FEDERAL RESERVE statistical release

G.17 (419) 2024 Historical and Annual Revision For release at 12:00 noon (EDT)

June 28, 2024

Industrial Production and Capacity Utilization: The 2024 Annual Revision

The Federal Reserve has revised its index of industrial production (IP) and the related measures of

capacity and capacity utilization.1 On net, growth rates for total IP were little changed in recent years, with most

years unchanged; the rates of change for 2020 and 2023 were revised up by 0.1 percentage point and down by

0.1 percentage point, respectively.2 Similarly, the utilization rates for total industry are little changed from

previous estimates.

Because revisions to the index of IP were minimal, the overall picture of performance in the industrial

sector since the COVID-19 pandemic is unchanged. After contracting sharply in the first half of 2020 because of

the pandemic, the industrial sector rebounded later in the year and in 2021, and it exhibited more modest growth

in 2022. Output growth slowed further in 2023, with production roughly flat since 2022.

In the fourth quarter of 2023, capacity utilization for total industry stood at 78.3 percent, 1/2 percentage

point below its previous estimate and about 11/2 percentage points below its long-run (1972–2023) average. Most

of the small downward revision to utilization reflects modest upward revisions to estimates of capacity. The

utilization rates for 2018 to 2022 are close to previous estimates—within 0.3 percentage point—and revisions to

earlier years are negligible.

Annual capacity growth for the industrial sector is revised up by 0.8 percentage point in 2023; earlier

year revisions are very small. Capacity for total industry at the end of 2023 is now estimated to be 11/2 percent

higher than at the end of 2018; previously, it was estimated to have increased about 1/2 percent over this period.

This revision incorporated newly available annual data on output for logging and mining industries as

well as annual data on shipments for publishing industries. The nominal data used in the benchmark indexes for

manufacturing industries—the Census Bureau’s Census of Manufactures—are not yet available for 2022. Within

mining, the indexes for metallic and nonmetallic minerals were updated with revised annual data for 2021 and

with new data for 2022 from the U.S. Geological Survey (USGS). For publishing, the IP indexes folded in data

for 2022 from the Census Bureau’s Service Annual Survey. The index for logging was updated to include data

from 2021 and 2022 from the U.S. Forest Service.

With no new benchmark data for manufacturing, the annual rates of change for IP are very similar to the

estimates published previously. The monthly pattern of production, however, has been updated to include

late-arriving or revised quarterly or monthly indicator data, including information from the Bureau of Labor

Statistics’ (BLS) benchmark revisions to the Current Employment Statistics. The IP estimates also reflect

updated seasonal factors.

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 for the fourth quarters of 2022 and 2023 along with new data on

capacity from the USGS, the Energy Information Administration, and other organizations.

RESULTS OF THE REVISION

Industrial Production

Manufacturing output moved up about 31/2 percent in 2021 and another 1/2 percent in 2022 before moving

down approximately 1/2 percent in 2023. The strong recovery in manufacturing output following the onset of the

pandemic moderated in 2022 before retreating somewhat in 2023, as previously reported, though output remains

above its pre-pandemic level.

The revised contour for mining output shows a strong rebound in 2021 following the sharp,

pandemic-induced decline in 2020 and further, more moderate gains in 2022 and 2023. The growth rate in 2022

is almost 1/2 percentage point stronger than previously reported, while the gain in 2023 is about 1/4 percentage

point weaker. The rates of change for utilities output are little changed from their previously reported values.

Production by Industry Group

The output of durables follows roughly the same contour as overall manufacturing. Output grew strongly

in 2021 and then gradually moderated over the course of 2022 and 2023. Relative to the previous estimates, the

reported rates of change in 2021, 2022, and 2023 are about 1/4 percentage point weaker on average. Among

durable goods manufacturing industries, revisions to most growth rates were modest. The largest single-year

revision among durables came in the index for nonmetallic mineral products, which revised downward by

21/2 percentage points for 2022. Elsewhere in durable goods manufacturing, the indexes for computer and

electronic products and for electrical equipment, appliances, and components revised up by about 2 percentage

points in 2022 and revised down by more than 11/2 percentage points in 2023.

The index for nondurables was also little changed after the revision. Among nondurable manufacturing

industries, the revisions to the rates of change were mixed, with the indexes for textiles and product mills,

apparel and leather goods, and paper revising downward, on net, and the index for plastics and rubber products

revising upward.

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

North American Industry Classification System (NAICS)—that is, logging and publishing—continued its

long-running trend of decline. The declines in 2021 and 2022 are reported to have been smaller than previously

published, while the decrease in 2023 is larger.

Production by Market Group

Output of consumer goods was also little revised from previously reported values. Within consumer

goods, a downward revision to the index for computers, video, and audio equipment in 2022 was more than

offset by an upward revision in 2023. The rate of change for business equipment revised up by about

1/2 percentage point in 2021 and revised down by about 3/4 percentage point in both 2022 and 2023; smaller

revisions to the index were reported for earlier years. Relative to earlier reports, the index for transit equipment

now recorded noticeably slower growth in 2022 and 2023, although growth for 2021 revised upward. The index

for defense and space equipment revised down for both 2021 and 2023 due in part to a reassessment of annual

deliveries based on manufacturer reports and Aviation Week magazine.

Revisions to the index for construction supplies were minor, with output somewhat weaker than

2
previously reported for 2022. Growth in the index for business supplies revised up for 2022 by more than

1 percentage point but revised modestly downward for 2023. The output of materials was little changed

cumulatively from previously reported values.

Capacity Utilization

Capacity utilization for total industry moved down in 2019 and 2020 before jumping up to around

80 percent in 2021 and 2022 and then moving down modestly in 2023; the reading in May 2024 was

78.2 percent, about 1.5 percentage point below its 1972–2023 average. Previous estimates displayed a similar

contour, with the main difference being that utilization now declines somewhat more in 2023 than previously

estimated. The downward revision to utilization for total industry in 2023 is due primarily to considerably lower

operating rates at mines than in previous estimates.

In manufacturing, capacity utilization moved up about 31/4 percentage points in 2021, remained flat in

2022, and moved down 11/4 percentage points in 2023. The factory operating rate in May 2024 was 77.3 percent,

1 percentage point below its long-run average. The current readings for manufacturing utilization are modestly

higher than the previous estimates for 2020 to 2023. Revisions to utilization rates for 2023 were mixed among

manufacturing industries and largely offsetting. The largest upward revisions in operating rates occurred in

computer and electronic products, in food, and in electrical equipment, appliances, and components. The largest

downward revisions in operating rates occurred in apparel, wood products, and chemicals.

The capacity utilization rate for mining decreased about 19 percentage points from 2018 to 2020 before

rebounding in 2021 and 2022 to 90.2 percent, roughly back to its 2018 level and about 4 percentage points above

its long-run average. Relative to its previously published rate, utilization at mines for the fourth quarter of 2023

is about 41/2 percentage points lower. The operating rate for utilities declined about 6 percentage points from

2018 to 2020, was roughly flat in 2021 and 2022, and then moved down in 2023 to 72 percent, about

12 percentage points below its long-run average.

Capacity

Total industrial capacity declined in 2020 and 2021; it then rose by 1 percent in 2022 and 2.3 percent in

2023. Overall capacity is expected to rise 1.2 percent in 2024. Compared with previous estimates, overall

capacity growth is roughly unchanged prior to 2023; the increase in 2023 is now about 3/4 percentage point larger.

Manufacturing capacity is now reported to have contracted 1/2 percent per year, on average, from 2018 to

2021. Capacity at manufacturers expanded 0.4 percent in 2022 and 1.2 percent in 2023, modestly less than

previous estimates. The small downward revisions to manufacturing capacity growth during this period were

mostly among durable manufacturing industries. Manufacturing capacity is expected to grow by 1.3 percent in

2024.

Mining capacity rose in 2018 and 2019 before falling back by an equivalent amount in 2020 and 2021.

Mining capacity moved up in both 2022 and 2023 by about 3.5 percent per year; these gains in capacity are

somewhat stronger than our previous estimates. Mining capacity is expected to decline by 0.8 percent in 2024.

Capacity for electric and gas utilities rose at a steady pace of 11/2 percent per year, on average, from 2018 to 2022

before stepping up to a growth rate of 31/2 percent in 2023. Capacity at utilities is expected to continue to rise at

this faster rate in 2024. Revisions to the rates of capacity growth of utilities were, on net, very small.

TECHNICAL ASPECTS OF THE REVISION

3
The IP indexes represent the level of real output relative to a base year. At the monthly frequency,

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

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

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

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

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

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

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

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

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

underlying data sources.

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

Output

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

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

manufacturing industries, which can be summed to obtain nominal gross output. The Census Bureau has not yet

published the 2022 Census of Manufactures, so new nominal benchmark data are not available for

manufacturing. The benchmark indexes for metallic and nonmetallic mineral mining were updated with any

newly available data from 2021 through 2023 from the USGS, the benchmark index for publishing was advanced

through 2022 based on data from the U.S. Census Bureau, and the benchmark index for logging includes new

data from the U.S. Forest Service for 2021 and 2022.

Prices

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

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

the Bureau of Economic Analysis (BEA) through 2011 that are extended through 2022 with the related producer

price indexes (PPIs) from the BLS.3 However, for a few selected industries, the annual price deflators are

constructed by the Federal Reserve.4

Value-Added Proportions (Weights for Aggregation)

The IP system is organized as a hierarchical structure where individual production indexes are combined

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

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

individual utilization rates.

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

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

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

Economic Census or the Annual Survey of Manufacturers (ASM). For IP indexes that cover only part of a

six-digit NAICS industry, the aggregation weights were constructed by allocating value-added (as defined by the

Census Bureau) for a six-digit industry across the various components of IP that compose that industry.

3The 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.

4For 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
The allocation of value-added across each component was determined by that component’s share of the

industry’s overall product shipments. As in the 2023 annual revision, this annual revision used data on product

shipments based on the new 2017 North American Product Classification System (NAPCS). Because the 2022

Economic Census has not been published, we utilize data on product shipments through 2021. In earlier

revisions, product shipments were classified based on NAICS and were included as part of the Census of

Manufactures or the ASM. NAPCS is coded independently of NAICS, and a concordance was required to align

the recent data with the historical data for the period before 2017. Missing values for specific NAPCS-based

products were imputed where necessary.

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

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

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

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

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

Economic Census. For the mining industries, figures for value-added for the years between the quinquennial

Economic Censuses are estimated based on industry-specific nominal output measures (the product of real

output indexes and price indexes).

The weights for aggregation, expressed as value-added per unit output, were estimated with data on

producer prices for the period after 2022.

Revised Quarterly and Monthly Data

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

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

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

revision.

Revised Seasonal Factors

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

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

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

back to 1972, where available.

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

2024. The updated factors for the physical-product-based indexes used data through March 2024, where

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

adjustment procedure and thus excluded from the calculation of seasonal factors. Hurricanes that produce

extreme drops for industries based in the Gulf Coast region are often specified to be outlier events. In recent

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

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

Seasonal factors for unit motor vehicle assemblies were previously updated, and projections through June

2025 are available on the Board’s website at https://www.federalreserve.gov/releases/g17/mvsf.htm. These

factors are based on production data through January 2024 and were revised back to January 2019. The seasonal

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

bargaining agreements with domestic manufacturers.

Methodological Changes to Individual Production and Capacity Indexes

5
Change in Source Data for Two Production Indexes

With this revision, the source data for storage batteries (NAICS 335911) have been updated to reflect

growth in the production of lithium-ion batteries for automobiles. Previously, the indexes reflected data on

production of lead acid motor vehicle batteries from Battery Council International. These data continue to be

used and are supplemented with data on production-worker hours for the industry and annual estimates of

lithium-ion battery production from Benchmark Mineral Intelligence. The series for storage batteries is

unpublished but available upon request.

