INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Supplement
Industrial production rose 0.2 percent in May, to 139.3 percent of its 1992 average, and
has risen almost 2 percent since its recent low in December 2001. Manufacturing output also
increased 0.2 percent in May. Mining output climbed 0.7 percent, and utilities production fell
0.9 percent. The rate of capacity utilization for total industry edged up, to 75.5 percent, but was
more than 6 percentage points below its 1967-2001 average.
Market Groups
The output of consumer goods was unchanged in May. Increases in durable goods offset
decreases in nondurables. Among durables, the appliance, furniture, and carpeting market group
advanced 1.7 percent, and home electronics, led by household audio and video equipment, rose
2.4 percent. However, the output of automotive products edged down 0.2 percent because of a
reduction in motor vehicles assemblies. Among nondurables, non-energy and energy output
contracted. In the non-energy category, which slipped 0.1 percent, a decline in the output of
foods and tobacco more than outweighed a rise in the production of paper products. Despite its
May increase, the index for paper products remained more than 9 percent below its level of May
2001. The indexes for clothing and chemical products were unchanged. The output of energy
products fell 0.4 percent in May; lower production of fuels, primarily automotive gasoline,
contributed to the decline.
The production of business equipment inched up 0.1 percent. The output of the industrial
and other equipment category climbed 1.8 percent. An increase in the production of
construction machinery contributed importantly to the rise, although gains were widespread
across components of the index. The production of information processing equipment edged up
0.1 percent as gains in most components, including computers, more than offset weakness in
communications equipment. A large reduction in the output of commercial aircraft was
principally responsible for the 3.1 percent drop in the production of transit equipment. The
index, which has fallen more than 19 percent in the past year, is at its lowest level since
November 1996.
The production of construction supplies rose 0.4 percent in May and is almost 4 percent
above its recent low in November 2001. The index for business supplies has risen slowly in
recent months after having posted larger gains earlier in the year.
Materials production increased 0.3 percent in May, its fifth consecutive monthly gain.
Output in the category reached its highest level since April 2001 but remained more than 5
percent below its recent peak in June 2000. The indexes for all major materials categories rose.
A rise of 0.5 percent in the output of durable materials was led by the production of equipment
parts and other durable materials. A gain of 0.2 percent for nondurable materials was led by
textile materials and paper materials, and energy materials edged up 0.1 percent.
Industry Groups
Manufacturing output rose 0.2 percent in May. Production advanced among all durables
industries except for motor vehicles and parts and aerospace and miscellaneous transportation
equipment. The largest gains were in industrial machinery and equipment and electrical
machinery, which continued their recent upward trends. These two industries include computers
and office equipment and semiconductors and related electronic components, which have been
strong over the past few months and have recovered the losses incurred in 2001. Increases in the
output of lumber and products, fabricated metals, and miscellaneous goods also contributed to
the expansion of durables. Among nondurables, increases in the output of rubber and plastics
products, chemicals and products, printing and publishing, textile mill products, and paper and
products more than offset declines in the output of food and tobacco products and of petroleum
products.
The factory operating rate increased in May to 73.9 percent. The utilization rate for
advanced-processing industries held at 72.8 percent, while the rate for primary-processing
industries increased to 75.6 percent. The operating rate at utilities fell to 85.3 percent, and the
operating rate for mining rose to 86.0 percent. With this release, capacity indexes have been
revised from February 2002 forward.
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
| Index, 1992=100 | Percent change
| 2002 | 2002 | May 01 to
Industrial Production | Feb. Mar. Apr. May | Feb. Mar. Apr. May | May 02
-----------------------------------------------------------------------------------------------------------------------------
| | |
Total index | 138.1 138.7 139.1 139.3 | .4 .4 .3 .2 | -1.6
Previous estimates | 138.0 138.6 139.2 | .3 .4 .4 |
| | |
Major market groups: | | |
Products, total | 126.9 127.6 127.4 127.5 | .2 .6 -.1 .1 | -2.6
Consumer goods | 121.2 121.8 121.9 121.9 | .5 .5 .0 .0 | .4
Business equipment | 164.0 163.5 162.6 162.8 | -.8 -.3 -.5 .1 | -10.2
Construction supplies | 136.8 139.6 138.5 139.1 | .3 2.1 -.8 .4 | .3
Materials | 157.1 157.5 159.0 159.5 | .8 .3 .9 .3 | .1
| | |
Major industry groups: | | |
Manufacturing | 142.9 143.5 143.8 144.1 | .2 .5 .2 .2 | -1.6
Durable | 176.0 176.7 177.4 177.8 | .2 .4 .4 .2 | -2.7
Nondurable | 110.5 111.1 111.0 111.2 | .2 .6 -.1 .2 | -.2
Mining | 96.6 95.4 96.4 97.1 | -.3 -1.3 1.0 .7 | -5.7
Utilities | 120.3 122.0 123.1 122.0 | 3.9 1.4 .9 -.9 | 1.9
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| | Capacity
| Percent of Capacity | Growth
| Average 1982 1988-89 2001 | 2002 | May 01 to
Capacity Utilization | 1967-01 Low High May | Feb. Mar. Apr. May | May 02
--------------------------------------------------------------------------------------------------------------------------
| | |
Total industry | 81.9 71.1 85.4 77.5 | 75.0 75.3 75.4 75.5 | 1.0
Previous estimates | | 75.0 75.3 75.5 |
| | |
Manufacturing | 80.9 69.0 85.7 75.8 | 73.5 73.8 73.8 73.9 | .9
Advanced processing | 80.3 71.0 84.2 75.6 | 72.7 72.9 72.8 72.8 | .6
Primary processing | 82.0 65.7 88.3 75.9 | 74.6 75.1 75.4 75.6 | 1.4
Mining | 87.6 80.3 88.0 91.9 | 85.6 84.5 85.3 86.0 | .8
Utilities | 87.6 75.9 92.6 87.9 | 84.9 85.9 86.4 85.3 | 5.0
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Note: Estimates for May are preliminary. Estimates from February to April are revised.
G.17 Release Supplement Tables:
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Last update: June 14, 2002, 9:15 AM