Board of Governors of the Federal Reserve System

Seasonally adjusted

Industrial production	2017=100						Percent change
	2023 Dec.[r]	2024					2023 Dec.[r]	2024					May '23 to May '24
		Jan.[r]	Feb.[r]	Mar.[r]	Apr.[r]	May[r]		Jan.[r]	Feb.[r]	Mar.[r]	Apr.[r]	May[r]
Total index	102.6	101.7	102.7	102.5	102.4	103.1	-.2	-.9	1.0	-.2	-.1	.7	.1
Previous estimates	102.6	101.7	102.6	102.4	102.5	103.3	-.3	-.8	.8	-.1	.0	.9	.4
Major market groups
Final Products	100.8	100.3	100.9	100.6	100.3	101.1	-.3	-.5	.6	-.3	-.3	.8	-.3
Consumer goods	102.0	101.5	101.9	101.4	101.2	102.2	-.2	-.4	.3	-.5	-.2	1.0	-.1
Business equipment	94.5	93.5	94.9	94.9	94.4	94.7	-.5	-1.0	1.4	.1	-.6	.3	-1.0
Nonindustrial supplies	100.3	99.9	101.2	100.8	100.8	101.0	-.3	-.4	1.3	-.4	.0	.1	.2
Construction	100.3	99.0	101.3	101.1	100.1	99.5	-.4	-1.3	2.3	-.2	-1.0	-.7	-1.7
Materials	104.9	103.5	104.8	104.7	104.8	105.6	-.2	-1.4	1.3	-.1	.0	.8	.4
Major industry groups
Manufacturing (see note below)	99.2	98.2	99.3	99.5	98.9	99.5	-.1	-1.0	1.1	.2	-.6	.6	-.3
Previous estimates	99.4	98.1	99.5	99.4	99.0	99.8	.0	-1.3	1.4	-.1	-.4	.9	.1
Mining	120.5	115.5	120.5	119.8	118.7	118.8	.6	-4.1	4.3	-.6	-.9	.1	-.6
Utilities	103.1	107.5	103.6	101.1	105.8	107.6	-2.4	4.3	-3.6	-2.4	4.7	1.7	4.2

Capacity utilization	Percent of capacity												Capacity growth
	Average 1972- 2023	1988- 89 high	1990- 91 low	1994- 95 high	2008- 09 low	2023 May
							2023 Dec.[r]	2024					May '23 to May '24
								Jan.[r]	Feb.[r]	Mar.[r]	Apr.[r]	May[r]
Total industry	79.7	85.2	78.7	84.8	66.6	79.2	78.1	77.4	78.1	77.8	77.7	78.2	1.5
Previous estimates	79.6	85.2	78.8	85.0	66.6	79.5	78.6	77.9	78.4	78.3	78.2	78.7	1.4
Manufacturing (see note below)	78.3	85.5	77.1	84.4	63.5	78.5	77.6	76.7	77.4	77.5	76.9	77.3	1.3
Previous estimates	78.2	85.6	77.3	84.6	63.4	78.2	77.3	76.2	77.2	77.0	76.6	77.1	1.4
Mining	86.5	86.3	84.3	88.6	78.9	89.8	89.7	86.1	89.9	89.4	88.6	88.8	.5
Utilities	84.5	93.2	84.7	93.2	78.1	72.2	70.6	73.4	70.5	68.6	71.6	72.6	3.5
Stage-of-process groups
Crude	85.6	87.9	84.9	90.0	77.0	87.6	87.6	84.4	87.2	87.0	85.9	86.7	.4
Primary and semifinished	80.2	86.5	77.6	87.5	63.7	77.5	76.5	76.5	76.5	76.0	76.5	76.9	1.6
Finished	76.8	83.3	77.6	80.4	66.2	77.7	76.3	75.5	76.2	76.2	75.7	76.1	1.7

r Revised.
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 of its industrial output data from the SIC system to NAICS.