The source data for ball and roller bearings (NAICS 332991) have been updated as well. The index for

ball and roller bearings previously reflected data on the production of bearings from the American Bearing

Manufacturers Association (ABMA) in addition to data on production-worker hours. The ABMA report was

discontinued, so beginning in 2017 the series is based just on production-worker hours for the industry.

Change to Price Indexes for Semiconductors

With this revision, the price indexes used to deflate the nominal output for three semiconductor (chip)

categories have been modified, and the source data used to estimate the product mix within the semiconductor

industry have been changed.

Beginning in 2018, price indexes previously used for the subindustry IP indexes for microprocessor units

(MPUs), dynamic random-access memory (DRAM), and flash memory have been replaced. Global nominal

output of these devices, reported by the Semiconductor Industry Association (SIA), is divided by Federal Reserve

Board staff estimates of the number of transistors found on these devices. Transistors have been found to be a

reliable indicator of the technical capability (quality) of these chips. This approach was adopted in 2023 for the

subindustry IP index for metal-oxide semiconductor (MOS) logic devices excluding MPUs and memory chips.

The source data used to estimate the relative importance weights for the subindustry IP indexes for

semiconductors have been changed beginning in 2018. Federal Reserve Board staff estimates for the U.S. share

of global production for each semiconductor product were produced using data from Semiconductor Equipment

and Materials International.

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.

6
1. Total industrial production, capacity, and utilization

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

 Research (NBER). 

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

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 2025

58

62

66

70

74

78

82

86

90

Utilization

Percent of capacity

7
2. Manufacturing industrial production, capacity, and utilization

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

 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 2025

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 2025

58

62

66

70

74

78

82

86

90

Utilization

Percent of capacity

8
 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 

9
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: 2021 to present

80

90

100

110

2021 2022 2023 2024

Detail: 2021 to present

50

60

70

80

90

100

110

120

130

2021 2022 2023 2024

10
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: 2021 to present

2021 2022 2023 2024

Detail: 2021 to present

60

70

80

90

100

110

2021 2022 2023 2024

Detail: 2021 to present

90

110

130

150

2021 2022 2023 2024

11
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: 2021 to present

80

90

100

110

2021 2022 2023 2024

Detail: 2021 to present

80

90

100

110

120

2021 2022 2023 2024

Detail: 2021 to present

80

90

100

110

2021 2022 2023 2024

12
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: 2021 to present

85

90

95

100

105

110

115

120

2021 2022 2023 2024

Detail: 2021 to present

80

90

100

110

2021 2022 2023 2024

13
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

14
Table 1A

INDUSTRIAL PRODUCTION: Total

Seasonally adjusted

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

IP (percent

change)

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

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

1996 -.5 1.4 -.1 1.0 .8 .7 .0 .5 .6 .0 .9 .6 2.8 8.9 5.3 5.6 4.5

1997 .2 1.2 .6 .1 .6 .5 .8 1.0 .9 .9 .8 .4 7.8 5.8 9.7 10.6 7.2

1998 .4 .2 .0 .3 .7 -.6 -.4 2.1 -.1 .7 -.1 .4 4.6 2.7 3.1 5.6 5.9

1999 .4 .6 .2 .2 .6 -.1 .6 .4 -.4 1.3 .5 .8 4.5 3.8 3.7 7.3 4.4

2000 -.1 .3 .4 .6 .3 .1 -.2 -.3 .4 -.4 .0 -.3 4.0 5.0 -.3 -1.1 3.9

2001 -.5 -.7 -.2 -.4 -.5 -.5 -.6 -.1 -.5 -.3 -.6 .0 -4.8 -4.9 -5.4 -4.3 -3.0

2002 .7 .0 .8 .5 .4 .8 .0 -.1 .1 -.3 .5 -.6 2.9 6.3 2.5 -.2 .3

2003 .8 .1 -.3 -.6 .0 .1 .5 -.2 .6 .1 .7 .1 2.5 -2.9 2.7 3.9 1.3

2004 .2 .6 -.4 .4 .7 -.8 .7 .1 .1 .9 .2 .8 2.9 2.3 2.3 5.8 2.7

2005 .4 .7 -.1 .2 .1 .4 -.3 .3 -1.9 1.2 1.1 .5 5.7 2.3 -1.7 3.7 3.4

2006 .2 .0 .2 .3 .0 .3 -.1 .4 -.2 -.1 .0 1.0 3.9 2.4 1.6 1.0 2.3

2007 -.4 1.0 .2 .7 .1 .0 -.2 .2 .2 -.3 .6 .1 4.1 4.7 .4 1.3 2.6

2008 -.1 -.4 -.3 -.7 -.6 -.3 -.5 -1.6 -4.4 1.0 -1.3 -2.8 -1.0 -5.9 -12.6 -16.0 -3.5

2009 -2.5 -.6 -1.6 -.8 -1.0 -.3 1.2 1.1 .9 .2 .4 .3 -20.7 -10.6 6.9 6.4 -11.4

2010 1.1 .4 .7 .4 1.4 .2 .4 .4 .3 -.3 .1 1.0 7.9 8.0 5.4 1.7 5.6

2011 -.2 -.4 1.0 -.3 .1 .3 .5 .6 -.1 .7 .0 .5 2.2 1.6 4.5 4.2 3.1

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

2013 .0 .5 .4 -.1 .1 .2 -.3 .6 .5 -.1 .3 .2 3.1 1.8 1.6 2.7 2.0

2014 -.4 .8 1.0 .1 .4 .3 .2 -.2 .3 .0 .6 .0 2.7 5.6 2.3 2.4 3.0

2015 -.8 -.6 -.3 -.6 -.5 -.3 .6 -.2 -.3 -.5 -.7 -.5 -4.4 -5.4 .2 -5.3 -1.4

2016 .5 -.5 -.8 .3 -.2 .5 .1 -.1 -.1 .1 -.4 .7 -2.7 -1.4 1.1 -.2 -2.1

2017 -.2 -.4 .6 1.0 .1 .2 -.2 -.5 .1 1.2 .3 .2 .3 5.8 -1.4 5.8 1.3

2018 .0 .2 .5 1.1 -.9 .8 .1 .7 .0 -.2 .1 .0 2.2 4.7 3.4 .6 3.2

2019 -.7 -.5 .0 -.5 .1 .1 -.5 .8 -.3 -.9 .6 -.2 -3.7 -2.3 .0 -2.0 -.7

2020 -.6 .3 -4.0 -13.2 1.6 6.6 3.6 1.0 .0 .7 .4 1.3 -6.5 -42.0 42.8 6.9 -7.1

2021 .6 -3.3 2.8 .1 .9 .5 .4 .0 -1.0 1.4 .9 -.1 1.1 6.5 2.6 5.1 4.4

2022 .0 .6 .8 .2 .1 -.1 .2 .1 .4 -.1 -.3 -1.2 3.9 3.9 1.4 -1.8 3.4

2023 .9 .1 .0 .4 -.2 -.6 .7 .0 .2 -.7 .3 -.2 .0 .3 1.2 -1.8 .2

2024 -.9 1.0 -.2 -.1 .7 -1.5

IP (2017=100)

1994 66.8 66.8 67.5 67.9 68.2 68.6 68.7 69.2 69.4 70.0 70.4 71.1 67.0 68.2 69.1 70.5 68.7

1995 71.3 71.2 71.3 71.2 71.5 71.7 71.4 72.4 72.7 72.5 72.7 73.0 71.2 71.5 72.2 72.7 71.9

1996 72.6 73.6 73.5 74.2 74.8 75.4 75.4 75.8 76.2 76.2 76.9 77.4 73.2 74.8 75.8 76.8 75.2

1997 77.5 78.4 78.9 79.0 79.4 79.8 80.5 81.3 82.0 82.8 83.4 83.8 78.3 79.4 81.3 83.3 80.6

1998 84.2 84.3 84.3 84.6 85.2 84.7 84.3 86.1 86.0 86.6 86.5 86.9 84.3 84.8 85.5 86.7 85.3

1999 87.2 87.7 87.9 88.1 88.6 88.6 89.1 89.5 89.1 90.3 90.8 91.5 87.6 88.4 89.2 90.8 89.0

2000 91.4 91.7 92.1 92.7 92.9 93.0 92.8 92.6 93.0 92.6 92.7 92.3 91.7 92.9 92.8 92.5 92.5

2001 91.9 91.3 91.1 90.7 90.3 89.8 89.2 89.2 88.7 88.4 87.9 87.9 91.4 90.3 89.0 88.0 89.7

2002 88.5 88.5 89.1 89.6 89.9 90.7 90.6 90.6 90.6 90.4 90.9 90.4 88.7 90.1 90.6 90.6 90.0

2003 91.1 91.3 91.0 90.4 90.4 90.5 91.0 90.8 91.4 91.5 92.1 92.2 91.1 90.5 91.1 91.9 91.1

2004 92.3 92.9 92.5 92.9 93.6 92.9 93.6 93.6 93.7 94.6 94.8 95.5 92.6 93.1 93.6 95.0 93.6

2005 95.9 96.6 96.4 96.6 96.7 97.1 96.8 97.2 95.3 96.4 97.5 98.0 96.3 96.8 96.4 97.3 96.7

2006 98.1 98.2 98.4 98.7 98.7 99.0 99.0 99.4 99.2 99.1 99.1 100.1 98.2 98.8 99.2 99.4 98.9

2007 99.8 100.7 100.9 101.6 101.6 101.7 101.5 101.7 101.9 101.6 102.2 102.3 100.5 101.6 101.7 102.0 101.5

2008 102.1 101.8 101.5 100.8 100.1 99.9 99.4 97.8 93.6 94.5 93.3 90.6 101.8 100.3 96.9 92.8 97.9

2009 88.4 87.8 86.5 85.8 84.9 84.7 85.7 86.6 87.4 87.6 87.9 88.2 87.6 85.1 86.6 87.9 86.8

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

2011 93.4 93.0 94.0 93.7 93.8 94.0 94.5 95.1 95.0 95.7 95.7 96.2 93.5 93.8 94.9 95.8 94.5

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

2013 98.2 98.6 99.0 98.9 99.0 99.2 98.9 99.5 100.0 99.9 100.2 100.4 98.6 99.1 99.5 100.1 99.3

2014 100.0 100.7 101.7 101.8 102.2 102.6 102.8 102.6 102.9 103.0 103.6 103.6 100.8 102.2 102.8 103.4 102.3

2015 102.8 102.1 101.8 101.2 100.8 100.5 101.1 100.9 100.6 100.2 99.4 98.9 102.2 100.8 100.9 99.5 100.9

2016 99.4 98.9 98.2 98.5 98.3 98.7 98.8 98.7 98.7 98.7 98.3 99.0 98.8 98.5 98.7 98.7 98.7

2017 98.8 98.4 99.0 100.0 100.1 100.3 100.1 99.6 99.7 101.0 101.2 101.5 98.8 100.2 99.8 101.2 100.0

2018 101.5 101.7 102.2 103.4 102.4 103.2 103.4 104.1 104.1 103.9 104.0 104.0 101.8 103.0 103.8 104.0 103.2

2019 103.4 102.8 102.8 102.3 102.4 102.5 102.0 102.8 102.5 101.6 102.1 101.9 103.0 102.4 102.4 101.9 102.4

2020 101.3 101.7 97.6 84.7 86.0 91.7 95.0 95.9 95.9 96.5 97.0 98.2 100.2 87.5 95.6 97.2 95.1

2021 98.8 95.5 98.2 98.3 99.2 99.6 100.1 100.0 99.0 100.4 101.3 101.2 97.5 99.1 99.7 100.9 99.3

2022 101.2 101.8 102.7 102.9 103.0 102.8 103.1 103.2 103.5 103.4 103.1 101.8 101.9 102.9 103.3 102.8 102.7

2023 102.7 102.8 102.8 103.2 103.0 102.4 103.1 103.1 103.3 102.6 102.9 102.6 102.8 102.9 103.2 102.7 102.9

2024 101.7 102.7 102.5 102.4 103.1 102.3

NOTE: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.

