Board of Governors of the Federal Reserve System

Industrial production and capacity utilization data for December 2024 are now available.

Industrial Production (IP) increased 0.9 percent in December after moving up 0.2 percent in November. In December, gains in the output of aircraft and parts contributed 0.2 percentage point to total IP growth following the resolution of a work stoppage at a major aircraft manufacturer. Manufacturing output rose 0.6 percent after gaining 0.4 percent in November. The indexes for mining and utilities climbed 1.8 percent and 2.1 percent, respectively, in December. At 103.2 percent of its 2017 average, total IP in December was 0.5 percent above its year-earlier level. Capacity utilization stepped up to 77.6 percent, a rate that is 2.1 percentage points below its long-run (1972–2023) average.

Data on this H.8 release have been benchmarked through the September 2024 Call Report. Data on the previous release were benchmarked through the June 2024 Call Report. The release also incorporates revisions to underlying data.

Industrial production and capacity utilization data for November 2024 are now available.

Industrial production (IP) moved down 0.1 percent in November after declining 0.4 percent in October. In November, manufacturing output rose 0.2 percent, boosted by a 3.5 percent increase in the index for motor vehicles and parts. The indexes for mining and utilities fell 0.9 percent and 1.3 percent, respectively. At 102.0 percent of its 2017 average, total IP in November was 0.9 percent below its year-earlier level. Capacity utilization stepped down to 76.8 percent in November, a rate that is 2.9 percentage points below its long-run (1972–2023) average.

Domestically chartered commercial banks divested $10.9 billion in assets and liabilities to nonbank institutions in the week ending October 30, 2024. The major asset items affected were the following: Treasury and agency securities, non-MBS, $2.0 billion; consumer loans, other consumer loans, all other consumer loans, -$10.9 billion; and cash assets, $8.9 billion.

Industrial production and capacity utilization data for October 2024 are now available.

Industrial production (IP) decreased 0.3 percent in October after declining 0.5 percent in September. A strike at a major producer of civilian aircraft held down total IP growth by an estimated 0.3 percentage point in September and 0.2 percentage point in October. Hurricane Milton and the lingering effects of Hurricane Helene together reduced October IP growth 0.1 percentage point. In October, manufacturing output moved down 0.5 percent, the index for mining rose 0.3 percent, and the index for utilities gained 0.7 percent. At 102.3 percent of its 2017 average, total IP in October was 0.3 percent below its year-earlier level. Capacity utilization moved down to 77.1 percent in October, a rate that is 2.6 percentage points below its long-run (1972–2023) average.

Industrial production and capacity utilization data for September 2024 are now available.

Industrial production (IP) decreased 0.3 percent in September after advancing 0.3 percent in August. A strike at a major producer of civilian aircraft held down total IP growth by an estimated 0.3 percent in September, and the effects of two hurricanes subtracted an estimated 0.3 percent. For the third quarter as a whole, industrial production declined at an annual rate of 0.6 percent. Manufacturing output moved down 0.4 percent in September, and the index for mining fell 0.6 percent. The index for utilities gained 0.7 percent. At 102.6 percent of its 2017 average, total industrial production in September was 0.6 percent below its year-earlier level. Capacity utilization edged down to 77.5 percent in September, a rate that is 2.2 percentage points below its long-run (1972–2023) average.

The Federal Reserve has re-estimated seasonal factors for motor vehicle sales, using data through April 2024; in the estimation, data for September through November 2023 as well as for January 2024 are identified as outliers because of the United Auto Workers strike and winter storms. These factors are estimated once per year using X13-ARIMA. The factors will be revised again in the summer of 2025.

A comma-delimited text file containing these seasonal factors is available for download here (CSV).

Effective with the forthcoming release dated September 27, 2024, with data as of September 18, 2024, data on the H.8 release will be benchmarked through the June 2024 Call Report. Data on the current release are benchmarked through the March 2024 Call Report. The release will also incorporate revisions to underlying data.

Also effective with the forthcoming release, historical data between July 1, 2009, and March 30, 2022 will be adjusted to align with a previous reporting change. As of April 6, 2022, U.S. agencies and branches of foreign banks no longer reported consumer loans separately on the H.8 release, but included them in all other loans and leases, all loans not elsewhere classified, consistent with FFIEC 002 Call Report treatment of these loans. The forthcoming historical data adjustments will be accompanied by minor series name changes for two items: consumer loans, other consumer loans, all other consumer loans; and all other loans and leases, all loans not elsewhere classified.

In addition, the Data Download Program will contain previously-unpublished monthly, quarterly, and annual growth rates for the following line items:

• real estate loans, commercial real estate loans, construction and land development loans;
• real estate loans, commercial real estate loans, secured by farmland;
• real estate loans, commercial real estate loans, secured by multifamily properties;
• real estate loans, commercial real estate loans, secured by nonfarm nonresidential properties;
• consumer loans, other consumer loans, automobile loans;
• consumer loans, other consumer loans, all other consumer loans;
• all other loans and leases, loans to nondepository financial institutions;
• all other loans and leases, all loans not elsewhere classified.

Industrial production and capacity utilization data for August 2024 are now available.

