FEDERAL RESERVE statistical release

G.17 (419) 2019 Historical and Annual Revision For release at 12:00 noon (EDT)

March 27, 2019

Industrial Production and Capacity Utilization: The 2019 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 the growth rates for total IP for recent years were

small and positive, with the estimates for 2016 and 2017 a bit higher and the estimates for 2015 and 2018

slightly lower.2 Total IP is still reported to have increased from the end of the recession in mid-2009 through late

2014 before declining in 2015 and rebounding in mid-2016. Subsequently, the index advanced around

71/2 percent over 2017 and 2018.

Capacity for total industry expanded modestly in each year from 2015 to 2017 before advancing

11/2 percent in 2018; it is expected to advance about 2 percent in 2019. Revisions for recent years were very

small and showed slightly less expansion in most years relative to earlier reports.

In the fourth quarter of 2018, capacity utilization for total industry stood at 79.4 percent, about

3/4 percentage point above its previous estimate and about 1/2 percentage point below its long-run (1972–2018)

average. The utilization rate in 2017 is also higher than its previous estimate.

This revision incorporated newly available annual data on output and prices. The IP indexes for

publishing reflect new data for 2017 and revised data for 2016 from the U.S. Census Bureau’s Service Annual

Survey, and the IP indexes for logging were updated with 2017 data from the U.S. Forest Service. In addition,

the indexes for metallic and nonmetallic minerals were updated with revised annual data for 2017 from the U.S.

Geological Survey (USGS). The nominal benchmark data used for manufacturing industries—the Census

Bureau’s Census of Manufactures—are not yet available for 2017. However, data on prices from the Bureau of

Labor Statistics (BLS) were 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. These data include direct measures of output as well as the benchmark revisions to

production-worker hours from the BLS’s Current Employment Statistics report.3 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 2018, along with new data on

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

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 they were 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.

3Production-worker hours are used as output indicators for IP indexes for which no direct measures of production are available.

1
RESULTS OF THE REVISION

Industrial Production

Manufacturing output edged up in 2016 before advancing more than 2 percent in both 2017 and 2018.

Compared with previous reports, the gain in 2018 is a little smaller, while the rates of change for 2017 and 2016

are larger. Despite the net upward revision, manufacturing IP in February 2019 was about 41/2 percent below its

pre-recession peak.

The revised contour for mining output is little different from before: Output dropped significantly in 2015

and 2016 but then jumped more than 10 percent in both 2017 and 2018. The output of utilities advanced

moderately in 2016 through 2018; the gains in 2016 and 2018 are now reported to be slightly weaker than before,

while the gain in 2017 is stronger.

Production by Industry Group

The output of durable manufacturing industries edged down in 2016 before rising about 21/2 percent and

4 percent in 2017 and 2018, respectively. The output of nondurable goods increased about 3/4 percent in 2016,

jumped more than 21/2 percent in 2017, and then moved up about 3/4 percent again in 2018. For both durable and

nondurable manufacturing, current estimates of growth rates are slightly higher for 2016 and 2017 and slightly

lower in 2018 than previously reported. The revisions for the 2016–18 period were generally small and were

widespread across industries.

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 in every year

from 2014 to 2018. Relative to earlier reports, the index now declines more steeply in 2015 and 2018 and less

steeply in 2016 and 2017.

Production by Market Group

The index for consumer goods has increased in each of the past six years, with the revised index growing

at roughly the same pace as the previously published index over this period. Likewise, the index for business

equipment was little revised; it increased 4.0 percent or more in both 2017 and 2018 after falling in the previous

two years. The indexes for construction supplies and business supplies have increased in each of the past three

years, with somewhat stronger gains in 2016 and 2017 and weaker gains in 2018 than what was previously

published. The revisions to the output of defense and space equipment are more notable; the index is now

estimated to have fallen significantly more slowly in 2017 and to have risen less steeply in 2018. The index for

materials has increased sharply in each of the past two years, with the gain in 2017 a bit faster than previously

reported.

Capacity

Manufacturing capacity contracted slightly in 2015 but then increased modestly in subsequent years, with

annual increases averaging about 3/4 percent. These rates of changes are generally a little lower than previously

reported values. The capacity indexes for durables and nondurables have increased in recent years, while

capacity for “other manufacturing” (logging and publishing) has declined fairly steeply.

Capacity at mines declined nearly 3 percent in 2016 but then edged up in 2017 and jumped 7 percent in

2018; it is expected to advance 5 percent in 2019. Capacity was previously reported to have fallen in 2017, and

the rates of change for 2016 and 2018 were also revised up. Capacity at utilities is reported to have increased

about 11/2 percent per year from 2016 to 2018; these rates of increase are modestly lower than reported earlier.

2
Capacity Utilization

Capacity utilization for total industry declined in 2016 but rose in 2017 and 2018.4 The increases in 2017

and 2018 resulted from sizable gains in the rates for mining and from smaller advances in the rates for both

manufacturing and utilities. Compared with earlier estimates, capacity utilization for total industry is now

reported to have been somewhat lower in 2015 but higher in 2017 and 2018.

Utilization at manufacturers fell in 2016 and increased in 2017 and 2018; for the fourth quarter of 2018,

the utilization rate is estimated to have been around 11/4 percentage points below its long-run average. The rates

for 2017 and 2018 are now reported to be higher than published earlier. By the fourth quarter of 2018, the

utilization rate for durables was about the same as its long-run average. By contrast, the utilization rate for

nondurable manufacturing remained below its long-run average at the end of 2018 and had been so for several

years. The utilization rate for “other manufacturing” industries has been declining for many years; at the end of

2018, it stood far below its long-run average.

Capacity utilization rates for mining fell in 2016 before rising sharply in 2017 and advancing further in

2018. The gains in 2017 and 2018 were largely due to output increases for oil and gas extraction, drilling, and

servicing that outstripped capacity growth. By the end of 2018, the utilization rate for mining stood 5 percentage

points above its long-run average of 87.1 percent. Relative to the previously published rates, utilization at mines

for 2018 is about 21/2 percentage points lower; revisions to other recent years were smaller. The operating rate

for utilities has been well below its long-run average for the past several years. Compared with the previous

estimates, utilization rates for utilities are slightly lower in 2015 and 2016 and somewhat higher in 2017 and

2018.

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 or 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; and (4) updating the methods and industry structure used to

construct the indexes.

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 for the cost of materials for manufacturing

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

2017 Census of Manufactures, so new nominal benchmark data are not available for manufacturing.

New annual data were incorporated for several non-manufacturing industries. The benchmark indexes for

metallic and nonmetallic mineral mining were updated with revised 2017 data from the USGS, and the

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

3
benchmark indexes for logging and publishing were advanced through 2017 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 with the related producer price indexes

(PPIs) from the BLS.5 However, for a few selected industries, the annual price deflators are constructed by the

Federal Reserve.6

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.

Individual IP measures are combined into more aggregate measures using weights based on the value added from

the industry (calculated as gross output less cost of materials). Value-added weights are used to avoid double

counting the contributions of upstream producers in the output of their downstream consumers (for example, to

avoid double counting the contributions of steel used in automobile production). For IP indexes in manufacturing

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 Manufactures. For IP indexes that cover only part of a six-digit

NAICS industry, the aggregation weights are 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

are used to determine the share of an industry’s value added that is 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. For the years between the quinquennial Economic Censuses, measures of value added for

mining are estimated based on both output and price changes for the industry.

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

prices for the period after 2016.

Revised Quarterly and Monthly Data

This revision incorporated source data on production, shipments, inventories, and production-worker

hours 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

2018 and from other industry reports.

5Overall, at the industry level, the BEA and PPI measures are quite similar, as the BEA used weighted product-level PPIs to derive its industry-level shipments deflator.

6For selected industries, the Federal Reserve constructs price indexes from alternative sources. These industries include communications equipment (NAICS 3342),

computer storage devices (NAICS 334112), semiconductors (NAICS 334413), and pharmaceuticals (NAICS 325412). Updated price indexes for computer storage devices

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

4
Revised Seasonal Factors

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

patterns—were updated with data through January 2019. The updated factors for the physical product series,

which include adjustments for holiday and workday patterns, used data through December 2018 where available.

Seasonal factors for unit motor vehicle assemblies have been updated, and projections through June 2020

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 2019 and were revised back to January 2014. The seasonal factors

explicitly incorporate the holiday schedule for the industry specified in the latest collective bargaining

agreements with domestic manufacturers.

Methodological Changes to Individual Production and Capacity Indexes

Consolidation of Production Indexes for Wool Fabrics and for Cotton and Synthetic Fabrics

This revision combines the indexes for wool fabrics (NAICS 31321pt.) and cotton and synthetic fabrics

(NAICS 31321pt.) into a consolidated index for broadwoven fabric mills (NAICS 31321).7 The individual

indexes for both wool fabrics and cotton and for synthetic fabrics used production-worker hours as an indicator

of output for the period from 2003 to the present, and the consolidated index relies on production-worker hours.

For the period prior to 2003, the monthly index relies on data from other sources (a combination of physical

product data and electric power usage).

Change in Source Data for Four Production Indexes

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

production-worker hours. The changes occurred because the issuing organizations discontinued the reports from

which the physical product data were derived. The affected indexes include artificial and synthetic fibers and

filaments (NAICS 32522); copper refining (NAICS 33141pt.); copper rolling, drawing, extruding, and alloying

(NAICS 33142); and office furniture (NAICS 3372). For office furniture, the monthly production index is based

on physical product data for the period from 1972 to 2012 and on production-worker hours thereafter. The other

three indexes are based on physical product data from 1972 to 2017 and on production-worker hours thereafter.

