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Release Date: August 15, 2024
The annual revision to industrial production and capacity utilization was published on June 28, 2024. Data referred to in the release dated June 18, 2024, were superseded by the data issued at the time of the annual revision. Information on the annual revision to industrial production and capacity utilization appears below.

Industrial production fell 0.6 percent in July after increasing 0.3 percent in June. Early July shutdowns concentrated in the petrochemical and related industries due to Hurricane Beryl held down the growth of industrial production by an estimated 0.3 percentage point. Manufacturing output stepped down 0.3 percent as the index for motor vehicles and parts fell nearly 8 percent; manufacturing excluding motor vehicles and parts rose 0.3 percent. The index for mining moved sideways while the index for utilities decreased 3.7 percent. At 102.9 percent of its 2017 average, total industrial production in July was 0.2 percent below its year-earlier level. Capacity utilization moved down to 77.8 percent in July, a rate that is 1.9 percentage points below its long-run (1972–2023) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted Make Full Screen
Industrial production 2017=100 Percent change
2024 2024 July '23 to
July '24
Feb.[r] Mar.[r] Apr.[r] May[r] June[r] July[p] Feb.[r] Mar.[r] Apr.[r] May[r] June[r] July[p]
       
Total index 102.7 102.5 102.5 103.3 103.5 102.9 1.2 -.2 .0 .8 .3 -.6 -.2
Previous estimates 102.6 102.4 102.4 103.3 104.0   1.1 -.2 .0 .9 .6    
       
Major market groups
Final Products 100.9 100.6 100.9 101.2 101.6 100.8 .9 -.3 .3 .4 .3 -.8 -.4
Consumer goods 101.9 101.4 102.1 102.5 103.0 102.0 .7 -.5 .6 .4 .6 -1.0 .0
Business equipment 94.9 94.9 94.3 94.6 94.2 94.0 1.6 .0 -.6 .3 -.5 -.2 -2.1
Nonindustrial supplies 101.1 100.8 100.4 101.2 101.8 101.6 1.6 -.3 -.5 .8 .7 -.3 .9
Construction 101.5 101.2 99.7 100.5 100.9 100.5 2.8 -.3 -1.5 .8 .3 -.3 -.2
Materials 104.8 104.7 104.6 105.7 105.8 105.1 1.4 -.1 -.1 1.1 .1 -.7 -.4
       
Major industry groups
Manufacturing (see note below) 99.3 99.5 99.0 99.8 99.8 99.5 1.4 .2 -.5 .8 .0 -.3 .1
Previous estimates 99.2 99.4 98.9 99.9 100.3   1.3 .2 -.5 1.0 .4    
Mining 120.3 119.6 119.6 118.7 118.6 118.6 4.3 -.6 .0 -.7 -.1 .0 -1.5
Utilities 103.6 101.0 104.7 107.0 109.8 105.8 -3.6 -2.4 3.6 2.2 2.6 -3.7 -.1

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Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2023
1988-
89
high
1990-
91
low
1994-
95
high
 
2009
low
 
2023
July
   
2024 July '23 to
July '24
Feb.[r] Mar.[r] Apr.[r] May[r] June[r] July[p]
       
Total industry 79.7 85.2 78.7 84.8 66.6 79.0 78.1 77.8 77.8 78.3 78.4 77.8 1.3
Previous estimates             78.0 77.8 77.7 78.3 78.8    
       
Manufacturing (see note below) 78.3 85.5 77.1 84.4 63.5 78.1 77.5 77.5 77.0 77.6 77.5 77.2 1.3
Previous estimates             77.3 77.4 76.9 77.6 77.9    
Mining 86.5 86.3 84.3 88.6 78.9 90.0 89.7 89.2 89.3 88.8 88.8 88.8 -.2
Utilities 84.5 93.2 84.7 93.2 78.1 73.5 70.5 68.6 70.8 72.2 73.9 71.0 3.5
       
Stage-of-process groups
Crude 85.6 87.9 84.9 90.0 77.0 87.7 86.8 86.9 86.6 86.8 87.1 87.0 -.1
Primary and semifinished 80.2 86.5 77.6 87.5 63.7 77.4 76.5 76.0 76.2 77.0 77.3 76.4 1.6
Finished 76.8 83.3 77.6 80.4 66.2 77.2 76.3 76.2 75.9 76.2 76.0 75.6 1.7
[r] Revised. [p] Preliminary.

Market Groups

Most major market groups posted losses in July. The index for consumer goods declined 1 percent, largely because of a 7 percent drop in the index for automotive products. The index for materials fell 0.7 percent, recording losses in both its energy and its non-energy components. Defense and space equipment posted a gain of 0.5 percent. The index for business equipment was little changed for the month of July; a 4.6 percent drop in the index for transit was largely offset by increases in the output of industrial and other equipment and of information processing equipment.

Industry Groups

Manufacturing output moved down 0.3 percent in July and was 0.1 percent above its year-earlier level. Hurricane Beryl is estimated to have held down July manufacturing output 0.3 percent while the drop in motor vehicles and parts held down manufacturing output 0.6 percent. The index for durable manufacturing fell 0.9 percent, the index for nondurable manufacturing gained 0.4 percent, and the index for other manufacturing (publishing and logging) declined 1.6 percent. Within durables, the drop in the index for motor vehicles and parts of 7.8 percent more than offset gains elsewhere, including computer and electronic products (1.5 percent), machinery (1.4 percent), and primary metals (1.3 percent). Within nondurables, the largest gains were recorded in the indexes for petroleum and coal products (1.7 percent) and paper (1.3 percent).

Mining output was flat in July, as gains in crude oil extraction were offset by declines elsewhere. In particular, temporary facility closures due to Hurricane Beryl reduced the output of natural gas liquid extraction. The output of utilities dropped 3.7 percent in July, led by a 4.3 percent decline in electric utilities.

Capacity utilization for manufacturing moved down in July to 77.2 percent, a rate that is 1.1 percentage points below its long-run average. The operating rate for mining was unchanged at 88.8 percent in July, while the operating rate for utilities stepped down to 71.0 percent. The rate for mining was 2.3 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

Release Dates for 2025

In 2025, the G.17 release on Industrial Production and Capacity Utilization will be published at 9:15 a.m. on January 17, February 14, March 18, April 16, May 15, June 17, July 16, August 15, September 16, October 17, November 18, and December 16.

Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board issued its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on June 28, 2024. The Economic Census for 2022 was not available from the U.S. Census Bureau by early 2024, so no new annual benchmark data were included for manufacturing. Other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels), were incorporated. The updated IP indexes include revisions to the monthly indicator (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series were changed. Any modifications to the methods for estimating the output of an industry affect the index from 1972 to the present.

Capacity and capacity utilization were revised to incorporate data for manufacturing through the fourth quarter of 2023 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

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.

G.17 Release Tables:


Last Update: August 15, 2024