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

15
Table 1B

CAPACITY AND UTILIZATION: Total

Seasonally adjusted

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

Capacity

(percent of

2017 output)

1994 81.2 81.4 81.6 81.8 82.0 82.3 82.6 82.8 83.1 83.4 83.6 83.9 81.4 82.1 82.8 83.6 82.5

1995 84.2 84.4 84.7 85.0 85.3 85.6 85.9 86.2 86.6 86.9 87.3 87.6 84.5 85.3 86.2 87.3 85.8

1996 88.0 88.4 88.8 89.2 89.6 90.0 90.5 90.9 91.3 91.7 92.2 92.6 88.4 89.6 90.9 92.2 90.3

1997 93.1 93.5 94.0 94.5 95.0 95.5 96.1 96.7 97.2 97.9 98.5 99.1 93.6 95.0 96.7 98.5 95.9

1998 99.8 100.5 101.1 101.8 102.4 103.0 103.6 104.1 104.6 105.1 105.6 106.1 100.5 102.4 104.1 105.6 103.1

1999 106.5 107.0 107.4 107.8 108.2 108.6 109.0 109.4 109.8 110.2 110.6 111.0 107.0 108.2 109.4 110.6 108.8

2000 111.3 111.7 112.1 112.5 112.9 113.3 113.6 114.0 114.4 114.8 115.1 115.5 111.7 112.9 114.0 115.1 113.4

2001 115.9 116.3 116.6 117.0 117.3 117.7 118.0 118.3 118.6 118.8 119.1 119.3 116.3 117.3 118.3 119.1 117.7

2002 119.5 119.6 119.8 119.9 120.0 120.1 120.1 120.1 120.1 120.1 120.1 120.0 119.6 120.0 120.1 120.1 119.9

2003 120.0 119.9 119.9 119.8 119.8 119.7 119.7 119.7 119.7 119.6 119.6 119.6 119.9 119.8 119.7 119.6 119.7

2004 119.6 119.6 119.5 119.5 119.5 119.5 119.5 119.5 119.5 119.5 119.5 119.6 119.6 119.5 119.5 119.6 119.5

2005 119.7 119.8 119.9 120.0 120.2 120.3 120.5 120.7 120.8 121.0 121.2 121.4 119.8 120.2 120.7 121.2 120.5

2006 121.6 121.7 121.9 122.1 122.3 122.6 122.8 123.0 123.3 123.6 123.9 124.2 121.7 122.3 123.1 123.9 122.8

2007 124.5 124.8 125.1 125.3 125.6 125.8 125.9 126.1 126.1 126.1 126.1 126.1 124.8 125.6 126.0 126.1 125.6

2008 126.0 125.9 125.8 125.7 125.6 125.6 125.6 125.7 125.8 125.9 126.1 126.3 125.9 125.6 125.7 126.1 125.8

2009 126.4 126.6 126.8 126.9 127.0 127.1 127.1 127.0 126.9 126.8 126.6 126.4 126.6 127.0 127.0 126.6 126.8

2010 126.1 125.9 125.6 125.3 125.1 124.8 124.5 124.3 124.1 124.0 123.9 123.8 125.9 125.1 124.3 123.9 124.8

2011 123.7 123.7 123.7 123.7 123.8 123.9 124.1 124.2 124.4 124.6 124.8 125.0 123.7 123.8 124.2 124.8 124.1

2012 125.3 125.5 125.7 126.0 126.2 126.4 126.6 126.8 127.0 127.2 127.4 127.6 125.5 126.2 126.8 127.4 126.5

2013 127.8 127.9 128.1 128.2 128.3 128.4 128.6 128.7 128.7 128.8 128.9 129.0 127.9 128.3 128.6 128.9 128.5

2014 129.1 129.2 129.3 129.4 129.5 129.6 129.7 129.9 130.0 130.1 130.2 130.3 129.2 129.5 129.9 130.2 129.7

2015 130.4 130.5 130.5 130.5 130.6 130.6 130.6 130.5 130.5 130.5 130.5 130.5 130.5 130.6 130.5 130.5 130.5

2016 130.5 130.5 130.5 130.5 130.5 130.5 130.6 130.6 130.7 130.7 130.7 130.7 130.5 130.5 130.6 130.7 130.6

2017 130.7 130.7 130.6 130.5 130.4 130.3 130.2 130.0 129.9 129.7 129.6 129.5 130.7 130.4 130.0 129.6 130.2

2018 129.4 129.3 129.2 129.1 129.1 129.1 129.1 129.1 129.2 129.3 129.4 129.5 129.3 129.1 129.2 129.4 129.2

2019 129.6 129.7 129.8 129.9 130.1 130.2 130.3 130.5 130.6 130.7 130.8 130.9 129.7 130.1 130.5 130.8 130.3

2020 130.9 130.9 130.9 130.9 130.8 130.7 130.6 130.4 130.2 130.0 129.7 129.4 130.9 130.8 130.4 129.7 130.5

2021 129.2 128.9 128.6 128.3 128.1 127.8 127.6 127.4 127.2 127.0 126.9 126.8 128.9 128.1 127.4 126.9 127.8

2022 126.8 126.7 126.8 126.8 126.9 127.0 127.2 127.4 127.7 127.9 128.2 128.5 126.8 126.9 127.4 128.2 127.3

2023 128.8 129.1 129.4 129.7 130.0 130.3 130.5 130.7 130.9 131.1 131.2 131.3 129.1 130.0 130.7 131.2 130.3

2024 131.5 131.6 131.7 131.8 131.9 131.6

Utilization (percent)

1994 82.2 82.1 82.7 83.0 83.1 83.4 83.3 83.5 83.5 83.9 84.2 84.8 82.3 83.2 83.4 84.3 83.3

1995 84.7 84.3 84.1 83.7 83.8 83.8 83.2 83.9 83.9 83.5 83.3 83.3 84.4 83.8 83.7 83.4 83.8

1996 82.5 83.3 82.8 83.2 83.5 83.7 83.3 83.4 83.5 83.1 83.4 83.5 82.8 83.5 83.4 83.3 83.3

1997 83.3 83.8 83.9 83.6 83.6 83.5 83.8 84.1 84.4 84.6 84.7 84.5 83.7 83.6 84.1 84.6 84.0

1998 84.3 83.9 83.4 83.2 83.2 82.2 81.4 82.7 82.2 82.4 81.9 81.9 83.9 82.9 82.1 82.1 82.7

1999 81.9 82.0 81.8 81.7 81.9 81.6 81.7 81.8 81.2 81.9 82.1 82.4 81.9 81.7 81.6 82.1 81.8

2000 82.1 82.1 82.1 82.4 82.3 82.1 81.7 81.2 81.3 80.7 80.5 79.9 82.1 82.3 81.4 80.4 81.5

2001 79.3 78.5 78.1 77.6 76.9 76.3 75.6 75.4 74.8 74.4 73.8 73.7 78.6 76.9 75.3 74.0 76.2

2002 74.0 73.9 74.4 74.7 74.9 75.5 75.5 75.4 75.5 75.3 75.7 75.3 74.1 75.1 75.4 75.4 75.0

2003 76.0 76.1 75.9 75.5 75.5 75.6 76.0 75.9 76.4 76.5 77.0 77.1 76.0 75.5 76.1 76.9 76.1

2004 77.2 77.7 77.4 77.7 78.3 77.7 78.3 78.4 78.5 79.1 79.3 79.9 77.4 77.9 78.4 79.4 78.3

2005 80.1 80.6 80.4 80.5 80.5 80.7 80.4 80.5 78.8 79.7 80.4 80.7 80.4 80.6 79.9 80.3 80.3

2006 80.7 80.6 80.7 80.8 80.7 80.8 80.6 80.8 80.5 80.2 80.0 80.6 80.7 80.8 80.6 80.3 80.6

2007 80.1 80.7 80.7 81.0 80.9 80.8 80.6 80.7 80.8 80.6 81.0 81.1 80.5 80.9 80.7 80.9 80.8

2008 81.1 80.8 80.7 80.2 79.7 79.5 79.2 77.9 74.4 75.0 74.0 71.8 80.9 79.8 77.1 73.6 77.8

2009 69.9 69.4 68.2 67.6 66.9 66.6 67.4 68.2 68.9 69.1 69.5 69.8 69.2 67.0 68.2 69.5 68.5

2010 70.7 71.1 71.8 72.2 73.3 73.6 74.1 74.5 74.8 74.7 74.8 75.6 71.2 73.1 74.5 75.0 73.4

2011 75.5 75.2 76.0 75.7 75.7 75.9 76.2 76.6 76.4 76.8 76.7 76.9 75.6 75.8 76.4 76.8 76.1

2012 77.2 77.3 76.8 77.2 77.2 77.1 77.1 76.7 76.5 76.7 76.8 77.0 77.1 77.2 76.8 76.8 77.0

2013 76.8 77.1 77.3 77.2 77.2 77.2 76.9 77.3 77.7 77.5 77.7 77.8 77.1 77.2 77.3 77.7 77.3

2014 77.5 78.0 78.7 78.7 79.0 79.1 79.2 79.0 79.2 79.1 79.6 79.5 78.0 78.9 79.2 79.4 78.9

2015 78.8 78.3 78.0 77.5 77.2 76.9 77.4 77.3 77.1 76.8 76.2 75.8 78.4 77.2 77.3 76.3 77.3

2016 76.2 75.8 75.2 75.5 75.3 75.6 75.7 75.6 75.5 75.5 75.2 75.8 75.8 75.5 75.6 75.5 75.6

2017 75.6 75.3 75.8 76.6 76.8 77.0 76.9 76.6 76.8 77.8 78.1 78.4 75.6 76.8 76.8 78.1 76.8

2018 78.5 78.7 79.1 80.0 79.3 80.0 80.1 80.6 80.6 80.4 80.4 80.4 78.8 79.8 80.4 80.4 79.8

2019 79.8 79.3 79.2 78.7 78.7 78.8 78.3 78.8 78.5 77.7 78.1 77.9 79.4 78.7 78.5 77.9 78.6

2020 77.4 77.7 74.6 64.7 65.7 70.1 72.8 73.6 73.7 74.3 74.7 75.9 76.5 66.9 73.3 75.0 72.9

2021 76.5 74.1 76.3 76.6 77.4 78.0 78.4 78.5 77.8 79.0 79.8 79.8 75.6 77.3 78.3 79.5 77.7

2022 79.8 80.4 81.0 81.1 81.1 80.9 81.0 81.0 81.1 80.9 80.4 79.2 80.4 81.1 81.0 80.2 80.7

2023 79.8 79.6 79.4 79.6 79.2 78.6 79.0 78.9 78.9 78.3 78.4 78.1 79.6 79.1 78.9 78.3 79.0

2024 77.4 78.1 77.8 77.7 78.2 77.8

NOTE: Estimates from Jaunary 2024 through May 2024 are subject to further revision in the upcoming monthly releases.

