.5      1.2 
                                                          |               |                                         |
  Selected high-technology industries                     |               |   77.5    76.8    80.5    82.1    80.6  |     1.5      2.8      7.9      4.8 
     Computers and peripheral equipment                   |         3341  |   76.5    57.9    70.6    74.2    76.3  |      .9      1.3      -.9     -2.3 
     Communications equipment                             |         3342  |   75.3    63.9    71.9    73.3    74.9  |      .9      1.1       .5     -1.1 
     Semiconductors and related                           |               |                                         |
           electronic components                          |         3344  |   79.3    85.8    85.7    87.1    83.5  |     1.6      3.8     12.6      8.6 
                                                          |               |                                         |
  Measures excluding selected high-technology             |               |                                         |
        industries                                        |               |                                         |
  Total industry                                          |               |   79.8    74.9    79.5    80.1    78.2  |      .2       .2       .1      -.7 
     Manufacturing<1>                                     |               |   78.3    75.4    78.7    78.8    77.5  |      .2       .1       .1       .2 
                                                          |               |                                         |
  Stage-of-process groups                                 |               |                                         |
  Crude                                                   |               |   85.6    74.1    87.0    87.4    87.2  |     -.5      -.4     -1.1     -4.1 
  Primary and semifinished                                |               |   80.2    75.5    78.9    79.0    76.8  |      .1       .4       .8       .4 
  Finished                                                |               |   76.8    74.7    76.6    77.7    76.4  |      .5       .4       .3       .8 
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 1.  See footnote 2 to table 2.
 
 
 

1Table 7A
 Industrial Production: Manufacturing <1>
 Seasonally adjusted
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|Annual <2>
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change)         |                                                                                    |                            |
  1994           |    .1     .2    1.3     .9     .6     .3     .4     .9     .4     .9     .8    1.1 |   4.9    9.5    6.1   10.0 |      5.9 
  1995           |    .2    -.2     .3    -.3     .4     .5    -.7    1.2     .9    -.1     .1     .3 |   4.4     .7    3.3    4.1 |      5.1 
                 |                                                                                    |                            |
  1996           |   -.6    1.5    -.2    1.2     .8     .9     .4     .4     .8    -.1     .9     .8 |   2.0   10.1    7.8    5.9 |      4.9 
  1997           |    .1    1.4    1.0    -.1     .7     .6     .8    1.2     .9     .9    1.0     .5 |   9.3    7.0   10.7   11.6 |      8.4 
  1998           |    .8     .2    -.2     .5     .5    -.7    -.4    2.4    -.1     .9     .1     .6 |   6.1    2.1    3.4    7.7 |      6.7 
  1999           |    .3     .9     .0     .3     .8    -.2     .4     .6    -.4    1.5     .7     .7 |   5.2    4.4    3.3    8.7 |      5.1 
  2000           |    .0     .2     .7     .6     .0     .2     .1    -.7     .5    -.4    -.3    -.6 |   4.4    4.9    -.3   -2.7 |      4.1 
                 |                                                                                    |                            |
  2001           |   -.4    -.7    -.2    -.4    -.6    -.6    -.5    -.4    -.4    -.4    -.4     .2 |  -5.6   -5.2   -5.8   -4.0 |     -3.6 
  2002           |    .7     .0     .7     .3     .5    1.0    -.1     .1     .1    -.3     .5    -.6 |   3.6    5.8    3.2    -.5 |       .5 
  2003           |    .8    -.1     .1    -.8     .0     .5     .3    -.5     .8     .1     .9    -.1 |   2.1   -2.2    2.5    4.4 |      1.4 
  2004           |   -.1     .8     .0     .3     .7    -.7     .9     .5     .0     .9     .0     .8 |   2.7    3.3    4.0    5.5 |      3.1 
  2005           |    .6     .9    -.5     .4     .3     .2    -.3     .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    -.5     .1    1.5 |   3.9     .7    1.1    1.7 |      2.6 
  2007           |   -.4     .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  -14.1  -22.0 |     -4.8 
  2009           |  -3.2    -.1   -1.8    -.7   -1.0    -.2    1.6    1.1    1.0     .1    1.0    -.1 | -24.7  -10.3    9.1    7.2 |    -13.8 
  2010           |   1.0    -.1    1.3     .8    1.3     .0     .5     .1     .1     .1     .1     .5 |   6.7   10.4    4.3    1.6 |      6.0 
                 |                                                                                    |                            |
  2011           |    .0     .2     .6    -.5     .0     .1     .6     .4     .3     .5    -.2     .7 |   3.0    -.2    4.2    3.8 |      2.9 
  2012           |    .8     .4    -.5     .5    -.3     .3    -.2    -.1    -.2    -.2     .6     .7 |   5.4     .5   -1.2    1.1 |      2.6 
  2013           |   -.3     .4    -.1    -.3     .3     .2    -.8     .9     .1     .1     .0    -.2 |   2.7     .2     .2    1.7 |       .9 
  2014           |  -1.1     .9     .9     .0     .3     .3     .4    -.6     .0    -.1     .7    -.2 |  -1.1    4.7    1.4     .3 |      1.1 
  2015           |   -.6    -.8     .4     .0     .0    -.4     .7    -.3    -.3    -.1    -.2    -.3 |  -3.4    -.6     .8   -2.6 |      -.5 
                 |                                                                                    |                            |
  2016           |    .4    -.3    -.1    -.1    -.1     .2     .1    -.4     .2     .1    -.1     .0 |   -.6   -1.1     .0     .5 |      -.8 
  2017           |    .2    -.1    -.4    1.1    -.2     .1    -.4    -.2     .0    1.1     .1    -.2 |    .0    3.1   -2.2    4.1 |       .6 
  2018           |   -.3     .8    -.1     .7    -.8     .7     .0     .3     .0    -.5    -.3     .3 |    .4    2.3    1.6   -1.7 |      1.3 
  2019           |   -.9    -.5    -.2    -.7     .1     .5    -.7     .7    -.7    -.9     .9     .1 |  -4.7   -3.1    -.8   -2.1 |     -2.0 
  2020           |   -.3     .2   -4.6  -15.4    4.4    7.8    3.5    1.5     .0     .9     .6     .7 |  -5.2  -43.7   54.0    8.4 |     -6.5 
                 |                                                                                    |                            |
  2021           |    .9   -4.0    3.1     .0    1.1     .1     .8    -.3    -.9    1.4     .9     .1 |   -.4    5.8    3.0    5.3 |      4.9 
  2022           |   -.6     .9     .9     .0    -.2    -.3     .1     .2     .2     .1    -.7   -1.8 |   2.7    2.5     .0   -3.0 |      2.7 
  2023           |   1.8    -.1    -.6     .7    -.1    -.6     .3     .1     .1    -.7     .5    -.1 |    .3    -.2    -.4   -1.4 |      -.5 
  2024           |  -1.0    1.1     .2    -.6     .6                                                  |   -.6                      |          
                 |                                                                                    |                            |
 IP (2017=100)   |                                                                                    |                            |
