FEDERAL RESERVE STATISTICAL RELEASE                                 
 
 G.17 (419) 2018 Historical and Annual Revision                      For release at 12:00 noon (EDT)
                                                                     March 23, 2018

 Industrial Production and Capacity Utilization: The 2018 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 to total IP for recent years were negative:  For
 the 2015-17 period, the current estimates show rates of change that are 0.4 to 0.7 percentage point lower
 in each year.<2>  Total IP is still reported to have moved up about 22-1/2 percent from the end of the
 recession in mid-2009 through late 2014.  Subsequently, the index declined in 2015, edged down in 2016, and
 increased in 2017.  The incorporation of detailed data for manufacturing from the U.S. Census Bureau's 2016
 Annual Survey of Manufactures (ASM) accounts for the majority of the differences between the current and
 the previously published estimates.

       Revisions to capacity for total industry were mixed.  Capacity growth was revised up about 1/2
 percentage point for 2016, but revisions to other recent years were negative.  Capacity for total industry
 is estimated to have expanded less than 1 percent in 2015, 2016, and 2017, but it is expected to increase
 about 2 percent in 2018.

       In the fourth quarter of 2017, capacity utilization for total industry stood at 77.0 percent, about
 1/2 percentage point below its previous estimate and about 3 percentage points below its long-run
 (1972-2017) average.  The utilization rate for 2016 is also lower than the previous estimate.

       This revision incorporated newly available annual data on output and prices.  The IP indexes for
 manufacturing were updated with data from the 2016 ASM (which also includes revised data for 2015), while
 the IP indexes for publishing reflect new data for 2016 and revised data for 2015 from the Census Bureau's
 Service Annual Survey.  For logging, the IP indexes were updated with 2016 data from the U.S. Forest
 Service.  In addition, the indexes for metallic and nonmetallic minerals were updated with revised annual
 data for 2016 from the U.S. Geological Survey (USGS).  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 2017, along with new data
 on capacity from the USGS, the Energy Information Administration (EIA), and other organizations.  The
 revised estimates also include new data on capital spending from the ASM for 2016 and revised data for
 2015.

 RESULTS OF THE REVISION

 Industrial Production

        Manufacturing output is now estimated to have declined about 1-1/2 percent in 2015, to have been little
 changed in 2016, and then to have advanced about 2 percent in 2017.  These rates of change are lower than
 their previously reported values, especially for 2015, which was revised down 1.0 percentage point.  The
 cumulative effect of these revisions leaves manufacturing IP in February 2018 about 5-1/2 percent below its
 pre-recession peak.

       The rates of change for mining have been revised up for 2014 and 2015 and revised down for 2016 and
 2017.  The contour for mining output shows an especially large gain in 2014 followed by sizable drops in
 2015 and 2016; output increased strongly in 2017.  The rates of change for utilities output are revised
 down only slightly for each year from 2013 to 2016, while the gain in the index for 2017 is now reported to
 be 0.8 percentage point lower than previously published.

 Production by Industry Group

       The output of durable goods manufacturers is now reported to have fallen in 2015, moved a little
 lower in 2016, and advanced in 2017; output was previously reported to have risen in 2016, and the rates of
 change for 2015 and 2017 were also revised down.  Within durables, the revisions for the 2015-17 period
 were widespread across industries.  Revisions to the rates of change for nondurables were smaller and more
 mixed.  The revised estimates show the output of nondurables increasing about 1/2 percent in both 2015 and
 2016 and rising 2.2 percent in 2017.

       The output index for industries in scope for manufacturing IP that are not part of manufacturing
 under the North American Industry Classification System (NAICS)--that is, logging and publishing--fell
 sharply in 2014, 2016, and 2017, and was relatively little changed in other recent years.  The revisions to
 this index were mixed, moving the rate of change higher in 2013, 2015, and 2016 and lower in 2014 and 2017.

 Production by Market Group

       The index for consumer goods has increased in each of the past few years, though the gains in 2014,
 2015, and 2017 are now smaller than reported earlier.  The rates of change for business equipment were
 revised down significantly for 2015 and 2016, but the gains were revised up for 2017.  The revisions for
 construction supplies and business supplies were smaller.  In addition, the index for materials is now
 estimated to have fallen more rapidly in 2015 and 2016 and risen more slowly in 2017, with downward
 revisions for both the energy and non-energy components.

 Capacity

       Total industrial capacity expanded modestly in each year from 2015 to 2017, and it is expected to
 increase about 2 percent in 2018.  The growth rate for 2016 is now noticeably higher than the value
 reported earlier, but the gains in other years are now reported to have been smaller.  Manufacturing
 capacity contracted slightly in 2014 and 2015, but it increased between 1/2 and 1-1/2 percent each year
 thereafter.  For 2016 in particular, the gain in manufacturing capacity is larger than stated previously,
 reflecting a more-rapid increase in capacity for nondurables industries as well as a less-steep decline in
 capacity for logging and publishing ("other manufacturing" industries).  Capacity at mines declined in 2016
 and 2017, but it is expected to jump about 5 percent in 2018.  As compared with previous reports, the
 growth of capacity at mines was significantly higher in 2016 and significantly lower in 2017.  Capacity at
 utilities has grown in recent years; the gain for 2017 was revised up more than 1 percent, but revisions to
 other years were negative.

 Capacity Utilization

       Capacity utilization for total industry declined in 2015 and 2016 but rose in 2017.<3>  The decrease in
 2015 resulted from a large drop 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 somewhat higher for 2014, little changed in 2015, and lower for 2016 and 2017.

       Utilization at manufacturers fell in 2016 and rose in 2017; the current readings for these years are
 each between about 1/2 and 1 percentage point lower than previously reported, as capacity revised down by
 less than output.  For the fourth quarter of 2017, the utilization rate at manufacturers is estimated to
 have been more than 3 percentage points below its long-run average.  Within manufacturing, there were
 sizable downward revisions to the utilization rates for both durables and nondurables for 2016 and 2017.

       The utilization rate for durable manufacturing was above its long-run average in 2014, but it fell
 back in 2015.  By the fourth quarter of 2017, the utilization rate for durables was more than 2 percentage
 points below its long-run average.  Of the 11 major categories of durables, about half 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 2017, the operating rates for all nondurable manufacturing industry
 groups were around or below their industry-specific long-run averages.

       Capacity utilization rates for mining declined sharply in 2015 and fell further in 2016, before
 rising sharply in 2017.  The declines in 2015 and 2016 were largely due to decreased output in the oil and
 gas drilling and servicing sector.  Relative to its previously published rates, utilization at mines for
 2017 is about 2 percentage points higher; revisions to other recent years were smaller.  In 2017, the
 utilization rate for mining was 1/2 percentage point above its long run average of 87.0 percent; it had
 last been above this average in 2014.  The operating rates for utilities have been well below their
 long-run average for the past several years; the revisions to this index were positive except for 2017.

 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.  In most cases, the annual
 benchmark is nominal gross output reported by the Census Bureau deflated by a suitable price index.

       Annual revisions to the IP and capacity measures 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 structure for the published indexes for electricity generation.

 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 industries, which can be summed to obtain nominal gross output.  The benchmark indexes for
 this revision incorporated revised information for 2015 and new information for 2016 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 2016 data from the USGS, and the
 benchmark indexes for logging and publishing were advanced through 2016 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 are
 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 2016 with the
 related producer prices indexes (PPIs) from the BLS.<4>  However, for a few selected industries, the annual
 price deflators are constructed by the Federal Reserve.<5>

 Value-Added Proportions (Weights for Aggregation)

       The IP system is organized as a hierarchical structure where the individual production indexes are
 combined using a version of the Fisher-ideal index formula to construct broader 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 either
 the Economic Census or the ASM.  For IP indexes that cover only part of a six-digit NAICS industry, the
 aggregation weights were constructed by allocating value added (as defined by the Census Bureau) for a
 six-digit industry across the various components of IP that compose that industry.  Data from the Economic
 Census and the 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.  Figures for value added for mining industries in the years
 between the quinquennial Economic Censuses 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 2016.

 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 2017 and from other
 industry reports.

 Revised Seasonal Factors   

       Seasonal factors for production-worker hours--which adjust for timing, holiday, and monthly seasonal
 patterns--were updated with data through January 2018.  The updated factors for the physical product
 series, which include adjustments for holiday and workday patterns, used data through December 2017 where
 available.

       Seasonal factors for unit motor vehicle assemblies have been updated, and projections through June
 2019 are available on the Board's website at www.federalreserve.gov/releases/g17/mvsf.htm.  These factors
 are based on production data through January 2018 and were revised back to January 2006.  The seasonal
 factors explicitly incorporate the holiday schedule for the vehicle assembly lines specified in the latest
 collective bargaining agreements with domestic manufacturers.

 Methodological Changes to Individual Production and Capacity Indexes

 New Structure for Electricity Generation

       This revision introduces more detail to the published indexes for electricity generation,
 Previously, separate indexes were issued for hydroelectric power (NAICS 221111), for nuclear power (NAICS
 221113), and for generation both from fossil fuels and from any other technology (NAICS 221112, 221114,
 221115, 221116, 221117, and 221118).  With this revision, the last index is broken into separate indexes to
 be published for fossil fuels and for the other technologies, which are primarily based on renewable energy
 sources.  In addition, a new aggregate that combines hydroelectric power with the index for renewables and
 other technologies will be published.

  New Benchmark Index for Drilling Oil and Gas Wells (NAICS 213111)

       With this revision, data from the American Petroleum Institute (API) on footage drilled form the
 basis of a new annual benchmark for the index for drilling oil and gas wells (NAICS 213111) from 1991
 forward; this new benchmark also relies on data from Baker Hughes on the number of onshore and offshore
 drilling rigs in operation.  Previously, the index for this industry did not have an annual benchmark--the
 only source data for the IP index were the weighted onshore and offshore rig counts from Baker Hughes.

       The monthly IP index continues to depend solely on the Baker Hughes weighted rig counts, as the final
 quarterly measures of footage drilled from the API are available too late for inclusion in IP.  The IP
 indexes will incorporate the footage drilled data as part of the annual revision process.

       The new annual benchmark for drilling oil and gas wells is constructed as the weighted sum of footage
 drilled by offshore and by onshore drilling rigs, where the weight for each type of rig reflects its
 relative value.  Historically, offshore rigs have been substantially more valuable than onshore rigs (by a
 factor of four in the standard calculations for IP).  The innovation in this revision is to update the
 weights to additionally reflect each type of rig's value in terms of footage per rig; the new formula
 weights footage drilled by offshore rigs slightly more than five times more heavily than footage drilled by
 onshore rigs.

       The construction of the new annual benchmark for drilling oil and gas wells uses detailed information
 on overall footage drilled and on footage by offshore and by onshore rigs.  The API publishes the reported
 offshore and onshore footage from survey respondents; however, for recent quarters these subtotals are
 incomplete as some drilling companies may not immediately report values to the API.  The API makes
 adjustments for non-response and does publish quarterly estimates for overall (offshore plus onshore)
 footage drilled.  As the API issues subsequent quarterly reports, it also issues revisions to earlier
 reports.

       The first step in the construction of the new benchmark is to compute annual estimates for the total
 offshore and total onshore footage drilled.  To do so, the raw quarterly subtotals based on survey reports
 are converted to an annual frequency.  Then, a linear regression is run that uses the API's most recent
 estimate of overall footage drilled as the dependent variable and uses recent vintages of the separate
 offshore and onshore subtotals as independent variables.  Estimates of total offshore and total onshore
 footage drilled are computed by applying the relevant regression coefficients to the underlying data; each
 of these estimates is extended back to 1972 by applying the appropriate historical rates of change in the
 Baker Hughes count for offshore and onshore rigs.

       The estimated totals for offshore and onshore footage are divided by the number of rigs of each type
 to obtain the average footage per rig; this average is calculated for the 2000-09 period.  Next, the weight
 for each type of rig (four for offshore, one for onshore) is divided by the relevant average footage value,
 and terms are simplified algebraically to obtain the adjusted weights.  As noted above, the adjustments
 result in footage drilled by offshore rigs being weighted slightly more than five times more heavily than
 footage drilled by onshore rigs.

 Incorporation of Quarterly Survey of Plant Capacity into Monthly Estimates for IP Indexes Based on
 Production Worker Hours

       For the IP indexes based on production worker hours, this revision incorporates information from the
 QSPC into the adjustment factor that aligns the monthly data with the annual benchmark indicator.  The
 standard adjustment factor is calculated in two steps--first, by creating a historical ratio of the annual
 benchmark indicator to the annual average of the monthly (or quarterly) raw data, and second, by projecting
 this ratio ahead for years when benchmark data are not yet available.  The annual adjustment factor is
 converted to a monthly frequency for use in the monthly IP indexes.  For the IP indexes based on production
 worker hours, the adjustment factors are effectively measures of productivity.  This revision adapts the
 standard adjustment factor formula for indexes based on production worker hours by including data from the
 QSPC in the calculation.

       For an IP index based on production worker hours, the new annual adjustment factor is constructed as
 the ratio of the benchmark indicator to the annual average of the production worker hours index, as was
 done in the past.  Likewise, the annual adjustment factor is forecast past the end of the benchmark data as
 in previous annual revisions, based on a time series model and the QSPC utilization rates when available.
 Previously, however, the annual adjustment factor was interpolated to a monthly frequency using a procedure
 that attempted to make the resulting monthly series as smooth as possible.  With this revision, the
 resulting monthly adjustment factors will take on some of the contour of the utilization rates from the
 QSPC if the annual averages of the QSPC rates are helpful in forecasting the annual adjustment factors.<6>

       At this time, QSPC rates are only available through the fourth quarter of 2017.  The annual
 adjustment factors are projected after that period using time-series models, and estimates are made of the
 QSPC rates implied by those projections.  As the actual QSPC rates become available for 2018, the monthly
 adjustment factors will be modified to reflect the new information.

