FEDERAL RESERVE statistical release

G.17 (419) 2017 Historical and Annual Revision For release at 12:00 noon (EDT)

March 31, 2017

Industrial Production and Capacity Utilization: The 2017 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, the revisions were small, and the contour of total IP is little changed.

Total IP is still reported to have moved up about 22 percent from the end of the recession in mid-2009 through

late 2014, to have declined in 2015, and to have moved sideways in 2016. The most notable difference between

the current and the previous estimates is that total IP is now reported to have decreased about 23/4 percent in

2015, whereas it previously showed a decline of about 13/4 percent.2 The incorporation of detailed data for

manufacturing from the U.S. Census Bureau’s 2015 Annual Survey of Manufactures (ASM) accounts for the

majority of the differences between the current and the previously published estimates.

Capacity for total industry is now reported to have expanded about 1 percent in 2015, a lower rate of

increase than was reported earlier. Capacity was little changed in 2016 and is expected to increase 1 percent in

2017. Compared with prior reports, the rates of change in 2016 and 2017 are now a little smaller.

In the fourth quarter of 2016, capacity utilization for total industry stood at 75.8 percent, a rate

0.4 percentage point higher than previously published but still 4.1 percentage points below its long-run

(1972–2016) average. Relative to earlier estimates, the utilization rates in recent years are now a little higher.

This revision incorporated newly available annual data on output and prices. In addition to the 2015 ASM

(which also includes revised data for 2014), the IP indexes for publishing reflect new data for 2015 and revised

data for 2014 from the Census Bureau’s Service Annual Survey. For logging, the IP indexes were updated with

2015 data from the U.S. Forest Service. In addition, the indexes for metallic and nonmetallic minerals were

updated with revised annual data for 2015 from the Department of the Interior’s U.S. Geological Survey

(USGS). For mining, data on value added from the 2012 Census of Mineral Industries became available and

were incorporated into the weights for the production and capacity indexes. Data on prices from the Bureau of

Labor Statistics (BLS) were also incorporated into most of the manufacturing indexes.

The monthly estimates of production have been updated to include late-arriving or revised quarterly or

monthly indicator data, including information from the BLS’s benchmark revisions to the Current Employment

Statistics. The monthly IP estimates also now reflect recalculations of seasonal factors.

The revised estimates of capacity and capacity utilization incorporated data from the Census Bureau’s

Quarterly Survey of Plant Capacity Utilization (QSPC) for the fourth quarter of 2016, along with new data on

capacity from the USGS, the U.S. Department of Energy, and other organizations. The revised estimates also

included new data on capital spending from the 2014 and 2015 ASMs (the 2014 data were not available at the

time the 2016 annual revision was published).

1The 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 the production and capacity indexes for the years before 1972 were multiplied by a constant. However, utilization rates and the rates of change in IP for the

years before 1972 were not revised.

2Rates 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.

1
RESULTS OF THE REVISION

Industrial Production

The revision resulted in rates of change for manufacturing in 2014 and 2015 that were each about

1/2 percentage point lower than their previously published values, but the estimates for other recent years were

little revised.3 Manufacturing output is now estimated to have advanced 11/2 percent in 2014 but to have then

fallen back about 1/2 percent in 2015 and only recovered slightly in 2016. The cumulative effects of these

revisions leave manufacturing IP in February 2017 more than 51/2 percent below its pre-recession peak and about

1 percent below its pre-revision value.

The index for mining is now estimated to have risen somewhat more slowly in 2012, 2013, and 2014 and

to have declined more steeply in 2015 than was reported earlier. Prior to this revision, mining output was

estimated to have declined about 81/4 percent in 2015, but it is now reported to have fallen nearly 11 percent. The

revisions to mining output resulted primarily from the incorporation of new data on value added that increased

the weight accorded to oil and gas extraction and to oil and gas well drilling and servicing relative to the previous

estimates. For utilities, the rates of change are generally similar to the previously published values.

Production by Industry Group

The output of durable goods manufacturers is now reported to have fallen 2 percent in 2015; previously, it

was estimated to have declined only 3/4 percent. Within durables, the revisions in 2015 were widespread across

industries. The largest downward revision was for the output of machinery, which is now estimated to have fallen

9 percent. The output of nondurables moved up in 2014 and 2015 and was flat in 2016; prior to the revision, the

index showed a small decline for 2016.

The output index for industries not in the scope of manufacturing under the North American Industry

Classification System (NAICS)—that is, logging and publishing—fell in every year from 2012 to 2016. The

declines in 2014 and 2015 are now estimated to be less steep than stated earlier.

Production by Market Group

The index for consumer goods has increased in each of the past few years, and the gains in 2014 and

2015 are now estimated to be a little stronger than reported earlier. In contrast, the rates of change for business

equipment are notably lower in the period since 2014. The current estimates for the production of construction

supplies and business supplies are lower than previously reported for 2014 and 2015. In addition, the index for

materials is now estimated to have fallen more rapidly in 2015, about 41/4 percent, with the declines for both

energy and non-energy materials steeper than published earlier.

Capacity

Total industrial capacity expanded 1.7 percent in 2014 and 1.1 percent in 2015. The increase in 2014 was

virtually the same as reported earlier, but the gain in 2015 is now estimated to have been smaller. Most of the

increase for 2014 resulted from a rapid expansion in mining, although that expansion is now less rapid than

reported earlier. Capacity at mines declined in 2016 but is expected to increase in 2017. Manufacturing capacity

was essentially flat for 2014 and 2015; it increased modestly in 2016 and is expected to do the same in 2017.

Capacity at utilities increased more than 2 percent in 2016, a notably stronger gain than reported earlier.

3Manufacturing consists of those industries in the North American Industry Classification System definition of manufacturing plus those industries—logging and

newspaper, periodical, book, and directory publishing—that were in the manufacturing sector under the Standard Industrial Classification system.

2
Capacity Utilization

Capacity utilization for total industry moved somewhat higher in 2014, fell back in 2015, and was little

changed in 2016.4 The pullback in 2015 resulted from a large reduction in the rate for mining and from smaller

reductions in the rates for both manufacturing and utilities. Compared with earlier estimates, capacity utilization

for total industry is now reported to have been modestly higher in the 2013–16 period.

Utilization at manufacturers rose in 2014, fell back slightly in 2015, and edged down again in 2016. It

has remained at least 21/2 percentage points below its long-run average over the period from 2013 through 2016.

The current readings for factory utilization are very similar to the previous reports. Within manufacturing,

sizable downward revisions to the utilization rate for durables in 2015 and 2016 were offset by sizable upward

revisions to the rate for nondurables.

The utilization rate for durable manufacturing was above its long-run average in 2014, but it fell back in

2015 and slipped further in 2016. By the fourth quarter of 2016, the utilization rate for durables was about

2 percentage points below its long-run average; however slightly fewer than half of the major categories of

durables recorded operating rates below their long-run averages.

The utilization rate for nondurable manufacturing has been below its long-run average for several years.

As of the fourth quarter of 2016, the operating rates for all nondurable manufacturing industry groups except

paper were below their industry-specific long-run averages.

Capacity utilization rates for mining declined sharply in 2015, largely because of decreased output in the

oil and gas drilling and servicing sector. The utilization rate for mining was above its long-run average in 2014

but below it in 2015 and 2016. The operating rates for utilities have been well below their long-run average of

85.6 percent for the past several years; the current estimate for 2016 is 1 percentage point lower than previously

reported.

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, however, are anchored to annual benchmarks

that are less timely but typically based on more comprehensive data.

Annual revisions to the IP and capacity measures involve (1) incorporating new 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; and (4) updating the methods used to construct the indexes.

The current revision also introduces a new published aggregate for chemicals excluding pharmaceuticals

and medicine. In addition, new measures of reliability for the major industry aggregates will be published in

subsequent monthly G.17 releases.

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

level. The Census Bureau provides annual figures for value added and the cost of materials for manufacturing

4Unless otherwise noted, rates of capacity utilization are reported for the fourth quarter of the reference year.

3
industries, which can be summed to obtain nominal gross output. The benchmark indexes for this revision

incorporated revised information for 2014 and new information for 2015 from the ASM.

New annual data were also incorporated into several other indexes. The benchmark indexes for metallic

and nonmetallic mineral mining were updated with revised 2015 data from the USGS, and the benchmark

indexes for logging and publishing were advanced through 2015 based on data from the U.S. Forest Service and

the U.S. Census Bureau.

Prices

To obtain individual benchmarks of real gross output, the measures of nominal gross output were deflated

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 2015 with the related producer

prices indexes (PPIs) from the BLS.5 For a few selected industries, updated price indexes constructed by the

Federal Reserve were incorporated.6

Value-Added Proportions (Weights for Aggregation)

The IP system is organized as a hierarchical structure where the finest-level production indexes are

aggregated using a version of the Fisher-ideal index formula to construct higher-level measures of production.

The weights that are used to combine individual IP measures into more aggregate measures are based on the

value added from the industry, calculated as gross output less cost of materials. For IP indexes that are defined at

the six-digit (or more aggregate) NAICS level, the value-added weights are derived from the Economic Census

or ASM. For IP indexes that cover only part of a six-digit NAICS industry, the aggregation weights were

constructed by allocating value added for a six-digit industry across the various components of IP that compose

that industry. Data from the Economic Census and ASM on shipments of different types of products within a

six-digit NAICS industry were used to determine the share of an industry’s value added that was assigned to each

component IP index.

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; data for 2012 were incorporated in this revision. Figures for value added for mining

industries in the years between the quinquennial Economic Census are estimated based on both output and price

changes for the industry.

The weights for aggregation expressed as value added per unit were estimated with data on producer

prices for the period after 2015.

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. The revised IP indexes include information from the QSPC for 2016 and from other industry reports.

5Overall, 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.

6For 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). Updated price indexes for data storage devices and

for selected components of communications equipment and semiconductors are available on the Board’s website at www.federalreserve.gov/releases/g17.

4
Revised Seasonal Factors

Seasonal factors for production-worker hours—which adjust for timing, holiday, and monthly seasonal

patterns—were updated with data through January 2017. The updated factors for the physical product series,

which include adjustments for holiday and workday patterns, used data through December 2016 where available.

Seasonal factors for unit motor vehicle assemblies have been updated, and projections through December

2016 are available on the Board’s website at www.federalreserve.gov/releases/g17/mvsf.htm. These factors are

based on production data through January 2017 and were revised back to January 1996. 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 Indexes

There were no methodological changes to individual production indexes in this revision.

Introduction of New Aggregate

This revision introduces a new industry aggregate: chemicals excluding pharmaceuticals and medicines.

Within the NAICS structure, the aggregate is constructed as all of NAICS 325 except for NAICS 3254. This

aggregate will be publicly available in the G.17 supplementary tables and on the Board’s website at

www.federalreserve.gov/datadownload/Choose.aspx?rel=G17 through the Data Download Project.

Introduction of New Reliability Estimates for Major Industry Aggregates

With the G.17 release to be issued on April 18, 2017, the Federal Reserve will publish new estimates of

the reliability of the reported production indexes and rates of change for total industry, manufacturing, mining,

and utilities. The reliability measures will be published for those months that are still subject to revision in a

subsequent monthly release.

The reliability estimates for any index level or rate of change report the typical range for that figure after

all five monthly revisions are complete. The bottom of the range is computed as the current estimate plus the

15th percentile revision to the real-time estimates dating back to 2008; the top of the range is the current estimate

plus the 85th percentile revision. To compute the bottom of the range for the first (or second or any subsequent)

estimate of the rate of change for IP, the history (from 2008 forward) of revisions between the rate of change for

that estimate and the rate of change for the sixth estimate are sorted, and the value chosen is the one that is above

only 15 percent of the observations. This 15th percentile value is then added to the current estimate to determine

the bottom of the range. The top of the range is computed in the same way, based on a revision level that is higher

than 85 percent of the observations. As monthly information accrues from the first estimate to the second, from

the second to the third, and so on, there is less scope for revisions, and the computed range consequently narrows.

A more detailed explanation of the reliability estimates will be available with the publication of the

monthly G.17 release on April 18, 2017, on the Board’s website at

www.federalreserve.gov/releases/g17/g17 technical qa.htm.

5
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 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 www.federalreserve.gov/releases/g17/g17 revision series.htm.

A document with printed tables of the revised estimates of series shown in the G.17 release

is available upon request to the Industrial Output Section, Mail Stop 82, Division of Research and

Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.

6
1. Total industrial production, capacity, and utilization

 Note: The shaded areas represent periods of business recession as defined by the National Bureau of Economic

 Research (NBER). 

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

55

60

65

70

80

90

100

110

120

130

140

150

Capacity

Production

Revised

Earlier

Ratio scale, 2012 output = 100

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

62

66

70

74

78

82

86

Utilization

Percent of capacity

7
2. Manufacturing industrial production, capacity, and utilization

 Notes: Manufacturing consists of those industries in the North American Industry Classification System, or NAICS,

 defition 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.

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

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

55

60

65

70

80

90

100

110

120

130

140

150

Capacity

Production

Revised

Earlier

Ratio scale, 2012 output = 100

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

62

66

70

74

78

82

86

Utilization

Percent of capacity

8
 3. Industrial production and capacity utilization

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

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

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

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

55

60

65

70

75

80

85

90

95

100

105

110

Excluding

high-technology

industries

Total IP

 Industrial production Ratio scale, 2012 output = 100 

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

-20

-15

-10

-5

0

5

10

15

Total IP

Excluding the

contribution

of high-technology

industries

 Industrial production Percent change from year earlier 

2008 2010 2012 2014 2016

60

65

70

80

90

100

110

120

130

140

150

Natural gas extraction

Crude oil extraction

 Industrial production Ratio scale, 2012 output = 100 

1990 1995 2000 2005 2010 2015

50

60

70

80

90

100

High-technology

industries

Excluding

high-technology

industries

 Capacity utilization Percent of capacity 

9
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

4. Consumer goods

Total Ratio scale, 2012 output = 100

 70

 80

 90

100

110

120

Revised

Earlier

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Components of consumer goods Ratio scale, 2012 output = 100

 55

 75

 95

115

135

Durable

Nondurable

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

Revised durable

Revised nondurable

Earlier

Detail: 2014 to present

95

100

105

110

115

2014 2015 2016 2017

Detail: 2014 to present

95

100

105

110

115

120

125

130

135

2014 2015 2016 2017

10
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

5. Equipment

Total Ratio scale, 2012 output = 100

 30

 50

 70

 90

110

130

 Note: Includes business equipment, defense and space equipment, oil and gas well drilling, and manufactured 

homes.

