FEDERAL RESERVE statistical release

G.17 (419) 2022 Historical and Annual Revision For release at 12:00 noon (EDT)

June 28, 2022

Industrial Production and Capacity Utilization: The 2022 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, revisions to the growth rates for total IP for recent years were very

small. In contrast, the utilization rates for total industry are now reported to be appreciably higher in recent years.

Detailed data for manufacturing from the U.S. Census Bureau’s 2020 Annual Survey of Manufactures

(ASM) were incorporated in this revision. The aggregate effect on IP of those data was minimal, as the rates of

change for total IP have revised no more than 0.2 percentage point in any year.2 The contour of the pandemic

period was little changed from the previously reported estimates, and total IP in May 2022 was 31/2 percent

above its pre-pandemic (February 2020) level, about 1 percentage point less than reported previously.

In the fourth quarter of 2021, capacity utilization for total industry stood at 78.8 percent, about

21/2 percentage points above its previous estimate and about 1 percentage point below its long-run (1972–2020)

average. A portion of this upward revision reflects higher industry-level utilization rates resulting from

downward revisions to industry-level capacity. Another portion, however, results from revisions to industry

weights that increased the importance of some industries with generally higher utilization rates, in particular the

oil and gas sector. The utilization rates for 2018 to 2020 are about 1 percentage point higher than the previous

estimates, on average, and revisions to utilization rates for earlier years are very small.

Annual capacity growth is revised down, 11/2 percentage points in 2021 and about 1/2 percentage point, on

average, from 2018 to 2020. Capacity for total industry at the end of 2021 is now estimated to be about 3/4 percent

lower than at the end of 2017; previously, it was estimated to have increased about 21/4 percent over this period.

This revision incorporated newly available annual data on both output and prices. As noted earlier, the

updated IP indexes incorporated new data for manufacturing from the U.S. Census Bureau’s 2020 ASM. For

publishing, the IP indexes folded in data for 2020 from the Census Bureau’s Service Annual Survey. The IP

index for logging is based on special calculations provided by the U.S. Forest Service that extended previously

published data; the IP index incorporated new data for 2020 and revised data for 2019. In addition, the indexes

for metallic and nonmetallic minerals were updated with revised annual data for 2019 and with new data for

2020 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 reflect updated seasonal factors.

1The revision affected rates of change for IP from 1972 forward. When necessary to maintain consistency with any revisions to the data for 1972 and subsequent years,

the levels of production for the years before 1972 were multiplied by a constant. However, the rates of change in IP for the years before 1972 were not revised. Utilization

rates and capacity growth rates were revised minimally between 1968 and 1971 but were unchanged before then.

2Rates of change are calculated as the percentage change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year

specified.

1
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 quarters of 2020 and 2021 along with new

data on capacity from the USGS, the Energy Information Administration, and other organizations. The revised

capacity estimates also included new data on capital spending from the 2020 ASM.

RESULTS OF THE REVISION

Industrial Production

Manufacturing output is now estimated to have fallen about 21/2 percent in both 2019 and 2020 before

moving up about 41/4 percent in 2021; these rates of change are identical to the estimates published previously.

Manufacturing output is now estimated to have dropped about 181/2 percent between February 2020 and April

2020 because of the pandemic, only slightly less than was originally reported. Factory output has moved up

robustly since then, and the index for May 2022 is currently reported to be 31/2 percent above its pre-pandemic

level, about 1 percentage point less of a gain than the pre-revision estimate.

The revised contour for mining output shows a modest increase in 2019, a sharp drop in 2020, and a

substantial rebound thereafter. The rates of change are broadly similar to those published previously, although

the gains in 2019 and 2021 are now each about 1 percentage point stronger, and the decline in 2020 is about

11/2 percentage points steeper. The index for mining currently stands about 4 percent below its pre-pandemic

level; before the revision, the index was 2 percent below its pre-pandemic level. The rates of change for utilities

output are moderately higher in 2020 and little different in other recent years.

Production by Industry Group

The output of durables decreased sharply in 2019 and 2020 before increasing rapidly in 2021. Relative to

the previous estimates, the declines in 2019 and 2020 are somewhat steeper, and the gain in 2021 is modestly

larger. The cumulative downward revision to output growth for durables from 2019 through 2021 was about

11/4 percentage points.

The index for nondurables now shows smaller declines in 2019 and 2020 and a slightly smaller gain in

2021 than reported previously. Within nondurables, the revisions to the rates of change were primarily upward,

but the estimates for petroleum and coal products were revised downward appreciably. The cumulative upward

revision to output growth from 2019 through 2021 was about 3/4 percentage point.

The output index for industries in scope for manufacturing IP that are not part of manufacturing under the

North American Industry Classificiation System (NAICS)—that is, logging and publishing—has been recording

declines for several years, and it continued to fall each year in the 2019–21 period. However, the declines in

2019 and 2020 are now reported to have been noticeably smaller than previously published.

Production by Market Group

The index for consumer goods now shows notably more output in the 2019–21 period than previously

reported; in particular, it is now estimated to have increased 1 percent in 2020, whereas it was previously reported

to have declined 3/4 percent. The rate of change for business equipment revised down noticeably in 2019, is

somewhat stronger in 2020, and revised up in 2021. Relative to earlier reports, the index for defense and space

equipment now increases more in 2019, records a decline rather than a gain in 2020, and increases less in 2021.

Revisions to the index for construction supplies were modest with the exception of a larger decline in

2020 and a larger subsequent increase in 2021. The index for business supplies revised up, on balance, for recent

years relative to earlier reports. The output of materials decreased more in 2020 than was previously reported,

2
and the rates of change were modestly stronger in other recent years.

Capacity Utilization

Capacity utilization for total industry decreased in 2019 and 2020 and moved up in 2021 and early 2022;

the reading in May 2022 was 80.8 percent, about 1 percentage point above its 1972–2021 average.3 Earlier

estimates displayed a similar contour, but now the declines in 2019 and 2020 are a bit smaller, and the increase in

2021 is substantially larger. Both manufacturing and mining contributed to the declines in the overall operating

rate in 2019 and 2020 and its rise in 2021 and early 2022; the latter reflected a particularly large advance in the

operating rate at mines. Compared with earlier estimates, capacity utilization for total industry is now reported to

have been about 21/2 percentage points higher in 2021 and roughly 1 percentage point higher in 2019 and 2020.

Utilization at manufacturers moved down 3 percentage points from 2018 to 2020 before rebounding in

2021 to above its 2018 level. The factory operating rate in May 2022 was 80.3 percent, about 2 percentage points

above its long-run average. The current readings for manufacturing utilization are higher than the previous

estimates for 2018 through 2021; the estimate at the end of 2021 was revised up about 11/2 percentage points.

Upward revisions to utilization rates were widespread among manufacturing.

The capacity utilization rate for mining moved down 19 percentage points from 2018 to 2020 before

rebounding in 2021 to 85.8 percent, just below its long-run average. Relative to its previously published rate,

utilization at mines for the fourth quarter of 2021 is about 81/2 percentage points higher. The operating rate for

utilities declined roughly 6 percentage points from 2018 to 2021 to 74.3 percent (using annual average rates),

101/2 percentage points below its long-run average.

Capacity

Total industrial capacity moved down 3/4 percent and 1 percent in 2020 and 2021, respectively, with

declines in capacity for manufacturing and mining partly offset by rising capacity for utilities. In contrast, overall

capacity is expected to rise about 11/2 percent in 2022. The overall decline in 2020 and 2021 is significantly

larger than published earlier. Notably, capacity is now reported to have fallen from 2019 to 2021, whereas it was

previously reported to have increased slightly.

Manufacturing capacity is now reported to have contracted 0.6 percent per year, on average, from 2018 to

2021. The new contour displays larger and more consistent declines than the path previously reported, which

showed declines averaging 0.1 percent over the 2018–21 period. Downward revisions to capacity growth were

widespread across manufacturing industries and were particularly pronounced for nondurable manufacturing

industries. New data for 2021 from the QSPC contributed to the downward revision to capacity growth.

Capacity at mines rose in 2018 and 2019 and then moved down through 2021, returning to roughly its

2017 level. The decrease in 2021 was led by a decline in capacity for mining support activities. Relative to

earlier reports, the overall growth in mining capacity in 2018 and 2019 was larger, as was the subsequent decline.

Capacity for electric and gas utilities rose from 2018 to 2021, with particularly large increases in 2020 and 2021.

The rates of increase are now modestly lower from 2019 through 2021 than stated earlier.

3Unless otherwise noted, rates of capacity utilization are reported for the fourth quarter of the reference year.

3
TECHNICAL ASPECTS OF THE REVISION

The IP indexes represent the level of real output relative to a base year. At the monthly frequency,

movements of the indexes are based on indicators that are derived using industry-specific data from a variety of

government and private sources. The monthly production indexes are anchored to annual benchmarks that are

less timely but typically based on more comprehensive data. In most cases, the annual benchmark is nominal

gross output reported by the Census Bureau deflated by a suitable price index.

Annual revisions to the IP and capacity measures generally involve (1) incorporating new and revised

annual benchmark data on output, prices, and value-added proportions; (2) incorporating new monthly or

quarterly data that were revised or that arrived too late to be included in the regular six-month reporting window

for monthly IP; (3) updating seasonal adjustment factors; (4) updating the methods used to construct the indexes;

and (5) introducing changes to the industry- or market-group structure of the indexes based on changes to

underlying data sources.

Annual Benchmark Data on Output, Prices, and Value-Added Proportions

Output

The annual benchmark output indexes for IP are measures of real gross output at the six-digit NAICS

(2017) level. The Census Bureau provides annual figures for value added and the cost of materials for

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

manufacturing for this revision incorporated information for 2020 from the ASM.

New annual data were also incorporated into many other indexes not in the scope of the ASM. The

benchmark indexes for metallic and nonmetallic mineral mining were updated with any newly available data

from 2019 through 2021 from the USGS, and the benchmark indexes for logging and for publishing were

advanced through 2020 based on data from the U.S. Forest Service and from the U.S. Census Bureau,

respectively.

Prices

Individual benchmarks of real gross output are obtained by deflating the measures of nominal gross

output by annual price deflators. In general, the benchmark industry price deflators consist of price indexes from

the Bureau of Economic Analysis (BEA) through 2011 that are extended through 2020 with the related producer

price 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 individual production indexes are combined

using a version of the Fisher-ideal index formula to construct aggregate indexes of production. Utilization rate

aggregates are calculated on an annual basis through the most recent year as capacity-weighted aggregates of

individual utilization rates.

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

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

defined at the six-digit (or more aggregate) NAICS level, the value-added weights are derived from either the

4The BEA price deflators were discontinued at the six-digit NAICS level after 2011. Overall, at the industry level, the BEA and PPI measures are quite similar, as the

BEA used weighted product-level PPIs to derive its industry-level shipments deflator.

5For 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).

4
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.

The allocation of value added across each component was determined by that component’s share of the

industry’s overall product shipments. As in the 2021 annual revision, this annual revision used data on product

shipments based on the new 2017 North American Product Classification System (NAPCS). In earlier revisions,

product shipments were classified based on NAICS and were included as part of the Census of Manufactures or

ASM. NAPCS is coded independently of NAICS, and a concordance was required to align the recent data with

the historical data for the period before 2017. Missing values for specific NAPCS-based products were imputed

where necessary.

The Federal Reserve derives estimates of value added for the electric and gas utility industries from

annual revenue and expense data issued by other organizations. For electric utilities, the measures of value added

incorporate data from the Energy Information Administration of the U.S. Department of Energy and from the

Edison Electric Institute. For gas utilities, the value-added estimates incorporate data from the American Gas

Association. The weights for aggregation for mining industries are derived from value-added data from the

Economic Census. 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 output, were estimated with data on

producer prices for the period after 2020.

Revised Quarterly and Monthly Data

This revision incorporated source data on production, shipments, and inventories that became available or

were revised after the regular six-month reporting window for monthly IP was closed. These data were released

with too great of a lag to be included with monthly IP estimates but were available for inclusion in the annual

revision.

Revised Seasonal Factors

IP indexes are adjusted to remove from the underlying data the predictable movements related to timing,

holiday, workday, and monthly or quarterly seasonal patterns. Individual indexes are adjusted using the Census

X-13ARIMA-SEATS seasonal adjustment program. The seasonal factors are based on the full history of data

back to 1972, where available.

