INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
[2004 Revision Notice Below]
Industrial production rose 0.7 percent in October after having edged up 0.1 percent in
September. At 117.6 percent of its 1997 average, the October index was 5.2 percent higher than
its year-ago level. Manufacturing output increased 0.7 percent in October, and output gains were
broadly based across industries. The indexes for mining and utilities also climbed 0.7 percent.
Part of the increase in production appears to reflect a partial bounceback from the restraining
effects of the recent hurricanes, although the exact magnitude of the contribution is difficult to
estimate. The rate of capacity utilization for total industry rose 0.4 percentage point, to
77.7 percent, a level 3.4 percentage points below its 1972-2003 average.
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
Industrial production |
1997=100 |
Percent change |
2004 |
2004 |
Oct. '03 to Oct. '04 |
July |
Aug. |
Sept. |
Oct. |
July |
Aug. |
Sept. |
Oct. |
|
|
|
|
|
|
|
|
|
|
Total index |
116.7 |
116.7 |
116.8 |
117.6 |
.7 |
-.1 |
.1 |
.7 |
5.2 |
Previous estimates |
116.7 |
116.5 |
116.7 |
|
.7 |
-.1 |
.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Major market groups |
|
|
|
|
|
|
|
|
|
Final Products |
112.5 |
112.6 |
112.8 |
113.5 |
1.0 |
.1 |
.2 |
.6 |
5.4 |
Consumer goods |
108.6 |
109.2 |
109.3 |
109.9 |
.3 |
.6 |
.0 |
.6 |
3.7 |
Business equipment |
123.5 |
122.0 |
122.6 |
123.3 |
3.0 |
-1.2 |
.5 |
.5 |
11.2 |
Nonindustrial supplies |
115.6 |
115.1 |
115.4 |
116.2 |
.5 |
-.4 |
.3 |
.7 |
6.1 |
Construction |
107.4 |
107.2 |
105.7 |
106.8 |
.9 |
-.1 |
-1.4 |
1.0 |
3.5 |
Materials |
121.5 |
121.4 |
121.3 |
122.3 |
.6 |
-.1 |
-.2 |
.9 |
4.7 |
|
|
|
|
|
|
|
|
|
|
Major industry groups |
|
|
|
|
|
|
|
|
|
Manufacturing (see note below) |
118.8 |
119.2 |
118.8 |
119.7 |
1.0 |
.3 |
-.3 |
.7 |
6.0 |
Previous estimates |
118.8 |
119.0 |
118.7 |
|
.9 |
.2 |
-.3 |
|
|
Mining |
93.4 |
92.1 |
89.9 |
90.5 |
1.4 |
-1.3 |
-2.4 |
.7 |
-3.4 |
Utilities |
112.8 |
110.5 |
116.3 |
117.1 |
-1.5 |
-2.0 |
5.3 |
.7 |
5.5 |
Capacity utilization |
Percent of capacity |
Capacity growth Oct. '03 to Oct. '04 |
Average 1972-2003 |
1982 Low |
1988-89 High |
2003 Oct. |
2004 |
July |
Aug. |
Sept. |
Oct. |
|
|
|
|
|
|
|
|
|
|
Total industry |
81.1 |
70.9 |
85.2 |
75.0 |
77.5 |
77.3 |
77.3 |
77.7 |
1.5 |
Previous estimates |
|
|
|
|
77.4 |
77.2 |
77.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing (see note below) |
80.0 |
68.7 |
85.6 |
73.6 |
76.6 |
76.7 |
76.4 |
76.8 |
1.6 |
Previous estimates |
|
|
|
|
76.6 |
76.6 |
76.3 |
|
|
Mining |
86.9 |
78.6 |
85.6 |
85.4 |
85.0 |
83.9 |
81.9 |
82.5 |
.0 |
Utilities |
86.9 |
77.6 |
92.8 |
82.4 |
82.3 |
80.5 |
84.8 |
85.4 |
1.8 |
|
|
|
|
|
|
|
|
|
|
Stage-of-process groups |
|
|
|
|
|
|
|
|
|
Crude |
86.3 |
77.2 |
88.5 |
83.8 |
85.7 |
84.5 |
82.8 |
83.5 |
-.1 |
Primary and semifinished |
82.2 |
68.1 |
86.4 |
77.0 |
79.1 |
79.0 |
79.2 |
79.7 |
2.3 |
Finished |
78.2 |
71.3 |
83.2 |
71.1 |
74.2 |
74.2 |
74.2 |
74.6 |
.9 |
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 increased 0.6 percent in October. The index for durable
consumer goods rose 1.6 percent, thereby reversing most of the previous month's decline. Gains
were posted in all major categories, most notably home electronics and automotive products.
The output of consumer non-energy nondurables edged up for the second consecutive month
after more rapid gains in July and August. Increases for paper products and for foods and
tobacco more than offset small declines in clothing and in chemical products. The production of
consumer energy products rose 1 percent.
The index for business equipment increased 0.5 percent in October. The production
indexes for transit equipment, information processing equipment, and industrial and other
equipment all moved up for the second consecutive month. The production of defense and space
equipment edged down but remained 5.2 percent above its year-ago level. The output of
construction supplies moved up 1 percent, and the output of business supplies climbed 0.6
percent. Materials output rose 0.9 percent in October, a move that reflected increases in most
major categories.
Industry Groups
The rise of 0.7 percent in manufacturing output in October resulted from a 1.0 percent
increase in durables, a 0.4 percent increase in nondurables, and a 0.6 percent increase in
non-NAICS manufacturing (logging and publishing). Among durables, the production of motor
vehicles and parts gained 2.3 percent, and the output indexes for most other major industries
moved up substantially; machinery output increased just slightly, and only the index for
electrical equipment, appliances, and components edged down. Among nondurables, the largest
gains were in petroleum refining and in plastics and rubber products. Nondurable industries that
also registered substantial output gains included textile and product mills and paper. The
production of apparel and leather goods was unchanged, and the index for printing and support
declined. The overall factory operating rate climbed 0.4 percentage point, to 76.8 percent, a
level 3.2 percentage points below its 1972-2003 average.
The increase of 0.7 percent in output at utilities in October was due entirely to higher
output at electric utilities; output at natural gas utilities declined for a second consecutive month.
Among the mining categories, natural gas extraction reversed about one-half of its September
decline, while total crude oil extraction edged down further.
Capacity utilization for industries in the crude stage of processing increased
0.7 percentage point, to 83.5 percent. The utilization rate for industries in the primary and
semifinished stages increased 0.5 percentage point, to 79.7 percent, and the utilization rate for
finished goods producers increased 0.4 percentage point, to 74.6 percent.
Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board will announce by the end of this week the date of the
upcoming annual 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.
Comprehensive source data from the Census Bureau's 2002 Economic Census are now
available. In addition to these data, the revised IP indexes will incorporate data from selected
editions of the Census Bureau's 2002 and 2003 Current Industrial Reports. Annual data from the
U.S. Geological Survey regarding metallic and nonmetallic minerals (except fuels) for 2002 and
2003 will also be introduced. The updating will also 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
Census Bureau's 2003 Survey of Plant Capacity, which covers manufacturing, along with new
data on capacity from the U.S. Geological Survey, the U.S. 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 available data from the
2002 Economic Census.
Once the revision is published, it will be made available on the Board's website at
www.federalreserve.gov/releases/G17. The revised data will also be available through the
website of the 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 and Nonindustrial Supplies |
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