New Annual Data for Military Aircraft Production Index

The monthly production index for military aircraft (NAICS 336411pt.) is based on production-worker

hours for overall aircraft and is influenced by the value of expected and actual annual deliveries for different

types of military aircraft for years when benchmark data are not yet available. Prior to this revision, the sources

for the value of deliveries were manufacturers’ reports for certain aircraft models. The source data used in this

revision also include information on deliveries and prices from Aviation Week that were not used previously.

Changes to Capacity Index for Artificial and Synthetic Fibers and Filaments

With this revision, the capacity index for artificial and synthetic fibers and filaments (NAICS 32522) for

the period beginning in 2017 is based on data from the Census Bureau’s Quarterly Survey of Plant Capacity and

Utilization. For the period prior to 2017, the capacity index remains based on data for capacity in pounds from

the Fiber Economics Bureau.

7

Industry codes followed by “pt.” indicate that the index covers only part of the entire NAICS code listed.

5
Updated Base Year for Gross Value of Output Measures

This revision updates the base year used in the published measures of gross value of final products and

nonindustrial supplies. The measures are now reported in billions of 2012 dollars, which is consistent with the

measures reported in the national income and product accounts published by the BEA.

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

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 2020

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

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 2020

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

40

45

50

55

60

70

80

90

100

110

120

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

60

70

80

90

100

120

140

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 

9
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: 2016 to present

100

105

110

2016 2017 2018 2019

Detail: 2016 to present

95

100

105

110

115

120

125

2016 2017 2018 2019

10
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: 2016 to present

 85

 90

 95

100

105

2016 2017 2018 2019

Detail: 2016 to present

 90

 95

100

105

2016 2017 2018 2019

Detail: 2016 to present

 85

 95

 105

2016 2017 2018 2019

11
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: 2016 to present

 100

 105

 110

2016 2017 2018 2019

Detail: 2016 to present

105

110

115

120

2016 2017 2018 2019

Detail: 2016 to present

100

102

104

106

2016 2017 2018 2019

12
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

140

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: 2016 to present

100

105

110

115

120

2016 2017 2018 2019

Detail: 2016 to present

98

102

106

110

2016 2017 2018 2019

13
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

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)

1989 .3 -.5 .2 .1 -.7 .0 -.9 .9 -.3 -.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 -.7 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 5.8 .9 -1.5

1992 -.6 .7 .8 .8 .3 .0 .9 -.5 .2 .7 .4 .1 -.4 7.3 3.1 4.3 2.9

1993 .4 .4 -.1 .4 -.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 1.1 5.1 7.4 5.2 8.6 5.3

1995 .2 -.2 .1 -.1 .3 .3 -.4 1.3 .4 -.1 .3 .4 4.2 1.3 3.7 3.5 4.6

1996 -.7 1.5 -.1 .9 .7 .8 -.1 .6 .7 -.1 .9 .6 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 5.8 9.5 10.4 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 -.2 -.3 .4 -.3 .0 -.3 4.1 4.9 -.4 -.8 3.9

2001 -.6 -.6 -.2 -.3 -.6 -.6 -.6 -.1 -.4 -.4 -.5 .0 -5.2 -5.0 -5.4 -4.1 -3.1

2002 .6 .0 .8 .4 .4 1.0 -.2 .0 .1 -.3 .5 -.5 3.0 6.4 2.4 -.1 .4

2003 .8 .1 -.2 -.7 .0 .2 .4 -.1 .6 .1 .8 -.1 2.5 -3.0 2.7 4.0 1.3

2004 .3 .6 -.5 .5 .8 -.8 .8 .1 .1 1.0 .2 .7 2.8 2.3 2.2 5.8 2.7

2005 .5 .7 -.2 .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 1.0 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 1.1 1.2 2.5

2008 -.3 -.3 -.2 -.8 -.6 -.2 -.5 -1.5 -4.3 1.0 -1.3 -2.9 -1.5 -5.8 -12.5 -16.0 -3.5

2009 -2.4 -.6 -1.6 -.8 -1.0 -.4 1.1 1.1 .8 .3 .4 .3 -20.6 -10.9 6.1 6.4 -11.5

2010 1.2 .4 .7 .4 1.5 .1 .4 .3 .2 -.3 .0 1.0 8.1 8.1 5.3 1.3 5.5

2011 -.1 -.4 1.0 -.4 .2 .3 .5 .6 .0 .7 -.1 .6 2.3 1.6 4.8 4.0 3.1

2012 .6 .2 -.5 .8 .2 .0 .3 -.5 .0 .2 .5 .4 3.9 2.6 .0 2.1 3.0

2013 -.1 .6 .4 -.2 .1 .2 -.4 .7 .5 -.2 .3 .3 3.2 1.7 1.4 2.8 2.0

2014 -.4 .8 1.0 .0 .4 .4 .2 -.1 .3 .0 .8 -.1 3.1 5.5 2.4 2.7 3.1

2015 -.5 -.5 -.3 -.6 -.4 -.3 .6 -.2 -.4 -.4 -.7 -.6 -3.0 -5.3 -.1 -5.1 -1.0

2016 .8 -.7 -.8 .1 -.1 .4 .3 -.1 .0 .2 -.2 .9 -2.1 -2.3 1.8 1.3 -2.0

2017 .1 -.4 .7 .9 .1 .2 .0 -.5 .0 1.5 .5 .3 2.4 5.6 -.8 7.5 2.3

2018 -.3 .4 .6 .9 -.8 .8 .4 .8 .1 .1 .7 -.1 2.3 4.6 5.2 3.7 3.9

2019 -.1 .0

IP (2012=100)

1989 64.0 63.7 63.9 63.9 63.5 63.5 62.9 63.5 63.3 63.3 63.5 63.8 63.9 63.6 63.2 63.5 63.6

1990 63.4 64.0 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 62.4 62.1 62.2 62.9 63.4 63.5 63.6 64.1 64.0 63.9 63.7 62.5 62.8 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 78.6 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 82.9 83.7 84.5 85.2 85.9 86.2 80.7 81.8 83.7 85.8 83.0

1998 86.6 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 91.4 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 94.5 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 94.5 93.9 93.7 93.4 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 93.4 93.2 93.2 93.4 93.1 93.6 93.1 91.3 92.7 93.3 93.3 92.6

2003 93.8 94.0 93.7 93.1 93.1 93.2 93.7 93.5 94.1 94.2 94.9 94.9 93.8 93.1 93.8 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 101.1 101.1 101.3 101.7 101.6 102.0 101.9 102.3 102.1 102.1 102.0 103.0 101.1 101.7 102.1 102.4 101.8

2007 102.5 103.5 103.8 104.5 104.5 104.6 104.5 104.8 105.2 104.7 105.3 105.3 103.3 104.5 104.8 105.1 104.4

2008 105.1 104.7 104.5 103.7 103.1 102.8 102.3 100.7 96.4 97.3 96.1 93.3 104.7 103.2 99.8 95.5 100.8

2009 91.0 90.5 89.0 88.3 87.4 87.1 88.0 89.0 89.7 90.0 90.3 90.6 90.2 87.6 88.9 90.3 89.2

2010 91.7 92.0 92.6 92.9 94.3 94.4 94.9 95.1 95.4 95.1 95.1 96.1 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 98.5 97.1

2012 99.4 99.6 99.2 99.9 100.1 100.1 100.3 99.9 99.9 100.1 100.6 101.0 99.4 100.0 100.0 100.6 100.0

2013 100.8 101.4 101.8 101.6 101.7 102.0 101.5 102.2 102.7 102.5 102.8 103.2 101.3 101.8 102.1 102.8 102.0

2014 102.7 103.6 104.6 104.6 105.0 105.4 105.6 105.5 105.8 105.8 106.7 106.5 103.6 105.0 105.6 106.3 105.2

2015 106.0 105.4 105.1 104.5 104.1 103.7 104.3 104.2 103.8 103.4 102.7 102.1 105.5 104.1 104.1 102.7 104.1

2016 103.0 102.2 101.4 101.5 101.4 101.9 102.1 102.0 102.0 102.2 102.1 102.9 102.2 101.6 102.1 102.4 102.1

2017 103.0 102.6 103.3 104.3 104.4 104.6 104.5 104.0 104.1 105.6 106.2 106.5 103.0 104.4 104.2 106.1 104.4

2018 106.3 106.6 107.3 108.2 107.4 108.2 108.7 109.5 109.7 109.8 110.6 110.5 106.7 107.9 109.3 110.3 108.6

2019 110.4 110.5

NOTE: Estimates from October 2018 through February 2019 are subject to further revision in the upcoming monthly releases.