Seasonal factors for indexes based on production-worker hours were updated with data through January

2022. The updated factors for the physical-product-based indexes used data through December 2021 where

available. Extreme movements in indexes are often explicitly treated as additive outliers in the seasonal

adjustment procedure and thus excluded from the calculation of seasonal factors. In recent years, the

pandemic-related swings in most of the indexes were deemed outliers; in addition, February 2021 was deemed

an outlier for many industries because of the extreme cold weather that caused widespread outages.

Seasonal factors for unit motor vehicle assemblies have been updated, and projections through June 2023

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

based on production data through January 2022 and were revised back to January 2017. The seasonal factors

explicitly incorporate the holiday schedule for the vehicle assembly lines specified in the latest collective

bargaining agreements with domestic manufacturers. The seasonal factors identify production data for February

and September 2021 as outliers due to intense supply chain disruptions.

5
Methodological Changes to Individual Production and Capacity Indexes

Change in Source Data for Five Production Indexes

With this revision, three indexes that previously were based on physical product data are now based on

production-worker hours. For two other indexes, the source for the underlying physical product data was

changed from one organization to another. In all cases, the change in source data arose because the organization

issuing the original data source discontinued the report.

The three indexes that are now based on production-worker hours are for farm machinery (NAICS

333111), construction machinery (NAICS 33312), and engines (NAICS 333618). Each of these IP indexes is

based on production-worker hours for the first several years of their existence; each is based on data from Stark’s

News Service from 1987 (for construction machinery) or 1992 (for farm machinery and engines) through 2016,

and on production-worker hours thereafter.

The two IP indexes now based on physical product data from a new organization are for pig iron (NAICS

3311,2 pt.) and for metal can, box, and other metal containers (NAICS 33243). The index for pig iron is now

based on data from the American Iron and Steel Institute for the period from 1972 through 2016, and on data

from the USGS beginning in 2017. The index for metal can, box, and other containers is based on

production-worker hours for 1972 through 1976, on data from the Can Manufacturers Institute (CMI) from 1977

through 2016, and on data from the Aluminum Association combined with data from the CMI for the period

beginning in 2017. The new estimates replace data on beverage can production, which were discontinued by the

CMI, with data on the production of aluminum can stock.

Change in Source Data for Allocating Motor Vehicle Production to Business and Consumer Segments

The indexes for automobiles (NAICS 336111) and light trucks (NAICS 336112) each comprise two

components—one for vehicles purchased by businesses (such as rental fleets) and one for vehicles purchased by

consumers. This annual revision incorporates data on vehicle registrations from IHS Automotive to allocate

vehicles to business or consumer segments. Previously, the business and consumer allocations were made using

data from other sources, including the National Truck Equipment Association and Ward’s Communication.

Change to Capacity Index for Fertilizer

With this revision, the capacity index for fertilizer (NAICS 32531) for the period beginning in 2017 is

based on data from the QSPC. For the 1997–2016 period, the capacity index is based on data for capacity in

thousands of short tons from the Fertilizer Institute. For the 1972–96 period, the capacity index is based on data

from the Census Bureau’s Survey of Plant Capacity, which only covered the fourth quarter of every year.

6
Data Availability and Publication Changes

Files containing the revised data and the text and tables from this release are

available on the Board’s website at https://www.federalreserve.gov/releases/g17, as are updated data for the annual revision and for all of the regularly issued series on IP, capacity, and capacity utilization. Other changes are listed on the Board’s website at

https://www.federalreserve.gov/releases/g17/g17 revision series.htm.

7
1. Total industrial production, capacity, and utilization

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

 Research (NBER). 

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

30

35

40

45

50

60

70

80

90

100

120

140

Capacity

Production

Revised

Earlier

Ratio scale, 2017 output = 100

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

58

62

66

70

74

78

82

86

90

Utilization

Percent of capacity

8
2. Manufacturing industrial production, capacity, and utilization

 Notes: Manufacturing consists of those industries 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.

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

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

20

40

60

80

100

120

140

Capacity

Production

Revised

Earlier

Ratio scale, 2017 output = 100

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

58

62

66

70

74

78

82

86

90

Utilization

Percent of capacity

9
 3. Industrial production of selected industries

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

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

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

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

35

40

45

50

55

60

65

70

80

90

100

110

Excluding

high-technology

industries

Total IP

 Industrial production Ratio scale, 2017 output = 100 

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

35

40

45

50

55

60

70

80

90

100

110

120

Non-Energy

Energy

 Industrial production Ratio scale, 2017 output = 100 

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

20

40

60

80

100

120

Motor Vehicles

and Parts

 Industrial production Ratio scale, 2017 output = 100 

10
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

4. Consumer goods

Total Ratio scale, 2017 output = 100

 40

 50

 60

 70

 80

 90

100

110

120

Revised

Earlier

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Components of consumer goods Ratio scale, 2017 output = 100

 30

 45

 60

 75

 90

105

120

135

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

Revised durable

Revised nondurable

Earlier

Detail: 2019 to present

80

90

100

110

2019 2020 2021 2022

Detail: 2019 to present

50

60

70

80

90

100

110

120

130

2019 2020 2021 2022

11
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

5. Equipment

Total Ratio scale, 2017 output = 100

 10

 30

 50

 70

 90

110

130

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

 homes.

Revised

Earlier

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Business equipment Ratio scale, 2017 output = 100

 10

 30

 50

 70

 90

110

130

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Defense and space equipment Ratio scale, 2017 output = 100

20

40

60

80

100

120

140

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

70

80

90

100

110 Detail: 2019 to present

2019 2020 2021 2022

Detail: 2019 to present

60

70

80

90

100

110

2019 2020 2021 2022

Detail: 2019 to present

90

110

130

150

2019 2020 2021 2022

12
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

6. Nonindustrial supplies

Total Ratio scale, 2017 output = 100

 40

 60

 80

100

120

Revised

Earlier

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Construction supplies Ratio scale, 2017 output = 100

 40

 60

 80

100

120

140

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Business supplies Ratio scale, 2017 output = 100

 30

 50

 70

 90

110

130

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

Detail: 2019 to present

80

90

100

110

2019 2020 2021 2022

Detail: 2019 to present

80

90

100

110

120

2019 2020 2021 2022

Detail: 2019 to present

80

90

100

110

2019 2020 2021 2022

13
1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

7. Industrial materials

Total Ratio scale, 2017 output = 100

 30

 50

 70

 90

120

Revised

Earlier

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Energy materials Ratio scale, 2017 output = 100

 60

 80

100

120

140

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Non-energy materials Ratio scale, 2017 output = 100

 30

 50

 70

 90

110

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

Detail: 2019 to present

85

90

95

100

105

110

115

120

2019 2020 2021 2022

Detail: 2019 to present

80

90

100

110

2019 2020 2021 2022

14
8. Capacity utilization by stage of process

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

65

70

75

80

85

90

95

100

Revised

Earlier

Crude Processing Percent of capacity

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

60

65

70

75

80

85

90

95

Primary and semifinished processing Percent of capacity

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

55

60

65

70

75

80

85

90

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

Finished processing Percent of capacity

15
Table 1A

INDUSTRIAL PRODUCTION: Total

Seasonally adjusted

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

IP (percent

change)

1992 -.5 .7 .8 .8 .3 .1 .9 -.6 .3 .7 .4 .2 -.5 7.4 3.1 4.2 2.9

1993 .4 .5 -.1 .3 -.4 .2 .2 -.1 .5 .7 .5 .6 3.8 .8 1.5 6.4 3.3

1994 .3 .1 1.0 .6 .5 .7 .1 .7 .3 .8 .7 1.0 5.0 7.5 5.2 8.4 5.3

1995 .2 -.1 .2 -.2 .5 .3 -.4 1.3 .4 -.2 .2 .3 4.2 1.3 3.9 3.3 4.6

1996 -.5 1.4 -.2 1.0 .7 .7 .0 .5 .6 .0 .9 .6 2.7 8.8 5.3 5.7 4.5

1997 .2 1.2 .6 .1 .6 .5 .8 1.0 .9 .9 .8 .5 7.8 5.8 9.6 10.5 7.2

1998 .4 .2 .0 .4 .6 -.6 -.4 2.1 -.1 .7 -.1 .4 4.6 2.7 3.0 5.7 5.9

1999 .4 .6 .2 .2 .6 -.1 .6 .4 -.4 1.3 .5 .8 4.6 3.8 3.7 7.3 4.4

2000 -.1 .4 .4 .6 .3 .1 -.2 -.3 .4 -.3 .0 -.3 4.1 5.0 -.4 -1.1 3.9

2001 -.5 -.7 -.3 -.3 -.6 -.6 -.6 -.1 -.5 -.3 -.6 .0 -5.1 -5.0 -5.5 -4.3 -3.1

2002 .7 .0 .8 .5 .4 .8 .0 -.1 .1 -.3 .5 -.5 2.9 6.4 2.5 -.2 .3

2003 .8 .1 -.3 -.6 .0 .1 .5 -.2 .7 .1 .7 .1 2.5 -3.0 2.7 3.9 1.3

2004 .2 .6 -.4 .4 .7 -.8 .7 .1 .1 .9 .2 .8 2.9 2.3 2.2 5.7 2.7

2005 .4 .7 -.1 .2 .1 .4 -.3 .3 -1.9 1.2 1.1 .5 5.7 2.3 -1.6 3.7 3.3

2006 .2 .0 .2 .3 .0 .3 -.1 .4 -.2 -.1 -.1 1.0 3.9 2.4 1.5 .8 2.3

2007 -.4 1.0 .2 .7 .1 .0 -.1 .2 .2 -.3 .6 .0 4.0 4.9 .6 1.3 2.5

2008 -.1 -.4 -.4 -.7 -.6 -.2 -.4 -1.6 -4.4 1.0 -1.3 -2.8 -1.3 -5.8 -12.3 -16.0 -3.5

2009 -2.5 -.6 -1.6 -.8 -1.0 -.3 1.2 1.1 .8 .2 .4 .4 -20.7 -10.7 6.6 6.3 -11.4

2010 1.1 .4 .7 .4 1.4 .2 .4 .4 .3 -.3 .1 1.0 8.0 8.1 5.4 1.6 5.5

2011 -.2 -.4 1.0 -.3 .1 .3 .5 .6 -.1 .7 .0 .5 2.2 1.6 4.7 4.2 3.2

2012 .6 .3 -.5 .7 .2 .0 .2 -.4 -.1 .3 .4 .3 4.0 2.5 .0 2.0 3.0

2013 .0 .5 .4 -.1 .1 .1 -.3 .6 .5 -.1 .2 .2 3.1 1.8 1.5 2.7 2.0

2014 -.4 .8 1.0 .1 .4 .3 .3 -.2 .3 .0 .6 .0 2.8 5.5 2.5 2.2 3.0

2015 -.8 -.6 -.3 -.6 -.5 -.3 .7 -.2 -.3 -.5 -.8 -.5 -4.3 -5.5 .2 -5.4 -1.4

2016 .6 -.5 -.8 .3 -.2 .5 .2 -.1 -.1 .1 -.4 .6 -2.6 -1.5 1.2 -.4 -2.2

2017 -.2 -.3 .7 1.0 .1 .2 -.2 -.5 .1 1.3 .2 .2 .4 5.9 -1.2 5.5 1.4

2018 .0 .4 .6 1.1 -.9 .8 .2 .7 .0 -.1 -.1 -.1 2.2 5.1 3.5 .1 3.2

2019 -.6 -.4 .1 -.5 .2 .0 -.4 .7 -.3 -.8 .3 -.3 -3.7 -1.8 .2 -2.6 -.7

2020 -.5 .4 -3.8 -13.2 1.6 6.3 3.8 .9 .0 .8 .3 1.1 -6.1 -41.6 42.6 6.6 -7.0

2021 1.1 -3.1 2.7 .2 .8 .4 .7 .0 -1.0 1.5 .6 -.2 3.1 6.5 3.5 4.8 4.9

2022 .4 .8 .7 1.3 .1 5.1

IP (2017=100)

1992 61.6 62.1 62.6 63.1 63.3 63.3 63.9 63.5 63.7 64.2 64.4 64.5 62.1 63.2 63.7 64.4 63.3

1993 64.8 65.1 65.0 65.2 64.9 65.1 65.3 65.2 65.5 66.0 66.3 66.7 65.0 65.1 65.3 66.3 65.4

1994 66.9 67.0 67.6 68.0 68.4 68.8 68.9 69.3 69.6 70.1 70.6 71.3 67.2 68.4 69.3 70.7 68.9

1995 71.4 71.3 71.4 71.3 71.7 71.9 71.6 72.5 72.8 72.7 72.9 73.1 71.4 71.6 72.3 72.9 72.1

