INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
[2005 Revision Notice Below]
Industrial production rose 0.9 percent in June, and at 119.7 percent of its 1997 average, it was 3.9 percent
higher than its level in June 2004. The increase in June was the largest for the overall index since
February 2004; a jump of 5.3 percent in the output of utilities, the result of warmer-than-usual
temperatures, accounted for more than one-half of the June gain. Despite last month's large rise, total
output advanced only 2.1 percent (annual rate) in the second quarter, the smallest quarterly increase since
the second quarter of 2003. Manufacturing output advanced 0.4 percent in June, and the index for
manufacturing excluding motor vehicles and parts edged up 0.1 percent. Production at mines rose 0.4
percent. Capacity utilization for total industry rose to 80.0 percent; the rate was 2.2 percentage points
above its value in June 2004 but was 1.0 percentage point below its 1972-2004 average.
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjusted
Industrial production |
1997=100 |
Percent change |
2005 |
2005 |
June '04 to June '05 |
Mar. |
Apr. |
May |
June |
Mar. |
Apr. |
May |
June |
|
|
|
|
|
|
|
|
|
|
Total index |
118.6 |
118.2 |
118.6 |
119.7 |
.2 |
-.3 |
.3 |
.9 |
3.9 |
Previous estimates |
118.5 |
118.2 |
118.6 |
|
.2 |
-.3 |
.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Major market groups |
|
|
|
|
|
|
|
|
|
Final Products |
116.8 |
116.5 |
117.4 |
118.6 |
.2 |
-.3 |
.8 |
1.0 |
5.5 |
Consumer goods |
113.5 |
112.5 |
113.3 |
114.7 |
.2 |
-.9 |
.8 |
1.2 |
4.1 |
Business equipment |
125.6 |
126.9 |
128.2 |
128.4 |
.2 |
1.0 |
1.0 |
.2 |
8.2 |
Nonindustrial supplies |
115.5 |
115.5 |
115.6 |
116.6 |
.5 |
.0 |
.0 |
.9 |
3.6 |
Construction |
109.4 |
110.0 |
110.1 |
109.7 |
-.1 |
.5 |
.1 |
-.4 |
2.5 |
Materials |
121.4 |
120.9 |
120.9 |
121.8 |
.2 |
-.4 |
.0 |
.7 |
2.5 |
|
|
|
|
|
|
|
|
|
|
Major industry groups |
|
|
|
|
|
|
|
|
|
Manufacturing (see note below) |
120.5 |
120.4 |
120.9 |
121.4 |
-.1 |
-.1 |
.5 |
.4 |
3.8 |
Previous estimates |
120.4 |
120.3 |
121.0 |
|
-.2 |
-.1 |
.6 |
|
|
Mining |
92.9 |
92.9 |
93.1 |
93.5 |
-.1 |
.0 |
.2 |
.4 |
2.5 |
Utilities |
117.5 |
115.0 |
114.4 |
120.5 |
3.6 |
-2.1 |
-.5 |
5.3 |
5.9 |
Capacity utilization |
Percent of capacity |
Capacity growth June '04 to June '05 |
Average 1972-2004 |
1982 Low |
1988-89 High |
2004 June |
2005 |
Mar. |
Apr. |
May |
June |
|
|
|
|
|
|
|
|
|
|
Total industry |
81.0 |
70.8 |
85.1 |
77.8 |
79.5 |
79.2 |
79.4 |
80.0 |
1.2 |
Previous estimates |
|
|
|
|
79.4 |
79.1 |
79.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing (see note below) |
79.8 |
68.5 |
85.6 |
76.5 |
78.1 |
77.9 |
78.2 |
78.4 |
1.3 |
Previous estimates |
|
|
|
|
78.0 |
77.9 |
78.2 |
|
|
Mining |
87.1 |
78.6 |
85.8 |
86.2 |
88.2 |
88.3 |
88.6 |
89.0 |
-.6 |
Utilities |
86.8 |
77.7 |
92.8 |
84.5 |
86.2 |
84.3 |
83.8 |
88.2 |
1.4 |
|
|
|
|
|
|
|
|
|
|
Stage-of-process groups |
|
|
|
|
|
|
|
|
|
Crude |
86.4 |
77.3 |
88.9 |
85.7 |
87.0 |
86.8 |
86.8 |
87.1 |
-.5 |
Primary and semifinished |
82.1 |
68.0 |
86.5 |
79.7 |
80.5 |
79.9 |
79.8 |
80.7 |
2.0 |
Finished |
77.9 |
71.1 |
83.1 |
74.0 |
76.8 |
76.7 |
77.3 |
77.7 |
.5 |
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 production of consumer goods rose 1.2 percent in June. The output of durables moved up 1.8 percent,
although the index declined 2.5 percent (annual rate) in the second quarter. The output of automotive
products rose 2.8 percent in June, its second consecutive monthly increase after declines in March and
April. All other major categories of consumer durables advanced in June, though at a slower pace than did
automotive products. The production of consumer nondurables rose 1.0 percent in June and increased 3.2
percent (annual rate) in the second quarter. The output of consumer energy products moved up 4.2 percent
in June, and the production of non-energy nondurables rose 0.2 percent. Output increased for all major
categories of nondurables except clothing.
