Release Date: December 16, 2003
Release dates | Historical data | Documentation Current Monthly Release Other formats: ASCII | PDF (144 KB) Supplemental Monthly Release Other formats: ASCII | PDF (144 KB) Annual Revision Release Other formats: ASCII | PDF (150 KB)
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION [2003 Revision Notice Below]
Industrial production rose 0.9 percent in November, its largest increase since October
1999. At 112.9 percent of its 1997 average, output was 1.6 percent above its level in November
2002. Despite a small decline in the production of motor vehicles and parts, manufacturing
output climbed 0.9 percent in November. Capacity utilization for total industry moved up 0.6
percentage point, to 75.7 percent, a level 0.3 percentage point higher than its year-earlier level
but 5.6 percentage points below its 1972-2002 average.
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY Seasonally adjusted
|
1997=100 |
Percent change |
|
2003 |
|
|
|
2003 |
|
|
|
Nov. '02 to |
Industrial production |
Aug. |
Sept. |
Oct. |
Nov. |
Aug. |
Sept. |
Oct. |
Nov. |
Nov. '03 |
|
|
|
|
|
|
|
|
|
|
Total index |
110.9 |
111.5 |
111.9 |
112.9 |
.0 |
.6 |
.4 |
.9 |
1.6 |
Previous estimates |
111.0 |
111.5 |
111.8 |
|
.2 |
.5 |
.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Major market groups |
|
|
|
|
|
|
|
|
|
Final Products |
107.2 |
107.7 |
107.7 |
108.5 |
.1 |
.5 |
.0 |
.7 |
.9 |
Consumer goods |
105.7 |
106.0 |
106.0 |
106.5 |
-.2 |
.4 |
.0 |
.4 |
.0 |
Business equipment |
110.0 |
111.1 |
110.8 |
112.7 |
.6 |
1.0 |
-.2 |
1.7 |
2.9 |
Nonindustrial supplies |
108.6 |
108.6 |
109.7 |
110.7 |
-.1 |
.0 |
1.0 |
.9 |
1.9 |
Construction |
101.9 |
102.2 |
103.2 |
104.2 |
.4 |
.2 |
1.0 |
1.0 |
1.4 |
Materials |
115.5 |
116.5 |
117.2 |
118.5 |
.0 |
.8 |
.6 |
1.1 |
2.2 |
|
|
|
|
|
|
|
|
|
|
Major industry groups |
|
|
|
|
|
|
|
|
|
Manufacturing (see note below) |
111.8 |
112.7 |
113.0 |
114.0 |
.0 |
.8 |
.3 |
.9 |
1.8 |
Previous estimates |
111.8 |
112.6 |
112.7 |
|
.0 |
.7 |
.1 |
|
|
Mining |
93.1 |
93.7 |
93.3 |
93.8 |
-.3 |
.7 |
-.5 |
.6 |
.0 |
Utilities |
111.8 |
110.3 |
112.4 |
114.0 |
.5 |
-1.4 |
2.0 |
1.4 |
1.0 |
|
|
Capacity |
|
Percent of capacity |
growth |
|
Average |
1982 |
1988-89 |
2002 |
2003 |
|
|
|
Nov. '02 to |
Capacity utilization |
1972-2002 |
Low |
High |
Nov. |
Aug. |
Sept. |
Oct. |
Nov. |
Nov. '03 |
|
|
|
|
|
|
|
|
|
|
Total industry |
81.3 |
70.9 |
85.2 |
75.4 |
74.5 |
74.9 |
75.1 |
75.7 |
1.1 |
Previous estimates |
|
|
|
|
74.6 |
74.9 |
75.0 |
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing (see note below) |
80.2 |
68.7 |
85.6 |
73.6 |
73.0 |
73.5 |
73.7 |
74.3 |
1.0 |
Previous estimates |
|
|
|
|
73.0 |
73.5 |
73.5 |
|
|
Mining |
86.9 |
78.6 |
85.6 |
85.1 |
84.8 |
85.4 |
85.0 |
85.5 |
-.5 |
Utilities |
87.0 |
77.6 |
92.8 |
87.1 |
83.5 |
82.1 |
83.4 |
84.3 |
4.3 |
|
|
|
|
|
|
|
|
|
|
Stage-of-process groups |
|
|
|
|
|
|
|
|
|
Crude |
86.4 |
77.2 |
88.5 |
83.3 |
83.4 |
84.0 |
83.6 |
84.2 |
-1.1 |
Primary and semifinished |
82.4 |
68.1 |
86.4 |
77.7 |
76.4 |
76.7 |
77.4 |
78.1 |
1.8 |
Finished |
78.4 |
71.3 |
83.2 |
71.1 |
70.6 |
71.1 |
70.9 |
71.5 |
.8 |
r Revised. p Preliminary.
The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines as manufacturing, mining, and electric and
gas utilities. Manufacturing comprises those industries included in the North American Industry
Classification System, or NAICS, manufacturing plus the logging and newspaper, periodical,
book and directory publishing industries that have traditionally been considered manufacturing and included
in the industrial sector.
Market Groups
The output of consumer goods rose 0.4 percent in November. The production of
consumer durables increased 0.5 percent despite a decline of 0.1 percent in the output of
automotive products. The index for appliances, furniture, and carpeting moved up 1.7 percent.
The output of home electronics and of miscellaneous goods also increased. The production of
nondurables moved up 0.4 percent. The output of non-energy nondurables rose 0.4 percent; the
indexes for foods and tobacco, for clothing, and for chemical products all posted gains. The
output of consumer energy products increased 0.7 percent.
The production of business equipment climbed 1.7 percent. A rise of 2.5 percent in the
output of industrial and other equipment and a rise of 1.1 percent in the output of information
processing equipment were primarily responsible for the gains in this category. The increase in
industrial and other equipment was led by a rebound in the production of farm machinery.
The output of defense and space equipment edged up and was 6.3 percent higher than its
year-earlier level. The index for construction supplies recorded its second consecutive gain of
1.0 percent; this index has risen in each of the past five months. The output of business supplies
has also been strong the past couple of months and rose 0.9 percent in November.
The production of industrial materials increased 1.1 percent. The index for non-energy
materials moved up 1.2 percent, and all major components posted gains. Led by a rise in the
production of semiconductors, the output of equipment parts climbed 2.9 percent in November;
this index has recorded gains of more than 1 percent in each of the past six months and is 15.3
percent higher than its year-earlier level. The output of energy materials rose 0.8 percent.
Industry Groups
Manufacturing output increased 0.9 percent in November. The overall factory operating
rate rose 0.6 percent, to 74.3 percent, a level 0.7 percentage point above its year-earlier level but
5.9 percentage points below its 1972-2002 average. Excluding the production of motor vehicles
and parts, which fell back 0.3 percent, manufacturing output rose 1.0 percent. The production of
durable goods increased 1.4 percent; gains were widespread across industries. Increases of more
than 1.0 percent were recorded in several industries, including computers and electronic
products, machinery, miscellaneous goods, primary metals, nonmetallic mineral products, and
furniture and related products. Among the high-technology industries, all three major sectors--
computers, semiconductors, and communications equipment--posted gains for the second
consecutive month. The output of nondurable goods rose 0.4 percent, and many industries in the
category recorded increases. The indexes for textiles and for apparel and leather moved up in
each of the past two months but remained well below their year-earlier levels. Production
increased noticeably in the paper and chemical industries. The petroleum and coal products
industry and the plastics and rubber products industry were the only two major categories of
nondurables that declined in November; still, output in both industries remained near their highs
for the year.
Production at mines rose 0.6 percent in November; the utilization rate increased 0.5
percentage point, to 85.5 percent, a rate 1.4 percentage points below its 1972-2002 average. The
output of utilities rose 1.4 percent. The operating rate at utilities moved up 0.9 percentage point;
at 84.3 percent, the rate is 2.7 percentage points below its 1972-2002 average. By stage of
processing, capacity utilization for industries in the crude stage increased 0.6 percentage point,
to 84.2 percent. Utilization for industries in the primary and semifinished stage increased 0.7
percentage point, to 78.1 percent. Utilization for industries in the finished stage increased 0.6
percentage point, to 71.5 percent.
Revision of Industrial Production and Capacity Utilization
On November 10, the Federal Reserve Board issued 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 updated measures reflect the incorporation of newly
available, more comprehensive source data typical of annual revisions. The updating of source
data for IP in the 2003 annual revision included annual data from the Census Bureau's 2000 and
2001 Annual Survey of Manufactures and from selected editions of its 2001 and 2002 Current
Industrial Reports. Annual data from the U.S. Geological Survey regarding metallic and
nonmetallic minerals (except fuels) for 2001 and 2002 were also introduced. The updating
included 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 were revised to incorporate preliminary data from the
Census Bureau's 2002 Survey of Plant Capacity, 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 incorporate additional
information received from utilities for the past few years and include some data from the 2001
Annual Survey of Manufactures.
The revision release and revised data are available on the Board's web site, at
www.federalreserve.gov/releases/G17. The revised data are also available through the web site
of the U.S. Department of Commerce. Further information on these revisions is available from
the Board's Industrial Output Section (telephone 202-452-3197).
G.17 Release Tables:
Ascii | Screen reader | Summary: Industrial Production and Capacity Utilization | Chart | | Chart 1: Industrial Production, Capacity, and Capacity Utilization | Chart | | Chart 2: Industrial Production and Capacity Utilization | Chart | | Chart 3: Industrial Production and Capacity Utilization, High Technology Industries | Ascii | Screen reader | Table 1:Industrial Production: Market and Industry Groups (percent change) | Ascii | Screen reader | Table 2:Industrial Production: Special Aggregates and Selected Detail (percent change) | Ascii | Screen reader | Table 3: Motor Vehicle Assemblies | Ascii | Screen reader | Table 4: Industrial Production Indexes: Market and Industry Group Summary | Ascii | Screen reader | Table 5: Industrial Production Indexes: Special Aggregates | Ascii | Screen reader | Table 6: Diffusion Indexes of Industrial Production | Ascii | Screen reader | Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities | Ascii | Screen reader | Table 8: Industrial Capacity: Manufacturing, Mining, and Utilities (percent change) | Ascii | Screen reader | Table 9: Industrial Production: Gross Value of Products | Ascii | Screen reader | Table 10: Gross-Value-Weighted Industrial Production: Stage-of-Process Groups | Ascii | Screen reader | Table 11: Electric Power Use: Manufacturing and Mining | Ascii | Screen reader | Table 12: Historical Statistics for IP, Capacity, and Utilization: Total Industry | Ascii | Screen reader | Table 13: Historical Statistics for IP, Capacity, and Utilization: Manufacturing | Ascii | Screen reader | Table 14: Historical Statistics for IP, Capacity, and Utilization: Total Industry excluding Selected High-Technology Industries | Ascii | Screen reader | Table 15: Historical Statistics for IP, Capacity, and Utilization: Manufacturing excluding Selected High-Technology Industries |
Release dates | Historical data | Documentation Current Monthly Release Other formats: ASCII | PDF (144 KB) Supplemental Monthly Release Other formats: ASCII | PDF (144 KB) Annual Revision Release Other formats: ASCII | PDF (150 KB) Statistical releases
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