1996 72.7 73.8 73.7 74.4 75.0 75.5 75.5 75.9 76.4 76.4 77.1 77.6 73.4 75.0 75.9 77.0 75.3

1997 77.7 78.6 79.1 79.2 79.6 80.0 80.6 81.5 82.2 82.9 83.6 84.0 78.5 79.6 81.4 83.5 80.7

1998 84.3 84.5 84.5 84.8 85.4 84.8 84.5 86.2 86.2 86.8 86.7 87.1 84.5 85.0 85.6 86.8 85.5

1999 87.4 87.9 88.1 88.3 88.8 88.8 89.3 89.7 89.3 90.5 91.0 91.7 87.8 88.7 89.5 91.0 89.2

2000 91.6 92.0 92.3 92.9 93.2 93.2 93.0 92.8 93.2 92.8 92.8 92.5 92.0 93.1 93.0 92.7 92.7

2001 92.0 91.4 91.2 90.9 90.4 89.9 89.3 89.2 88.7 88.5 88.0 87.9 91.5 90.4 89.1 88.1 89.8

2002 88.5 88.5 89.2 89.6 90.0 90.8 90.7 90.6 90.7 90.5 91.0 90.5 88.8 90.1 90.7 90.7 90.1

2003 91.2 91.3 91.1 90.5 90.5 90.6 91.1 90.8 91.4 91.6 92.2 92.3 91.2 90.5 91.1 92.0 91.2

2004 92.4 93.0 92.6 93.0 93.6 92.9 93.6 93.7 93.8 94.6 94.8 95.6 92.7 93.2 93.7 95.0 93.6

2005 95.9 96.6 96.5 96.7 96.8 97.2 96.9 97.2 95.3 96.5 97.6 98.0 96.3 96.9 96.5 97.4 96.8

2006 98.2 98.2 98.5 98.8 98.8 99.1 99.0 99.5 99.3 99.2 99.1 100.1 98.3 98.9 99.2 99.5 99.0

2007 99.7 100.7 100.9 101.6 101.6 101.7 101.6 101.8 102.0 101.7 102.3 102.3 100.4 101.6 101.8 102.1 101.5

2008 102.2 101.8 101.4 100.7 100.1 99.9 99.5 97.9 93.7 94.6 93.3 90.7 101.8 100.3 97.0 92.9 98.0

2009 88.5 87.9 86.6 85.9 85.0 84.7 85.7 86.6 87.4 87.5 87.9 88.2 87.7 85.2 86.6 87.9 86.8

2010 89.2 89.5 90.1 90.5 91.7 91.9 92.3 92.6 92.9 92.6 92.7 93.6 89.6 91.4 92.6 93.0 91.6

2011 93.4 93.0 94.0 93.7 93.8 94.0 94.5 95.1 95.1 95.7 95.7 96.2 93.5 93.8 94.9 95.9 94.5

2012 96.8 97.1 96.6 97.3 97.5 97.5 97.7 97.3 97.2 97.6 98.0 98.2 96.8 97.4 97.4 97.9 97.4

2013 98.2 98.7 99.1 99.0 99.1 99.2 98.9 99.5 100.0 99.9 100.1 100.4 98.7 99.1 99.5 100.1 99.3

2014 100.0 100.7 101.7 101.8 102.2 102.6 102.8 102.6 103.0 103.0 103.6 103.6 100.8 102.2 102.8 103.4 102.3

2015 102.8 102.2 101.8 101.2 100.8 100.5 101.1 100.9 100.6 100.2 99.4 98.9 102.3 100.8 100.9 99.5 100.8

2016 99.4 98.9 98.1 98.4 98.2 98.7 98.8 98.7 98.6 98.7 98.3 98.9 98.8 98.4 98.7 98.6 98.7

2017 98.7 98.4 99.1 100.1 100.1 100.3 100.1 99.7 99.8 101.0 101.2 101.4 98.7 100.2 99.9 101.2 100.0

2018 101.3 101.7 102.3 103.4 102.5 103.3 103.5 104.2 104.2 104.0 104.0 103.9 101.8 103.1 103.9 104.0 103.2

2019 103.3 102.8 102.9 102.4 102.6 102.6 102.2 102.9 102.6 101.8 102.1 101.8 103.0 102.5 102.6 101.9 102.5

2020 101.3 101.7 97.9 85.0 86.3 91.8 95.2 96.1 96.1 96.8 97.1 98.1 100.3 87.7 95.8 97.4 95.3

2021 99.3 96.2 98.9 99.0 99.8 100.2 100.9 100.8 99.8 101.4 102.0 101.8 98.1 99.7 100.5 101.7 100.0

2022 102.2 103.0 103.7 105.1 105.2 103.0

NOTE: Estimates from January 2022 through May 2022 are subject to further revision in the upcoming monthly releases.

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

16
Table 1B

CAPACITY AND UTILIZATION: Total

Seasonally adjusted

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

Capacity

(percent of

2017 output)

1992 77.6 77.8 77.9 78.1 78.2 78.4 78.6 78.8 78.9 79.1 79.2 79.4 77.8 78.2 78.8 79.2 78.5

1993 79.5 79.6 79.8 79.9 80.0 80.1 80.2 80.4 80.5 80.6 80.8 81.0 79.6 80.0 80.4 80.8 80.2

1994 81.1 81.3 81.5 81.8 82.0 82.2 82.5 82.8 83.0 83.3 83.6 83.9 81.3 82.0 82.8 83.6 82.4

1995 84.1 84.4 84.7 85.0 85.3 85.7 86.0 86.3 86.7 87.0 87.4 87.8 84.4 85.3 86.3 87.4 85.9

1996 88.2 88.6 89.0 89.4 89.8 90.2 90.6 91.1 91.5 91.9 92.4 92.8 88.6 89.8 91.1 92.4 90.4

1997 93.2 93.7 94.2 94.7 95.2 95.7 96.2 96.8 97.4 98.0 98.6 99.3 93.7 95.2 96.8 98.6 96.1

1998 99.9 100.6 101.2 101.9 102.5 103.1 103.7 104.3 104.8 105.3 105.8 106.3 100.6 102.5 104.3 105.8 103.3

1999 106.8 107.2 107.7 108.1 108.5 108.9 109.3 109.7 110.1 110.5 110.9 111.3 107.2 108.5 109.7 110.9 109.1

2000 111.7 112.0 112.4 112.8 113.2 113.6 113.9 114.3 114.7 115.1 115.4 115.8 112.0 113.2 114.3 115.4 113.7

2001 116.2 116.6 116.9 117.3 117.6 117.9 118.2 118.5 118.8 119.0 119.3 119.5 116.5 117.6 118.5 119.3 118.0

2002 119.7 119.8 120.0 120.1 120.2 120.3 120.3 120.3 120.3 120.3 120.3 120.2 119.8 120.2 120.3 120.3 120.2

2003 120.2 120.1 120.1 120.0 120.0 120.0 119.9 119.9 119.9 119.9 119.8 119.8 120.1 120.0 119.9 119.8 120.0

2004 119.8 119.8 119.8 119.7 119.7 119.7 119.7 119.7 119.7 119.7 119.8 119.8 119.8 119.7 119.7 119.8 119.7

2005 119.9 120.0 120.1 120.3 120.4 120.6 120.7 120.9 121.1 121.2 121.4 121.6 120.0 120.4 120.9 121.4 120.7

2006 121.7 121.9 122.1 122.3 122.5 122.7 122.9 123.2 123.4 123.7 124.0 124.3 121.9 122.5 123.2 124.0 122.9

2007 124.6 124.9 125.2 125.4 125.7 125.9 126.1 126.2 126.3 126.3 126.3 126.3 124.9 125.7 126.2 126.3 125.8

2008 126.2 126.1 126.0 126.0 125.9 125.9 125.9 126.0 126.1 126.2 126.4 126.5 126.1 125.9 126.0 126.4 126.1

2009 126.7 126.9 127.0 127.1 127.2 127.3 127.3 127.2 127.1 127.0 126.8 126.6 126.9 127.2 127.2 126.8 127.0

2010 126.3 126.1 125.8 125.5 125.3 125.0 124.8 124.5 124.4 124.2 124.1 124.0 126.1 125.3 124.6 124.1 125.0

2011 123.9 123.9 123.9 124.0 124.1 124.2 124.3 124.5 124.7 124.9 125.1 125.3 123.9 124.1 124.5 125.1 124.4

2012 125.6 125.8 126.0 126.3 126.5 126.7 126.9 127.2 127.4 127.6 127.7 127.9 125.8 126.5 127.2 127.7 126.8

2013 128.1 128.3 128.4 128.6 128.7 128.8 128.9 129.0 129.1 129.2 129.3 129.3 128.3 128.7 129.0 129.3 128.8

2014 129.4 129.5 129.6 129.7 129.8 129.9 130.0 130.2 130.3 130.4 130.5 130.6 129.5 129.8 130.2 130.5 130.0

2015 130.7 130.8 130.8 130.9 130.9 130.9 130.9 130.9 130.9 130.9 130.9 130.9 130.8 130.9 130.9 130.9 130.9

2016 130.9 130.9 130.9 130.9 131.0 131.0 131.0 131.1 131.1 131.2 131.2 131.2 130.9 131.0 131.1 131.2 131.0

2017 131.2 131.2 131.1 131.0 130.9 130.8 130.7 130.6 130.4 130.3 130.2 130.0 131.2 130.9 130.6 130.2 130.7

2018 129.9 129.8 129.8 129.7 129.7 129.7 129.7 129.7 129.8 129.8 129.9 130.0 129.8 129.7 129.7 129.9 129.8

2019 130.1 130.2 130.4 130.5 130.6 130.7 130.9 131.0 131.2 131.3 131.4 131.5 130.2 130.6 131.0 131.4 130.8

2020 131.6 131.7 131.7 131.7 131.6 131.5 131.4 131.2 131.0 130.8 130.5 130.2 131.6 131.6 131.2 130.5 131.2

2021 130.0 129.7 129.5 129.3 129.1 129.0 128.9 128.9 128.9 129.0 129.1 129.2 129.8 129.2 128.9 129.1 129.2

2022 129.4 129.6 129.8 130.0 130.2 129.6

Utilization (percent)

1992 79.4 79.8 80.3 80.8 80.9 80.7 81.3 80.7 80.7 81.1 81.3 81.3 79.9 80.8 80.9 81.2 80.7

1993 81.5 81.7 81.5 81.6 81.2 81.3 81.3 81.1 81.4 81.9 82.1 82.4 81.6 81.4 81.3 82.1 81.6

1994 82.5 82.3 82.9 83.2 83.4 83.7 83.5 83.8 83.8 84.2 84.5 85.0 82.6 83.4 83.7 84.5 83.6

1995 84.9 84.5 84.3 83.9 84.0 83.9 83.3 84.0 84.0 83.6 83.4 83.3 84.6 83.9 83.8 83.4 83.9

1996 82.5 83.3 82.8 83.3 83.5 83.7 83.3 83.4 83.5 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 83.7 83.6 83.8 84.2 84.4 84.6 84.8 84.6 83.7 83.6 84.1 84.7 84.0

1998 84.4 84.0 83.5 83.3 83.3 82.3 81.5 82.7 82.2 82.4 81.9 81.9 84.0 82.9 82.1 82.1 82.8

1999 81.9 82.0 81.8 81.7 81.9 81.5 81.7 81.8 81.1 81.9 82.0 82.4 81.9 81.7 81.5 82.1 81.8

2000 82.1 82.1 82.1 82.3 82.3 82.1 81.7 81.2 81.2 80.7 80.4 79.9 82.1 82.2 81.3 80.3 81.5

2001 79.2 78.4 78.0 77.5 76.9 76.2 75.6 75.3 74.7 74.3 73.8 73.6 78.5 76.9 75.2 73.9 76.1

2002 74.0 73.9 74.3 74.6 74.9 75.5 75.4 75.3 75.4 75.2 75.6 75.3 74.1 75.0 75.4 75.4 75.0

2003 75.9 76.0 75.8 75.4 75.4 75.5 75.9 75.8 76.3 76.4 76.9 77.0 75.9 75.4 76.0 76.8 76.0

2004 77.1 77.6 77.3 77.7 78.2 77.6 78.2 78.3 78.4 79.0 79.2 79.8 77.4 77.8 78.3 79.3 78.2

2005 80.0 80.5 80.3 80.4 80.4 80.6 80.3 80.4 78.8 79.6 80.4 80.6 80.3 80.5 79.8 80.2 80.2

