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This release includes preliminary estimates for industrial production (IP) and capacity utilization for both October and November as well as revised estimates for May through September. IP rose 0.2 percent in November after ticking down 0.1 percent in October. On average, IP rose 0.1 percent per month across October and November, the same as the rate of increase in September and a somewhat slower average pace than the past 12 months. Manufacturing output was flat in November after dropping 0.4 percent in October. There were swings in both mining and utilities output over October and November, though, on net, both sectors posted gains. At 101.8 percent of its 2017 average, total IP in November was 2.5 percent above its year-earlier level. Capacity utilization was 76.0 percent in November, a rate that is 3.5 percentage points below its long-run (1972–2024) average.

Industrial Production and Capacity Utilization: Summary

Market Groups

The output of consumer goods rose 0.3 percent in November after edging down 0.1 percent in October. In both October and November, the production of consumer durables decreased, with large negative contributions from the index for automotive products, while the production of consumer nondurables increased. The output of business equipment fell 0.3 percent in October and then rose 0.3 percent in November; within business equipment, the index for information processing equipment increased in both months, while the indexes for transit equipment and for industrial and other equipment posted mixed results across the months. The output of construction supplies fell 1.6 percent across October and November, on net, though it has risen 2.3 percent over the past 12 months. The output of business supplies was flat over the two-month period, while the index for materials was unchanged in October and increased 0.2 percent in November.

Industry Groups

Manufacturing output declined, on net, in October and November, with overall declines in the output of both durables and nondurables. The index for durables dropped 0.5 percent in October and then ticked down 0.1 percent in November. On net, during October and November output declined in most industry groups within durables, including a drop in motor vehicles and parts of 5.1 percent in October and 1 percent in November. Notable exceptions include the index for aerospace and miscellaneous transportation equipment, which rose 3.2 percent across the two months, and the index for computer and electronic products, which gained 2.3 percent on net. The index for nondurables decreased 0.2 percent in October but ticked up 0.1 percent in November with mixed results among industry groups within nondurables. Among the largest nondurable goods industry groups by weight, in October and November, on net, the index for food, beverages, and tobacco products rose 1.5 percent, while the index for chemicals declined 1.5 percent. In November, the index for manufacturing as a whole was 1.9 percent above its year-earlier level.

Mining output fell 0.8 percent in October and then rose 1.7 percent in November. The output of utilities increased 2.6 percent in October but then decreased 0.4 percent in November, with similar patterns in both electric and natural gas utilities.

Capacity utilization for manufacturing was 75.4 percent in November—unchanged from October—and 0.4 percentage point below its September level. The manufacturing operating rate in November was 2.8 percentage points below its long-run (1972–2024) average. The operating rate for mining rose 0.9 percentage point, on net, in October and November, to 86.3 percent, and the operating rate for utilities moved up 1.0 percentage point, on net, to 70.9 percent. In November, the rate for mining was 1.1 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

Source Data Availability and Revision Timing

The joint and delayed release of estimates of October and November industrial production and capacity utilization (IP/CU) and the earlier delayed release of IP/CU for September led to unusual patterns of data availability and revision timing for recent months. A detailed explanation of these considerations is available on the Board's website at https://www.federalreserve.gov/releases/g17/g17_technical_qa.htm#reliability202512.

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 November 24, 2025. Data referred to in the release dated September 16, 2025, were superseded by the data issued at the time of the annual revision. New annual benchmark data from the 2022 Economic Census were incorporated as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). Industry-group indexes were converted to the 2022 North American Industry Classification System (NAICS). The weights for market-group splits of the industry-level indexes were updated with information from the 2017 benchmark input-output accounts from the U.S. 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. Any 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 for manufacturing through the fourth quarter of 2024 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 (except exclusive Internet publishing). 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 of its industrial output data from the SIC system to NAICS.

G.17 Release Tables:

• Summary: Industrial Production and Capacity Utilization
• Chart 1: Industrial Production, Capacity, and Capacity Utilization
• Chart 2: Industrial Production and Capacity Utilization
• Chart 3: Industrial Production of Selected Industries
• Table 1: Industrial Production: Market and Industry Groups (percent change)
• Table 2: Industrial Production: Special Aggregates and Selected Detail (percent change)
• Table 3: Motor Vehicle Assemblies
• Table 4: Industrial Production Indexes: Market and Industry Group Summary
• Table 5: Industrial Production Indexes: Special Aggregates
• Table 6: Diffusion Indexes of Industrial Production
• Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities
• Table 8: Industrial Capacity: Manufacturing, Mining, and Utilities (percent change)
• Table 9: Industrial Production: Gross Value of Products and Nonindustrial Supplies
• Table 10: Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
• Table 11: Historical Statistics for IP, Capacity, and Utilization: Total Industry
• Table 12: Historical Statistics for IP, Capacity, and Utilization: Manufacturing
• Table 13: Historical Statistics for IP, Capacity, and Utilization: Total Industry excluding Selected High-Technology Industries
• Table 14: Historical Statistics for IP, Capacity, and Utilization: Manufacturing excluding Selected High-Technology Industries
• Table 15: Industrial Production: Reliability Estimates

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