Industrial Production and Capacity Utilization - G.17

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Release Date: July 15, 2022
The annual revision to industrial production and capacity utilization was published on June 28, 2022. Data referred to in the release dated June 17, 2022, were superseded by the data issued at the time of the annual revision. Information on the annual revision to industrial production and capacity utilization appears below. In addition, with the release on July 15, 2022, the IP index for pig iron was changed to one that merges multiple data sources and begins in 1972. Details on the code changes can be found here

Total industrial production moved down 0.2 percent in June but advanced at an annual rate of 6.1 percent for the second quarter as a whole. Manufacturing output declined 0.5 percent for a second consecutive month in June; even so, it rose at an annual rate of 4.2 percent in the second quarter. In June, the index for mining advanced 1.7 percent, while the index for utilities fell 1.4 percent. At 104.4 percent of its 2017 average, total industrial production in June was 4.2 percent above its year-earlier level. Capacity utilization decreased 0.3 percentage point in June to 80.0 percent, a rate that is 0.4 percentage point above its long-run (1972–2021) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2022 2022 June '21 to
June '22
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p] Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total index 102.1 103.0 103.7 104.5 104.6 104.4 .4 .8 .7 .8 .0 -.2 4.2
Previous estimates 102.2 103.0 103.7 105.1 105.2   .4 .8 .7 1.3 .1    
       
Major market groups
Final Products 102.8 103.6 104.1 105.7 105.1 104.6 1.0 .8 .5 1.5 -.5 -.5 4.4
Consumer goods 104.2 104.5 104.7 106.2 105.5 104.8 1.6 .2 .2 1.4 -.7 -.7 2.6
Business equipment 93.4 95.4 96.6 97.7 97.2 97.3 -.9 2.1 1.3 1.1 -.5 .1 7.9
Nonindustrial supplies 101.3 102.8 102.9 103.3 103.4 103.0 .2 1.5 .0 .5 .1 -.4 5.1
Construction 103.7 105.8 105.2 105.3 105.2 105.0 -1.2 2.0 -.6 .1 -.1 -.1 6.0
Materials 101.8 102.5 103.6 103.9 104.4 104.5 .0 .6 1.1 .3 .5 .1 3.6
       
Major industry groups
Manufacturing (see note below) 100.0 101.3 102.1 102.7 102.2 101.6 -.3 1.3 .8 .6 -.5 -.5 3.6
Previous estimates 100.0 101.3 102.1 103.0 102.8   -.2 1.3 .8 .9 -.2    
Mining 109.1 108.9 112.4 112.4 113.7 115.7 -1.1 -.2 3.2 .0 1.2 1.7 8.2
Utilities 108.4 107.5 103.1 106.8 108.8 107.3 7.9 -.8 -4.1 3.6 1.9 -1.4 1.4

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2021 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2021
June 		   
2022 June '21 to
June '22
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total industry 79.6 85.2 78.8 85.0 66.6 77.7 78.9 79.5 79.9 80.4 80.3 80.0 1.1
Previous estimates             79.0 79.5 79.9 80.9 80.8    
       
Manufacturing (see note below) 78.2 85.6 77.3 84.7 63.4 77.0 78.3 79.3 79.9 80.3 79.8 79.3 .6
Previous estimates             78.4 79.3 79.9 80.5 80.3    
Mining 86.3 86.2 84.3 88.6 78.9 82.7 84.6 84.1 86.5 86.1 86.8 88.0 1.7
Utilities 84.7 92.9 84.5 92.9 78.0 76.6 77.3 76.5 73.2 75.7 77.0 75.8 2.6
       
Stage-of-process groups
Crude 85.5 87.9 84.8 90.0 76.9 83.2 83.7 83.6 85.7 85.2 85.7 86.8 1.0
Primary and semifinished 80.1 86.5 78.0 87.8 63.5 76.8 78.4 79.4 78.9 79.7 79.7 78.8 .6
Finished 76.7 83.3 77.5 80.7 66.4 76.3 77.7 78.0 78.8 79.4 78.9 78.6 1.4
[r] Revised. [p] Preliminary.
Market Groups

In June, decreases were widespread among the major market groups. The indexes for durable and nondurable consumer goods declined 1.0 percent and 0.7 percent, respectively. The appliance, furniture, and carpeting category posted the largest loss among the components of consumer goods (3.3 percent), while only home electronics, miscellaneous goods, and clothing recorded gains. The output of business equipment rose 0.1 percent, as a decrease in transit equipment was slightly outweighed by increases in information processing equipment and in industrial and other equipment. The production of defense and space equipment moved down 0.2 percent. The indexes for construction supplies and business supplies decreased 0.1 percent and 0.5 percent, respectively. The production of materials edged up 0.1 percent, bolstered by an increase in energy materials that more than offset broad-based losses across the components of durable and nondurable materials.

Industry Groups

Manufacturing output fell 0.5 percent in June, with decreases for durable and nondurable manufacturing of 0.3 percent and 0.8 percent, respectively. Within durable manufacturing, declines of more than 1 percent in primary metals, machinery, and motor vehicles and parts outweighed gains of more than 1 percent in miscellaneous manufacturing and in electrical equipment, appliances, and components. Within nondurable manufacturing, every group except for two posted a decline of at least 0.8 percent; apparel and leather recorded a gain of 2.5 percent, while chemicals registered a dip of 0.1 percent. The index for other manufacturing (publishing and logging) moved down 0.2 percent.

The output of mining gained 1.7 percent in June and rose at an annual rate of 14.5 percent in the second quarter; strength in the oil and gas sector has been the primary impetus for the recent gains in mining. The index for utilities fell 1.4 percent in June but grew at an annual rate of 5.1 percent in the second quarter.

Capacity utilization for manufacturing fell 0.5 percentage point in June to 79.3 percent, 1.1 percentage points above its long-run average. The operating rate for mining jumped 1.2 percentage points to 88.0 percent, 5.3 percentage points above its year-earlier level and 1.7 percentage points above its long-run average. Conversely, the operating rate for utilities fell 1.2 percentage points to 75.8 percent, 8.9 percentage points below its long-run average.

Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board issued its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on June 28, 2022. New annual benchmark data for manufacturing for 2020 were incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes included revisions to the monthly indicator—either product data or input data—and to seasonal factors for each industry. In addition, the estimation methods for some series were changed. Any modifications to the methods for estimating the output of an industry affected the index from 1972 to the present.

Capacity and capacity utilization were revised to incorporate data for manufacturing through the fourth quarter of 2021 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS); electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.

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Last Update: July 15, 2022