In August, industrial production rose 0.8 percent after falling 0.9 percent in July. Similarly, the output of manufacturing increased 0.9 percent in August after decreasing 0.7 percent during the previous month. This pattern was due in part to a recovery in the index of motor vehicles and parts, which jumped nearly 10 percent in August after dropping roughly 9 percent in July. The index for manufacturing excluding motor vehicles and parts moved up 0.3 percent in August. The index for mining climbed 0.8 percent, while the index for utilities was flat. At 103.1 percent of its 2017 average, total industrial production in August was the same as its year-earlier level. Capacity utilization moved up to 78.0 percent in August, a rate that is 1.7 percentage points below its long-run (1972–2023) average.

Industrial production and capacity utilization data for July 2024 are now available.

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.

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.

The motor vehicle assembly data released on July 17, 2024, have been updated for the period of June 2024 to correct for a reporting error. The June industrial production index for motor vehicle and parts production was unaffected.

Industrial production and capacity utilization data for June 2024 are now available.

Industrial production rose 0.6 percent in June after advancing 0.9 percent in May. For the second quarter as a whole, industrial production increased at an annual rate of 4.3 percent. Manufacturing output moved up 0.4 percent in June and rose 3.4 percent (annual rate) in the second quarter. In June, the indexes for mining and utilities posted gains of 0.3 percent and 2.8 percent, respectively. At 104 percent of its 2017 average, total industrial production in June was 1.6 percent above its year-earlier level. Capacity utilization moved up to 78.8 percent in June, a rate that is 0.9 percentage point below its long-run (1972–2023) average.

Note: 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.

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization. On net, growth rates for total IP were little changed in recent years, with most years unchanged; the rates of change for 2020 and 2023 were revised up by 0.1 percentage point and down by 0.1 percentage point, respectively. Similarly, the utilization rates for total industry are little changed from previous estimates.

Industrial production and capacity utilization data for May 2024 are now available.

Industrial production rose 0.9 percent in May. Manufacturing output posted a similar gain of 0.9 percent after declining in the previous two months. The index for mining increased 0.3 percent in May, and the index for utilities advanced 1.6 percent. At 103.3 percent of its 2017 average, total industrial production in May was 0.4 percent higher than its year-earlier level. Capacity utilization moved up to 78.7 percent in May, a rate that is 0.9 percentage point below its long-run (1972–2023) average.

Industrial production and capacity utilization data for April 2024 are now available.

Industrial production was little changed in April. Manufacturing output decreased 0.3 percent; excluding motor vehicles and parts, manufacturing output edged down 0.1 percent. The index for mining fell 0.6 percent, and the index for utilities rose 2.8 percent. At 102.8 percent of its 2017 average, total industrial production in April was 0.4 percentage point lower than its year-earlier level. Capacity utilization moved down to 78.4 percent in April, a rate that is 1.2 percentage points below its long-run (1972–2023) average.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on June 28, 2024. Detailed results of the Economic Census for 2022 will not be published until 2025, so no new annual benchmark data will be included for manufacturing. Other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels), will be incorporated. The updated IP indexes will 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 may be changed. Any modifications 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 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.

Industrial production and capacity utilization data for March 2024 are now available.

Industrial production rose 0.4 percent in March but declined at an annual rate of 1.8 percent in the first quarter. Manufacturing output increased 0.5 percent in March, boosted in part by a gain of 3.1 percent in motor vehicles and parts; factory output excluding motor vehicles and parts moved up 0.3 percent. The index for mining fell 1.4 percent, and the index for utilities gained 2 percent. At 102.7 percent of its 2017 average, total industrial production in March was unchanged compared with its year-earlier level. Capacity utilization moved up to 78.4 percent in March, a rate that is 1.2 percentage points below its long-run (1972–2023) average.

Industrial production and capacity utilization data for February 2024 are now available.

Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.

Note: Due to technical difficulties the "preview sample" page and the Data Download Program (DDP) may be intermittently slow or unavailable and will be updated as soon as possible. The G.17 release will be available on-time through https://www.federalreserve.gov/releases/g17/

On March 12, 2024, text on the Commercial Paper "About" page was updated. The page reverted to a previous version of the page text. No data was changed.

Industrial production and capacity utilization data for January 2024 are now available.

Industrial production edged down 0.1 percent in January after recording no change in December. In January, manufacturing output declined 0.5 percent and mining output fell 2.3 percent; winter weather contributed to the declines in both sectors. The index for utilities jumped 6.0 percent, as demand for heating surged following a move from unusually mild temperatures in December to unusually cold temperatures in January. At 102.6 percent of its 2017 average, total industrial production in January was identical to its year-earlier level. Capacity utilization for the industrial sector moved down 0.2 percentage point in January to 78.5 percent, a rate that is 1.1 percentage points below its long-run (1972–2023) average.

Note: Due to technical difficulties the "preview sample" page and the Data Download Program (DDP) may be intermittently slow or unavailable and will be updated as soon as possible. The G.17 release will be available on-time through https://www.federalreserve.gov/releases/g17/

Updated annual price indexes for computer storage equipment, the primary product of North American Industry Classification System (NAICS) industry 334112, "Computer Storage Device Manufacturing," have been released. These price indexes provide an estimate of price changes for computer storage equipment assuming that the quality of the device is unchanged. Data from IDC, a market research company specializing in information technology industries, were used to construct a matched-model quarterly price index, which was then converted to an annual index. This annual price index was first incorporated into the industrial production index for computer storage equipment at the time of the 2016 annual revision to the G.17 statistical release on industrial production and capacity utilization, which was published on April 1, 2016. The updated computer storage price index will be incorporated in the 2024 G.17 annual revision. More details on the data sources and index construction are available in a FEDS Note

Industrial production and capacity utilization data for December 2023 are now available.