  NAICS Conversion of Capacity Estimation

       With this annual revision, industry-level data for capital expenditures, capital stocks, and capital
 input used in the estimation of industial capacity have been converted to a 2012 NAICS basis.  Estimates of
 industrial capacity are based on regression models that relate end-of-year capacity indexes to economic
 determinants of annual capacity growth.  One determinant of capacity growth used in these regression models
 is capital input--defined as the flow of capital services from the capital stock--which is constructed
 using industry- and asset-level capital expenditures information.  Previously, these variables had been
 constructed on the basis of earlier NAICS systems.

 Introduction of Additional Detail for Communications Equipment Prices

       In the future, the Federal Reserve will publish new detail for communications equipment prices.
 Previously, the Federal Reserve released quarterly and annual price indexes for four product classes that
 composed a subset of the primary products of the communications equipment industry (NAICS 3342).  The
 forthcoming release will include 25 annual price indexes that cover the full range of output in the
 communications equipment industry:  indexes for 19 primary products plus indexes for secondary products and
 for miscellaneous receipts for each of the three component 6-digit industries. The annual price indexes are
 constructed from Federal Reserve research using private data, published price indexes from government
 organizations, and independent research by outside economists.  The forthcoming release will also include
 annual price indexes for each of the three 6-digit industries (NAICS 334210, NAICS 334220, and NAICS
 334290) within communications equipment.

       In addition, the forthcoming release will include annual estimates of nominal production
 corresponding to the 25 newly published price indexes.  The nominal production estimates are derived from
 Census Bureau data combined with private information on product market size, as discussed in Byrne and
 Corrado (2015).<7>  The nominal estimates are used to weight the individual product price indexes to the
 six-digit industry level.  The Federal Reserve uses these six-digit industry price indexes to deflate
 nominal output in the construction of the benchmark indicators of real output.  A more detailed explanation
 of the communications equipment prices will be available on the Board's website at
 www.federalreserve.gov/releases/g17/g17_technical_qa.htm.
 Notice
 Data Availability and Publication Changes

       Files containing the revised data and the text and tables from this release are available on the
 Board's website at 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.
 <1> The revision affected rates of change for IP from 1972 forward.  When necessary to maintain consistency
 with any revisions to the data for 1972 and subsequent years, the levels of the production for the years
 before 1972 were multiplied by a constant.  However, the rates of change in IP for the years before 1972
 were not revised.  Utilization rates and capacity growth rates were revised minimally between 1968 and
 1971, but unchanged before then.
 <2> 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.
 <3> Unless otherwise noted, rates of capacity utilization are reported for the fourth quarter of the
 reference year.
 <4> Overall, at the industry level, the BEA and PPI measures are quite similar, as the BEA used weighted
 product-level PPIs to derive its industry-level shipments deflator.
 <5> For selected industries, the Federal Reserve constructs price indexes from alternative sources.  These
 industries include communications equipment (NAICS 3342), computer storage devices (NAICS 334112),
 semiconductors (NAICS 334413), and pharmaceuticals (NAICS 325412).  Updated price indexes for data storage
 devices and for selected components of communications equipment will be available on the Board's website at
 www.federalreserve.gov/releases/g17.
 <6> A regression model of the log of the annual adjustment factor is estimated using the log of the ratio of
 the QSPC rates over production worker hours as an independent variable.  The coefficient for the QSPC
 variable is constrained to be between 0.0 and 0.5 so that the production worker hours are always at least
 as important as the QSPC in estimating the IP index.
 <7> David M. Byrne and Carol A. Corrado (2015), "Prices for Communications Equipment:  Rewriting the Record,"
 Finance and Economics Discussion Series 2015-069 (Washington:  Board of Governors of the Federal Reserve
 System, February), https://www.federalreserve.gov/econresdata/feds/2015/files/2015069pap.pdf.
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1Table 1A
 Industrial Production : Total
 Seasonally adjusted
 
 
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                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|Annual <1>
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change)         |                                                                                    |                            |
  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    -.4     .2     .1    -.7     .0    -.9     .9    -.4    -.1     .3     .6 |   1.8   -1.4   -2.4    1.7 |       .9 
                 |                                                                                    |                            |
  1990           |   -.7    1.0     .5    -.2     .2     .3    -.1     .3     .1    -.8   -1.2    -.6 |   2.7    3.0    1.7   -6.1 |      1.0 
  1991           |   -.4    -.7    -.5     .2    1.0     .9     .1     .1     .9    -.2    -.1    -.4 |  -7.3    2.4    5.7    1.0 |     -1.5 
  1992           |   -.6     .7     .8     .8     .3     .0     .9    -.5     .2     .8     .4     .1 |   -.4    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     .6     .5     .6     .2     .6     .4     .8     .6    1.0 |   5.0    7.5    5.2    8.6 |      5.3 
                 |                                                                                    |                            |
  1995           |    .2    -.1     .1    -.1     .3     .3    -.4    1.3     .4    -.1     .2     .4 |   4.2    1.3    3.7    3.5 |      4.6 
  1996           |   -.7    1.6    -.1     .9     .7     .8    -.1     .6     .7    -.1     .9     .7 |   2.7    8.9    5.3    5.7 |      4.5 
  1997           |    .1    1.2     .7     .0     .6     .5     .8    1.0     .9     .9     .9     .3 |   7.9    5.9    9.5   10.5 |      7.2 
  1998           |    .5     .1     .1     .4     .6    -.6    -.3    2.1    -.2     .8    -.1     .4 |   4.6    2.7    3.0    5.9 |      5.8 
  1999           |    .5     .5     .2     .3     .7    -.2     .6     .4    -.4    1.3     .5     .8 |   4.5    3.9    3.6    7.3 |      4.4 
                 |                                                                                    |                            |
  2000           |    .0     .3     .4     .7     .2     .1    -.1    -.3     .4    -.3     .0    -.3 |   4.1    5.0    -.4    -.9 |      3.9 
  2001           |   -.6    -.6    -.3    -.3    -.6    -.6    -.6    -.1    -.4    -.4    -.5     .0 |  -5.1   -5.0   -5.4   -4.1 |     -3.1 
  2002           |    .6     .0     .8     .4     .4    1.0    -.2     .0     .1    -.3     .5    -.5 |   3.0    6.3    2.3    -.1 |       .4 
  2003           |    .6     .3    -.2    -.7     .0     .2     .4    -.2     .6     .1     .8    -.1 |   2.3   -2.7    2.6    4.0 |      1.3 
  2004           |    .3     .6    -.5     .4     .8    -.8     .8     .1     .1     .9     .2     .7 |   2.8    2.3    2.3    5.8 |      2.7 
                 |                                                                                    |                            |
  2005           |    .5     .7    -.1     .2     .1     .4    -.3     .3   -1.9    1.3    1.0     .6 |   5.9    2.0   -1.8    3.9 |      3.3 
  2006           |    .1     .0     .2     .4    -.1     .4     .0     .4    -.2    -.1    -.1    1.1 |   3.8    2.4    1.5     .9 |      2.3 
  2007           |   -.5    1.0     .2     .7     .0     .0     .0     .2     .4    -.4     .6     .0 |   3.6    5.0    1.0    1.2 |      2.5 
  2008           |   -.3    -.3    -.2    -.8    -.6    -.2    -.5   -1.5   -4.3    1.0   -1.3   -2.9 |  -1.4   -5.8  -12.6  -16.0 |     -3.5 
  2009           |  -2.4    -.7   -1.6    -.8   -1.0    -.4    1.1    1.1     .8     .3     .4     .3 | -20.7  -10.9    6.2    6.5 |    -11.5 
                 |                                                                                    |                            |
  2010           |   1.2     .4     .7     .4    1.4     .1     .4     .3     .2    -.3     .0     .9 |   8.1    8.0    5.3    1.3 |      5.5 
  2011           |   -.1    -.4    1.0    -.3     .2     .3     .5     .6    -.1     .7    -.1     .5 |   2.3    1.6    4.7    4.1 |      3.1 
  2012           |    .6     .3    -.5     .8     .2     .0     .3    -.4     .0     .2     .5     .3 |   4.0    2.6     .1    2.1 |      3.0 
  2013           |    .0     .5     .4    -.1     .1     .2    -.5     .7     .5    -.1     .3     .3 |   3.3    1.7    1.2    3.0 |      2.0 
  2014           |   -.5     .9    1.0     .1     .3     .3     .1    -.1     .3     .0     .8    -.1 |   3.0    5.7    2.1    2.7 |      3.1 
                 |                                                                                    |                            |
  2015           |   -.6    -.4    -.3    -.5    -.5    -.4     .5    -.1    -.4    -.4    -.6    -.5 |  -3.2   -5.0    -.3   -4.7 |     -1.0 
  2016           |    .7    -.7    -.8     .2    -.1     .3     .2    -.1    -.1     .1    -.2     .9 |  -1.9   -2.1    1.1     .7 |     -1.9 
  2017           |   -.2    -.4     .6    1.0     .0     .1    -.1    -.4     .0    1.6     .5     .4 |   1.0    5.0   -1.5    7.7 |      1.6 
  2018           |   -.2     .9                                                                       |                            |          
                 |                                                                                    |                            |
 IP (2012=100)   |                                                                                    |                            |
  1988           |  62.1   62.4   62.5   62.9   62.8   63.0   63.0   63.3   63.1   63.4   63.5   63.8 |  62.4   62.9   63.1   63.6 |     63.0 
  1989           |  64.0   63.7   63.9   63.9   63.5   63.5   62.9   63.5   63.3   63.2   63.5   63.8 |  63.9   63.6   63.3   63.5 |     63.6 
                 |                                                                                    |                            |
  1990           |  63.4   64.1   64.4   64.3   64.4   64.6   64.5   64.7   64.8   64.3   63.6   63.2 |  63.9   64.4   64.7   63.7 |     64.2 
  1991           |  62.9   62.5   62.1   62.3   62.9   63.4   63.5   63.6   64.1   64.0   63.9   63.7 |  62.5   62.9   63.7   63.9 |     63.2 
  1992           |  63.3   63.8   64.3   64.8   65.0   65.0   65.6   65.3   65.4   65.9   66.2   66.3 |  63.8   65.0   65.5   66.1 |     65.1 
  1993           |  66.6   66.9   66.8   67.0   66.8   66.9   67.1   67.0   67.3   67.9   68.1   68.5 |  66.7   66.9   67.1   68.2 |     67.2 
  1994           |  68.8   68.8   69.5   69.9   70.2   70.7   70.8   71.2   71.5   72.1   72.5   73.3 |  69.0   70.3   71.2   72.6 |     70.8 
                 |                                                                                    |                            |
  1995           |  73.4   73.3   73.4   73.4   73.6   73.9   73.6   74.5   74.8   74.7   74.9   75.2 |  73.4   73.6   74.3   74.9 |     74.0 
  1996           |  74.7   75.8   75.8   76.5   77.0   77.7   77.6   78.0   78.5   78.5   79.2   79.7 |  75.4   77.0   78.0   79.1 |     77.4 
  1997           |  79.8   80.8   81.3   81.4   81.8   82.2   82.8   83.7   84.5   85.2   85.9   86.2 |  80.6   81.8   83.7   85.8 |     83.0 
  1998           |  86.7   86.8   86.8   87.1   87.7   87.1   86.8   88.6   88.5   89.2   89.1   89.4 |  86.7   87.3   88.0   89.2 |     87.8 
  1999           |  89.9   90.3   90.5   90.7   91.3   91.2   91.8   92.2   91.8   93.0   93.4   94.2 |  90.2   91.1   91.9   93.5 |     91.7 
                 |                                                                                    |                            |
  2000           |  94.2   94.4   94.8   95.5   95.6   95.7   95.6   95.3   95.7   95.4   95.4   95.2 |  94.5   95.6   95.5   95.3 |     95.2 
  2001           |  94.6   94.0   93.7   93.5   92.9   92.3   91.8   91.7   91.3   90.9   90.5   90.5 |  94.1   92.9   91.6   90.6 |     92.3 
  2002           |  91.1   91.1   91.8   92.2   92.6   93.5   93.2   93.2   93.4   93.1   93.6   93.1 |  91.3   92.7   93.3   93.2 |     92.6 
  2003           |  93.6   93.9   93.7   93.1   93.1   93.3   93.7   93.5   94.1   94.2   94.9   94.9 |  93.8   93.1   93.7   94.7 |     93.8 
  2004           |  95.1   95.7   95.2   95.6   96.4   95.6   96.3   96.4   96.5   97.4   97.6   98.3 |  95.3   95.9   96.4   97.8 |     96.4 
                 |                                                                                    |                            |
  2005           |  98.8   99.5   99.3   99.5   99.6  100.0   99.7   99.9   98.1   99.3  100.3  100.9 |  99.2   99.7   99.2  100.2 |     99.6 
  2006           | 101.1  101.1  101.3  101.7  101.6  102.0  101.9  102.3  102.1  102.1  102.0  103.0 | 101.1  101.7  102.1  102.3 |    101.8 
  2007           | 102.5  103.5  103.8  104.5  104.5  104.6  104.5  104.7  105.1  104.7  105.3  105.4 | 103.3  104.5  104.8  105.1 |    104.4 
  2008           | 105.1  104.7  104.5  103.7  103.1  102.8  102.3  100.7   96.4   97.3   96.1   93.3 | 104.8  103.2   99.8   95.5 |    100.8 
  2009           |  91.0   90.4   89.0   88.3   87.4   87.1   88.0   89.0   89.7   90.0   90.4   90.6 |  90.2   87.6   88.9   90.3 |     89.2 
                 |                                                                                    |                            |
  2010           |  91.7   92.0   92.6   93.0   94.3   94.4   94.8   95.1   95.4   95.1   95.1   96.0 |  92.1   93.9   95.1   95.4 |     94.1 
  2011           |  95.9   95.5   96.5   96.1   96.3   96.6   97.1   97.7   97.6   98.3   98.2   98.8 |  96.0   96.4   97.5   98.4 |     97.1 
  2012           |  99.4   99.6   99.2   99.9  100.1  100.0  100.3   99.9   99.9  100.1  100.6  100.9 |  99.4  100.0  100.0  100.6 |    100.0 
  2013           | 100.9  101.4  101.8  101.7  101.8  101.9  101.4  102.2  102.7  102.5  102.9  103.2 | 101.4  101.8  102.1  102.9 |    102.0 
  2014           | 102.7  103.6  104.6  104.7  105.1  105.4  105.6  105.5  105.8  105.8  106.7  106.5 | 103.6  105.1  105.6  106.3 |    105.2 
                 |                                                                                    |                            |
  2015           | 105.9  105.4  105.1  104.6  104.1  103.7  104.2  104.1  103.7  103.4  102.7  102.3 | 105.5  104.1  104.0  102.8 |    104.1 
  2016           | 103.0  102.3  101.5  101.7  101.6  101.9  102.1  102.1  101.9  102.1  101.8  102.8 | 102.3  101.8  102.0  102.2 |    102.1 
  2017           | 102.5  102.2  102.7  103.7  103.7  103.8  103.6  103.2  103.2  104.8  105.3  105.7 | 102.5  103.7  103.3  105.3 |    103.7 
  2018           | 105.5  106.5                                                                       |                            |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.
 <1> Annual averages of industrial production are calculated from not seasonally adjusted indexes.
 
