Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization in the second quarter of 2010. The revised IP indexes will incorporate detailed data from the 2007 Economic Census and the 2008 Annual Survey of Manufactures (ASM), both conducted by the U.S. Census Bureau. The date for the issuance of the revision has been deferred because of a prospective delay in the availability of the 2008 ASM. Data from selected editions of the Census Bureau's 2008 Current Industrial Reports will also be incorporated. Annual data from the U.S. Geological Survey regarding metallic and nonmetallic minerals (except fuels) for 2008 will also be incorporated. The updating will include revisions to the monthly indicator (either product data or input data) and to seasonal factors for each industry as well as changes in the estimation methods for some series. Any changes to the methods for estimating the output of an industry will affect the index from 1972 to the present.
Capacity and capacity utilization will be revised to incorporate data 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 Department of Energy, and other organizations.
Once the revision is published, it will be available on the Board's website at www.federalreserve.gov/releases/G17. The revised data will also be available through the website of the Department of Commerce. Further information on the revision can be obtained from the Board's Industrial Output Section (telephone number 202-452-3197).