Industrial production moved up 0.1 percent in December and declined 3.1 percent at an annual rate in the fourth quarter. Manufacturing output edged up 0.1 percent in December after increasing 0.2 percent in November. The index for utilities declined 1.0 percent in December, while the index for mining rose 0.9 percent. At 102.5 percent of its 2017 average, total industrial production in December was 1 percent above its year-earlier level. Capacity utilization was unchanged in December at 78.6 percent, a rate that is 1.1 percentage points below its long-run (1972–2022) average.

Note: Due to technical difficulties the "preview sample" page and the Data Download Program (DDP) may be intermittently slow or unavailable and will be updated as soon as possible. The G.17 release will be available on-time through https://www.federalreserve.gov/releases/g17/ .

Data on this H.8 release have been benchmarked through the September 2023 Call Report. Data on the previous release were benchmarked through the June 2023 Call Report. The release also incorporates revisions to underlying data. Notes on the Data for the following as-of dates have been added or revised to reflect additional information that became available after publication: July 6, 2022; October 5, 2022; January 4, 2023; and October 4, 2023.

Seasonal factors have not been updated for this benchmark release. Going forward, seasonal factors will be updated once per year, typically in the summer when the data are benchmarked through the March Call Report, or as needed. This methodological change will reduce volatility in the series and allow for a more thorough annual review of the seasonal factors.

Industrial production and capacity utilization data for November 2023 are now available.

In November, industrial production increased 0.2 percent, and manufacturing output rose 0.3 percent. The increase in manufacturing output was more than accounted for by a 7.1 percent bounceback in motor vehicles and parts production following the resolution of strikes at several major automakers. The index for manufacturing excluding motor vehicles and parts decreased 0.2 percent. The output of utilities moved down 0.4 percent, and the output of mines moved up 0.3 percent. Total industrial production in November was 0.4 percent below its year-earlier level. Capacity utilization moved up 0.1 percentage point to 78.8 percent in November, a rate that is 0.9 percentage point below its long-run (1972–2022) average.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 17, 2023. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

Industrial production and capacity utilization data for October 2023 are now available.

Industrial production declined 0.6 percent in October. Manufacturing output fell 0.7 percent. Much of this decline was due to a 10 percent drop in the output of motor vehicles and parts that was affected by strikes at several major manufacturers of motor vehicles—the index for manufacturing excluding motor vehicles and parts edged up 0.1 percent. The index for utilities decreased 1.6 percent, and the output of mines increased 0.4 percent. Total industrial production in October was 0.7 percent below its year-earlier level. Capacity utilization moved down 0.6 percentage point to 78.9 percent in October, a rate that is 0.8 percentage point below its long-run (1972–2022) average.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of September 30, 2023.

Industrial production and capacity utilization data for September 2023 are now available.

Industrial production increased 0.3 percent in September and advanced at an annual rate of 2.5 percent in the third quarter. Manufacturing output rose 0.4 percent in September, the index for mining moved up 0.4 percent, and the index for utilities decreased 0.3 percent. At 103.6 percent of its 2017 average, total industrial production in September was 0.1 percent above its year-earlier level. Capacity utilization moved up 0.2 percentage point to 79.7 percent in September, a rate that is equal to its long-run (1972–2022) average.

The Federal Reserve has re-estimated seasonal factors for motor vehicle sales, using data through April 2023. These factors are estimated once per year using X13-ARIMA. The factors will be revised again in the summer of 2024.

A comma-delimited text file containing these seasonal factors is available for download here (CSV).

Industrial production and capacity utilization data for August 2023 are now available.

Industrial production increased 0.4 percent in August, and manufacturing output inched up 0.1 percent. The August reading for manufacturing was held back by a drop of 5 percent in the output of motor vehicles and parts; factory output elsewhere rose 0.6 percent. The index for mining moved up 1.4 percent, and the index for utilities climbed 0.9 percent. At 103.5 percent of its 2017 average, total industrial production in August was 0.2 percent above its year-earlier level. Capacity utilization moved up to 79.7 percent in August, in line with its long-run (1972–2022) average.

Industrial production and capacity utilization data for July 2023 are now available.

In July, total industrial production increased 1.0 percent following declines in the previous two months. Manufacturing output rose 0.5 percent in July; the production of motor vehicles and parts jumped 5.2 percent, while factory output elsewhere edged up 0.1 percent. The index for mining moved up 0.5 percent, and the index for utilities climbed 5.4 percent as very high temperatures in July raised demand for cooling. 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 up to 79.3 percent in July, a rate that is 0.4 percentage point below its long-run (1972–2022) average.

-In the DDP data for Finance Companies (G.20), data on "Non-recourse debt associated with financing activities" will stop being updated beyond March 2021. Historical data will continue to be available from December 2010 to March 2021. This data is an estimated subcomponent of "Other debt financing" and the Federal Reserve Board has not collected data on this measure since 2015.

Industrial production and capacity utilization data for June 2023 are now available.

Industrial production declined 0.5 percent in June for a second consecutive month but advanced 0.7 percent at an annual rate for the second quarter as a whole. Manufacturing output moved down 0.3 percent in June but rose 1.5 percent in the second quarter. In June, the indexes for mining and utilities fell 0.2 percent and 2.6 percent, respectively. At 102.2 percent of its 2017 average, total industrial production in June was 0.4 percent below its year-earlier level. Capacity utilization stepped down to 78.9 percent in June, a rate that is 0.8 percentage point below its long-run (1972–2022) average.