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

15
Table 1B

CAPACITY AND UTILIZATION: Total

Seasonally adjusted

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

Capacity

(percent of

2012 output)

1989 75.2 75.3 75.4 75.5 75.7 75.8 76.0 76.2 76.4 76.5 76.7 76.9 75.3 75.7 76.2 76.7 76.0

1990 77.1 77.2 77.4 77.6 77.7 77.9 78.0 78.1 78.2 78.3 78.5 78.5 77.2 77.7 78.1 78.4 77.9

1991 78.6 78.7 78.8 78.9 79.0 79.1 79.1 79.2 79.3 79.4 79.6 79.7 78.7 79.0 79.2 79.6 79.1

1992 79.8 80.0 80.2 80.3 80.5 80.7 80.8 81.0 81.2 81.3 81.5 81.6 80.0 80.5 81.0 81.5 80.8

1993 81.8 81.9 82.0 82.1 82.3 82.4 82.5 82.6 82.7 82.9 83.1 83.2 81.9 82.3 82.6 83.1 82.5

1994 83.4 83.6 83.8 84.0 84.3 84.5 84.8 85.1 85.4 85.6 85.9 86.2 83.6 84.3 85.1 85.9 84.7

1995 86.5 86.8 87.1 87.4 87.7 88.0 88.4 88.7 89.0 89.4 89.8 90.1 86.8 87.7 88.7 89.8 88.2

1996 90.5 90.9 91.3 91.8 92.2 92.6 93.0 93.5 93.9 94.4 94.8 95.3 90.9 92.2 93.5 94.8 92.9

1997 95.7 96.2 96.7 97.2 97.7 98.3 98.8 99.4 100.0 100.6 101.3 101.9 96.2 97.7 99.4 101.3 98.7

1998 102.6 103.3 103.9 104.6 105.3 105.9 106.5 107.1 107.6 108.2 108.7 109.2 103.3 105.2 107.1 108.7 106.1

1999 109.7 110.1 110.6 111.1 111.5 111.9 112.3 112.8 113.2 113.6 114.0 114.4 110.1 111.5 112.7 114.0 112.1

2000 114.8 115.2 115.6 116.0 116.3 116.7 117.1 117.5 117.9 118.3 118.6 119.0 115.2 116.3 117.5 118.6 116.9

2001 119.4 119.8 120.1 120.5 120.8 121.1 121.4 121.7 122.0 122.3 122.6 122.8 119.7 120.8 121.7 122.6 121.2

2002 123.0 123.2 123.4 123.5 123.6 123.7 123.8 123.8 123.8 123.8 123.8 123.8 123.2 123.6 123.8 123.8 123.6

2003 123.8 123.7 123.7 123.6 123.6 123.5 123.5 123.4 123.4 123.4 123.4 123.4 123.7 123.6 123.5 123.4 123.5

2004 123.3 123.3 123.3 123.3 123.3 123.2 123.2 123.2 123.3 123.3 123.3 123.4 123.3 123.3 123.2 123.3 123.3

2005 123.5 123.6 123.7 123.8 124.0 124.1 124.3 124.5 124.6 124.8 125.0 125.1 123.6 124.0 124.5 125.0 124.3

2006 125.3 125.5 125.6 125.8 126.0 126.2 126.4 126.7 126.9 127.2 127.5 127.8 125.5 126.0 126.7 127.5 126.4

2007 128.1 128.4 128.7 129.0 129.2 129.5 129.6 129.8 129.9 129.9 129.9 129.9 128.4 129.2 129.8 129.9 129.3

2008 129.8 129.7 129.6 129.5 129.5 129.4 129.4 129.5 129.6 129.7 129.8 130.0 129.7 129.5 129.5 129.8 129.6

2009 130.1 130.3 130.4 130.5 130.5 130.6 130.5 130.5 130.3 130.2 130.0 129.7 130.3 130.5 130.4 129.9 130.3

2010 129.5 129.2 128.9 128.6 128.3 128.0 127.8 127.5 127.4 127.2 127.1 127.0 129.2 128.3 127.6 127.1 128.0

2011 126.9 126.9 127.0 127.0 127.1 127.2 127.4 127.6 127.8 128.0 128.2 128.5 126.9 127.1 127.6 128.2 127.5

2012 128.7 129.0 129.2 129.5 129.7 129.9 130.1 130.4 130.6 130.8 131.0 131.2 129.0 129.7 130.4 131.0 130.0

2013 131.4 131.6 131.7 131.9 132.1 132.2 132.3 132.4 132.6 132.7 132.8 132.9 131.6 132.1 132.4 132.8 132.2

2014 133.0 133.1 133.3 133.4 133.5 133.7 133.9 134.1 134.3 134.4 134.6 134.8 133.1 133.5 134.1 134.6 133.8

2015 134.9 135.0 135.2 135.3 135.3 135.4 135.5 135.5 135.5 135.6 135.6 135.6 135.0 135.3 135.5 135.6 135.4

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

2017 136.4 136.5 136.5 136.5 136.6 136.6 136.6 136.6 136.7 136.7 136.8 136.8 136.5 136.6 136.6 136.8 136.6

2018 136.9 137.0 137.2 137.3 137.5 137.7 137.9 138.1 138.4 138.6 138.9 139.1 137.0 137.5 138.2 138.9 137.9

2019 139.4 139.6

Utilization (percent)

1989 85.1 84.6 84.7 84.6 83.9 83.7 82.8 83.4 82.9 82.6 82.7 83.0 84.8 84.1 83.0 82.8 83.7

1990 82.3 82.9 83.1 82.9 82.9 83.0 82.7 82.9 82.8 82.1 81.0 80.4 82.8 82.9 82.8 81.2 82.4

1991 80.0 79.3 78.8 78.9 79.6 80.2 80.2 80.2 80.8 80.6 80.4 79.9 79.4 79.6 80.4 80.3 79.9

1992 79.3 79.7 80.2 80.7 80.8 80.6 81.2 80.6 80.6 81.1 81.2 81.2 79.8 80.7 80.8 81.2 80.6

1993 81.4 81.6 81.4 81.6 81.2 81.2 81.3 81.1 81.4 81.9 82.0 82.3 81.5 81.3 81.3 82.1 81.5

1994 82.4 82.3 82.9 83.1 83.3 83.6 83.5 83.7 83.7 84.2 84.4 85.0 82.5 83.4 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 83.6 83.4 83.4 84.5 83.9 83.8 83.5 83.9

1996 82.5 83.4 82.9 83.3 83.5 83.9 83.4 83.5 83.6 83.2 83.5 83.7 82.9 83.6 83.5 83.5 83.4

1997 83.4 84.0 84.1 83.7 83.7 83.7 83.9 84.2 84.5 84.7 84.9 84.6 83.8 83.7 84.2 84.7 84.1

1998 84.5 84.0 83.5 83.3 83.3 82.3 81.5 82.8 82.2 82.4 82.0 81.9 84.0 83.0 82.2 82.1 82.8

1999 81.9 82.0 81.8 81.7 81.9 81.5 81.7 81.7 81.1 81.9 82.0 82.3 81.9 81.7 81.5 82.1 81.8

2000 82.1 82.0 82.0 82.3 82.2 82.0 81.6 81.1 81.2 80.7 80.4 80.0 82.0 82.2 81.3 80.4 81.5

2001 79.2 78.4 78.0 77.6 76.9 76.2 75.6 75.3 74.8 74.3 73.8 73.7 78.6 76.9 75.2 74.0 76.2

2002 74.0 73.9 74.4 74.6 74.9 75.5 75.3 75.3 75.4 75.2 75.6 75.2 74.1 75.0 75.3 75.3 74.9

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

2004 77.1 77.6 77.2 77.6 78.2 77.6 78.2 78.2 78.3 79.0 79.1 79.7 77.3 77.8 78.2 79.3 78.2

2005 80.0 80.5 80.3 80.3 80.3 80.5 80.2 80.3 78.7 79.6 80.3 80.7 80.2 80.4 79.7 80.2 80.1

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

2007 80.0 80.6 80.6 81.0 80.9 80.8 80.6 80.7 81.0 80.6 81.1 81.1 80.4 80.9 80.8 80.9 80.8

2008 80.9 80.7 80.6 80.0 79.6 79.5 79.0 77.8 74.4 75.0 74.0 71.7 80.8 79.7 77.1 73.6 77.8

2009 70.0 69.4 68.3 67.7 67.0 66.7 67.4 68.2 68.8 69.1 69.5 69.9 69.2 67.1 68.2 69.5 68.5

2010 70.8 71.2 71.8 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 73.5

2011 75.6 75.3 76.0 75.7 75.8 75.9 76.2 76.6 76.4 76.8 76.6 76.9 75.6 75.8 76.4 76.8 76.1

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

2013 76.7 77.1 77.3 77.1 77.0 77.1 76.7 77.2 77.5 77.3 77.4 77.6 77.0 77.1 77.1 77.5 77.2

2014 77.2 77.8 78.5 78.4 78.6 78.8 78.9 78.7 78.8 78.7 79.2 79.0 77.8 78.6 78.8 79.0 78.6

2015 78.6 78.1 77.8 77.3 76.9 76.6 77.0 76.9 76.6 76.3 75.7 75.3 78.1 76.9 76.8 75.8 76.9

2016 75.9 75.3 74.7 74.7 74.6 74.9 75.1 75.0 74.9 75.0 74.9 75.5 75.3 74.8 75.0 75.1 75.0

2017 75.5 75.2 75.7 76.4 76.5 76.6 76.5 76.2 76.1 77.3 77.6 77.9 75.5 76.5 76.3 77.6 76.5

2018 77.6 77.8 78.2 78.8 78.1 78.6 78.8 79.3 79.3 79.2 79.6 79.4 77.9 78.5 79.1 79.4 78.7

2019 79.2 79.1

NOTE: Estimates from October 2018 through February 2019 are subject to further revision in the upcoming monthly releases.