2006 80.7 80.6 80.7 80.8 80.7 80.8 80.6 80.8 80.4 80.1 79.9 80.5 80.6 80.7 80.6 80.2 80.5

2007 80.0 80.6 80.6 81.0 80.9 80.8 80.6 80.7 80.8 80.5 81.0 81.0 80.4 80.9 80.7 80.9 80.7

2008 81.0 80.7 80.5 80.0 79.5 79.4 79.0 77.7 74.3 74.9 73.9 71.7 80.7 79.6 77.0 73.5 77.7

2009 69.8 69.3 68.1 67.5 66.8 66.6 67.3 68.1 68.7 69.0 69.3 69.7 69.1 67.0 68.1 69.3 68.4

2010 70.6 71.0 71.7 72.1 73.2 73.5 74.0 74.4 74.7 74.6 74.7 75.5 71.1 72.9 74.3 74.9 73.3

2011 75.3 75.0 75.8 75.5 75.6 75.7 76.0 76.4 76.3 76.7 76.5 76.8 75.4 75.6 76.2 76.7 76.0

2012 77.1 77.2 76.6 77.1 77.1 76.9 77.0 76.5 76.4 76.5 76.7 76.8 77.0 77.0 76.6 76.6 76.8

2013 76.7 76.9 77.2 77.0 77.0 77.0 76.7 77.1 77.5 77.3 77.5 77.6 76.9 77.0 77.1 77.5 77.1

2014 77.3 77.8 78.5 78.5 78.7 79.0 79.1 78.9 79.0 79.0 79.4 79.3 77.9 78.7 79.0 79.2 78.7

2015 78.6 78.1 77.8 77.3 77.0 76.7 77.2 77.1 76.9 76.5 75.9 75.5 78.2 77.0 77.0 76.0 77.1

2016 76.0 75.6 75.0 75.2 75.0 75.3 75.4 75.3 75.2 75.3 74.9 75.4 75.5 75.2 75.3 75.2 75.3

2017 75.3 75.0 75.6 76.4 76.5 76.7 76.6 76.3 76.5 77.5 77.8 78.0 75.3 76.5 76.5 77.8 76.5

2018 78.0 78.3 78.8 79.7 79.0 79.6 79.8 80.3 80.3 80.1 80.0 79.9 78.4 79.5 80.1 80.0 79.5

2019 79.4 78.9 78.9 78.5 78.5 78.5 78.1 78.5 78.2 77.5 77.7 77.4 79.1 78.5 78.3 77.5 78.3

2020 77.0 77.3 74.3 64.5 65.6 69.8 72.5 73.3 73.3 74.0 74.4 75.3 76.2 66.6 73.0 74.6 72.6

2021 76.4 74.2 76.3 76.6 77.3 77.7 78.2 78.2 77.4 78.6 79.0 78.7 75.6 77.2 78.0 78.8 77.4

2022 79.0 79.5 79.9 80.9 80.8 79.5

NOTE: Estimates from January 2022 through May 2022 are subject to further revision in the upcoming monthly releases.

17
Table 2

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY: 2017–211

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Total IP 2.6 2.7 -2.0 -4.4 4.5 .0 .0 .1 -.2 .0

MARKET GROUPS

Final products and nonindustrial supplies 1.9 1.0 -1.9 -2.5 3.9 .1 -.3 .0 .9 .0

Consumer goods -.6 .9 -.5 .6 1.4 -.1 .2 .7 1.4 .0

Durable -.9 4.2 -2.1 8.2 -.1 -.3 -.3 2.1 4.1 .2

Automotive products 1.1 4.3 -1.3 12.6 -5.5 -.4 -.7 3.9 7.5 .3

Home electronics 5.5 19.0 2.2 14.1 12.3 .1 -.7 -1.2 -2.0 6.3

Appliances, furniture, carpeting -2.3 -.8 -4.5 2.7 4.5 -.3 .9 -1.6 -2.5 3.8

Miscellaneous goods -4.8 5.3 -3.0 1.3 8.8 .0 -.1 1.0 .6 -1.6

Nondurable -.5 -.1 -.1 -1.6 2.0 -.1 .3 .3 .6 .1

Non-energy -1.2 -1.4 1.6 .1 1.9 .0 .0 1.2 .9 -.6

Foods and tobacco .4 -2.0 2.5 .5 -.1 .0 -.2 1.1 .9 -.5

Clothing -8.2 -1.1 -.7 -9.7 6.0 -.4 1.6 -2.6 -8.4 1.4

Chemical products -3.4 -.7 2.1 .7 6.4 -.1 .4 2.1 1.5 -1.2

Paper products -3.8 -2.9 -7.2 -5.2 -4.4 .7 -.2 -1.2 -.9 -1.2

Energy 2.0 4.0 -4.9 -8.0 3.1 -.4 1.2 -2.4 -1.4 2.5

Business equipment 8.1 -1.1 -7.9 -7.6 7.7 1.0 -2.5 -3.7 .8 2.5

Transit 13.0 -12.5 -18.8 -12.0 2.2 4.0 -8.5 -12.7 11.7 4.4

Information processing 4.3 5.6 .3 -3.9 10.1 -.5 1.4 -1.3 -7.5 2.0

Industrial and other 6.9 3.2 -5.6 -7.2 8.9 -.1 -.4 -.3 -2.7 1.3

Defense and space equipment 1.0 7.3 11.4 -2.9 10.0 -.7 2.4 .5 -4.8 -5.4

Construction supplies 2.0 .9 -2.1 -1.1 5.9 -.2 .2 .3 -.7 .8

Business supplies 1.1 .7 -1.6 -3.6 3.2 .0 -.2 1.4 1.4 -.9

Materials 3.6 4.8 -2.1 -7.0 5.2 -.2 .4 .4 -1.5 .2

Non-energy 1.0 1.3 -4.3 -3.7 4.3 -.3 .5 .0 -2.0 .5

Durable 1.7 2.3 -5.6 -5.5 4.5 -.4 .3 -.5 -2.6 .3

Consumer parts -3.1 3.1 -12.8 -3.1 1.3 -.6 .6 -2.2 -4.2 .9

Equipment parts 3.7 2.5 -3.2 -7.4 8.6 -.5 .5 -1.5 -5.8 1.2

Other 2.3 2.0 -4.5 -5.2 3.4 -.2 .1 .7 -.4 -.4

Nondurable -.2 -.4 -2.3 -.8 4.0 -.3 1.0 .7 -1.0 .9

Textile -6.0 -.1 -4.6 -3.8 4.7 -.1 -.6 -.8 1.0 -1.1

Paper -5.3 1.6 -.5 -8.2 2.0 .0 .3 .9 -.7 .5

Chemical 1.7 -1.7 -5.1 .3 6.2 -.5 1.7 .5 -2.7 1.8

Energy 8.6 10.4 1.5 -12.7 7.0 .1 .0 .9 -.5 .0

INDUSTRY GROUPS

Manufacturing21.3 .6 -2.6 -2.6 4.2 .0 .0 .0 .0 .0

Manufacturing (NAICS) 31–33 1.3 .8 -2.6 -2.6 4.5 .0 .0 -.1 -.2 .0

Durable manufacturing 2.8 2.0 -4.3 -3.1 5.1 .0 -.4 -1.0 -.5 .2

Wood products 321 .9 -3.7 -.2 3.0 1.6 .1 -.3 .9 2.8 -.9

Nonmetallic mineral products 327 .2 .3 -.3 -1.0 -.1 -.5 1.2 1.9 -2.0 -.8

Primary metals 331 3.0 3.0 -7.6 -4.6 7.8 .5 -1.1 -.1 2.1 -2.1

Fabricated metal products 332 2.8 3.9 -4.7 -7.8 5.9 -.2 .4 -.7 -1.9 .3

Machinery 333 8.3 3.5 -7.4 -6.7 10.3 .0 -.3 -.7 -6.5 2.9

Computer and electronic products 334 5.8 3.3 1.3 -1.0 9.0 -.5 1.1 -1.0 -5.1 .7

Electrical equip., appliances,

and components 335 -1.3 3.7 -3.2 -.5 5.8 .1 -.3 .0 1.5 .7

Motor vehicles and parts 3361–3 -1.4 5.5 -6.0 3.9 -4.0 -.2 -.3 2.3 1.1 1.6

Aerospace and miscellaneous

transportation equipment 3364–9 6.3 -6.4 -4.0 -7.8 7.0 1.0 -3.6 -7.8 5.7 -2.4

Furniture and related products 337 -1.1 .1 -6.6 -8.3 4.8 -.2 .4 -2.7 -2.8 1.6

Miscellaneous 339 -2.4 4.0 -5.2 -.1 7.5 .1 -.4 -.5 1.3 .2

Nondurable manufacturing -.3 -.5 -.7 -2.0 3.9 -.1 .5 .8 .1 -.2

Food, beverage, and tobacco products 311,2 .3 -1.3 2.6 .7 .0 .0 -.2 1.2 .9 -.5

Textile and product mills 313,4 -7.7 .8 -4.0 -3.6 4.8 .0 -.6 -.2 2.1 .1

Apparel and leather 315,6 -7.9 -1.2 -1.3 -9.4 6.7 -.5 1.7 -2.8 -8.6 2.2

Paper 322 -3.7 2.5 -1.1 -4.6 .5 -.1 .5 .3 -1.0 1.5

Printing and support 323 -.8 -1.2 -2.0 -8.1 3.4 .3 -.9 1.7 .2 -4.5

Petroleum and coal products 324 3.0 .7 -4.5 -16.4 18.7 -.5 1.8 -3.4 -4.3 7.5

Chemicals 325 -.7 -1.7 -1.5 -.1 5.9 -.2 1.0 1.6 -.1 -.2

Plastics and rubber products 326 .9 2.4 -3.3 -1.3 2.3 -.1 .1 1.8 .9 -1.6

Other manufacturing (non-NAICS) 1133,5111 -.2 -5.2 -3.5 -2.9 -5.6 .5 -1.3 4.1 6.2 -1.5

Mining 21 12.6 14.6 1.7 -18.0 10.9 .3 .5 1.2 -1.4 1.0

Utilities 2211,2 2.6 3.0 -1.7 -2.5 -.3 -.1 .0 .0 .7 -.1

Electric 2211 1.7 1.5 -1.2 -1.6 .4 .0 .0 .0 .5 -.4

Natural gas 2212 8.8 12.7 -4.7 -8.5 -4.6 -.6 -.2 -.5 1.4 1.9

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.

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.

18
Table 3

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, SPECIAL AGGREGATES AND SELECTED DETAIL: 2017–211

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Total industry 2.6 2.7 -2.0 -4.4 4.5 .0 .0 .1 -.2 .0

Energy 7.1 8.7 -.2 -12.3 7.2 .0 .3 .2 -.5 .7

Consumer products 2.0 4.0 -4.9 -8.0 3.1 -.4 1.2 -2.4 -1.4 2.5

Commercial products 1.8 2.5 .7 -7.7 7.0 .0 .0 .4 1.8 -.3

Oil and gas well drilling 213111 44.2 30.7 -11.5 -50.2 73.1 2.0 2.8 -.4 -1.9 9.4

Converted fuel 2.9 4.9 -2.5 -3.9 3.1 .0 .1 .1 .6 .0

Primary energy 11.4 12.6 3.2 -16.5 8.8 .2 -.1 1.1 -.6 .0

Non-energy 1.3 .6 -2.6 -2.0 3.8 -.1 -.1 .1 -.1 .0

Selected high-technology industries 8.2 6.2 5.3 6.3 11.1 -.6 1.2 -.8 -2.8 2.4

Computers and peripheral equipment 3341 -13.4 27.2 8.9 13.7 20.8 .6 -1.9 -3.2 -5.3 12.6

Communications equipment 3342 11.3 14.4 2.1 6.2 14.1 -.7 2.2 -2.2 -6.8 8.2

Semiconductors and related

electronic components 3344 11.2 .5 5.9 5.1 8.6 -.7 1.2 .3 -.8 -1.5

Excluding selected high-technology

industries 1.1 .5 -2.8 -2.2 3.6 .0 -.1 .2 .0 -.1

Motor vehicles and parts 3361–3 -1.4 5.5 -6.0 3.9 -4.0 -.2 -.3 2.3 1.1 1.6

Motor vehicles 3361 -4.7 9.9 -4.0 9.2 -8.8 .0 -1.1 4.5 5.9 2.7

Motor vehicle parts 3363 -.7 3.2 -9.2 -2.3 -1.0 -.5 .3 -1.1 -2.9 .4

Excluding motor vehicles and parts 1.3 .0 -2.5 -2.8 4.3 .0 -.1 .0 -.1 -.2

Consumer goods -1.2 -.7 .6 .4 2.6 .0 .0 1.1 .7 -.5

Business equipment 9.4 -3.7 -8.5 -7.8 7.7 1.0 -2.9 -4.5 3.0 1.2

Construction supplies 2.0 .9 -2.1 -1.2 5.9 -.2 .2 .3 -.7 .8

Business supplies .4 .1 -2.9 -2.7 1.6 .0 -.3 1.8 1.4 -1.1

Materials .9 1.2 -4.1 -4.0 4.6 -.3 .5 .1 -1.9 .6

Measures excluding selected high-technology

industries

Total industry 2.5 2.6 -2.2 -4.7 4.3 .0 .0 .2 -.1 .0

Manufacturing2

1.1 .5 -2.9 -2.8 4.0 .0 -.1 .0 .1 -.1

Durable 2.5 1.7 -4.8 -3.6 4.7 .1 -.5 -1.0 -.3 .0

Measures excluding motor vehicles and parts

Total industry 2.9 2.5 -1.7 -5.0 5.1 .0 .0 .0 -.3 .0

Manufacturing2

1.5 .2 -2.3 -3.1 5.0 .0 .0 -.2 -.2 -.1

Durable 3.6 1.4 -3.9 -4.3 6.8 .1 -.4 -1.5 -.8 .2

Measures excluding selected high-technology

industries and motor vehicles and parts

Total industry 2.7 2.4 -1.9 -5.2 4.9 .0 .0 .0 -.2 .0

Manufacturing2

1.3 .0 -2.6 -3.4 4.7 .0 .0 -.2 -.1 -.2

Stage-of-process components

of non-energy materials,

measures of the input to

Finished processors -.3 2.4 -5.6 -6.2 5.3 -.4 .5 -1.3 -4.2 .9

Primary and semifinished processors 1.7 .6 -3.6 -2.2 3.8 -.3 .6 .7 -.7 .3

STAGE-OF-PROCESS GROUPS

Crude 6.4 9.7 .3 -12.1 5.8 .0 .4 1.1 -1.5 .5

Primary and semifinished 1.9 1.6 -3.7 -4.3 3.8 -.2 .3 -.1 -.5 .3

Finished 2.0 .9 -.8 -1.4 4.8 .1 -.4 .0 1.0 -.2

1. See footnote 1 to table 2.

2. See footnote 2 to table 2.

19
Table 4

ANNUAL RATES OF CHANGE FOR INDUSTRIAL PRODUCTION: 2017–211

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

Total IP 1.4 3.2 -.7 -7.0 4.9 .0 .0 .1 .2 -.6

MARKET GROUPS

Consumer goods -1.1 .8 -.3 -2.6 4.4 .0 .0 .5 1.3 .0

Durable -.3 3.2 -1.0 -3.4 10.1 -.2 .0 .6 3.9 .6

Nondurable -1.3 .1 .0 -2.3 2.8 .0 .0 .5 .6 -.3

Business equipment 4.7 3.9 -7.8 -13.0 9.7 .1 .0 -3.8 .6 .0

Defense and space equipment 2.3 2.3 13.0 -2.1 10.4 .0 .0 3.2 -3.9 -5.1

Construction supplies 1.3 1.7 -1.3 -3.9 4.7 .0 -.1 .6 -.2 -.3

Business supplies .1 2.0 -1.8 -5.8 3.8 .0 -.1 .4 2.4 -1.0

Materials 2.1 4.7 .4 -8.9 4.2 .1 .0 .5 -.9 -.6

Non-energy .5 1.4 -2.4 -7.8 5.2 .1 .0 .6 -1.5 -.6

Energy 5.1 10.3 4.8 -10.9 2.5 .0 .0 .4 .1 -.2

INDUSTRY GROUPS

Manufacturing2.6 1.3 -2.0 -6.3 5.7 .0 .0 .0 .3 -.7

Manufacturing (NAICS) .7 1.5 -1.9 -6.3 5.8 .0 .0 .0 .1 -.8

Durable manufacturing 1.7 3.1 -2.8 -8.7 7.8 .0 .0 -.8 -.4 -.9

Nondurable manufacturing -.4 -.3 -.8 -3.7 3.8 .0 .0 .9 .7 -.7

Other manufacturing (non-NAICS) -1.0 -3.3 -4.3 -7.9 -.2 -.1 .1 .2 6.8 2.4

Mining 9.2 13.3 6.7 -15.0 3.2 .5 .3 .8 -.9 .7

Utilities -.8 4.9 -.8 -2.9 1.9 .0 .0 .0 .5 -.3

1. The rates of change are calculated as the percent change in the annual averages of not seasonally adjusted industrial production indexes rather than as the percent change between the fourth

quarter of one year and the fourth quarter of the next.

2. See footnote 2 to table 2.

Table 5

RATES OF CHANGE IN CAPACITY, BY INDUSTRY GROUPS: 2018–221

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Total industry -.2 1.1 -.7 -1.1 1.6 -.7 -.2 -.6 -1.5 .7

Manufacturing2-.7 -.4 -.8 -.5 1.0 -.8 -.5 -.1 -.6 .7

Manufacturing (NAICS) -.5 -.2 -.6 -.3 1.1 -.8 -.5 -.1 -.6 .6

Durable manufacturing -.4 .1 -.2 .0 1.5 -1.2 -.4 .2 -.3 .3

Nondurable manufacturing -.6 -.6 -1.2 -.5 .7 -.3 -.7 -.5 -.8 .9

Other manufacturing (non-NAICS) -4.4 -5.7 -4.9 -6.3 -6.4 -.1 -.4 .9 -.8 .5

Mining 2.4 8.9 -3.3 -7.3 3.5 -.5 1.5 -3.6 -6.2 1.5

Utilities .5 1.5 2.5 2.4 2.6 .0 -.3 -.4 -.2 .2

Selected high-technology industries 6.8 8.0 2.3 7.7 11.5 .4 -2.4 -.8 -.5 3.3

Manufacturing2ex. selected

high-technology industries -.9 -.6 -.9 -.7 .7 -.8 -.5 -.1 -.6 .6

STAGE-OF-PROCESS GROUPS

Crude .4 5.7 -2.8 -6.0 2.6 -.9 .5 -2.9 -5.5 1.0

Primary and semifinished -.8 -.3 -.1 -.3 1.0 -.5 -.6 -.1 -1.0 .3

Finished .4 .3 -.5 .4 1.6 -.8 -.2 -.1 .4 1.1

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.

20
Table 6

REVISED AND EARLIER CAPACITY UTILIZATION RATES, BY INDUSTRY GROUPS

Percent of capacity, seasonally adjusted

Difference between

Revised Rate revised and earlier rates

(percentage points)

Item 1972-

2021 2018 2019 2020 2021 2018 2019 2020 2021

Ave. Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4

Total industry 79.6 80.0 77.5 74.6 78.8 .6 .9 1.2 2.4

Manufacturing178.2 78.2 76.4 75.0 78.6 .7 1.0 1.0 1.5

Manufacturing (NAICS) 31–33 78.1 78.4 76.5 75.0 78.7 .7 1.0 .9 1.4

Durable manufacturing 76.8 78.4 75.0 72.8 76.5 .8 .3 -.3 .1

Wood products 321 76.7 77.6 79.6 81.7 81.2 -2.1 .5 2.9 .7

Nonmetallic mineral products 327 73.4 71.2 74.1 75.1 77.0 2.5 5.1 3.0 3.5

Primary metals 331 77.9 74.3 71.3 66.4 75.2 2.3 2.6 1.0 2.6

Fabricated metal products 332 77.6 82.0 78.2 72.6 77.7 1.4 .4 -1.4 -.8

Machinery 333 77.8 82.5 77.7 73.9 82.4 2.2 2.2 -2.3 -.1

Computer and electronic products 334 77.3 75.3 73.7 73.3 75.4 .7 1.7 -.2 -.9

Electrical equip., appliances,

and components 335 81.5 76.3 73.8 75.4 80.9 -.3 -.4 .9 1.1

Motor vehicles and parts 3361–3 75.0 79.0 72.4 73.0 70.3 -.1 .0 -.6 .8

Aerospace and miscellaneous

transportation equipment 3364–9 73.9 74.5 69.9 63.6 68.2 -1.1 -7.2 -2.6 -4.5

Furniture and related products 337 77.3 88.2 82.5 76.1 79.9 5.7 1.2 -3.5 -3.0

Miscellaneous 339 76.8 82.9 79.8 82.0 86.2 -.3 1.7 4.5 5.8

Nondurable manufacturing 80.0 78.4 78.3 77.7 81.1 .5 1.7 2.2 2.8

Food, beverage, and tobacco products 311,2 80.3 76.1 77.6 80.0 79.3 -.3 .8 3.6 3.4

Textile and product mills 313,4 78.4 73.1 71.5 69.6 73.5 1.4 2.4 4.4 4.8

Apparel and leather 315,6 75.8 70.2 73.2 69.5 74.5 1.8 .1 -5.1 -5.4

Paper 322 86.6 87.8 87.8 85.6 86.1 -.9 1.2 1.6 3.6

Printing and support 323 79.4 73.9 76.4 72.7 77.6 -1.0 .4 1.2 .0

Petroleum and coal products 324 85.4 90.6 84.7 70.6 86.1 7.5 6.2 .6 8.2

Chemicals 325 76.6 74.2 75.1 75.0 80.6 .0 2.0 1.1 1.3

Plastics and rubber products 326 82.1 86.5 83.2 83.0 85.5 .2 .9 1.6 2.3

Other manufacturing (non-NAICS) 1133,5111 79.5 70.4 72.1 73.6 74.2 -.4 3.0 6.9 6.5

Mining 21 86.3 90.4 84.5 71.7 85.8 1.0 .8 2.1 8.4

Utilities 2211,2 84.7 80.6 78.1 74.3 72.3 -.1 .0 .8 .9

Selected high-technology industries 77.5 78.2 76.2 79.2 81.7 1.6 2.6 1.3 3.5

Computers and peripheral equipment 3341 77.7 75.6 70.2 77.4 93.3 -.2 1.8 -4.5 5.4

Communications equipment 3342 75.6 69.0 67.5 64.3 65.1 5.9 6.0 -.6 -.2

Semiconductors and related

electronic components 3344 79.1 82.8 80.9 85.7 86.6 -.6 .4 1.3 3.8

Measures excluding selected high-technology

industries

Total industry 79.7 80.1 77.6 74.5 78.7 .6 .9 1.2 2.4

Manufacturing178.2 78.2 76.4 74.9 78.5 .6 1.0 1.0 1.5

STAGE-OF-PROCESS GROUPS

Crude 85.5 88.7 83.9 74.2 84.8 .6 1.1 1.8 7.0

Primary and semifinished 80.1 80.2 77.4 74.6 77.6 1.0 1.4 1.2 2.2

Finished 76.7 76.0 75.2 74.7 77.5 .1 .2 .8 .4

1. See footnote 2 to table 2.

21
Table 7A

INDUSTRIAL PRODUCTION: Manufacturing1

Seasonally adjusted

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

IP (percent

change)

1992 -.6 .9 1.0 .5 .6 .3 .9 -.5 .1 .6 .4 .0 .6 8.3 4.1 3.0 3.7

1993 .9 .3 -.2 .5 -.1 -.1 .2 -.2 .7 .8 .5 .6 4.8 1.3 .7 7.3 3.5

1994 .1 .2 1.3 .9 .6 .3 .4 .9 .4 .9 .8 1.1 4.9 9.5 6.0 10.0 5.9

1995 .2 -.2 .3 -.3 .4 .5 -.7 1.2 .9 -.1 .1 .3 4.4 .7 3.3 4.2 5.1

1996 -.6 1.4 -.2 1.2 .8 .9 .4 .4 .8 -.1 .9 .9 1.9 10.0 7.8 5.9 4.9

1997 .1 1.4 1.0 -.1 .7 .6 .8 1.2 .9 .9 1.0 .5 9.3 7.0 10.7 11.5 8.4

1998 .8 .2 -.2 .5 .5 -.7 -.4 2.4 -.1 .9 .1 .6 6.2 2.1 3.3 7.8 6.7

1999 .3 .9 .0 .4 .8 -.2 .4 .6 -.4 1.5 .7 .7 5.2 4.4 3.3 8.7 5.1

2000 .0 .3 .6 .6 .0 .2 .1 -.7 .5 -.4 -.3 -.6 4.5 4.9 -.4 -2.7 4.1

2001 -.5 -.7 -.2 -.4 -.6 -.6 -.5 -.5 -.4 -.4 -.4 .2 -5.9 -5.3 -5.9 -4.0 -3.7

2002 .6 .0 .7 .3 .5 1.0 -.1 .1 .1 -.3 .5 -.6 3.6 5.8 3.2 -.4 .4

2003 .8 -.1 .1 -.8 .0 .5 .3 -.5 .9 .1 .9 .0 2.1 -2.3 2.5 4.4 1.3

2004 -.1 .8 .0 .4 .7 -.7 .9 .5 .0 .9 .0 .8 2.7 3.3 4.0 5.4 3.1

2005 .6 .9 -.5 .4 .3 .2 -.3 .5 -1.1 1.4 .9 .1 6.4 2.6 -.5 6.1 4.1

2006 .8 -.3 .0 .4 -.3 .3 -.3 .7 .0 -.5 .1 1.5 4.0 .8 .9 1.5 2.6

2007 -.4 .3 .8 .6 .0 .3 .0 -.3 .3 -.2 .5 .1 4.6 5.7 .5 1.3 2.8

2008 -.2 -.7 -.5 -1.0 -.6 -.7 -1.0 -1.3 -3.4 -.7 -2.5 -3.3 -2.5 -8.3 -13.7 -22.0 -4.8