  1994           |  66.9   67.0   67.9   68.5   68.9   69.1   69.3   70.0   70.2   70.9   71.5   72.2 |  67.3   68.8   69.8   71.5 |     69.4 
  1995           |  72.4   72.2   72.4   72.1   72.4   72.8   72.3   73.1   73.7   73.7   73.7   74.0 |  72.3   72.4   73.0   73.8 |     72.9 
                 |                                                                                    |                            |
  1996           |  73.5   74.6   74.4   75.3   75.9   76.6   76.9   77.3   77.9   77.8   78.5   79.2 |  74.1   75.9   77.4   78.5 |     76.5 
  1997           |  79.3   80.4   81.1   81.1   81.6   82.2   82.8   83.8   84.6   85.4   86.2   86.6 |  80.3   81.6   83.7   86.1 |     82.9 
  1998           |  87.3   87.4   87.3   87.7   88.2   87.5   87.2   89.3   89.2   89.9   90.1   90.6 |  87.3   87.8   88.5   90.2 |     88.5 
  1999           |  90.8   91.6   91.6   91.9   92.6   92.4   92.8   93.4   93.0   94.4   95.0   95.7 |  91.3   92.3   93.1   95.0 |     92.9 
  2000           |  95.7   95.9   96.6   97.2   97.2   97.4   97.4   96.8   97.3   96.9   96.6   96.0 |  96.1   97.2   97.2   96.5 |     96.7 
                 |                                                                                    |                            |
  2001           |  95.6   95.0   94.8   94.4   93.9   93.3   92.9   92.5   92.1   91.7   91.4   91.6 |  95.1   93.9   92.5   91.6 |     93.3 
  2002           |  92.2   92.1   92.8   93.1   93.5   94.4   94.3   94.4   94.5   94.2   94.7   94.1 |  92.4   93.7   94.4   94.3 |     93.7 
  2003           |  94.9   94.7   94.8   94.1   94.2   94.6   94.9   94.5   95.2   95.4   96.2   96.1 |  94.8   94.3   94.9   95.9 |     95.0 
  2004           |  96.0   96.8   96.7   97.1   97.8   97.1   98.0   98.4   98.4   99.3   99.3  100.1 |  96.5   97.3   98.3   99.6 |     97.9 
  2005           | 100.7  101.6  101.1  101.5  101.8  102.0  101.7  102.2  101.1  102.5  103.4  103.5 | 101.1  101.8  101.7  103.2 |    101.9 
                 |                                                                                    |                            |
  2006           | 104.3  104.1  104.1  104.4  104.2  104.5  104.1  104.9  104.9  104.5  104.6  106.1 | 104.2  104.4  104.6  105.1 |    104.6 
  2007           | 105.8  106.1  107.0  107.7  107.6  107.9  107.9  107.6  107.9  107.7  108.2  108.4 | 106.3  107.7  107.8  108.1 |    107.5 
  2008           | 108.2  107.5  107.0  105.9  105.3  104.5  103.4  102.0   98.5   97.9   95.5   92.3 | 107.6  105.2  101.3   95.2 |    102.3 
  2009           |  89.3   89.2   87.6   87.0   86.1   85.9   87.2   88.2   89.1   89.2   90.1   90.0 |  88.7   86.3   88.2   89.7 |     88.2 
  2010           |  90.9   90.8   91.9   92.7   93.9   93.9   94.4   94.5   94.5   94.6   94.7   95.2 |  91.2   93.5   94.5   94.8 |     93.5 
                 |                                                                                    |                            |
  2011           |  95.2   95.4   96.0   95.5   95.4   95.6   96.1   96.5   96.8   97.3   97.1   97.8 |  95.5   95.5   96.5   97.4 |     96.2 
  2012           |  98.6   99.0   98.5   98.9   98.6   98.9   98.7   98.5   98.3   98.1   98.7   99.5 |  98.7   98.8   98.5   98.8 |     98.7 
  2013           |  99.2   99.6   99.5   99.2   99.5   99.7   98.9   99.8   99.9  100.0  100.0   99.8 |  99.4   99.5   99.5   99.9 |     99.6 
  2014           |  98.8   99.7  100.5  100.5  100.8  101.1  101.6  101.0  101.0  100.9  101.5  101.4 |  99.7  100.8  101.2  101.3 |    100.7 
  2015           | 100.8  100.0  100.4  100.3  100.4  100.0  100.7  100.4  100.1  100.0   99.8   99.5 | 100.4  100.2  100.4   99.8 |    100.2 
                 |                                                                                    |                            |
  2016           |  99.9   99.5   99.4   99.3   99.2   99.5   99.5   99.2   99.4   99.5   99.4   99.5 |  99.6   99.3   99.3   99.5 |     99.4 
  2017           |  99.6   99.5   99.2  100.3  100.1  100.2   99.8   99.6   99.6  100.7  100.8  100.6 |  99.5  100.2   99.7  100.7 |    100.0 
  2018           | 100.2  101.1  101.0  101.7  100.8  101.5  101.6  101.8  101.9  101.4  101.1  101.5 | 100.8  101.3  101.7  101.3 |    101.3 
  2019           | 100.5  100.0   99.8   99.1   99.2   99.6   98.9   99.6   98.9   98.0   98.8   99.0 | 100.1   99.3   99.1   98.6 |     99.3 
  2020           |  98.7   98.9   94.3   79.8   83.3   89.7   92.9   94.3   94.4   95.2   95.7   96.4 |  97.3   84.3   93.9   95.8 |     92.8 
                 |                                                                                    |                            |
  2021           |  97.3   93.4   96.3   96.3   97.4   97.4   98.3   98.0   97.1   98.4   99.3   99.4 |  95.7   97.0   97.8   99.0 |     97.4 
  2022           |  98.8   99.7  100.6  100.6  100.4  100.0  100.1  100.3  100.6  100.7   99.9   98.1 |  99.7  100.3  100.3   99.6 |    100.0 
  2023           |  99.9   99.8   99.2   99.9   99.8   99.2   99.4   99.5   99.6   98.9   99.3   99.2 |  99.7   99.6   99.5   99.1 |     99.5 
  2024           |  98.2   99.3   99.5   98.9   99.5                                                  |  99.0                      |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.
 <1> See footnote 2 to table 2.
 <2> Annual averages of industrial production are calculated from not seasonally adjusted indexes.
 
 
 

1Table 7B
 Capacity and Utilization: Manufacturing <1>
 Seasonally adjusted
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|    Annual
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2017 output)    |                                                                                    |                            |
  1994           |  82.6   82.8   83.1   83.3   83.6   83.8   84.1   84.4   84.7   85.0   85.3   85.6 |  82.8   83.6   84.4   85.3 |     84.0 
  1995           |  85.9   86.3   86.6   86.9   87.2   87.6   88.0   88.3   88.7   89.2   89.6   90.0 |  86.3   87.2   88.3   89.6 |     87.9 
                 |                                                                                    |                            |
  1996           |  90.5   91.0   91.5   92.0   92.5   93.0   93.5   94.0   94.5   95.0   95.6   96.1 |  91.0   92.5   94.0   95.6 |     93.3 
  1997           |  96.6   97.2   97.7   98.3   98.9   99.5  100.2  100.9  101.6  102.3  103.0  103.8 |  97.2   98.9  100.9  103.1 |    100.0 
  1998           | 104.6  105.4  106.2  106.9  107.7  108.4  109.1  109.7  110.3  110.9  111.5  112.1 | 105.4  107.7  109.7  111.5 |    108.6 
  1999           | 112.6  113.1  113.7  114.2  114.7  115.2  115.6  116.1  116.6  117.1  117.6  118.1 | 113.1  114.7  116.1  117.6 |    115.4 
  2000           | 118.6  119.0  119.5  120.0  120.5  121.0  121.5  122.0  122.4  122.9  123.4  123.9 | 119.0  120.5  122.0  123.4 |    121.2 
                 |                                                                                    |                            |
  2001           | 124.3  124.8  125.2  125.6  126.0  126.3  126.6  126.9  127.2  127.4  127.6  127.7 | 124.7  126.0  126.9  127.6 |    126.3 
  2002           | 127.9  128.0  128.1  128.2  128.2  128.2  128.2  128.2  128.2  128.2  128.2  128.2 | 128.0  128.2  128.2  128.2 |    128.2 
  2003           | 128.2  128.2  128.2  128.2  128.1  128.1  128.1  128.0  128.0  128.0  127.9  127.9 | 128.2  128.1  128.0  127.9 |    128.1 
  2004           | 127.8  127.8  127.7  127.7  127.7  127.6  127.6  127.7  127.7  127.8  127.9  128.0 | 127.8  127.7  127.7  127.9 |    127.8 
  2005           | 128.2  128.4  128.6  128.8  129.1  129.4  129.6  129.9  130.2  130.4  130.7  130.9 | 128.4  129.1  129.9  130.7 |    129.5 
                 |                                                                                    |                            |
  2006           | 131.2  131.4  131.6  131.9  132.1  132.3  132.6  132.8  133.1  133.4  133.7  134.0 | 131.4  132.1  132.8  133.7 |    132.5 
  2007           | 134.4  134.7  135.1  135.4  135.8  136.1  136.4  136.7  137.0  137.2  137.3  137.4 | 134.7  135.8  136.7  137.3 |    136.1 
  2008           | 137.5  137.5  137.4  137.3  137.2  137.1  136.9  136.8  136.6  136.4  136.3  136.1 | 137.4  137.2  136.8  136.3 |    136.9 
  2009           | 136.0  135.8  135.6  135.5  135.3  135.2  135.0  134.9  134.7  134.6  134.4  134.2 | 135.8  135.3  134.9  134.4 |    135.1 
  2010           | 134.0  133.8  133.6  133.4  133.2  132.9  132.7  132.5  132.2  132.0  131.8  131.7 | 133.8  133.2  132.5  131.8 |    132.8 
                 |                                                                                    |                            |
  2011           | 131.5  131.4  131.2  131.2  131.1  131.1  131.1  131.2  131.2  131.3  131.4  131.6 | 131.4  131.1  131.2  131.4 |    131.3 
  2012           | 131.7  131.8  132.0  132.1  132.3  132.4  132.5  132.7  132.8  132.9  133.0  133.1 | 131.8  132.3  132.7  133.0 |    132.5 
  2013           | 133.2  133.3  133.3  133.3  133.4  133.4  133.4  133.4  133.3  133.3  133.3  133.2 | 133.3  133.4  133.4  133.3 |    133.3 
  2014           | 133.2  133.1  133.0  132.9  132.9  132.7  132.6  132.5  132.4  132.2  132.1  131.9 | 133.1  132.8  132.5  132.1 |    132.6 
  2015           | 131.8  131.6  131.5  131.4  131.2  131.1  131.1  131.0  131.0  131.0  131.0  131.1 | 131.6  131.3  131.0  131.0 |    131.2 
                 |                                                                                    |                            |
  2016           | 131.1  131.2  131.2  131.3  131.4  131.5  131.5  131.6  131.6  131.6  131.6  131.5 | 131.2  131.4  131.6  131.6 |    131.4 
  2017           | 131.5  131.3  131.2  131.1  130.9  130.7  130.5  130.4  130.2  130.0  129.8  129.7 | 131.3  130.9  130.4  129.8 |    130.6 
  2018           | 129.5  129.4  129.3  129.2  129.2  129.1  129.1  129.0  129.0  129.0  128.9  128.9 | 129.4  129.2  129.0  128.9 |    129.1 
  2019           | 128.9  128.9  128.8  128.8  128.8  128.7  128.7  128.6  128.6  128.5  128.4  128.4 | 128.9  128.8  128.6  128.4 |    128.7 
  2020           | 128.3  128.2  128.1  128.0  127.9  127.8  127.6  127.5  127.3  127.2  127.0  126.9 | 128.2  127.9  127.5  127.0 |    127.7 
                 |                                                                                    |                            |
  2021           | 126.7  126.6  126.4  126.3  126.2  126.1  126.0  125.9  125.8  125.8  125.7  125.7 | 126.6  126.2  125.9  125.7 |    126.1 
  2022           | 125.7  125.7  125.7  125.7  125.8  125.8  125.9  126.0  126.1  126.2  126.3  126.4 | 125.7  125.8  126.0  126.3 |    125.9 
  2023           | 126.5  126.6  126.8  126.9  127.0  127.2  127.3  127.4  127.6  127.7  127.8  128.0 | 126.6  127.0  127.4  127.8 |    127.2 
  2024           | 128.1  128.2  128.4  128.5  128.6                                                  | 128.2                      |          
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1994           |  81.0   80.9   81.7   82.2   82.4   82.4   82.4   82.9   82.9   83.4   83.8   84.4 |  81.2   82.4   82.7   83.8 |     82.5 
  1995           |  84.2   83.7   83.6   83.0   83.0   83.1   82.2   82.7   83.1   82.6   82.3   82.1 |  83.8   83.0   82.7   82.3 |     83.0 
                 |                                                                                    |                            |
  1996           |  81.2   81.9   81.3   81.9   82.1   82.4   82.3   82.2   82.4   81.9   82.1   82.4 |  81.5   82.1   82.3   82.1 |     82.0 
  1997           |  82.0   82.7   83.0   82.5   82.5   82.6   82.6   83.1   83.3   83.4   83.6   83.4 |  82.6   82.5   83.0   83.5 |     82.9 
  1998           |  83.5   83.0   82.2   82.0   81.9   80.8   79.9   81.4   80.8   81.1   80.8   80.8 |  82.9   81.6   80.7   80.9 |     81.5 
  1999           |  80.6   81.0   80.6   80.5   80.8   80.3   80.3   80.4   79.8   80.6   80.8   81.1 |  80.7   80.5   80.2   80.8 |     80.6 
  2000           |  80.7   80.6   80.8   81.0   80.6   80.5   80.2   79.4   79.4   78.8   78.3   77.5 |  80.7   80.7   79.7   78.2 |     79.8 
                 |                                                                                    |                            |
  2001           |  76.9   76.1   75.7   75.2   74.5   73.9   73.3   72.9   72.4   72.0   71.6   71.7 |  76.3   74.5   72.9   71.8 |     73.9 
  2002           |  72.1   72.0   72.4   72.6   73.0   73.7   73.6   73.6   73.7   73.4   73.8   73.4 |  72.2   73.1   73.6   73.6 |     73.1 
  2003           |  74.0   73.9   74.0   73.4   73.5   73.8   74.1   73.8   74.4   74.5   75.2   75.2 |  74.0   73.6   74.1   75.0 |     74.1 
  2004           |  75.1   75.7   75.7   76.0   76.6   76.1   76.8   77.1   77.1   77.7   77.7   78.2 |  75.5   76.2   77.0   77.9 |     76.6 
  2005           |  78.6   79.1   78.6   78.8   78.9   78.9   78.4   78.7   77.7   78.6   79.2   79.1 |  78.8   78.9   78.3   78.9 |     78.7 
                 |                                                                                    |                            |
  2006           |  79.5   79.2   79.0   79.2   78.9   78.9   78.5   78.9   78.8   78.3   78.2   79.2 |  79.3   79.0   78.8   78.6 |     78.9 
  2007           |  78.7   78.8   79.2   79.5   79.2   79.3   79.1   78.7   78.8   78.5   78.8   78.9 |  78.9   79.3   78.8   78.7 |     79.0 
  2008           |  78.7   78.2   77.9   77.1   76.7   76.2   75.5   74.6   72.1   71.8   70.1   67.8 |  78.3   76.7   74.1   69.9 |     74.7 
  2009           |  65.7   65.7   64.6   64.2   63.6   63.5   64.6   65.4   66.2   66.3   67.0   67.0 |  65.3   63.8   65.4   66.8 |     65.3 
  2010           |  67.8   67.8   68.8   69.5   70.5   70.6   71.1   71.3   71.5   71.7   71.8   72.3 |  68.2   70.2   71.3   71.9 |     70.4 
                 |                                                                                    |                            |
  2011           |  72.4   72.6   73.1   72.8   72.8   72.9   73.3   73.6   73.8   74.1   73.9   74.3 |  72.7   72.8   73.6   74.1 |     73.3 
  2012           |  74.9   75.1   74.6   74.9   74.5   74.7   74.4   74.3   74.0   73.8   74.2   74.7 |  74.8   74.7   74.2   74.3 |     74.5 
  2013           |  74.5   74.7   74.6   74.4   74.6   74.8   74.2   74.8   74.9   75.0   75.0   74.9 |  74.6   74.6   74.6   75.0 |     74.7 
  2014           |  74.2   74.9   75.6   75.6   75.9   76.2   76.6   76.2   76.3   76.3   76.9   76.8 |  74.9   75.9   76.4   76.7 |     76.0 
  2015           |  76.5   76.0   76.3   76.4   76.5   76.2   76.9   76.6   76.4   76.3   76.1   75.9 |  76.3   76.4   76.6   76.1 |     76.4 
                 |                                                                                    |                            |
  2016           |  76.2   75.9   75.8   75.6   75.5   75.7   75.7   75.4   75.5   75.6   75.6   75.6 |  75.9   75.6   75.5   75.6 |     75.7 
  2017           |  75.8   75.8   75.6   76.5   76.5   76.6   76.5   76.4   76.5   77.4   77.6   77.5 |  75.7   76.6   76.5   77.5 |     76.6 
  2018           |  77.4   78.1   78.1   78.7   78.1   78.6   78.7   78.9   79.0   78.6   78.4   78.7 |  77.9   78.5   78.9   78.6 |     78.4 
  2019           |  78.0   77.6   77.4   77.0   77.0   77.4   76.9   77.4   76.9   76.3   76.9   77.1 |  77.7   77.1   77.1   76.8 |     77.2 
  2020           |  76.9   77.1   73.6   62.3   65.1   70.2   72.8   74.0   74.1   74.8   75.4   76.0 |  75.9   65.9   73.6   75.4 |     72.7 
                 |                                                                                    |                            |
  2021           |  76.8   73.8   76.2   76.3   77.2   77.3   78.0   77.8   77.1   78.3   79.0   79.1 |  75.6   76.9   77.7   78.8 |     77.2 
  2022           |  78.6   79.3   80.1   80.0   79.8   79.5   79.5   79.6   79.8   79.8   79.1   77.6 |  79.3   79.8   79.6   78.8 |     79.4 
  2023           |  79.0   78.8   78.3   78.7   78.5   78.0   78.1   78.1   78.1   77.4   77.7   77.6 |  78.7   78.4   78.1   77.6 |     78.2 
  2024           |  76.7   77.4   77.5   76.9   77.3                                                  |  77.2                      |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.
 <1> See footnote 2 to table 2.
 
 
 

1Table 8
 Annual Proportions in Industrial Production, Market and Industry Group Summary
 
 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Item                                                       |         NAICS |       2016        2017        2018        2019        2020        2021        2022        2023 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                            |               |
  Total IP                                                  |               |      100.0       100.0       100.0       100.0       100.0       100.0       100.0       100.0 
                                                            |               |
  MARKET GROUP                                              |               |
  Final products and nonindustrial supplies                 |               |       56.9        56.0        55.3        55.8        55.5        53.4        53.7        54.6 
     Consumer goods                                         |               |       28.4        27.6        27.1        27.7        28.5        27.5        27.2        27.7 
        Durable                                             |               |        6.5         6.1         6.0         6.2         6.2         6.0         5.9         6.1 
           Automotive products                              |               |        3.6         3.4         3.3         3.4         3.4         3.3         3.2         3.3 
           Home electronics                                 |               |         .2          .1          .1          .1          .1          .1          .1          .1 
           Appliances, furniture, carpeting                 |               |         .9          .9          .9          .9         1.0         1.0          .9          .9 
           Miscellaneous goods                              |               |        1.8         1.6         1.6         1.7         1.7         1.7         1.7         1.7 
        Nondurable                                          |               |       22.0        21.5        21.1        21.5        22.3        21.5        21.3        21.6 
           Non-energy                                       |               |       17.1        16.2        15.7        16.8        17.5        15.7        15.4        16.1 
              Foods and tobacco                             |               |        9.8         9.5         9.2         9.7        10.4         9.5         9.5         9.7 
              Clothing                                      |               |         .2          .2          .2          .2          .2          .2          .2          .2 
              Chemical products                             |               |        5.5         5.2         5.0         5.4         5.5         4.8         4.6         5.0 
              Paper products                                |               |        1.0          .9          .9          .9          .9          .8          .8          .8 
           Energy                                           |               |        4.9         5.3         5.3         4.8         4.8         5.8         5.9         5.5 
                                                            |               |
     Business equipment                                     |               |       10.0        10.2        10.0         9.6         8.6         8.0         8.4         8.8 
        Transit                                             |               |        2.8         3.0         2.9         2.2         1.5         1.5         1.6         1.8 
        Information processing                              |               |        2.1         2.1         2.0         2.1         2.1         1.8         1.7         1.8 
        Industrial and other                                |               |        5.1         5.1         5.1         5.3         5.0         4.8         5.1         5.2 
     Defense and space equipment                            |               |        2.2         2.2         2.2         2.2         2.1         1.8         1.6         1.7 
                                                            |               |
     Construction supplies                                  |               |        4.6         4.6         4.6         4.8         5.1         5.1         5.2         5.2 
     Business supplies                                      |               |       11.1        10.8        10.7        10.8        10.7        10.4        10.6        10.6 
                                                            |               |
  Materials                                                 |               |       43.1        44.0        44.7        44.2        44.5        46.6        46.3        45.4 
     Non-energy                                             |               |       28.3        27.7        27.4        27.9        28.4        27.9        27.3        27.4 
        Durable                                             |               |       17.3        16.9        16.8        17.3        17.2        16.7        16.5        16.8 
           Consumer parts                                   |               |        3.3         3.2         3.1         3.1         2.8         2.8         2.7         2.9 
           Equipment parts                                  |               |        5.1         5.0         4.9         5.1         4.8         4.5         4.5         4.6 
           Other                                            |               |        8.9         8.8         8.8         9.1         9.5         9.5         9.3         9.3 
        Nondurable                                          |               |       11.1        10.8        10.6        10.6        11.2        11.1        10.8        10.5 
           Textile                                          |               |         .4          .4          .4          .4          .4          .3          .3          .3 
           Paper                                            |               |        1.9         1.8         1.7         1.8         1.7         1.6         1.6         1.5 
           Chemical                                         |               |        5.4         5.4         5.2         5.1         5.5         5.8         5.5         5.4 
     Energy                                                 |               |       14.8        16.2        17.3        16.3        16.1        18.8        19.0        18.1 
                                                            |               |
                                                            |               |
  INDUSTRY GROUP                                            |               |
  Manufacturing                                             |               |       78.4        77.0        75.8        76.5        76.7        74.7        74.2        75.1 
     Manufacturing (NAICS)                                  |        31-33  |       76.0        74.7        73.7        74.4        74.7        72.9        72.6        73.5 
                                                            |               |
        Durable manufacturing                               |               |       39.7        39.1        38.7        38.9        37.9        36.3        36.3        37.3 
           Wood products                                    |          321  |        1.4         1.4         1.4         1.5         1.9         2.0         1.8         1.6 
           Nonmetallic mineral products                     |          327  |        2.2         2.1         2.1         2.2         2.3         2.1         2.2         2.4 
           Primary metals                                   |          331  |        2.6         2.6         2.6         2.5         2.8         3.2         2.9         2.7 
           Fabricated metal products                        |          332  |        5.8         5.7         5.8         6.0         5.9         5.7         5.9         6.1 
           Machinery                                        |          333  |        5.4         5.4         5.5         5.6         5.3         5.1         5.4         5.7 
           Computer and electronic products                 |          334  |        5.2         5.1         5.0         5.2         5.2         4.6         4.3         4.4 
           Electrical equip., appliances,                   |               |
              and components                                |          335  |        1.9         1.8         1.8         1.9         2.0         1.9         2.0         2.1 
           Motor vehicles and parts                         |       3361-3  |        6.1         5.8         5.7         5.8         5.3         5.0         5.1         5.5 
           Aerospace and miscellaneous                      |               |
              transportation equipment                      |       3364-9  |        4.8         5.1         4.8         4.1         3.4         3.0         2.9         3.2 
           Furniture and related products                   |          337  |        1.3         1.2         1.2         1.2         1.2         1.1         1.1         1.0 
           Miscellaneous                                    |          339  |        3.1         2.8         2.8         2.8         2.7         2.5         2.6         2.7 
                                                            |               |
        Nondurable manufacturing                            |               |       36.3        35.6        35.0        35.5        36.8        36.6        36.3        36.1 
           Food, beverage, and tobacco products             |        311,2  |       12.1        11.7        11.4        12.1        13.0        12.0        11.9        12.2 
           Textile and product mills                        |        313,4  |         .7          .7          .6          .7          .6          .6          .6          .5 
           Apparel and leather                              |        315,6  |         .2          .2          .2          .2          .2          .2          .2          .2 
           Paper                                            |          322  |        2.6         2.5         2.5         2.5         2.6         2.4         2.3         2.2 
           Printing and support                             |          323  |        1.5         1.5         1.4         1.4         1.3         1.2         1.3         1.3 
           Petroleum and coal products                      |          324  |        2.9         3.7         3.8         3.0         2.7         4.3         4.4         4.0 
           Chemicals                                        |          325  |       12.4        11.9        11.6        11.9        12.6        12.2        11.9        12.0 
           Plastics and rubber products                     |          326  |        3.7         3.5         3.6         3.6         3.7         3.7         3.7         3.7 
                                                            |               |
     Other manufacturing (non-NAICS)                        |    1133,5111  |        2.4         2.2         2.1         2.1         2.0         1.8         1.7         1.6 
                                                            |               |
  Mining                                                    |           21  |       10.4        12.2        13.4        12.5        12.1        15.1        15.3        14.2 
  Utilities                                                 |       2211,2  |       11.2        10.8        10.8        11.0        11.2        10.3        10.5        10.7 
     Electric                                               |         2211  |        9.7         9.3         9.3         9.6         9.7         8.8         9.0         9.3 
     Natural gas                                            |         2212  |        1.5         1.5         1.4         1.4         1.5         1.5         1.5         1.4 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Note. The IP proportion data are estimates of the industries' relative contributions to the overall change in IP between the reference
       year and the following year.  For example, a 1 percent increase in durable goods manufacturing between 2023 and 2024 would
       account for a .373 percent increase in total IP.
 