16
Table 2

RATES OF CHANGE IN INDUSTRIAL PRODUCTION, MARKET AND INDUSTRY GROUP SUMMARY: 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 IP 3.4 -3.4 -.3 3.6 3.9 .0 -.1 .2 .6 -.2

MARKET GROUPS

Final products and nonindustrial supplies 1.7 -2.3 .3 2.7 2.1 .0 -.1 .3 .7 -.3

Consumer goods .9 .4 1.0 1.7 1.4 .0 -.1 .2 .4 -.3

Durable 4.3 2.4 3.1 .7 3.0 .2 -.2 .6 1.1 -.8

Automotive products 6.8 3.8 4.9 .6 3.5 .3 -.1 .7 1.2 -.9

Home electronics -.1 4.9 .8 1.3 5.4 -.8 .5 -1.3 -3.7 -.4

Appliances, furniture, carpeting 3.8 3.1 .8 -.5 -1.7 .1 -.3 .5 1.6 -1.1

Miscellaneous goods 1.2 -.1 1.5 1.4 4.0 .1 -.2 .6 1.2 -.5

Nondurable .0 -.1 .4 1.9 .9 .0 -.1 .1 .1 -.2

Non-energy 1.3 .7 -.7 1.6 -.3 .0 -.1 .2 .0 -.4

Foods and tobacco .4 1.7 .3 2.5 -.3 .0 .0 .1 -.7 -.4

Clothing -3.3 -6.1 -2.2 -10.5 -5.6 .1 -.1 .5 -.7 -.6

Chemical products 4.7 -.4 -1.6 2.1 1.1 -.1 -.1 .3 1.3 -.1

Paper products -3.5 -.7 -3.4 -4.5 -6.0 -.1 -1.7 .5 -.2 -1.2

Energy -4.2 -3.2 4.4 3.0 4.7 .0 .0 -.1 .5 .4

Business equipment 3.5 -6.2 -2.1 4.8 4.0 .0 .0 .1 .4 -.1

Transit 11.8 -2.8 -6.4 .2 3.9 .1 .1 -.3 -.5 -.2

Information processing .2 -1.9 3.9 4.1 3.7 .1 -.2 .6 1.0 -.4

Industrial and other 1.0 -9.7 -2.3 7.6 4.3 -.1 -.1 .1 .6 .1

Defense and space equipment -2.0 -3.4 .8 -.8 6.8 .0 -.3 .7 2.5 -2.2

Construction supplies 3.7 -.1 .8 4.1 2.7 .1 -.1 .3 .7 -.4

Business supplies -.2 -1.1 1.4 2.3 .1 .1 -.1 .9 1.3 -.4

Materials 5.2 -4.6 -1.0 4.8 6.0 .0 .0 .1 .6 -.1

Non-energy 1.4 -2.8 .0 2.7 3.2 .0 -.1 .2 .5 .1

Durable 3.0 -4.0 -.7 2.7 3.9 .0 .0 .1 .5 .3

Consumer parts 5.1 -2.0 -.2 .7 3.8 .0 -.1 .0 .1 -.3

Equipment parts 4.2 -5.9 .2 1.8 5.9 -.1 .1 -.1 1.0 1.2

Other 1.6 -3.4 -1.4 4.0 2.7 .0 .0 .2 .5 -.1

Nondurable -1.2 -.9 1.0 2.7 2.3 .0 -.1 .4 .5 -.1

Textile -3.2 -7.6 1.2 -1.3 5.5 -.1 -.2 .7 1.8 1.1

Paper -.8 -2.2 .4 -3.6 -.4 .1 -.1 .3 -.1 -.1

Chemical -2.8 -.5 .6 4.9 4.4 .0 -.2 .4 .7 -.1

Energy 9.5 -7.2 -2.9 8.2 10.1 .0 .0 -.1 .9 -.5

INDUSTRY GROUPS

Manufacturing21.4 -1.7 .3 2.5 2.2 .0 -.1 .3 .6 -.2

Manufacturing (NAICS) 31–33 1.6 -1.7 .3 2.7 2.5 .0 -.1 .2 .5 -.1

Durable manufacturing 2.8 -3.4 -.1 2.6 4.2 .0 -.1 .2 .7 -.1

Wood products 321 4.0 3.2 4.7 5.4 -.9 .1 -.1 .5 1.6 -.4

Nonmetallic mineral products 327 2.8 1.8 .0 5.3 1.4 .1 -.2 .4 .1 -.9

Primary metals 331 -1.1 -8.2 -4.1 4.4 6.4 -.1 .0 -.1 -.1 .7

Fabricated metal products 332 .1 -5.2 -1.6 3.0 4.8 .0 -.1 .2 -.1 -.5

Machinery 333 1.7 -12.5 -2.3 9.3 5.8 -.1 -.1 .0 .3 .0

Computer and electronic products 334 4.2 -1.1 5.1 3.5 4.6 .0 -.2 .6 .9 -.3

Electrical equip., appliances,

and components 335 1.7 -.9 -.2 .0 3.6 .0 .1 -.1 -.5 .6

Motor vehicles and parts 3361–3 7.4 2.7 2.5 -.3 5.5 .3 -.1 .3 .9 .0

Aerospace and miscellaneous

transportation equipment 3364–9 5.7 -5.1 -3.2 -.9 2.9 -.1 .1 -.1 1.6 -.6

Furniture and related products 337 4.6 3.8 -.4 -1.7 1.5 .0 -.1 .2 1.7 -.6

Miscellaneous 339 -1.2 -.6 -1.3 -1.2 2.1 .1 -.1 .4 2.2 .6

Nondurable manufacturing .2 .3 .8 2.7 .8 .0 .0 .2 .3 -.2

Food, beverage, and tobacco products 311,2 .8 1.8 .8 3.1 .1 .0 .0 .1 -.4 -.2

Textile and product mills 313,4 1.5 -7.3 .9 .2 .7 -.1 -.2 .7 1.9 -.1

Apparel and leather 315,6 -3.0 -6.1 -1.9 -10.0 -5.7 .1 -.1 .5 -.6 -.7

Paper 322 .8 -2.4 1.1 -2.6 .0 .1 -.1 .2 -.3 .0

Printing and support 323 -4.0 1.7 1.7 -1.3 -3.2 .0 -.2 .5 .7 -1.3

Petroleum and coal products 324 -6.3 3.3 4.2 2.7 -1.1 .0 -.1 .4 .1 -.8

Chemicals 325 .7 -.9 -.2 4.3 3.0 .0 -.1 .4 1.0 .0

Plastics and rubber products 326 4.5 .8 1.3 2.8 .0 .0 .1 -.2 .8 .2

Other manufacturing (non-NAICS) 1133,5111 -5.0 -1.2 -1.5 -3.5 -10.5 .4 -1.3 3.6 3.5 -2.3

Mining 21 12.6 -10.1 -6.2 11.3 13.7 .1 .1 .0 .7 -.3

Utilities 2211,2 -.7 -4.2 2.2 3.1 2.7 -.1 .0 -.2 .9 -.3

Electric 2211 -.5 -3.1 2.2 2.0 .8 -.1 .0 .0 .9 -.7

Natural gas 2212 -3.0 -12.4 2.6 10.1 13.3 -.1 -.3 -1.0 .4 1.5

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

heading.

2. 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: 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 3.4 -3.4 -.3 3.6 3.9 .0 -.1 .2 .6 -.2

Energy 7.2 -7.5 -1.6 7.0 8.6 .0 .0 -.1 .7 -.2

Consumer products -4.2 -3.2 4.4 3.0 4.7 .0 .0 -.1 .5 .4

Commercial products .1 .0 2.3 2.1 2.7 .0 .0 -.1 .3 .2

Oil and gas well drilling 213111 19.8 -45.5 -26.5 37.2 19.3 .2 .2 .2 .8 1.2

Converted fuel .2 -2.7 .6 2.4 3.2 -.2 .0 -.1 1.4 -1.0

Primary energy 11.8 -8.3 -4.3 10.5 12.5 .1 .1 -.1 .7 -.3

Non-energy 1.8 -1.8 .1 2.5 2.2 .0 -.1 .3 .6 -.2

Selected high-technology industries 8.5 2.0 7.9 1.9 5.3 -.2 .1 -.6 -1.3 .1

Computers and peripheral equipment 3341 8.0 -3.8 12.2 12.2 1.1 -.1 .3 -1.0 -7.2 .1

Communications equipment 3342 -5.1 6.9 5.0 -5.1 6.8 -.5 .2 -2.1 -2.1 .3

Semiconductors and related

electronic components 3344 14.5 1.5 8.0 2.4 6.0 -.1 .0 .2 .4 .1

Excluding selected high-technology

industries 1.5 -1.9 -.2 2.6 2.1 .0 -.1 .4 .7 -.3

Motor vehicles and parts 3361–3 7.4 2.7 2.5 -.3 5.5 .3 -.1 .3 .9 .0

Motor vehicles 3361 5.2 4.6 1.8 -5.4 9.5 .5 .0 .3 -.2 .0

Motor vehicle parts 3363 9.1 1.2 3.7 2.6 4.4 .0 .0 .0 1.2 .6

Excluding motor vehicles and parts 1.0 -2.3 -.4 2.8 1.8 .0 -.1 .4 .7 -.3

Consumer goods 1.4 .7 -.4 1.7 .1 .0 -.1 .3 .3 -.5

Business equipment 3.5 -8.1 -2.4 5.8 3.0 -.1 -.1 .1 .8 .0

Construction supplies 3.7 -.1 .8 4.2 2.7 .1 -.1 .3 .7 -.4

Business supplies -1.3 -1.6 .4 2.4 -1.2 .1 -.2 1.3 1.8 -.7

Materials .3 -3.1 -.5 2.9 3.0 .0 -.1 .2 .5 .0

Measures excluding selected high-technology

industries

Total industry 3.3 -3.5 -.5 3.7 3.9 .0 -.1 .2 .7 -.3

Manufacturing2

1.1 -1.8 .0 2.5 2.1 .0 -.1 .3 .7 -.2

Durable 2.4 -3.8 -.6 2.7 4.0 .0 -.1 .3 .9 -.2

Measures excluding motor vehicles and parts

Total industry 3.2 -3.7 -.5 3.9 3.8 .0 -.1 .2 .6 -.3

Manufacturing2

1.0 -2.0 .1 2.7 1.9 .0 -.1 .3 .6 -.2

Durable 2.1 -4.4 -.6 3.2 3.9 .0 -.1 .2 .7 -.2

Measures excluding selected high-technology

industries and motor vehicles and parts

Total industry 3.1 -3.9 -.7 3.9 3.8 .0 -.1 .2 .7 -.3

Manufacturing2

.7 -2.2 -.2 2.8 1.8 .0 -.1 .4 .7 -.2

Stage-of-process components

of non-energy materials,

measures of the input to

Finished processors 3.2 -4.2 .2 .3 4.1 .0 .0 .1 .5 .5

Primary and semifinished processors .2 -1.8 -.1 4.2 2.7 .0 -.1 .3 .5 -.1

STAGE-OF-PROCESS GROUPS

Crude 8.2 -6.3 -3.1 8.0 10.6 .1 .1 .1 .7 -.1

Primary and semifinished 1.3 -2.4 .8 2.5 2.1 .0 -.1 .3 .7 -.2

Finished 2.7 -3.0 -.5 3.0 2.6 .0 -.1 .2 .6 -.4

1. See footnote 1 to table 2.

2. See footnote 2 to table 2.

18
Table 4

ANNUAL RATES OF CHANGE FOR INDUSTRIAL PRODUCTION: 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 IP 3.1 -1.0 -2.0 2.3 3.9 .0 .0 .0 .7 -.2