2009 -3.2 -.1 -1.8 -.7 -1.1 -.2 1.6 1.1 1.0 .0 1.0 -.1 -24.7 -10.4 8.7 7.0 -13.8

2010 1.0 -.1 1.3 .8 1.3 .0 .5 .1 .1 .1 .1 .5 6.9 10.5 4.3 1.5 5.9

2011 .1 .2 .6 -.6 .0 .1 .6 .5 .3 .5 -.2 .6 3.0 -.2 4.4 3.9 2.9

2012 .9 .4 -.5 .5 -.3 .2 -.2 -.1 -.2 -.2 .6 .7 5.4 .5 -1.2 1.1 2.6

2013 -.3 .4 -.1 -.3 .3 .1 -.8 .9 .1 .1 .0 -.2 2.7 .1 .1 1.6 .9

2014 -1.1 .9 .9 .0 .3 .3 .5 -.6 .0 -.1 .7 -.2 -1.1 4.7 1.7 .1 1.1

2015 -.6 -.7 .4 .0 .0 -.4 .8 -.4 -.3 -.1 -.3 -.3 -3.4 -.7 .7 -2.8 -.5

2016 .4 -.3 -.1 -.2 -.1 .2 .1 -.4 .2 .2 -.1 .0 -.5 -1.2 .1 .3 -.8

2017 .2 .0 -.3 1.1 -.2 .0 -.3 -.2 .0 1.1 .0 -.3 .1 3.2 -1.9 3.8 .6

2018 -.4 1.0 .1 .7 -.9 .6 .1 .3 .0 -.4 -.4 .1 .4 2.8 1.6 -2.2 1.3

2019 -.8 -.4 -.1 -.6 .1 .3 -.6 .7 -.7 -.8 .7 -.1 -4.6 -2.7 -.8 -2.4 -2.0

2020 -.1 .3 -4.3 -15.3 4.3 7.4 3.6 1.6 .1 1.1 .5 .3 -4.6 -43.3 53.2 8.7 -6.3

2021 1.6 -3.5 3.1 -.1 .9 -.1 1.1 -.2 -.7 1.7 .5 -.1 2.4 5.1 3.6 5.8 5.7

2022 -.2 1.3 .8 .9 -.2 4.1

IP (2017=100)

1992 61.5 62.0 62.7 63.0 63.4 63.6 64.1 63.8 63.9 64.3 64.5 64.5 62.1 63.3 64.0 64.4 63.4

1993 65.1 65.3 65.2 65.5 65.4 65.3 65.4 65.3 65.8 66.3 66.6 67.0 65.2 65.4 65.5 66.7 65.7

1994 67.1 67.2 68.1 68.7 69.1 69.3 69.5 70.1 70.4 71.1 71.7 72.4 67.5 69.0 70.0 71.7 69.6

1995 72.6 72.4 72.6 72.4 72.6 73.0 72.5 73.3 74.0 73.9 73.9 74.2 72.5 72.6 73.2 74.0 73.1

1996 73.7 74.8 74.6 75.5 76.1 76.8 77.1 77.5 78.1 78.0 78.7 79.4 74.4 76.1 77.6 78.7 76.7

1997 79.5 80.6 81.4 81.3 81.9 82.4 83.0 84.0 84.8 85.6 86.4 86.9 80.5 81.9 84.0 86.3 83.1

1998 87.5 87.7 87.5 88.0 88.4 87.8 87.4 89.5 89.4 90.2 90.3 90.8 87.6 88.0 88.8 90.4 88.7

1999 91.1 91.9 91.9 92.2 92.9 92.7 93.1 93.7 93.3 94.7 95.3 96.0 91.6 92.6 93.3 95.3 93.2

2000 96.0 96.2 96.9 97.5 97.5 97.6 97.7 97.1 97.5 97.1 96.9 96.3 96.4 97.5 97.4 96.8 97.0

2001 95.8 95.2 94.9 94.6 94.0 93.5 93.0 92.6 92.2 91.8 91.5 91.7 95.3 94.0 92.6 91.7 93.4

2002 92.3 92.3 92.9 93.2 93.7 94.6 94.5 94.5 94.6 94.3 94.8 94.2 92.5 93.8 94.5 94.4 93.8

2003 95.0 94.9 94.9 94.2 94.3 94.7 95.0 94.5 95.3 95.4 96.3 96.2 94.9 94.4 95.0 96.0 95.1

2004 96.1 96.9 96.8 97.2 97.8 97.2 98.1 98.5 98.5 99.4 99.4 100.2 96.6 97.4 98.4 99.7 98.0

2005 100.8 101.7 101.2 101.6 101.9 102.1 101.8 102.3 101.2 102.6 103.5 103.6 101.2 101.9 101.7 103.3 102.0

2006 104.5 104.2 104.2 104.6 104.3 104.6 104.2 104.9 105.0 104.5 104.6 106.1 104.3 104.5 104.7 105.1 104.6

2007 105.7 106.1 107.0 107.7 107.6 108.0 108.0 107.7 108.0 107.8 108.4 108.5 106.3 107.7 107.9 108.2 107.5

2008 108.2 107.5 106.9 105.9 105.3 104.6 103.5 102.2 98.7 98.0 95.6 92.4 107.5 105.2 101.4 95.3 102.4

2009 89.4 89.3 87.7 87.1 86.2 86.0 87.3 88.2 89.1 89.2 90.1 90.0 88.8 86.4 88.2 89.7 88.3

2010 90.9 90.8 92.0 92.7 93.9 93.9 94.4 94.5 94.6 94.6 94.7 95.2 91.2 93.5 94.5 94.9 93.5

2011 95.2 95.4 96.0 95.5 95.5 95.6 96.1 96.6 96.9 97.4 97.2 97.8 95.6 95.5 96.5 97.5 96.3

2012 98.7 99.1 98.5 99.0 98.7 98.9 98.7 98.6 98.4 98.2 98.8 99.5 98.7 98.9 98.6 98.8 98.7

2013 99.2 99.7 99.6 99.3 99.6 99.7 98.9 99.8 99.9 100.0 100.0 99.8 99.5 99.5 99.5 99.9 99.6

2014 98.8 99.7 100.5 100.5 100.8 101.1 101.6 101.0 101.0 100.9 101.6 101.4 99.7 100.8 101.2 101.3 100.7

2015 100.8 100.0 100.4 100.4 100.4 100.0 100.8 100.4 100.1 100.0 99.7 99.4 100.4 100.2 100.4 99.7 100.2

2016 99.8 99.5 99.4 99.3 99.2 99.4 99.5 99.1 99.3 99.5 99.4 99.3 99.6 99.3 99.3 99.4 99.4

2017 99.5 99.5 99.2 100.3 100.1 100.2 99.9 99.6 99.7 100.8 100.8 100.5 99.4 100.2 99.7 100.7 100.0

2018 100.1 101.1 101.1 101.8 101.0 101.5 101.7 102.0 101.9 101.5 101.1 101.2 100.8 101.4 101.9 101.3 101.3

2019 100.4 100.0 99.9 99.3 99.3 99.7 99.1 99.7 99.0 98.2 98.9 98.8 100.1 99.4 99.2 98.6 99.4

2020 98.7 99.0 94.7 80.2 83.7 89.9 93.1 94.6 94.7 95.7 96.2 96.5 97.5 84.6 94.1 96.1 93.1

2021 98.0 94.6 97.5 97.3 98.2 98.1 99.2 98.9 98.2 99.8 100.4 100.3 96.7 97.9 98.8 100.1 98.4

2022 100.0 101.3 102.1 103.0 102.8 101.1

NOTE: Estimates from January 2022 through May 2022 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.

22
Table 7B

CAPACITY AND UTILIZATION: Manufacturing1

Seasonally adjusted

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

Capacity

(percent of

2017 output)

1992 78.5 78.7 78.9 79.0 79.2 79.4 79.7 79.9 80.1 80.2 80.4 80.6 78.7 79.2 79.9 80.4 79.6

1993 80.8 80.9 81.1 81.2 81.3 81.4 81.6 81.7 81.9 82.0 82.2 82.4 80.9 81.3 81.7 82.2 81.5

1994 82.6 82.8 83.0 83.2 83.5 83.8 84.0 84.3 84.6 84.9 85.3 85.6 82.8 83.5 84.3 85.3 84.0

1995 85.9 86.2 86.6 86.9 87.3 87.7 88.0 88.4 88.9 89.3 89.7 90.2 86.2 87.3 88.4 89.7 87.9

1996 90.7 91.2 91.7 92.2 92.7 93.2 93.7 94.2 94.7 95.2 95.7 96.3 91.2 92.7 94.2 95.8 93.4

1997 96.8 97.4 97.9 98.5 99.1 99.7 100.3 101.0 101.7 102.4 103.2 104.0 97.4 99.1 101.0 103.2 100.2

1998 104.7 105.5 106.3 107.1 107.8 108.6 109.2 109.9 110.5 111.2 111.8 112.3 105.5 107.8 109.9 111.8 108.7

1999 112.9 113.5 114.0 114.5 115.0 115.5 116.0 116.5 117.0 117.5 118.0 118.5 113.5 115.0 116.5 118.0 115.7

2000 119.0 119.4 119.9 120.4 120.9 121.4 121.9 122.4 122.8 123.3 123.8 124.2 119.4 120.9 122.4 123.8 121.6

2001 124.7 125.1 125.5 125.9 126.3 126.6 126.9 127.2 127.4 127.7 127.8 128.0 125.1 126.3 127.2 127.8 126.6

2002 128.1 128.3 128.4 128.4 128.5 128.5 128.5 128.5 128.5 128.5 128.5 128.5 128.3 128.5 128.5 128.5 128.4

2003 128.5 128.5 128.5 128.5 128.4 128.4 128.4 128.3 128.3 128.3 128.2 128.2 128.5 128.4 128.3 128.2 128.4

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

2005 128.5 128.7 128.9 129.1 129.4 129.7 129.9 130.2 130.5 130.7 131.0 131.2 128.7 129.4 130.2 131.0 129.8

2006 131.4 131.7 131.9 132.1 132.3 132.5 132.8 133.0 133.3 133.6 133.9 134.2 131.7 132.3 133.0 133.9 132.7

2007 134.5 134.9 135.2 135.6 135.9 136.3 136.6 136.9 137.2 137.4 137.6 137.7 134.9 135.9 136.9 137.6 136.3

2008 137.8 137.8 137.8 137.7 137.6 137.5 137.4 137.2 137.0 136.9 136.7 136.5 137.8 137.6 137.2 136.7 137.3

2009 136.4 136.2 136.0 135.8 135.6 135.5 135.3 135.1 135.0 134.8 134.6 134.4 136.2 135.6 135.1 134.6 135.4

2010 134.3 134.1 133.9 133.7 133.4 133.2 133.0 132.8 132.6 132.3 132.2 132.0 134.1 133.4 132.8 132.2 133.1

2011 131.8 131.7 131.6 131.5 131.4 131.4 131.4 131.5 131.6 131.7 131.8 131.9 131.7 131.5 131.5 131.8 131.6

2012 132.0 132.2 132.3 132.5 132.6 132.8 132.9 133.1 133.2 133.3 133.4 133.5 132.2 132.6 133.1 133.4 132.8