 
 
1Table 1B
 Capacity and Utilization: Total
 Seasonally adjusted
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|    Annual
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2012 output)    |                                                                                    |                            |
  1988           |  74.5   74.6   74.6   74.7   74.7   74.7   74.7   74.8   74.8   74.9   74.9   75.0 |  74.6   74.7   74.8   74.9 |     74.7 
  1989           |  75.1   75.2   75.3   75.5   75.6   75.8   75.9   76.1   76.3   76.5   76.7   76.8 |  75.2   75.6   76.1   76.7 |     75.9 
                 |                                                                                    |                            |
  1990           |  77.0   77.2   77.4   77.5   77.7   77.8   78.0   78.1   78.2   78.3   78.4   78.5 |  77.2   77.7   78.1   78.4 |     77.8 
  1991           |  78.6   78.7   78.8   78.9   79.0   79.1   79.2   79.3   79.4   79.5   79.6   79.8 |  78.7   79.0   79.3   79.6 |     79.2 
  1992           |  79.9   80.1   80.2   80.4   80.6   80.8   80.9   81.1   81.3   81.5   81.6   81.7 |  80.1   80.6   81.1   81.6 |     80.8 
  1993           |  81.9   82.0   82.1   82.2   82.4   82.5   82.6   82.7   82.8   83.0   83.1   83.3 |  82.0   82.4   82.7   83.1 |     82.6 
  1994           |  83.5   83.7   83.9   84.1   84.3   84.6   84.8   85.1   85.4   85.7   85.9   86.2 |  83.7   84.3   85.1   85.9 |     84.8 
                 |                                                                                    |                            |
  1995           |  86.5   86.8   87.1   87.4   87.7   88.0   88.4   88.7   89.0   89.4   89.8   90.2 |  86.8   87.7   88.7   89.8 |     88.3 
  1996           |  90.6   91.0   91.4   91.8   92.2   92.7   93.1   93.6   94.0   94.4   94.9   95.4 |  91.0   92.2   93.6   94.9 |     92.9 
  1997           |  95.8   96.3   96.8   97.3   97.8   98.4   98.9   99.5  100.1  100.8  101.4  102.1 |  96.3   97.8   99.5  101.4 |     98.8 
  1998           | 102.7  103.4  104.1  104.8  105.4  106.1  106.7  107.2  107.8  108.3  108.9  109.4 | 103.4  105.4  107.2  108.9 |    106.2 
  1999           | 109.9  110.3  110.8  111.2  111.7  112.1  112.5  112.9  113.3  113.7  114.2  114.6 | 110.3  111.7  112.9  114.1 |    112.3 
                 |                                                                                    |                            |
  2000           | 114.9  115.3  115.7  116.1  116.5  116.9  117.3  117.7  118.0  118.4  118.8  119.2 | 115.3  116.5  117.7  118.8 |    117.1 
  2001           | 119.5  119.9  120.3  120.6  121.0  121.3  121.6  121.9  122.2  122.4  122.7  122.9 | 119.9  121.0  121.9  122.7 |    121.4 
  2002           | 123.1  123.3  123.5  123.6  123.7  123.8  123.9  123.9  123.9  123.9  123.9  123.9 | 123.3  123.7  123.9  123.9 |    123.7 
  2003           | 123.8  123.8  123.7  123.7  123.6  123.6  123.6  123.5  123.5  123.5  123.5  123.4 | 123.8  123.6  123.5  123.5 |    123.6 
  2004           | 123.4  123.4  123.4  123.4  123.4  123.4  123.4  123.4  123.4  123.4  123.5  123.5 | 123.4  123.4  123.4  123.5 |    123.4 
                 |                                                                                    |                            |
  2005           | 123.6  123.7  123.9  124.0  124.1  124.3  124.5  124.6  124.8  125.0  125.1  125.3 | 123.7  124.2  124.6  125.1 |    124.4 
  2006           | 125.5  125.7  125.8  126.0  126.2  126.4  126.6  126.9  127.1  127.4  127.7  128.0 | 125.7  126.2  126.9  127.7 |    126.6 
  2007           | 128.3  128.6  128.8  129.1  129.4  129.6  129.7  129.9  129.9  130.0  130.0  129.9 | 128.6  129.3  129.8  129.9 |    129.4 
  2008           | 129.8  129.8  129.7  129.6  129.5  129.5  129.5  129.5  129.6  129.7  129.8  130.0 | 129.8  129.5  129.5  129.8 |    129.7 
  2009           | 130.1  130.3  130.4  130.4  130.5  130.5  130.5  130.4  130.3  130.1  129.9  129.6 | 130.2  130.5  130.4  129.9 |    130.2 
                 |                                                                                    |                            |
  2010           | 129.4  129.1  128.8  128.5  128.2  128.0  127.7  127.5  127.3  127.2  127.1  127.0 | 129.1  128.3  127.5  127.1 |    128.0 
  2011           | 126.9  126.9  126.9  126.9  127.0  127.1  127.3  127.4  127.6  127.8  128.0  128.2 | 126.9  127.0  127.4  128.0 |    127.3 
  2012           | 128.4  128.7  128.9  129.1  129.3  129.5  129.7  129.9  130.1  130.3  130.5  130.7 | 128.7  129.3  129.9  130.5 |    129.6 
  2013           | 130.8  131.0  131.1  131.3  131.4  131.5  131.6  131.8  131.9  132.0  132.1  132.2 | 131.0  131.4  131.8  132.1 |    131.6 
  2014           | 132.3  132.4  132.6  132.7  132.9  133.0  133.2  133.4  133.6  133.8  134.0  134.1 | 132.4  132.9  133.4  134.0 |    133.2 
                 |                                                                                    |                            |
  2015           | 134.3  134.4  134.5  134.6  134.7  134.8  134.8  134.9  134.9  135.0  135.0  135.1 | 134.4  134.7  134.9  135.0 |    134.8 
  2016           | 135.1  135.2  135.2  135.3  135.4  135.5  135.5  135.6  135.7  135.8  135.8  135.9 | 135.2  135.4  135.6  135.8 |    135.5 
  2017           | 135.9  136.0  136.0  136.0  136.1  136.1  136.2  136.3  136.4  136.5  136.6  136.8 | 136.0  136.1  136.3  136.6 |    136.2 
  2018           | 137.0  137.2                                                                       |                            |          
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1988           |  83.4   83.7   83.8   84.3   84.1   84.3   84.3   84.6   84.4   84.7   84.8   85.1 |  83.6   84.2   84.4   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           |  82.3   83.0   83.2   82.9   82.9   83.0   82.8   82.9   82.9   82.1   81.0   80.4 |  82.8   82.9   82.8   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   79.9 |  79.4   79.6   80.4   80.2 |     79.9 
  1992           |  79.3   79.7   80.2   80.6   80.7   80.5   81.1   80.5   80.5   81.0   81.2   81.1 |  79.7   80.6   80.7   81.1 |     80.5 
  1993           |  81.3   81.5   81.3   81.5   81.1   81.1   81.2   81.0   81.3   81.8   82.0   82.2 |  81.4   81.2   81.2   82.0 |     81.4 
  1994           |  82.4   82.2   82.8   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   84.4   84.3   83.9   83.9   83.9   83.3   84.0   84.0   83.5   83.4   83.4 |  84.5   83.9   83.7   83.4 |     83.9 
  1996           |  82.5   83.4   82.9   83.3   83.5   83.8   83.3   83.4   83.6   83.1   83.4   83.6 |  82.9   83.5   83.4   83.4 |     83.3 
  1997           |  83.3   83.9   84.0   83.6   83.6   83.6   83.7   84.1   84.4   84.6   84.7   84.5 |  83.7   83.6   84.1   84.6 |     84.0 
  1998           |  84.3   83.9   83.4   83.2   83.2   82.2   81.4   82.6   82.1   82.3   81.9   81.8 |  83.9   82.8   82.0   82.0 |     82.7 
  1999           |  81.8   81.9   81.7   81.6   81.8   81.4   81.6   81.6   81.0   81.8   81.9   82.2 |  81.8   81.6   81.4   81.9 |     81.7 
                 |                                                                                    |                            |
  2000           |  81.9   81.9   81.9   82.2   82.1   81.9   81.5   81.0   81.1   80.6   80.3   79.9 |  81.9   82.1   81.2   80.2 |     81.4 
  2001           |  79.1   78.4   77.9   77.5   76.8   76.1   75.5   75.2   74.8   74.3   73.8   73.6 |  78.5   76.8   75.2   73.9 |     76.1 
  2002           |  74.0   73.8   74.3   74.6   74.8   75.5   75.3   75.2   75.3   75.1   75.5   75.2 |  74.1   74.9   75.3   75.3 |     74.9 
  2003           |  75.6   75.9   75.8   75.3   75.3   75.5   75.8   75.7   76.2   76.3   76.9   76.8 |  75.8   75.3   75.9   76.7 |     75.9 
  2004           |  77.1   77.5   77.2   77.5   78.1   77.5   78.1   78.2   78.2   78.9   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   80.2   78.6   79.5   80.2   80.6 |  80.2   80.3   79.6   80.1 |     80.0 
  2006           |  80.5   80.4   80.5   80.7   80.5   80.7   80.5   80.7   80.3   80.1   79.9   80.5 |  80.5   80.6   80.5   80.2 |     80.4 
  2007           |  79.9   80.5   80.5   80.9   80.8   80.7   80.6   80.7   80.9   80.6   81.0   81.1 |  80.3   80.8   80.7   80.9 |     80.7 
  2008           |  80.9   80.7   80.6   80.0   79.6   79.4   79.0   77.8   74.3   75.0   74.0   71.7 |  80.7   79.7   77.0   73.6 |     77.8 
  2009           |  70.0   69.4   68.3   67.7   67.0   66.7   67.5   68.3   68.9   69.2   69.6   69.9 |  69.2   67.1   68.2   69.6 |     68.5 
                 |                                                                                    |                            |
  2010           |  70.9   71.3   71.9   72.3   73.5   73.8   74.2   74.6   74.9   74.8   74.9   75.6 |  71.3   73.2   74.6   75.1 |     73.6 
  2011           |  75.6   75.3   76.0   75.7   75.8   76.0   76.3   76.6   76.5   76.9   76.7   77.0 |  75.6   75.8   76.5   76.9 |     76.2 
  2012           |  77.4   77.4   76.9   77.4   77.4   77.2   77.3   76.9   76.8   76.8   77.1   77.2 |  77.2   77.3   77.0   77.1 |     77.2 
  2013           |  77.1   77.4   77.6   77.5   77.4   77.5   77.1   77.6   77.9   77.7   77.9   78.1 |  77.4   77.5   77.5   77.9 |     77.6 
  2014           |  77.6   78.2   78.9   78.9   79.1   79.2   79.2   79.1   79.2   79.1   79.6   79.4 |  78.3   79.1   79.2   79.4 |     79.0 
                 |                                                                                    |                            |
  2015           |  78.8   78.4   78.1   77.7   77.3   76.9   77.3   77.2   76.9   76.6   76.1   75.7 |  78.5   77.3   77.1   76.1 |     77.3 
  2016           |  76.3   75.7   75.1   75.2   75.0   75.3   75.4   75.3   75.1   75.2   75.0   75.7 |  75.7   75.2   75.2   75.3 |     75.3 
  2017           |  75.4   75.1   75.5   76.2   76.2   76.2   76.1   75.7   75.7   76.8   77.0   77.3 |  75.4   76.2   75.8   77.0 |     76.1 
  2018           |  77.0   77.7                                                                       |                            |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.
 
 
 
 
 
 
 
1Table 2
 Rates of Change in Industrial Production, Market and Industry Group Summary: 2013-2017 <1>
 
 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          |               |                                              |              Difference between
                                                          |               |                Revised change                |         revised and earlier changes
                                                          |               |                  (percent)                   |             (percentage points)
 Item                                                     |         NAICS |     2013     2014     2015     2016     2017 |     2013     2014     2015     2016     2017
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          |               |                                              |
  Total IP                                                |               |     2.3      3.4     -3.3      -.5      3.0  |      .1       .0      -.7      -.4      -.6 
                                                          |               |                                              |
  MARKET GROUP                                            |               |                                              |
  Final products and nonindustrial supplies               |               |     1.1      1.6     -2.2      -.1      2.1  |      .3       .0     -1.0      -.3      -.4 
     Consumer goods                                       |               |     1.6       .9       .5       .8      1.2  |      .1      -.4      -.7       .1      -.6 
        Durable                                           |               |     8.0      4.1      2.6      2.5      -.5  |     -.5       .0      -.5      -.8      -.9 
           Automotive products                            |               |    13.7      6.5      3.9      4.2      -.8  |    -1.3       .1     -1.0     -1.7      -.5 
           Home electronics                               |               |     1.1       .8      4.4      2.1      5.4  |    -1.3      1.9      2.0     -2.5       .3 
           Appliances, furniture, carpeting               |               |     2.9      3.8      3.4       .3     -2.1  |      .1       .2      -.5      -.6     -1.4 
           Miscellaneous goods                            |               |     3.1      1.1       .1       .8       .2  |      .4      -.3       .0       .7     -1.5 
        Nondurable                                        |               |     -.1       .0       .0       .2      1.7  |      .3      -.5      -.8       .4      -.5 
           Non-energy                                     |               |    -2.0      1.3       .8      -.8      1.4  |      .3      -.5     -1.2       .3      -.4 
              Foods and tobacco                           |               |     1.0       .4      1.7       .2      3.1  |      .1       .0      -.6       .4      -.1 
              Clothing                                    |               |    -5.5     -3.3     -6.0     -2.7     -9.9  |     -.4      -.8      -.3      3.7     -1.4 
              Chemical products                           |               |    -7.2      4.8      -.3     -1.9      -.3  |      .9     -1.8     -3.5      -.4      -.7 
              Paper products                              |               |    -2.0     -3.4       .9     -3.9      -.8  |      .4      -.8      3.3      3.2     -3.4 
           Energy                                         |               |     6.0     -4.2     -3.2      4.4      2.5  |      .1      -.3       .7       .7      -.7 
                                                          |               |                                              |
     Business equipment                                   |               |    -1.4      3.5     -6.2     -2.2      4.7  |      .3       .0     -2.9     -1.8       .7 
        Transit                                           |               |     3.1     11.7     -2.9     -6.0      1.5  |     -.1       .5     -4.1     -2.6      1.2 
        Information processing                            |               |    -2.8       .1     -1.6      3.3      3.2  |    -1.3       .4     -1.8      -.7      1.8 
        Industrial and other                              |               |    -2.8      1.1     -9.6     -2.4      7.0  |     1.2      -.4     -2.8     -1.8      -.1 
     Defense and space equipment                          |               |    -4.5     -2.0     -3.1       .0     -3.3  |      .0       .4      -.2      1.2     -4.7 
                                                          |               |                                              |
     Construction supplies                                |               |     3.8      3.6       .0       .5      3.5  |      .3      -.2      -.1      -.2       .1 
     Business supplies                                    |               |     2.6      -.3     -1.0       .5      1.1  |      .3      -.3      -.6       .4       .1 
                                                          |               |                                              |
  Materials                                               |               |     3.6      5.1     -4.6     -1.1      4.1  |      .0       .0      -.3      -.6      -.8 
     Non-energy                                           |               |     2.2      1.4     -2.7      -.2      2.3  |      .1       .0      -.5      -.9      -.4 
        Durable                                           |               |     3.7      3.1     -3.9      -.8      2.3  |      .0       .1      -.6     -1.3      -.5 
           Consumer parts                                 |               |     4.4      5.2     -2.0      -.2       .8  |     -.2       .8     -2.0     -5.4       .3 
           Equipment parts                                |               |     4.4      4.2     -5.9       .3      1.1  |     -.1       .0      -.8      1.1     -1.9 
           Other                                          |               |     3.0      1.6     -3.4     -1.6      3.5  |      .1       .0       .1     -1.2      -.1 
        Nondurable                                        |               |      .0     -1.2      -.7       .7      2.3  |      .3      -.2      -.4      -.2      -.1 
           Textile                                        |               |     5.7     -3.1     -7.3       .5     -2.9  |    -2.0      -.3     -4.6     -1.3      -.8 
           Paper                                          |               |     -.9      -.9     -2.1       .1     -3.5  |      .1      -.4       .7      1.6     -1.0 
           Chemical                                       |               |    -1.0     -2.8      -.3       .2      4.1  |      .8      -.4      -.3      -.8       .2 
     Energy                                               |               |     5.1      9.5     -7.2     -2.7      7.1  |     -.1       .0      -.1      -.1     -1.0 
                                                          |               |                                              |
                                                          |               |                                              |
  INDUSTRY GROUP                                          |               |                                              |
  Manufacturing<2>                                        |               |     1.1      1.4     -1.6      -.1      1.9  |      .2      -.2     -1.0      -.3      -.4 
     Manufacturing (NAICS)                                |        31-33  |     1.1      1.6     -1.6       .1      2.1  |      .2      -.2     -1.1      -.4      -.3 
                                                          |               |                                              |
        Durable manufacturing                             |               |     2.6      2.8     -3.4      -.3      2.0  |      .1       .1     -1.3     -1.2      -.5 
           Wood products                                  |          321  |     4.3      3.9      3.3      4.2      3.5  |      .1       .1      -.5       .5       .0 
           Nonmetallic mineral products                   |          327  |     5.8      2.7      1.9      -.4      5.4  |     1.2      -.5      -.5      -.6      -.2 
           Primary metals                                 |          331  |     5.4     -1.0     -8.2     -4.0      4.6  |      .1       .3      -.2     -2.0       .7 
           Fabricated metal products                      |          332  |     3.5       .0     -5.2     -1.8      3.0  |      .0      -.1      -.5     -1.1     -1.2 
           Machinery                                      |          333  |    -2.8      1.8    -12.4     -2.3      9.1  |     1.2      -.5     -3.4     -2.8       .5 
           Computer and electronic products               |          334  |     2.0      4.2      -.9      4.5      2.7  |     -.7      -.2      -.3       .9       .4 
           Electrical equip., appliances,                 |               |                                              |
              and components                              |          335  |      .5      1.7     -1.0      -.1       .9  |      .5       .9     -2.8      -.8     -2.3 
           Motor vehicles and parts                       |       3361-3  |    10.2      7.2      2.8      2.2     -1.2  |     -.8       .3     -1.1     -2.6      -.4 
           Aerospace and miscellaneous                    |               |                                              |
              transportation equipment                    |       3364-9  |      .8      5.8     -5.2     -3.1     -2.1  |     -.1       .9     -3.1     -1.1     -2.0 
           Furniture and related products                 |          337  |     -.9      4.6      3.9      -.7     -3.4  |      .0       .2       .1      1.2     -3.2 
           Miscellaneous                                  |          339  |     2.0     -1.3      -.5     -1.8     -3.4  |      .1       .6       .4      -.9       .7 
                                                          |               |                                              |
        Nondurable manufacturing                          |               |     -.5       .2       .4       .6      2.2  |      .3      -.5      -.8       .4      -.1 
           Food, beverage, and tobacco products           |        311,2  |     1.2       .8      1.8       .7      3.5  |      .0       .0      -.6       .4      -.1 
           Textile and product mills                      |        313,4  |     4.6      1.7     -7.0       .2     -1.7  |    -2.3       .8     -5.1      -.7      -.4 
           Apparel and leather                            |        315,6  |    -5.0     -3.0     -5.9     -2.5     -9.4  |     -.5      -.6      -.3      3.6     -1.4 
           Paper                                          |          322  |    -1.5       .8     -2.3      1.0     -2.3  |      .0      -.3       .9      1.1     -1.0 
           Printing and support                           |          323  |     2.3     -4.0      1.8      1.1     -2.1  |      .3     -1.2     -1.1      3.0      -.7 
           Petroleum and coal products                    |          324  |     3.6     -6.3      3.4      3.8      2.6  |      .8      -.8      2.0      1.7      -.4 
           Chemicals                                      |          325  |    -3.8       .7      -.9      -.6      2.8  |      .7     -1.0     -2.2      -.8       .1 
           Plastics and rubber products                   |          326  |     -.1      4.6       .8      1.6      2.0  |     -.1       .2       .1      2.1      -.1 
                                                          |               |                                              |
     Other manufacturing (non-NAICS)                      |    1133,5111  |     -.3     -5.4       .1     -5.1     -4.8  |      .2      -.6      2.4      2.2     -1.9 
                                                          |               |                                              |
  Mining                                                  |           21  |     5.7     12.5    -10.2     -6.2     10.5  |      .1       .6       .7     -1.1      -.4 
  Utilities                                               |       2211,2  |     4.3      -.7     -4.1      2.3      2.0  |     -.1      -.1      -.3      -.1      -.8 
     Electric                                             |         2211  |     3.5      -.4     -3.1      2.2       .9  |     -.1      -.1      -.4       .1     -1.0 
     Natural gas                                          |         2212  |    11.1     -2.9    -12.1      3.6      9.6  |      .0       .0       .0      -.9       .9 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
 <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.  For 2015, the rates are calculated
      from the fourth quarter of 2014 to the second quarter 2015 and are annualized.
 <2>  Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS,
      definition of manufacturing plus those industries--logging and newspaper, periodical, book, and directory publishing
      --that have traditionally been considered to be a part of manufacturing and are included in the industrial sector.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Table 3
 Rates of Change in Industrial Production, Special Aggregates and Selected Detail: 2013-2017 <1>
 
 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |              |                                         |           Difference between
                                                   |              |             Revised change              |       revised and earlier changes
                                                   |              |                (percent)                |           (percentage points)
 Item                                              |        NAICS |    2013    2014    2015    2016    2017 |    2013    2014    2015    2016    2017
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |              |                                         |
  Total industry                                   |              |    2.3     3.4    -3.3     -.5     3.0  |     .1      .0     -.7     -.4     -.6 
                                                   |              |                                         |
  Energy                                           |              |    5.0     7.1    -7.6    -1.5     6.2  |     .0      .4      .3     -.2     -.9 
     Consumer products                             |              |    6.0    -4.2    -3.2     4.4     2.5  |     .1     -.3      .7      .7     -.7 
     Commercial products                           |              |    3.9      .1      .0     2.4     1.8  |     .1     -.1      .3      .8     -.6 
     Oil and gas well drilling                     |      213111  |    1.8    19.6   -45.6   -26.6    36.4  |    3.8    13.2    14.1    -3.7   -13.7 
     Converted fuel                                |              |     .0      .5    -2.6      .7      .7  |    -.6     -.3    -1.2     -.9    -2.2 
     Primary energy                                |              |    6.4    11.7    -8.4    -4.2     9.7  |     .0     -.1      .2      .2     -.3 
                                                   |              |                                         |
  Non-energy                                       |              |    1.1     1.7    -1.7     -.3     1.9  |     .2     -.2    -1.0     -.5     -.3 
     Selected high-technology industries           |              |   10.9     8.7     1.9     8.5     3.6  |    -.7     -.4     2.3     1.0      .2 
        Computers and peripheral equipment         |        3341  |   -2.0     8.0    -4.1    13.2    20.8  |    -.7     2.0    -2.0    -1.5     4.8 
        Communications equipment                   |        3342  |   11.9    -4.7     6.7     7.1    -2.9  |   -4.0      .2     5.8    -6.5     2.3 
        Semiconductors and related                 |              |                                         |
           electronic components                   |        3344  |   14.3    14.5     1.6     7.9     2.3  |     .6    -1.4     2.0     4.7    -2.1 
                                                   |              |                                         |
     Excluding selected high-technology            |              |                                         |
           industries                              |              |     .7     1.5    -1.8     -.6     1.9  |     .2     -.2    -1.1     -.5     -.4 
                                                   |              |                                         |
        Motor vehicles and parts                   |      3361-3  |   10.2     7.2     2.8     2.2    -1.2  |    -.8      .3    -1.1    -2.6     -.4 
           Motor vehicles                          |        3361  |   14.5     4.7     4.6     1.5    -5.2  |    -.2     -.5     -.2     -.6     -.8 
           Motor vehicle parts                     |        3363  |    6.3     9.1     1.2     3.7     1.6  |    -.2      .6    -1.7    -3.8     1.1 
                                                   |              |                                         |
        Excluding motor vehicles and parts         |              |     .0     1.0    -2.2     -.8     2.2  |     .3     -.2    -1.1     -.3     -.4 
           Consumer goods                          |              |   -1.2     1.4      .9     -.7     1.2  |     .3     -.5    -1.1      .2     -.6 
           Business equipment                      |              |   -2.5     3.6    -8.1    -2.5     5.3  |     .6      .0    -3.7    -1.7     1.0 
           Construction supplies                   |              |    3.8     3.6      .0      .5     3.5  |     .3     -.2     -.1     -.2      .1 
           Business supplies                       |              |    1.2    -1.5    -1.4     -.9      .7  |     .4     -.3    -1.1      .0      .4 
           Materials                               |              |    1.4      .3    -3.1     -.7     2.4  |     .1      .0     -.5     -.7     -.5 
                                                   |              |                                         |
  Measures excluding selected high-technology      |              |                                         |
        industries                                 |              |                                         |
  Total industry                                   |              |    2.1     3.2    -3.5     -.8     2.9  |     .2      .0     -.8     -.4     -.6 
     Manufacturing<2>                              |              |     .7     1.1    -1.7     -.3     1.8  |     .2     -.2    -1.1     -.4     -.4 
        Durable                                    |              |    2.0     2.4    -3.7     -.9     1.9  |     .1      .1    -1.5    -1.3     -.6 
                                                   |              |                                         |
  Measures excluding motor vehicles and parts      |              |                                         |
  Total industry                                   |              |    1.9     3.2    -3.7     -.7     3.2  |     .2      .0     -.6     -.3     -.6 
     Manufacturing<2>                              |              |     .5      .9    -1.9     -.3     2.2  |     .2     -.2    -1.0     -.2     -.4 
        Durable                                    |              |    1.6     2.1    -4.3     -.8     2.6  |     .2      .1    -1.3     -.9     -.5 
                                                   |              |                                         |
  Measures excluding selected high-technology      |              |                                         |
        industries and motor vehicles and parts    |              |                                         |
  Total industry                                   |              |    1.7     3.0    -3.8    -1.0     3.2  |     .2      .0     -.7     -.3     -.6 
     Manufacturing<2>                              |              |     .1      .6    -2.1     -.6     2.1  |     .3     -.2    -1.1     -.2     -.4 
                                                   |              |                                         |
  Stage-of-process components                      |              |                                         |
        of non-energy materials,                   |              |                                         |
        measures of the input to                   |              |                                         |
  Finished processors                              |              |    3.5     3.3    -4.2      .1      .0  |    -.1      .1    -1.0     -.8    -1.0 
  Primary and semifinished processors              |              |    1.4      .2    -1.7     -.4     3.6  |     .3     -.1     -.2     -.9      .0 
                                                   |              |                                         |
  Stage-of-process groups                          |              |                                         |
  Crude                                            |              |    4.7     8.1    -6.3    -3.2     7.2  |     .1     -.3     -.2      .0     -.8 
  Primary and semifinished                         |              |    3.6     1.3    -2.3      .5     2.0  |     .1     -.1     -.1     -.1     -.6 
  Finished                                         |              |   -1.0     2.7    -2.9     -.7     2.3  |     .3      .3    -1.7     -.9     -.2 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 <1> See footnote 1 to table 2.
 <2> See footnote 2 to table 2.
 