MARKET GROUPS

Consumer goods .8 1.4 .6 .5 2.1 .0 .0 .0 .5 -.3

Durable 4.9 3.9 2.2 1.5 2.2 .0 .0 .0 1.5 -.4

Nondurable -.3 .7 .1 .3 2.1 .0 .0 -.1 .3 -.2

Business equipment 1.8 -2.0 -5.3 3.6 3.2 .0 .0 .0 .4 .2

Defense and space equipment -3.4 -2.4 -2.8 2.1 2.4 .0 .0 .0 1.8 -.5

Construction supplies 3.2 .7 .9 3.5 2.8 .0 .0 .0 .9 -.6

Business supplies 1.0 -1.3 .6 2.3 .9 .0 .1 .1 1.8 -.4

Materials 5.0 -1.5 -3.0 2.7 5.9 .0 .0 -.1 .7 -.1

Non-energy 1.9 -1.8 -1.1 2.0 3.1 .0 .0 .0 .5 .1

Energy 8.5 -1.2 -6.0 4.0 10.1 .0 .1 -.2 .9 -.3

INDUSTRY GROUPS

Manufacturing21.1 -.5 -.8 2.0 2.3 .0 .0 .0 .7 -.1

Manufacturing (NAICS) 1.2 -.4 -.7 2.0 2.7 .0 .0 .0 .6 .0

Durable manufacturing 2.9 -1.1 -2.1 2.2 3.4 .0 .0 .0 .7 .1

Nondurable manufacturing -.6 .3 .8 1.9 1.9 .0 .0 .0 .4 -.1

Other manufacturing (non-NAICS) -1.3 -3.7 -2.6 -.6 -9.9 .0 .0 .0 6.3 -2.8

Mining 10.8 -3.3 -9.9 7.4 12.4 .0 .1 -.2 .9 -.3

Utilities 1.3 -.7 -.4 -.8 4.4 .0 .0 .0 .5 -.4

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: 2015–191

Difference between

Revised change revised and earlier changes

Item (percent) (percentage points)

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Total industry .7 .5 .3 1.5 2.0 .0 -.1 -.3 -.5 -.3

Manufacturing2-.4 1.2 .3 .7 1.3 -.1 -.1 -.4 -.7 -.1

Manufacturing (NAICS) -.3 1.3 .5 .8 1.4 -.1 -.1 -.4 -.7 -.1

Durable manufacturing .2 1.0 .6 1.0 1.7 -.1 .2 -.3 -.3 -.1

Nondurable manufacturing -.9 1.7 .4 .6 1.3 -.1 -.4 -.5 -.7 .0

Other manufacturing (non-NAICS) -3.7 -3.2 -4.2 -3.6 -2.8 -.3 -.6 -.6 -.7 -.2

Mining .9 -2.8 .5 7.4 5.3 .0 .3 1.4 1.7 -1.8

Utilities .4 1.4 1.4 1.7 2.6 .0 -.2 -.5 -.3 .5

Selected high-technology industries 2.0 10.6 3.9 3.0 7.3 -1.3 3.1 .7 -2.5 .5

Manufacturing2ex. selected

high-technology industries -.5 .9 .2 .6 1.1 -.1 -.2 -.4 -.6 -.1

STAGE-OF-PROCESS GROUPS

Crude .4 -2.1 .5 5.3 4.1 .0 .2 1.0 1.3 -1.6

Primary and semifinished -.3 1.7 -.1 .8 1.5 -.1 .0 -.8 -.6 .0

Finished .0 .7 1.1 1.0 1.6 -.1 -.3 .0 -.2 .1

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

heading.

2. See footnote 2 to table 2.

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-

2018 2015 2016 2017 2018 2015 2016 2017 2018

Ave. Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4

Total industry 79.8 75.8 75.1 77.6 79.4 -.4 -.1 .5 .7

Manufacturing178.3 74.9 74.2 75.8 77.0 -.5 -.2 .6 1.0

Manufacturing (NAICS) 31–33 78.2 75.3 74.5 76.2 77.5 -.5 -.3 .4 .9

Durable manufacturing 76.8 74.1 73.3 74.7 77.1 -.6 -.6 .2 .4

Wood products 321 76.7 76.1 77.6 80.6 77.6 .8 .9 2.2 2.1

Nonmetallic mineral products 327 74.0 67.7 65.5 67.8 67.6 1.8 1.4 2.3 2.6

Primary metals 331 78.0 65.0 63.3 69.0 74.8 -2.6 -3.1 .2 1.7

Fabricated metal products 332 77.6 77.1 75.9 78.4 81.6 -.5 -.2 -.3 -.5

Machinery 333 77.6 67.7 67.2 74.6 80.0 -.9 -.8 -.7 -.5

Computer and electronic products 334 77.4 70.9 69.9 70.4 71.8 .2 -.5 -.2 .4

Electrical equip., appliances,

and components 335 81.9 76.3 75.8 74.9 76.2 -1.0 -.9 -1.0 -.1

Motor vehicles and parts 3361–3 75.1 79.0 79.7 76.9 79.8 -.9 -.7 -.3 -.3

Aerospace and miscellaneous

transportation equipment 3364–9 74.2 79.1 76.0 75.4 76.6 -1.3 -1.1 .1 -1.4

Furniture and related products 337 77.0 81.3 79.7 78.1 77.8 -.1 .7 2.4 1.6

Miscellaneous 339 76.6 79.8 80.6 79.4 79.4 -.5 .4 1.7 1.9

Nondurable manufacturing 80.0 76.6 76.0 77.7 77.9 -.4 .1 .7 1.1

Food, beverage, and tobacco products 311,2 80.4 77.1 76.0 77.0 75.7 -.5 .2 .3 .4

Textile and product mills 313,4 78.8 68.2 69.7 71.2 71.8 .2 .7 2.5 2.2

Apparel and leather 315,6 76.1 66.1 68.5 64.8 63.8 -.3 .1 -.1 .0

Paper 322 86.7 85.4 88.5 86.5 87.2 .1 .4 .3 .2

Printing and support 323 79.7 71.3 74.9 75.3 72.4 1.1 1.6 1.5 .0

Petroleum and coal products 324 85.0 81.2 76.0 80.9 80.4 -.4 -.1 1.4 2.2

Chemicals 325 76.7 72.8 72.6 75.3 77.9 -.8 -.2 .6 1.3

Plastics and rubber products 326 82.1 85.1 83.3 83.7 80.8 -.2 .3 1.5 2.1

Other manufacturing (non-NAICS) 1133,5111 79.8 64.1 65.3 65.7 61.0 -.2 2.5 5.2 3.8

Mining 21 87.1 81.4 78.5 87.0 92.1 .4 .1 -.6 -2.4

Utilities 2211,2 85.4 77.3 77.9 79.2 80.1 -.2 -.2 .9 1.0

Selected high-technology industries 77.3 74.7 72.9 71.5 73.1 1.9 -.6 -2.0 -.2

Computers and peripheral equipment 3341 77.8 75.1 78.3 73.8 72.9 8.6 -5.5 -21.4 -10.3

Communications equipment 3342 76.1 72.0 72.1 64.2 63.0 .5 -.2 -1.0 -3.1

Semiconductors and related

electronic components 3344 78.7 75.7 71.9 74.1 78.1 .8 .2 1.6 3.7

Measures excluding selected high-technology

industries

Total industry 79.9 75.8 75.2 77.7 79.5 -.4 -.1 .6 .7

Manufacturing178.3 74.9 74.3 76.0 77.1 -.6 -.1 .7 1.0

STAGE-OF-PROCESS GROUPS

Crude 86.1 80.7 79.4 86.0 90.5 .2 .0 -.3 -1.5

Primary and semifinished 80.4 75.6 74.9 76.9 78.0 -.2 .0 1.0 1.3

Finished 76.8 74.3 73.6 74.7 75.7 -.7 -.3 .3 .3

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)

1989 .8 -1.0 -.1 .3 -.9 .2 -1.1 .9 -.3 -.2 .2 .1 2.1 -2.7 -3.2 .5 .8

1990 -.2 1.4 .5 -.3 .2 .3 -.2 .3 .0 -.8 -1.1 -.7 4.2 3.0 1.1 -6.7 .8

1991 -.7 -.7 -.7 .3 .7 1.1 .3 .2 1.1 -.2 -.2 -.2 -8.8 1.8 7.3 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 .7 .9 .4 .6 4.6 1.4 .8 7.0 3.6