Revised

Earlier

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Business equipment Ratio scale, 2012 output = 100

 20

 40

 60

 80

100

120

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Defense and space equipment Ratio scale, 2012 output = 100

 50

 70

 90

110

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

Detail: 2014 to present

 90

 95

100

105

2014 2015 2016 2017

Detail: 2014 to present

 90

 95

100

105

110

2014 2015 2016 2017

11
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

6. Nonindustrial supplies

Total Ratio scale, 2012 output = 100

 70

 90

110

130

Revised

Earlier

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Construction supplies Ratio scale, 2012 output = 100

 60

 80

100

120

140

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Business supplies Ratio scale, 2012 output = 100

 60

 80

100

120

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

Detail: 2014 to present

 95

 100

 105

 110

2014 2015 2016 2017

Detail: 2014 to present

 95

100

105

110

115

2014 2015 2016 2017

12
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

7. Industrial materials

Total Ratio scale, 2012 output = 100

 50

 70

 90

120

Revised

Earlier

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Energy materials Ratio scale, 2012 output = 100

 70

 90

110

130

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Non-energy materials Ratio scale, 2012 output = 100

 40

 60

 80

100

130

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

Detail: 2014 to present

95

100

105

110

115

2014 2015 2016 2017

13
8. Capacity utilization by stage of process

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

70

75

80

85

90

95

100

Revised

Earlier

Crude Processing Percent of capacity

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

60

65

70

75

80

85

90

95

Primary and semifinished processing Percent of capacity

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

65

70

75

80

85

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

Finished processing Percent of capacity

14
Table 1A

INDUSTRIAL PRODUCTION: Total

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual1

IP (percent

change)

1987 -.3 1.3 .2 .6 .6 .5 .7 .8 .3 1.4 .5 .5 5.3 7.3 7.7 10.1 5.2

1988 .0 .4 .2 .6 -.1 .3 .0 .4 -.3 .5 .2 .5 3.7 3.5 1.5 2.9 5.2

1989 .3 -.5 .2 .1 -.7 .0 -.9 .9 -.4 -.1 .3 .6 1.8 -1.5 -2.4 1.7 .9

1990 -.7 1.0 .5 -.1 .2 .3 -.1 .3 .1 -.8 -1.2 -.7 2.8 3.1 1.7 -6.1 1.0

1991 -.4 -.7 -.5 .2 1.0 .9 .1 .1 .9 -.2 -.1 -.4 -7.3 2.3 5.6 .9 -1.5

1992 -.6 .7 .9 .7 .3 .0 .9 -.5 .2 .7 .4 .1 -.5 7.3 3.1 4.3 2.9

1993 .4 .4 -.1 .3 -.3 .2 .3 -.1 .5 .8 .4 .5 3.6 .9 1.6 6.2 3.3

1994 .4 .0 1.0 .5 .5 .6 .2 .6 .4 .9 .6 1.0 5.0 7.4 5.2 8.5 5.2

1995 .2 -.1 .1 .0 .3 .3 -.4 1.3 .4 -.1 .3 .4 4.2 1.3 3.7 3.5 4.7

1996 -.6 1.6 -.1 .9 .7 .8 -.2 .6 .7 -.1 .9 .6 2.8 8.8 5.1 5.7 4.5

1997 .1 1.2 .7 .0 .6 .5 .8 1.1 .9 .9 .9 .3 7.8 6.0 9.5 10.4 7.2

1998 .5 .1 .1 .4 .6 -.6 -.4 2.1 -.2 .8 -.1 .4 4.5 2.7 3.0 5.9 5.8

1999 .5 .5 .2 .3 .7 -.2 .6 .4 -.4 1.3 .5 .8 4.5 4.0 3.7 7.2 4.4

2000 .0 .3 .4 .7 .2 .1 -.1 -.3 .4 -.3 .0 -.3 4.1 5.1 -.4 -.8 3.9

2001 -.7 -.6 -.3 -.2 -.7 -.6 -.6 -.2 -.4 -.4 -.5 .0 -5.2 -4.9 -5.6 -4.2 -3.1

2002 .6 .0 .8 .4 .4 .9 -.2 .0 .1 -.3 .5 -.5 2.9 6.4 2.5 -.2 .3

2003 .6 .3 -.2 -.7 .0 .1 .4 -.2 .6 .1 .8 -.1 2.2 -2.8 2.5 4.1 1.2

2004 .2 .6 -.5 .4 .8 -.8 .8 .1 .1 .9 .2 .7 2.7 2.3 2.3 5.7 2.6

2005 .5 .7 -.2 .1 .2 .4 -.3 .2 -1.8 1.3 1.0 .6 5.8 2.0 -1.9 3.9 3.3

2006 .1 .0 .2 .4 -.1 .4 .0 .3 -.2 .0 -.1 1.1 3.8 2.4 1.4 1.0 2.2

2007 -.5 1.0 .2 .7 .0 .0 .0 .2 .3 -.5 .5 .0 3.7 5.0 .9 .7 2.5

2008 -.3 -.3 -.2 -.7 -.5 -.2 -.5 -1.5 -4.3 .9 -1.2 -2.9 -1.7 -5.5 -12.1 -15.9 -3.5

2009 -2.4 -.6 -1.6 -.9 -1.1 -.4 1.1 1.1 .8 .3 .4 .3 -20.6 -11.5 5.7 6.4 -11.5

2010 1.1 .4 .7 .4 1.5 .2 .5 .4 .3 -.2 .0 .9 8.0 8.6 6.0 1.6 5.5

2011 -.1 -.4 1.0 -.4 .2 .2 .4 .6 -.1 .7 -.1 .5 2.1 1.3 4.2 3.8 3.1

2012 .6 .3 -.6 .8 .2 .0 .2 -.4 .0 .3 .5 .3 3.9 2.6 .2 2.4 2.9

2013 -.1 .6 .3 -.1 .0 .2 -.6 .8 .5 -.1 .3 .3 3.0 1.5 .9 3.2 2.0

2014 -.5 1.0 .9 .2 .3 .4 .0 -.1 .3 .1 .8 -.2 3.2 6.0 1.7 2.7 3.1

2015 -.7 -.2 -.3 -.4 -.4 -.3 .5 .0 -.3 -.2 -.6 -.5 -3.3 -4.0 .4 -3.7 -.7

2016 .5 -.2 -.7 .3 -.1 .4 .1 -.1 -.2 .2 -.2 .7 -1.3 -.7 .8 .8 -1.2

2017 -.1 .1

IP (2012=100)

1987 57.9 58.7 58.8 59.1 59.5 59.8 60.2 60.7 60.9 61.8 62.1 62.4 58.4 59.5 60.6 62.1 60.2

1988 62.4 62.7 62.8 63.2 63.1 63.3 63.3 63.6 63.4 63.7 63.8 64.1 62.7 63.2 63.4 63.9 63.3

1989 64.3 64.0 64.2 64.2 63.8 63.8 63.2 63.8 63.6 63.5 63.7 64.1 64.2 63.9 63.5 63.8 63.9

1990 63.7 64.4 64.7 64.6 64.7 64.9 64.8 65.0 65.1 64.6 63.9 63.5 64.2 64.7 65.0 64.0 64.5

1991 63.2 62.8 62.4 62.6 63.2 63.7 63.8 63.9 64.4 64.3 64.2 64.0 62.8 63.2 64.0 64.2 63.5

1992 63.6 64.0 64.6 65.1 65.3 65.3 65.9 65.6 65.7 66.2 66.5 66.5 64.1 65.2 65.7 66.4 65.4

1993 66.8 67.1 67.0 67.2 67.0 67.2 67.4 67.3 67.6 68.1 68.4 68.8 67.0 67.1 67.4 68.4 67.5

1994 69.0 69.0 69.8 70.1 70.5 70.9 71.1 71.5 71.7 72.3 72.8 73.6 69.3 70.5 71.4 72.9 71.0

1995 73.7 73.6 73.7 73.7 73.9 74.1 73.8 74.8 75.1 75.0 75.2 75.5 73.7 73.9 74.6 75.2 74.3

1996 75.0 76.2 76.1 76.8 77.3 78.0 77.8 78.3 78.8 78.8 79.5 80.0 75.7 77.4 78.3 79.4 77.7

1997 80.1 81.0 81.6 81.6 82.1 82.5 83.2 84.0 84.8 85.5 86.3 86.5 80.9 82.1 84.0 86.1 83.3

1998 87.0 87.1 87.1 87.4 88.0 87.5 87.1 88.9 88.8 89.5 89.4 89.8 87.1 87.6 88.3 89.6 88.1

1999 90.2 90.7 90.8 91.1 91.7 91.6 92.2 92.5 92.2 93.4 93.8 94.5 90.6 91.5 92.3 93.9 92.1

2000 94.5 94.8 95.2 95.9 96.1 96.2 96.0 95.7 96.1 95.8 95.8 95.6 94.9 96.0 96.0 95.7 95.6

2001 94.9 94.4 94.1 93.9 93.3 92.7 92.2 92.0 91.7 91.3 90.8 90.8 94.5 93.3 92.0 91.0 92.7

2002 91.3 91.4 92.1 92.5 92.9 93.8 93.5 93.6 93.7 93.4 93.9 93.4 91.6 93.0 93.6 93.6 93.0

2003 94.0 94.3 94.0 93.4 93.4 93.5 93.9 93.7 94.3 94.4 95.2 95.2 94.1 93.4 94.0 94.9 94.1

2004 95.3 95.9 95.5 95.9 96.6 95.9 96.6 96.7 96.7 97.7 97.8 98.5 95.6 96.1 96.7 98.0 96.6

2005 99.0 99.7 99.5 99.7 99.8 100.2 99.9 100.1 98.3 99.5 100.5 101.1 99.4 99.9 99.4 100.4 99.8

2006 101.2 101.3 101.5 101.9 101.8 102.1 102.1 102.5 102.3 102.2 102.1 103.2 101.3 101.9 102.3 102.5 102.0

2007 102.7 103.8 104.0 104.7 104.8 104.8 104.7 104.9 105.3 104.8 105.3 105.3 103.5 104.7 105.0 105.1 104.6

2008 105.0 104.7 104.4 103.6 103.1 102.9 102.4 100.9 96.5 97.5 96.3 93.4 104.7 103.2 99.9 95.7 100.9

2009 91.2 90.6 89.2 88.4 87.4 87.1 88.0 89.0 89.6 89.9 90.3 90.5 90.4 87.6 88.9 90.2 89.3

2010 91.6 91.9 92.5 92.9 94.3 94.5 94.9 95.3 95.6 95.4 95.4 96.2 92.0 93.9 95.3 95.7 94.2

2011 96.1 95.7 96.6 96.3 96.5 96.7 97.1 97.7 97.6 98.3 98.2 98.7 96.2 96.5 97.5 98.4 97.1

2012 99.3 99.6 99.1 99.9 100.0 100.1 100.3 99.9 99.9 100.2 100.7 101.0 99.3 100.0 100.0 100.6 100.0

2013 100.9 101.5 101.8 101.7 101.7 101.9 101.3 102.1 102.6 102.5 102.8 103.1 101.4 101.7 102.0 102.8 102.0

2014 102.6 103.6 104.6 104.8 105.1 105.5 105.5 105.4 105.7 105.8 106.6 106.4 103.6 105.1 105.5 106.3 105.1

2015 105.6 105.4 105.1 104.7 104.3 104.0 104.5 104.5 104.2 104.0 103.4 102.9 105.4 104.3 104.4 103.4 104.4

2016 103.5 103.3 102.5 102.9 102.8 103.1 103.2 103.1 103.0 103.2 103.0 103.8 103.1 102.9 103.1 103.3 103.1

2017 103.6 103.7

NOTE: Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases.

1. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

15
Table 1B

CAPACITY AND UTILIZATION: Total

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual

Capacity

(percent of

2012 output)

1987 73.4 73.5 73.6 73.8 73.9 74.1 74.2 74.4 74.5 74.6 74.7 74.8 73.5 73.9 74.3 74.7 74.1

1988 74.8 74.9 74.9 75.0 75.0 75.0 75.1 75.1 75.2 75.2 75.3 75.4 74.9 75.0 75.1 75.3 75.1

1989 75.4 75.6 75.7 75.8 76.0 76.1 76.3 76.5 76.6 76.8 77.0 77.2 75.6 76.0 76.5 77.0 76.2

1990 77.4 77.5 77.7 77.9 78.0 78.2 78.3 78.4 78.6 78.7 78.8 78.9 77.5 78.0 78.4 78.8 78.2

1991 79.0 79.1 79.2 79.3 79.4 79.4 79.5 79.6 79.7 79.9 80.0 80.1 79.1 79.4 79.6 80.0 79.5

1992 80.3 80.4 80.6 80.8 80.9 81.1 81.3 81.5 81.6 81.8 81.9 82.1 80.4 80.9 81.5 81.9 81.2

1993 82.2 82.3 82.5 82.6 82.7 82.8 82.9 83.0 83.2 83.3 83.4 83.6 82.3 82.7 83.0 83.5 82.9

1994 83.8 84.0 84.2 84.4 84.6 84.9 85.2 85.4 85.7 86.0 86.3 86.5 84.0 84.6 85.4 86.3 85.1

1995 86.8 87.1 87.4 87.7 88.0 88.4 88.7 89.0 89.4 89.7 90.1 90.5 87.1 88.0 89.0 90.1 88.6

1996 90.9 91.3 91.7 92.1 92.6 93.0 93.4 93.9 94.3 94.8 95.2 95.7 91.3 92.6 93.9 95.2 93.2

1997 96.2 96.6 97.1 97.6 98.1 98.7 99.2 99.8 100.4 101.1 101.7 102.4 96.6 98.1 99.8 101.7 99.1

1998 103.1 103.7 104.4 105.1 105.8 106.4 107.0 107.6 108.2 108.7 109.2 109.8 103.7 105.8 107.6 109.2 106.6

1999 110.2 110.7 111.2 111.6 112.1 112.5 112.9 113.3 113.7 114.2 114.6 115.0 110.7 112.1 113.3 114.6 112.7

2000 115.4 115.8 116.1 116.5 116.9 117.3 117.7 118.1 118.5 118.9 119.2 119.6 115.8 116.9 118.1 119.2 117.5

2001 120.0 120.3 120.7 121.1 121.4 121.7 122.0 122.3 122.6 122.8 123.1 123.3 120.3 121.4 122.3 123.0 121.8

2002 123.5 123.6 123.8 123.9 124.0 124.1 124.1 124.1 124.1 124.1 124.1 124.1 123.6 124.0 124.1 124.1 124.0

2003 124.0 124.0 124.0 123.9 123.9 123.9 123.8 123.8 123.8 123.8 123.8 123.7 124.0 123.9 123.8 123.8 123.9

2004 123.7 123.7 123.7 123.7 123.6 123.6 123.6 123.6 123.6 123.7 123.7 123.8 123.7 123.6 123.6 123.7 123.7

2005 123.9 124.0 124.1 124.3 124.4 124.6 124.8 125.0 125.1 125.3 125.5 125.7 124.0 124.4 125.0 125.5 124.7

2006 125.8 126.0 126.2 126.3 126.5 126.7 126.9 127.2 127.4 127.7 128.0 128.2 126.0 126.5 127.2 128.0 126.9

2007 128.5 128.8 129.1 129.3 129.6 129.8 129.9 130.1 130.1 130.1 130.1 130.1 128.8 129.6 130.0 130.1 129.6

2008 130.0 129.9 129.8 129.7 129.7 129.6 129.6 129.7 129.8 129.9 130.0 130.1 129.9 129.7 129.7 130.0 129.8

2009 130.2 130.3 130.4 130.5 130.6 130.6 130.5 130.4 130.3 130.1 129.9 129.6 130.3 130.5 130.4 129.9 130.3

2010 129.4 129.1 128.9 128.6 128.3 128.1 127.9 127.7 127.5 127.3 127.2 127.1 129.1 128.3 127.7 127.2 128.1

2011 127.0 127.0 127.0 127.0 127.1 127.1 127.2 127.4 127.5 127.7 127.9 128.1 127.0 127.1 127.4 127.9 127.3

2012 128.3 128.5 128.8 129.0 129.2 129.5 129.7 129.9 130.2 130.4 130.6 130.8 128.5 129.2 129.9 130.6 129.6

2013 131.0 131.2 131.4 131.6 131.7 131.9 132.0 132.1 132.2 132.3 132.5 132.6 131.2 131.7 132.1 132.5 131.9

2014 132.7 132.8 133.0 133.1 133.3 133.5 133.7 133.9 134.2 134.4 134.7 134.9 132.8 133.3 133.9 134.7 133.7

2015 135.2 135.4 135.6 135.7 135.9 136.0 136.1 136.1 136.1 136.1 136.1 136.1 135.4 135.9 136.1 136.1 135.9

2016 136.1 136.0 136.0 136.0 136.0 136.0 136.0 136.1 136.2 136.3 136.4 136.5 136.0 136.0 136.1 136.4 136.1

2017 136.6 136.7

Utilization (percent)

1987 79.0 79.8 79.8 80.2 80.5 80.7 81.1 81.7 81.7 82.8 83.1 83.4 79.5 80.5 81.5 83.1 81.2

1988 83.4 83.7 83.8 84.3 84.1 84.3 84.3 84.7 84.4 84.7 84.8 85.1 83.6 84.2 84.5 84.9 84.3

1989 85.2 84.7 84.8 84.7 84.0 83.8 82.9 83.5 83.0 82.7 82.8 83.1 84.9 84.2 83.1 82.9 83.8

1990 82.4 83.0 83.2 83.0 82.9 83.0 82.8 82.9 82.9 82.1 81.1 80.4 82.9 83.0 82.9 81.2 82.5

1991 80.0 79.3 78.8 78.9 79.6 80.2 80.2 80.2 80.8 80.5 80.3 79.8 79.4 79.6 80.4 80.2 79.9

1992 79.2 79.6 80.2 80.6 80.7 80.5 81.0 80.5 80.5 80.9 81.1 81.1 79.7 80.6 80.7 81.0 80.5

1993 81.3 81.5 81.3 81.4 81.1 81.1 81.2 81.0 81.3 81.8 82.0 82.3 81.4 81.2 81.2 82.0 81.4

1994 82.4 82.2 82.9 83.1 83.3 83.6 83.4 83.7 83.7 84.2 84.4 85.0 82.5 83.3 83.6 84.5 83.5

1995 84.9 84.5 84.3 84.0 83.9 83.9 83.3 84.0 84.0 83.6 83.4 83.4 84.5 83.9 83.8 83.5 83.9

1996 82.5 83.4 82.9 83.3 83.5 83.8 83.3 83.4 83.6 83.1 83.5 83.6 82.9 83.6 83.4 83.4 83.3

1997 83.3 83.9 84.0 83.6 83.7 83.6 83.8 84.2 84.4 84.6 84.8 84.5 83.7 83.7 84.1 84.6 84.0

1998 84.4 83.9 83.5 83.2 83.2 82.2 81.4 82.7 82.1 82.3 81.9 81.8 83.9 82.9 82.1 82.0 82.7

1999 81.8 81.9 81.7 81.6 81.8 81.4 81.6 81.7 81.0 81.8 81.9 82.2 81.8 81.6 81.4 82.0 81.7

2000 82.0 81.9 82.0 82.3 82.2 82.0 81.6 81.1 81.1 80.6 80.4 79.9 81.9 82.1 81.3 80.3 81.4

2001 79.1 78.4 78.0 77.6 76.8 76.2 75.5 75.2 74.8 74.3 73.8 73.7 78.5 76.9 75.2 73.9 76.1

2002 74.0 73.9 74.4 74.6 74.9 75.6 75.4 75.4 75.5 75.3 75.6 75.3 74.1 75.0 75.4 75.4 75.0

2003 75.8 76.0 75.9 75.3 75.4 75.5 75.8 75.7 76.2 76.3 76.9 76.9 75.9 75.4 75.9 76.7 76.0

2004 77.1 77.5 77.2 77.5 78.2 77.5 78.1 78.2 78.2 79.0 79.1 79.6 77.3 77.7 78.2 79.2 78.1

2005 79.9 80.4 80.2 80.2 80.2 80.4 80.1 80.1 78.5 79.4 80.1 80.5 80.1 80.3 79.6 80.0 80.0

2006 80.5 80.4 80.4 80.7 80.4 80.6 80.4 80.6 80.3 80.1 79.8 80.5 80.4 80.6 80.4 80.1 80.4

2007 79.9 80.6 80.5 81.0 80.8 80.7 80.6 80.7 80.9 80.5 80.9 81.0 80.3 80.8 80.7 80.8 80.7

2008 80.8 80.6 80.4 79.9 79.5 79.4 79.0 77.8 74.4 75.0 74.1 71.8 80.6 79.6 77.1 73.6 77.7

2009 70.0 69.5 68.4 67.7 67.0 66.7 67.4 68.2 68.8 69.1 69.5 69.8 69.3 67.1 68.1 69.5 68.5

2010 70.8 71.2 71.8 72.3 73.5 73.8 74.3 74.7 75.0 74.9 75.0 75.7 71.2 73.2 74.6 75.2 73.6

2011 75.7 75.4 76.1 75.8 75.9 76.1 76.3 76.7 76.5 77.0 76.8 77.0 75.7 75.9 76.5 76.9 76.3

2012 77.4 77.5 76.9 77.4 77.4 77.3 77.3 76.9 76.8 76.9 77.1 77.2 77.3 77.4 77.0 77.1 77.2

2013 77.0 77.3 77.5 77.3 77.2 77.2 76.7 77.3 77.6 77.4 77.6 77.8 77.3 77.2 77.2 77.6 77.3

2014 77.3 78.0 78.6 78.7 78.8 79.0 78.9 78.7 78.8 78.7 79.2 78.8 78.0 78.9 78.8 78.9 78.6

2015 78.1 77.9 77.5 77.1 76.8 76.5 76.8 76.8 76.5 76.4 76.0 75.6 77.8 76.8 76.7 76.0 76.8

2016 76.1 75.9 75.4 75.6 75.6 75.8 75.9 75.8 75.6 75.8 75.6 76.0 75.8 75.7 75.8 75.8 75.8

2017 75.9 75.9

NOTE: Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases.

16
Table 2

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY: 2012–161

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Total IP 2.3 2.2 3.4 -2.7 -.1 .0 .1 -.1 -1.0 .0

MARKET GROUPS

Final products and nonindustrial supplies 1.1 .8 1.6 -1.2 .2 .0 .0 -.2 -.2 -.1

Consumer goods -1.3 1.4 1.2 1.3 .7 .2 -.1 .4 .7 -.1

Durable 1.0 8.5 4.1 3.1 3.3 .6 -.3 .5 -.7 -.8

Automotive products -.2 15.0 6.4 5.0 5.9 1.0 .0 1.1 -1.6 -.8

Home electronics 6.4 2.4 -1.1 2.4 4.6 .8 -1.5 -1.3 3.0 .1

Appliances, furniture, carpeting 2.4 2.9 3.5 3.8 1.0 .0 .0 .9 .7 .0

Miscellaneous goods 1.5 2.7 1.4 .1 .1 .1 -.5 -.6 -.4 -1.3

Nondurable -1.8 -.3 .4 .8 -.1 .1 .0 .4 1.2 .1

Non-energy -2.8 -2.3 1.8 2.0 -1.0 .1 -.3 .9 2.1 -.3

Foods and tobacco 1.3 .8 .4 2.3 -.1 .1 -.1 .8 1.9 -.4

Clothing -7.2 -5.0 -2.5 -5.7 -6.4 .2 -1.0 -1.2 -1.2 -1.6

Chemical products -9.0 -8.1 6.5 3.1 -1.5 .1 -.1 1.6 2.7 .5

Paper products -7.8 -2.4 -2.6 -2.3 -5.8 .3 -1.1 .2 2.2 -1.4

Energy 1.1 5.9 -3.9 -3.9 3.6 -.2 .7 -1.1 -1.3 .6

Business equipment 7.2 -1.8 3.5 -3.3 -.4 -.5 .2 -1.1 -1.3 -.7

Transit 16.7 3.2 11.2 1.2 -3.5 -2.8 .9 .8 1.6 -.9

Information processing 6.4 -1.5 -.2 .2 4.1 .3 -1.0 -2.1 -.9 -1.7

Industrial and other 3.8 -4.0 1.5 -6.8 -.6 -.2 .5 -1.5 -2.9 -.2

Defense and space equipment .7 -4.5 -2.4 -2.9 -1.2 .3 -.5 .8 1.8 -.7

Construction supplies 3.2 3.6 3.8 .1 .9 .0 .0 -.6 -1.1 .7

Business supplies 1.6 2.3 .1 -.3 .0 .0 .0 -1.0 -.6 .5

Materials 3.5 3.6 5.2 -4.3 -.5 .0 .2 -.1 -2.0 .1

Non-energy 2.3 2.1 1.4 -2.2 .6 -.1 .4 -.8 -1.7 .7

Durable 3.2 3.7 2.9 -3.4 .5 -.2 .5 -.7 -2.1 .9

Consumer parts 8.4 4.6 4.3 .1 5.1 -.3 .8 -.2 -3.3 .1

Equipment parts 2.8 4.5 4.3 -5.1 -.8 -.2 .8 -1.5 -3.7 1.1

Other 1.6 2.9 1.6 -3.5 -.5 -.2 .3 -.4 -.5 1.1

Nondurable 1.0 -.3 -1.0 -.3 .8 .0 .2 -1.0 -1.2 .3

Textile -.8 7.7 -2.8 -2.7 1.7 .1 -.4 -1.6 -2.3 1.0

Paper .8 -.9 -.4 -2.9 -1.5 -.1 -.1 .1 -.3 -.7

Chemical 1.4 -1.8 -2.4 .0 .8 -.1 .5 -2.3 -2.8 1.0

Energy 5.2 5.3 9.5 -7.1 -2.4 .0 -.2 .3 -1.9 -.7

INDUSTRY GROUPS

Manufacturing21.7 .9 1.5 -.6 .2 .0 .1 -.5 -.6 .1

Manufacturing (NAICS) 31–33 2.1 1.0 1.8 -.5 .5 -.1 .1 -.5 -.7 .1

Durable manufacturing 3.9 2.6 2.7 -2.0 .8 -.1 .1 -.6 -1.4 -.2

Wood products 321 8.1 4.3 3.7 3.8 3.7 .2 -.6 .8 3.8 .9

Nonmetallic mineral products 327 3.9 4.6 3.2 2.4 .1 -.1 .1 -1.7 -2.0 .5

Primary metals 331 -4.0 5.3 -1.3 -8.1 -2.1 -.1 .4 .5 -1.1 .0

Fabricated metal products 332 1.6 3.5 .2 -4.7 -.8 .0 .0 -1.0 -1.5 -.5

Machinery 333 2.2 -4.0 2.3 -9.0 .4 -.4 1.0 -1.6 -4.0 .6

Computer and electronic products 334 7.8 2.7 4.4 -.5 3.8 .1 -.2 -1.2 -2.0 -.4

Electrical equip., appliances,

and components 335 2.2 -.1 .8 1.8 .5 -.1 .4 .0 -.6 2.6

Motor vehicles and parts 3361–3 6.5 11.0 6.9 3.9 4.8 -.4 .9 .5 -1.2 .1

Aerospace and miscellaneous

transportation equipment 3364–9 7.5 .9 4.9 -2.0 -2.1 .0 .0 .2 -.5 -.6

Furniture and related products 337 6.2 -.9 4.4 3.8 -2.0 .0 -.1 .5 .6 .0

Miscellaneous 339 1.1 1.9 -1.8 -.9 -.9 .7 -1.9 -2.1 .6 -3.3

Nondurable manufacturing .1 -.8 .7 1.2 .1 -.1 .1 -.4 .1 .4

Food, beverage, and tobacco products 311,2 1.3 1.2 .7 2.4 .2 .0 .0 .9 1.7 -.4

Textile and product mills 313,4 -1.9 6.9 .9 -1.9 .9 -.1 .4 .8 -1.4 .7

Apparel and leather 315,6 -7.6 -4.5 -2.4 -5.6 -6.0 .2 -.8 -1.0 -1.3 -1.6

Paper 322 2.3 -1.6 1.1 -3.3 -.1 .1 -.2 .4 -.1 -.9

Printing and support 323 -1.0 2.0 -2.8 2.9 -1.9 -.4 -.4 -2.2 .2 .2

Petroleum and coal products 324 -.7 2.8 -5.5 1.5 2.1 -.4 1.1 -3.1 -5.1 3.0

Chemicals 325 -1.8 -4.5 1.7 1.3 .0 .0 .1 -.6 -.1 .8

Plastics and rubber products 326 5.0 .0 4.4 .7 -.5 .0 .1 -1.3 -.5 1.1

Other manufacturing (non-NAICS) 1133,5111 -9.9 -.5 -4.7 -2.3 -6.5 .3 -.7 .6 2.0 -.4

Mining 21 5.7 5.6 11.9 -10.9 -4.6 -.6 -.3 -.5 -2.7 .6

Utilities 2211,2 .2 4.4 -.6 -3.8 2.4 .2 .0 .1 .3 -.1

Electric 2211 -.4 3.6 -.3 -2.7 2.1 .2 .0 .0 .6 .0

Natural gas 2212 4.6 11.2 -2.9 -12.1 4.3 .2 .1 .5 -.6 -1.0

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.

17
Table 3

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, SPECIAL AGGREGATES AND SELECTED DETAIL: 2012–161

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Total industry 2.3 2.2 3.4 -2.7 -.1 .0 .1 -.1 -1.0 .0

Energy 3.7 4.9 6.8 -7.8 -1.1 -.1 -.1 .1 -1.8 -.3

Consumer products 1.1 5.9 -3.9 -3.9 3.6 -.2 .7 -1.1 -1.3 .6

Commercial products 1.3 3.9 .2 -.3 1.7 -.1 .1 -.5 -.2 -.6

Oil and gas well drilling 213111 -8.0 -2.0 6.4 -59.7 -22.9 -.2 -.5 -.7 -.2 -.3

Converted fuel 4.6 .7 .8 -1.4 1.6 -.2 -.2 .2 .5 .2

Primary energy 5.3 6.4 11.7 -8.6 -4.0 .0 -.5 -.2 -2.5 -.7

Non-energy 1.7 .9 1.9 -.7 .2 .0 .1 -.4 -.5 .1

Selected high-technology industries 11.8 11.6 9.1 -.4 7.9 .0 .2 .4 -.5 1.1

Computers and peripheral equipment 3341 18.8 -1.3 6.0 -2.1 15.0 .4 -1.6 3.9 8.6 -1.2

Communications equipment 3342 2.1 15.9 -4.9 .9 13.9 .5 -2.1 -2.3 .5 -3.5

Semiconductors and related

electronic components 3344 13.2 13.7 15.9 -.5 3.6 -.3 1.5 .4 -3.0 2.8

Excluding selected high-technology

industries 1.2 .5 1.6 -.7 -.1 .0 .1 -.4 -.5 .1

Motor vehicles and parts 3361–3 6.5 11.0 6.9 3.9 4.8 -.4 .9 .5 -1.2 .1

Motor vehicles 3361 1.8 14.7 5.3 4.8 2.0 -.4 .9 1.9 1.5 -.2

Motor vehicle parts 3363 10.2 6.4 8.5 2.9 7.4 -.4 1.0 -.4 -3.7 .3

Excluding motor vehicles and parts .8 -.3 1.2 -1.1 -.5 .0 .0 -.5 -.4 .1

Consumer goods -2.4 -1.5 1.9 1.9 -.8 .1 -.3 .7 1.7 -.3

Business equipment 7.1 -3.0 3.6 -4.4 -.9 -.1 .1 -1.4 -2.5 -1.0

Construction supplies 3.2 3.5 3.9 .1 .8 .0 .0 -.6 -1.1 .7

Business supplies .5 .8 -1.2 -.3 -1.1 .0 -.2 -1.3 -.6 .4

Materials .9 1.2 .4 -2.5 -.1 -.1 .3 -.9 -1.4 .6

Measures excluding selected high-technology

industries

Total industry 2.0 1.9 3.2 -2.7 -.3 .0 .1 -.1 -1.0 .0

Manufacturing2

1.2 .5 1.3 -.6 .0 .0 .1 -.5 -.6 .0

Durable 3.2 1.9 2.2 -2.2 .3 -.1 .1 -.7 -1.4 -.3

Measures excluding motor vehicles and parts

Total industry 2.1 1.7 3.2 -3.0 -.4 .0 .1 -.1 -1.0 .0

Manufacturing2

1.4 .2 1.2 -.9 -.1 .0 .0 -.5 -.5 .1

Durable 3.6 1.4 2.0 -3.0 .1 .0 .0 -.8 -1.4 -.2

Measures excluding selected high-technology

industries and motor vehicles and parts

Total industry 1.7 1.5 3.0 -3.1 -.6 .0 .1 -.1 -1.0 .0

Manufacturing2

.9 -.2 .8 -.9 -.4 .0 .0 -.6 -.5 .0

Stage-of-process components

of non-energy materials,

measures of the input to

Finished processors 3.7 3.6 3.1 -3.1 .9 -.2 .6 -.8 -2.9 .5

Primary and semifinished processors 1.4 1.2 .3 -1.6 .4 -.1 .3 -.8 -.9 .8

STAGE-OF-PROCESS GROUPS

Crude 5.9 4.5 8.5 -6.2 -3.1 -.4 .0 -.4 -2.7 .1

Primary and semifinished 1.3 3.6 1.3 -2.2 .7 .0 .2 -.6 -1.2 .6

Finished 1.1 -1.3 2.4 -1.2 .2 .0 -.2 .2 .2 -.6

1. See footnote 1 to table 2.

2. See footnote 2 to table 2.

18
Table 4

ANNUAL RATES OF CHANGE FOR INDUSTRIAL PRODUCTION: 2012–161

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Total IP 2.9 2.0 3.1 -.7 -1.2 .2 .1 .2 -1.0 -.3

MARKET GROUPS

Consumer goods -1.4 .7 .8 2.3 .6 .0 .0 .1 .9 .0

Durable 2.3 5.5 4.9 4.1 2.8 .2 -.1 .4 .2 -1.5

Nondurable -2.3 -.5 -.3 1.8 .0 .0 .0 .0 1.2 .5

Business equipment 9.6 -.1 1.9 -.9 -1.8 -.2 .1 -.4 -1.6 -1.1

Defense and space equipment 2.0 -2.8 -3.2 -3.2 -1.4 .1 .1 -.4 2.4 -.3

Construction supplies 4.3 3.0 3.4 .5 1.4 .0 .0 -.3 -1.0 .2

Business supplies 1.0 1.8 1.0 -.7 .2 -.1 .0 -.5 -1.1 .3

Materials 4.3 3.4 5.1 -1.4 -2.3 .3 .1 .4 -1.9 -.4

Non-energy 2.8 1.9 2.0 -1.5 -.2 .0 .1 .1 -2.0 .2

Energy 6.3 5.3 8.6 -1.3 -5.8 .6 -.2 .3 -1.9 -1.1

INDUSTRY GROUPS

Manufacturing22.6 .9 1.2 .1 .0 .0 .0 -.1 -.7 -.1

Manufacturing (NAICS) 2.9 1.1 1.3 .2 .2 .0 .0 -.1 -.8 -.1

Durable manufacturing 5.5 2.2 2.9 -.8 -.2 .0 .0 -.1 -1.3 -.7

Nondurable manufacturing .1 .0 -.6 1.4 .6 .0 .0 -.1 -.3 .5

Other manufacturing (non-NAICS) -5.8 -5.0 -1.1 -3.9 -6.6 .2 .0 -.5 2.5 -.1

Mining 7.5 6.0 10.7 -4.3 -9.0 .1 -.5 -.3 -2.6 .4

Utilities -2.2 2.3 1.4 -.7 -.3 .1 .0 .0 .1 .2

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.