Industrial production and capacity utilization data for May 2023 are now available.

Industrial production edged down 0.2 percent in May following two consecutive months of increases. In May, the index for manufacturing ticked up 0.1 percent, while the indexes for mining and utilities fell 0.4 and 1.8 percent, respectively. At 103.0 percent of its 2017 average, total industrial production in May was 0.2 percent above its year-earlier level. Capacity utilization moved down to 79.6 percent in May, a rate that is 0.1 percentage point below its long-run (1972–2022) average./p>

Industrial production and capacity utilization data for April 2023 are now available.

Industrial production rose 0.5 percent in April after moving sideways the previous two months. In April, manufacturing increased 1.0 percent, bolstered by a strong gain in the output of motor vehicles and parts; factory output excluding motor vehicles and parts moved up 0.4 percent. The index for mining rose 0.6 percent, while the index for utilities dropped 3.1 percent, as milder temperatures in April lowered demand for heating. At 103.0 percent of its 2017 average, total industrial production in April was 0.2 percent above its year-earlier level. Capacity utilization edged up to 79.7 percent in April, a rate that is equal to its long-run (1972–2022) average.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2023.

On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. For purposes of the H.4.1, the Federal Reserve's outstanding lending to First Republic Bank at the Discount Window and through the Bank Term Funding Program are now reflected in table 1 as "Other credit extensions". The outstanding loans are being repaid from assets left behind in the receivership, proceeds of the purchase and assumption agreement between the FDIC and JPMorgan Chase Bank, National Association, and pursuant to an FDIC guarantee.

Industrial production and capacity utilization data for March 2023 are now available.

Industrial production rose 0.4 percent in March and was little changed in the first quarter, increasing at an annual rate of 0.2 percent. In March, manufacturing and mining output each fell 0.5 percent. The index for utilities jumped 8.4 percent, as the return to more seasonal weather after a mild February boosted the demand for heating. At 103.0 percent of its 2017 average, total industrial production in March was 0.5 percent above its year-earlier level. Capacity utilization moved up to 79.8 percent in March, a rate that is 0.1 percentage point above its long-run (1972–2022) average.

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization. On net, revisions to total IP pushed its growth rates slightly lower in recent years; the rates of change for total IP have revised no more than 0.6 percentage point in any year. Similarly, the utilization rates for total industry are little changed from previous estimates.

The most recent data are available online at https://www.federalreserve.gov/releases/efa/enhanced-financial-accounts.htm. The following projects have been updated with the most recently available data: Issuer-to-Holder (From-Whom-To-Whom) Data; Distributional Financial Accounts; Household Debt by State, County, and MSA; Section 529 College Plans by State; Depository Institutions: Consolidated Balance Sheet; Depository Institutions: Off-Balance-Sheet Items; Depository Institutions: Mortgage and Consumer Loan Portfolios by Probability of Default; Hedge Funds; Money Market Mutual Funds: Investment Holdings Detail by Month; Funding Agreement-Backed Securities (FABS); Equity Issuance and Retirement; Syndicated Loan Portfolios of Financial Institutions; International Portfolio Investment Holdings of Long-term Securities by Country.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization at noon (EDT) on March 28, 2023. New annual benchmark data for manufacturing for 2021 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2022 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.

Seasonal factors for auto and truck production were revised from January 2018 through June 2024 on March 17, 2023. The revised factors for September 2022 through February 2023 were used in the G.17 release issued on March 17, 2023, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision. The revised seasonal factors are based on production data through January 2023. The seasonal factors are scheduled to be revised again in March 2024.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on March 28, 2023. New annual benchmark data for manufacturing for 2021 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2022 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.

Industrial production and capacity utilization data for February 2023 are now available.

Industrial production was unchanged in February, and manufacturing output edged up 0.1 percent. The index for mining fell 0.6 percent, while the index for utilities rose 0.5 percent. At 102.6 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization was unchanged in February at 78.0 percent, a rate that is 1.6 percentage points below its long-run (1972–2022) average.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the Bank Term Funding Program (BTFP). The Federal Reserve announced the BTFP on March 12, 2023, to facilitate lending to eligible U.S. depository institutions.

The BTFP began operations on March 13, 2023 and provides additional funding to eligible U.S. depository institutions by extending loans with a term of up to one year limited to the par value of eligible pledged collateral. Information for the facility is presented in tables 1, 2, 5, and 6.

Depository institutions are able to obtain liquidity against a wide range of collateral through the discount window. Factors affecting reserve balances of depository institutions (table 1) "other credit extensions" reports loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral, and the FDIC provides repayment guarantees.

Industrial production and capacity utilization data for January 2023 are now available.

Industrial production was unchanged in January after falling 0.6 percent and 1.0 percent in November and December, respectively. In January, manufacturing output moved up 1.0 percent and mining output rose 2.0 percent following two months with substantial decreases for each sector. The output of utilities fell 9.9 percent in January, as a swing from unseasonably cool weather in December to unseasonably warm weather in January depressed the demand for heating. At 103.0 percent of its 2017 average, total industrial production in January was 0.8 percent above its year-earlier level. Capacity utilization declined 0.1 percentage point in January to 78.3 percent, a rate that is 1.3 percentage points below its long-run (1972–2022) average.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization in the spring of 2023. New annual benchmark data for manufacturing for 2021 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2022 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.

Industrial production and capacity utilization data for December 2022 are now available.