1994 .2 .1 1.3 .8 .6 .3 .4 .8 .5 1.0 .8 1.1 4.9 9.5 6.1 10.3 5.9

1995 .2 -.3 .3 -.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 -.2 .9 .9 1.9 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 7.0 10.5 11.4 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 8.7 5.1

2000 .1 .2 .6 .7 -.1 .2 .1 -.7 .4 -.3 -.3 -.6 4.5 4.8 -.4 -2.4 4.1

2001 -.6 -.6 -.2 -.3 -.6 -.7 -.5 -.5 -.2 -.6 -.3 .3 -6.0 -5.2 -5.8 -3.8 -3.7

2002 .6 .0 .8 .2 .5 1.1 -.3 .2 .1 -.4 .5 -.5 3.6 5.8 3.1 -.3 .5

2003 .7 -.1 .1 -.9 .1 .5 .2 -.4 .8 .1 1.0 -.2 2.1 -2.2 2.5 4.4 1.3

2004 .0 .8 -.2 .4 .8 -.7 .9 .5 .0 1.0 -.1 .7 2.6 3.3 4.0 5.5 3.1

2005 .7 .8 -.5 .4 .3 .1 -.3 .5 -1.0 1.5 .8 .2 6.6 2.3 -.7 6.4 4.1

2006 .8 -.3 .0 .5 -.4 .4 -.3 .7 .1 -.4 .0 1.4 3.8 .8 1.0 1.5 2.6

2007 -.5 .4 .9 .7 -.1 .3 .1 -.3 .5 -.3 .6 .1 4.0 5.9 1.1 1.2 2.8

2008 -.4 -.6 -.3 -1.1 -.5 -.7 -1.2 -1.2 -3.5 -.6 -2.4 -3.5 -2.6 -8.2 -14.0 -21.9 -4.8

2009 -3.0 -.1 -1.9 -.7 -1.1 -.3 1.5 1.1 .9 .2 1.0 -.2 -24.4 -10.6 8.1 7.1 -13.8

2010 1.1 .0 1.2 .8 1.4 -.1 .6 .1 .0 .1 .0 .5 6.9 10.4 4.2 1.2 5.8

2011 .2 .1 .6 -.6 .1 .1 .6 .4 .3 .5 -.3 .7 3.1 -.1 4.5 3.8 2.9

2012 .8 .3 -.5 .5 -.4 .2 -.1 -.2 -.1 -.4 .7 .8 5.2 .6 -1.1 1.2 2.6

2013 -.3 .5 -.1 -.4 .3 .2 -.9 .9 .1 .1 .0 .0 2.9 -.1 -.1 1.7 .9

2014 -1.1 1.0 .8 -.2 .3 .4 .4 -.5 .0 -.1 .8 -.3 -.8 4.3 1.6 .5 1.1

2015 -.4 -.7 .3 -.1 .0 -.4 .7 -.3 -.4 .0 -.3 -.3 -2.9 -1.2 .2 -2.8 -.5

2016 .7 -.6 -.2 -.4 .0 .3 .3 -.4 .4 .3 .1 .3 -.3 -2.4 1.2 2.5 -.8

2017 .6 -.1 -.3 1.1 -.2 .1 -.2 -.3 -.2 1.3 .3 -.1 3.0 3.4 -1.6 5.3 2.0

2018 -.4 1.1 .0 .4 -.8 .7 .4 .4 .0 -.2 .4 .6 1.6 2.0 3.6 1.5 2.3

2019 -.3 -.4

IP (2012=100)

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 63.0 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 66.2 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 78.5 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 87.9 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 98.4 98.1 97.5 97.5 98.7 98.6 98.0 98.2

2001 97.0 96.3 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 96.0 95.6 96.0 95.6 93.7 95.1 95.8 95.7 95.1

2003 96.2 96.2 96.3 95.5 95.6 96.0 96.3 95.9 96.6 96.8 97.7 97.5 96.2 95.7 96.3 97.3 96.4

2004 97.5 98.3 98.1 98.5 99.3 98.5 99.4 99.9 99.9 100.9 100.8 101.5 98.0 98.8 99.7 101.1 99.4

2005 102.3 103.1 102.6 103.0 103.4 103.5 103.1 103.6 102.6 104.1 104.9 105.1 102.7 103.3 103.1 104.7 103.4

2006 105.9 105.6 105.6 106.1 105.6 106.0 105.7 106.4 106.4 106.0 106.1 107.6 105.7 105.9 106.2 106.6 106.1

2007 107.0 107.5 108.4 109.1 109.0 109.4 109.5 109.2 109.7 109.3 110.0 110.1 107.6 109.2 109.5 109.8 109.0

2008 109.6 108.9 108.6 107.4 106.8 106.1 104.8 103.6 100.0 99.3 97.0 93.6 109.1 106.8 102.8 96.6 103.8

2009 90.8 90.6 89.0 88.3 87.4 87.1 88.4 89.4 90.2 90.4 91.2 91.1 90.1 87.6 89.3 90.9 89.5

2010 92.1 92.0 93.1 93.9 95.2 95.1 95.7 95.7 95.7 95.8 95.9 96.3 92.4 94.7 95.7 96.0 94.7

2011 96.5 96.6 97.1 96.6 96.7 96.8 97.4 97.8 98.1 98.7 98.4 99.1 96.7 96.7 97.8 98.7 97.5

2012 99.9 100.2 99.8 100.3 99.9 100.1 100.0 99.8 99.7 99.4 100.1 100.9 100.0 100.1 99.8 100.1 100.0

2013 100.6 101.0 100.9 100.5 100.8 101.1 100.1 101.0 101.2 101.2 101.2 101.2 100.8 100.8 100.8 101.2 100.9

2014 100.0 101.1 101.9 101.8 102.0 102.4 102.9 102.3 102.3 102.2 103.0 102.7 101.0 102.1 102.5 102.6 102.0

2015 102.2 101.5 101.9 101.7 101.7 101.3 102.0 101.7 101.2 101.2 100.9 100.6 101.9 101.6 101.6 100.9 101.5

2016 101.3 100.7 100.5 100.1 100.1 100.4 100.7 100.3 100.7 101.0 101.1 101.4 100.8 100.2 100.5 101.2 100.7

2017 102.0 102.0 101.7 102.8 102.6 102.8 102.6 102.3 102.1 103.5 103.8 103.7 101.9 102.7 102.3 103.7 102.7

2018 103.3 104.4 104.5 104.9 104.1 104.8 105.2 105.7 105.7 105.4 105.9 106.5 104.1 104.6 105.5 105.9 105.0

2019 106.1 105.7

NOTE: Estimates from October 2018 through February 2019 are subject to further revision in the upcoming monthly releases.

1. See footnote 2 to table 2.

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

21
Table 7B

CAPACITY AND UTILIZATION: Manufacturing1

Seasonally adjusted

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

Capacity

(percent of

2012 output)

1989 74.4 74.5 74.7 74.8 75.0 75.1 75.3 75.5 75.7 75.9 76.1 76.3 74.5 75.0 75.5 76.1 75.3

1990 76.5 76.7 76.9 77.0 77.2 77.4 77.5 77.7 77.8 77.9 78.1 78.2 76.7 77.2 77.7 78.1 77.4

1991 78.3 78.4 78.5 78.6 78.6 78.7 78.8 78.9 79.0 79.2 79.3 79.4 78.4 78.7 78.9 79.3 78.8

1992 79.6 79.8 80.0 80.2 80.4 80.6 80.8 81.0 81.2 81.4 81.5 81.7 79.8 80.4 81.0 81.5 80.7

1993 81.9 82.0 82.2 82.3 82.4 82.5 82.7 82.8 82.9 83.1 83.3 83.4 82.0 82.4 82.8 83.3 82.6

1994 83.6 83.9 84.1 84.3 84.6 84.9 85.1 85.4 85.7 86.1 86.4 86.7 83.9 84.6 85.4 86.4 85.1

1995 87.0 87.4 87.7 88.1 88.4 88.8 89.2 89.6 90.0 90.4 90.8 91.3 87.4 88.4 89.6 90.8 89.0

1996 91.8 92.2 92.7 93.2 93.7 94.2 94.8 95.3 95.8 96.3 96.8 97.4 92.2 93.7 95.3 96.8 94.5

1997 97.9 98.5 99.1 99.6 100.2 100.9 101.5 102.2 102.9 103.7 104.4 105.2 98.5 100.3 102.2 104.4 101.3

1998 106.0 106.8 107.5 108.3 109.1 109.8 110.5 111.2 111.9 112.5 113.1 113.7 106.8 109.1 111.2 113.1 110.0

1999 114.3 114.8 115.4 115.9 116.4 117.0 117.5 118.0 118.5 119.0 119.5 120.0 114.8 116.4 118.0 119.5 117.2

2000 120.5 121.0 121.5 122.0 122.4 122.9 123.4 123.9 124.4 124.9 125.3 125.8 121.0 122.4 123.9 125.3 123.2

2001 126.2 126.7 127.1 127.5 127.8 128.2 128.5 128.8 129.0 129.2 129.4 129.6 126.6 127.8 128.7 129.4 128.2

2002 129.8 129.9 130.1 130.2 130.2 130.3 130.3 130.4 130.4 130.4 130.4 130.4 129.9 130.2 130.4 130.4 130.2

2003 130.4 130.4 130.4 130.4 130.3 130.3 130.3 130.2 130.2 130.1 130.1 130.1 130.4 130.3 130.2 130.1 130.3

2004 130.0 130.0 129.9 129.9 129.8 129.8 129.8 129.9 129.9 130.0 130.1 130.3 130.0 129.9 129.9 130.1 130.0

2005 130.4 130.6 130.9 131.1 131.3 131.6 131.9 132.1 132.4 132.7 132.9 133.1 130.6 131.4 132.1 132.9 131.8