16
Table 2

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY: 2019–231

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Total IP -2.0 -4.6 3.8 1.8 -.1 .0 .1 .0 .0 -.1

MARKET GROUPS

Final products and nonindustrial supplies -2.1 -3.2 3.3 1.9 -1.0 .0 .1 .0 -.1 -.1

Consumer goods -1.0 .1 1.6 .6 -.6 .0 .1 -.1 -.5 .3

Durable -3.4 6.7 -.2 -1.3 .2 .0 .0 .1 -1.1 .2

Automotive products -3.2 10.0 -5.1 .6 1.6 .1 .0 .4 -1.3 -.1

Home electronics -.4 15.3 9.4 -.4 20.1 -.4 1.4 -1.4 -3.4 5.7

Appliances, furniture, carpeting -4.0 3.9 1.7 -9.0 -4.6 -.1 -.2 .0 -1.0 -.8

Miscellaneous goods -3.5 .3 9.1 -1.0 -1.3 .0 .1 -.2 -.4 .9

Nondurable -.3 -1.9 2.2 1.2 -.8 .0 .1 -.1 -.4 .4

Non-energy 1.4 -.4 1.3 .6 -.3 .0 .1 -.1 -.3 .7

Foods and tobacco 2.3 .8 -.2 -.4 -1.4 .0 .1 -.2 -.4 1.1

Clothing -1.3 -8.1 5.2 -.7 -10.0 -.1 .2 -.9 -3.2 1.7

Chemical products 1.7 -1.5 3.8 3.2 3.1 .1 .1 -.2 -.2 .4

Paper products -7.1 -3.3 .1 -4.2 -6.0 .1 -.3 .9 .2 -2.7

Energy -5.1 -7.6 6.2 2.5 -2.0 .0 .2 -.1 -.5 -.4

Business equipment -6.6 -9.9 5.9 6.8 -2.4 -.1 -.1 .5 -.8 -.7

Transit -13.7 -19.2 -3.1 19.1 -.4 -.5 -.7 2.8 -2.3 -1.1

Information processing -.6 -6.2 9.5 -1.0 .7 .0 .0 -.1 -.3 -.6

Industrial and other -5.4 -7.1 7.2 6.1 -4.1 .0 .0 .0 -.7 -.6

Defense and space equipment 7.2 -7.3 .2 1.7 6.8 -.6 1.3 -4.7 -.6 -3.5

Construction supplies -2.3 -.8 5.4 -1.7 -1.4 .0 .0 .0 -.4 .0

Business supplies -2.0 -3.1 3.9 2.2 -1.6 .0 .1 .2 1.2 -.4

Materials -1.9 -6.4 4.4 1.8 1.0 .0 .2 .0 .1 -.2

Non-energy -3.9 -2.9 3.1 -.9 -.1 .1 .2 .0 .3 -.3

Durable -4.9 -4.3 2.8 1.5 -.4 .1 .2 .0 .4 -.1

Consumer parts -9.6 -1.2 -5.6 3.6 3.9 .1 .2 -.4 -.5 -.6

Equipment parts -2.5 -6.4 6.9 3.2 -.1 .4 .5 .0 2.2 -.7

Other -4.6 -4.2 3.6 .1 -1.9 .0 .1 .1 -.2 .2

Nondurable -2.4 -.6 3.5 -4.4 .4 -.1 .2 .0 .1 -.2

Textile -4.2 -6.5 1.7 -7.9 -6.9 .0 -.2 .3 -2.0 -3.0

Paper -.2 -8.4 .1 -4.7 -5.2 .0 .0 .1 .0 -2.9

Chemical -5.0 1.7 6.5 -6.3 3.5 .1 .3 -.1 .4 .5

Energy 1.5 -12.5 7.3 5.3 2.7 .0 .1 .1 .0 -.1

INDUSTRY GROUPS

Manufacturing2-2.7 -2.9 3.4 .5 -.4 .0 .1 -.1 .0 -.1

Manufacturing (NAICS) 31–33 -2.6 -2.9 3.5 .6 -.3 .0 .2 -.2 -.1 .0

Durable manufacturing -4.1 -3.7 3.3 2.3 -.4 .0 .2 -.2 -.2 -.4

Wood products 321 .2 2.1 .4 -4.5 -1.4 .0 .1 .4 -.9 -.3

Nonmetallic mineral products 327 -.6 .3 2.6 4.4 -3.0 -.1 .0 -.3 -2.5 -.2

Primary metals 331 -7.2 -4.3 5.9 -5.2 1.9 .0 .2 -.1 .0 .4

Fabricated metal products 332 -4.7 -7.3 6.1 1.9 -1.8 .0 .0 .1 .4 -.1

Machinery 333 -6.9 -7.1 8.3 3.4 -3.6 .2 -.3 .1 -1.4 .8

Computer and electronic products 334 1.0 -.8 5.8 .6 2.9 -.2 1.3 -.9 2.0 -1.8

Electrical equip., appliances,

and components 335 -3.0 -.4 3.7 2.7 -1.2 .0 -.1 .5 1.7 -1.6

Motor vehicles and parts 3361–3 -5.4 2.7 -5.1 5.8 1.6 .1 .0 .1 -1.2 -1.0

Aerospace and miscellaneous

transportation equipment 3364–9 -3.4 -13.2 -1.4 9.7 3.0 -.4 .5 -1.2 .3 -1.4

Furniture and related products 337 -5.4 -6.9 2.7 -3.5 -10.5 .0 -.1 .3 -.7 -1.6

Miscellaneous 339 -6.0 -1.2 7.7 3.6 .7 .0 .1 -.4 -.9 -.1

Nondurable manufacturing -1.1 -2.0 3.8 -1.1 -.1 .0 .1 -.2 .0 .5

Food, beverage, and tobacco products 311,2 2.4 .8 -.1 .0 -1.4 -.2 .1 -.1 -.3 .9

Textile and product mills 313,4 -3.8 -4.7 3.6 -9.6 -6.5 .0 -.2 .3 -1.5 -2.3

Apparel and leather 315,6 -1.8 -8.1 5.8 .2 -8.8 -.1 .2 -.8 -3.1 1.6

Paper 322 -.4 -4.1 -1.0 -6.0 -3.3 .0 .0 .0 .0 -2.1

Printing and support 323 -4.3 -8.2 3.5 1.2 -10.2 .1 -.1 .4 .4 -1.3

Petroleum and coal products 324 -5.3 -18.8 17.8 -2.6 3.9 -.1 .1 -.3 -.1 .4

Chemicals 325 -1.6 .1 5.7 -1.3 2.1 .1 .2 -.1 .2 .3

Plastics and rubber products 326 -3.8 -.5 3.0 .2 .3 .1 .1 -.6 1.0 2.9

Other manufacturing (non-NAICS) 1133,5111 -3.7 -2.5 -.3 -1.6 -8.1 .2 -.6 2.5 2.2 -3.2

Mining 21 1.8 -17.6 10.4 6.2 2.6 .0 .1 .3 .4 -.3

Utilities 2211,2 -1.6 -2.3 .2 4.1 -1.2 .0 .1 .2 -.2 -.1

Electric 2211 -1.2 -1.4 .6 2.6 .1 .0 .1 .2 .0 .1

Natural gas 2212 -4.1 -8.4 -2.0 13.3 -8.7 .0 -.1 .4 -1.4 -1.8

1. Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column

heading.

2. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries–

logging and newspaper, periodical, book, and directory publishing–that have traditionally been considered to be a part of manufacturing and are included in the industrial sector.

17
Table 3

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, SPECIAL AGGREGATES AND SELECTED DETAIL: 2019–231

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Total industry -2.0 -4.6 3.8 1.8 -.1 .0 .1 .0 .0 -.1

Energy -.3 -12.1 7.7 5.1 1.3 .0 .1 .1 .1 -.2

Consumer products -5.1 -7.6 6.2 2.5 -2.0 .0 .2 -.1 -.5 -.4

Commercial products .9 -8.2 6.1 6.3 .4 -.1 -.1 .0 .7 -.7

Oil and gas well drilling 213111 -12.9 -48.4 59.2 21.4 -7.9 .0 -.4 6.1 9.7 1.5

Converted fuel -2.6 -3.7 4.1 3.3 2.4 .1 .1 -.1 .6 -.3

Primary energy 3.3 -16.3 8.7 6.0 2.9 .0 .1 .2 -.2 .1

Non-energy -2.6 -2.2 2.8 .5 -.6 .0 .1 .0 .0 -.2

Selected high-technology industries 4.3 5.9 5.1 6.5 7.8 -.4 3.2 -2.0 4.7 -4.9

Computers and peripheral equipment 3341 -.5 -8.2 18.4 8.2 6.9 .4 .6 .0 -4.0 -5.4

Communications equipment 3342 .2 2.0 18.0 10.4 14.3 -.2 -.3 -.5 -.3 -.7

Semiconductors and related

electronic components 3344 6.7 9.5 -.5 5.0 5.9 -.6 4.8 -2.6 7.8 -6.2

Excluding selected high-technology

industries -2.8 -2.5 2.7 .3 -.8 .0 .1 .0 -.2 -.1

Motor vehicles and parts 3361–3 -5.4 2.7 -5.1 5.8 1.6 .1 .0 .1 -1.2 -1.0

Motor vehicles 3361 -3.4 7.0 -10.1 11.0 1.3 .2 -.1 .3 -2.1 -1.2

Motor vehicle parts 3363 -8.3 -1.0 -4.1 7.3 2.7 .1 .2 -.3 -.7 -.9

Excluding motor vehicles and parts -2.6 -2.9 3.5 -.1 -1.0 .0 .1 .0 -.1 .0

Consumer goods .4 .1 2.0 -.1 -.6 .0 .1 -.1 -.4 .5

Business equipment -6.9 -9.3 5.2 6.0 -3.0 -.2 -.1 .6 -.8 -.3

Construction supplies -2.3 -.8 5.4 -1.8 -1.5 .0 .0 .0 -.4 .0

Business supplies -3.3 -1.9 3.4 .7 -2.8 .1 -.1 .5 1.0 -.1

Materials -4.0 -3.7 4.1 -1.9 -.6 .1 .0 .1 .1 .0

Measures excluding selected high-technology

industries

Total industry -2.2 -4.8 3.8 1.7 -.3 .0 .1 .0 -.1 -.1

Manufacturing2

-2.9 -3.1 3.4 .4 -.6 .0 .1 .0 -.2 .0

Durable -4.5 -4.2 3.1 2.0 -.9 .0 .0 -.1 -.5 -.2

Measures excluding motor vehicles and parts

Total industry -1.8 -5.1 4.5 1.6 -.2 .0 .1 .0 .1 -.1

Manufacturing2

-2.4 -3.4 4.2 .1 -.6 .0 .2 -.1 .0 .0

Durable -3.8 -4.8 4.9 1.7 -.8 .0 .2 -.2 -.1 -.3

Measures excluding selected high-technology

industries and motor vehicles and parts

Total industry -2.0 -5.3 4.5 1.5 -.3 .0 .1 .0 .0 -.1

Manufacturing2

-2.7 -3.6 4.2 -.1 -.8 .0 .1 .0 -.1 .1

Stage-of-process components

of non-energy materials,

measures of the input to

Finished processors -4.4 -5.2 1.7 1.5 .1 .2 .3 -.1 .9 -1.1

Primary and semifinished processors -3.7 -1.5 3.9 -2.0 -.2 .0 .2 .0 .0 .2

STAGE-OF-PROCESS GROUPS

Crude .5 -11.0 6.6 2.5 2.9 .0 .1 .1 .3 -.3

Primary and semifinished -3.7 -3.9 3.7 .7 -1.1 .1 .1 .1 .2 -.3

Finished -.9 -2.8 2.8 2.8 -.2 -.1 .1 -.2 -.5 .1

1. See footnote 1 to table 2.

2. See footnote 2 to table 2.

18
Table 4

ANNUAL RATES OF CHANGE FOR INDUSTRIAL PRODUCTION: 2019–231

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Total IP -.7 -7.1 4.4 3.4 .2 .0 .1 .0 .0 -.1