 
 
 
 
 
 
1Table 4
 Annual Rates of Change for Industrial Production <1>
 
 
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                          |                                         |           Difference between
                                                          |          Revised Growth Rates           |        revised and earlier rates
                                                          |                                         |           (percentage points)
 Item                                                     |    2013    2014    2015    2016    2017 |    2013    2014    2015    2016    2017
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                          |                                         |
  Total IP                                                |    2.0     3.1    -1.0    -1.9     1.6  |     .1      .0     -.3     -.7     -.3 
                                                          |                                         |
  MARKET GROUP                                            |                                         |
  Consumer goods                                          |     .7      .8     1.5      .6      .0  |     .0      .0     -.9      .0     -.4 
     Durable                                              |    5.5     4.9     4.0     2.2      .0  |    -.1     -.1     -.2     -.6     -.9 
     Nondurable                                           |    -.5     -.3      .8      .2      .0  |     .0      .0    -1.1      .2     -.2 
                                                          |                                         |
  Business equipment                                      |    -.1     1.8    -2.0    -5.3     3.3  |     .0     -.1    -1.1    -3.5     1.0 
  Defense and space equipment                             |   -2.9    -3.3    -2.4    -2.8      .2  |     .0     -.1      .8    -1.4      .3 
                                                          |                                         |
  Construction supplies                                   |    3.1     3.2      .6      .9     2.5  |     .1     -.2      .1     -.4      .1 
  Business supplies                                       |    1.8     1.0    -1.4      .4      .5  |     .0      .0     -.7      .2      .1 
                                                          |                                         |
  Materials                                               |    3.4     5.0    -1.5    -3.0     2.0  |    -.1     -.1     -.1     -.6     -.6 
     Non-energy                                           |    1.9     1.9    -1.8    -1.1     1.4  |     .0      .0     -.3    -1.0     -.3 
     Energy                                               |    5.1     8.5    -1.3    -5.8     3.1  |    -.1     -.1      .0      .0     -.9 
                                                          |                                         |
                                                          |                                         |
  INDUSTRY GROUP                                          |                                         |
  Manufacturing<2>                                        |     .9     1.1     -.5     -.8     1.2  |     .0      .0     -.6     -.8     -.1 
     Manufacturing (NAICS)                                |    1.1     1.2     -.4     -.7     1.5  |     .0      .0     -.7    -1.0      .0 
        Durable manufacturing                             |    2.1     2.9    -1.1    -2.1     1.6  |     .0     -.1     -.3    -1.9     -.1 
        Nondurable manufacturing                          |     .0     -.6      .3      .8     1.4  |     .0      .0    -1.1      .1      .1 
     Other manufacturing (non-NAICS)                      |   -5.0    -1.3    -3.6    -2.6    -6.5  |     .0     -.2      .3     4.1    -1.7 
                                                          |                                         |
  Mining                                                  |    6.3    10.7    -3.4    -9.7     6.4  |     .4      .0      .9     -.6     -.4 
  Utilities                                               |    2.2     1.3     -.7     -.4    -1.3  |    -.1     -.1     -.1     -.2     -.5 
 --------------------------------------------------------------------------------------------------------------------------------------------
 
 <1> The rates of change are calculated as the percent change in the annual averages of not seasonally adjusted industrial production indexes
     rather than as the percent change between the fourth quarter of one year and the fourth quarter of the next.
 <2> See footnote 2 to table 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Table 5
 Rates of Change in Capacity, by Industry Groups: 2014-2018 <1>
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   |                                                   |                Difference between
                                                   |                  Revised change                   |            revised and earlier changes
                                                   |                     (percent)                     |                (percentage points)
 Item                                              |      2014      2015      2016      2017      2018 |      2014      2015      2016      2017      2018
 ---------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                   |      1.4        .8        .6        .6       1.9  |      -.2       -.3        .4       -.5       -.3 
                                                   |                                                   |
  Manufacturing<2>                                 |      -.3       -.3       1.3        .7       1.3  |      -.2       -.4        .6        .1       -.1 
     Manufacturing (NAICS)                         |      -.1       -.2       1.4        .9       1.5  |      -.3       -.5        .6        .1       -.1 
        Durable manufacturing                      |       .3        .3        .9        .9       1.4  |       .0       -.5       -.3       -.1       -.3 
        Nondurable manufacturing                   |      -.6       -.8       2.1        .9       1.6  |      -.5       -.4       1.5        .3        .0 
     Other manufacturing (non-NAICS)               |     -3.5      -3.4      -2.7      -3.6      -2.9  |       .7       1.0       1.4        .5        .2 
                                                   |                                                   |
  Mining                                           |      6.8        .9      -3.1      -1.0       4.8  |      -.4        .2       1.0      -3.7      -1.4 
  Utilities                                        |       .4        .4       1.6       1.8       2.3  |      -.1       -.6       -.6       1.1       -.2 
                                                   |                                                   |
                                                   |                                                   |
  Selected high-technology industries              |      2.3       3.3       7.4       3.2       4.4  |     -1.5       1.6       2.5      -2.1        .8 
  Manufacturing<2> ex. selected                    |                                                   |
        high-technology industries                 |      -.3       -.4       1.1        .7       1.2  |      -.2       -.5        .5        .2       -.1 
                                                   |                                                   |
  Stage-of-process groups                          |                                                   |
  Crude                                            |      5.3        .4      -2.4       -.5       3.6  |      -.5       -.2        .9      -3.2      -1.4 
  Primary and semifinished                         |      -.2       -.2       1.7        .7       1.6  |       .0        .0        .6        .2        .0 
  Finished                                         |       .0        .1       1.0       1.1       1.5  |      -.3       -.8        .3        .4       -.2 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------
 <1> Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the
     previous year to the fourth quarter of the year specified in the column heading.
 <2> See footnote 2 to table 2.
 
 
 
1Table 6
 Revised and Earlier Capacity Utilization Rates, by Industry Groups
 
   Percent of capacity, seasonally adjusted
 
 
 --------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          |               |                                         |         Difference between
                                                          |               |              Revised rate               |      revised and earlier rates
                                                          |               |                                         |         (percentage points)
                                                          |               |   1972-                                 |                                    
 Item                                                     |     NAICS     |    2017    2014    2015    2016    2017 |     2014     2015     2016     2017
                                                          |               |    Ave.      Q4      Q4      Q4      Q4 |       Q4       Q4       Q4       Q4
 --------------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                          |               |   79.8    79.4    76.1    75.3    77.0  |      .5       .1      -.5      -.5 
                                                          |               |                                         |
  Manufacturing<1>                                        |               |   78.3    76.3    75.4    74.4    75.2  |      .4       .0      -.7     -1.1 
     Manufacturing (NAICS)                                |        31-33  |   78.2    76.9    75.8    74.8    75.7  |      .5       .0      -.7     -1.0 
                                                          |               |                                         |
        Durable manufacturing                             |               |   76.9    77.6    74.7    73.8    74.6  |      .4      -.2      -.9     -1.2 
           Wood products                                  |          321  |   76.5    72.8    75.3    76.7    78.2  |     1.3      1.1      -.2      -.9 
           Nonmetallic mineral products                   |          327  |   73.8    65.1    65.9    64.1    65.7  |     1.1       .6      -.6     -1.1 
           Primary metals                                 |          331  |   78.3    73.3    67.6    66.4    68.9  |    -2.8     -2.0      -.1      -.5 
           Fabricated metal products                      |          332  |   77.5    80.5    77.6    76.1    78.7  |     -.6      -.8     -2.2     -3.3 
           Machinery                                      |          333  |   77.5    78.0    68.6    68.0    75.3  |     1.6      -.4     -1.1       .1 
           Computer and electronic products               |          334  |   77.5    74.0    70.8    70.4    70.7  |     1.2       .4       .5      2.0 
           Electrical equip., appliances,                 |               |                                         |
              and components                              |          335  |   82.2    81.4    77.3    76.7    76.3  |      .2     -3.0     -4.0     -6.9 
           Motor vehicles and parts                       |       3361-3  |   75.2    78.3    79.9    80.4    77.2  |     -.1      -.6     -2.5     -4.5 
           Aerospace and miscellaneous                    |               |                                         |
              transportation equipment                    |       3364-9  |   74.2    85.4    80.4    77.2    75.6  |     1.1      -.5     -1.3     -1.7 
           Furniture and related products                 |          337  |   76.7    78.8    81.4    79.1    75.7  |     1.5      1.1      -.1     -2.4 
           Miscellaneous                                  |          339  |   76.6    78.2    80.3    80.2    77.7  |      .2      2.5      2.7      3.6 
                                                          |               |                                         |
        Nondurable manufacturing                          |               |   80.1    76.1    77.1    75.9    76.8  |      .6       .3      -.6      -.9 
           Food, beverage, and tobacco products           |        311,2  |   80.6    77.6    77.6    75.8    76.7  |      .4       .2     -1.0     -2.0 
           Textile and product mills                      |        313,4  |   78.8    72.8    68.0    69.0    68.7  |      .7     -3.2     -2.6     -1.7 
           Apparel and leather                            |        315,6  |   76.3    67.3    66.5    68.3    64.9  |    -1.9     -2.2       .8       .0 
           Paper                                          |          322  |   86.7    85.3    85.3    88.0    86.3  |      .0       .4       .8      -.2 
           Printing and support                           |          323  |   79.6    66.2    70.2    73.4    73.7  |     2.6      3.1      6.2      6.6 
           Petroleum and coal products                    |          324  |   85.1    81.9    81.6    76.1    79.5  |      .0      -.5     -4.0     -2.4 
           Chemicals                                      |          325  |   76.8    71.9    73.5    72.8    74.3  |      .7      -.3     -1.3     -1.3 
           Plastics and rubber products                   |          326  |   82.1    83.6    85.3    83.1    82.2  |      .9      2.8      2.2       .9 
                                                          |               |                                         |
     Other manufacturing (non-NAICS)                      |    1133,5111  |   80.0    62.1    64.3    62.7    61.9  |    -1.7      -.8      -.2     -1.8 
                                                          |               |                                         |
  Mining                                                  |           21  |   87.0    91.0    81.0    78.4    87.5  |      .5       .9      -.8      1.9 
  Utilities                                               |       2211,2  |   85.3    81.2    77.5    78.1    78.2  |      .4       .6      1.0      -.4 
                                                          |               |                                         |
  Selected high-technology industries                     |               |   77.4    73.8    72.8    73.5    73.8  |     1.5      1.9       .9      2.5 
     Computers and peripheral equipment                   |         3341  |   78.0    71.2    66.5    83.8    96.4  |      .2      -.2      7.3      4.0 
     Communications equipment                             |         3342  |   76.4    69.8    71.5    72.4    65.3  |    -1.6      1.4     -3.6     -3.7 
     Semiconductors and related                           |               |                                         |
           electronic components                          |         3344  |   78.6    76.0    74.9    71.6    72.7  |     3.0      2.7      1.5      4.8 
                                                          |               |                                         |
  Measures excluding selected high-technology             |               |                                         |
        industries                                        |               |                                         |
  Total industry                                          |               |   80.0    79.5    76.2    75.3    77.1  |      .4       .1      -.5      -.6 
     Manufacturing<1>                                     |               |   78.4    76.4    75.5    74.4    75.3  |      .4      -.1      -.8     -1.2 
                                                          |               |                                         |
  Stage-of-process groups                                 |               |                                         |
  Crude                                                   |               |   86.0    88.6    80.5    79.4    86.2  |      .5       .7      -.3      1.9 
  Primary and semifinished                                |               |   80.4    77.3    75.8    74.9    76.0  |      .2       .3      -.4      -.9 
  Finished                                                |               |   76.9    76.3    75.0    73.9    74.3  |      .6      -.2      -.8     -1.4 
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 1.  See footnote 2 to table 2.
 