2006 133.4 133.6 133.8 134.0 134.2 134.4 134.6 134.8 135.1 135.4 135.7 136.0 133.6 134.2 134.9 135.7 134.6

2007 136.3 136.7 137.0 137.4 137.8 138.1 138.4 138.7 139.0 139.2 139.4 139.5 136.7 137.8 138.7 139.4 138.1

2008 139.5 139.6 139.5 139.4 139.3 139.2 139.0 138.8 138.6 138.4 138.2 138.0 139.5 139.3 138.8 138.2 139.0

2009 137.8 137.6 137.4 137.2 137.0 136.8 136.6 136.4 136.2 136.0 135.8 135.6 137.6 137.0 136.4 135.8 136.7

2010 135.3 135.1 134.9 134.7 134.4 134.2 133.9 133.7 133.5 133.2 133.1 132.9 135.1 134.4 133.7 133.1 134.1

2011 132.7 132.6 132.5 132.5 132.4 132.5 132.5 132.6 132.7 132.8 132.9 133.1 132.6 132.5 132.6 132.9 132.6

2012 133.2 133.4 133.6 133.7 133.9 134.1 134.2 134.4 134.6 134.7 134.9 135.0 133.4 133.9 134.4 134.9 134.1

2013 135.1 135.3 135.4 135.5 135.6 135.6 135.7 135.7 135.8 135.8 135.8 135.9 135.3 135.6 135.7 135.8 135.6

2014 135.9 135.9 135.8 135.8 135.8 135.7 135.7 135.6 135.5 135.4 135.3 135.2 135.9 135.8 135.6 135.3 135.6

2015 135.1 135.0 134.9 134.8 134.7 134.6 134.6 134.6 134.6 134.7 134.7 134.8 135.0 134.7 134.6 134.7 134.8

2016 134.9 135.1 135.2 135.3 135.5 135.6 135.8 135.9 136.1 136.2 136.3 136.4 135.1 135.5 135.9 136.3 135.7

2017 136.5 136.5 136.6 136.6 136.6 136.7 136.7 136.7 136.7 136.7 136.7 136.7 136.5 136.6 136.7 136.7 136.6

2018 136.8 136.8 136.9 136.9 137.0 137.1 137.2 137.3 137.4 137.5 137.6 137.7 136.8 137.0 137.3 137.6 137.2

2019 137.9 138.0

Utilization

(percent)

1989 85.5 84.5 84.3 84.3 83.4 83.4 82.2 82.7 82.3 81.9 81.9 81.8 84.8 83.7 82.4 81.9 83.2

1990 81.4 82.3 82.6 82.1 82.1 82.2 81.9 82.0 81.8 81.0 80.0 79.3 82.1 82.1 81.9 80.1 81.5

1991 78.6 77.9 77.3 77.5 77.9 78.7 78.8 78.9 79.7 79.4 79.1 78.8 77.9 78.0 79.1 79.1 78.6

1992 78.2 78.7 79.3 79.6 79.8 79.8 80.4 79.8 79.7 80.0 80.1 79.9 78.7 79.7 79.9 80.0 79.6

1993 80.5 80.6 80.2 80.5 80.4 80.1 80.2 79.9 80.3 80.8 81.0 81.3 80.4 80.3 80.1 81.0 80.5

1994 81.2 81.1 82.0 82.4 82.7 82.6 82.7 83.1 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 82.2 82.6 82.4 82.4 82.6 82.0 82.3 82.6 81.6 82.2 82.4 82.3 82.1

1997 82.2 82.9 83.2 82.6 82.7 82.7 82.8 83.2 83.4 83.5 83.8 83.5 82.8 82.7 83.1 83.6 83.0

1998 83.6 83.1 82.4 82.2 82.0 80.8 80.0 81.5 80.8 81.2 80.9 80.9 83.0 81.7 80.8 81.0 81.6

1999 80.7 81.0 80.5 80.5 80.8 80.2 80.2 80.4 79.7 80.6 80.7 80.9 80.7 80.5 80.1 80.7 80.5

2000 80.7 80.5 80.7 80.9 80.5 80.3 80.1 79.3 79.3 78.8 78.3 77.6 80.6 80.6 79.6 78.2 79.7

2001 76.8 76.1 75.7 75.2 74.5 73.8 73.3 72.8 72.5 71.9 71.6 71.7 76.2 74.5 72.9 71.8 73.8

2002 72.1 71.9 72.4 72.5 72.9 73.6 73.4 73.5 73.6 73.3 73.6 73.3 72.1 73.0 73.5 73.4 73.0

2003 73.8 73.7 73.8 73.2 73.3 73.7 73.9 73.6 74.2 74.3 75.1 75.0 73.8 73.4 73.9 74.8 74.0

2004 75.0 75.6 75.5 75.8 76.4 75.9 76.6 76.9 76.9 77.6 77.5 77.9 75.4 76.1 76.8 77.7 76.5

2005 78.4 79.0 78.4 78.6 78.7 78.6 78.2 78.4 77.5 78.5 78.9 78.9 78.6 78.6 78.0 78.8 78.5

2006 79.4 79.1 78.9 79.2 78.7 78.9 78.5 78.9 78.8 78.3 78.2 79.1 79.1 78.9 78.7 78.5 78.8

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

2008 78.6 78.1 77.8 77.0 76.7 76.2 75.4 74.6 72.1 71.8 70.2 67.8 78.2 76.6 74.1 69.9 74.7

2009 65.9 65.9 64.7 64.4 63.8 63.7 64.7 65.6 66.2 66.5 67.2 67.2 65.5 64.0 65.5 66.9 65.5

2010 68.0 68.1 69.0 69.7 70.8 70.9 71.4 71.6 71.7 71.9 72.0 72.5 68.4 70.5 71.6 72.1 70.7

2011 72.7 72.8 73.3 72.9 73.0 73.1 73.5 73.8 74.0 74.3 74.0 74.5 72.9 73.0 73.8 74.3 73.5

2012 75.0 75.1 74.7 75.0 74.6 74.7 74.5 74.2 74.1 73.8 74.2 74.7 74.9 74.8 74.3 74.2 74.5

2013 74.4 74.7 74.5 74.2 74.4 74.5 73.8 74.4 74.5 74.5 74.5 74.5 74.5 74.4 74.2 74.5 74.4

2014 73.6 74.4 75.0 74.9 75.2 75.5 75.8 75.5 75.5 75.5 76.1 75.9 74.3 75.2 75.6 75.8 75.2

2015 75.7 75.2 75.5 75.5 75.5 75.2 75.8 75.5 75.2 75.1 74.9 74.6 75.5 75.4 75.5 74.9 75.3

2016 75.1 74.6 74.3 74.0 73.9 74.0 74.1 73.8 74.0 74.1 74.1 74.4 74.7 74.0 74.0 74.2 74.2

2017 74.8 74.7 74.5 75.3 75.1 75.2 75.1 74.8 74.7 75.7 75.9 75.8 74.6 75.2 74.9 75.8 75.1

2018 75.5 76.3 76.3 76.6 76.0 76.5 76.7 77.0 76.9 76.7 76.9 77.3 76.1 76.4 76.9 77.0 76.6

2019 77.0 76.6

NOTE: Estimates from October 2018 through February 2019 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 2011 2012 2013 2014 2015 2016 2017 2018

Total IP 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

MARKET GROUPS

Final products and nonindustrial supplies 52.2 51.6 50.8 52.1 55.2 55.6 54.4 53.8

