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 221/2 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.

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

years, the levels of the production 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.

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

specified.

1
RESULTS OF THE REVISION

Industrial Production

Manufacturing output is now estimated to have declined about 11/2 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 51/2 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 11/2 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

2
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.

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

3
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.

4Overall, 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). 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.

4
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

5
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.

6A 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.

6
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.

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.

7David 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.

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

35

40

45

50

60

70

80

90

100

120

140

160

Capacity

Production

Revised

Earlier

Ratio scale, 2012 output = 100

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

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,

 defition of manufacturing plus those industries--logging and newspaper, periodical, book, and directory publishing--

 that have traditionally been considered to be manufacturing and included in the industrial sector.

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

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

20

40

60

80

100

120

140

160

Capacity

Production

Revised

Earlier

Ratio scale, 2012 output = 100

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

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

40

45

50

55

60

65

70

80

90

100

110

Excluding

high-technology

industries

Total IP

 Industrial production Ratio scale, 2012 output = 100 

1975 1980 1985 1990 1995 2000 2005 2010 2015

35

40

45

50

55

60

70

80

90

100

110

120

Non-Energy

Energy

 Industrial production Ratio scale, 2012 output = 100 

1975 1980 1985 1990 1995 2000 2005 2010 2015

20

40

60

80

100

120

140

Motor Vehicles

and Parts

 Industrial production Ratio scale, 2012 output = 100 

10
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

4. Consumer goods

Total Ratio scale, 2012 output = 100

 40

 50

 60

 70

 80

 90

100

110

120

Revised

Earlier

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Components of consumer goods Ratio scale, 2012 output = 100

 35

 55

 75

 95

115

135

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

Revised durable

Revised nondurable

Earlier

Detail: 2015 to present

100

105

110

2015 2016 2017 2018

Detail: 2015 to present

95

100

105

110

115

120

125

2015 2016 2017 2018

11
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

5. Equipment

Total Ratio scale, 2012 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

Business equipment Ratio scale, 2012 output = 100

 10

 30

 50

 70

 90

110

130

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Defense and space equipment Ratio scale, 2012 output = 100

 30

 50

 70

 90

110

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

Detail: 2015 to present

 85

 90

 95

100

105

2015 2016 2017 2018

Detail: 2015 to present

 90

 95

100

105

2015 2016 2017 2018

Detail: 2015 to present

 85

 90

 95

2015 2016 2017 2018

12
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

6. Nonindustrial supplies

Total Ratio scale, 2012 output = 100

 40

 60

 80

100

120

140

Revised

Earlier

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Construction supplies Ratio scale, 2012 output = 100

 50

 70

 90

110

130

150

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Business supplies Ratio scale, 2012 output = 100

 30

 50

 70

 90

110

130

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

Detail: 2015 to present

 100

 105

 110

2015 2016 2017 2018

Detail: 2015 to present

105

110

115

2015 2016 2017 2018

Detail: 2015 to present

100

101

102

103

104

105

2015 2016 2017 2018

13
1975 1980 1985 1990 1995 2000 2005 2010 2015

7. Industrial materials

Total Ratio scale, 2012 output = 100

 30

 50

 70

 90

120

Revised

Earlier

1975 1980 1985 1990 1995 2000 2005 2010 2015

Energy materials Ratio scale, 2012 output = 100

 60

 80

100

120

1975 1980 1985 1990 1995 2000 2005 2010 2015

Non-energy materials Ratio scale, 2012 output = 100

 30

 50

 70

 90

110

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

Detail: 2015 to present

100

105

110

115

2015 2016 2017 2018

Detail: 2015 to present

98

100

102

104

106

2015 2016 2017 2018

14
8. Capacity utilization by stage of process

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

70

75

80

85

90

95

100

Revised

Earlier

Crude Processing Percent of capacity

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

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

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)

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.

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

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.

17
Table 2

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY: 2013–171

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Total IP 2.3 3.4 -3.3 -.5 3.0 .1 .0 -.7 -.4 -.6

MARKET GROUPS

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 GROUPS

Manufacturing21.1 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.

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: 2013–171

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Total industry 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

Manufacturing2

.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

Manufacturing2

.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

Manufacturing2

.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.

19
Table 4

ANNUAL RATES OF CHANGE FOR INDUSTRIAL PRODUCTION: 2013–171

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Total IP 2.0 3.1 -1.0 -1.9 1.6 .1 .0 -.3 -.7 -.3

MARKET GROUPS

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 GROUPS

Manufacturing2.9 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.

Table 5

RATES OF CHANGE IN CAPACITY, BY INDUSTRY GROUPS: 2014–181

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Total industry 1.4 .8 .6 .6 1.9 -.2 -.3 .4 -.5 -.3

Manufacturing2-.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

Manufacturing2ex. 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.

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-

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

Manufacturing178.3 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

Manufacturing178.4 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.

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)

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.

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

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.

23
Table 8

ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY

Item 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 GROUPS

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 GROUPS

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 2015 and 2016 would account for a 0.391 percent increase in total IP.

24
Table 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.rFeb.rSept.r Oct.r Nov.r Dec.rJan.rFeb.rFeb. ’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.rFeb.rFeb. ’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.

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 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 (pm) and the estimate for previous month:

I

A

m

I

A

m−1

=

s P

P

Impm−1

Im−1pm−1

×

P

P

Impm

Im−1pm

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

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

relative contributions to overall growth in the following year. For

example, the relative importance weight of the motor vehicles and

parts industry is about 6 percent. If output in this industry increased

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

by 6/10 percentage point (0.06 x 10% = 0.6%). To assist users with

calculations, the Federal Reserve’s website provides supplemental

monthly statistics that represent the exact proportionate contribution

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

the total index (www.federalreserve.gov/

releases/G17/ipdisk/ipweightssa.txt).

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

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

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

subsequent five months as new source data become available.

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

the first estimate of output for a given month, about 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.)

Month of estimate

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

26
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.

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