 
 
1Table 7A
 Industrial Production: Manufacturing <1>
 Seasonally adjusted
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|Annual <2>
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change)         |                                                                                    |                            |
  1988           |   -.2     .2     .2     .9    -.2     .2     .0     .1     .4     .5     .3     .5 |   2.7    4.2     .7    4.5 |      5.3 
  1989           |    .8   -1.0    -.1     .3    -.9     .2   -1.1     .9    -.3    -.2     .2     .1 |   2.1   -2.7   -3.1     .4 |       .8 
                 |                                                                                    |                            |
  1990           |   -.2    1.5     .5    -.3     .2     .3    -.2     .3     .0    -.8   -1.1    -.7 |   4.2    3.0    1.2   -6.7 |       .8 
  1991           |   -.8    -.7    -.7     .4     .7    1.1     .3     .2    1.1    -.2    -.2    -.2 |  -8.7    1.9    7.2    1.7 |     -1.9 
  1992           |   -.6     .9    1.0     .5     .6     .3     .9    -.4     .0     .7     .4    -.1 |    .6    8.3    4.1    3.2 |      3.7 
  1993           |   1.0     .2    -.2     .6    -.1    -.2     .3    -.2     .6     .9     .4     .6 |   4.5    1.4     .8    7.0 |      3.6 
  1994           |    .2     .1    1.3     .9     .6     .3     .4     .8     .5    1.0     .8    1.1 |   4.9    9.5    6.1   10.3 |      5.9 
                 |                                                                                    |                            |
  1995           |    .2    -.3     .2    -.2     .2     .5    -.7    1.1     .9    -.1     .1     .4 |   4.4     .7    3.1    4.3 |      5.1 
  1996           |   -.8    1.6    -.2    1.1     .8    1.0     .3     .5     .8    -.1     .9     .9 |   2.0   10.0    7.7    6.0 |      4.9 
  1997           |    .1    1.4    1.0    -.2     .7     .7     .7    1.3     .9     .9    1.1     .4 |   9.4    7.1   10.4   11.5 |      8.4 
  1998           |    .8     .1    -.1     .5     .5    -.8    -.4    2.4    -.2    1.0     .2     .5 |   6.1    2.1    3.3    8.0 |      6.7 
  1999           |    .3     .8    -.1     .4     .9    -.3     .5     .6    -.4    1.5     .6     .7 |   5.1    4.5    3.2    8.6 |      5.1 
                 |                                                                                    |                            |
  2000           |    .1     .2     .6     .8    -.1     .2     .1    -.7     .4    -.3    -.3    -.5 |   4.4    4.9    -.4   -2.4 |      4.1 
  2001           |   -.6    -.6    -.2    -.3    -.6    -.7    -.4    -.5    -.2    -.6    -.3     .3 |  -5.9   -5.2   -5.8   -3.8 |     -3.6 
  2002           |    .6     .0     .8     .2     .5    1.1    -.3     .2     .1    -.4     .4    -.5 |   3.7    5.8    3.1    -.3 |       .5 
  2003           |    .5     .1     .1    -.8     .1     .5     .2    -.4     .8     .1    1.0    -.2 |   1.8   -1.9    2.4    4.5 |      1.3 
  2004           |    .0     .7    -.2     .4     .8    -.7     .9     .5     .0    1.0     .0     .7 |   2.6    3.3    4.0    5.5 |      3.1 
                 |                                                                                    |                            |
  2005           |    .8     .8    -.5     .3     .3     .1    -.3     .5   -1.0    1.5     .8     .2 |   6.6    2.3    -.7    6.4 |      4.1 
  2006           |    .8    -.3    -.1     .5    -.4     .4    -.3     .6     .1    -.4     .0    1.5 |   3.8     .8    1.0    1.5 |      2.6 
  2007           |   -.5     .4     .8     .7    -.1     .3     .1    -.3     .5    -.3     .5     .2 |   4.1    5.9    1.0    1.2 |      2.8 
  2008           |   -.4    -.6    -.3   -1.1    -.6    -.7   -1.2   -1.2   -3.4    -.6   -2.4   -3.5 |  -2.5   -8.2  -14.1  -21.8 |     -4.8 
  2009           |  -3.1    -.2   -1.8    -.7   -1.0    -.3    1.5    1.1     .9     .2    1.0    -.2 | -24.4  -10.6    8.1    7.2 |    -13.8 
                 |                                                                                    |                            |
  2010           |   1.1    -.1    1.2     .8    1.4    -.1     .6     .1     .0     .1     .0     .5 |   6.9   10.3    4.1    1.2 |      5.8 
  2011           |    .2     .1     .6    -.6     .1     .1     .6     .4     .3     .6    -.3     .7 |   3.2    -.1    4.4    3.9 |      2.9 
  2012           |    .8     .4    -.5     .6    -.4     .2    -.1    -.2    -.1    -.4     .7     .8 |   5.3     .5   -1.2    1.2 |      2.6 
  2013           |   -.3     .5    -.1    -.4     .3     .2   -1.0    1.0     .1     .1     .0     .0 |   3.0    -.2    -.3    1.9 |       .9 
  2014           |  -1.2    1.1     .8    -.1     .2     .3     .3    -.4     .0    -.1     .8    -.3 |   -.6    4.2    1.3     .6 |      1.1 
                 |                                                                                    |                            |
  2015           |   -.5    -.6     .3    -.1    -.1    -.4     .6    -.3    -.4     .0    -.2    -.2 |  -2.9   -1.0     .1   -2.4 |      -.5 
  2016           |    .5    -.4    -.2    -.3    -.1     .3     .2    -.3     .3     .2     .0     .3 |    .0   -2.5     .6    1.6 |      -.8 
  2017           |    .3     .1    -.5    1.1    -.4     .1    -.3    -.2    -.1    1.4     .2     .0 |   1.9    2.4   -2.1    5.5 |      1.2 
  2018           |   -.2    1.3                                                                       |                            |          
                 |                                                                                    |                            |
 IP (2012=100)   |                                                                                    |                            |
  1988           |  61.2   61.4   61.5   62.1   62.0   62.1   62.0   62.1   62.3   62.6   62.8   63.1 |  61.4   62.0   62.1   62.8 |     62.1 
  1989           |  63.6   63.0   62.9   63.1   62.5   62.6   61.9   62.5   62.3   62.2   62.3   62.4 |  63.2   62.7   62.2   62.3 |     62.6 
                 |                                                                                    |                            |
  1990           |  62.2   63.1   63.5   63.3   63.4   63.6   63.5   63.7   63.6   63.1   62.4   62.0 |  62.9   63.4   63.6   62.5 |     63.1 
  1991           |  61.5   61.1   60.7   60.9   61.3   61.9   62.1   62.3   62.9   62.8   62.7   62.6 |  61.1   61.4   62.5   62.7 |     61.9 
  1992           |  62.2   62.8   63.4   63.8   64.1   64.3   64.9   64.6   64.7   65.1   65.4   65.3 |  62.8   64.1   64.7   65.2 |     64.2 
  1993           |  65.9   66.1   65.9   66.3   66.2   66.1   66.3   66.1   66.6   67.2   67.4   67.8 |  66.0   66.2   66.3   67.5 |     66.5 
  1994           |  67.9   68.0   68.9   69.5   69.9   70.1   70.4   71.0   71.3   72.0   72.6   73.4 |  68.3   69.9   70.9   72.7 |     70.4 
                 |                                                                                    |                            |
  1995           |  73.5   73.3   73.5   73.3   73.5   73.8   73.4   74.2   74.8   74.8   74.8   75.1 |  73.4   73.6   74.1   74.9 |     74.0 
  1996           |  74.5   75.7   75.6   76.4   77.0   77.8   78.0   78.4   79.1   79.0   79.7   80.4 |  75.3   77.1   78.5   79.7 |     77.6 
  1997           |  80.5   81.6   82.4   82.3   82.9   83.5   84.0   85.1   85.8   86.6   87.5   87.8 |  81.5   82.9   85.0   87.3 |     84.2 
  1998           |  88.6   88.7   88.6   89.0   89.5   88.8   88.5   90.6   90.4   91.3   91.4   91.9 |  88.6   89.1   89.8   91.6 |     89.8 
  1999           |  92.2   93.0   92.9   93.3   94.1   93.8   94.2   94.8   94.4   95.8   96.4   97.1 |  92.7   93.7   94.5   96.5 |     94.3 
                 |                                                                                    |                            |
  2000           |  97.2   97.4   98.0   98.7   98.6   98.8   98.9   98.2   98.7   98.3   98.1   97.5 |  97.5   98.7   98.6   98.0 |     98.2 
  2001           |  97.0   96.4   96.1   95.8   95.2   94.6   94.2   93.7   93.5   93.0   92.7   93.0 |  96.5   95.2   93.8   92.9 |     94.6 
  2002           |  93.5   93.5   94.2   94.4   94.9   96.0   95.6   95.8   95.9   95.6   96.0   95.5 |  93.7   95.1   95.8   95.7 |     95.1 
  2003           |  96.0   96.1   96.3   95.5   95.6   96.0   96.3   95.9   96.6   96.8   97.7   97.5 |  96.1   95.7   96.3   97.3 |     96.4 
  2004           |  97.5   98.2   98.1   98.5   99.3   98.5   99.4   99.9   99.9  100.9  100.8  101.5 |  97.9   98.8   99.7  101.1 |     99.4 
                 |                                                                                    |                            |
  2005           | 102.3  103.1  102.6  103.0  103.3  103.5  103.1  103.6  102.6  104.1  104.9  105.1 | 102.7  103.3  103.1  104.7 |    103.4 
  2006           | 105.9  105.6  105.5  106.1  105.6  106.0  105.7  106.4  106.4  106.0  106.1  107.6 | 105.7  105.9  106.2  106.6 |    106.1 
  2007           | 107.0  107.5  108.4  109.1  109.0  109.4  109.5  109.2  109.7  109.3  109.9  110.1 | 107.6  109.2  109.5  109.8 |    109.0 
  2008           | 109.7  109.0  108.6  107.4  106.8  106.1  104.8  103.5  100.0   99.3   97.0   93.6 | 109.1  106.8  102.8   96.6 |    103.8 
  2009           |  90.8   90.6   88.9   88.3   87.4   87.1   88.4   89.4   90.2   90.4   91.3   91.1 |  90.1   87.6   89.3   90.9 |     89.5 
                 |                                                                                    |                            |
  2010           |  92.1   92.1   93.2   93.9   95.2   95.1   95.6   95.7   95.7   95.8   95.8   96.3 |  92.4   94.7   95.7   96.0 |     94.7 
  2011           |  96.5   96.6   97.2   96.6   96.7   96.8   97.4   97.8   98.1   98.6   98.4   99.1 |  96.7   96.7   97.8   98.7 |     97.5 
  2012           |  99.9  100.3   99.8  100.3   99.9  100.1   99.9   99.8   99.7   99.3  100.1  100.9 | 100.0  100.1   99.8  100.1 |    100.0 
  2013           | 100.6  101.1  100.9  100.5  100.8  101.1  100.0  101.0  101.1  101.2  101.2  101.2 | 100.8  100.8  100.7  101.2 |    100.9 
  2014           | 100.0  101.1  102.0  101.8  102.1  102.4  102.8  102.3  102.3  102.1  103.0  102.7 | 101.0  102.1  102.4  102.6 |    102.0 
                 |                                                                                    |                            |
  2015           | 102.1  101.5  101.8  101.8  101.6  101.3  101.9  101.7  101.2  101.2  101.0  100.7 | 101.8  101.6  101.6  101.0 |    101.5 
  2016           | 101.3  100.9  100.7  100.3  100.2  100.5  100.6  100.3  100.6  100.8  100.8  101.1 | 101.0  100.3  100.5  100.9 |    100.7 
  2017           | 101.5  101.6  101.1  102.2  101.8  101.9  101.7  101.4  101.3  102.7  102.9  102.9 | 101.4  102.0  101.5  102.8 |    101.9 
  2018           | 102.7  104.1                                                                       |                            |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.
 <1> See footnote 2 to table 2.
 <2> Annual averages of industrial production are calculated from not seasonally adjusted indexes.
 