MARKET GROUPS

Consumer goods -.4 -3.3 4.4 1.5 -.7 .0 .0 .0 -.3 .2

Durable -1.6 -5.4 9.9 1.7 -.5 .0 .0 .1 -.6 .4

Nondurable -.1 -2.7 2.8 1.5 -.7 .0 .0 .0 -.2 .1

Business equipment -7.2 -12.9 5.7 8.3 -.4 .3 -.3 .5 -.5 -.8

Defense and space equipment 10.1 -5.6 1.5 -1.8 6.7 -1.2 1.2 -1.8 -4.6 .1

Construction supplies -1.4 -3.9 4.7 2.7 -2.5 .1 .1 -.1 -.1 -.5

Business supplies -2.1 -5.8 4.6 4.4 -1.7 .0 .1 .0 1.2 -.1

Materials .5 -8.5 4.1 3.6 1.2 .0 .1 .0 .2 -.1

Non-energy -2.3 -7.2 4.8 1.8 -.6 .0 .1 .0 .2 .0

Energy 4.9 -10.8 2.9 6.2 3.9 .0 .1 .0 .2 -.3

INDUSTRY GROUPS

Manufacturing2-2.0 -6.5 4.9 2.7 -.5 .0 .0 .0 .0 .0

Manufacturing (NAICS) -1.9 -6.5 5.0 2.7 -.4 .0 .0 .0 -.2 .1

Durable manufacturing -2.8 -8.9 6.1 4.0 .2 .0 .1 -.1 -.3 -.1

Nondurable manufacturing -.9 -3.9 3.9 1.5 -.9 .0 .0 .0 .0 .4

Other manufacturing (non-NAICS) -4.4 -7.8 2.9 .7 -6.8 .0 .0 .4 4.7 -3.4

Mining 6.6 -14.7 3.2 7.5 4.8 .0 .2 .0 .6 -.2

Utilities -.8 -2.9 2.0 3.0 -1.9 .0 .0 .0 -.1 -.1

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

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

2. See footnote 2 to table 2.

Table 5

RATES OF CHANGE IN CAPACITY, BY INDUSTRY GROUPS: 2020–241

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

Total industry -.8 -2.1 1.0 2.3 1.2 -.1 -.1 .1 .8 -.5

Manufacturing2-1.1 -1.0 .4 1.2 1.3 -.1 .0 -.3 -.1 -.4

Manufacturing (NAICS) -1.0 -.9 .6 1.4 1.4 -.1 .0 -.3 -.1 -.4

Durable manufacturing -.4 -.5 1.1 1.0 1.6 -.7 .1 -.4 -.7 -.2

Nondurable manufacturing -1.7 -1.1 .1 1.7 1.3 .5 -.1 -.2 .4 -.5

Other manufacturing (non-NAICS) -5.2 -5.3 -5.4 -5.0 -4.6 -.1 -.2 .2 .1 .1

Mining -2.7 -9.8 3.5 3.4 -.8 .1 .1 1.5 3.8 -1.5

Utilities 2.5 1.3 2.3 3.6 3.6 .0 -1.0 -.8 .2 -.1

Selected high-technology industries 4.6 .1 4.4 9.8 12.0 -.6 -3.6 -2.1 -.6 -1.4

Manufacturing2ex. selected

high-technology industries -1.3 -1.1 .3 1.0 1.0 -.1 .1 -.3 .0 -.3

STAGE-OF-PROCESS GROUPS

Crude -2.2 -8.1 2.5 2.7 -.5 .2 .0 1.4 3.1 -1.3

Primary and semifinished -.2 -1.0 .6 1.7 1.6 .1 -.3 -.5 .3 -.2

Finished -1.1 .1 .9 1.6 1.8 -.4 .0 -.4 -.6 -.4

1. Rates of change are calculated as the percent change in the seasonally adjusted index from the fourth quarter of the previous year to the fourth quarter of the year specified in the column

heading.

2. See footnote 2 to table 2.

19
Table 6

REVISED AND EARLIER CAPACITY UTILIZATION RATES, BY INDUSTRY GROUPS

Percent of capacity, seasonally adjusted

Difference between

Revised Rate revised and earlier rates

(percentage points)

Item 1972-

2023 2020 2021 2022 2023 2020 2021 2022 2023

Ave. Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4

Total industry 79.7 75.0 79.5 80.2 78.3 .2 .3 .2 -.5

Manufacturing178.3 75.4 78.8 78.8 77.6 .2 .2 .3 .3

Manufacturing (NAICS) 31–33 78.2 75.4 78.8 78.8 77.5 .2 .1 .3 .3

Durable manufacturing 76.9 73.5 76.3 77.2 76.1 .8 .7 .9 1.0

Wood products 321 76.7 81.5 83.1 78.4 76.4 -1.2 -1.4 -2.1 -2.7

Nonmetallic mineral products 327 73.7 75.6 79.6 83.6 80.9 1.8 2.0 .1 -.2

Primary metals 331 77.5 66.2 74.6 69.4 70.7 .2 .0 .2 1.1

Fabricated metal products 332 78.4 73.8 76.8 78.0 76.5 1.0 -.8 -1.0 -1.0

Machinery 333 77.8 73.1 81.0 84.3 81.9 -1.6 -.4 -.2 2.1

Computer and electronic products 334 77.4 75.3 78.9 77.1 76.0 4.9 5.6 7.3 6.6

Electrical equip., appliances,

and components 335 81.9 78.5 80.3 81.4 80.1 .1 1.4 3.4 3.1

Motor vehicles and parts 3361–3 75.0 72.8 69.5 72.4 71.7 .3 -.2 -.8 -2.0

Aerospace and miscellaneous

transportation equipment 3364–9 73.8 62.8 62.4 68.3 70.6 .3 -.5 -.2 -.8

Furniture and related products 337 77.4 80.0 80.5 76.9 69.5 1.2 1.5 1.3 .6

Miscellaneous 339 77.1 83.6 87.9 85.8 82.0 1.4 1.8 1.6 1.5

Nondurable manufacturing 80.1 77.6 81.4 80.4 79.0 -.5 -.6 -.3 -.3

Food, beverage, and tobacco products 311,2 80.3 78.9 80.5 81.5 80.5 -2.0 -.2 1.2 3.4

Textile and product mills 313,4 78.1 70.0 75.1 70.2 68.1 -.4 .7 1.1 .1

Apparel and leather 315,6 75.5 67.5 73.4 72.9 65.6 -1.2 -2.2 -3.2 -1.9

Paper 322 86.5 86.7 88.5 83.5 81.5 -.3 .0 -.2 -2.0

Printing and support 323 79.2 72.4 78.1 80.3 72.2 -1.3 -2.2 -3.7 -6.1

Petroleum and coal products 324 85.4 71.4 91.1 89.7 90.6 -.5 .4 2.0 .0

Chemicals 325 77.0 75.7 78.7 76.4 76.1 1.1 -.8 -2.0 -2.4

Plastics and rubber products 326 81.9 82.9 82.6 79.9 77.0 -1.1 -2.0 -.6 -.1

Other manufacturing (non-NAICS) 1133,5111 78.4 75.1 79.1 82.3 79.6 -.3 1.9 3.6 .8

Mining 21 86.5 71.8 87.8 90.2 89.4 .0 .2 -.8 -4.5

Utilities 2211,2 84.5 75.0 74.2 75.5 72.0 .2 1.1 1.5 1.2

Selected high-technology industries 77.5 76.8 80.5 82.1 80.6 1.5 2.8 7.9 4.8

Computers and peripheral equipment 3341 76.5 57.9 70.6 74.2 76.3 .9 1.3 -.9 -2.3

Communications equipment 3342 75.3 63.9 71.9 73.3 74.9 .9 1.1 .5 -1.1

Semiconductors and related

electronic components 3344 79.3 85.8 85.7 87.1 83.5 1.6 3.8 12.6 8.6

Measures excluding selected high-technology

industries

Total industry 79.8 74.9 79.5 80.1 78.2 .2 .2 .1 -.7

Manufacturing178.3 75.4 78.7 78.8 77.5 .2 .1 .1 .2

STAGE-OF-PROCESS GROUPS

Crude 85.6 74.1 87.0 87.4 87.2 -.5 -.4 -1.1 -4.1

Primary and semifinished 80.2 75.5 78.9 79.0 76.8 .1 .4 .8 .4

Finished 76.8 74.7 76.6 77.7 76.4 .5 .4 .3 .8

1. See footnote 2 to table 2.

20
Table 7A

INDUSTRIAL PRODUCTION: Manufacturing1

Seasonally adjusted

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

IP (percent

change)

1994 .1 .2 1.3 .9 .6 .3 .4 .9 .4 .9 .8 1.1 4.9 9.5 6.1 10.0 5.9

1995 .2 -.2 .3 -.3 .4 .5 -.7 1.2 .9 -.1 .1 .3 4.4 .7 3.3 4.1 5.1

1996 -.6 1.5 -.2 1.2 .8 .9 .4 .4 .8 -.1 .9 .8 2.0 10.1 7.8 5.9 4.9

1997 .1 1.4 1.0 -.1 .7 .6 .8 1.2 .9 .9 1.0 .5 9.3 7.0 10.7 11.6 8.4

1998 .8 .2 -.2 .5 .5 -.7 -.4 2.4 -.1 .9 .1 .6 6.1 2.1 3.4 7.7 6.7

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

2000 .0 .2 .7 .6 .0 .2 .1 -.7 .5 -.4 -.3 -.6 4.4 4.9 -.3 -2.7 4.1

2001 -.4 -.7 -.2 -.4 -.6 -.6 -.5 -.4 -.4 -.4 -.4 .2 -5.6 -5.2 -5.8 -4.0 -3.6

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

2003 .8 -.1 .1 -.8 .0 .5 .3 -.5 .8 .1 .9 -.1 2.1 -2.2 2.5 4.4 1.4

2004 -.1 .8 .0 .3 .7 -.7 .9 .5 .0 .9 .0 .8 2.7 3.3 4.0 5.5 3.1

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

2006 .8 -.3 .0 .3 -.2 .3 -.3 .7 .1 -.5 .1 1.5 3.9 .7 1.1 1.7 2.6

2007 -.4 .3 .8 .6 -.1 .3 -.1 -.3 .3 -.2 .5 .2 4.7 5.5 .1 1.3 2.8

2008 -.2 -.7 -.4 -1.0 -.6 -.7 -1.1 -1.3 -3.4 -.6 -2.5 -3.4 -2.0 -8.4 -14.1 -22.0 -4.8

