Revision of Industrial Production and Capacity Utilization
On November 27, the Federal Reserve Board will publish revisions to the index of
industrial production (IP), to the related measures of capacity and capacity utilization, and to the
index of industrial use of electric power. The updated measures will reflect the incorporation of
newly available, more comprehensive source data typical of annual revisions. The new source
data are for recent years, primarily 1999 and 2000, although data from 1992 onward will be
subject to revision.
Industrial production and capacity utilization will continue to be based on the 1987
Standard Industrial Classification (SIC) until the 2002 annual revision, after which they will be
constructed from the North American Industrial Classification System (NAICS). The new
NAICS-related production indexes will be based on annual output measures that are constructed
by reclassifying the establishments in historical Censuses of Manufactures and Mineral
Industries under NAICS; annual output indexes constructed this way will maximize the
reliability and historical consistency of the IP industry detail.
The updating of source data for IP in the 2001 annual revision will include annual data
from the 1999 Bureau of the Census Annual Survey of Manufactures and from selected editions
of its 1999 and 2000 Current Industrial Reports. Annual data from the U.S. Geological Survey
regarding metallic and nonmetallic minerals (except fuels) for 1999 and 2000 will also be
introduced. The updating will include revisions to the monthly indicator for each industry
(either physical product data, production-worker hours, or electric power usage) and to seasonal
factors.
Capacity and capacity utilization will be revised to incorporate preliminary data from the
2000 Survey of Plant Capacity of the Bureau of the Census, which covers manufacturing, along
with other new data on capacity from the U.S. Geological Survey, the Department of Energy,
and other organizations. The statistics on the industrial use of electric power will incorporate
additional information received from utilities for the past few years and will include some data
from the 1997 Census of Manufactures and the 1998 and 1999 Annual Survey of Manufactures.
Once the revision is published, it will be made available on the Board's web site
(www.federalreserve.gov/releases/g17). The revised data will also be available through the web
site of the Department of Commerce. Further information on these revisions is available from
the Board's Industrial Output Section (telephone 202-452-3197).
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
| Index, 1992=100 | Percent change
| 2001 | 2001 | Sept. 00 to
Industrial Production | June July Aug. Sept. | June July Aug. Sept. | Sept. 01
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| | |
Total index | 142.8 142.7 141.8 140.3 | -1.0 -.1 -.7 -1.0 | -5.8
Previous estimates | 142.7 142.6 141.5 | -1.0 -.1 -.8 |
| | |
Major market groups: | | |
Products, total | 132.4 132.5 131.3 129.9 | -.9 .0 -.8 -1.1 | -5.0
Consumer goods | 121.6 121.9 120.9 120.1 | -.5 .2 -.8 -.7 | -3.0
Business equipment | 187.1 186.7 184.8 180.5 | -2.5 -.2 -1.0 -2.3 | -9.5
Construction supplies | 139.0 139.0 138.5 137.6 | -.2 .0 -.4 -.6 | -3.9
Materials | 161.4 161.1 160.5 159.2 | -1.1 -.2 -.4 -.9 | -7.1
| | |
Major industry groups: | | |
Manufacturing | 147.5 147.6 146.3 144.7 | -1.2 .1 -.9 -1.1 | -6.7
Durable | 186.9 187.6 185.7 182.5 | -1.7 .3 -1.0 -1.8 | -8.0
Nondurable | 111.5 111.3 110.5 110.1 | -.6 -.2 -.7 -.3 | -5.0
Mining | 103.4 102.3 102.0 102.3 | -.4 -1.0 -.3 .3 | 1.8
Utilities | 119.9 119.0 121.3 119.1 | .3 -.7 1.9 -1.8 | -2.1
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| | Capacity
| Percent of Capacity | Growth
| Average 1982 1988-89 2000 | 2001 | Sept. 00 to
Capacity Utilization | 1967-00 Low High Sept. | June July Aug. Sept. | Sept. 01
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| | |
Total industry | 82.1 71.1 85.4 82.4 | 77.1 77.0 76.4 75.5 | 2.9
Previous estimates | | 77.1 76.9 76.2 |
| | |
Manufacturing | 81.1 69.0 85.7 81.7 | 75.6 75.5 74.8 73.8 | 3.2
Advanced processing | 80.6 71.0 84.2 80.2 | 76.1 76.0 75.3 74.3 | 2.0
Primary processing | 82.2 65.7 88.3 85.2 | 75.8 75.6 74.8 74.0 | 5.4
Mining | 87.4 80.3 88.0 86.4 | 90.0 89.2 89.0 89.3 | -1.4
Utilities | 87.6 75.9 92.6 91.0 | 87.2 86.3 87.6 85.7 | 3.9
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Note: Estimates for September are preliminary. Estimates from June to August are revised.
G.17 Release Supplement Tables: