Industrial Production and Capacity Utilization - G.17
The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of St. Louis's Federal Reserve Economic Data (FRED) program are working together to expand options for finding, accessing, and visualizing data from the Board's Data Download Program (DDP) in FRED. Learn more about the DDP and FRED partnership.
Current Release PDF ASCII RSS Data Download
Industrial production rose 0.6 percent in June after advancing 0.9 percent in May. For the second quarter as a whole, industrial production increased at an annual rate of 4.3 percent. Manufacturing output moved up 0.4 percent in June and rose 3.4 percent (annual rate) in the second quarter. In June, the indexes for mining and utilities posted gains of 0.3 percent and 2.8 percent, respectively. At 104 percent of its 2017 average, total industrial production in June was 1.6 percent above its year-earlier level. Capacity utilization moved up to 78.8 percent in June, a rate that is 0.9 percentage point below its long-run (1972–2023) average.
Industrial Production and Capacity Utilization: Summary
Industrial production | 2017=100 | Percent change | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 2024 | June '23 to June '24 |
|||||||||||
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 | 101.5 | 102.6 | 102.4 | 102.4 | 103.3 | 104.0 | -1.1 | 1.1 | -.2 | .0 | .9 | .6 | 1.6 |
Previous estimates | 101.7 | 102.7 | 102.5 | 102.4 | 103.1 | -.9 | 1.0 | -.2 | -.1 | .7 | |||
Major market groups | |||||||||||||
Final Products | 100.1 | 100.7 | 100.4 | 100.8 | 101.3 | 102.0 | -.8 | .7 | -.3 | .4 | .5 | .7 | 1.8 |
Consumer goods | 101.3 | 101.7 | 101.1 | 101.8 | 102.5 | 103.6 | -.7 | .4 | -.6 | .7 | .7 | 1.0 | 2.8 |
Business equipment | 93.4 | 94.9 | 95.0 | 94.5 | 94.8 | 94.4 | -1.2 | 1.6 | .1 | -.5 | .3 | -.4 | -1.2 |
Nonindustrial supplies | 99.5 | 101.0 | 100.8 | 100.3 | 101.4 | 101.9 | -.8 | 1.5 | -.2 | -.5 | 1.1 | .5 | 1.3 |
Construction | 98.8 | 101.3 | 101.1 | 99.6 | 100.5 | 100.4 | -1.5 | 2.5 | -.2 | -1.5 | .9 | -.1 | -.4 |
Materials | 103.3 | 104.7 | 104.6 | 104.5 | 105.7 | 106.4 | -1.5 | 1.3 | -.1 | -.1 | 1.1 | .7 | 1.5 |
Major industry groups | |||||||||||||
Manufacturing (see note below) | 97.9 | 99.2 | 99.4 | 98.9 | 99.9 | 100.3 | -1.3 | 1.3 | .2 | -.5 | 1.0 | .4 | 1.1 |
Previous estimates | 98.2 | 99.3 | 99.5 | 98.9 | 99.5 | -1.0 | 1.1 | .2 | -.6 | .6 | |||
Mining | 115.3 | 120.2 | 119.6 | 119.8 | 119.0 | 119.3 | -4.3 | 4.3 | -.5 | .2 | -.7 | .3 | -.6 |
Utilities | 107.5 | 103.6 | 101.0 | 104.7 | 106.7 | 109.7 | 4.3 | -3.6 | -2.4 | 3.6 | 1.9 | 2.8 | 7.9 |
Capacity utilization | Percent of capacity | Capacity growth |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Average 1972- 2023 |
1988- 89 high |
1990- 91 low |
1994- 95 high |
2009 low |
2023 June |
||||||||
2024 | June '23 to June '24 |
||||||||||||
Jan.[r] | Feb.[r] | Mar.[r] | Apr.[r] | May[r] | June[p] | ||||||||
Total industry | 79.7 | 85.2 | 78.7 | 84.8 | 66.6 | 78.6 | 77.2 | 78.0 | 77.8 | 77.7 | 78.3 | 78.8 | 1.4 |
Previous estimates | 77.4 | 78.1 | 77.8 | 77.7 | 78.2 | ||||||||
Manufacturing (see note below) | 78.3 | 85.5 | 77.1 | 84.4 | 63.5 | 78.0 | 76.5 | 77.3 | 77.4 | 76.9 | 77.6 | 77.9 | 1.3 |
Previous estimates | 76.7 | 77.4 | 77.5 | 76.9 | 77.3 | ||||||||
Mining | 86.5 | 86.3 | 84.3 | 88.6 | 78.9 | 89.9 | 85.9 | 89.6 | 89.2 | 89.5 | 89.0 | 89.3 | .1 |
Utilities | 84.5 | 93.2 | 84.7 | 93.2 | 78.1 | 70.8 | 73.4 | 70.5 | 68.6 | 70.8 | 72.0 | 73.8 | 3.5 |
Stage-of-process groups | |||||||||||||
Crude | 85.6 | 87.9 | 84.9 | 90.0 | 77.0 | 87.6 | 83.9 | 86.8 | 86.9 | 86.6 | 86.9 | 87.6 | .1 |
Primary and semifinished | 80.2 | 86.5 | 77.6 | 87.5 | 63.7 | 76.8 | 76.5 | 76.5 | 76.0 | 76.2 | 77.1 | 77.7 | 1.6 |
Finished | 76.8 | 83.3 | 77.6 | 80.4 | 66.2 | 76.9 | 75.3 | 76.1 | 76.0 | 75.8 | 76.2 | 76.3 | 1.7 |
Market Groups
