Board of Governors of the Federal Reserve System

Industrial Production and Capacity Utilization: Recent Bulletin Articles and Other References (1996–2014)

Articles in the Federal Reserve Bulletin and Related Revision Summary Articles:

Pierce, Justin. Industrial Production and Capacity Utilization: The 2013 Annual Revision. Washington: Board of Governors of the Federal Reserve System (February 2014).

• Includes a description of the methods used to estimate the effects of natural disasters on industrial production. The development of a new annual price deflator for semiconductor manufacturing is also outlined.

———. Industrial Production and Capacity Utilization: The 2012 Annual Revision. Washington: Board of Governors of the Federal Reserve System (February 2014).

• Includes a discussion of the conversion of the indexes to the 2007 NAICS. It also discusses the adjustment of data to account for the effects of recessions prior to estimating seasonal factors.

Otoo, Maria. Industrial Production and Capacity Utilization: The 2010 Annual Revision. Washington: Board of Governors of the Federal Reserve System (April 2011).

• Summarizes a revised interpolation method for data network equipment, new source data used to estimate capacity, and changes to methods for high-technology indexes.

Hall, Anne. "Industrial Production and Capacity Utilization: The 2009 Annual Revision," Federal Reserve Bulletin, vol 95 (August 2009), pp. A125–A145.

• Summarizes the method for adjusting indexes for the effects on output of temporary help services; discusses methods of estimating the effect of hurricanes on production and of estimating the capacity of light vehicle producers.

Bayard, Kimberly, and Charles Gilbert. "Industrial Production and Capacity Utilization: The 2008 Annual Revision," Federal Reserve Bulletin, vol 94 (August 2008), pp. A41–A60.

• Summarizes the improvements in the indexes for communications equipment over the previous several years as well as the changes to the computer and semiconductor indexes in this revision.

Gilbert, Charles, and Maria Otoo. "Industrial Production and Capacity Utilization: The 2006 Annual Revision," Federal Reserve Bulletin, vol 93 (May 2007), pp. A17B–34.

• Summarizes improvements to the indexes for communications equipment, unitary air conditioners, ethanol, audio and video equipment, and semiconductors.

Bayard, Kimberly, and Charles Gilbert. "Industrial Production and Capacity Utilization: The 2005 Annual Revision," Federal Reserve Bulletin, vol 92, (2006), pp. A39–A58.

• With this revision, the data from the survey of industrial electric power use are replaced as monthly indicators for industrial production by data on production-worker hours from 1997 forward.

———, and ———. "Industrial Production and Capacity Utilization: The 2004 Annual Revision," Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 9–25.

• Switches the source data for eleven industries from electric power use to production-worker hours. The revision to the capacity indexes used updated information for the publishing industry, for which there had been a gap in the collection of operating rates.

———, and Norman Morin. "Industrial Production and Capacity Utilization: The 2003 Annual Revision," Federal Reserve Bulletin, vol. 90 (Winter 2004), pp. 9–25.

• Includes a rearrangement of the market groups based on the 1997 input-output tables issued by the Bureau of Economic Analysis. Updates value-added weights used in aggregating individual indexes.

Corrado, Carol. "Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision," Federal Reserve Bulletin, vol. 89 (April 2003), pp. 173–87.

• Incorporates the reclassification back to 1972 of production and capacity indexes for individual industries from the Standard Industrial Classification System to the North American Industry Classification System. Expresses production and capacity indexes as percentages of output in 1997; previously the reference year was 1992. Improves methods for measuring the real output of communications equipment.

———, Charles Gilbert, and Norman Morin. "Industrial Production and Capacity Utilization: The 2001 Annual Revision," Federal Reserve Bulletin, vol. 88 (March 2002), pp. 173–87.

• Reviews the use of new methods for calculating value added in electric utilities and the introduction of new source data for natural gas extraction capacity. Includes updated results for the unpublished series for the production of LAN equipment.

———. "Industrial Production and Capacity Utilization: the 2000 Annual Revision," Federal Reserve Bulletin, vol. 87 (March 2001), pp. 132–48.

• Includes a brief description of data sources and methods for compiling monthly IP. A technical note explaining how the newly introduced production series for LAN equipment was derived and a table showing the results for the new series are provided. A refinement of the aggregation method introduced in the 1996 revision, a new series for the production of drugs and medicines, the introduction of improved source data for series for the production of computer printers and bearings, and a modification to the definitions of advanced-processing and primary-processing industries are also reviewed.