2013 133.6 133.7 133.8 133.8 133.8 133.8 133.8 133.8 133.8 133.7 133.7 133.6 133.7 133.8 133.8 133.7 133.8

2014 133.6 133.5 133.4 133.3 133.2 133.1 133.0 132.8 132.7 132.6 132.4 132.3 133.5 133.2 132.8 132.4 133.0

2015 132.1 132.0 131.8 131.7 131.6 131.5 131.5 131.4 131.4 131.4 131.4 131.5 132.0 131.6 131.4 131.4 131.6

2016 131.5 131.6 131.7 131.8 131.8 131.9 132.0 132.0 132.1 132.1 132.0 132.0 131.6 131.8 132.0 132.0 131.9

2017 131.9 131.8 131.7 131.6 131.4 131.3 131.1 130.9 130.7 130.6 130.4 130.3 131.8 131.4 130.9 130.4 131.2

2018 130.2 130.1 130.0 129.9 129.8 129.8 129.7 129.7 129.6 129.6 129.6 129.5 130.1 129.8 129.7 129.6 129.8

2019 129.5 129.5 129.4 129.4 129.3 129.3 129.3 129.2 129.2 129.1 129.1 129.0 129.5 129.3 129.2 129.1 129.3

2020 129.0 129.0 128.9 128.8 128.8 128.7 128.6 128.5 128.4 128.2 128.1 128.0 129.0 128.8 128.5 128.1 128.6

2021 127.9 127.8 127.7 127.6 127.5 127.4 127.4 127.4 127.4 127.4 127.5 127.5 127.8 127.5 127.4 127.5 127.5

2022 127.6 127.7 127.8 127.9 128.1 127.7

Utilization

(percent)

1992 78.3 78.8 79.5 79.7 80.0 80.0 80.5 79.9 79.8 80.1 80.2 80.0 78.9 79.9 80.1 80.1 79.7

1993 80.6 80.7 80.4 80.6 80.4 80.2 80.2 79.9 80.3 80.9 81.1 81.4 80.6 80.4 80.2 81.1 80.6

1994 81.3 81.2 82.0 82.5 82.8 82.7 82.8 83.2 83.2 83.7 84.1 84.7 81.5 82.7 83.1 84.1 82.8

1995 84.5 84.0 83.9 83.2 83.2 83.2 82.3 82.9 83.2 82.7 82.4 82.2 84.1 83.2 82.8 82.5 83.1

1996 81.3 82.0 81.4 81.9 82.1 82.4 82.3 82.3 82.5 81.9 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 82.6 82.7 83.2 83.4 83.5 83.7 83.6 82.7 82.6 83.1 83.6 83.0

1998 83.6 83.1 82.4 82.2 82.0 80.8 80.0 81.4 80.9 81.1 80.8 80.9 83.0 81.7 80.8 80.9 81.6

1999 80.7 81.0 80.6 80.5 80.8 80.2 80.2 80.4 79.7 80.6 80.8 81.0 80.7 80.5 80.1 80.8 80.5

2000 80.7 80.6 80.8 80.9 80.6 80.4 80.2 79.3 79.4 78.8 78.3 77.5 80.7 80.7 79.6 78.2 79.8

2001 76.9 76.1 75.6 75.1 74.5 73.8 73.3 72.8 72.4 71.9 71.6 71.6 76.2 74.5 72.8 71.7 73.8

2002 72.0 71.9 72.4 72.6 72.9 73.6 73.5 73.6 73.6 73.4 73.7 73.3 72.1 73.0 73.6 73.5 73.0

2003 73.9 73.8 73.9 73.3 73.4 73.7 74.0 73.7 74.3 74.4 75.1 75.1 73.9 73.5 74.0 74.9 74.1

2004 75.0 75.6 75.6 75.9 76.5 76.0 76.7 77.0 77.0 77.6 77.5 78.0 75.4 76.1 76.9 77.7 76.5

2005 78.4 79.0 78.5 78.7 78.8 78.7 78.3 78.6 77.6 78.5 79.0 79.0 78.6 78.7 78.1 78.8 78.6

2006 79.5 79.1 79.0 79.2 78.8 78.9 78.5 78.9 78.8 78.2 78.1 79.1 79.2 79.0 78.7 78.5 78.8

2007 78.6 78.7 79.1 79.4 79.2 79.2 79.0 78.6 78.7 78.5 78.8 78.8 78.8 79.3 78.8 78.7 78.9

2008 78.6 78.0 77.6 76.9 76.5 76.1 75.3 74.5 72.0 71.6 69.9 67.7 78.1 76.5 73.9 69.7 74.6

2009 65.6 65.6 64.5 64.1 63.5 63.4 64.5 65.3 66.0 66.1 66.9 66.9 65.2 63.7 65.3 66.6 65.2

2010 67.7 67.7 68.7 69.4 70.4 70.5 71.0 71.2 71.4 71.5 71.7 72.1 68.0 70.1 71.2 71.8 70.3

2011 72.3 72.5 73.0 72.6 72.6 72.7 73.1 73.5 73.6 74.0 73.8 74.2 72.6 72.6 73.4 74.0 73.1

2012 74.7 74.9 74.4 74.7 74.4 74.5 74.3 74.1 73.8 73.6 74.0 74.5 74.7 74.5 74.1 74.1 74.3

2013 74.3 74.5 74.4 74.2 74.4 74.5 73.9 74.6 74.7 74.8 74.8 74.7 74.4 74.4 74.4 74.8 74.5

2014 73.9 74.7 75.4 75.4 75.7 76.0 76.4 76.0 76.1 76.1 76.7 76.6 74.7 75.7 76.2 76.5 75.8

2015 76.3 75.8 76.1 76.2 76.3 76.0 76.6 76.4 76.2 76.1 75.9 75.6 76.1 76.2 76.4 75.9 76.1

2016 75.9 75.6 75.5 75.3 75.2 75.3 75.4 75.1 75.2 75.3 75.2 75.2 75.7 75.3 75.2 75.3 75.4

2017 75.4 75.5 75.3 76.2 76.2 76.3 76.2 76.1 76.2 77.2 77.2 77.1 75.4 76.2 76.2 77.2 76.2

2018 76.9 77.7 77.8 78.4 77.8 78.3 78.4 78.6 78.6 78.3 78.0 78.1 77.5 78.1 78.5 78.2 78.1

2019 77.5 77.2 77.2 76.7 76.8 77.1 76.6 77.2 76.6 76.1 76.6 76.5 77.3 76.9 76.8 76.4 76.9

2020 76.5 76.8 73.5 62.3 65.0 69.8 72.4 73.6 73.7 74.6 75.1 75.4 75.6 65.7 73.3 75.0 72.4

2021 76.6 74.0 76.4 76.3 77.0 77.0 77.8 77.7 77.1 78.3 78.7 78.6 75.7 76.8 77.5 78.6 77.1

2022 78.4 79.3 79.9 80.5 80.3 79.2

NOTE: Estimates from January 2022 through May 2022 are subject to further revision in the upcoming monthly releases.

1. See footnote 2 to table 2.

23
Table 8

ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY

Item 2014 2015 2016 2017 2018 2019 2020 2021

Total IP 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

MARKET GROUPS

Final products and nonindustrial supplies 52.7 55.9 56.9 56.1 55.4 56.1 56.0 53.2

Consumer goods 24.9 27.3 28.4 27.7 27.2 27.8 28.5 26.9

Durable 5.5 6.2 6.5 6.2 6.1 6.3 6.4 6.2

Automotive products 2.9 3.4 3.6 3.5 3.4 3.5 3.5 3.4

Home electronics .2 .2 .2 .1 .1 .1 .2 .1

Appliances, furniture, carpeting .8 .9 .9 .9 .9 .9 1.0 1.0

Miscellaneous goods 1.6 1.7 1.8 1.6 1.6 1.7 1.7 1.7

Nondurable 19.5 21.2 21.9 21.5 21.1 21.5 22.1 20.7

Non-energy 14.9 16.5 17.0 16.2 15.7 16.7 17.6 15.9

Foods and tobacco 8.6 9.4 9.8 9.5 9.2 9.7 10.4 9.5

Clothing .2 .2 .2 .2 .2 .2 .2 .2

Chemical products 4.7 5.4 5.5 5.2 5.0 5.4 5.6 5.1

Paper products .9 1.0 1.0 .9 .9 .9 .9 .8

Energy 4.6 4.6 4.9 5.3 5.3 4.8 4.6 4.8

Business equipment 9.9 10.2 10.0 10.1 10.1 9.7 8.8 8.4

Transit 2.5 2.8 2.8 3.0 2.9 2.3 1.7 1.8

Information processing 2.0 2.2 2.1 2.1 2.0 2.1 2.1 1.8

Industrial and other 5.3 5.3 5.1 5.1 5.1 5.2 5.0 4.8

Defense and space equipment 2.2 2.2 2.2 2.3 2.1 2.3 2.3 2.1

Construction supplies 4.0 4.4 4.6 4.6 4.6 4.8 5.1 5.2

Business supplies 10.5 10.9 11.1 10.8 10.7 10.8 10.7 10.1

Materials 47.3 44.1 43.1 43.9 44.6 43.9 44.0 46.8

Non-energy 26.9 28.0 28.3 27.7 27.3 27.7 28.0 27.7

Durable 16.6 17.2 17.2 16.9 16.7 17.1 16.8 16.7

Consumer parts 3.0 3.2 3.2 3.1 3.0 2.9 2.6 2.7

Equipment parts 5.3 5.3 5.1 5.0 4.9 5.1 4.9 4.5

Other 8.4 8.7 8.9 8.8 8.8 9.0 9.4 9.4

Nondurable 10.3 10.8 11.1 10.8 10.6 10.6 11.1 11.1

Textile .4 .4 .4 .4 .4 .4 .4 .4

Paper 1.8 1.9 1.9 1.8 1.7 1.8 1.7 1.6

Chemical 5.0 5.2 5.4 5.4 5.3 5.1 5.4 5.6

Energy 20.4 16.0 14.8 16.2 17.3 16.2 16.1 19.0

INDUSTRY GROUPS

Manufacturing 72.6 77.1 78.4 77.0 75.8 76.5 76.7 74.3

Manufacturing (NAICS) 31–33 70.3 74.7 76.0 74.7 73.7 74.5 74.7 72.6

Durable manufacturing 37.7 39.6 39.7 39.1 38.7 39.0 38.2 37.3

Wood products 321 1.2 1.3 1.4 1.4 1.4 1.5 1.9 2.0

Nonmetallic mineral products 327 1.9 2.1 2.2 2.1 2.1 2.2 2.3 2.1

Primary metals 331 2.6 2.5 2.6 2.6 2.6 2.4 2.6 3.3

Fabricated metal products 332 5.6 5.8 5.8 5.7 5.8 6.0 6.0 5.8

Machinery 333 5.8 5.7 5.4 5.4 5.5 5.6 5.3 5.2

Computer and electronic products 334 5.1 5.2 5.2 5.1 5.0 5.2 5.3 4.7

Electrical equip., appliances,

and components 335 1.8 1.9 1.9 1.8 1.8 1.9 2.0 1.9

Motor vehicles and parts 3361–3 5.1 5.9 6.1 5.8 5.7 5.8 5.3 5.0

Aerospace and miscellaneous

transportation equipment 3364–9 4.8 5.0 4.8 5.1 4.8 4.4 3.7 3.7

Furniture and related products 337 1.1 1.2 1.3 1.2 1.2 1.2 1.2 1.1

Miscellaneous 339 2.8 3.0 3.1 2.8 2.8 2.8 2.7 2.6

Nondurable manufacturing 32.6 35.1 36.3 35.6 35.0 35.4 36.4 35.3

Food, beverage, and tobacco products 311,2 10.6 11.7 12.1 11.7 11.4 12.1 13.1 12.0

Textile and product mills 313,4 .7 .7 .7 .7 .6 .7 .7 .6

Apparel and leather 315,6 .2 .2 .2 .2 .2 .2 .2 .2

Paper 322 2.5 2.6 2.6 2.5 2.5 2.5 2.5 2.4

Printing and support 323 1.4 1.5 1.5 1.5 1.4 1.4 1.3 1.1

Petroleum and coal products 324 2.9 2.8 2.9 3.7 3.8 3.0 2.4 3.1

Chemicals 325 11.1 12.1 12.4 11.9 11.6 11.9 12.6 12.2

Plastics and rubber products 326 3.2 3.5 3.7 3.5 3.6 3.6 3.7 3.6

Other manufacturing (non-NAICS) 1133,5111 2.3 2.4 2.4 2.2 2.1 2.1 2.0 1.7

Mining 21 17.3 12.1 10.4 12.2 13.4 12.4 12.1 15.5

Utilities 2211,2 10.1 10.8 11.2 10.8 10.8 11.0 11.2 10.2

Electric 2211 8.9 9.5 9.7 9.3 9.3 9.6 9.7 8.7

Natural gas 2212 1.2 1.3 1.5 1.5 1.4 1.4 1.5 1.5

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 2021 and 2022 would account for a 0.373 percent increase in total IP.

24
Table 9

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY

Seasonally adjusted

2017=100 Percent change

2021 2022 2021 2022 May ’21 to

Industrial production Dec.r

Jan.rFeb.r Mar.r Apr.r Mayr Dec.rJan.rFeb.r Mar.r Apr.r Mayr May ’22

Total index 101.8 102.2 103.0 103.7 105.1 105.2 -.2 .4 .8 .7 1.3 .1 5.4

Previous estimates 101.7 102.5 103.6 104.1 105.5 105.7 -.2 .8 1.0 .5 1.4 .2 5.8

Major market groups

Final Products 101.8 102.8 103.6 104.0 105.4 105.5 -.1 .9 .7 .4 1.3 .1 5.2

Consumer goods 102.6 104.2 104.4 104.5 105.9 105.8 -.3 1.5 .2 .2 1.3 -.1 3.5

Business equipment 94.2 93.6 95.5 96.7 97.7 97.9 .9 -.7 2.0 1.2 1.1 .2 7.7

Nonindustrial supplies 101.0 101.3 102.8 102.8 103.8 104.0 -.5 .3 1.4 .1 .9 .2 6.1

Construction 105.0 103.7 105.8 105.1 105.6 105.6 .1 -1.2 2.0 -.6 .5 .0 6.2

Materials 101.9 101.9 102.6 103.7 105.2 105.3 -.2 .0 .7 1.1 1.4 .1 5.4

Major industry groups

Manufacturing (see note below) 100.3 100.0 101.3 102.1 103.0 102.8 -.1 -.2 1.3 .8 .9 -.2 4.7

Previous estimates 100.4 100.3 101.6 102.4 103.2 103.1 .0 -.1 1.3 .8 .8 -.1 4.8

Mining 110.3 109.1 108.9 112.3 113.5 114.6 .1 -1.1 -.2 3.1 1.1 .9 7.6

Utilities 100.4 108.3 107.5 103.1 108.3 109.3 -1.4 7.9 -.8 -4.1 5.1 .9 7.6

Capacity

Percent of capacity growth

Average 1988- 1990- 1994- 2008-

1972- 89 91 95 09 2021 2021 2022 May ’21 to

Capacity utilization 2021 high low high low May Dec.r

Jan.rFeb.r Mar.r Apr.r Mayr May ’22

Total industry 79.6 85.2 78.8 85.0 66.6 77.3 78.7 79.0 79.5 79.9 80.9 80.8 .8

Previous estimates 79.5 85.2 78.8 85.1 66.6 75.3 76.4 76.9 77.6 77.9 78.9 79.0 .8

Manufacturing (see note below) 78.2 85.6 77.3 84.7 63.4 77.0 78.6 78.4 79.3 79.9 80.5 80.3 .4

Previous estimates 78.1 85.6 77.3 84.7 63.5 75.7 77.1 77.0 78.0 78.6 79.2 79.1 .3

Mining 86.3 86.2 84.3 88.6 78.9 81.7 85.8 84.6 84.1 86.4 87.0 87.5 .6

Utilities 84.7 92.9 84.5 92.9 78.0 73.7 71.8 77.3 76.5 73.2 76.7 77.3 2.6

Stage-of-process groups

Crude 85.5 87.9 84.8 90.0 76.9 82.3 84.7 83.8 83.8 85.8 86.2 86.4 .2

Primary and semifinished 80.1 86.5 78.0 87.8 63.5 76.1 77.5 78.4 79.4 78.9 80.3 80.2 .5

Finished 76.7 83.3 77.5 80.7 66.4 76.4 77.7 77.7 78.0 78.7 79.3 79.2 1.3

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.

25
EXPLANATORY NOTE

The Industrial Production and Capacity Utilization statistical

release, which is published around the middle of the month, reports

measures of output, capacity, and capacity utilization in

manufacturing, mining, and the electric and gas utilities industries.

More detailed descriptions of industrial production and capacity

utilization are available on the Board’s website at

www.federalreserve.gov/releases/G17. In addition, files containing

data shown in the release, more detailed series that were published in

the G.17 prior to December 2000, and historical data are available

from the Data Download Program on the Board’s website.

Instructions for searching for and downloading specific series are

provided as well.

INDUSTRIAL PRODUCTION

Coverage. The industrial production (IP) index measures the real

output of the manufacturing, mining, and electric and gas utilities

industries; the reference period for the index is 2017. Manufacturing

consists of those industries included in the North American Industry

Classification System, or NAICS, definition of manufacturing plus

those industries—logging and newspaper, periodical, book, and

directory publishing—that have traditionally been considered to be

manufacturing and included in the industrial sector. For the period

since 2012, the total IP index has been constructed from 296

individual series based on the 2017 NAICS codes. These individual

series are classified in two ways: (1) market groups, and (2) industry

groups. Market groups consist of products and materials. Total

products are the aggregate of final products, such as consumer goods

and equipment, and nonindustrial supplies (which are inputs to

nonindustrial sectors). Materials are inputs in the manufacture of

products. Major industry groups include three-digit NAICS industries

and aggregates of these industries—for example, durable and

nondurable manufacturing, mining, and utilities. A complete

description of the market and industry structures, including details

regarding series classification, relative importance weights, and data

sources, is available on the Board’s website at

www.federalreserve.gov/releases/G17/About.htm.

Source Data. On a monthly basis, the individual indexes of industrial

production are constructed from two main types of source data: (1)

output measured in physical units and (2) data on inputs to the

production process, from which output is inferred. Data on physical

products, such as tons of steel or barrels of oil, are typically obtained

from private trade associations and from government agencies; data of

this type are used to estimate monthly IP wherever possible and

appropriate. Production indexes for a few industries are derived by

dividing estimated nominal output (calculated using unit production

and unit values or sales) by a corresponding Fisher price index; the

most notable of these fall within the high-technology grouping and

include semiconductors. When suitable data on physical product are

not available, estimates of output are based on production-worker

hours by industry. Data on hours worked by production workers are

collected in the monthly establishment survey conducted by the

Bureau of Labor Statistics. The factors used to convert inputs into

estimates of production are based on historical relationships between

the inputs and the comprehensive annual data used to benchmark the

IP indexes; these factors also may be influenced by technological or

cyclical developments. The annual data used in benchmarking the

individual IP indexes are constructed from a variety of source data,

such as the quinquennial Censuses of Manufactures and Mineral

Industries and the Annual Survey of Manufactures, prepared by the

Bureau of the Census; the Minerals Yearbook, prepared by the U.S.

Geological Survey of the Department of the Interior; and publications

of the Department of Energy.

Aggregation Methodology and Weights. The aggregation method

for the IP index is a version of the Fisher-ideal index formula. (For a

detailed discussion of the aggregation method, see the Federal

Reserve Bulletin February 1997 and March 2001.) In the IP index,

series that measure the output of an individual industry are combined

using weights derived from their proportion in the total value-added

output of all industries. The IP index, which extends back to 1919, is

built as a chain-type index since 1972. The current formula for the

growth in monthly IP (or any of the sub-aggregates) since 1972 is the

geometric mean of the change in output (I), and, as can be seen

below, is computed using the unit value added estimate for the current

month (pm) and the estimate for previous month:

I

A

m

I

A

m−1

=

s P

P

Impm−1

Im−1pm−1

×

P

P

Impm

Im−1pm

The IP proportions (typically shown in the first column of the relevant

tables in the monthly G.17 release) are estimates of the industries’

relative contributions to overall growth in the following year. For

example, the relative importance weight of the motor vehicles and

parts industry is about 5 percent. If output in this industry increased

10 percent in a month, then this gain would boost growth in total IP

by 5/10 percentage point (0.05 x 10% = 0.5%). To assist users with

calculations, the Federal Reserve’s website provides supplemental

monthly statistics that represent the exact proportionate contribution

of a monthly change in a component index to the monthly change in

the total index (www.federalreserve.gov/

releases/G17/ipdisk/ipweightssa.txt).

Timing. The first estimate of output for a month is published around

the 15th of the following month. The estimate is preliminary (denoted

by the superscript “p” in tables) and subject to revision in each of the

subsequent five months as new source data become available.

(Revised estimates are denoted by the superscript “r” in tables.) For

the first estimate of output for a given month, about 74 percent of the

source data (in value-added terms) are available; the fraction of

available source data increases to 83 percent for estimates in the

second month that the estimate is published, 92 percent in the third

month, 94 percent in the fourth month, 96 percent in the fifth month,

and 97 percent in the sixth month. Data availability by data type in

2021 is summarized in the table below:

Availability of Monthly IP Data in Publication Window

(Percent of value added in 2021; the numbers may not sum because of

rounding.)

Month of estimate

Type of data 1st 2nd 3rd 4th 5th 6th

Physical product 31 40 49 51 53 54

Production-worker hours 43 43 43 43 43 43

IP data received 74 83 92 94 96 97

IP data estimated 26 17 8 6 4 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 (31 percent out of a total of 54 percent). Of the

31 percent, about three-quarters (26 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

2022; for other series, the factors were estimated with data through at

least December 2021. 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

0.29 percent during the 1987–2021 period. The average revision to

the percent change in total IP, without regard to sign, from the first to

the fourth estimates was 0.23 percentage point during the 1987–2021

26
period. In most cases (about 86 percent), the direction of the change

in output indicated by the first estimate for a given month is the same

as that shown by the fourth estimate.

Rounding. The published percent changes are calculated from

unrounded indexes, and may not be the same as percent changes

calculated from the rounded indexes shown in the release.

CAPACITY UTILIZATION

Overview. The Federal Reserve Board constructs estimates of

capacity and capacity utilization for industries in manufacturing,

mining, and electric and gas utilities. For a given industry, the

capacity utilization rate is equal to an output index (seasonally

adjusted) divided by a capacity index. The Federal Reserve Board’s

capacity indexes attempt to capture the concept of sustainable

maximum output—the greatest level of output a plant can maintain

within the framework of a realistic work schedule, after factoring in

normal downtime and assuming sufficient availability of inputs to

operate the capital in place.

Coverage. Capacity indexes are constructed for 89 detailed industries

(71 in manufacturing, 16 in mining, and 2 in utilities), which mostly

correspond to industries at the three- and four-digit North American

Industry Classification System, or NAICS level. Estimates of capacity

and utilization are available for a variety of groups, including durable

and nondurable manufacturing, total manufacturing, mining, utilities,

and total industry. Manufacturing consists of those industries included

in the NAICS definition of manufacturing plus those

industries—logging and newspaper, periodical, book, and directory

publishing —that have traditionally been considered to be

manufacturing and included in the industrial sector. Also, special

aggregates are available, such as high-technology industries and

manufacturing excluding high-technology industries.

Source Data. The monthly rates of capacity utilization are designed

to be consistent with both the monthly data on production and the

periodically available data on capacity and utilization. Because there

is no direct monthly information on overall industrial capacity or

utilization rates, the Federal Reserve first estimates annual capacity

indexes from the source data. Capacity data reported in physical units

from government sources (primarily from the U.S. Geological Survey

and the Department of Energy’s Energy Information Administration)

and trade sources are available for portions of several industries in

manufacturing (for example, paper, industrial chemicals, petroleum

refining, motor vehicles), as well as for electric utilities and mining;

these industries represent about 24 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 67 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 1972–2021 period, the average total industry

utilization rate was 79.6 percent; for manufacturing, the average

factory operating rate was 78.2 percent. Industrial plants usually

operate at capacity utilization rates that are well below 100 percent:

none of the broad aggregates has ever reached 100 percent. For total

manufacturing, utilization rates have exceeded 90 percent only in

wartime. The highs and lows in capacity utilization are specific to

each series and do not all occur in the same month.

REFERENCES AND RELEASE DATES

References. The release for the annual revision that was published on

June 28, 2022, 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 2022, the G.17 will be published at 9:15 a.m. on:

January 14, February 16, March 17, April 15, May 17, June 17, July

15, August 16, September 15, October 18, November 16, and

December 15.

This release schedule is available on the Board’s website at

http://www.federalreserve.gov/releases/g17.

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