 
 
1Table 7B
 Capacity and Utilization: Manufacturing <1>
 Seasonally adjusted
 
 
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|    Annual
 ---------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 2012 output)    |                                                                                    |                            |
  1988           |  73.7   73.8   73.8   73.8   73.9   73.9   73.9   73.9   74.0   74.0   74.1   74.2 |  73.8   73.9   73.9   74.1 |     73.9 
  1989           |  74.3   74.4   74.5   74.7   74.8   75.0   75.2   75.4   75.6   75.8   76.0   76.2 |  74.4   74.8   75.4   76.0 |     75.2 
                 |                                                                                    |                            |
  1990           |  76.4   76.6   76.8   77.0   77.1   77.3   77.5   77.6   77.7   77.9   78.0   78.1 |  76.6   77.1   77.6   78.0 |     77.3 
  1991           |  78.2   78.3   78.4   78.5   78.6   78.7   78.9   79.0   79.1   79.2   79.3   79.5 |  78.3   78.6   79.0   79.3 |     78.8 
  1992           |  79.7   79.8   80.0   80.2   80.4   80.6   80.9   81.1   81.3   81.4   81.6   81.8 |  79.8   80.4   81.1   81.6 |     80.7 
  1993           |  82.0   82.1   82.2   82.4   82.5   82.6   82.7   82.9   83.0   83.2   83.3   83.5 |  82.1   82.5   82.9   83.3 |     82.7 
  1994           |  83.7   83.9   84.1   84.4   84.6   84.9   85.2   85.4   85.7   86.0   86.4   86.7 |  83.9   84.6   85.4   86.4 |     85.1 
                 |                                                                                    |                            |
  1995           |  87.0   87.3   87.7   88.0   88.4   88.7   89.1   89.5   89.9   90.4   90.8   91.3 |  87.3   88.4   89.5   90.8 |     89.0 
  1996           |  91.8   92.2   92.7   93.3   93.8   94.3   94.8   95.3   95.8   96.4   96.9   97.5 |  92.3   93.8   95.3   96.9 |     94.6 
  1997           |  98.0   98.6   99.2   99.7  100.4  101.0  101.6  102.3  103.0  103.8  104.5  105.3 |  98.6  100.4  102.3  104.6 |    101.5 
  1998           | 106.1  106.9  107.7  108.5  109.2  110.0  110.7  111.4  112.0  112.7  113.3  113.9 | 106.9  109.2  111.4  113.3 |    110.2 
  1999           | 114.5  115.0  115.6  116.1  116.6  117.1  117.6  118.1  118.6  119.1  119.6  120.1 | 115.0  116.6  118.1  119.6 |    117.4 
                 |                                                                                    |                            |
  2000           | 120.6  121.1  121.6  122.1  122.6  123.1  123.6  124.1  124.5  125.0  125.5  125.9 | 121.1  122.6  124.1  125.5 |    123.3 
  2001           | 126.4  126.8  127.2  127.6  128.0  128.3  128.6  128.9  129.1  129.4  129.6  129.7 | 126.8  128.0  128.9  129.6 |    128.3 
  2002           | 129.9  130.0  130.2  130.3  130.3  130.4  130.4  130.5  130.5  130.5  130.5  130.5 | 130.0  130.3  130.4  130.5 |    130.3 
  2003           | 130.5  130.5  130.5  130.4  130.4  130.4  130.3  130.3  130.3  130.2  130.2  130.2 | 130.5  130.4  130.3  130.2 |    130.3 
  2004           | 130.1  130.1  130.0  130.0  130.0  130.0  130.0  130.0  130.1  130.2  130.3  130.5 | 130.1  130.0  130.1  130.3 |    130.1 
                 |                                                                                    |                            |
  2005           | 130.7  130.9  131.1  131.3  131.6  131.9  132.1  132.4  132.7  132.9  133.2  133.4 | 130.9  131.6  132.4  133.2 |    132.0 
  2006           | 133.6  133.8  134.0  134.3  134.5  134.7  134.9  135.1  135.4  135.7  135.9  136.2 | 133.8  134.5  135.1  135.9 |    134.8 
  2007           | 136.6  136.9  137.2  137.6  137.9  138.3  138.6  138.9  139.1  139.3  139.5  139.6 | 136.9  137.9  138.9  139.5 |    138.3 
  2008           | 139.7  139.7  139.6  139.5  139.4  139.2  139.1  138.9  138.7  138.5  138.3  138.1 | 139.6  139.4  138.9  138.3 |    139.0 
  2009           | 137.8  137.6  137.4  137.2  137.0  136.7  136.5  136.3  136.1  135.9  135.7  135.5 | 137.6  137.0  136.3  135.7 |    136.6 
                 |                                                                                    |                            |
  2010           | 135.3  135.0  134.8  134.6  134.4  134.1  133.9  133.7  133.5  133.3  133.1  132.9 | 135.0  134.4  133.7  133.1 |    134.0 
  2011           | 132.7  132.6  132.5  132.4  132.3  132.3  132.3  132.3  132.4  132.4  132.5  132.6 | 132.6  132.3  132.3  132.5 |    132.5 
  2012           | 132.8  132.9  133.0  133.2  133.3  133.4  133.6  133.7  133.8  134.0  134.1  134.2 | 132.9  133.3  133.7  134.1 |    133.5 
  2013           | 134.3  134.4  134.5  134.5  134.6  134.6  134.7  134.7  134.7  134.7  134.7  134.7 | 134.4  134.6  134.7  134.7 |    134.6 
  2014           | 134.8  134.8  134.8  134.7  134.7  134.7  134.7  134.6  134.5  134.5  134.4  134.3 | 134.8  134.7  134.6  134.4 |    134.6 
                 |                                                                                    |                            |
  2015           | 134.2  134.1  134.0  133.9  133.9  133.8  133.8  133.8  133.8  133.9  133.9  134.0 | 134.1  133.9  133.8  133.9 |    133.9 
  2016           | 134.2  134.3  134.4  134.6  134.8  135.0  135.1  135.3  135.4  135.6  135.7  135.8 | 134.3  134.8  135.3  135.7 |    135.0 
  2017           | 135.9  136.0  136.0  136.1  136.2  136.2  136.3  136.4  136.5  136.6  136.7  136.8 | 136.0  136.2  136.4  136.7 |    136.3 
  2018           | 136.9  137.0                                                                       |                            |          
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1988           |  83.1   83.2   83.4   84.1   83.9   84.0   84.0   84.0   84.3   84.6   84.8   85.1 |  83.2   84.0   84.1   84.8 |     84.0 
  1989           |  85.6   84.7   84.4   84.5   83.5   83.5   82.4   82.9   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   82.2   82.2   82.2   81.9   82.0   81.8   81.0   80.0   79.3 |  82.2   82.2   81.9   80.1 |     81.6 
  1991           |  78.6   78.0   77.3   77.5   77.9   78.7   78.8   78.9   79.6   79.3   79.0   78.8 |  78.0   78.0   79.1   79.1 |     78.5 
  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   80.1   80.5   80.3   80.0   80.1   79.8   80.2   80.8   80.9   81.2 |  80.3   80.2   80.0   81.0 |     80.4 
  1994           |  81.2   81.1   81.9   82.4   82.7   82.6   82.7   83.0   83.2   83.7   84.0   84.6 |  81.4   82.6   83.0   84.1 |     82.8 
                 |                                                                                    |                            |
  1995           |  84.5   83.9   83.8   83.3   83.1   83.2   82.3   82.8   83.2   82.7   82.4   82.3 |  84.1   83.2   82.8   82.5 |     83.1 
  1996           |  81.2   82.1   81.5   82.0   82.1   82.5   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   83.1   82.5   82.6   82.7   82.7   83.1   83.3   83.4   83.7   83.4 |  82.7   82.6   83.0   83.5 |     83.0 
  1998           |  83.5   83.0   82.3   82.0   81.9   80.7   79.9   81.3   80.7   81.0   80.7   80.7 |  82.9   81.6   80.6   80.8 |     81.5 
  1999           |  80.6   80.8   80.4   80.4   80.7   80.1   80.1   80.3   79.6   80.4   80.6   80.8 |  80.6   80.4   80.0   80.6 |     80.4 
                 |                                                                                    |                            |
  2000           |  80.6   80.4   80.6   80.8   80.4   80.2   80.0   79.2   79.2   78.7   78.2   77.5 |  80.5   80.5   79.5   78.1 |     79.6 
  2001           |  76.7   76.0   75.6   75.1   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   72.8   73.6   73.3   73.5   73.5   73.3   73.6   73.2 |  72.1   73.0   73.4   73.4 |     73.0 
  2003           |  73.6   73.7   73.8   73.2   73.3   73.7   73.9   73.6   74.2   74.3   75.0   74.9 |  73.7   73.4   73.9   74.7 |     73.9 
  2004           |  74.9   75.5   75.4   75.7   76.4   75.8   76.5   76.8   76.8   77.5   77.4   77.8 |  75.3   76.0   76.7   77.5 |     76.4 
                 |                                                                                    |                            |
  2005           |  78.3   78.8   78.3   78.4   78.5   78.5   78.0   78.2   77.3   78.3   78.8   78.8 |  78.5   78.5   77.9   78.6 |     78.4 
  2006           |  79.3   78.9   78.7   79.0   78.6   78.7   78.4   78.7   78.6   78.2   78.0   79.0 |  79.0   78.8   78.6   78.4 |     78.7 
  2007           |  78.4   78.5   79.0   79.3   79.0   79.1   79.0   78.6   78.8   78.5   78.8   78.9 |  78.6   79.2   78.8   78.7 |     78.8 
  2008           |  78.5   78.0   77.8   77.0   76.6   76.2   75.4   74.6   72.1   71.7   70.1   67.8 |  78.1   76.6   74.0   69.9 |     74.6 
  2009           |  65.8   65.8   64.7   64.4   63.8   63.7   64.8   65.6   66.3   66.5   67.3   67.2 |  65.5   64.0   65.5   67.0 |     65.5 
                 |                                                                                    |                            |
  2010           |  68.1   68.2   69.1   69.8   70.9   70.9   71.4   71.6   71.7   71.9   72.0   72.5 |  68.5   70.5   71.6   72.1 |     70.7 
  2011           |  72.7   72.8   73.3   73.0   73.1   73.2   73.6   73.9   74.1   74.5   74.2   74.7 |  73.0   73.1   73.9   74.5 |     73.6 
  2012           |  75.3   75.5   75.0   75.3   74.9   75.0   74.8   74.6   74.5   74.2   74.6   75.2 |  75.2   75.1   74.6   74.7 |     74.9 
  2013           |  74.9   75.2   75.1   74.7   74.9   75.1   74.3   75.0   75.1   75.1   75.1   75.1 |  75.0   74.9   74.8   75.1 |     75.0 
  2014           |  74.2   75.0   75.7   75.6   75.8   76.0   76.3   76.0   76.0   76.0   76.6   76.4 |  75.0   75.8   76.1   76.3 |     75.8 
                 |                                                                                    |                            |
  2015           |  76.1   75.7   76.0   76.0   75.9   75.7   76.2   76.0   75.6   75.6   75.4   75.2 |  75.9   75.9   75.9   75.4 |     75.8 
  2016           |  75.5   75.2   74.9   74.5   74.4   74.5   74.5   74.1   74.3   74.3   74.3   74.5 |  75.2   74.4   74.3   74.4 |     74.6 
  2017           |  74.7   74.7   74.3   75.1   74.8   74.8   74.6   74.4   74.2   75.2   75.3   75.2 |  74.6   74.9   74.4   75.2 |     74.8 
  2018           |  75.0   75.9                                                                       |                            |          
 ---------------------------------------------------------------------------------------------------------------------------------------------
 Note: Estimates from October 2017 through February 2018 are subject to further revision in the upcoming monthly releases.
 <1> See footnote 2 to table 2.
 
 
 
1Table 8
 Annual Proportions in Industrial Production, Market and Industry Group Summary
 
 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Item                                                       |         NAICS |       2010        2011        2012        2013        2014        2015        2016        2017 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                            |               |
  Total IP                                                  |               |      100.0       100.0       100.0       100.0       100.0       100.0       100.0       100.0 
                                                            |               |
  MARKET GROUP                                              |               |
  Final products and nonindustrial supplies                 |               |       53.2        52.2        51.6        50.8        52.1        55.2        55.5        54.4 
     Consumer goods                                         |               |       26.8        26.2        25.3        24.8        25.4        27.8        28.7        28.0 
        Durable                                             |               |        5.4         5.1         5.1         5.3         5.6         6.3         6.6         6.3 
           Automotive products                              |               |        2.6         2.4         2.4         2.5         2.8         3.3         3.5         3.3 
           Home electronics                                 |               |         .2          .2          .2          .2          .2          .2          .2          .1 
           Appliances, furniture, carpeting                 |               |         .8          .7          .7          .7          .8          .9          .9          .9 
           Miscellaneous goods                              |               |        1.8         1.8         1.8         1.8         1.9         2.0         2.1         2.0 
        Nondurable                                          |               |       21.4        21.1        20.2        19.5        19.8        21.5        22.0        21.7 
           Non-energy                                       |               |       16.4        15.9        15.2        14.9        15.3        16.9        17.3        16.7 
              Foods and tobacco                             |               |        9.1         8.7         8.5         8.5         8.7         9.6         9.9         9.7 
              Clothing                                      |               |         .3          .3          .2          .2          .2          .2          .2          .2 
              Chemical products                             |               |        5.1         5.1         4.8         4.5         4.8         5.4         5.6         5.3 
              Paper products                                |               |        1.4         1.3         1.2         1.1         1.2         1.2         1.2         1.1 
           Energy                                           |               |        5.0         5.2         4.9         4.7         4.5         4.5         4.7         5.0 
                                                            |               |
     Business equipment                                     |               |        9.3         9.2         9.8         9.6         9.9        10.2         9.7         9.5 
        Transit                                             |               |        2.1         1.9         2.2         2.3         2.6         2.8         2.6         2.5 
        Information processing                              |               |        2.3         2.1         2.2         2.2         2.1         2.2         2.2         2.1 
        Industrial and other                                |               |        4.9         5.2         5.3         5.1         5.3         5.2         5.0         4.9 
     Defense and space equipment                            |               |        2.5         2.3         2.3         2.2         2.2         2.3         2.2         2.1 
                                                            |               |
     Construction supplies                                  |               |        4.2         4.1         4.2         4.3         4.5         4.9         5.1         5.1 
     Business supplies                                      |               |        9.8         9.5         9.1         8.8         8.9         9.2         9.3         9.0 
                                                            |               |
  Materials                                                 |               |       46.8        47.8        48.4        49.2        47.9        44.8        44.5        45.6 
     Non-energy                                             |               |       26.9        27.0        26.6        26.1        26.7        27.7        27.9        27.6 
        Durable                                             |               |       15.6        16.0        16.0        15.7        16.3        16.8        16.7        16.3 
           Consumer parts                                   |               |        2.5         2.5         2.7         2.8         2.9         3.1         3.1         3.0 
           Equipment parts                                  |               |        5.3         5.5         5.4         5.1         5.3         5.3         5.0         4.8 
           Other                                            |               |        7.8         7.9         7.8         7.9         8.1         8.4         8.5         8.5 
        Nondurable                                          |               |       11.2        11.0        10.6        10.4        10.4        10.9        11.3        11.3 
           Textile                                          |               |         .5          .4          .4          .4          .4          .4          .4          .4 
           Paper                                            |               |        2.1         2.0         2.0         1.9         1.9         2.0         2.0         1.9 
           Chemical                                         |               |        5.4         5.5         5.3         5.1         5.0         5.2         5.6         5.8 
     Energy                                                 |               |       20.0        20.8        21.8        23.1        21.2        17.2        16.6        18.0 
                                                            |               |
                                                            |               |
  INDUSTRY GROUP                                            |               |
  Manufacturing                                             |               |       73.7        72.8        72.0        70.6        72.1        76.3        77.0        75.5 
     Manufacturing (NAICS)                                  |        31-33  |       70.8        70.1        69.6        68.3        69.8        73.9        74.7        73.4 
                                                            |               |
        Durable manufacturing                               |               |       36.3        36.1        36.4        36.1        37.5        39.1        38.8        37.6 
           Wood products                                    |          321  |         .9          .9         1.0         1.1         1.2         1.3         1.4         1.4 
           Nonmetallic mineral products                     |          327  |        1.6         1.6         1.6         1.7         1.9         2.1         2.2         2.2 
           Primary metals                                   |          331  |        2.7         2.8         2.5         2.6         2.6         2.5         2.6         2.6 
           Fabricated metal products                        |          332  |        5.1         5.3         5.3         5.4         5.5         5.7         5.6         5.5 
           Machinery                                        |          333  |        5.1         5.5         5.8         5.5         5.8         5.6         5.2         5.3 
           Computer and electronic products                 |          334  |        6.0         5.8         5.6         5.2         5.1         5.2         5.1         4.9 
           Electrical equip., appliances,                   |               |
              and components                                |          335  |        1.8         1.8         1.8         1.7         1.8         1.9         1.9         1.8 
           Motor vehicles and parts                         |       3361-3  |        4.4         4.2         4.4         4.6         5.1         5.8         6.0         5.6 
           Aerospace and miscellaneous                      |               |
              transportation equipment                      |       3364-9  |        4.4         4.2         4.3         4.4         4.7         4.9         4.6         4.3 
           Furniture and related products                   |          337  |        1.0         1.0         1.0         1.0         1.1         1.2         1.3         1.2 
           Miscellaneous                                    |          339  |        3.2         3.0         2.8         2.8         2.8         3.0         3.0         2.7 
                                                            |               |
        Nondurable manufacturing                            |               |       34.5        34.1        33.2        32.1        32.3        34.7        35.9        35.9 
           Food, beverage, and tobacco products             |        311,2  |       11.1        10.6        10.2        10.3        10.5        11.5        11.9        11.7 
           Textile and product mills                        |        313,4  |         .7          .7          .6          .7          .7          .7          .7          .6 
           Apparel and leather                              |        315,6  |         .3          .3          .3          .2          .2          .2          .2          .2 
           Paper                                            |          322  |        2.6         2.5         2.5         2.5         2.5         2.6         2.6         2.5 
           Printing and support                             |          323  |        1.6         1.5         1.4         1.4         1.4         1.5         1.5         1.4 
           Petroleum and coal products                      |          324  |        3.5         3.9         3.7         3.2         2.8         2.8         2.9         3.4 
           Chemicals                                        |          325  |       11.7        11.7        11.4        10.8        11.1        12.0        12.4        12.4 
           Plastics and rubber products                     |          326  |        2.9         2.9         3.0         3.0         3.1         3.5         3.6         3.6 
                                                            |               |
     Other manufacturing (non-NAICS)                        |    1133,5111  |        2.9         2.6         2.4         2.3         2.3         2.4         2.3         2.1 
                                                            |               |
  Mining                                                    |           21  |       15.9        17.3        18.6        19.9        17.8        13.1        12.2        14.1 
  Utilities                                                 |       2211,2  |       10.4         9.9         9.4         9.5        10.1        10.7        10.8        10.4 
     Electric                                               |         2211  |        9.2         8.7         8.3         8.5         8.9         9.4         9.5         9.0 
     Natural gas                                            |         2212  |        1.2         1.2         1.0         1.1         1.2         1.2         1.3         1.4 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Note. The IP proportion data are estimates of the industries' relative contributions to the overall change in IP between the reference
       year and the following year.  For example, a 1 percent increase in durable goods manufacturing between 2017 and 2018 would
       account for a .376 percent increase in total IP.
 
 
 
1Table 9
 Industrial Production and Capacity Utilization:  SUMMARY
 Seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |                             2012=100                              |                                   Percent change
                                    | ----------------------------------------------------------------- | -----------------------------------------------------------------------------------
                                    |      2017                                        2018             |      2017                                        2018             |    Feb. '17 to 
 Industrial production              |  Sept.[r]    Oct.[r]    Nov.[r]    Dec.[r]    Jan.[r]    Feb.[r]  |  Sept.[r]    Oct.[r]    Nov.[r]    Dec.[r]    Jan.[r]    Feb.[r]  |      Feb. '18 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |                                                                   |                                                                   |
  Total index                       |     103.2      104.8      105.3      105.7      105.5      106.5  |        .0        1.6         .5         .4        -.2         .9  |            4.3 
     Previous estimates             |     104.9      106.6      106.9      107.4      107.1      108.2  |        .3        1.6         .3         .5        -.3        1.1  |            4.4 
                                    |                                                                   |                                                                   |
  Major market groups               |                                                                   |                                                                   |
  Final Products                    |     100.3      101.3      101.1      101.4      101.8      102.2  |        .2        1.0        -.2         .3         .4         .4  |            3.8 
     Consumer goods                 |     103.5      104.8      104.5      104.9      105.4      105.5  |        .1        1.2        -.3         .4         .4         .1  |            3.4 
     Business equipment             |      98.2       98.9       99.1       98.9       99.1       99.8  |       1.0         .7         .2        -.2         .2         .7  |            4.9 
  Nonindustrial supplies            |     104.8      105.5      106.0      106.8      105.6      106.5  |        .4         .7         .4         .8       -1.1         .8  |            1.9 
     Construction                   |     111.0      111.5      112.0      113.0      110.9      113.5  |       1.7         .4         .4         .9       -1.8        2.3  |            2.2 
  Materials                         |     104.7      107.2      108.3      108.8      108.3      109.9  |       -.4        2.3        1.1         .4        -.4        1.4  |            5.4 
                                    |                                                                   |                                                                   |
  Major industry groups             |                                                                   |                                                                   |
  Manufacturing (see note below)    |     101.3      102.7      102.9      102.9      102.7      104.1  |       -.1        1.4         .2         .0        -.2        1.3  |            2.4 
     Previous estimates             |     103.2      104.6      104.8      104.8      104.6      105.9  |        .2        1.3         .2         .1        -.2        1.2  |            2.5 
                                    |                                                                   |                                                                   |
  Mining                            |     110.1      111.6      113.8      114.7      113.2      117.2  |       1.3        1.4        1.9         .8       -1.3        3.5  |           10.1 
  Utilities                         |      99.8      102.9      103.3      106.1      107.2      102.0  |       -.8        3.2         .4        2.7        1.1       -4.9  |           10.6 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                                                                                             |    Capacity
                                  |                                                             Percent of capacity                                                             |     growth
                                  | ------------------------------------------------------------------------------------------------------------------------------------------- | ---------------
                                  |     Average       1988-       1990-       1994-       2008-             |                                                                   |                
                                  |       1972-          89          91          95          09       2017  |      2017                                        2018             |    Feb. '17 to 
 Capacity utilization             |       2017         high         low        high         low       Feb.  |  Sept.[r]    Oct.[r]    Nov.[r]    Dec.[r]    Jan.[r]    Feb.[r]  |      Feb. '18 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                  |                                                                         |                                                                   |
  Total industry                  |       79.8        85.2        78.8        85.0        66.7        75.1  |      75.7       76.8       77.0       77.3       77.0       77.7  |             .9 
     Previous estimates           |       79.8        85.2        78.8        85.0        66.7        75.8  |      76.1       77.3       77.5       77.8       77.4       78.1  |            1.3 
                                  |                                                                         |                                                                   |
  Manufacturing (see note below)  |       78.3        85.6        77.3        84.6        63.7        74.7  |      74.2       75.2       75.3       75.2       75.0       75.9  |             .8 
     Previous estimates           |       78.3        85.6        77.3        84.6        63.7        75.6  |      75.3       76.2       76.3       76.3       76.0       76.9  |             .8 
  Mining                          |       87.0        86.3        84.3        88.6        78.2        82.0  |      85.3       86.4       87.9       88.3       86.9       89.7  |             .6 
  Utilities                       |       85.3        92.9        84.4        92.9        78.3        70.2  |      75.2       77.4       77.6       79.6       80.3       76.2  |            1.9 
                                  |                                                                         |                                                                   |
  Stage-of-process groups         |                                                                         |                                                                   |
  Crude                           |       86.0        87.8        84.7        90.0        76.4        81.5  |      82.5       85.4       86.6       86.8       85.6       87.7  |             .6 
  Primary and semifinished        |       80.4        86.5        78.1        87.7        63.8        73.9  |      74.4       75.5       76.0       76.5       76.3       76.0  |             .8 
  Finished                        |       76.9        83.4        77.3        80.7        66.6        74.0  |      74.3       74.6       74.2       74.1       74.3       75.2  |            1.2 
 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 r  Revised.
 
 Note.  The statistics in this release cover output, capacity, and capacity utilization in the
 U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing,
 mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the
 North American Industry Classification System (NAICS); electric and gas utilities are those in
 NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33)
 plus the logging industry and the newspaper, periodical, book, and directory publishing industries.
 Logging and publishing are classified elsewhere in NAICS (under agriculture and information
 respectively), but historically they were considered to be manufacturing and were included in
 the industrial sector under the Standard Industrial Classification (SIC) system.  In December 2002
 the Federal Reserve reclassified all of its industrial output data from the SIC system to NAICS.
 
 
 
1
 Explanatory Note

 
 The Industrial Production and Capacity Utilization statistical
 release, which is published around the middle of the month, reports
 measures of output, capacity, and capacity utilization in
 manufacturing, mining, and the electric and gas utilities industries.
 More detailed descriptions of industrial production and capacity
 utilization are available on the Board's website at  www.federalreserve.gov/releases/G17.
 In addition, files containing data shown in the release, more detailed
 series that were published in the G.17 prior to December 2000, and
 historical data are available from the Data Download Program on the
 Board's website.  Instructions for searching for and downloading
 specific series are provided as well.
 
 Industrial Production
 
 Coverage. The industrial production (IP) index measures the real
 output of the manufacturing, mining, and electric and gas utilities
 industries; the reference period for the index is 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 300
 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 (p_m) and the estimate for previous month:
 
 %     Equation not available in ascii file.
 
 The IP proportions (typically shown in the first column of the relevant
 tables in the monthly G.17 release) are estimates of the industries' relative
 contributions to overall growth in the following year.  For example, the
 relative importance weight of the motor vehicles and parts industry is
 about 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 74
 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 2017 is summarized in the table
 below:
 
   Availability of Monthly IP Data in Publication Window
   (Percent of value added in 2017; the numbers may not sum because of rounding.) 
     Type of data                1st  2nd  3rd  4th  5th  6th 
       Physical product            32   44   54   55   56   56
       Production-worker hours     41   41   41   41   41   41
       IP data received            74   85   95   96   97   97
       IP data estimated           26   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 more than one-half
 of the series (in terms of value added) that ultimately are based on
 physical product data (32 percent out of a total of 56 percent).  Of
 the 27 percent, about four-fifths (25 percent of total IP) include
 series that are derived from weekly physical product data and for
 which actual monthly data may lag up to several months.  On average,
 quarterly product data are received for the fourth estimate of
 industrial production.  Specifically, quarterly data are available for
 the third estimate of the last month of a quarter, the fourth estimate
 of the second month of a quarter, and the fifth estimate of the first
 month of a quarter.
 
 Seasonal adjustment. Individual series are seasonally adjusted using
 Census X-13 ARIMA. For series based on production-worker hours, the
 current seasonal factors were estimated with data through January 2018;
 for other series, the factors were estimated with data through at least
 December 2017.  Series are pre-adjusted for the effects of holidays or the
 business cycle when appropriate.  For the data since 1972, all seasonally
 adjusted aggregate indexes are calculated by aggregating the seasonally
 adjusted indexes of the individual series.  Additional documentation and 
 X-13 specifications can be found on the Board's website at
 www.federalreserve.gov/releases/G17/About.htm.
 
 Reliability.  The average revision to the level of the
 total IP index, without regard to sign, between the first and the
 fourth estimates was 0.27 percent during the 1987-2017 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 1987-2017 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 27 percent of
 total industrial capacity.  When physical product data are unavailable for
 manufacturing industries, capacity indexes are based on responses to the
 Bureau of the Census's Quarterly Survey of Plant Capacity (QSPC); these
 industries account for about 64 percent of total industry capacity.
 In the absence of utilization data for a few mining and petroleum series, capacity
 is based on trends through peaks in production (roughly 9 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 1972-2017 period, the average total industry
 utilization rate was 79.8 percent; for manufacturing, the average factory
 operating rate was 78.3 percent.  Industrial plants usually operate at
 capacity utilization rates that are well below 100 percent: none of the
 broad aggregates has ever reached 100 percent.  For total manufacturing, 
 utilization rates have exceeded 90 percent only in wartime.  The highs 
 and lows in capacity utilization are specific to each series and do not 
 all occur in the same month.
 
 References and Release Dates
 
 References.  The release for the annual revision that was published
 on March 23, 2018, 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
 
 In 2018, the G.17 will be published at 9:15 a.m. on:
 
 January 17, February 15, March 16, April 17, May 16, June 15,
 July 17, August 15, September 14, October 16, November 16, and December 14.
 
 This release schedule is available on the Board's website at
 http://www.federalreserve.gov/releases/g17.