Board of Governors of the Federal Reserve System

Industrial Production and Capacity Utilization - G.17

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Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board issued its annual revision to the index of industrial production (IP) and the related measures of capacity utilization on July 21, 2015. The classification system for the industry groups was advanced to the 2012 version of the North American Industry Classification System, and the comparison base year was advanced to 2012. The revised indexes incorporated new annual benchmark data for 2012 and 2013 for manufacturing, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The weights for market-group splits of the indexes were updated with information from the 2007 benchmark input-output accounts from the Bureau of Economic Analysis. The updated IP indexes included 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. Modifications to the methods for estimating the output of an industry affected the index from 1972 to the present.

Capacity and capacity utilization were revised to incorporate data through the fourth quarter of 2014 from the Census Bureau's Quarterly Survey of Plant Capacity, which covers manufacturing, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

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Last update: August 14, 2015