Gilbert, Charles, Norman Morin, and Richard Raddock. "Industrial Production and Capacity Utilization: Recent Developments and the 1999 Revision," Federal Reserve Bulletin, vol. 86 (March 2000), pp. 188–205.

• Includes a review of improved methods and models used to estimate capacity and capacity utilization. Refinements to the methods for calculating the capacity series for motor vehicles and semiconductor are also discussed.

———, and Richard Raddock. "Industrial Production and Capacity Utilization: 1998 Annual Revision," Federal Reserve Bulletin, vol. 85 (January 1999), pp. 20–33.

• Includes a description of new methods and new source data for measuring the output of the semiconductor industry and the output of the coal industry.

Raddock, Richard. "Industrial Production and Capacity Utilization: Annual Revision and 1997 Developments," Federal Reserve Bulletin, vol. 84 (February 1998), pp. 77–91.

• Includes a description of a redesigned series measuring oil and gas field services.

Corrado, Carol, Charles Gilbert, and Richard Raddock. "Industrial Production and Capacity Utilization: Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67–92.

• Reviews the introduction of new aggregation methods for IP and Capacity; a technical note on aggregation of production and capacity utilization and a description of the derivation of weights for the current year are provided. The introduction of new source data for two equipment series, farm and construction and mining equipment, and for stone, sand, and gravel mining, as well as refinements to other individual production or capacity series are reviewed. The article contains an appendix on a major revision of the electric power data.

Raddock, Richard. "A Revision to Industrial Production and Capacity Utilization, 1991–95," Federal Reserve Bulletin, vol. 82 (January 1996), pp. 16–25.

• Reviews the incorporation of new source data for the production of organic chemicals, service industry machinery, and plumbing and heating products.

Other References:

Aizcorbe, Ana, Carol Corrado, and Mark Doms. "Constructing Price and Quantity Indexes for High-Technology Goods," presented at the CRIW workshop on Price Measurement at the NBER Summer Institute (July 2000).

Bansak, Cynthia, Norman Morin, and Martha Starr-McCluer. "Technology, Capital Spending, and Capacity Utilization," presented at the meeting of the Allied Social Science Association, New Orleans (January 2002).

Bayard, Kimberly, and Shawn Klimek. "Creating a Historical Bridge for Manufacturing Between the Standard Industrial Classification System and the North American Industry Classification System," 2003 Proceedings of the American Statistical Association, Business and Economic Statistics Section [CD ROM], (2003), pp. 478–84.

Byrne, David, and Carol Corrado. "Prices for Communications Equipment: Updating and Revisiting the Record," unpublished Federal Reserve Board paper (July 2007).

Corrado, Carol, and Joe Mattey. "Capacity Utilization," Journal of Economic Perspectives, vol. 11 (Winter 1997), pp. 151–67.

Doms, Mark. "Communications Equipment: What Has Happened to Prices?" presented at the NBER/CRIW Conference, Measuring Capital in the New Economy, Federal Reserve Board (April 2002).

———, and Christopher Forman. "Price Indexes for LAN Equipment," presented at the CRIW workshop on Price Measurement at the NBER Summer Institute (July 2001).

Estevao, Marcello, and Saul Lach. "Measuring Temporary Labor Outsourcing in U.S. Manufacturing" Federal Reserve Board Finance and Economic Discussion Series. 1999–57 (October 1999).

Greenspan, Alan. "The Challenge of Measuring and Modeling a Dynamic Economy," presented at the Washington Economic Policy Conference of the National Association for Business Economics, Washington, D.C. (March 27, 2001).

Morin, Norman. "NAICS and the 2002 Historical Revision of Industrial Production, Capacity, and Capacity Utilization," 2003 Proceedings of the American Statistical Association, Business and Economic Statistics Section [CD ROM], (2003), pp. 2910–15.

———, and John Stevens. "Estimating Capacity Utilization from Survey Data," IFC Bulletin, vol. 20 (2005), pp. 42-60.

———, and ———. "Diverging Measures of Capacity Utilization: An Explanation," Business Economics, vol. 40 (2005), no. 4, pp. 46-54.

Stevens, John. "Overhauling Industrial Production: The 2002 Historical and Annual Revision," 2003 Proceedings of the American Statistical Association, Business and Economic Statistics Section [CD ROM], (2003), pp. 4072–78.