Board of Governors of the Federal Reserve System

Research and Statistics

The Division of Research and Statistics is responsible for developing and presenting economic and financial data and analysis for the use of the Board, the Federal Open Market Committee, and other Federal Reserve System officials. This information serves as background for the formulation and conduct of monetary, regulatory, and supervisory policies. In addition, the division fosters a broader understanding of issues relating to economic policy by providing leadership in economic and statistical research and by supplying data and analyses for public release.

Industrial Output

The Industrial Output (IO) section produces high-quality economic statistics and policy-relevant research. IO fulfills three primary responsibilities. First, the section publishes the Federal Reserve’s monthly statistical release on Industrial Production and Capacity Utilization (the G.17), a Principal Federal Economic Indicator that makes use of both government and private-sector data sources and features industry-level detail for manufacturing, mining, and utilities. Second, the section is responsible for analysis and forecasting of the industrial sector with a special focus on motor vehicles, aircraft, and oil and gas. Third, the section houses the Expanded Measurement Agenda, an initiative to develop timely and accurate measures of economic activity using nontraditional (often private sector) data sources.

To support these programs, the section conducts research on measurement, productivity, prices, firm investment and financing, industry and business dynamics, international trade, and energy. Section members continually evaluate existing and new data sources for incorporation into the G.17 or alternative data products. In their work, section members employ advanced econometric and empirical techniques, including causal inference, time-series analysis, natural language processing, and other cutting-edge tools. The aim of the section is to provide data and insights for policymakers, businesses, researchers, and the general public, given a state-of-the-art knowledge of economic analysis and a granular view of industries.