Industrial Production and Capacity Utilization - G.17

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Release Date: July 17, 2024
The annual revision to industrial production and capacity utilization was published on June 28, 2024. Data referred to in the release dated June 18, 2024, were superseded by the data issued at the time of the annual revision. Information on the annual revision to industrial production and capacity utilization appears below.

Industrial production rose 0.6 percent in June after advancing 0.9 percent in May. For the second quarter as a whole, industrial production increased at an annual rate of 4.3 percent. Manufacturing output moved up 0.4 percent in June and rose 3.4 percent (annual rate) in the second quarter. In June, the indexes for mining and utilities posted gains of 0.3 percent and 2.8 percent, respectively. At 104 percent of its 2017 average, total industrial production in June was 1.6 percent above its year-earlier level. Capacity utilization moved up to 78.8 percent in June, a rate that is 0.9 percentage point below its long-run (1972–2023) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2024 2024 June '23 to
June '24
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p] Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total index 101.5 102.6 102.4 102.4 103.3 104.0 -1.1 1.1 -.2 .0 .9 .6 1.6
Previous estimates 101.7 102.7 102.5 102.4 103.1   -.9 1.0 -.2 -.1 .7    
       
Major market groups
Final Products 100.1 100.7 100.4 100.8 101.3 102.0 -.8 .7 -.3 .4 .5 .7 1.8
Consumer goods 101.3 101.7 101.1 101.8 102.5 103.6 -.7 .4 -.6 .7 .7 1.0 2.8
Business equipment 93.4 94.9 95.0 94.5 94.8 94.4 -1.2 1.6 .1 -.5 .3 -.4 -1.2
Nonindustrial supplies 99.5 101.0 100.8 100.3 101.4 101.9 -.8 1.5 -.2 -.5 1.1 .5 1.3
Construction 98.8 101.3 101.1 99.6 100.5 100.4 -1.5 2.5 -.2 -1.5 .9 -.1 -.4
Materials 103.3 104.7 104.6 104.5 105.7 106.4 -1.5 1.3 -.1 -.1 1.1 .7 1.5
       
Major industry groups
Manufacturing (see note below) 97.9 99.2 99.4 98.9 99.9 100.3 -1.3 1.3 .2 -.5 1.0 .4 1.1
Previous estimates 98.2 99.3 99.5 98.9 99.5   -1.0 1.1 .2 -.6 .6    
Mining 115.3 120.2 119.6 119.8 119.0 119.3 -4.3 4.3 -.5 .2 -.7 .3 -.6
Utilities 107.5 103.6 101.0 104.7 106.7 109.7 4.3 -3.6 -2.4 3.6 1.9 2.8 7.9

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2023 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2023
June 		   
2024 June '23 to
June '24
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total industry 79.7 85.2 78.7 84.8 66.6 78.6 77.2 78.0 77.8 77.7 78.3 78.8 1.4
Previous estimates             77.4 78.1 77.8 77.7 78.2    
       
Manufacturing (see note below) 78.3 85.5 77.1 84.4 63.5 78.0 76.5 77.3 77.4 76.9 77.6 77.9 1.3
Previous estimates             76.7 77.4 77.5 76.9 77.3    
Mining 86.5 86.3 84.3 88.6 78.9 89.9 85.9 89.6 89.2 89.5 89.0 89.3 .1
Utilities 84.5 93.2 84.7 93.2 78.1 70.8 73.4 70.5 68.6 70.8 72.0 73.8 3.5
       
Stage-of-process groups
Crude 85.6 87.9 84.9 90.0 77.0 87.6 83.9 86.8 86.9 86.6 86.9 87.6 .1
Primary and semifinished 80.2 86.5 77.6 87.5 63.7 76.8 76.5 76.5 76.0 76.2 77.1 77.7 1.6
Finished 76.8 83.3 77.6 80.4 66.2 76.9 75.3 76.1 76.0 75.8 76.2 76.3 1.7
[r] Revised. [p] Preliminary.

Market Groups

Most major market groups posted gains in June. The index for consumer goods stepped up 1 percent, with increases in the indexes for most of its components—particularly energy (2.7 percent) and automotive products (1.7 percent). The index for materials rose 0.7 percent, benefiting from gains in both its energy its and non-energy components. The index for defense and space equipment continued its upward trajectory with a 0.7 percent increase. Business equipment and construction supplies were the only major market groups to experience declines, with their respective indexes decreasing 0.4 percent and 0.1 percent.

Industry Groups

Manufacturing output moved up 0.4 percent in June and was 1.1 percent above its year-earlier level. In June, the index for durable manufacturing was unchanged, the index for nondurable manufacturing increased 0.8 percent, and the index for other manufacturing (publishing and logging) increased 0.9 percent. Within durables, declines in the indexes for industries such as fabricated metal products (1.3 percent) and miscellaneous (1.7 percent) were offset by increases in the indexes for industries such as motor vehicles and parts (1.6 percent) and electrical equipment, appliances, and components (1.5 percent). Within nondurables, all industry groups except plastics and rubber products posted gains, with the largest gain seen in the output of printing and support (2.6 percent).

Mining output increased 0.3 percent in June but was 0.6 percent below its year-earlier level. The output of mines rose at an annual rate of 3.4 percent in the second quarter after dropping 5.6 percent in the first quarter. The output of utilities increased 2.8 percent in June, with gains in the output of both electric and natural gas utilities.

Capacity utilization for manufacturing moved up in June to 77.9 percent, a rate that is 0.4 percentage point below its long-run average. The operating rate for mining rose 0.3 percentage point in June to 89.3 percent, while the operating rate for utilities increased 1.8 percentage points to 73.8 percent. The rate for mining was 2.8 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board issued its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on June 28, 2024. The Economic Census for 2022 was not available from the U.S. Census Bureau by early 2024, so no new annual benchmark data were included for manufacturing. Other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels), were incorporated. The updated IP indexes include revisions to the monthly indicator (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series were changed. Any modifications to the methods for estimating the output of an industry affect the index from 1972 to the present.

Capacity and capacity utilization were revised to incorporate data for manufacturing through the fourth quarter of 2023 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

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 its industrial output data from the SIC system to NAICS.

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Last Update: July 17, 2024