Industrial production decreased 0.7 percent in December and 1.7 percent at an annual rate in the fourth quarter. In December, manufacturing output fell 1.3 percent amid widespread declines across the sector. The index for utilities jumped 3.8 percent, as cold temperatures boosted the demand for heating, while the index for mining moved down 0.9 percent. At 103.4 percent of its 2017 average, total industrial production in December was 1.6 percent above its year-earlier level. Capacity utilization dropped 0.6 percentage point in December to 78.8 percent, a rate that is 0.8 percentage point below its long-run (1972–2021) average.

Industrial production and capacity utilization data for November 2022 are now available.

Industrial production declined 0.2 percent in November. Decreases of 0.6 percent for manufacturing and 0.7 percent for mining were partly offset by a rebound of 3.6 percent for utilities following three months of declines. At 104.5 percent of its 2017 average, total industrial production in November was 2.5 percent above its year-earlier reading. Capacity utilization moved down 0.2 percentage point in November to 79.7 percent, a rate that is 0.1 percentage point above its long-run (1972–2021) average.

Industrial production and capacity utilization data for October 2022 are now available.

Industrial production decreased 0.1 percent in October, and its gain in September was revised down to 0.1 percent. Manufacturing output edged up 0.1 percent in October, and its increases in July, August, and September were all lower than previously reported. In October, the index for mining stepped down 0.4 percent, and the index for utilities fell 1.5 percent. At 104.7 percent of its 2017 average, total industrial production in October was 3.3 percent above its year-earlier reading. Capacity utilization decreased 0.2 percentage point in October to 79.9 percent, a rate that is 0.3 percentage point above its long-run (1972–2021) average.

Industrial production and capacity utilization data for September 2022 are now available.

Industrial production increased 0.4 percent in September and 2.9 percent at an annual rate in the third quarter. In September, manufacturing output rose 0.4 percent after advancing a similar amount in the previous month. The index for mining moved up 0.6 percent, and the index for utilities fell 0.3 percent. At 105.2 percent of its 2017 average, total industrial production in September was 5.3 percent above its year-earlier level. Capacity utilization moved up 0.2 percentage point in September to 80.3 percent, a rate that is 0.7 percentage point above its long-run (1972–2021) average.

The Federal Reserve has re-estimated seasonal factors for motor vehicle sales, using data through April 2022; in the estimation, sales data for January, March through May, August, and September 2021 are identified as outliers due to the disbursement of economic impact payments and the effect of supply chain bottlenecks on production. These factors are estimated once per year using X13-ARIMA. The factors will be revised again in the summer of 2023.

A comma-delimited text file containing these seasonal factors is available for download here (CSV).

Industrial production and capacity utilization data for August 2022 are now available.

Industrial production decreased 0.2 percent in August. Manufacturing output edged up 0.1 percent after increasing 0.6 percent in July. The index for mining was unchanged, and the index for utilities decreased 2.3 percent. At 104.5 percent of its 2017 average, total industrial production in August was 3.7 percent above its year-earlier level. Capacity utilization declined 0.2 percentage point in August to 80.0 percent, a rate that is 0.4 percentage point above its long-run (1972–2021) average.

Industrial production and capacity utilization data for July 2022 are now available.

In July, total industrial production increased 0.6 percent. Manufacturing output gained 0.7 percent after having fallen 0.4 percent in each of the two previous months. The production of motor vehicles and parts rose 6.6 percent, while factory output elsewhere moved up 0.3 percent. The index for mining increased 0.7 percent, while the index for utilities decreased 0.8 percent. At 104.8 percent of its 2017 average, total industrial production in July was 3.9 percent above its year-earlier level. Capacity utilization moved up 0.4 percentage point in July to 80.3 percent, a rate that is 0.7 percentage point above its long-run (1972–2021) average.

In 2023, the G.17 release on Industrial Production and Capacity Utilization will be published at 9:15 a.m. on January 18, February 15, March 17, April 14, May 16, June 15, July 18, August 16, September 15, October 17, November 16, and December 15.

The Federal Reserve Board is conducting an online survey to collect data on online usage and consumption preferences of users of the Board's Data Download Program (DDP) website.

Visit our website to take the survey: https://boardofgovernors.gov1.qualtrics.com/jfe/form/SV_1I95KuU02McZSwS

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of June 30, 2022.

Industrial production and capacity utilization data for June 2022 are now available.

Total industrial production moved down 0.2 percent in June but advanced at an annual rate of 6.1 percent for the second quarter as a whole. Manufacturing output declined 0.5 percent for a second consecutive month in June; even so, it rose at an annual rate of 4.2 percent in the second quarter. In June, the index for mining advanced 1.7 percent, while the index for utilities fell 1.4 percent. At 104.4 percent of its 2017 average, total industrial production in June was 4.2 percent above its year-earlier level. Capacity utilization decreased 0.3 percentage point in June to 80.0 percent, a rate that is 0.4 percentage point above its long-run (1972–2021) average.

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization. The revision incorporates annual benchmark data for 2020 from the Annual Survey of Manufactures and data from other sources. The revision shows little revision to manufacturing IP growth and higher utilization rates in recent years.

Industrial production and capacity utilization data for May 2022 are now available.