2009 -3.2 -.1 -1.8 -.7 -1.0 -.2 1.6 1.1 1.0 .1 1.0 -.1 -24.7 -10.3 9.1 7.2 -13.8

2010 1.0 -.1 1.3 .8 1.3 .0 .5 .1 .1 .1 .1 .5 6.7 10.4 4.3 1.6 6.0

2011 .0 .2 .6 -.5 .0 .1 .6 .4 .3 .5 -.2 .7 3.0 -.2 4.2 3.8 2.9

2012 .8 .4 -.5 .5 -.3 .3 -.2 -.1 -.2 -.2 .6 .7 5.4 .5 -1.2 1.1 2.6

2013 -.3 .4 -.1 -.3 .3 .2 -.8 .9 .1 .1 .0 -.2 2.7 .2 .2 1.7 .9

2014 -1.1 .9 .9 .0 .3 .3 .4 -.6 .0 -.1 .7 -.2 -1.1 4.7 1.4 .3 1.1

2015 -.6 -.8 .4 .0 .0 -.4 .7 -.3 -.3 -.1 -.2 -.3 -3.4 -.6 .8 -2.6 -.5

2016 .4 -.3 -.1 -.1 -.1 .2 .1 -.4 .2 .1 -.1 .0 -.6 -1.1 .0 .5 -.8

2017 .2 -.1 -.4 1.1 -.2 .1 -.4 -.2 .0 1.1 .1 -.2 .0 3.1 -2.2 4.1 .6

2018 -.3 .8 -.1 .7 -.8 .7 .0 .3 .0 -.5 -.3 .3 .4 2.3 1.6 -1.7 1.3

2019 -.9 -.5 -.2 -.7 .1 .5 -.7 .7 -.7 -.9 .9 .1 -4.7 -3.1 -.8 -2.1 -2.0

2020 -.3 .2 -4.6 -15.4 4.4 7.8 3.5 1.5 .0 .9 .6 .7 -5.2 -43.7 54.0 8.4 -6.5

2021 .9 -4.0 3.1 .0 1.1 .1 .8 -.3 -.9 1.4 .9 .1 -.4 5.8 3.0 5.3 4.9

2022 -.6 .9 .9 .0 -.2 -.3 .1 .2 .2 .1 -.7 -1.8 2.7 2.5 .0 -3.0 2.7

2023 1.8 -.1 -.6 .7 -.1 -.6 .3 .1 .1 -.7 .5 -.1 .3 -.2 -.4 -1.4 -.5

2024 -1.0 1.1 .2 -.6 .6 -.6

IP (2017=100)

1994 66.9 67.0 67.9 68.5 68.9 69.1 69.3 70.0 70.2 70.9 71.5 72.2 67.3 68.8 69.8 71.5 69.4

1995 72.4 72.2 72.4 72.1 72.4 72.8 72.3 73.1 73.7 73.7 73.7 74.0 72.3 72.4 73.0 73.8 72.9

1996 73.5 74.6 74.4 75.3 75.9 76.6 76.9 77.3 77.9 77.8 78.5 79.2 74.1 75.9 77.4 78.5 76.5

1997 79.3 80.4 81.1 81.1 81.6 82.2 82.8 83.8 84.6 85.4 86.2 86.6 80.3 81.6 83.7 86.1 82.9

1998 87.3 87.4 87.3 87.7 88.2 87.5 87.2 89.3 89.2 89.9 90.1 90.6 87.3 87.8 88.5 90.2 88.5

1999 90.8 91.6 91.6 91.9 92.6 92.4 92.8 93.4 93.0 94.4 95.0 95.7 91.3 92.3 93.1 95.0 92.9

2000 95.7 95.9 96.6 97.2 97.2 97.4 97.4 96.8 97.3 96.9 96.6 96.0 96.1 97.2 97.2 96.5 96.7

2001 95.6 95.0 94.8 94.4 93.9 93.3 92.9 92.5 92.1 91.7 91.4 91.6 95.1 93.9 92.5 91.6 93.3

2002 92.2 92.1 92.8 93.1 93.5 94.4 94.3 94.4 94.5 94.2 94.7 94.1 92.4 93.7 94.4 94.3 93.7

2003 94.9 94.7 94.8 94.1 94.2 94.6 94.9 94.5 95.2 95.4 96.2 96.1 94.8 94.3 94.9 95.9 95.0

2004 96.0 96.8 96.7 97.1 97.8 97.1 98.0 98.4 98.4 99.3 99.3 100.1 96.5 97.3 98.3 99.6 97.9

2005 100.7 101.6 101.1 101.5 101.8 102.0 101.7 102.2 101.1 102.5 103.4 103.5 101.1 101.8 101.7 103.2 101.9

2006 104.3 104.1 104.1 104.4 104.2 104.5 104.1 104.9 104.9 104.5 104.6 106.1 104.2 104.4 104.6 105.1 104.6

2007 105.8 106.1 107.0 107.7 107.6 107.9 107.9 107.6 107.9 107.7 108.2 108.4 106.3 107.7 107.8 108.1 107.5

2008 108.2 107.5 107.0 105.9 105.3 104.5 103.4 102.0 98.5 97.9 95.5 92.3 107.6 105.2 101.3 95.2 102.3

2009 89.3 89.2 87.6 87.0 86.1 85.9 87.2 88.2 89.1 89.2 90.1 90.0 88.7 86.3 88.2 89.7 88.2

2010 90.9 90.8 91.9 92.7 93.9 93.9 94.4 94.5 94.5 94.6 94.7 95.2 91.2 93.5 94.5 94.8 93.5

2011 95.2 95.4 96.0 95.5 95.4 95.6 96.1 96.5 96.8 97.3 97.1 97.8 95.5 95.5 96.5 97.4 96.2

2012 98.6 99.0 98.5 98.9 98.6 98.9 98.7 98.5 98.3 98.1 98.7 99.5 98.7 98.8 98.5 98.8 98.7

2013 99.2 99.6 99.5 99.2 99.5 99.7 98.9 99.8 99.9 100.0 100.0 99.8 99.4 99.5 99.5 99.9 99.6

2014 98.8 99.7 100.5 100.5 100.8 101.1 101.6 101.0 101.0 100.9 101.5 101.4 99.7 100.8 101.2 101.3 100.7

2015 100.8 100.0 100.4 100.3 100.4 100.0 100.7 100.4 100.1 100.0 99.8 99.5 100.4 100.2 100.4 99.8 100.2

2016 99.9 99.5 99.4 99.3 99.2 99.5 99.5 99.2 99.4 99.5 99.4 99.5 99.6 99.3 99.3 99.5 99.4

2017 99.6 99.5 99.2 100.3 100.1 100.2 99.8 99.6 99.6 100.7 100.8 100.6 99.5 100.2 99.7 100.7 100.0

2018 100.2 101.1 101.0 101.7 100.8 101.5 101.6 101.8 101.9 101.4 101.1 101.5 100.8 101.3 101.7 101.3 101.3

2019 100.5 100.0 99.8 99.1 99.2 99.6 98.9 99.6 98.9 98.0 98.8 99.0 100.1 99.3 99.1 98.6 99.3

2020 98.7 98.9 94.3 79.8 83.3 89.7 92.9 94.3 94.4 95.2 95.7 96.4 97.3 84.3 93.9 95.8 92.8

2021 97.3 93.4 96.3 96.3 97.4 97.4 98.3 98.0 97.1 98.4 99.3 99.4 95.7 97.0 97.8 99.0 97.4

2022 98.8 99.7 100.6 100.6 100.4 100.0 100.1 100.3 100.6 100.7 99.9 98.1 99.7 100.3 100.3 99.6 100.0

2023 99.9 99.8 99.2 99.9 99.8 99.2 99.4 99.5 99.6 98.9 99.3 99.2 99.7 99.6 99.5 99.1 99.5

2024 98.2 99.3 99.5 98.9 99.5 99.0

NOTE: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.

1. See footnote 2 to table 2.

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

21
Table 7B

CAPACITY AND UTILIZATION: Manufacturing1

Seasonally adjusted

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

Capacity

(percent of

2017 output)

1994 82.6 82.8 83.1 83.3 83.6 83.8 84.1 84.4 84.7 85.0 85.3 85.6 82.8 83.6 84.4 85.3 84.0

1995 85.9 86.3 86.6 86.9 87.2 87.6 88.0 88.3 88.7 89.2 89.6 90.0 86.3 87.2 88.3 89.6 87.9

1996 90.5 91.0 91.5 92.0 92.5 93.0 93.5 94.0 94.5 95.0 95.6 96.1 91.0 92.5 94.0 95.6 93.3

1997 96.6 97.2 97.7 98.3 98.9 99.5 100.2 100.9 101.6 102.3 103.0 103.8 97.2 98.9 100.9 103.1 100.0

1998 104.6 105.4 106.2 106.9 107.7 108.4 109.1 109.7 110.3 110.9 111.5 112.1 105.4 107.7 109.7 111.5 108.6

1999 112.6 113.1 113.7 114.2 114.7 115.2 115.6 116.1 116.6 117.1 117.6 118.1 113.1 114.7 116.1 117.6 115.4

2000 118.6 119.0 119.5 120.0 120.5 121.0 121.5 122.0 122.4 122.9 123.4 123.9 119.0 120.5 122.0 123.4 121.2

2001 124.3 124.8 125.2 125.6 126.0 126.3 126.6 126.9 127.2 127.4 127.6 127.7 124.7 126.0 126.9 127.6 126.3

2002 127.9 128.0 128.1 128.2 128.2 128.2 128.2 128.2 128.2 128.2 128.2 128.2 128.0 128.2 128.2 128.2 128.2

2003 128.2 128.2 128.2 128.2 128.1 128.1 128.1 128.0 128.0 128.0 127.9 127.9 128.2 128.1 128.0 127.9 128.1

2004 127.8 127.8 127.7 127.7 127.7 127.6 127.6 127.7 127.7 127.8 127.9 128.0 127.8 127.7 127.7 127.9 127.8

2005 128.2 128.4 128.6 128.8 129.1 129.4 129.6 129.9 130.2 130.4 130.7 130.9 128.4 129.1 129.9 130.7 129.5

2006 131.2 131.4 131.6 131.9 132.1 132.3 132.6 132.8 133.1 133.4 133.7 134.0 131.4 132.1 132.8 133.7 132.5

2007 134.4 134.7 135.1 135.4 135.8 136.1 136.4 136.7 137.0 137.2 137.3 137.4 134.7 135.8 136.7 137.3 136.1

2008 137.5 137.5 137.4 137.3 137.2 137.1 136.9 136.8 136.6 136.4 136.3 136.1 137.4 137.2 136.8 136.3 136.9

2009 136.0 135.8 135.6 135.5 135.3 135.2 135.0 134.9 134.7 134.6 134.4 134.2 135.8 135.3 134.9 134.4 135.1

2010 134.0 133.8 133.6 133.4 133.2 132.9 132.7 132.5 132.2 132.0 131.8 131.7 133.8 133.2 132.5 131.8 132.8

2011 131.5 131.4 131.2 131.2 131.1 131.1 131.1 131.2 131.2 131.3 131.4 131.6 131.4 131.1 131.2 131.4 131.3

2012 131.7 131.8 132.0 132.1 132.3 132.4 132.5 132.7 132.8 132.9 133.0 133.1 131.8 132.3 132.7 133.0 132.5

2013 133.2 133.3 133.3 133.3 133.4 133.4 133.4 133.4 133.3 133.3 133.3 133.2 133.3 133.4 133.4 133.3 133.3

2014 133.2 133.1 133.0 132.9 132.9 132.7 132.6 132.5 132.4 132.2 132.1 131.9 133.1 132.8 132.5 132.1 132.6

2015 131.8 131.6 131.5 131.4 131.2 131.1 131.1 131.0 131.0 131.0 131.0 131.1 131.6 131.3 131.0 131.0 131.2

2016 131.1 131.2 131.2 131.3 131.4 131.5 131.5 131.6 131.6 131.6 131.6 131.5 131.2 131.4 131.6 131.6 131.4

2017 131.5 131.3 131.2 131.1 130.9 130.7 130.5 130.4 130.2 130.0 129.8 129.7 131.3 130.9 130.4 129.8 130.6

2018 129.5 129.4 129.3 129.2 129.2 129.1 129.1 129.0 129.0 129.0 128.9 128.9 129.4 129.2 129.0 128.9 129.1

2019 128.9 128.9 128.8 128.8 128.8 128.7 128.7 128.6 128.6 128.5 128.4 128.4 128.9 128.8 128.6 128.4 128.7

2020 128.3 128.2 128.1 128.0 127.9 127.8 127.6 127.5 127.3 127.2 127.0 126.9 128.2 127.9 127.5 127.0 127.7

2021 126.7 126.6 126.4 126.3 126.2 126.1 126.0 125.9 125.8 125.8 125.7 125.7 126.6 126.2 125.9 125.7 126.1

2022 125.7 125.7 125.7 125.7 125.8 125.8 125.9 126.0 126.1 126.2 126.3 126.4 125.7 125.8 126.0 126.3 125.9

2023 126.5 126.6 126.8 126.9 127.0 127.2 127.3 127.4 127.6 127.7 127.8 128.0 126.6 127.0 127.4 127.8 127.2

2024 128.1 128.2 128.4 128.5 128.6 128.2

Utilization

(percent)

1994 81.0 80.9 81.7 82.2 82.4 82.4 82.4 82.9 82.9 83.4 83.8 84.4 81.2 82.4 82.7 83.8 82.5

1995 84.2 83.7 83.6 83.0 83.0 83.1 82.2 82.7 83.1 82.6 82.3 82.1 83.8 83.0 82.7 82.3 83.0

1996 81.2 81.9 81.3 81.9 82.1 82.4 82.3 82.2 82.4 81.9 82.1 82.4 81.5 82.1 82.3 82.1 82.0

1997 82.0 82.7 83.0 82.5 82.5 82.6 82.6 83.1 83.3 83.4 83.6 83.4 82.6 82.5 83.0 83.5 82.9

1998 83.5 83.0 82.2 82.0 81.9 80.8 79.9 81.4 80.8 81.1 80.8 80.8 82.9 81.6 80.7 80.9 81.5

1999 80.6 81.0 80.6 80.5 80.8 80.3 80.3 80.4 79.8 80.6 80.8 81.1 80.7 80.5 80.2 80.8 80.6

2000 80.7 80.6 80.8 81.0 80.6 80.5 80.2 79.4 79.4 78.8 78.3 77.5 80.7 80.7 79.7 78.2 79.8

2001 76.9 76.1 75.7 75.2 74.5 73.9 73.3 72.9 72.4 72.0 71.6 71.7 76.3 74.5 72.9 71.8 73.9

2002 72.1 72.0 72.4 72.6 73.0 73.7 73.6 73.6 73.7 73.4 73.8 73.4 72.2 73.1 73.6 73.6 73.1

2003 74.0 73.9 74.0 73.4 73.5 73.8 74.1 73.8 74.4 74.5 75.2 75.2 74.0 73.6 74.1 75.0 74.1

2004 75.1 75.7 75.7 76.0 76.6 76.1 76.8 77.1 77.1 77.7 77.7 78.2 75.5 76.2 77.0 77.9 76.6

2005 78.6 79.1 78.6 78.8 78.9 78.9 78.4 78.7 77.7 78.6 79.2 79.1 78.8 78.9 78.3 78.9 78.7

2006 79.5 79.2 79.0 79.2 78.9 78.9 78.5 78.9 78.8 78.3 78.2 79.2 79.3 79.0 78.8 78.6 78.9

2007 78.7 78.8 79.2 79.5 79.2 79.3 79.1 78.7 78.8 78.5 78.8 78.9 78.9 79.3 78.8 78.7 79.0

2008 78.7 78.2 77.9 77.1 76.7 76.2 75.5 74.6 72.1 71.8 70.1 67.8 78.3 76.7 74.1 69.9 74.7

2009 65.7 65.7 64.6 64.2 63.6 63.5 64.6 65.4 66.2 66.3 67.0 67.0 65.3 63.8 65.4 66.8 65.3

2010 67.8 67.8 68.8 69.5 70.5 70.6 71.1 71.3 71.5 71.7 71.8 72.3 68.2 70.2 71.3 71.9 70.4

2011 72.4 72.6 73.1 72.8 72.8 72.9 73.3 73.6 73.8 74.1 73.9 74.3 72.7 72.8 73.6 74.1 73.3

2012 74.9 75.1 74.6 74.9 74.5 74.7 74.4 74.3 74.0 73.8 74.2 74.7 74.8 74.7 74.2 74.3 74.5

2013 74.5 74.7 74.6 74.4 74.6 74.8 74.2 74.8 74.9 75.0 75.0 74.9 74.6 74.6 74.6 75.0 74.7

2014 74.2 74.9 75.6 75.6 75.9 76.2 76.6 76.2 76.3 76.3 76.9 76.8 74.9 75.9 76.4 76.7 76.0

2015 76.5 76.0 76.3 76.4 76.5 76.2 76.9 76.6 76.4 76.3 76.1 75.9 76.3 76.4 76.6 76.1 76.4

2016 76.2 75.9 75.8 75.6 75.5 75.7 75.7 75.4 75.5 75.6 75.6 75.6 75.9 75.6 75.5 75.6 75.7

2017 75.8 75.8 75.6 76.5 76.5 76.6 76.5 76.4 76.5 77.4 77.6 77.5 75.7 76.6 76.5 77.5 76.6

2018 77.4 78.1 78.1 78.7 78.1 78.6 78.7 78.9 79.0 78.6 78.4 78.7 77.9 78.5 78.9 78.6 78.4

2019 78.0 77.6 77.4 77.0 77.0 77.4 76.9 77.4 76.9 76.3 76.9 77.1 77.7 77.1 77.1 76.8 77.2

2020 76.9 77.1 73.6 62.3 65.1 70.2 72.8 74.0 74.1 74.8 75.4 76.0 75.9 65.9 73.6 75.4 72.7

2021 76.8 73.8 76.2 76.3 77.2 77.3 78.0 77.8 77.1 78.3 79.0 79.1 75.6 76.9 77.7 78.8 77.2

2022 78.6 79.3 80.1 80.0 79.8 79.5 79.5 79.6 79.8 79.8 79.1 77.6 79.3 79.8 79.6 78.8 79.4

2023 79.0 78.8 78.3 78.7 78.5 78.0 78.1 78.1 78.1 77.4 77.7 77.6 78.7 78.4 78.1 77.6 78.2

2024 76.7 77.4 77.5 76.9 77.3 77.2

NOTE: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.

1. See footnote 2 to table 2.

22
Table 8

ANNUAL PROPORTIONS IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY

Item 2016 2017 2018 2019 2020 2021 2022 2023

Total IP 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

MARKET GROUPS

Final products and nonindustrial supplies 56.9 56.0 55.3 55.8 55.5 53.4 53.7 54.6

Consumer goods 28.4 27.6 27.1 27.7 28.5 27.5 27.2 27.7

Durable 6.5 6.1 6.0 6.2 6.2 6.0 5.9 6.1

Automotive products 3.6 3.4 3.3 3.4 3.4 3.3 3.2 3.3

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

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

Miscellaneous goods 1.8 1.6 1.6 1.7 1.7 1.7 1.7 1.7

Nondurable 22.0 21.5 21.1 21.5 22.3 21.5 21.3 21.6

Non-energy 17.1 16.2 15.7 16.8 17.5 15.7 15.4 16.1

Foods and tobacco 9.8 9.5 9.2 9.7 10.4 9.5 9.5 9.7

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

Chemical products 5.5 5.2 5.0 5.4 5.5 4.8 4.6 5.0

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

Energy 4.9 5.3 5.3 4.8 4.8 5.8 5.9 5.5

Business equipment 10.0 10.2 10.0 9.6 8.6 8.0 8.4 8.8

Transit 2.8 3.0 2.9 2.2 1.5 1.5 1.6 1.8

Information processing 2.1 2.1 2.0 2.1 2.1 1.8 1.7 1.8

Industrial and other 5.1 5.1 5.1 5.3 5.0 4.8 5.1 5.2

Defense and space equipment 2.2 2.2 2.2 2.2 2.1 1.8 1.6 1.7

Construction supplies 4.6 4.6 4.6 4.8 5.1 5.1 5.2 5.2

Business supplies 11.1 10.8 10.7 10.8 10.7 10.4 10.6 10.6

Materials 43.1 44.0 44.7 44.2 44.5 46.6 46.3 45.4

Non-energy 28.3 27.7 27.4 27.9 28.4 27.9 27.3 27.4

Durable 17.3 16.9 16.8 17.3 17.2 16.7 16.5 16.8

Consumer parts 3.3 3.2 3.1 3.1 2.8 2.8 2.7 2.9

Equipment parts 5.1 5.0 4.9 5.1 4.8 4.5 4.5 4.6

Other 8.9 8.8 8.8 9.1 9.5 9.5 9.3 9.3

Nondurable 11.1 10.8 10.6 10.6 11.2 11.1 10.8 10.5

Textile .4 .4 .4 .4 .4 .3 .3 .3

Paper 1.9 1.8 1.7 1.8 1.7 1.6 1.6 1.5

Chemical 5.4 5.4 5.2 5.1 5.5 5.8 5.5 5.4

Energy 14.8 16.2 17.3 16.3 16.1 18.8 19.0 18.1

INDUSTRY GROUPS

Manufacturing 78.4 77.0 75.8 76.5 76.7 74.7 74.2 75.1

Manufacturing (NAICS) 31–33 76.0 74.7 73.7 74.4 74.7 72.9 72.6 73.5

Durable manufacturing 39.7 39.1 38.7 38.9 37.9 36.3 36.3 37.3

Wood products 321 1.4 1.4 1.4 1.5 1.9 2.0 1.8 1.6

Nonmetallic mineral products 327 2.2 2.1 2.1 2.2 2.3 2.1 2.2 2.4

Primary metals 331 2.6 2.6 2.6 2.5 2.8 3.2 2.9 2.7

Fabricated metal products 332 5.8 5.7 5.8 6.0 5.9 5.7 5.9 6.1

Machinery 333 5.4 5.4 5.5 5.6 5.3 5.1 5.4 5.7

Computer and electronic products 334 5.2 5.1 5.0 5.2 5.2 4.6 4.3 4.4

Electrical equip., appliances,

and components 335 1.9 1.8 1.8 1.9 2.0 1.9 2.0 2.1

Motor vehicles and parts 3361–3 6.1 5.8 5.7 5.8 5.3 5.0 5.1 5.5

Aerospace and miscellaneous

transportation equipment 3364–9 4.8 5.1 4.8 4.1 3.4 3.0 2.9 3.2

Furniture and related products 337 1.3 1.2 1.2 1.2 1.2 1.1 1.1 1.0

Miscellaneous 339 3.1 2.8 2.8 2.8 2.7 2.5 2.6 2.7

Nondurable manufacturing 36.3 35.6 35.0 35.5 36.8 36.6 36.3 36.1

Food, beverage, and tobacco products 311,2 12.1 11.7 11.4 12.1 13.0 12.0 11.9 12.2

Textile and product mills 313,4 .7 .7 .6 .7 .6 .6 .6 .5

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

Paper 322 2.6 2.5 2.5 2.5 2.6 2.4 2.3 2.2

Printing and support 323 1.5 1.5 1.4 1.4 1.3 1.2 1.3 1.3

Petroleum and coal products 324 2.9 3.7 3.8 3.0 2.7 4.3 4.4 4.0

Chemicals 325 12.4 11.9 11.6 11.9 12.6 12.2 11.9 12.0

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

Other manufacturing (non-NAICS) 1133,5111 2.4 2.2 2.1 2.1 2.0 1.8 1.7 1.6

Mining 21 10.4 12.2 13.4 12.5 12.1 15.1 15.3 14.2

Utilities 2211,2 11.2 10.8 10.8 11.0 11.2 10.3 10.5 10.7

Electric 2211 9.7 9.3 9.3 9.6 9.7 8.8 9.0 9.3

Natural gas 2212 1.5 1.5 1.4 1.4 1.5 1.5 1.5 1.4

NOTE: The IP proportion data are estimates of the industries’ relative contributions to the overall change in IP between the reference year and the following year. For example, a

1 percent increase in durable goods manufacturing between 2022 and 2023 would account for a 0.362 percent increase in total IP.

