INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Supplement
Industrial production declined 0.1 percent in December. At 136.7 percent of its 1992
average, output in December was 5.8 percent below its level in December 2000. Manufacturing
output decreased 0.1 percent, utilities production increased 0.4 percent, and the output at mines
declined 0.8 percent. For the fourth quarter as a whole, total industrial production declined at an
annual rate of 7.2 percent.
The rate of capacity utilization for total industry edged down 0.1 percentage point in
December, to 74.4 percent. The industry operating rate fell 5.8 percentage points during 2001 to
a level 7.7 percentage points below its 1967-2000 average.
Market Groups
The output of consumer goods was unchanged in December; during the fourth quarter,
production declined at an annual rate of 4.8 percent, the largest quarterly decline since the end of
1990. Durable consumer goods rose 1.7 percent in December. For the second consecutive
month, the output in every major category except miscellaneous durable goods increased.
However, only the output of automotive products, which increased 3.1 percent in December, was
above its year-ago level. Motor vehicle assemblies jumped to an annual rate of 12.3 million
units in December, a half-million units above the pace in November and the highest rate since
September 2000, when they reached 13 million units. Each major group of nondurable
consumer goods declined in December, and the category overall decreased 0.5 percent. The
output of consumer energy products declined 0.6 percent; distillate fuel oils and automotive
gasoline decreased noticeably. The sales from utilities to residences picked up some in
December, but warm weather restrained demand for a second month.
The production of business equipment fell 0.9 percent; although output in each major
category of business equipment declined, the output of computing equipment rose for a second
month. For the fourth quarter, business equipment dropped at an annual rate of 15.2 percent; a
sharp contraction in the production of commercial aircraft contributed to a 28.0 percent drop in
transit equipment.
The output of defense and space equipment ticked up 0.1 percent in December, the third
increase in the past four months. A 0.4 percent decline in construction supplies was led by a
large drop in construction steel; the index for business supplies rose 0.5 percent, reversing half of
its decline in November. The output of construction supplies and of business supplies declined
in each quarter of 2001.
The production of industrial materials was unchanged in December and was 6.2 percent
below its year-ago level. In December, a 0.2 percent increase in durable materials production,
led by higher output of parts for motor vehicles and of semiconductors, offset declines in the
nondurable materials and energy materials groups.
Industry Groups
Manufacturing output decreased 0.1 percent in December. For the fourth quarter,
manufacturing production declined at an annual rate of 7.1 percent. The factory operating rate
edged down 0.1 percentage point in December, to 72.8 percent, a level 8.3 percentage points
below its 1967-2000 average; during 2001, the operating rate fell 5.6 percentage points. For the
second consecutive month, durable goods production was unchanged in December. Among
durables, gains were led by a 4.1 percent increase in motor vehicles and parts. The output in
high-technology industries also increased; gains in computer and office equipment and in
semiconductors and related electronic components more than offset another large drop in
communications equipment. The offsetting declines were largest in primary metals--particularly
iron and steel--and in aerospace and miscellaneous transportation equipment. Among
nondurables, only the rubber and plastics and the printing and publishing groups rose; declines
were largest in tobacco products, petroleum products, apparel products, and paper products.
Production at mines fell 0.8 percent. The operating rate at mines decreased 0.7
percentage point, to 87.7 percent, a level 0.1 percentage point above its 1967-2000 average;
during 2001, the operating rate fell 2.5 percentage points. A 0.4 percent increase in the output of
utilities was led by a 1.2 percent rise in gas utilities. The operating rate at utilities declined 0.1
percentage point, to 82.9 percent. During 2001, it fell 12.7 percentage points to a level 4.8
percentage points below its 1967-2000 average.
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
| Index, 1992=100 | Percent change
| 2001 | 2001 | Dec. 00 to
Industrial Production | Sept. Oct. Nov. Dec. | Sept. Oct. Nov. Dec. | Dec. 01
-----------------------------------------------------------------------------------------------------------------------------
| | |
Total index | 138.5 137.5 136.9 136.7 | -1.1 -.7 -.4 -.1 | -5.8
Previous estimates | 138.8 137.6 137.1 | -.8 -.9 -.3 |
| | |
Major market groups: | | |
Products, total | 127.7 126.6 126.5 126.2 | -1.3 -.8 -.1 -.2 | -5.5
Consumer goods | 119.9 119.5 119.8 119.8 | -1.2 -.4 .3 .0 | -2.3
Business equipment | 168.4 166.2 166.0 164.6 | -2.8 -1.3 -.1 -.9 | -13.0
Construction supplies | 138.1 134.1 133.6 133.1 | -.5 -2.9 -.4 -.4 | -4.6
Materials | 156.5 155.6 154.3 154.3 | -.6 -.6 -.9 .0 | -6.2
| | |
Major industry groups: | | |
Manufacturing | 142.9 141.8 141.5 141.3 | -1.1 -.7 -.2 -.1 | -5.9
Durable | 176.1 173.5 173.5 173.6 | -1.6 -1.5 .0 .0 | -7.9
Nondurable | 110.5 110.6 110.0 109.7 | -.5 .1 -.5 -.3 | -3.3
Mining | 102.1 100.1 99.4 98.6 | .6 -1.9 -.7 -.8 | -2.3
Utilities | 118.1 118.8 116.2 116.7 | -2.5 .6 -2.2 .4 | -8.7
-----------------------------------------------------------------------------------------------------------------------------
| | Capacity
| Percent of Capacity | Growth
| Average 1982 1988-89 2000 | 2001 | Dec. 00 to
Capacity Utilization | 1967-00 Low High Dec. | Sept. Oct. Nov. Dec. | Dec. 01
--------------------------------------------------------------------------------------------------------------------------
| | |
Total industry | 82.1 71.1 85.4 80.2 | 75.5 74.9 74.5 74.4 | 1.5
Previous estimates | | 75.7 75.0 74.7 |
| | |
Manufacturing | 81.1 69.0 85.7 78.4 | 73.7 73.1 72.9 72.8 | 1.4
Advanced processing | 80.5 71.0 84.2 77.6 | 73.3 72.7 72.8 72.6 | .8
Primary processing | 82.2 65.7 88.3 79.6 | 74.4 73.7 73.1 73.0 | 2.4
Mining | 87.6 80.3 88.0 90.2 | 90.9 89.1 88.4 87.7 | .5
Utilities | 87.7 75.9 92.6 95.6 | 85.1 85.2 83.0 82.9 | 5.3
--------------------------------------------------------------------------------------------------------------------------
Note: Estimates for December are preliminary. Estimates from September to November are revised.
G.17 Release Supplement Tables:
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Last update: January 16, 2002, 9:15 AM