 
 

1Table 9
 Industrial Production and Capacity Utilization:  SUMMARY
 Seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |                             2017=100                              |                                   Percent change
                                    | ----------------------------------------------------------------- | -----------------------------------------------------------------------------------
                                    |      2023       2024                                              |      2023       2024                                              |     May '23 to 
 Industrial production              |   Dec.[r]    Jan.[r]    Feb.[r]    Mar.[r]    Apr.[r]     May[r]  |   Dec.[r]    Jan.[r]    Feb.[r]    Mar.[r]    Apr.[r]     May[r]  |      May '24 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |                                                                   |                                                                   |
  Total index                       |     102.6      101.7      102.7      102.5      102.4      103.1  |       -.2        -.9        1.0        -.2        -.1         .7  |             .1 
     Previous estimates             |     102.6      101.7      102.6      102.4      102.5      103.3  |       -.3        -.8         .8        -.1         .0         .9  |             .4 
                                    |                                                                   |                                                                   |
  Major market groups               |                                                                   |                                                                   |
  Final Products                    |     100.8      100.3      100.9      100.6      100.3      101.1  |       -.3        -.5         .6        -.3        -.3         .8  |            -.3 
     Consumer goods                 |     102.0      101.5      101.9      101.4      101.2      102.2  |       -.2        -.4         .3        -.5        -.2        1.0  |            -.1 
     Business equipment             |      94.5       93.5       94.9       94.9       94.4       94.7  |       -.5       -1.0        1.4         .1        -.6         .3  |           -1.0 
  Nonindustrial supplies            |     100.3       99.9      101.2      100.8      100.8      101.0  |       -.3        -.4        1.3        -.4         .0         .1  |             .2 
     Construction                   |     100.3       99.0      101.3      101.1      100.1       99.5  |       -.4       -1.3        2.3        -.2       -1.0        -.7  |           -1.7 
  Materials                         |     104.9      103.5      104.8      104.7      104.8      105.6  |       -.2       -1.4        1.3        -.1         .0         .8  |             .4 
                                    |                                                                   |                                                                   |
  Major industry groups             |                                                                   |                                                                   |
  Manufacturing (see note below)    |      99.2       98.2       99.3       99.5       98.9       99.5  |       -.1       -1.0        1.1         .2        -.6         .6  |            -.3 
     Previous estimates             |      99.4       98.1       99.5       99.4       99.0       99.8  |        .0       -1.3        1.4        -.1        -.4         .9  |             .1 
                                    |                                                                   |                                                                   |
  Mining                            |     120.5      115.5      120.5      119.8      118.7      118.8  |        .6       -4.1        4.3        -.6        -.9         .1  |            -.6 
  Utilities                         |     103.1      107.5      103.6      101.1      105.8      107.6  |      -2.4        4.3       -3.6       -2.4        4.7        1.7  |            4.2 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                                                                                             |    Capacity
                                  |                                                             Percent of capacity                                                             |     growth
                                  | ------------------------------------------------------------------------------------------------------------------------------------------- | ---------------
                                  |     Average       1988-       1990-       1994-       2008-             |                                                                   |                
                                  |       1972-          89          91          95          09       2023  |      2023       2024                                              |     May '23 to 
 Capacity utilization             |       2023         high         low        high         low        May  |   Dec.[r]    Jan.[r]    Feb.[r]    Mar.[r]    Apr.[r]     May[r]  |      May '24 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                         |                                                                   |
  Total industry                  |       79.7        85.2        78.7        84.8        66.6        79.2  |      78.1       77.4       78.1       77.8       77.7       78.2  |            1.5 
     Previous estimates           |       79.6        85.2        78.8        85.0        66.6        79.5  |      78.6       77.9       78.4       78.3       78.2       78.7  |            1.4 
                                  |                                                                         |                                                                   |
  Manufacturing (see note below)  |       78.3        85.5        77.1        84.4        63.5        78.5  |      77.6       76.7       77.4       77.5       76.9       77.3  |            1.3 
     Previous estimates           |       78.2        85.6        77.3        84.6        63.4        78.2  |      77.3       76.2       77.2       77.0       76.6       77.1  |            1.4 
  Mining                          |       86.5        86.3        84.3        88.6        78.9        89.8  |      89.7       86.1       89.9       89.4       88.6       88.8  |             .5 
  Utilities                       |       84.5        93.2        84.7        93.2        78.1        72.2  |      70.6       73.4       70.5       68.6       71.6       72.6  |            3.5 
                                  |                                                                         |                                                                   |
  Stage-of-process groups         |                                                                         |                                                                   |
  Crude                           |       85.6        87.9        84.9        90.0        77.0        87.6  |      87.6       84.4       87.2       87.0       85.9       86.7  |             .4 
  Primary and semifinished        |       80.2        86.5        77.6        87.5        63.7        77.5  |      76.5       76.5       76.5       76.0       76.5       76.9  |            1.6 
  Finished                        |       76.8        83.3        77.6        80.4        66.2        77.7  |      76.3       75.5       76.2       76.2       75.7       76.1  |            1.7 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.
 
 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 of its industrial output data from the SIC system to NAICS.
 
 
 
1
 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 77
 percent of the source data (in value-added terms) are available; the
 fraction of available source data increases to 85 percent for
 estimates in the second month that the estimate is published, 94
 percent in the third month, 99 percent in the fourth month, 99 percent
 in the fifth month, and 98 percent in the sixth month. Data
 availability by data type in 2023 is summarized in the table
 below:
 
   Availability of Monthly IP Data in Publication Window
   (Percent of value added in 2023; the numbers may not sum because of rounding.) 
     Type of data                1st  2nd  3rd  4th  5th  6th 
       Physical product            33   41   51   54   55   55
       Production-worker hours     44   44   44   44   44   44
       IP data received            77   85   94   98   99   99
       IP data estimated           23   15   6    2    1    1
 
 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 (33 percent out of a total of 55 percent).  Of
 the 33 percent, about two-thirds (23 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 March 2024;
 for other series, the factors were estimated with data through March 
 2024, where available.  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 1987-2023 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 1987-2023 period.  In most cases (about
 85 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 1972-2023 period, the average total industry
 utilization rate was 79.7 percent; for manufacturing, the average factory
 operating rate was 78.3 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 June 28, 2024, is available on the Board's website 
 (www.federalreserve.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 will be issued on the following dates. The monthly releases are issued at 9:15 a.m. The annual revision is issued at noon.
 
 2024: January 17, February 15, March 15, April 16, May 16, June 18, June 28 (annual revision), 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.