Table 5

RATES OF CHANGE IN CAPACITY, BY INDUSTRY GROUPS: 2013–171

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Total industry 1.4 1.7 1.1 .2 1.0 .4 -.1 -1.0 -.2 -.3

Manufacturing2.8 .0 .1 .7 .6 .4 -.2 -.8 .0 -.6

Manufacturing (NAICS) 1.0 .1 .2 .9 .7 .3 -.3 -.8 .1 -.5

Durable manufacturing 2.2 .3 .9 1.1 1.1 .3 .0 .3 .3 -.5

Nondurable manufacturing -.3 -.1 -.5 .6 .4 .4 -.6 -2.1 -.1 -.4

Other manufacturing (non-NAICS) -4.4 -4.2 -4.4 -4.0 -4.0 .8 1.3 .5 -4.5 -2.1

Mining 6.6 7.2 .7 -4.1 2.2 -.1 -1.1 -5.0 -.7 1.3

Utilities .1 .5 1.0 2.2 .7 .1 -.5 .3 1.5 -.1

Selected high-technology industries 14.6 3.8 1.7 5.0 5.6 -.7 3.7 2.0 .9 1.6

Manufacturing2ex. selected

high-technology industries .3 -.2 .1 .6 .4 .4 -.4 -.8 .0 -.6

STAGE-OF-PROCESS GROUPS

Crude 5.0 5.8 .6 -3.2 1.9 .1 -.7 -4.2 -.7 .9

Primary and semifinished 1.0 -.1 -.2 1.1 .5 .2 -.2 -.8 .1 -.5

Finished .4 .3 .9 .7 .8 .6 -.2 -.2 .1 -.5

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.

19
Table 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 2016 2013 2014 2015 2016 2013 2014 2015 2016

Ave. Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4

Total industry 79.9 77.6 78.9 76.0 75.8 .3 .3 .2 .4

Manufacturing178.4 74.7 75.9 75.4 75.1 .1 -.1 .0 .1

Manufacturing (NAICS) 31–33 78.3 75.2 76.4 75.8 75.5 .2 .0 .1 .0

Durable manufacturing 76.9 75.3 77.1 74.9 74.7 .6 .1 -1.2 -1.5

Wood products 321 76.4 72.3 71.5 74.3 76.8 .5 .1 6.2 9.9

Nonmetallic mineral products 327 73.8 61.9 64.0 65.4 64.7 1.0 .0 -1.0 -.7

Primary metals 331 78.6 75.2 76.1 69.6 66.5 .2 .7 -.8 -3.0

Fabricated metal products 332 77.7 80.5 81.1 78.4 78.3 -.1 -.5 -1.0 -1.3

Machinery 333 77.5 75.4 76.4 69.0 69.1 1.2 .5 -3.0 -2.7

Computer and electronic products 334 77.6 72.3 72.8 70.4 70.1 2.0 -.4 -2.8 -2.9

Electrical equip., appliances,

and components 335 82.4 81.1 81.2 80.3 80.5 -1.6 -1.6 -4.5 -2.1

Motor vehicles and parts 3361–3 75.2 74.2 78.4 80.5 82.9 .7 .5 -.5 -1.2

Aerospace and miscellaneous

transportation equipment 3364–9 74.2 79.4 84.3 80.8 78.4 .4 1.2 -1.0 -2.9

Furniture and related products 337 76.7 72.7 77.3 80.3 79.1 .1 1.4 2.4 2.1

Miscellaneous 339 76.5 77.3 78.0 77.8 77.4 -1.6 -1.1 .7 -1.3

Nondurable manufacturing 80.2 74.9 75.5 76.8 76.4 -.3 -.1 1.5 1.9

Food, beverage, and tobacco products 311,2 80.7 79.0 77.2 77.4 76.8 -.1 -.3 1.3 1.9

Textile and product mills 313,4 79.1 70.8 72.2 71.2 71.6 -1.5 -.4 -.5 -.5

Apparel and leather 315,6 76.7 65.8 69.2 68.6 67.6 -.6 3.1 5.1 3.8

Paper 322 86.6 81.9 85.3 84.9 87.2 -.6 .9 2.7 3.4

Printing and support 323 79.4 64.7 63.6 67.1 67.2 1.7 .0 1.5 2.3

Petroleum and coal products 324 85.3 83.5 81.9 82.1 80.1 -.4 .1 1.7 1.5

Chemicals 325 76.9 68.5 71.2 73.9 74.0 -1.0 -.8 .7 .7

Plastics and rubber products 326 82.2 80.3 82.8 82.6 80.9 2.4 1.8 2.6 5.0

Other manufacturing (non-NAICS) 1133,5111 80.5 64.1 63.7 65.1 63.4 -1.1 -1.5 -.6 2.0

Mining 21 87.0 86.7 90.5 80.0 79.6 -.9 -.4 1.1 2.2

Utilities 2211,2 85.6 81.7 80.8 76.9 77.0 -.1 .4 .3 -.9

Selected high-technology industries 77.3 68.8 72.3 70.8 72.8 1.3 -1.0 -2.8 -2.8

Computers and peripheral equipment 3341 77.5 64.1 71.0 66.7 76.7 .1 1.1 -.3 -9.0

Communications equipment 3342 76.5 79.8 71.3 70.2 76.1 -.6 -1.5 2.5 -2.1

Semiconductors and related

electronic components 3344 78.6 66.1 73.0 72.2 70.4 2.2 -1.3 -5.7 -2.3

Measures excluding selected high-technology

industries

Total industry 80.1 77.9 79.1 76.1 75.9 .2 .3 .3 .4

Manufacturing178.5 75.0 76.1 75.6 75.1 .1 .0 .1 .2

STAGE-OF-PROCESS GROUPS

Crude 86.1 85.6 88.1 79.8 79.8 .1 .4 1.2 1.9

Primary and semifinished 80.5 76.2 77.1 75.6 75.3 .3 .0 -.2 .1

Finished 76.9 74.1 75.6 75.2 74.8 -.4 -.2 .2 -.2

1. See footnote 2 to table 2.

20
Table 7A

INDUSTRIAL PRODUCTION: Manufacturing1

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual2

IP (percent

change)

1987 -.3 1.5 .1 .6 .7 .3 .8 .6 .5 1.6 .6 .6 5.8 7.1 7.7 11.5 5.7

1988 -.2 .2 .3 .9 -.2 .2 .0 .1 .4 .5 .3 .5 2.8 4.3 .8 4.5 5.4

1989 .8 -1.0 -.1 .3 -.9 .2 -1.1 .9 -.3 -.2 .2 .1 2.1 -2.8 -3.2 .4 .8

1990 -.2 1.5 .5 -.2 .1 .3 -.2 .3 .0 -.8 -1.1 -.7 4.3 3.1 1.1 -6.7 .8

1991 -.7 -.7 -.7 .3 .7 1.0 .3 .2 1.1 -.2 -.2 -.2 -8.8 1.8 7.2 1.6 -1.9

1992 -.6 .9 1.0 .5 .6 .3 .9 -.4 .1 .6 .4 -.1 .5 8.3 4.1 3.2 3.7

1993 1.0 .2 -.2 .5 -.1 -.2 .3 -.2 .6 .8 .4 .6 4.5 1.4 .8 6.9 3.5

1994 .2 .1 1.3 .8 .7 .3 .4 .8 .5 1.0 .8 1.1 4.8 9.4 6.1 10.3 5.8

1995 .2 -.3 .2 -.1 .1 .5 -.7 1.1 .9 -.1 .1 .4 4.4 .8 3.0 4.4 5.1

1996 -.8 1.6 -.2 1.1 .8 1.0 .2 .6 .8 -.2 .9 .9 2.0 10.0 7.5 6.0 4.9

1997 .1 1.4 1.1 -.2 .8 .7 .7 1.3 .9 .9 1.1 .4 9.3 7.2 10.5 11.4 8.4

1998 .8 .1 -.1 .5 .5 -.8 -.4 2.4 -.2 1.0 .2 .6 6.0 2.1 3.3 8.1 6.6

1999 .3 .8 .0 .4 .9 -.3 .5 .6 -.4 1.5 .6 .7 5.2 4.6 3.3 8.6 5.1

2000 .1 .2 .6 .7 -.1 .2 .1 -.7 .4 -.3 -.3 -.6 4.4 4.9 -.4 -2.4 4.1

2001 -.6 -.6 -.3 -.2 -.7 -.7 -.5 -.5 -.2 -.6 -.3 .3 -6.0 -5.2 -6.0 -4.0 -3.7

2002 .5 .0 .8 .2 .5 1.1 -.4 .2 .1 -.4 .4 -.5 3.6 5.9 3.1 -.4 .4

2003 .5 .1 .1 -.8 .1 .5 .2 -.4 .8 .1 1.0 -.2 1.7 -1.9 2.2 4.6 1.3

2004 -.1 .7 -.1 .4 .8 -.7 .9 .5 .0 1.0 -.1 .7 2.4 3.4 4.0 5.4 3.1

2005 .7 .8 -.5 .3 .4 .2 -.4 .4 -1.0 1.5 .8 .2 6.4 2.3 -.8 6.3 4.0

2006 .8 -.3 -.1 .5 -.5 .3 -.3 .6 .1 -.4 .1 1.5 3.8 .8 .8 1.7 2.5

2007 -.5 .4 .8 .7 -.1 .3 .1 -.3 .4 -.4 .5 .1 4.2 5.9 .7 .5 2.7

2008 -.4 -.6 -.3 -1.1 -.5 -.6 -1.2 -1.1 -3.4 -.6 -2.3 -3.5 -2.8 -7.8 -13.5 -21.4 -4.8

2009 -3.0 -.2 -1.9 -.8 -1.1 -.4 1.4 1.2 .8 .2 1.0 -.2 -24.3 -11.5 7.4 6.9 -13.8

2010 1.1 -.1 1.2 .9 1.4 -.1 .6 .2 .1 .1 .0 .4 6.7 10.8 4.9 1.6 5.8

2011 .2 .1 .6 -.6 .1 .1 .5 .4 .3 .6 -.4 .6 2.9 -.4 3.9 3.6 2.9

2012 .9 .4 -.5 .6 -.4 .2 -.1 -.2 .0 -.2 .8 .7 5.3 .8 -1.0 1.8 2.6

2013 -.3 .5 -.2 -.4 .2 .2 -1.1 1.0 .1 .1 .0 .0 2.8 -.6 -.6 2.0 .9

2014 -1.0 1.1 .8 .0 .2 .3 .2 -.4 .0 .0 .9 -.4 -.4 4.4 1.1 1.2 1.2

2015 -.4 -.5 .3 .1 -.1 -.3 .6 -.1 -.3 .2 -.1 -.3 -2.2 -.2 1.0 -.9 .1

2016 .6 -.2 -.2 .0 -.2 .2 .1 -.4 .2 .2 .2 .1 .7 -1.1 -.1 1.6 .0

2017 .6 .5

IP (2012=100)

1987 57.0 57.9 57.9 58.2 58.7 58.9 59.3 59.7 60.0 61.0 61.3 61.7 57.6 58.6 59.7 61.3 59.3

1988 61.6 61.7 61.9 62.4 62.3 62.4 62.4 62.5 62.7 63.0 63.2 63.5 61.7 62.4 62.5 63.2 62.5

1989 64.0 63.4 63.3 63.4 62.9 63.0 62.3 62.8 62.6 62.5 62.7 62.7 63.5 63.1 62.6 62.7 63.0

1990 62.6 63.5 63.8 63.7 63.8 64.0 63.9 64.1 64.0 63.5 62.8 62.3 63.3 63.8 64.0 62.9 63.5

1991 61.9 61.5 61.0 61.2 61.7 62.3 62.5 62.6 63.3 63.2 63.1 63.0 61.5 61.7 62.8 63.1 62.3

1992 62.6 63.1 63.8 64.1 64.5 64.7 65.3 65.0 65.0 65.4 65.7 65.6 63.2 64.4 65.1 65.6 64.6

1993 66.3 66.4 66.3 66.6 66.6 66.5 66.6 66.5 66.9 67.5 67.8 68.2 66.3 66.6 66.7 67.8 66.8

1994 68.3 68.3 69.2 69.8 70.3 70.4 70.7 71.3 71.6 72.3 72.9 73.7 68.6 70.2 71.2 73.0 70.7

1995 73.8 73.6 73.8 73.7 73.8 74.2 73.7 74.5 75.2 75.1 75.2 75.5 73.8 73.9 74.5 75.3 74.3

1996 74.9 76.1 75.9 76.8 77.4 78.2 78.4 78.8 79.5 79.3 80.0 80.7 75.6 77.5 78.9 80.0 78.0

1997 80.8 81.9 82.8 82.7 83.3 83.9 84.4 85.5 86.2 87.0 87.9 88.3 81.8 83.3 85.4 87.7 84.6

1998 89.0 89.1 89.0 89.4 89.9 89.2 88.8 91.0 90.8 91.7 91.9 92.4 89.0 89.5 90.2 92.0 90.2

1999 92.7 93.4 93.4 93.7 94.6 94.3 94.7 95.3 94.9 96.3 96.9 97.6 93.1 94.2 95.0 96.9 94.8

2000 97.7 97.8 98.5 99.2 99.1 99.3 99.4 98.7 99.1 98.8 98.6 98.0 98.0 99.2 99.1 98.5 98.7

2001 97.5 96.9 96.6 96.4 95.6 95.0 94.6 94.1 93.9 93.3 93.1 93.3 97.0 95.7 94.2 93.3 95.0

2002 93.8 93.8 94.6 94.8 95.3 96.3 96.0 96.2 96.3 96.0 96.4 95.9 94.1 95.4 96.2 96.1 95.4

2003 96.4 96.5 96.6 95.8 95.9 96.4 96.6 96.1 96.9 97.0 98.0 97.8 96.5 96.0 96.5 97.6 96.7

2004 97.8 98.5 98.4 98.8 99.6 98.8 99.7 100.2 100.2 101.2 101.1 101.8 98.2 99.1 100.0 101.3 99.7

2005 102.6 103.4 102.9 103.2 103.6 103.8 103.4 103.8 102.8 104.3 105.1 105.3 102.9 103.5 103.3 104.9 103.7

2006 106.1 105.8 105.8 106.3 105.8 106.2 105.9 106.5 106.6 106.2 106.3 107.8 105.9 106.1 106.3 106.8 106.3

2007 107.3 107.7 108.6 109.4 109.3 109.6 109.7 109.4 109.8 109.4 109.9 110.0 107.9 109.4 109.6 109.8 109.2

2008 109.5 108.9 108.5 107.3 106.8 106.2 105.0 103.7 100.2 99.6 97.3 93.9 109.0 106.8 103.0 97.0 103.9

2009 91.1 90.9 89.2 88.5 87.5 87.2 88.4 89.4 90.1 90.3 91.2 91.0 90.4 87.7 89.3 90.8 89.6

2010 91.9 91.9 93.0 93.8 95.2 95.1 95.7 95.9 95.9 96.1 96.1 96.5 92.3 94.7 95.8 96.2 94.8

2011 96.7 96.7 97.3 96.7 96.8 96.9 97.4 97.7 98.0 98.6 98.3 98.9 96.9 96.8 97.7 98.6 97.5

2012 99.8 100.2 99.6 100.3 99.9 100.1 99.9 99.8 99.7 99.5 100.3 101.0 99.9 100.1 99.8 100.3 100.0

2013 100.7 101.2 101.0 100.6 100.8 101.0 100.0 101.0 101.1 101.2 101.2 101.1 101.0 100.8 100.7 101.2 100.9

2014 100.1 101.2 101.9 101.9 102.1 102.4 102.7 102.3 102.3 102.3 103.2 102.8 101.1 102.1 102.4 102.7 102.1

2015 102.4 101.9 102.2 102.2 102.2 101.9 102.5 102.4 102.1 102.3 102.2 101.9 102.1 102.1 102.3 102.1 102.2

2016 102.5 102.3 102.1 102.1 101.9 102.1 102.1 101.8 102.0 102.2 102.4 102.5 102.3 102.0 102.0 102.4 102.2

2017 103.1 103.6

NOTE: Estimates from October 2016 through February 2017 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.

