INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
On February 16, 2001, a redesigned G.17 Statistical Release was issued. The data displayed under the previous format are available in PDF and ASCII files. A list of the new industrial production (IP) and capacity utilization series is also available.
Industrial production fell 0.3 percent in January. Manufacturing output edged down 0.1 percent after a 1.1 percent drop in December; the December decline was likely exacerbated by bad weather in certain areas. Excluding motor vehicles and parts, manufacturing output increased 0.3 percent in January after having fallen 0.8 percent in December. Output at utilities dropped back 6.0 percent as temperatures moved closer to seasonal norms after the extreme cold in December. Production in mining moved up 2.1 percent. At 147.0 percent of its 1992 average, industrial production was 2.4 percent higher than in January 2000. The rate of capacity utilization for total industry fell to 80.2 percent in January, a level almost 2 percentage points below its 1967-2000 average.
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
| 1992=100 | Percent change
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| 2000 2001 | 2000 2001 | Jan. '00 to
Industrial production | Oct. Nov. Dec. Jan. | Oct. Nov. Dec. Jan. | Jan. '01
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| | |
Total index | 148.7 148.2 147.4 147.0 | -.2 -.3 -.5 -.3 | 2.4
Previous estimates | 148.5 148.1 147.3 | -.3 -.3 -.6 |
| | |
Major market groups: | | |
Products, total | 136.3 136.4 135.9 135.0 | -.3 .0 -.4 -.6 | 1.3
Consumer goods | 122.7 122.7 122.4 121.0 | -.9 .0 -.3 -1.1 | -.9
Business equipment | 200.0 200.4 199.3 198.9 | .3 .2 -.5 -.2 | 7.4
Construction supplies | 142.3 140.9 139.5 138.8 | -.6 -.9 -1.0 -.5 | -2.6
Materials | 171.1 169.6 168.4 168.7 | -.1 -.9 -.7 .2 | 4.2
| | |
Major industry groups: | | |
Manufacturing | 154.9 154.0 152.4 152.3 | -.1 -.6 -1.1 -.1 | 2.0
Durable | 197.6 196.7 194.9 194.4 | -.4 -.4 -.9 -.3 | 5.0
Nondurable | 116.3 115.5 114.0 114.2 | .3 -.7 -1.3 .2 | -1.6
Mining | 100.1 99.9 100.2 102.3 | -.3 -.2 .3 2.1 | 3.7
Utilities | 120.0 123.8 132.6 124.7 | -1.4 3.2 7.1 -6.0 | 5.8
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| | Capacity
| Percent of capacity | growth
| Average 1982 1988-89 2000 | 2000 2001 | Jan. '00 to
Capacity utilization | 1967-2000 Low High Jan. | Oct. Nov. Dec. Jan. | Jan. '01
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| | |
Total industry | 82.1 71.1 85.4 81.9 | 82.0 81.4 80.7 80.2 | 4.5
Manufacturing | 81.1 69.0 85.7 81.2 | 81.2 80.4 79.2 78.9 | 5.0
| | |
Advanced processing | 80.6 71.0 84.2 79.4 | 79.9 79.7 78.8 78.6 | 2.7
Primary processing | 82.2 65.7 88.3 85.1 | 84.5 82.8 81.0 80.5 | 8.5
Mining | 87.4 80.3 88.0 84.5 | 86.3 86.2 86.6 88.5 | -1.0
Utilities | 87.6 75.9 92.6 90.0 | 89.5 92.1 98.3 92.2 | 3.4
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Market Groups
The index for consumer goods fell 1.1 percent in January, with decreases of about 5 percent in the production both of automotive and of energy products. A drop of 2.8 percent in the production of durable consumer goods reflected the weakness in automotive products and a sharp decline in home electronics. The production of nondurable consumer goods other than energy products rose 0.3 percent and thereby reversed a third of the decline posted in December.
The output of business equipment slipped 0.2 percent in January. The index for transit equipment dropped 3.2 percent (mainly because of another sharp decline in motor vehicles), and the production of industrial and other equipment fell 0.5 percent (mainly because of a sharp drop in farm equipment). The output of information processing equipment increased 1.2 percent after having been flat in December; on balance, production in this group of industries has slowed noticeably since last summer.
The production of construction supplies contracted again in January, falling 0.5 percent, and the index is now 2.6 percent below its year-ago level. The output of materials inched up 0.2 percent: The indexes for durable materials and energy materials were up moderately and the index for nondurable materials was unchanged. Among durable materials industries, the output of semiconductors, printed circuit boards, and other electronic components posted a gain in January that was similar to those seen in recent months. However, the consumer parts group was hit by another decline in the production of original equipment parts for motor vehicles. Within nondurable materials, a 1.7 percent gain in the production of paper materials, which had fallen sharply in November and December, was largely offset by further declines in chemicals and textiles.
Industry Groups
Manufacturing output declined 0.1 percent in January, with a 0.3 percent decrease in the production of durable goods and a 0.2 percent increase in nondurable goods. Among durable goods, the losses were concentrated in motor vehicles and parts, lumber, furniture and fixtures, and primary metals. The largest increases in output were in the electrical machinery, instruments, and miscellaneous manufacturing industries. The output of nondurables, which declined, on balance, over the previous six months, posted a modest uptick in January, with small but widespread gains.
The factory operating rate declined further, to 78.9 percent, in January, 2-3/4 percentage points below its September level and the lowest level since early 1992. In recent months, capacity utilization has fallen significantly in the transportation equipment and primary metals industries. The operating rate at utilities fell back to 92.2 percent in January after having been at the abnormally high level of 98.3 percent in December. The operating rate for mining, 88.5 percent, was lifted by higher-than-average readings in the coal mining and oil and gas extraction industries.
New Release Format
This statistical release, the G.17, has been redesigned beginning with this issue. Special aggregates have been added. Although some detailed industry data are no longer listed in the regular release, these series continue to be available on the Federal Reserve Board's public web site (www.federalreserve.gov/releases/g17).
G.17 Release Tables:
