Board of Governors of the Federal Reserve System

Seasonally adjusted                                                        

	Jan.	Feb.	Mar.	Apr.	May	June	July	Aug.	Sept.	Oct.	Nov.	Dec.	Q1	Q2	Q3	Q4	Annual
Capacity (percent of 2017 output)
1994	82.6	82.8	83.1	83.3	83.6	83.8	84.1	84.4	84.7	85.0	85.3	85.6	82.8	83.6	84.4	85.3	84.0
1995	85.9	86.3	86.6	86.9	87.2	87.6	88.0	88.3	88.7	89.2	89.6	90.0	86.3	87.2	88.3	89.6	87.9
1996	90.5	91.0	91.5	92.0	92.5	93.0	93.5	94.0	94.5	95.0	95.6	96.1	91.0	92.5	94.0	95.6	93.3
1997	96.6	97.2	97.7	98.3	98.9	99.5	100.2	100.9	101.6	102.3	103.0	103.8	97.2	98.9	100.9	103.1	100.0
1998	104.6	105.4	106.2	106.9	107.7	108.4	109.1	109.7	110.3	110.9	111.5	112.1	105.4	107.7	109.7	111.5	108.6
1999	112.6	113.1	113.7	114.2	114.7	115.2	115.6	116.1	116.6	117.1	117.6	118.1	113.1	114.7	116.1	117.6	115.4
2000	118.6	119.0	119.5	120.0	120.5	121.0	121.5	122.0	122.4	122.9	123.4	123.9	119.0	120.5	122.0	123.4	121.2
2001	124.3	124.8	125.2	125.6	126.0	126.3	126.6	126.9	127.2	127.4	127.6	127.7	124.7	126.0	126.9	127.6	126.3
2002	127.9	128.0	128.1	128.2	128.2	128.2	128.2	128.2	128.2	128.2	128.2	128.2	128.0	128.2	128.2	128.2	128.2
2003	128.2	128.2	128.2	128.2	128.1	128.1	128.1	128.0	128.0	128.0	127.9	127.9	128.2	128.1	128.0	127.9	128.1
2004	127.8	127.8	127.7	127.7	127.7	127.6	127.6	127.7	127.7	127.8	127.9	128.0	127.8	127.7	127.7	127.9	127.8
2005	128.2	128.4	128.6	128.8	129.1	129.4	129.6	129.9	130.2	130.4	130.7	130.9	128.4	129.1	129.9	130.7	129.5
2006	131.2	131.4	131.6	131.9	132.1	132.3	132.6	132.8	133.1	133.4	133.7	134.0	131.4	132.1	132.8	133.7	132.5
2007	134.4	134.7	135.1	135.4	135.8	136.1	136.4	136.7	137.0	137.2	137.3	137.4	134.7	135.8	136.7	137.3	136.1
2008	137.5	137.5	137.4	137.3	137.2	137.1	136.9	136.8	136.6	136.4	136.3	136.1	137.4	137.2	136.8	136.3	136.9
2009	136.0	135.8	135.6	135.5	135.3	135.2	135.0	134.9	134.7	134.6	134.4	134.2	135.8	135.3	134.9	134.4	135.1
2010	134.0	133.8	133.6	133.4	133.2	132.9	132.7	132.5	132.2	132.0	131.8	131.7	133.8	133.2	132.5	131.8	132.8
2011	131.5	131.4	131.2	131.2	131.1	131.1	131.1	131.2	131.2	131.3	131.4	131.6	131.4	131.1	131.2	131.4	131.3
2012	131.7	131.8	132.0	132.1	132.3	132.4	132.5	132.7	132.8	132.9	133.0	133.1	131.8	132.3	132.7	133.0	132.5
2013	133.2	133.3	133.3	133.3	133.4	133.4	133.4	133.4	133.3	133.3	133.3	133.2	133.3	133.4	133.4	133.3	133.3
2014	133.2	133.1	133.0	132.9	132.9	132.7	132.6	132.5	132.4	132.2	132.1	131.9	133.1	132.8	132.5	132.1	132.6
2015	131.8	131.6	131.5	131.4	131.2	131.1	131.1	131.0	131.0	131.0	131.0	131.1	131.6	131.3	131.0	131.0	131.2
2016	131.1	131.2	131.2	131.3	131.4	131.5	131.5	131.6	131.6	131.6	131.6	131.5	131.2	131.4	131.6	131.6	131.4
2017	131.5	131.3	131.2	131.1	130.9	130.7	130.5	130.4	130.2	130.0	129.8	129.7	131.3	130.9	130.4	129.8	130.6
2018	129.5	129.4	129.3	129.2	129.2	129.1	129.1	129.0	129.0	129.0	128.9	128.9	129.4	129.2	129.0	128.9	129.1
2019	128.9	128.9	128.8	128.8	128.8	128.7	128.7	128.6	128.6	128.5	128.4	128.4	128.9	128.8	128.6	128.4	128.7
2020	128.3	128.2	128.1	128.0	127.9	127.8	127.6	127.5	127.3	127.2	127.0	126.9	128.2	127.9	127.5	127.0	127.7
2021	126.7	126.6	126.4	126.3	126.2	126.1	126.0	125.9	125.8	125.8	125.7	125.7	126.6	126.2	125.9	125.7	126.1