21
Table 7B

CAPACITY AND UTILIZATION: Manufacturing1

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual

Capacity

(percent of

2012 output)

1987 72.3 72.4 72.6 72.8 73.0 73.2 73.4 73.5 73.7 73.8 73.9 74.0 72.4 73.0 73.5 73.9 73.2

1988 74.1 74.2 74.2 74.3 74.3 74.3 74.3 74.4 74.4 74.5 74.5 74.6 74.2 74.3 74.4 74.5 74.3

1989 74.7 74.8 75.0 75.1 75.3 75.5 75.6 75.8 76.0 76.2 76.4 76.6 74.9 75.3 75.8 76.4 75.6

1990 76.8 77.0 77.2 77.4 77.6 77.8 77.9 78.1 78.2 78.3 78.5 78.6 77.0 77.6 78.1 78.5 77.8

1991 78.7 78.8 78.9 79.0 79.1 79.2 79.3 79.4 79.5 79.6 79.8 79.9 78.8 79.1 79.4 79.8 79.3

1992 80.1 80.3 80.5 80.7 80.9 81.1 81.3 81.5 81.7 81.9 82.1 82.2 80.3 80.9 81.5 82.1 81.2

1993 82.4 82.5 82.7 82.8 82.9 83.0 83.2 83.3 83.4 83.6 83.7 83.9 82.5 82.9 83.3 83.7 83.1

1994 84.1 84.3 84.5 84.8 85.0 85.3 85.6 85.9 86.2 86.5 86.8 87.1 84.3 85.0 85.9 86.8 85.5

1995 87.4 87.8 88.1 88.4 88.8 89.2 89.6 90.0 90.4 90.8 91.2 91.7 87.8 88.8 90.0 91.3 89.4

1996 92.2 92.7 93.2 93.7 94.2 94.7 95.2 95.8 96.3 96.8 97.3 97.9 92.7 94.2 95.8 97.3 95.0

1997 98.4 99.0 99.6 100.2 100.8 101.4 102.1 102.7 103.5 104.2 105.0 105.7 99.0 100.8 102.7 105.0 101.9

1998 106.5 107.3 108.1 108.9 109.7 110.5 111.2 111.9 112.5 113.2 113.8 114.4 107.3 109.7 111.8 113.8 110.7

1999 115.0 115.5 116.1 116.6 117.1 117.7 118.2 118.7 119.2 119.7 120.2 120.7 115.5 117.1 118.7 120.2 117.9

2000 121.2 121.7 122.2 122.7 123.2 123.6 124.1 124.6 125.1 125.6 126.1 126.5 121.7 123.2 124.6 126.0 123.9

2001 127.0 127.4 127.8 128.2 128.6 128.9 129.2 129.4 129.7 129.9 130.1 130.2 127.4 128.5 129.4 130.1 128.9

2002 130.4 130.5 130.6 130.6 130.7 130.7 130.7 130.7 130.7 130.8 130.8 130.8 130.5 130.7 130.7 130.8 130.7

2003 130.8 130.8 130.7 130.7 130.7 130.7 130.7 130.7 130.6 130.6 130.6 130.5 130.8 130.7 130.7 130.6 130.7

2004 130.5 130.4 130.4 130.4 130.3 130.3 130.3 130.4 130.4 130.5 130.6 130.8 130.4 130.3 130.4 130.7 130.5

2005 131.0 131.2 131.4 131.7 131.9 132.2 132.5 132.8 133.1 133.3 133.6 133.8 131.2 131.9 132.8 133.6 132.4

2006 134.0 134.3 134.5 134.7 134.8 135.1 135.3 135.5 135.7 136.0 136.3 136.5 134.3 134.9 135.5 136.3 135.2

2007 136.9 137.2 137.5 137.8 138.2 138.5 138.8 139.1 139.3 139.5 139.7 139.8 137.2 138.2 139.1 139.6 138.5

2008 139.8 139.8 139.7 139.6 139.5 139.3 139.2 139.0 138.8 138.6 138.3 138.1 139.8 139.5 139.0 138.3 139.1

2009 137.9 137.7 137.4 137.2 137.0 136.8 136.5 136.3 136.1 135.9 135.7 135.5 137.7 137.0 136.3 135.7 136.7

2010 135.2 135.0 134.8 134.6 134.3 134.1 133.9 133.6 133.4 133.2 133.0 132.8 135.0 134.3 133.6 133.0 134.0

2011 132.6 132.5 132.4 132.3 132.2 132.2 132.2 132.2 132.3 132.4 132.5 132.6 132.5 132.2 132.2 132.5 132.4

2012 132.7 132.9 133.0 133.2 133.4 133.5 133.7 133.9 134.0 134.2 134.3 134.5 132.9 133.4 133.9 134.3 133.6

2013 134.6 134.8 134.9 135.0 135.1 135.1 135.2 135.2 135.3 135.3 135.4 135.4 134.8 135.1 135.2 135.4 135.1

2014 135.4 135.4 135.4 135.4 135.4 135.4 135.4 135.4 135.4 135.3 135.3 135.3 135.4 135.4 135.4 135.3 135.4

2015 135.3 135.2 135.2 135.2 135.2 135.2 135.2 135.3 135.3 135.4 135.4 135.5 135.2 135.2 135.3 135.4 135.3

2016 135.6 135.6 135.7 135.8 135.9 136.0 136.1 136.2 136.2 136.3 136.4 136.5 135.6 135.9 136.2 136.4 136.0

2017 136.5 136.6

Utilization

(percent)

1987 78.9 79.9 79.7 80.0 80.4 80.4 80.9 81.2 81.5 82.6 82.9 83.3 79.5 80.3 81.2 82.9 81.0

1988 83.1 83.2 83.4 84.1 83.9 84.0 84.0 84.0 84.2 84.6 84.7 85.0 83.2 84.0 84.1 84.8 84.0

1989 85.6 84.6 84.4 84.4 83.5 83.5 82.3 82.8 82.4 82.1 82.0 81.9 84.9 83.8 82.5 82.0 83.3

1990 81.5 82.5 82.7 82.3 82.2 82.3 82.0 82.0 81.9 81.1 80.0 79.3 82.2 82.2 82.0 80.1 81.6

1991 78.6 78.0 77.3 77.5 78.0 78.7 78.8 78.9 79.6 79.3 79.1 78.8 78.0 78.1 79.1 79.1 78.6

1992 78.1 78.6 79.3 79.5 79.7 79.8 80.3 79.7 79.6 79.9 80.1 79.8 78.7 79.7 79.9 79.9 79.5

1993 80.4 80.5 80.2 80.5 80.3 80.0 80.1 79.8 80.2 80.8 80.9 81.2 80.3 80.3 80.1 81.0 80.4

1994 81.2 81.1 81.9 82.3 82.6 82.6 82.7 83.0 83.1 83.7 84.0 84.6 81.4 82.5 82.9 84.1 82.7

1995 84.4 83.9 83.8 83.3 83.1 83.2 82.3 82.8 83.2 82.7 82.4 82.3 84.0 83.2 82.8 82.5 83.1

1996 81.2 82.1 81.5 82.0 82.2 82.6 82.3 82.3 82.5 82.0 82.2 82.5 81.6 82.2 82.4 82.2 82.1

1997 82.1 82.8 83.2 82.5 82.7 82.7 82.7 83.2 83.4 83.5 83.8 83.5 82.7 82.6 83.1 83.6 83.0

1998 83.5 83.0 82.3 82.1 81.9 80.7 79.9 81.4 80.7 81.0 80.7 80.8 82.9 81.6 80.7 80.8 81.5

1999 80.6 80.9 80.4 80.4 80.7 80.1 80.1 80.3 79.6 80.5 80.7 80.9 80.6 80.4 80.0 80.7 80.4

2000 80.6 80.4 80.6 80.9 80.4 80.3 80.1 79.2 79.2 78.7 78.2 77.5 80.5 80.5 79.5 78.1 79.7

2001 76.8 76.0 75.6 75.2 74.4 73.7 73.2 72.7 72.4 71.9 71.6 71.7 76.1 74.4 72.8 71.7 73.8

2002 72.0 71.9 72.4 72.5 72.9 73.7 73.4 73.6 73.7 73.4 73.7 73.3 72.1 73.1 73.6 73.5 73.1

2003 73.7 73.8 73.9 73.3 73.4 73.7 73.9 73.6 74.2 74.3 75.1 75.0 73.8 73.5 73.9 74.8 74.0

2004 74.9 75.5 75.4 75.8 76.4 75.8 76.5 76.9 76.8 77.5 77.4 77.8 75.3 76.0 76.7 77.6 76.4

2005 78.3 78.8 78.3 78.4 78.5 78.5 78.0 78.1 77.2 78.2 78.7 78.7 78.5 78.5 77.8 78.5 78.3

2006 79.2 78.8 78.7 79.0 78.5 78.6 78.3 78.6 78.5 78.1 78.0 79.0 78.9 78.7 78.5 78.4 78.6

2007 78.4 78.5 79.0 79.4 79.1 79.2 79.0 78.6 78.8 78.4 78.7 78.7 78.6 79.2 78.8 78.6 78.8

2008 78.4 77.9 77.7 76.9 76.6 76.2 75.4 74.7 72.2 71.9 70.3 68.0 78.0 76.5 74.1 70.1 74.7

2009 66.1 66.1 64.9 64.5 63.9 63.7 64.7 65.6 66.2 66.4 67.2 67.1 65.7 64.0 65.5 66.9 65.5

2010 68.0 68.1 69.0 69.7 70.8 70.9 71.5 71.7 71.9 72.1 72.3 72.6 68.3 70.5 71.7 72.3 70.7

2011 72.9 73.0 73.5 73.1 73.2 73.3 73.7 73.9 74.1 74.5 74.2 74.6 73.1 73.2 73.9 74.4 73.7

2012 75.2 75.4 74.9 75.3 74.9 74.9 74.7 74.5 74.4 74.2 74.6 75.1 75.2 75.0 74.6 74.6 74.8

2013 74.8 75.1 74.9 74.5 74.7 74.8 73.9 74.6 74.7 74.8 74.7 74.7 74.9 74.6 74.4 74.7 74.7

2014 73.9 74.7 75.3 75.2 75.4 75.6 75.8 75.6 75.6 75.6 76.2 76.0 74.6 75.4 75.6 75.9 75.4

2015 75.7 75.3 75.6 75.6 75.6 75.3 75.8 75.7 75.5 75.6 75.5 75.2 75.5 75.5 75.7 75.4 75.5

2016 75.6 75.4 75.2 75.1 75.0 75.1 75.1 74.7 74.9 75.0 75.1 75.1 75.4 75.1 74.9 75.1 75.1

2017 75.5 75.8

NOTE: Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases.

1. See footnote 2 to table 2.

22
Table 8A

INDUSTRIAL PRODUCTION: Total Industry Excluding Selected High-Technology Industries1

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual2

IP (percent

change)

1987 -.5 1.2 .2 .5 .5 .4 .6 .7 .2 1.4 .5 .4 4.3 6.4 6.4 9.1 4.3

1988 .0 .4 .2 .5 -.2 .2 .0 .4 -.3 .5 .2 .5 3.3 2.8 .9 2.6 4.5

1989 .3 -.4 .3 .0 -.7 .0 -1.0 .9 -.4 -.2 .3 .6 2.0 -1.6 -3.3 .9 .6

1990 -.8 1.0 .5 -.2 .1 .3 -.1 .3 .1 -.8 -1.3 -.7 2.0 2.6 1.3 -6.7 .4

1991 -.4 -.8 -.6 .2 1.0 .9 .1 .0 .9 -.2 -.2 -.6 -8.0 1.9 5.4 .4 -2.0

1992 -.8 .7 .8 .6 .2 -.1 .8 -.6 .1 .6 .3 .1 -1.9 6.2 2.0 2.9 1.9

1993 .4 .4 -.2 .3 -.4 .2 .3 -.2 .4 .7 .3 .5 3.1 .2 1.3 5.3 2.5

1994 .3 .0 .9 .3 .4 .6 .0 .4 .1 .6 .4 .9 4.3 5.4 3.2 5.8 4.0

1995 .1 -.2 -.1 -.2 .1 .2 -.5 1.0 .1 -.4 .1 .1 2.8 -1.2 1.3 .4 2.4

1996 -1.0 1.3 -.3 .8 .5 .6 -.5 .4 .5 -.4 .8 .5 -.6 6.6 2.0 3.1 1.7

1997 -.1 .9 .4 -.3 .3 .2 .5 .8 .6 .7 .6 .1 5.1 2.3 6.4 7.6 4.2

1998 .3 .0 .0 .1 .6 -.9 -.7 1.9 -.5 .5 -.3 .1 2.2 .7 -.3 2.4 3.1

1999 .1 .2 -.1 -.1 .5 -.5 .3 .4 -.5 1.2 .2 .6 .6 .3 .9 5.6 1.1

2000 -.3 .0 .1 .5 -.1 -.1 -.5 -.5 .3 -.4 -.2 -.5 .6 1.7 -3.2 -2.6 1.0

2001 -.7 -.6 -.3 -.1 -.6 -.5 -.4 -.1 -.4 -.5 -.5 -.1 -5.8 -4.2 -4.5 -4.4 -3.9

2002 .7 -.1 .8 .4 .5 .9 -.3 -.1 .1 -.4 .5 -.6 2.5 6.2 2.0 -.7 .2

2003 .5 .2 -.3 -.9 -.1 .0 .2 -.3 .5 .0 .8 -.1 1.2 -4.5 .6 2.8 .2

2004 .1 .6 -.6 .5 .8 -.9 .8 .0 .0 .9 .2 .7 1.8 2.2 2.0 5.2 1.8

2005 .3 .6 -.2 .0 .1 .4 -.4 .1 -2.1 1.2 1.0 .6 4.8 1.3 -3.0 2.7 2.6

2006 .1 .0 .2 .4 -.2 .3 -.1 .3 -.3 -.1 -.1 1.1 3.3 1.8 .5 .3 1.4

2007 -.6 1.0 .0 .6 .1 .1 -.1 .1 .2 -.7 .3 -.1 3.0 4.0 .9 -1.0 1.8

2008 -.4 -.5 -.4 -.8 -.6 -.2 -.5 -1.5 -4.4 1.2 -1.0 -2.8 -2.8 -6.5 -12.3 -14.7 -4.3

2009 -2.4 -.7 -1.7 -1.0 -1.1 -.4 1.1 1.1 .7 .3 .4 .3 -20.4 -12.3 5.6 6.0 -11.5

2010 1.1 .2 .6 .4 1.5 .2 .4 .4 .3 -.3 .0 .8 7.0 8.0 5.8 1.1 5.0

2011 -.2 -.5 1.0 -.4 .2 .2 .4 .5 -.1 .8 -.2 .5 1.5 1.3 4.0 3.9 2.8

2012 .6 .3 -.6 .8 .2 .0 .2 -.4 -.1 .2 .5 .3 3.6 2.2 .1 2.0 2.7

2013 -.1 .6 .3 -.1 .0 .2 -.6 .8 .5 -.1 .3 .3 3.0 1.1 .5 3.0 1.7

2014 -.5 1.0 .9 .2 .2 .4 .0 -.1 .3 .1 .8 -.2 3.0 5.7 1.5 2.7 2.9

2015 -.7 -.2 -.3 -.4 -.4 -.3 .5 .0 -.3 -.2 -.6 -.5 -3.3 -4.1 .4 -3.8 -.8

2016 .5 -.2 -.7 .3 -.1 .4 .1 -.1 -.2 .2 -.2 .7 -1.5 -.8 .6 .5 -1.3

2017 -.1 .1

IP (2012=100)

1987 77.1 78.0 78.1 78.6 79.0 79.3 79.8 80.3 80.5 81.6 82.0 82.3 77.7 79.0 80.2 82.0 79.7

1988 82.3 82.7 82.8 83.2 83.1 83.2 83.2 83.6 83.3 83.7 83.8 84.2 82.6 83.2 83.4 83.9 83.3

1989 84.5 84.1 84.4 84.4 83.8 83.8 82.9 83.6 83.3 83.2 83.4 83.9 84.3 84.0 83.3 83.5 83.8

1990 83.2 84.1 84.4 84.3 84.4 84.6 84.5 84.8 84.9 84.2 83.1 82.5 83.9 84.4 84.7 83.3 84.1

1991 82.2 81.5 81.0 81.2 81.9 82.7 82.8 82.8 83.5 83.4 83.2 82.7 81.5 81.9 83.0 83.1 82.4

1992 82.1 82.7 83.3 83.9 84.1 84.0 84.7 84.2 84.3 84.8 85.1 85.1 82.7 84.0 84.4 85.0 84.0

1993 85.5 85.8 85.6 85.9 85.5 85.6 85.9 85.8 86.1 86.7 87.0 87.4 85.6 85.7 85.9 87.1 86.1

1994 87.7 87.7 88.5 88.7 89.1 89.6 89.6 89.9 90.0 90.6 91.0 91.8 88.0 89.1 89.8 91.1 89.5

1995 91.9 91.7 91.6 91.4 91.4 91.6 91.1 92.1 92.1 91.8 91.8 91.9 91.7 91.5 91.8 91.8 91.7

1996 91.0 92.2 91.9 92.7 93.2 93.7 93.3 93.6 94.1 93.7 94.5 94.9 91.7 93.2 93.7 94.4 93.2

1997 94.9 95.7 96.1 95.8 96.1 96.3 96.9 97.6 98.3 99.0 99.6 99.7 95.6 96.1 97.6 99.4 97.2

1998 100.0 100.0 99.9 100.1 100.6 99.7 99.0 100.9 100.3 100.9 100.5 100.6 100.0 100.1 100.1 100.7 100.2

1999 100.7 100.9 100.8 100.7 101.2 100.8 101.0 101.4 100.9 102.1 102.4 103.0 100.8 100.9 101.1 102.5 101.3

2000 102.6 102.6 102.7 103.2 103.1 103.0 102.5 102.0 102.3 101.9 101.7 101.2 102.6 103.1 102.3 101.6 102.4

2001 100.5 100.0 99.7 99.6 99.0 98.5 98.1 98.0 97.6 97.1 96.6 96.6 100.1 99.0 97.9 96.8 98.4

2002 97.2 97.1 97.8 98.2 98.7 99.6 99.3 99.3 99.4 99.0 99.5 98.9 97.4 98.8 99.3 99.2 98.7

2003 99.5 99.6 99.3 98.4 98.3 98.3 98.5 98.2 98.7 98.7 99.5 99.3 99.5 98.3 98.5 99.2 98.9

2004 99.4 100.0 99.4 99.9 100.7 99.8 100.6 100.7 100.7 101.6 101.8 102.5 99.6 100.2 100.7 101.9 100.6

2005 102.8 103.4 103.2 103.2 103.4 103.8 103.3 103.4 101.3 102.5 103.5 104.1 103.1 103.5 102.7 103.4 103.2

2006 104.2 104.1 104.3 104.7 104.5 104.8 104.7 105.0 104.7 104.6 104.5 105.6 104.2 104.7 104.8 104.9 104.6

2007 105.0 106.0 106.0 106.6 106.7 106.8 106.8 106.9 107.2 106.5 106.8 106.7 105.7 106.7 106.9 106.7 106.5

2008 106.4 105.9 105.5 104.6 104.0 103.8 103.3 101.8 97.3 98.4 97.4 94.7 105.9 104.1 100.8 96.8 101.9

2009 92.4 91.8 90.2 89.3 88.3 87.9 88.9 89.9 90.5 90.8 91.1 91.3 91.5 88.5 89.7 91.1 90.2

2010 92.3 92.5 93.1 93.4 94.8 95.0 95.4 95.8 96.1 95.8 95.8 96.5 92.6 94.4 95.8 96.0 94.7

2011 96.4 95.9 96.9 96.5 96.7 96.9 97.3 97.9 97.8 98.5 98.4 98.9 96.4 96.7 97.7 98.6 97.3

2012 99.5 99.8 99.1 99.9 100.1 100.0 100.3 99.9 99.9 100.1 100.6 100.9 99.5 100.0 100.0 100.5 100.0

2013 100.8 101.4 101.6 101.5 101.5 101.6 101.0 101.8 102.2 102.1 102.4 102.7 101.3 101.5 101.7 102.4 101.7

2014 102.2 103.2 104.1 104.3 104.6 105.0 105.0 104.9 105.2 105.3 106.1 105.9 103.2 104.6 105.0 105.7 104.6

2015 105.1 104.9 104.5 104.1 103.7 103.4 104.0 104.0 103.7 103.4 102.8 102.3 104.8 103.8 103.9 102.9 103.8

2016 102.9 102.7 101.9 102.2 102.1 102.5 102.6 102.5 102.3 102.5 102.2 103.0 102.5 102.3 102.4 102.6 102.4

2017 102.8 102.9

NOTE: Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases.

1. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.

2. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

23
Table 8B

CAPACITY AND UTILIZATION: Total Industry Excluding Selected High-Technology Industries1

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual

Capacity

(percent of

2012 output)

1987 97.4 97.5 97.6 97.7 97.8 97.9 98.0 98.1 98.2 98.3 98.3 98.4 97.5 97.8 98.1 98.3 97.9

1988 98.4 98.4 98.4 98.4 98.4 98.4 98.4 98.5 98.5 98.5 98.6 98.7 98.4 98.4 98.5 98.6 98.5

1989 98.8 98.9 99.0 99.2 99.3 99.5 99.7 99.8 100.0 100.2 100.4 100.6 98.9 99.3 99.8 100.4 99.6

1990 100.7 100.9 101.1 101.2 101.4 101.5 101.6 101.8 101.9 102.0 102.1 102.3 100.9 101.4 101.8 102.1 101.5

1991 102.4 102.5 102.6 102.7 102.8 102.9 103.0 103.2 103.3 103.4 103.5 103.6 102.5 102.8 103.2 103.5 103.0

1992 103.7 103.8 103.9 104.0 104.2 104.3 104.4 104.5 104.6 104.7 104.8 105.0 103.8 104.2 104.5 104.8 104.3

1993 105.1 105.2 105.3 105.4 105.5 105.6 105.7 105.8 105.9 106.0 106.1 106.2 105.2 105.5 105.8 106.1 105.6

1994 106.3 106.4 106.6 106.7 106.9 107.0 107.2 107.4 107.5 107.7 107.9 108.1 106.4 106.9 107.4 107.9 107.2

1995 108.3 108.5 108.7 108.9 109.1 109.3 109.5 109.7 109.9 110.1 110.3 110.5 108.5 109.1 109.7 110.3 109.4

1996 110.7 110.8 111.0 111.2 111.4 111.6 111.8 112.1 112.3 112.6 112.9 113.1 110.8 111.4 112.1 112.9 111.8

1997 113.5 113.8 114.1 114.5 114.9 115.2 115.7 116.1 116.5 117.0 117.4 117.8 113.8 114.9 116.1 117.4 115.5

1998 118.3 118.7 119.2 119.6 120.1 120.5 120.9 121.3 121.7 122.1 122.4 122.8 118.7 120.1 121.3 122.4 120.6

1999 123.1 123.4 123.7 124.0 124.2 124.5 124.7 124.9 125.2 125.4 125.5 125.7 123.4 124.2 124.9 125.5 124.5

2000 125.9 126.1 126.2 126.4 126.5 126.6 126.8 126.9 127.0 127.2 127.3 127.4 126.1 126.5 126.9 127.3 126.7

2001 127.6 127.7 127.8 128.0 128.1 128.3 128.4 128.6 128.7 128.8 129.0 129.1 127.7 128.1 128.6 129.0 128.3

2002 129.2 129.3 129.4 129.5 129.5 129.5 129.5 129.5 129.5 129.4 129.4 129.3 129.3 129.5 129.5 129.4 129.4

2003 129.2 129.1 129.0 128.9 128.8 128.7 128.7 128.6 128.5 128.5 128.4 128.4 129.1 128.8 128.6 128.4 128.7

2004 128.3 128.3 128.2 128.2 128.1 128.1 128.0 128.0 128.0 127.9 127.9 127.9 128.3 128.1 128.0 127.9 128.1

2005 127.9 128.0 128.0 128.1 128.2 128.3 128.4 128.5 128.6 128.8 128.9 129.1 128.0 128.2 128.5 128.9 128.4

2006 129.2 129.4 129.6 129.8 129.9 130.1 130.3 130.5 130.7 130.9 131.1 131.3 129.4 129.9 130.5 131.1 130.2

2007 131.4 131.6 131.7 131.8 131.9 131.9 131.9 131.9 131.8 131.7 131.6 131.5 131.6 131.9 131.9 131.6 131.7

2008 131.4 131.3 131.2 131.1 131.1 131.1 131.2 131.3 131.4 131.6 131.7 131.9 131.3 131.1 131.3 131.7 131.3

2009 132.0 132.2 132.3 132.3 132.4 132.3 132.2 132.1 131.9 131.7 131.4 131.1 132.2 132.3 132.1 131.4 132.0

2010 130.8 130.5 130.1 129.8 129.5 129.2 128.9 128.7 128.4 128.2 128.0 127.9 130.5 129.5 128.7 128.1 129.2

2011 127.7 127.6 127.5 127.5 127.5 127.5 127.5 127.5 127.6 127.7 127.9 128.0 127.6 127.5 127.6 127.9 127.6

2012 128.2 128.4 128.5 128.7 128.9 129.1 129.3 129.5 129.7 129.9 130.1 130.3 128.4 128.9 129.5 130.1 129.2

2013 130.4 130.6 130.7 130.9 131.0 131.1 131.2 131.3 131.4 131.4 131.5 131.6 130.6 131.0 131.3 131.5 131.1

2014 131.7 131.8 132.0 132.1 132.3 132.5 132.7 132.9 133.2 133.4 133.7 133.9 131.9 132.3 132.9 133.7 132.7

2015 134.2 134.4 134.6 134.8 134.9 135.0 135.1 135.1 135.2 135.1 135.1 135.1 134.4 134.9 135.1 135.1 134.9

2016 135.0 135.0 135.0 134.9 134.9 134.9 134.9 135.0 135.0 135.1 135.2 135.3 135.0 134.9 135.0 135.2 135.0

2017 135.4 135.5

Utilization

(percent)

1987 79.1 80.0 80.1 80.4 80.8 81.0 81.4 81.9 81.9 83.0 83.4 83.7 79.7 80.7 81.7 83.4 81.4

1988 83.7 84.0 84.2 84.6 84.4 84.6 84.6 84.9 84.6 84.9 85.0 85.4 84.0 84.5 84.7 85.1 84.6

1989 85.6 85.1 85.2 85.1 84.4 84.2 83.2 83.8 83.3 83.0 83.1 83.4 85.3 84.6 83.4 83.2 84.1

1990 82.6 83.3 83.6 83.3 83.3 83.4 83.2 83.3 83.3 82.5 81.4 80.7 83.2 83.3 83.2 81.5 82.8

1991 80.2 79.5 78.9 79.0 79.7 80.3 80.3 80.2 80.9 80.6 80.4 79.9 79.6 79.7 80.5 80.3 80.0

1992 79.2 79.6 80.2 80.6 80.7 80.5 81.1 80.5 80.5 80.9 81.1 81.1 79.7 80.6 80.7 81.0 80.5

1993 81.4 81.6 81.3 81.5 81.1 81.1 81.3 81.1 81.3 81.8 82.0 82.3 81.4 81.2 81.3 82.1 81.5

1994 82.5 82.4 83.0 83.2 83.4 83.7 83.6 83.7 83.7 84.1 84.3 84.9 82.6 83.4 83.7 84.4 83.5

1995 84.9 84.5 84.3 83.9 83.8 83.8 83.2 83.9 83.8 83.3 83.3 83.2 84.5 83.8 83.6 83.3 83.8

1996 82.2 83.2 82.8 83.3 83.6 84.0 83.4 83.5 83.8 83.3 83.7 83.9 82.7 83.6 83.6 83.6 83.4

1997 83.6 84.1 84.2 83.7 83.7 83.6 83.8 84.1 84.3 84.6 84.8 84.6 84.0 83.7 84.1 84.7 84.1

1998 84.5 84.2 83.8 83.7 83.8 82.7 81.9 83.1 82.4 82.6 82.1 82.0 84.2 83.4 82.5 82.2 83.1

1999 81.8 81.8 81.5 81.2 81.5 80.9 81.0 81.2 80.6 81.5 81.6 81.9 81.7 81.2 80.9 81.6 81.4

2000 81.5 81.4 81.4 81.7 81.5 81.3 80.9 80.4 80.5 80.1 79.9 79.4 81.4 81.5 80.6 79.8 80.8

2001 78.8 78.3 78.0 77.8 77.2 76.8 76.4 76.2 75.8 75.4 74.9 74.8 78.4 77.3 76.1 75.0 76.7

2002 75.2 75.1 75.6 75.9 76.2 76.9 76.7 76.6 76.7 76.5 76.9 76.5 75.3 76.3 76.7 76.6 76.2

2003 77.0 77.2 77.0 76.3 76.3 76.3 76.5 76.4 76.8 76.8 77.4 77.4 77.0 76.3 76.6 77.2 76.8

2004 77.5 78.0 77.6 77.9 78.6 78.0 78.6 78.7 78.7 79.4 79.6 80.1 77.7 78.2 78.6 79.7 78.5

2005 80.4 80.8 80.6 80.6 80.7 80.9 80.5 80.5 78.7 79.6 80.3 80.7 80.6 80.7 79.9 80.2 80.4

2006 80.6 80.5 80.5 80.7 80.4 80.5 80.4 80.4 80.1 79.9 79.7 80.4 80.5 80.6 80.3 80.0 80.3

2007 79.9 80.6 80.5 80.9 80.9 81.0 80.9 81.1 81.3 80.8 81.2 81.2 80.3 80.9 81.1 81.1 80.8

2008 81.0 80.6 80.4 79.8 79.3 79.2 78.8 77.5 74.0 74.8 74.0 71.8 80.7 79.4 76.8 73.5 77.6

2009 70.0 69.4 68.2 67.5 66.7 66.4 67.2 68.0 68.6 68.9 69.3 69.7 69.2 66.9 68.0 69.3 68.3

2010 70.6 70.9 71.5 72.0 73.2 73.5 74.0 74.5 74.8 74.7 74.8 75.5 71.0 72.9 74.4 75.0 73.3

2011 75.4 75.1 76.0 75.7 75.9 76.0 76.4 76.7 76.6 77.1 76.9 77.2 75.5 75.9 76.6 77.1 76.3

2012 77.6 77.7 77.1 77.6 77.6 77.5 77.5 77.1 77.0 77.0 77.3 77.4 77.5 77.6 77.2 77.3 77.4

2013 77.2 77.6 77.7 77.6 77.5 77.5 77.0 77.5 77.8 77.7 77.9 78.0 77.5 77.5 77.4 77.9 77.6

2014 77.6 78.3 78.9 79.0 79.1 79.2 79.1 78.9 79.0 78.9 79.3 79.0 78.3 79.1 79.0 79.1 78.9

2015 78.3 78.1 77.7 77.3 76.9 76.6 77.0 76.9 76.7 76.5 76.1 75.7 78.0 76.9 76.9 76.1 77.0

2016 76.2 76.0 75.5 75.8 75.7 76.0 76.0 75.9 75.7 75.8 75.6 76.1 75.9 75.8 75.9 75.9 75.9

2017 75.9 75.9

NOTE: Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases.

1. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.

24
Table 9A

INDUSTRIAL PRODUCTION: Manufacturing Excluding Selected High-Technology Industries1,2

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual3

IP (percent

change)

1987 -.5 1.4 .1 .4 .6 .2 .7 .5 .4 1.5 .5 .5 4.6 6.0 6.0 10.3 4.6

1988 -.2 .2 .2 .8 -.3 .1 -.1 .0 .3 .5 .3 .5 2.2 3.4 -.1 4.3 4.5

1989 .9 -1.0 -.1 .2 -.9 .2 -1.3 .8 -.3 -.3 .2 .0 2.4 -3.1 -4.3 -.6 .4

1990 -.3 1.5 .4 -.3 .1 .2 -.2 .3 -.1 -.9 -1.2 -.8 3.5 2.5 .6 -7.5 .0

1991 -.8 -.8 -.8 .4 .6 1.1 .3 .1 1.1 -.2 -.3 -.4 -9.7 1.2 7.1 1.1 -2.6

1992 -.8 .8 1.0 .4 .5 .1 .8 -.5 -.1 .5 .3 -.2 -1.2 7.1 2.8 1.5 2.6

1993 1.0 .2 -.3 .5 -.1 -.2 .3 -.3 .6 .8 .3 .5 4.0 .6 .3 5.9 2.6

1994 .1 .1 1.1 .6 .5 .1 .2 .6 .2 .7 .6 1.0 3.9 7.1 3.7 7.1 4.4

1995 .1 -.4 -.1 -.4 -.1 .3 -.8 .8 .5 -.4 -.1 .0 2.7 -2.3 .2 .7 2.5

1996 -1.2 1.3 -.5 1.0 .6 .8 -.1 .3 .6 -.5 .7 .7 -2.0 7.4 4.0 2.9 1.5

1997 -.2 1.1 .8 -.6 .4 .4 .4 1.0 .6 .7 .8 .1 6.2 2.9 6.8 8.2 4.9

1998 .6 .0 -.3 .2 .4 -1.2 -.8 2.3 -.6 .7 -.1 .2 3.4 -.2 -.5 4.1 3.5

1999 -.1 .5 -.4 .0 .7 -.7 .0 .6 -.5 1.4 .4 .4 .7 .3 .0 6.7 1.3

2000 -.3 -.2 .3 .4 -.6 .0 -.2 -1.0 .3 -.4 -.5 -.8 .3 .9 -3.8 -4.6 .7

2001 -.6 -.6 -.3 -.1 -.7 -.5 -.2 -.5 -.2 -.7 -.2 .2 -6.8 -4.4 -4.6 -4.2 -4.7

2002 .6 -.2 .8 .2 .6 1.1 -.4 .1 .1 -.4 .4 -.6 3.2 5.6 2.5 -1.0 .4

2003 .4 -.1 .0 -1.0 -.1 .3 .0 -.6 .7 -.1 1.0 -.3 .5 -3.9 -.1 3.1 .0

2004 -.2 .7 -.2 .4 .8 -.8 .9 .4 -.1 1.0 -.1 .6 1.3 3.3 3.8 4.8 2.0

2005 .6 .7 -.6 .2 .3 .1 -.5 .2 -1.2 1.4 .8 .1 5.2 1.4 -2.2 5.0 3.1

2006 .8 -.4 -.1 .5 -.6 .2 -.4 .5 -.1 -.4 .0 1.5 3.1 .0 -.4 .8 1.5

2007 -.6 .3 .6 .5 .0 .5 .0 -.4 .3 -.7 .3 .0 3.3 4.7 .7 -1.7 1.8

2008 -.5 -.8 -.5 -1.2 -.6 -.6 -1.1 -1.2 -3.5 -.4 -2.1 -3.3 -4.5 -9.3 -13.8 -20.3 -5.9