23
Table 9

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY

Seasonally adjusted

2017=100 Percent change

2023 2024 2023 2024 May ’23 to

Industrial production Dec.r

Jan.rFeb.r Mar.r Apr.r Mayr Dec.rJan.rFeb.r Mar.r Apr.r Mayr May ’24

Total index 102.6 101.7 102.7 102.5 102.4 103.1 -.2 -.9 1.0 -.2 -.1 .7 .1

Previous estimates 102.6 101.7 102.6 102.4 102.5 103.3 -.3 -.8 .8 -.1 .0 .9 .4

Major market groups

Final Products 100.8 100.3 100.9 100.6 100.3 101.1 -.3 -.5 .6 -.3 -.3 .8 -.3

Consumer goods 102.0 101.5 101.9 101.4 101.2 102.2 -.2 -.4 .3 -.5 -.2 1.0 -.1

Business equipment 94.5 93.5 94.9 94.9 94.4 94.7 -.5 -1.0 1.4 .1 -.6 .3 -1.0

Nonindustrial supplies 100.3 99.9 101.2 100.8 100.8 101.0 -.3 -.4 1.3 -.4 .0 .1 .2

Construction 100.3 99.0 101.3 101.1 100.1 99.5 -.4 -1.3 2.3 -.2 -1.0 -.7 -1.7

Materials 104.9 103.5 104.8 104.7 104.8 105.6 -.2 -1.4 1.3 -.1 .0 .8 .4

Major industry groups

Manufacturing (see note below) 99.2 98.2 99.3 99.5 98.9 99.5 -.1 -1.0 1.1 .2 -.6 .6 -.3

Previous estimates 99.4 98.1 99.5 99.4 99.0 99.8 .0 -1.3 1.4 -.1 -.4 .9 .1

Mining 120.5 115.5 120.5 119.8 118.7 118.8 .6 -4.1 4.3 -.6 -.9 .1 -.6

Utilities 103.1 107.5 103.6 101.1 105.8 107.6 -2.4 4.3 -3.6 -2.4 4.7 1.7 4.2

Capacity

Percent of capacity growth

Average 1988- 1990- 1994- 2008-

1972- 89 91 95 09 2023 2023 2024 May ’23 to

Capacity utilization 2023 high low high low May Dec.r

Jan.rFeb.r Mar.r Apr.r Mayr May ’24

Total industry 79.7 85.2 78.7 84.8 66.6 79.2 78.1 77.4 78.1 77.8 77.7 78.2 1.5

Previous estimates 79.6 85.2 78.8 85.0 66.6 79.5 78.6 77.9 78.4 78.3 78.2 78.7 1.4

Manufacturing (see note below) 78.3 85.5 77.1 84.4 63.5 78.5 77.6 76.7 77.4 77.5 76.9 77.3 1.3

Previous estimates 78.2 85.6 77.3 84.6 63.4 78.2 77.3 76.2 77.2 77.0 76.6 77.1 1.4

Mining 86.5 86.3 84.3 88.6 78.9 89.8 89.7 86.1 89.9 89.4 88.6 88.8 .5

Utilities 84.5 93.2 84.7 93.2 78.1 72.2 70.6 73.4 70.5 68.6 71.6 72.6 3.5

Stage-of-process groups

Crude 85.6 87.9 84.9 90.0 77.0 87.6 87.6 84.4 87.2 87.0 85.9 86.7 .4

Primary and semifinished 80.2 86.5 77.6 87.5 63.7 77.5 76.5 76.5 76.5 76.0 76.5 76.9 1.6

Finished 76.8 83.3 77.6 80.4 66.2 77.7 76.3 75.5 76.2 76.2 75.7 76.1 1.7

r Revised.

NOTE. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise

manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS);

electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry

and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information

respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC)

system. In December 2002, the Federal Reserve reclassified all of its industrial output data from the SIC system to NAICS.

24
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 77 percent of the

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

available source data increases to 85 percent for estimates in the

second month that the estimate is published, 94 percent in the third

month, 99 percent in the fourth month, 99 percent in the fifth month,

and 98 percent in the sixth month. Data availability by data type in

2023 is summarized in the table below:

Availability of Monthly IP Data in Publication Window

(Percent of value added in 2023; the numbers may not sum because of

rounding.)

Month of estimate

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

Physical product 33 41 51 54 55 55

Production-worker hours 44 44 44 44 44 44

IP data received 77 85 94 98 99 99

IP data estimated 23 15 6 2 1 1

The physical product group includes series based on either monthly or

quarterly data. As can be seen in the first row of the table, in the first

month, a physical product indicator is available for more than one-half

of the series (in terms of value added) that ultimately are based on

physical product data (33 percent out of a total of 55 percent). Of the

33 percent, about two-thirds (23 percent of total IP) include series that

are derived from weekly physical product data and for which actual

monthly data may lag up to several months. On average, quarterly

product data are received for the fourth estimate of industrial

production. Specifically, quarterly data are available for the third

estimate of the last month of a quarter, the fourth estimate of the

second month of a quarter, and the fifth estimate of the first month of

a quarter.

Seasonal adjustment. Individual series are seasonally adjusted using

Census X-13 ARIMA. For series based on production-worker hours,

the current seasonal factors were estimated with data through March

2024; for other series, the factors were estimated with data through

March 2024, where available. Series are pre-adjusted for the effects of

holidays or the business cycle when appropriate. For the data since

1972, all seasonally adjusted aggregate indexes are calculated by

aggregating the seasonally adjusted indexes of the individual series.

Additional documentation and X-13 specifications can be found on

the Board’s website at

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

Reliability. The average revision to the level of the total IP index,

without regard to sign, between the first and the fourth estimates was

0.30 percent during the 1987–2023 period. The average revision to

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

the fourth estimates was 0.24 percentage point during the 1987–2023

25
period. In most cases (about 85 percent), the direction of the change

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

as that shown by the fourth estimate.

Rounding. The published percent changes are calculated from

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

calculated from the rounded indexes shown in the release.

CAPACITY UTILIZATION

Overview. The Federal Reserve Board constructs estimates of

capacity and capacity utilization for industries in manufacturing,

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

capacity utilization rate is equal to an output index (seasonally

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

capacity indexes attempt to capture the concept of sustainable

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

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

normal downtime and assuming sufficient availability of inputs to

operate the capital in place.

Coverage. Capacity indexes are constructed for 89 detailed industries

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

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

Industry Classification System, or NAICS level. Estimates of capacity

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

and nondurable manufacturing, total manufacturing, mining, utilities,

and total industry. Manufacturing consists of those industries included

in the NAICS definition of manufacturing plus those

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

publishing —that have traditionally been considered to be

manufacturing and included in the industrial sector. Also, special

aggregates are available, such as high-technology industries and

manufacturing excluding high-technology industries.

Source Data. The monthly rates of capacity utilization are designed

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

periodically available data on capacity and utilization. Because there

is no direct monthly information on overall industrial capacity or

utilization rates, the Federal Reserve first estimates annual capacity

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

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

and the Department of Energy’s Energy Information Administration)

and trade sources are available for portions of several industries in

manufacturing (for example, paper, industrial chemicals, petroleum

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

these industries represent about 26 percent of total industrial capacity.

When physical product data are unavailable for manufacturing

industries, capacity indexes are based on responses to the Bureau of

the Census’s Quarterly Survey of Plant Capacity (QSPC); these

industries account for about 64 percent of total industry capacity. In

the absence of utilization data for a few mining and petroleum series,

capacity is based on trends through peaks in production (roughly 10

percent of total industry capacity). A detailed description of the

methodology used to construct the capacity indexes is available on the

Board’s website

(www.federalreserve.gov/releases/G17/Meth/MethCap.htm).

Aggregation Methodology. Monthly capacity aggregates are

calculated in three steps: (1) utilization aggregates are calculated on

an annual basis through the most recent full year as capacity-weighted

aggregates of individual utilization rates; (2) the annual aggregate

capacity is derived from the corresponding production and utilization

aggregates; (3) the monthly capacity aggregate is obtained by

interpolating with a Fisher index of its constituent monthly capacity

series. Utilization rates for the individual series and aggregates are

calculated by dividing the pertinent monthly production index by the

related capacity index.

Consistency. A major aim is that the Federal Reserve utilization rates

be consistent over time so that, for example, a rate of 85 percent

means about the same degree of tightness that it meant in the past. A

major task for the Federal Reserve in developing reasonable and

consistent time series of capacity and utilization is dealing with

inconsistencies between the movements of the industrial production

index and the survey-based utilization rates. The McGraw-Hill/DRI

Survey, now discontinued, was the primary source of manufacturing

utilization rates for many years. This survey of large companies

reported, on average, higher utilization rates than those reported by

establishments covered by the annual Survey of Plant Capacity (the

primary source of factory operating rates through 2006, after which it

was discontinued) for the fourteen years they overlapped.

Adjustments have been made to keep the industry utilization rates

currently reported by the Federal Reserve (now based on the QSPC)

roughly in line with rates formerly reported by McGraw-Hill. As a

consequence, the rates reported by the Federal Reserve tend to be

higher than the rates reported in the Census utilization surveys.

Perspective. Over the 1972–2023 period, the average total industry

utilization rate was 79.7 percent; for manufacturing, the average

factory operating rate was 78.3 percent. Industrial plants usually

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

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

manufacturing, utilization rates have exceeded 90 percent only in

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

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

REFERENCES AND RELEASE DATES

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

June 28, 2024, is available on the Board’s website

(www.federalreserve.gov/releases/g17/revisions/Current/DefaultRev.htm).

A summary of the annual revision that incorporated back to 1972

production and capacity indexes reclassified according to the North

American Industry Classification System is available in an article in

the Federal Reserve Bulletin, vol. 89 (April 2003), pp.151–176. A

description of the aggregation methods for industrial production and

capacity utilization is included in an article in the Federal Reserve

Bulletin, vol. 83 (February 1997), pp. 67–92. The Federal Reserve

methodology for constructing industry-level measures of capital is

detailed in “Capital Stock Estimates for Manufacturing Industries:

Methods and Data” by Mike Mohr and Charles Gilbert (1996), which

can be obtained at

www.federalreserve.gov/releases/g17/CapitalStockDocLatest.pdf.

Industrial Production—1986 Edition contains a more detailed

description of the other methods used to compile the industrial

production index, plus a history of its development, a glossary of

terms, and a bibliography. The major revisions to the IP indexes and

capacity utilization since 1990 have been described in the Federal

Reserve Bulletin (April 1990, June 1990, June 1993, March 1994,

January 1995, January 1996, February 1997, February 1998, January

1999, March 2000, March 2001, March 2002, April 2003, Winter

2004, Winter 2005, March 2006, May 2007, August 2008, August

2009) or in online staff studies

(www.federalreserve.gov/releases/g17/articles/rev2010/industrial10.pdf,

www.federalreserve.gov/releases/g17/articles/rev2012/industrial12.pdf,

www.federalreserve.gov/releases/g17/articles/rev2013/industrial13.pdf).

Release Schedule

The G.17 release on Industrial Production and Capacity Utilization

will be issued on the following dates. The monthly releases are issued

at 9:15 a.m. The annual revision is issued at noon.

2024: January 17, February 15, March 15, April 16, May 16, June 18,

June 28 (annual revision), July 17, August 15, September 17, October

17, November 15, December 17.

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

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

26