2022	125.7	125.7	125.7	125.7	125.8	125.8	125.9	126.0	126.1	126.2	126.3	126.4	125.7	125.8	126.0	126.3	125.9
2023	126.5	126.6	126.8	126.9	127.0	127.2	127.3	127.4	127.6	127.7	127.8	128.0	126.6	127.0	127.4	127.8	127.2
2024	128.1	128.2	128.4	128.5	128.6								128.2
Utilization (percent)
1994	81.0	80.9	81.7	82.2	82.4	82.4	82.4	82.9	82.9	83.4	83.8	84.4	81.2	82.4	82.7	83.8	82.5
1995	84.2	83.7	83.6	83.0	83.0	83.1	82.2	82.7	83.1	82.6	82.3	82.1	83.8	83.0	82.7	82.3	83.0
1996	81.2	81.9	81.3	81.9	82.1	82.4	82.3	82.2	82.4	81.9	82.1	82.4	81.5	82.1	82.3	82.1	82.0
1997	82.0	82.7	83.0	82.5	82.5	82.6	82.6	83.1	83.3	83.4	83.6	83.4	82.6	82.5	83.0	83.5	82.9
1998	83.5	83.0	82.2	82.0	81.9	80.8	79.9	81.4	80.8	81.1	80.8	80.8	82.9	81.6	80.7	80.9	81.5
1999	80.6	81.0	80.6	80.5	80.8	80.3	80.3	80.4	79.8	80.6	80.8	81.1	80.7	80.5	80.2	80.8	80.6
2000	80.7	80.6	80.8	81.0	80.6	80.5	80.2	79.4	79.4	78.8	78.3	77.5	80.7	80.7	79.7	78.2	79.8
2001	76.9	76.1	75.7	75.2	74.5	73.9	73.3	72.9	72.4	72.0	71.6	71.7	76.3	74.5	72.9	71.8	73.9
2002	72.1	72.0	72.4	72.6	73.0	73.7	73.6	73.6	73.7	73.4	73.8	73.4	72.2	73.1	73.6	73.6	73.1
2003	74.0	73.9	74.0	73.4	73.5	73.8	74.1	73.8	74.4	74.5	75.2	75.2	74.0	73.6	74.1	75.0	74.1
2004	75.1	75.7	75.7	76.0	76.6	76.1	76.8	77.1	77.1	77.7	77.7	78.2	75.5	76.2	77.0	77.9	76.6
2005	78.6	79.1	78.6	78.8	78.9	78.9	78.4	78.7	77.7	78.6	79.2	79.1	78.8	78.9	78.3	78.9	78.7
2006	79.5	79.2	79.0	79.2	78.9	78.9	78.5	78.9	78.8	78.3	78.2	79.2	79.3	79.0	78.8	78.6	78.9
2007	78.7	78.8	79.2	79.5	79.2	79.3	79.1	78.7	78.8	78.5	78.8	78.9	78.9	79.3	78.8	78.7	79.0
2008	78.7	78.2	77.9	77.1	76.7	76.2	75.5	74.6	72.1	71.8	70.1	67.8	78.3	76.7	74.1	69.9	74.7
2009	65.7	65.7	64.6	64.2	63.6	63.5	64.6	65.4	66.2	66.3	67.0	67.0	65.3	63.8	65.4	66.8	65.3
2010	67.8	67.8	68.8	69.5	70.5	70.6	71.1	71.3	71.5	71.7	71.8	72.3	68.2	70.2	71.3	71.9	70.4
2011	72.4	72.6	73.1	72.8	72.8	72.9	73.3	73.6	73.8	74.1	73.9	74.3	72.7	72.8	73.6	74.1	73.3
2012	74.9	75.1	74.6	74.9	74.5	74.7	74.4	74.3	74.0	73.8	74.2	74.7	74.8	74.7	74.2	74.3	74.5
2013	74.5	74.7	74.6	74.4	74.6	74.8	74.2	74.8	74.9	75.0	75.0	74.9	74.6	74.6	74.6	75.0	74.7
2014	74.2	74.9	75.6	75.6	75.9	76.2	76.6	76.2	76.3	76.3	76.9	76.8	74.9	75.9	76.4	76.7	76.0
2015	76.5	76.0	76.3	76.4	76.5	76.2	76.9	76.6	76.4	76.3	76.1	75.9	76.3	76.4	76.6	76.1	76.4
2016	76.2	75.9	75.8	75.6	75.5	75.7	75.7	75.4	75.5	75.6	75.6	75.6	75.9	75.6	75.5	75.6	75.7
2017	75.8	75.8	75.6	76.5	76.5	76.6	76.5	76.4	76.5	77.4	77.6	77.5	75.7	76.6	76.5	77.5	76.6
2018	77.4	78.1	78.1	78.7	78.1	78.6	78.7	78.9	79.0	78.6	78.4	78.7	77.9	78.5	78.9	78.6	78.4
2019	78.0	77.6	77.4	77.0	77.0	77.4	76.9	77.4	76.9	76.3	76.9	77.1	77.7	77.1	77.1	76.8	77.2
2020	76.9	77.1	73.6	62.3	65.1	70.2	72.8	74.0	74.1	74.8	75.4	76.0	75.9	65.9	73.6	75.4	72.7
2021	76.8	73.8	76.2	76.3	77.2	77.3	78.0	77.8	77.1	78.3	79.0	79.1	75.6	76.9	77.7	78.8	77.2
2022	78.6	79.3	80.1	80.0	79.8	79.5	79.5	79.6	79.8	79.8	79.1	77.6	79.3	79.8	79.6	78.8	79.4
2023	79.0	78.8	78.3	78.7	78.5	78.0	78.1	78.1	78.1	77.4	77.7	77.6	78.7	78.4	78.1	77.6	78.2
2024	76.7	77.4	77.5	76.9	77.3								77.2

Note: Estimates from January 2024 through May 2024 are subject to further revision in the upcoming monthly releases.
[1] See footnote 2 to table 2.