2009 -3.1 -.2 -2.0 -.9 -1.2 -.4 1.4 1.2 .8 .1 .9 -.3 -24.2 -12.5 7.4 6.4 -13.9

2010 1.0 -.3 1.1 .8 1.5 -.1 .6 .2 .0 .1 -.1 .2 5.2 10.1 4.7 .9 5.1

2011 .1 .1 .6 -.6 .1 .0 .6 .3 .3 .7 -.4 .6 2.2 -.6 3.7 3.7 2.5

2012 .9 .3 -.6 .6 -.5 .2 -.2 -.1 -.1 -.3 .8 .7 5.0 .1 -1.3 1.3 2.3

2013 -.3 .5 -.2 -.5 .2 .2 -1.2 1.0 .1 .1 -.1 -.1 2.8 -1.1 -1.2 1.7 .5

2014 -1.1 1.1 .7 -.1 .1 .3 .2 -.4 .0 .0 .9 -.4 -.8 3.9 .8 1.2 .8

2015 -.4 -.5 .3 .1 -.1 -.3 .7 -.1 -.3 .1 -.1 -.3 -2.2 -.3 1.1 -.9 .0

2016 .5 -.2 -.2 .0 -.2 .2 .0 -.4 .2 .1 .2 .1 .5 -1.3 -.3 1.1 -.2

2017 .6 .5

IP (2012=100)

1987 80.5 81.6 81.7 82.0 82.5 82.7 83.3 83.7 84.0 85.3 85.7 86.2 81.2 82.4 83.6 85.7 83.3

1988 86.0 86.2 86.4 87.1 86.8 86.9 86.8 86.8 87.1 87.5 87.8 88.2 86.2 86.9 86.9 87.8 87.0

1989 89.0 88.1 88.0 88.2 87.4 87.5 86.4 87.0 86.8 86.5 86.6 86.6 88.4 87.7 86.7 86.6 87.3

1990 86.3 87.6 88.0 87.8 87.8 88.0 87.9 88.1 88.0 87.2 86.2 85.5 87.3 87.9 88.0 86.3 87.4

1991 84.8 84.1 83.4 83.8 84.3 85.2 85.5 85.6 86.6 86.4 86.1 85.8 84.1 84.4 85.9 86.1 85.1

1992 85.1 85.8 86.7 87.0 87.4 87.5 88.3 87.8 87.7 88.1 88.4 88.2 85.8 87.3 87.9 88.3 87.3

1993 89.1 89.3 89.0 89.4 89.3 89.1 89.3 89.1 89.6 90.3 90.6 91.0 89.1 89.2 89.3 90.6 89.6

1994 91.1 91.2 92.2 92.7 93.2 93.3 93.5 94.0 94.2 94.9 95.4 96.3 91.5 93.1 93.9 95.5 93.5

1995 96.4 96.1 96.0 95.6 95.5 95.8 95.0 95.7 96.3 95.9 95.8 95.8 96.2 95.6 95.7 95.8 95.8

1996 94.7 95.9 95.5 96.5 97.0 97.8 97.6 97.9 98.5 98.0 98.7 99.4 95.3 97.1 98.0 98.7 97.3

1997 99.3 100.3 101.1 100.5 100.9 101.3 101.7 102.7 103.3 104.0 104.9 105.0 100.2 100.9 102.6 104.7 102.1

1998 105.6 105.6 105.3 105.6 106.0 104.8 104.0 106.3 105.7 106.4 106.3 106.5 105.5 105.5 105.3 106.4 105.7

1999 106.4 106.9 106.4 106.4 107.2 106.4 106.4 107.1 106.5 108.0 108.4 108.8 106.6 106.7 106.7 108.4 107.1

2000 108.5 108.3 108.7 109.1 108.5 108.5 108.3 107.2 107.6 107.1 106.5 105.7 108.5 108.7 107.7 106.4 107.8

2001 105.1 104.5 104.2 104.1 103.4 102.8 102.6 102.1 101.9 101.2 101.0 101.1 104.6 103.4 102.2 101.1 102.8

2002 101.8 101.6 102.3 102.5 103.1 104.3 103.8 103.9 104.0 103.6 104.0 103.4 101.9 103.3 103.9 103.7 103.2

2003 103.8 103.8 103.8 102.7 102.6 102.9 102.9 102.3 103.0 103.0 104.0 103.7 103.8 102.8 102.7 103.5 103.2

2004 103.4 104.2 104.0 104.4 105.3 104.4 105.4 105.9 105.7 106.8 106.7 107.3 103.9 104.7 105.7 106.9 105.3

2005 108.0 108.8 108.1 108.4 108.7 108.9 108.3 108.6 107.3 108.8 109.6 109.7 108.3 108.7 108.1 109.4 108.6

2006 110.6 110.1 110.0 110.6 109.9 110.2 109.8 110.3 110.2 109.8 109.8 111.4 110.2 110.2 110.1 110.3 110.2

2007 110.8 111.1 111.8 112.3 112.3 112.9 112.9 112.4 112.8 112.0 112.3 112.3 111.2 112.5 112.7 112.2 112.2

2008 111.7 110.8 110.3 109.0 108.3 107.6 106.4 105.1 101.5 101.1 98.9 95.7 110.9 108.3 104.3 98.6 105.5

2009 92.7 92.5 90.6 89.8 88.7 88.3 89.6 90.7 91.4 91.5 92.3 92.1 92.0 88.9 90.5 92.0 90.9

2010 92.9 92.7 93.8 94.5 95.9 95.8 96.4 96.5 96.6 96.7 96.6 96.8 93.1 95.4 96.5 96.7 95.4

2011 97.0 97.1 97.7 97.0 97.1 97.1 97.7 98.0 98.3 98.9 98.5 99.1 97.2 97.1 98.0 98.9 97.8

2012 100.1 100.4 99.8 100.4 99.9 100.0 99.9 99.8 99.6 99.3 100.1 100.8 100.1 100.1 99.8 100.1 100.0

2013 100.5 101.0 100.8 100.3 100.5 100.7 99.5 100.5 100.6 100.6 100.6 100.5 100.8 100.5 100.2 100.6 100.5

2014 99.4 100.5 101.2 101.2 101.3 101.6 101.9 101.4 101.4 101.4 102.3 101.9 100.4 101.4 101.6 101.9 101.3

2015 101.5 101.0 101.3 101.4 101.3 101.0 101.7 101.6 101.3 101.4 101.4 101.0 101.3 101.2 101.5 101.3 101.3

2016 101.6 101.4 101.2 101.1 100.9 101.1 101.2 100.8 101.0 101.1 101.3 101.4 101.4 101.1 101.0 101.3 101.2

2017 101.9 102.5

NOTE: Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases.

1. See footnote 2 to table 2.

2. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.

3. Annual averages of industrial production are calculated from not seasonally adjusted indexes.

25
Table 9B

CAPACITY AND UTILIZATION: Manufacturing Excluding Selected High-Technology Industries1,2

Seasonally adjusted

Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual

Capacity

(percent of

2012 output)

1987 101.7 101.9 102.0 102.2 102.3 102.5 102.6 102.8 102.9 103.0 103.0 103.1 101.9 102.3 102.8 103.0 102.5

1988 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.1 103.2 103.2 103.3 103.1 103.1 103.1 103.2 103.1

1989 103.4 103.5 103.7 103.9 104.0 104.2 104.4 104.6 104.8 105.0 105.2 105.4 103.6 104.0 104.6 105.2 104.4

1990 105.6 105.8 106.0 106.2 106.4 106.5 106.7 106.9 107.0 107.2 107.3 107.5 105.8 106.4 106.9 107.3 106.6

1991 107.6 107.7 107.9 108.0 108.1 108.3 108.4 108.5 108.6 108.8 108.9 109.0 107.7 108.1 108.5 108.9 108.3

1992 109.1 109.3 109.4 109.5 109.7 109.8 110.0 110.1 110.2 110.4 110.5 110.7 109.3 109.7 110.1 110.5 109.9

1993 110.8 110.9 111.0 111.2 111.3 111.4 111.5 111.6 111.7 111.8 111.9 112.0 110.9 111.3 111.6 111.9 111.4

1994 112.1 112.3 112.4 112.5 112.7 112.9 113.0 113.2 113.4 113.6 113.8 114.0 112.3 112.7 113.2 113.8 113.0

1995 114.2 114.5 114.7 114.9 115.2 115.4 115.7 115.9 116.2 116.4 116.6 116.9 114.5 115.2 115.9 116.6 115.5

1996 117.1 117.4 117.6 117.8 118.1 118.3 118.6 118.9 119.2 119.5 119.8 120.2 117.4 118.1 118.9 119.9 118.6

1997 120.6 121.0 121.4 121.8 122.3 122.7 123.2 123.7 124.3 124.8 125.3 125.9 121.0 122.3 123.8 125.3 123.1

1998 126.4 127.0 127.5 128.0 128.5 129.1 129.5 130.0 130.5 130.9 131.4 131.8 127.0 128.5 130.0 131.4 129.2

1999 132.2 132.5 132.9 133.3 133.6 133.9 134.2 134.5 134.8 135.0 135.3 135.5 132.5 133.6 134.5 135.3 134.0

2000 135.8 136.0 136.2 136.4 136.6 136.8 137.0 137.2 137.3 137.5 137.7 137.8 136.0 136.6 137.2 137.6 136.8

2001 137.9 138.1 138.2 138.3 138.4 138.5 138.6 138.7 138.8 138.8 138.9 138.9 138.1 138.4 138.7 138.9 138.5

2002 138.9 138.9 138.9 138.9 138.9 138.9 138.9 138.8 138.8 138.7 138.6 138.6 138.9 138.9 138.8 138.6 138.8

2003 138.5 138.4 138.3 138.3 138.2 138.1 138.0 137.9 137.8 137.7 137.6 137.5 138.4 138.2 137.9 137.6 138.0

2004 137.4 137.3 137.2 137.2 137.1 137.0 137.0 137.0 137.0 137.0 137.0 137.1 137.3 137.1 137.0 137.0 137.1

2005 137.2 137.3 137.4 137.6 137.7 137.9 138.1 138.3 138.6 138.8 139.0 139.2 137.3 137.7 138.3 139.0 138.1

2006 139.5 139.7 139.9 140.1 140.3 140.5 140.7 140.8 141.0 141.1 141.3 141.4 139.7 140.3 140.8 141.3 140.5

2007 141.6 141.7 141.8 142.0 142.1 142.2 142.3 142.3 142.4 142.4 142.5 142.5 141.7 142.1 142.3 142.5 142.1

2008 142.5 142.4 142.4 142.3 142.2 142.1 142.0 141.8 141.7 141.5 141.3 141.1 142.4 142.2 141.8 141.3 141.9

2009 140.9 140.7 140.4 140.2 139.9 139.6 139.3 139.0 138.7 138.4 138.1 137.8 140.7 139.9 139.0 138.1 139.4

2010 137.5 137.2 136.9 136.6 136.3 136.0 135.7 135.4 135.1 134.8 134.5 134.2 137.2 136.3 135.4 134.5 135.8

2011 133.9 133.7 133.4 133.2 133.0 132.9 132.8 132.7 132.6 132.6 132.6 132.7 133.7 133.0 132.7 132.7 133.0

2012 132.7 132.8 132.9 133.0 133.1 133.3 133.4 133.5 133.6 133.7 133.8 133.9 132.8 133.1 133.5 133.8 133.3

2013 134.0 134.0 134.1 134.1 134.1 134.1 134.2 134.2 134.2 134.2 134.2 134.1 134.0 134.1 134.2 134.1 134.1

2014 134.1 134.1 134.1 134.1 134.1 134.1 134.0 134.0 134.0 134.0 133.9 133.9 134.1 134.1 134.0 133.9 134.0

2015 133.9 133.8 133.8 133.8 133.8 133.8 133.8 133.9 133.9 133.9 134.0 134.1 133.8 133.8 133.9 134.0 133.9

2016 134.1 134.2 134.3 134.3 134.4 134.5 134.5 134.6 134.7 134.7 134.8 134.8 134.2 134.4 134.6 134.8 134.5

2017 134.9 134.9

Utilization

(percent)

1987 79.1 80.1 80.0 80.3 80.6 80.7 81.1 81.4 81.7 82.8 83.2 83.6 79.7 80.5 81.4 83.2 81.2

1988 83.4 83.6 83.8 84.4 84.2 84.3 84.2 84.2 84.5 84.8 85.0 85.4 83.6 84.3 84.3 85.1 84.3

1989 86.0 85.1 84.9 84.9 84.0 84.0 82.7 83.2 82.8 82.3 82.3 82.2 85.3 84.3 82.9 82.3 83.7

1990 81.7 82.8 83.0 82.6 82.6 82.6 82.3 82.5 82.3 81.4 80.3 79.6 82.5 82.6 82.4 80.4 82.0

1991 78.8 78.1 77.4 77.5 77.9 78.7 78.8 78.9 79.7 79.4 79.1 78.7 78.1 78.1 79.1 79.1 78.6

1992 78.0 78.5 79.2 79.4 79.7 79.7 80.3 79.8 79.6 79.8 80.0 79.7 78.6 79.6 79.9 79.8 79.5

1993 80.4 80.5 80.1 80.4 80.2 80.0 80.1 79.8 80.2 80.7 80.9 81.3 80.4 80.2 80.0 81.0 80.4

1994 81.2 81.2 82.0 82.4 82.7 82.7 82.7 83.1 83.1 83.5 83.8 84.5 81.5 82.6 82.9 83.9 82.7

1995 84.4 83.9 83.7 83.2 82.9 83.0 82.1 82.6 82.9 82.4 82.1 82.0 84.0 83.0 82.5 82.2 82.9

1996 80.8 81.7 81.2 81.9 82.1 82.6 82.3 82.3 82.6 82.0 82.4 82.7 81.2 82.2 82.4 82.4 82.1

1997 82.3 82.9 83.3 82.5 82.6 82.6 82.6 83.0 83.2 83.4 83.7 83.4 82.8 82.5 82.9 83.5 82.9

1998 83.6 83.2 82.6 82.5 82.5 81.2 80.3 81.8 81.0 81.3 80.9 80.8 83.1 82.1 81.0 81.0 81.8

1999 80.5 80.6 80.1 79.9 80.2 79.5 79.3 79.6 79.0 80.0 80.1 80.3 80.4 79.8 79.3 80.1 79.9

2000 79.9 79.6 79.8 80.0 79.4 79.3 79.1 78.2 78.3 77.9 77.4 76.7 79.8 79.6 78.5 77.3 78.8

2001 76.2 75.7 75.4 75.2 74.7 74.2 74.0 73.6 73.4 72.9 72.7 72.8 75.7 74.7 73.7 72.8 74.2

2002 73.2 73.1 73.7 73.8 74.2 75.1 74.8 74.9 75.0 74.7 75.0 74.6 73.3 74.4 74.9 74.8 74.3

2003 75.0 75.0 75.0 74.3 74.3 74.5 74.6 74.2 74.8 74.8 75.5 75.4 75.0 74.4 74.5 75.2 74.8

2004 75.3 75.9 75.8 76.1 76.8 76.2 77.0 77.3 77.2 78.0 77.9 78.3 75.6 76.4 77.2 78.0 76.8

2005 78.7 79.2 78.7 78.8 78.9 78.9 78.4 78.5 77.4 78.4 78.9 78.8 78.9 78.9 78.1 78.7 78.6

2006 79.3 78.8 78.6 78.9 78.3 78.4 78.0 78.3 78.2 77.8 77.7 78.8 78.9 78.6 78.2 78.1 78.4

2007 78.2 78.4 78.8 79.1 79.1 79.4 79.4 79.0 79.2 78.7 78.8 78.8 78.5 79.2 79.2 78.8 78.9

2008 78.4 77.8 77.5 76.6 76.1 75.7 74.9 74.1 71.6 71.4 70.0 67.8 77.9 76.1 73.5 69.7 74.3

2009 65.8 65.8 64.6 64.1 63.4 63.3 64.3 65.2 65.9 66.1 66.9 66.8 65.4 63.6 65.1 66.6 65.2

2010 67.6 67.6 68.5 69.2 70.4 70.5 71.0 71.3 71.5 71.7 71.8 72.2 67.9 70.0 71.3 71.9 70.3

2011 72.4 72.6 73.2 72.8 73.0 73.1 73.6 73.8 74.1 74.6 74.3 74.7 72.7 73.0 73.8 74.5 73.5

2012 75.4 75.6 75.1 75.4 75.0 75.1 74.9 74.7 74.6 74.3 74.8 75.3 75.3 75.2 74.7 74.8 75.0

2013 75.0 75.4 75.2 74.8 74.9 75.0 74.2 74.9 75.0 75.0 75.0 74.9 75.2 74.9 74.7 75.0 74.9

2014 74.1 74.9 75.5 75.4 75.6 75.8 76.0 75.7 75.7 75.7 76.4 76.1 74.9 75.6 75.8 76.1 75.6

2015 75.8 75.5 75.7 75.8 75.7 75.5 76.0 75.9 75.6 75.7 75.6 75.4 75.7 75.6 75.8 75.6 75.7

2016 75.7 75.6 75.4 75.3 75.1 75.2 75.2 74.9 75.0 75.1 75.2 75.2 75.6 75.2 75.0 75.1 75.2

2017 75.6 75.9

NOTE: Estimates from October 2016 through February 2017 are subject to further revision in the upcoming monthly releases.

