Revision of Industrial Production and Capacity Utilization
On November 26, the Federal Reserve Board will publish a revision to the index of
industrial production (IP), the related measures of capacity and capacity utilization, and the data
on industrial use of electric power. The revised estimates will be classified according to the
2002 North American Industrial Classification System (NAICS); previously, the estimates from
1987 forward were classified according to the 1987 Standard Industrial Classification system
(SIC). NAICS changes the SIC system's industry composition of manufacturing. To preserve
the continuity of the production, capacity, and utilization rate measures featured in the Federal
Reserve's G.17 statistical release, portions of SIC 27 (printing and publishing) and SIC 24
(lumber and products) that are not classified in manufacturing under NAICS will continue to be
included in the overall IP index and capacity utilization.
The revised 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. Data going back to at least 1972
will be restated using NAICS. The monthly indicators used in current IP will be incorporated
into the revised IP indexes as far back as the data will allow.
The updated measures will reflect the incorporation of newly available, more
comprehensive source data typical of annual revisions. The updating of source data for IP in the
2002 annual revision will include annual data from the 2000 Annual Survey of Manufactures of
the Bureau of the Census and from selected editions of its 2000 and 2001 Current Industrial
Reports. Annual data from the U.S. Geological Survey regarding metallic and nonmetallic
minerals (except fuels) for 2000 and 2001 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 revisions to seasonal factors.
Capacity and capacity utilization will be revised to incorporate preliminary data from the
2001 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 2000 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
| 2002 | 2002 | June 01 to
Industrial Production | Mar. Apr. May June | Mar. Apr. May June | June 02
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| | |
Total index | 138.6 138.9 139.5 140.6 | .3 .2 .4 .8 | .2
Previous estimates | 138.7 139.1 139.3 | .4 .3 .2 |
| | |
Major market groups: | | |
Products, total | 127.4 127.0 127.2 128.1 | .4 -.3 .1 .7 | -1.5
Consumer goods | 121.7 121.3 121.4 122.4 | .4 -.3 .1 .8 | 1.0
Business equipment | 163.5 163.1 163.3 163.7 | -.3 -.3 .1 .2 | -7.9
Construction supplies | 139.7 139.0 139.1 139.6 | 2.2 -.5 .1 .3 | 1.2
Materials | 157.4 159.1 160.5 162.0 | .2 1.1 .9 .9 | 2.9
| | |
Major industry groups: | | |
Manufacturing | 143.4 143.5 144.3 145.4 | .4 .1 .5 .7 | .3
Durable | 176.6 177.4 178.7 180.1 | .3 .5 .7 .8 | .0
Nondurable | 110.9 110.6 111.0 111.7 | .4 -.3 .4 .6 | .6
Mining | 95.4 96.2 96.3 97.3 | -1.3 .8 .1 1.1 | -5.1
Utilities | 121.8 122.8 121.7 123.7 | 1.3 .8 -.9 1.6 | 3.8
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| | Capacity
| Percent of Capacity | Growth
| Average 1982 1988-89 2001 | 2002 | June 01 to
Capacity Utilization | 1967-01 Low High June | Mar. Apr. May June | June 02
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| | |
Total industry | 81.9 71.1 85.4 76.7 | 75.2 75.3 75.6 76.1 | 1.0
Previous estimates | | 75.3 75.4 75.5 |
| | |
Manufacturing | 80.9 69.0 85.7 75.0 | 73.7 73.7 74.0 74.5 | .9
Advanced processing | 80.3 71.0 84.2 75.0 | 72.8 72.5 72.6 73.0 | .6
Primary processing | 82.0 65.7 88.3 74.9 | 75.1 75.5 76.3 76.8 | 1.5
Mining | 87.6 80.3 88.0 91.4 | 84.5 85.2 85.3 86.2 | .7
Utilities | 87.6 75.9 92.6 87.0 | 85.8 86.2 85.1 86.2 | 4.8
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Note: Estimates for June are preliminary. Estimates from March to May are revised.
G.17 Release Supplement Tables: