Board of Governors of the Federal Reserve System

Seasonally adjusted

Industrial production	2017=100						Percent change
	2023					2024 Jan.[p]	2023					2024 Jan.[p]	Jan. '23 to Jan. '24
	Aug.[r]	Sept.[r]	Oct.[r]	Nov.[r]	Dec.[r]		Aug.[r]	Sept.[r]	Oct.[r]	Nov.[r]	Dec.[r]
Total index	103.1	103.2	102.4	102.7	102.7	102.6	-.1	.1	-.8	.3	.0	-.1	.0
Previous estimates	103.2	103.3	102.5	102.4	102.5		.0	.1	-.8	.0	.1
Major market groups
Final Products	101.7	101.4	100.6	101.2	101.3	101.7	-.1	-.3	-.8	.7	.1	.4	.3
Consumer goods	102.3	102.1	101.2	101.9	102.0	102.6	-.1	-.2	-.9	.7	.1	.6	.4
Business equipment	96.8	95.8	94.9	95.7	95.4	95.3	-.3	-1.0	-.9	.8	-.3	-.2	-2.0
Nonindustrial supplies	100.3	100.5	100.5	100.3	99.8	99.3	.2	.2	.0	-.2	-.5	-.5	-1.9
Construction	100.5	101.4	101.3	101.1	100.6	99.6	-.6	.9	-.1	-.2	-.5	-.9	-4.1
Materials	105.4	105.8	104.6	104.8	104.9	104.5	-.2	.4	-1.1	.2	.1	-.4	.5
Major industry groups
Manufacturing (see note below)	99.4	99.5	98.7	99.1	99.1	98.6	-.1	.1	-.8	.4	.1	-.5	-.9
Previous estimates	99.5	99.6	98.8	99.0	99.1		.1	.1	-.8	.2	.1
Mining	119.4	120.4	119.5	119.1	120.1	117.3	-.5	.8	-.7	-.3	.9	-2.3	-1.2
Utilities	107.7	106.7	105.7	106.1	104.3	110.5	.7	-.9	-.9	.3	-1.7	6.0	9.0

Capacity utilization	Percent of capacity												Capacity growth
	Average 1972- 2023	1988- 89 high	1990- 91 low	1994- 95 high	2009 low	2023 Jan.
							2023					2024 Jan.[p]	Jan. '23 to Jan. '24
							Aug.[r]	Sept.[r]	Oct.[r]	Nov.[r]	Dec.[r]
Total industry	79.6	85.2	78.8	85.0	66.6	79.6	79.4	79.4	78.6	78.8	78.7	78.5	1.4
Previous estimates							79.5	79.5	78.7	78.6	78.6
Manufacturing (see note below)	78.2	85.6	77.3	84.6	63.4	78.3	77.6	77.6	76.9	77.1	77.1	76.6	1.3
Previous estimates							77.7	77.7	77.0	77.1	77.1
Mining	86.5	86.3	84.3	88.6	78.9	92.8	93.6	94.5	93.9	93.6	94.5	92.2	-.6
Utilities	84.4	93.2	84.7	93.2	78.1	70.4	73.4	72.5	71.6	71.6	70.2	74.2	3.5
Stage-of-process groups
Crude	85.7	87.9	84.8	90.0	76.9	89.8	91.3	92.1	91.2	91.3	92.2	90.1	-.5
Primary and semifinished	80.2	86.5	78.0	87.8	63.6	76.8	77.2	77.2	76.6	76.7	76.3	76.7	1.4
Finished	76.7	83.4	77.5	80.7	66.3	77.7	76.2	75.8	75.1	75.3	75.2	75.1	2.2

[r] Revised. [p] Preliminary.
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.