1. See footnote 2 to table 2.

2. High-technology industries include computers, communications equipment, and semiconductors and related electronic components.

26
Table 10

ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY

Item 2009 2010 2011 2012 2013 2014 2015 2016

Total IP 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

MARKET GROUPS

Final products and nonindustrial supplies 55.7 53.2 52.3 51.7 50.7 52.1 55.2 55.3

Consumer goods 28.4 26.8 26.2 25.3 24.8 25.5 27.8 28.2

Durable 5.6 5.4 5.1 5.1 5.3 5.6 6.2 6.3

Automotive products 2.5 2.6 2.4 2.4 2.5 2.8 3.2 3.3

Home electronics .3 .2 .2 .2 .2 .2 .2 .2

Appliances, furniture, carpeting .9 .8 .7 .7 .8 .8 .9 .9

Miscellaneous goods 1.9 1.8 1.8 1.8 1.8 1.9 2.0 2.0

Nondurable 22.8 21.4 21.1 20.2 19.5 19.9 21.6 21.9

Non-energy 18.1 16.4 15.9 15.2 14.9 15.4 17.0 17.2

Foods and tobacco 9.9 9.1 8.7 8.5 8.5 8.7 9.5 9.5

Clothing .3 .3 .3 .3 .2 .2 .2 .2

Chemical products 5.8 5.1 5.1 4.8 4.5 4.8 5.6 5.8

Paper products 1.6 1.4 1.3 1.2 1.2 1.2 1.2 1.1

Energy 4.8 5.0 5.2 4.9 4.7 4.5 4.6 4.7

Business equipment 9.5 9.3 9.2 9.8 9.6 10.0 10.4 10.2

Transit 2.0 2.1 1.9 2.2 2.3 2.6 2.8 2.7

Information processing 2.6 2.3 2.1 2.2 2.2 2.1 2.2 2.2

Industrial and other 4.9 4.9 5.2 5.3 5.1 5.3 5.4 5.3

Defense and space equipment 2.5 2.5 2.3 2.3 2.2 2.2 2.3 2.3

Construction supplies 4.4 4.2 4.1 4.2 4.3 4.5 4.9 5.0

Business supplies 10.3 9.7 9.5 9.1 8.8 8.9 9.3 9.3

Materials 44.3 46.8 47.7 48.3 49.3 47.9 44.8 44.7

Non-energy 26.0 26.8 27.0 26.6 26.1 26.7 27.6 27.4

Durable 14.8 15.6 16.0 16.0 15.7 16.4 16.7 16.6

Consumer parts 2.2 2.5 2.5 2.7 2.8 2.9 3.1 3.2

Equipment parts 5.3 5.3 5.5 5.4 5.1 5.3 5.3 5.1

Other 7.2 7.8 7.9 7.8 7.9 8.1 8.3 8.3

Nondurable 11.2 11.2 11.0 10.7 10.4 10.4 10.8 10.9

Textile .4 .5 .4 .4 .4 .4 .4 .4

Paper 2.2 2.1 2.0 2.0 1.9 1.9 2.0 1.9

Chemical 5.0 5.4 5.5 5.3 5.1 5.0 5.2 5.3

Energy 18.3 20.0 20.7 21.7 23.1 21.1 17.2 17.2

INDUSTRY GROUPS

Manufacturing 75.3 73.6 72.8 72.1 70.6 72.3 76.4 76.4

Manufacturing (NAICS) 31–33 71.9 70.7 70.1 69.6 68.4 70.0 74.0 74.2

Durable manufacturing 36.3 36.3 36.1 36.4 36.2 37.6 39.2 39.1

Wood products 321 1.0 .9 .9 1.0 1.1 1.2 1.2 1.3

Nonmetallic mineral products 327 1.7 1.6 1.6 1.6 1.7 1.9 2.1 2.2

Primary metals 331 2.1 2.7 2.8 2.5 2.6 2.6 2.4 2.3

Fabricated metal products 332 5.3 5.1 5.3 5.4 5.4 5.5 5.7 5.6

Machinery 333 4.9 5.1 5.5 5.8 5.5 5.8 5.8 5.7

Computer and electronic products 334 6.4 6.0 5.8 5.7 5.2 5.1 5.3 5.2

Electrical equip., appliances,

and components 335 1.9 1.8 1.8 1.8 1.7 1.8 1.9 1.9

Motor vehicles and parts 3361–3 4.0 4.4 4.2 4.4 4.6 5.1 5.7 5.8

Aerospace and miscellaneous

transportation equipment 3364–9 4.6 4.4 4.2 4.4 4.4 4.7 5.0 5.0

Furniture and related products 337 1.1 1.0 1.0 1.0 1.0 1.1 1.2 1.2

Miscellaneous 339 3.4 3.2 3.0 2.8 2.8 2.8 3.0 3.0

Nondurable manufacturing 35.6 34.4 34.1 33.2 32.2 32.4 34.8 35.1

Food, beverage, and tobacco products 311,2 12.1 11.1 10.6 10.2 10.3 10.5 11.4 11.5

Textile and product mills 313,4 .7 .7 .7 .6 .7 .7 .7 .7

Apparel and leather 315,6 .3 .3 .3 .3 .2 .2 .3 .2

Paper 322 2.8 2.6 2.5 2.5 2.5 2.5 2.6 2.5

Printing and support 323 1.8 1.6 1.5 1.4 1.4 1.4 1.5 1.5

Petroleum and coal products 324 3.1 3.5 3.9 3.7 3.2 2.8 2.9 3.0

Chemicals 325 11.9 11.7 11.7 11.4 10.9 11.1 12.1 12.4

Plastics and rubber products 326 2.9 2.9 2.9 3.0 3.0 3.1 3.4 3.4

Other manufacturing (non-NAICS) 1133,5111 3.4 2.9 2.6 2.4 2.3 2.3 2.4 2.2

Mining 21 13.9 16.0 17.4 18.6 19.9 17.8 13.1 12.9

Utilities 2211,2 10.8 10.4 9.9 9.3 9.5 9.9 10.5 10.6

Electric 2211 9.5 9.2 8.7 8.3 8.4 8.8 9.3 9.4

Natural gas 2212 1.3 1.2 1.2 1.0 1.1 1.2 1.2 1.2

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 2015 and 2016 would account for a 0.412 percent increase in total IP.

27
Table 11

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY

Seasonally adjusted

2012=100 Percent change

2016 2017 2016 2017 Feb. ’16 to

Industrial production Sept.r Oct.r Nov.r Dec.r

Jan.rFeb.rSept.r Oct.r Nov.r Dec.rJan.rFeb.rFeb. ’17

Total index 103.0 103.2 103.0 103.8 103.6 103.7 -.2 .2 -.2 .7 -.1 .1 .4

Previous estimates 104.1 104.4 104.1 104.8 104.7 104.7 -.3 .3 -.3 .6 -.1 .0 .3

Major market groups

Final Products 100.5 100.5 99.9 101.0 100.7 100.7 -.1 .0 -.6 1.2 -.4 .0 .3

Consumer goods 104.9 104.8 103.8 105.1 104.5 104.2 -.2 -.1 -.9 1.3 -.6 -.3 -.2

Business equipment 98.7 99.0 98.9 99.7 99.7 100.1 .1 .2 -.1 .9 .0 .5 .9

Nonindustrial supplies 104.1 104.2 104.5 104.8 104.8 104.9 .2 .0 .4 .2 .0 .1 .2

Construction 107.5 108.2 109.4 109.1 110.7 112.0 .4 .7 1.1 -.3 1.4 1.2 2.2

Materials 104.3 104.8 104.9 105.3 105.4 105.6 -.3 .5 .0 .4 .0 .2 .7

Major industry groups

Manufacturing (see note below) 102.0 102.2 102.4 102.5 103.1 103.6 .2 .2 .2 .1 .6 .5 1.3

Previous estimates 102.9 103.2 103.3 103.5 104.0 104.5 .1 .3 .1 .2 .5 .5 1.2

Mining 100.3 102.7 102.8 102.3 103.5 106.1 -.3 2.4 .0 -.5 1.2 2.5 1.0

Utilities 104.6 102.7 99.3 106.1 99.2 93.3 -2.8 -1.9 -3.2 6.8 -6.5 -6.0 -6.9

Capacity

Percent of capacity growth

Average 1988- 1990- 1994- 2008-

1972- 89 91 95 09 2016 2016 2017 Feb. ’16 to

Capacity utilization 2016 high low high low Feb. Sept.r Oct.r Nov.r Dec.r

Jan.rFeb.rFeb. ’17

Total industry 79.9 85.2 78.8 85.0 66.7 75.9 75.6 75.8 75.6 76.0 75.9 75.9 .5

Previous estimates 79.9 85.3 78.8 85.0 66.7 75.6 75.3 75.4 75.2 75.6 75.5 75.4 .6

Manufacturing (see note below) 78.4 85.6 77.3 84.6 63.7 75.4 74.9 75.0 75.1 75.1 75.5 75.8 .7

Previous estimates 78.4 85.6 77.3 84.6 63.8 75.4 74.8 74.9 74.9 75.0 75.3 75.6 .8

Mining 87.0 86.1 83.8 88.6 78.4 79.4 77.8 79.7 79.7 79.3 80.2 82.0 -2.3

Utilities 85.6 93.2 84.7 93.2 78.1 76.4 78.7 77.1 74.5 79.5 74.2 69.7 2.0

Stage-of-process groups

Crude 86.1 87.7 84.5 90.1 76.3 78.9 78.3 79.5 80.1 79.7 80.4 81.4 -1.6

Primary and semifinished 80.5 86.5 78.1 87.8 63.8 75.5 75.5 75.3 74.8 75.9 75.1 74.6 1.1

Finished 76.9 83.4 77.3 80.6 66.7 75.3 74.7 74.8 74.6 74.8 75.1 75.3 .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.

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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 2012. Manufacturing

consists of those industries included in the North American Industry

Classification System, or NAICS, definition of manufacturing plus

those industries–logging and newspaper, periodical, book, and

directory publishing–that have traditionally been considered to be

manufacturing and included in the industrial sector. For the period

since 1997, the total IP index has been constructed from 299

individual series based on the 2012 NAICS codes. These individual

series are classified in two ways: (1) market groups, and (2) industry

groups. Market groups consist of products and materials. Total

products are the aggregate of final products, such as consumer goods

and equipment, and nonindustrial supplies (which are inputs to

nonindustrial sectors). Materials are inputs in the manufacture of

products. Major industry groups include three-digit NAICS industries

and aggregates of these industries—for example, durable and

nondurable manufacturing, mining, and utilities. A complete

description of the market and industry structures, including details

regarding series classification, relative importance weights, and data

sources, is available on the Board’s website at

www.federalreserve.gov/releases/G17/About.htm.

Source Data. On a monthly basis, the individual indexes of industrial

production are constructed from two main types of source data: (1)

output measured in physical units and (2) data on inputs to the

production process, from which output is inferred. Data on physical

products, such as tons of steel or barrels of oil, are typically obtained

from private trade associations and from government agencies; data of

this type are used to estimate monthly IP wherever possible and

appropriate. Production indexes for a few industries are derived by

dividing estimated nominal output (calculated using unit production

and unit values or sales) by a corresponding Fisher price index; the

most notable of these fall within the high-technology grouping and

include semiconductors. When suitable data on physical product are

not available, estimates of output are based on production-worker

hours by industry. Data on hours worked by production workers are

collected in the monthly establishment survey conducted by the

Bureau of Labor Statistics. The factors used to convert inputs into

estimates of production are based on historical relationships between

the inputs and the comprehensive annual data used to benchmark the

IP indexes; these factors also may be influenced by technological or

cyclical developments. The annual data used in benchmarking the

individual IP indexes are constructed from a variety of source data,

such as the quinquennial Censuses of Manufactures and Mineral

Industries and the Annual Survey of Manufactures, prepared by the

Bureau of the Census; the Minerals Yearbook, prepared by the U.S.

Geological Survey of the Department of the Interior; and publications

of the Department of Energy.

Aggregation Methodology and Weights. The aggregation method

for the IP index is a version of the Fisher-ideal index formula. (For a

detailed discussion of the aggregation method, see the Federal

Reserve Bulletin February 1997 and March 2001.) In the IP index,

series that measure the output of an individual industry are combined

using weights derived from their proportion in the total value-added

output of all industries. The IP index, which extends back to 1919, is

built as a chain-type index since 1972. The current formula for the

growth in monthly IP (or any of the sub-aggregates) since 1972 is the

geometric mean of the change in output (I), and, as can be seen

below, is computed using the unit value added estimate for the current

month (pm) and the estimate for previous month:

I

A

m

I

A

m−1

=

s P

P

Impm−1

Im−1pm−1

×

P

P

Impm

Im−1pm

The IP proportions (typically shown in the first column of the relevant

tables in the monthly G.17 release) are estimates of the industries’

relative contributions to overall growth in the following year. For

example, the relative importance weight of the motor vehicles and

parts industry is about 6 percent. If output in this industry increased

10 percent in a month, then this gain would boost growth in total IP

by 6/10 percentage point (0.06 x 10% = 0.6%). 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 72 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, 95 percent in the third

month, 96 percent in the fourth month, 97 percent in the fifth month,

and 97 percent in the sixth month. Data availability by data type in

early 2016 is summarized in the table below:

Availability of Monthly IP Data in Publication Window

(Percent of value added in 2016; the numbers may not sum because of

rounding.)

Month of estimate

Type of data 1st 2nd 3rd 4th 5th 6th

Physical product 27 39 49 50 51 52

Production-worker hours 46 46 46 46 46 46

IP data received 72 85 95 96 97 97

IP data estimated 28 15 5 4 3 3

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 about one-half of

the series (in terms of value added) that ultimately are based on

physical product data (27 percent out of a total of 52 percent). Of the

27 percent, about four-fifths (22 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-12 ARIMA. For series based on production-worker hours,

the current seasonal factors were estimated with data through January

2017; for other series, the factors were estimated with data through at

least December 2016. 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-12 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

0.28 percent during the 1987–2016 period. The average revision to

the percent change in total IP, without regard to sign, from the first to

the fourth estimates was 0.22 percentage point during the 1987–2016

29
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 25 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 65 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 1972–2016 period, the average total industry

utilization rate was 79.9 percent; for manufacturing, the average

factory operating rate was 78.4 percent. Industrial plants usually

operate at capacity utilization rates that are well below 100 percent:

none of the broad aggregates has ever reached 100 percent. For total

industry and total manufacturing, utilization rates have exceeded 90

percent only in wartime. The highs and lows in capacity utilization

are specific to each series and do not all occur in the same month.

REFERENCES AND RELEASE DATES

References. The release for the annual revision that was published on

March 31, 2017, is available on the Board’s website (www.federal

reserve.gov/releases/g17/revisions/Current/DefaultRev.htm). A

summary of the annual revision that incorporated back to 1972

production and capacity indexes reclassified according to the North

American Industry Classification System is available in an article in

the Federal Reserve Bulletin, vol. 89 (April 2003), pp.151–176. A

description of the aggregation methods for industrial production and

capacity utilization is included in an article in the Federal Reserve

Bulletin, vol. 83 (February 1997), pp. 67–92. The Federal Reserve

methodology for constructing industry-level measures of capital is

detailed in “Capital Stock Estimates for Manufacturing Industries:

Methods and Data” by Mike Mohr and Charles Gilbert (1996), which

can be obtained at

www.federalreserve.gov/releases/g17/CapitalStockDocLatest.pdf.

Industrial Production—1986 Edition contains a more detailed

description of the other methods used to compile the industrial

production index, plus a history of its development, a glossary of

terms, and a bibliography. The major revisions to the IP indexes and

capacity utilization since 1990 have been described in the Federal

Reserve Bulletin (April 1990, June 1990, June 1993, March 1994,

January 1995, January 1996, February 1997, February 1998, January

1999, March 2000, March 2001, March 2002, April 2003, Winter

2004, Winter 2005, March 2006, May 2007, August 2008, August

2009) or in online staff studies

(www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf,

www.federalreserve.gov/releases/g17/articles/rev2012/industrial12.pdf,

www.federalreserve.gov/releases/g17/articles/rev2013/industrial13.pdf).

Release Schedule

On the day the G.17 is released, it is published at 9:15 a.m., the

publication schedule for 2017 is January 18, February 15, March 17,

April 18, May 16, June 15, July 14, August 17, September 15,

October 17, November 16, and December 15.

This release schedule is available on the Board’s website at

http://www.federalreserve.gov/releases/g17.

30