Consumer goods 26.2 25.2 24.8 25.4 27.8 28.7 27.9 27.6

Durable 5.1 5.1 5.3 5.6 6.3 6.6 6.4 6.3

Automotive products 2.4 2.4 2.5 2.8 3.3 3.5 3.3 3.3

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

Appliances, furniture, carpeting .7 .7 .7 .8 .9 .9 .9 .8

Miscellaneous goods 1.8 1.8 1.8 1.9 2.0 2.1 2.0 2.0

Nondurable 21.1 20.2 19.5 19.8 21.5 22.1 21.5 21.3

Non-energy 15.9 15.2 14.9 15.3 16.9 17.3 16.5 16.2

Foods and tobacco 8.7 8.5 8.5 8.7 9.6 9.8 9.5 9.3

Clothing .3 .2 .2 .2 .2 .2 .2 .2

Chemical products 5.1 4.8 4.5 4.8 5.4 5.6 5.3 5.3

Paper products 1.3 1.2 1.1 1.2 1.2 1.2 1.1 1.0

Energy 5.2 4.9 4.7 4.5 4.6 4.8 5.0 5.1

Business equipment 9.3 9.8 9.6 9.9 10.2 9.7 9.5 9.4

Transit 1.9 2.2 2.3 2.6 2.8 2.6 2.4 2.4

Information processing 2.1 2.3 2.2 2.1 2.2 2.2 2.2 2.1

Industrial and other 5.2 5.3 5.1 5.3 5.2 5.0 4.9 4.9

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

Construction supplies 4.1 4.1 4.3 4.5 4.9 5.1 5.2 5.3

Business supplies 9.5 9.1 8.8 8.9 9.2 9.3 9.1 8.8

Materials 47.8 48.4 49.2 47.9 44.8 44.4 45.6 46.2

Non-energy 27.0 26.6 26.1 26.7 27.7 27.9 27.6 27.8

Durable 16.0 16.0 15.7 16.3 16.8 16.7 16.3 16.4

Consumer parts 2.5 2.7 2.8 2.9 3.1 3.1 3.0 3.0

Equipment parts 5.5 5.4 5.1 5.3 5.3 5.0 4.8 4.8

Other 7.9 7.8 7.9 8.1 8.4 8.5 8.5 8.7

Nondurable 11.0 10.6 10.4 10.4 10.9 11.3 11.3 11.3

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

Paper 2.0 2.0 1.9 1.9 2.0 2.0 1.9 1.8

Chemical 5.5 5.3 5.1 5.0 5.2 5.6 5.8 6.0

Energy 20.8 21.8 23.1 21.2 17.2 16.5 18.0 18.4

INDUSTRY GROUPS

Manufacturing 72.8 72.0 70.6 72.1 76.2 77.0 75.6 75.0

Manufacturing (NAICS) 31–33 70.1 69.6 68.3 69.8 73.9 74.6 73.4 73.2

Durable manufacturing 36.1 36.4 36.1 37.5 39.1 38.7 37.7 37.7

Wood products 321 .9 1.0 1.1 1.2 1.3 1.4 1.4 1.4

Nonmetallic mineral products 327 1.6 1.6 1.7 1.9 2.1 2.2 2.2 2.2

Primary metals 331 2.8 2.5 2.6 2.6 2.5 2.6 2.7 2.9

Fabricated metal products 332 5.3 5.3 5.4 5.5 5.7 5.6 5.5 5.6

Machinery 333 5.5 5.8 5.5 5.8 5.6 5.2 5.3 5.4

Computer and electronic products 334 5.8 5.6 5.2 5.1 5.2 5.1 4.9 4.8

Electrical equip., appliances,

and components 335 1.8 1.8 1.7 1.8 1.9 1.9 1.8 1.8

Motor vehicles and parts 3361–3 4.2 4.4 4.6 5.1 5.8 6.0 5.6 5.6

Aerospace and miscellaneous

transportation equipment 3364–9 4.2 4.3 4.4 4.7 4.9 4.5 4.3 4.1

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

Miscellaneous 339 3.0 2.8 2.8 2.8 2.9 3.0 2.8 2.6

Nondurable manufacturing 34.1 33.2 32.1 32.3 34.7 35.9 35.7 35.5

Food, beverage, and tobacco products 311,2 10.6 10.2 10.3 10.5 11.5 11.9 11.6 11.3

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

Apparel and leather 315,6 .3 .3 .2 .2 .2 .2 .2 .2

Paper 322 2.5 2.5 2.5 2.5 2.6 2.6 2.5 2.4

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

Petroleum and coal products 324 3.9 3.7 3.2 2.8 2.8 2.9 3.4 3.4

Chemicals 325 11.7 11.4 10.8 11.1 12.0 12.4 12.4 12.7

Plastics and rubber products 326 2.9 3.0 3.0 3.1 3.5 3.6 3.6 3.5

Other manufacturing (non-NAICS) 1133,5111 2.6 2.4 2.3 2.3 2.4 2.3 2.2 1.9

Mining 21 17.3 18.6 19.9 17.8 13.1 12.1 14.0 14.6

Utilities 2211,2 9.9 9.4 9.5 10.1 10.7 10.9 10.4 10.4

Electric 2211 8.7 8.3 8.5 8.9 9.4 9.5 8.9 8.7

Natural gas 2212 1.2 1.0 1.1 1.2 1.2 1.4 1.5 1.6

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 2018 and 2019 would account for a 0.377 percent increase in total IP.

23
Table 9

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY

Seasonally adjusted

2012=100 Percent change

2018 2019 2018 2019 Feb. ’18 to

Industrial production Sept.r Oct.r Nov.r Dec.r

Jan.rFeb.rSept.r Oct.r Nov.r Dec.rJan.rFeb.rFeb. ’19

Total index 109.7 109.8 110.6 110.5 110.4 110.5 .1 .1 .7 -.1 -.1 .0 3.6

Previous estimates 109.1 109.2 109.8 109.9 109.5 109.7 .2 .1 .6 .1 -.4 .1 3.5

Major market groups

Final Products 104.0 104.2 104.8 104.6 104.3 104.3 .2 .2 .6 -.2 -.2 .0 1.9

Consumer goods 106.5 106.7 107.3 106.6 106.0 106.1 .1 .2 .6 -.7 -.5 .1 .3

Business equipment 102.5 102.6 103.2 103.6 104.0 103.2 .5 .1 .6 .4 .3 -.7 3.9

Nonindustrial supplies 108.2 108.6 109.1 109.4 109.4 109.2 -.3 .4 .4 .2 .0 -.1 .7

Construction 114.8 115.3 116.0 117.8 117.7 117.2 -.4 .4 .6 1.5 .0 -.4 1.8

Materials 114.8 114.7 115.8 115.7 115.8 116.0 .2 .0 .9 .0 .1 .1 5.9

Major industry groups

Manufacturing (see note below) 105.7 105.4 105.9 106.5 106.1 105.7 .0 -.2 .4 .6 -.3 -.4 1.2

Previous estimates 105.2 104.9 105.1 105.7 105.2 104.8 .3 -.3 .2 .6 -.5 -.4 1.0

Mining 128.5 128.7 129.8 131.7 132.8 132.5 1.0 .2 .9 1.4 .9 -.2 12.9

Utilities 105.6 108.3 111.2 103.7 104.4 108.2 -.4 2.6 2.7 -6.7 .6 3.6 7.6

Capacity

Percent of capacity growth

Average 1988- 1990- 1994- 2008-

1972- 89 91 95 09 2018 2018 2019 Feb. ’18 to

Capacity utilization 2018 high low high low Feb. Sept.r Oct.r Nov.r Dec.r

Jan.rFeb.rFeb. ’19

Total industry 79.8 85.1 78.8 85.0 66.7 77.8 79.3 79.2 79.6 79.4 79.2 79.1 1.9

Previous estimates 79.8 85.2 78.8 85.0 66.7 77.2 78.5 78.5 78.8 78.7 78.3 78.2 2.2

Manufacturing (see note below) 78.3 85.5 77.3 84.6 63.7 76.3 76.9 76.7 76.9 77.3 77.0 76.6 .9

Previous estimates 78.3 85.6 77.3 84.6 63.7 75.7 76.2 75.8 75.9 76.2 75.8 75.4 1.4

Mining 87.1 86.3 84.3 88.6 78.3 88.1 92.1 91.7 91.9 92.7 93.0 92.3 7.8

Utilities 85.4 93.2 84.7 93.2 78.2 75.8 78.7 80.6 82.6 76.9 77.3 79.9 2.0

Stage-of-process groups

Crude 86.1 87.8 84.7 90.0 76.4 86.3 90.7 90.1 90.4 91.1 91.0 90.3 5.7

Primary and semifinished 80.4 86.4 78.1 87.8 63.9 76.6 77.4 77.8 78.6 77.4 77.3 77.4 1.1

Finished 76.8 83.3 77.3 80.6 66.5 75.3 75.8 75.5 75.5 76.0 75.8 75.7 1.1

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 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 2012, the total IP index has been constructed from 299

individual series based on the 2012 NAICS codes. These individual

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

groups. Market groups consist of products and materials. Total

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

and equipment, and nonindustrial supplies (which are inputs to

nonindustrial sectors). Materials are inputs in the manufacture of

products. Major industry groups include three-digit NAICS industries

and aggregates of these industries—for example, durable and

nondurable manufacturing, mining, and utilities. A complete

description of the market and industry structures, including details

regarding series classification, relative importance weights, and data

sources, is available on the Board’s website at

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

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

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

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

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

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

from private trade associations and from government agencies; data of

this type are used to estimate monthly IP wherever possible and

appropriate. Production indexes for a few industries are derived by

dividing estimated nominal output (calculated using unit production

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

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

include semiconductors. When suitable data on physical product are

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

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

collected in the monthly establishment survey conducted by the

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

estimates of production are based on historical relationships between

the inputs and the comprehensive annual data used to benchmark the

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

cyclical developments. The annual data used in benchmarking the

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

such as the quinquennial Censuses of Manufactures and Mineral

Industries and the Annual Survey of Manufactures, prepared by the

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

Geological Survey of the Department of the Interior; and publications

of the Department of Energy.

Aggregation Methodology and Weights. The aggregation method

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

detailed discussion of the aggregation method, see the Federal

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

series that measure the output of an individual industry are combined

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

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

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

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

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

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

month (pm) and the estimate for previous month:

I

A

m

I

A

m−1

=

s P

P

Impm−1

Im−1pm−1

×

P

P

Impm

Im−1pm

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

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

relative contributions to overall growth in the following year. For

example, the relative importance weight of the motor vehicles and

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

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

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

calculations, the Federal Reserve’s website provides supplemental

monthly statistics that represent the exact proportionate contribution

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

the total index (www.federalreserve.gov/

releases/G17/ipdisk/ipweightssa.txt).

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

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

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

subsequent five months as new source data become available.

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

the first estimate of output for a given month, about 75 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, 95 percent in the fourth month, 96 percent in the fifth month,

and 96 percent in the sixth month. Data availability by data type in

2018 is summarized in the table below:

Availability of Monthly IP Data in Publication Window

(Percent of value added in 2018; the numbers may not sum because of

rounding.)

Month of estimate

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

Physical product 34 44 54 54 56 56

Production-worker hours 40 40 40 40 40 40

IP data received 75 85 94 95 96 96

IP data estimated 25 15 6 5 4 4

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 (34 percent out of a total of 56 percent). Of the

34 percent, about three-quarters (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

2019; for other series, the factors were estimated with data through at

least December 2018. 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

0.28 percent during the 1987–2018 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 1987–2018

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 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 1972–2018 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 27, 2019, 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 2019, the G.17 will be published at 9:15 a.m. on:

January 18, February 15, March 15, April 16, May 15, June 14, July

16, August 15, September 17, October 17, November 15, and

December 17.

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

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

26