The index for business equipment advanced 0.2 percent in June and moved up at an annual rate of 7.9
percent in the second quarter, its eighth consecutive quarterly rise. The production of transit equipment
rose 0.8 percent in June, and the output of information processing equipment advanced 0.4 percent.
Although the index for industrial and other equipment fell slightly in June, it increased at an annual rate
of 6.2 percent in the second quarter. The production of defense and space equipment rose 1.4 percent in
June and was up 11.3 percent from its June 2004 level.
The index for construction supplies declined 0.4 percent in June but rose at an annual rate of 2.9 percent
in the second quarter. The index for business supplies increased 1.4 percent in June.
The production of materials advanced 0.7 percent in June; the output of non-energy materials posted a
modest gain of 0.1 percent, but the output of energy materials climbed 2.2 percent. The index for
non-energy materials fell at an annual rate of 1.9 percent in the second quarter after a string of seven
quarters of increases. Among non-energy materials, the output of durable materials edged up 0.1 percent in
June, as gains in the production of consumer parts and of equipment parts were nearly offset by a decline
in the output of other materials, such as steel. The index for nondurable materials was unchanged, as the
output of paper increased but that of textiles and chemicals declined.
Industry Groups
Manufacturing output rose 0.4 percent in June; at an annual rate, the index moved up just 1.5 percent in
the second quarter. The overall factory operating rate increased 0.2 percentage point last month, to 78.4
percent. The production of durable manufacturing goods rose 0.6 percent and was led by a 2.9 percent gain
in the output of motor vehicles and parts. Among the other major categories of durable goods, the
production of computer and electronic products rose 0.7 percent in June, and the output of aerospace and
miscellaneous transportation equipment increased 0.9 percent. A decline in the output of steel in June
contributed to a 2.2 percent drop in the index for primary metals, which fell at an annual rate of 24.7
percent in the second quarter. The production of nondurable goods edged up 0.1 percent in June, and gains
in the output of food, beverage, and tobacco products; paper; petroleum and coal products; and chemicals
contributed to the rise. The indexes for textile and product mills, apparel and leather, printing and
support, and plastics and rubber products industries all posted declines. The output of non-NAICS
manufacturing industries (publishing and logging) rose 0.3 percent.
The output at utilities climbed 5.3 percent in June and was bolstered by a nearly 7 percent jump in
electricity generation. The operating rate at overall utilities rose to 88.2 percent. The output at mines
increased 0.4 percent, and the utilization rate for mining advanced 0.4 percentage point, to 89.0 percent.
By stage of process, capacity utilization for industries in the crude stage moved up 0.3 percentage point,
to 87.1 percent. For industries in the primary and semifinished stages, the operating rate rose 0.9
percentage point, to 80.7 percent, and for industries in the finished stage, utilization increased 0.4 percentage
point, to 77.7 percent.
Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board plans to issue an annual revision to the index of industrial production
(IP) and the related measures of capacity and capacity utilization this fall; the publication date for the
revision is still to be determined. The revised IP indexes will incorporate data from the 2003 Annual
Survey of Manufactures and from selected editions of the 2003 and 2004 Current Industrial Reports, all from
the U.S. Census Bureau. Annual data from the U.S. Geological Survey regarding metallic and nonmetallic
minerals (except fuels) for 2003 and 2004 will also be introduced. The updating will include revisions to
the monthly indicator for each industry (either product data or input data) and revisions to seasonal
factors.
Capacity and capacity utilization will be revised to incorporate preliminary data from the Census
Bureau's 2004 Survey of Plant Capacity, which covers manufacturing, along with new data on capacity from
the U.S. Geological Survey, the Department of Energy, and other organizations.
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