Most major market groups posted gains in June. The index for consumer goods stepped up 1 percent, with increases in the indexes for most of its components—particularly energy (2.7 percent) and automotive products (1.7 percent). The index for materials rose 0.7 percent, benefiting from gains in both its energy its and non-energy components. The index for defense and space equipment continued its upward trajectory with a 0.7 percent increase. Business equipment and construction supplies were the only major market groups to experience declines, with their respective indexes decreasing 0.4 percent and 0.1 percent.
Industry Groups
Manufacturing output moved up 0.4 percent in June and was 1.1 percent above its year-earlier level. In June, the index for durable manufacturing was unchanged, the index for nondurable manufacturing increased 0.8 percent, and the index for other manufacturing (publishing and logging) increased 0.9 percent. Within durables, declines in the indexes for industries such as fabricated metal products (1.3 percent) and miscellaneous (1.7 percent) were offset by increases in the indexes for industries such as motor vehicles and parts (1.6 percent) and electrical equipment, appliances, and components (1.5 percent). Within nondurables, all industry groups except plastics and rubber products posted gains, with the largest gain seen in the output of printing and support (2.6 percent).
Mining output increased 0.3 percent in June but was 0.6 percent below its year-earlier level. The output of mines rose at an annual rate of 3.4 percent in the second quarter after dropping 5.6 percent in the first quarter. The output of utilities increased 2.8 percent in June, with gains in the output of both electric and natural gas utilities.
Capacity utilization for manufacturing moved up in June to 77.9 percent, a rate that is 0.4 percentage point below its long-run average. The operating rate for mining rose 0.3 percentage point in June to 89.3 percent, while the operating rate for utilities increased 1.8 percentage points to 73.8 percent. The rate for mining was 2.8 percentage points above its long-run average, while the rate for utilities remained substantially 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, 2024. The Economic Census for 2022 was not available from the U.S. Census Bureau by early 2024, so no new annual benchmark data were included for manufacturing. Other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels), were incorporated. The updated IP indexes include 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 affect the index from 1972 to the present.
Capacity and capacity utilization were revised to incorporate data for manufacturing through the fourth quarter of 2023 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.G.17 Release Tables:
- Summary: Industrial Production and Capacity Utilization
- Chart 1: Industrial Production, Capacity, and Capacity Utilization
- Chart 2: Industrial Production and Capacity Utilization
- Chart 3: Industrial Production of Selected Industries
- Table 1: Industrial Production: Market and Industry Groups (percent change)
- Table 2: Industrial Production: Special Aggregates and Selected Detail (percent change)
- Table 3: Motor Vehicle Assemblies
- Table 4: Industrial Production Indexes: Market and Industry Group Summary
- Table 5: Industrial Production Indexes: Special Aggregates
- Table 6: Diffusion Indexes of Industrial Production
- Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities
- Table 8: Industrial Capacity: Manufacturing, Mining, and Utilities (percent change)
- Table 9: Industrial Production: Gross Value of Products and Nonindustrial Supplies
- Table 10: Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
- Table 11: Historical Statistics for IP, Capacity, and Utilization: Total Industry
- Table 12: Historical Statistics for IP, Capacity, and Utilization: Manufacturing
- Table 13: Historical Statistics for IP, Capacity, and Utilization: Total Industry excluding Selected High-Technology Industries
- Table 14: Historical Statistics for IP, Capacity, and Utilization: Manufacturing excluding Selected High-Technology Industries
- Table 15: Industrial Production: Reliability Estimates