Total industrial production moved up 0.2 percent in May. Output has increased in every month of the year so far, with an average monthly gain of nearly 0.8 percent. In May, manufacturing output declined 0.1 percent after three months when growth averaged nearly 1 percent; the indexes for utilities and mining rose 1.0 percent and 1.3 percent, respectively, in May. At 105.7 percent of its 2017 average, total industrial production in May was 5.8 percent above its year-earlier level. Capacity utilization edged up to 79.0 percent, 0.5 percentage point below its long-run (1972–2021) average.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization at noon (EDT) on June 28, 2022. New annual benchmark data for manufacturing for 2020 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2021 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.

The Federal Reserve Board is conducting focus groups to collect data on online usage and consumption preferences of users of the Board's Data Download Program (DDP) website.

Visit our Contact Us page, enter your information, and write "volunteer" in the comment box to sign up: https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/ddpfeedback/

Industrial production and capacity utilization data for April 2022 are now available.

In April, total industrial production increased 1.1 percent—the fourth consecutive month of gains of 0.8 percent or greater—and manufacturing output rose 0.8 percent. The index for utilities moved up 2.4 percent, and the index for mining advanced 1.6 percent. At 105.6 percent of its 2017 average, total industrial production in April was 6.4 percent above its year-earlier level. Capacity utilization climbed to 79.0 percent, a rate that is 0.5 percentage point below its long-run (1972–2021) average.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on June 28, 2022. New annual benchmark data for manufacturing for 2020 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2021 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.

1. The two Memoranda items covering net unrealized gains (losses) on available-for-sale securities have been discontinued: previous line item 42, Net unrealized gains (losses) on available-for-sale securities; and previous line item 43, Net unrealized gains (losses) on available-for-sale securities, U.S. Treasury and agency securities, MBS.
2. As of April 6, 2022, line item 24, All other consumer loans, no longer includes any such loans held by foreign-related institutions. These loans are now included in line item 27, All loans not elsewhere classified.
3. As of April 6, 2022, line item 27, All loans not elsewhere classified, includes all other consumer loans at foreign-related institutions, previously included in line item 24.
4. As of April 6, 2022, line item 28, Allowance for loan and lease losses, no longer includes any allowances held by foreign-related institutions. Any allowances are included in line item 38, Net due to related foreign offices.

Industrial production and capacity utilization data for March 2022 are now available.

Total industrial production advanced 0.9 percent in March and rose at an annual rate of 8.1 percent for the first quarter. Manufacturing output gained 0.9 percent in March; the output of motor vehicles and parts jumped 7.8 percent, while factory output elsewhere moved up 0.4 percent. The index for utilities increased 0.4 percent, and the index for mining advanced 1.7 percent. At 104.6 percent of its 2017 average, total industrial production in March was 5.5 percent above its year-earlier level. Capacity utilization climbed to 78.3 percent, a rate that is 1.2 percentage points below its long-run (1972–2021) average.

1. The Notes on the Data are now in chronological order by the Wednesday-as-of-date corresponding to the activity, from the latest date to the earliest. Previously the notes were arranged by publication date. Notes reflecting activity on the same as-of date have been consolidated.
2. Notes have been revised to reflect additional information that became available after publication, including revisions in either Reports of Condition and Income (Call Reports) or data submitted by panel respondents. Several new notes have been added for activity between 1999 and 2013.
3. The line items listed in the notes correspond to the current line items of the H.8 release. For line items that have been discontinued since the original note publication, the discontinued items and associated structure change amounts are presented in parentheses following the current line items.

1. The two Memoranda items covering net unrealized gains (losses) on available-for-sale securities will be discontinued: previous line item 42, Net unrealized gains (losses) on available-for-sale securities; and previous line item 43, Net unrealized gains (losses) on available-for-sale securities, U.S. Treasury and agency securities, MBS.
2. As of April 6, 2022, line item 24, All other consumer loans, will no longer include any such loans held by foreign-related institutions. These loans are now included in line item 27, All loans not elsewhere classified.
3. As of April 6, 2022, line item 27, All loans not elsewhere classified, will include all other consumer loans at foreign-related institutions, currently included in line item 24.
4. As of April 6, 2022, line item 28, Allowance for loan and lease losses, will no longer include any allowances held by foreign-related institutions. Any allowances will be included in line item 38, Net due to related foreign offices.

This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2021 and estimated using the Census Bureau's X-13ARIMA-SEATS seasonal adjustment program.¹ Appendix tables accompanying the release contain the revised seasonal factors for months from January 2021 to March 2023. The tables also contain revised seasonally adjusted M1 and M2 levels as well as revised seasonally adjusted M1 and M2 annualized growth rates for the last two years.

1. Information on the seasonal adjustment program is available on the U.S. Census Bureau website at https://www.census.gov/data/software/x13as.html.

Industrial production and capacity utilization data for February 2022 are now available.

Total industrial production rose 0.5 percent in February to a level that is 103.6 percent of its 2017 average. Manufacturing output increased 1.2 percent after having been little changed in each of the previous two months. In February, the index for utilities declined 2.7 percent, and the output of mines edged up 0.l percent.

Total industrial production in February was 7.5 percent higher than its year-earlier level, but severe winter weather in February 2021 significantly suppressed industrial activity that month. A more useful comparison shows that the index has advanced a still-strong 4.2 percent since January 2021. Capacity utilization for the industrial sector increased 0.3 percentage point in February to 77.6 percent, a rate that is 1.9 percentage points below its long-run (1972–2021) average.

Seasonal factors for auto and truck production were revised from January 2017 through June 2023 on March 17, 2022. The revised factors for September 2021 through February 2022 were used in the G.17 release issued on March 17, 2022, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision in the second quarter of 2022. The revised seasonal factors are based on production data through January 2022; in the estimation, production data for February and September 2021 are identified as outliers due to more intense supply chain disruptions; February data were also affected by severe winter weather. The seasonal factors are scheduled to be revised again in March 2023.

Industrial production and capacity utilization data for January 2022 are now available.

In January, total industrial production increased 1.4 percent. Manufacturing output and mining production rose 0.2 percent and 1.0 percent, respectively. The index for utilities jumped 9.9 percent; after being held down in December by unusually mild weather, the demand for heating surged in January with the arrival of significantly colder-than-normal temperatures. At 103.5 percent of its 2017 average, total industrial production in January was 4.1 percent higher than its year-earlier level and 2.1 percent above its pre-pandemic (February 2020) reading. Capacity utilization for the industrial sector increased 1.0 percentage point in January to 77.6 percent, a rate that is 1.9 percentage points below its long-run (1972–2021) average.

NOTE: The data in this release include preliminary estimates of industrial capacity for 2022 (table 8). Measured from fourth quarter to fourth quarter, total industrial capacity is projected to rise 0.9 percent this year after increasing 0.4 percent in 2021. Manufacturing capacity is expected to move up 0.3 percent in 2022 after edging up 0.1 percent in 2021. Capacity in the mining sector is estimated to rise 2.0 percent in 2022 after falling 1.1 percent in 2021. Capacity at electric and natural gas utilities is projected to increase 2.4 percent in 2022 after expanding 2.6 percent in 2021.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2021.

The G.19 release for January 7, 2022 was incorrectly dated as January 7, 2021. The date was corrected to January 7, 2022 and the data in the release are unchanged.

Industrial production and capacity utilization data for December 2021 are now available.

Industrial production declined 0.1 percent in December. Losses of 0.3 percent for manufacturing and 1.5 percent for utilities were mostly offset by a gain of 2.0 percent for mining. For the fourth quarter as a whole, total industrial production rose at an annual rate of 4.0 percent. At 101.9 percent of its 2017 average, total industrial production in December was 3.7 percent higher than it was at the end of 2020 and 0.6 percent above its pre-pandemic (February 2020) reading. Capacity utilization for the industrial sector edged down 0.1 percentage point in December to 76.5 percent, a rate that is 3.1 percentage points below its long-run (1972–2020) average.

Industrial production and capacity utilization data for November 2021 are now available.

Industrial production rose 0.5 percent in November. The indexes for both manufacturing and mining increased 0.7 percent, while the index for utilities decreased 0.8 percent.

At 102.3 percent of its 2017 average, total industrial production in November was 5.3 percent above its year-earlier level and at its highest reading since September 2019. Capacity utilization for the industrial sector increased 0.3 percentage point to 76.8 percent; even so, it was 2.8 percentage points below its long-run (1972–2020) average.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization in the second quarter of 2022. New annual benchmark data for manufacturing for 2020 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2021 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.

Industrial production and capacity utilization data for October 2021 are now available.

Industrial production rose 1.6 percent in October after falling 1.3 percent in September; about half of the gain in October reflected a recovery from the effects of Hurricane Ida. Manufacturing output increased 1.2 percent in October; excluding a large gain in the production of motor vehicles and parts, factory output moved up 0.6 percent. The output of utilities rose 1.2 percent, and mining output stepped up 4.1 percent.

At 101.6 percent of its 2017 average, total industrial production in October was 5.1 percent above its year-earlier level and at its highest reading since December 2019. In October, capacity utilization for the industrial sector increased 1.2 percentage points to 76.4 percent; even so, it was still 3.2 percentage points below its long-run (1972–2020) average.

The 2018 annual exchange rate for the Venezuelan bolivar has been revised due to a minor technical issue recently discovered. This value has been corrected as of November 1, 2021.

Industrial production and capacity utilization data for September 2021 are now available.

Industrial production fell 1.3 percent in September after moving down 0.1 percent in August; output was previously reported to have risen 0.4 percent in August. In September, manufacturing output decreased 0.7 percent: The production of motor vehicles and parts fell 7.2 percent, as shortages of semiconductors continued to hobble operations, while factory output elsewhere declined 0.3 percent. The output of utilities dropped 3.6 percent, as demand for cooling subsided after a warmer-than-usual August. Mining production fell 2.3 percent.

The lingering effects of Hurricane Ida more than accounted for the drop in mining in September; they also contributed 0.3 percentage point to the drop in manufacturing. Overall, about 0.6 percentage point of the drop in total industrial production resulted from the impact of the hurricane.

Despite the decrease in September, total industrial production rose 4.3 percent at an annual rate for the third quarter as a whole, its fifth consecutive quarter with a gain of at least 4 percent.

At 100.0 percent of its 2017 average, total industrial production in September was 4.6 percent above its year-earlier level. Capacity utilization for the industrial sector fell 1.0 percentage point in September to 75.2 percent, a rate that is 4.4 percentage points below its long-run (1972–2020) average.

Industrial production and capacity utilization data for August 2021 are now available.

Industrial production increased 0.4 percent in August after moving up 0.8 percent in July. Late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3 percentage point. Although the hurricane forced plant closures for petrochemicals, plastic resins, and petroleum refining, overall manufacturing output rose 0.2 percent. Mining production fell 0.6 percent, reflecting hurricane-induced disruptions to oil and gas extraction in the Gulf of Mexico. The output of utilities increased 3.3 percent, as unseasonably warm temperatures boosted demand for air conditioning.

At 101.6 percent of its 2017 average, total industrial production in August was 5.9 percent above its year-earlier level and 0.3 percent above its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.2 percentage point in August to 76.4 percent, a rate that is 3.2 percentage points below its long-run (1972–2020) average.

The Commercial Paper release for Tuesday, September 14, is delayed and will be updated as soon as possible.

The Commercial Paper release for Monday, September 13, is delayed and will be updated as soon as possible.

The Federal Reserve has released updated communications equipment quarterly price indexes. The Quarterly Product Price Indexes are extended through 2019Q4. The Annual Product Price Indexes, Annual Industry Price Indexes, and Industry Weights have not been extended or updated. Comma-delimited text files and an Excel workbook containing quarterly and annual data are available for download. The data are also available as HTML tables.

1. Revised quarterly data are from the commercial bank Consolidated Reports of Condition and Income (FFIEC 031, 041, and 051; OMB No. 7100-0036), the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004), and the discontinued quarterly collection of the Report of Deposits and Vault Cash (FR 2900; OMB No. 7100-0087).

2. Information on foreign currency denominated deposits are reported quarterly on the Report of Foreign (Non-U.S.) Currency Deposits (FR 2915; OMB No. 7100-0237) and subtracted from the appropriate component when constructing the monetary aggregates.

Industrial production and capacity utilization data for July 2021 are now available.

Industrial production increased 0.9 percent in July after moving up 0.2 percent in June. In July, manufacturing output rose 1.4 percent. About half of the gain in factory output is attributable to a jump of 11.2 percent for motor vehicles and parts, as a number of vehicle manufacturers trimmed or canceled their typical July shutdowns. Despite the large increase last month, vehicle assemblies continued to be constrained by a persistent shortage of semiconductors; the production of motor vehicles and parts in July was about 3-1/2 percent below its recent peak in January 2021. The output of utilities decreased 2.1 percent in July, while the index for mining rose 1.2 percent.

At 101.1 percent of its 2017 average, total industrial production in July was 6.6 percent above its year-earlier level but 0.2 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.7 percentage point in July to 76.1 percent, a rate that is 3.5 percentage points below its long-run (1972–2020) average.

In 2021, the G.17 release on Industrial Production and Capacity Utilization will be published at 9:15 a.m. on January 14, February 16, March 17, April 15, May 17, June 17, July 15, August 16, September 15, October 18, November 16, and December 15.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of June 30, 2021.

The Federal Reserve has re-estimated seasonal factors for motor vehicle sales, using data through April 2021. These factors are estimated once per year using X-13 ARIMA; in the estimation, sales data for March through August 2020 are identified as outliers due to the pandemic recession. The factors will be revised again in the summer of 2022. A comma-delimited text file containing these seasonal factors is available for download here (CSV).

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect closing the Commercial Paper Funding Facility II LLC (CPFF II LLC). CPFF II LLC related lines were removed from table 2, table 4, and table 6. Footnote 1 in Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities (table 2) and Footnotes 2 and 3 in Information on Principal Amounts of Credit Facilities LLCs (table 4) were revised accordingly.

Industrial production and capacity utilization data for June 2021 are now available.

Industrial production increased 0.4 percent in June after moving up 0.7 percent in May. In June, manufacturing output edged down 0.1 percent, as an ongoing shortage of semiconductors contributed to a decrease of 6.6 percent in the production of motor vehicles and parts. Excluding motor vehicles and parts, factory output increased 0.4 percent. The output of utilities advanced 2.7 percent, reflecting heightened demand for air conditioning, as much of the country experienced a heat wave in June. The index for mining increased 1.4 percent.

For the second quarter as a whole, total industrial production rose at an annual rate of 5.5 percent. Manufacturing output increased at an annual rate of 3.7 percent despite a drop of 22.5 percent for motor vehicles and parts.

At 100.1 percent of its 2017 average, total industrial production in June was 9.8 percent above its year-earlier level but 1.2 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.3 percentage point in June to 75.4 percent, a rate that is 4.2 percentage points below its long-run (1972–2020) average.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's full return of the Treasury's equity investment in the Commercial Paper Funding Facility II LLC (CPFF II LLC), which occurred on June 29, 2021. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

Additionally, the outstanding amount of facility asset purchases reported in Information on Principal Accounts of Credit Facilities LLCs (table 4) has been modified to reflect corporate bonds at fair value instead of book value following the June 2, 2021 announcement to begin winding down the Corporate Credit Facilities LLC portfolio. (https://www.federalreserve.gov/newsevents/pressreleases/monetary20210602a.htm)

The most recent data are available online at https://www.federalreserve.gov/releases/efa/enhanced-financial-accounts.htm. The following projects have been updated with the most recently available data: Distributional Financial Accounts; Household Debt by State, County, and MSA; Depository Institutions: Consolidated Balance Sheet; Depository Institutions: Off-Balance-Sheet Items; Depository Institutions: Mortgage and Consumer Loan Portfolios by Probability of Default; Hedge Funds; Money Market Mutual Funds: Investment Holdings Detail by Month; Funding Agreement-Backed Securities (FABS); Equity Issuance and Retirement; Syndicated Loan Portfolios of Financial Institutions; International Portfolio Investment Holdings of Long-term Securities by Country.

Incorrect values were published for four annual data series shown as memo items on table B.103 lines 44, 45, and 46 (series FL103164106.A, FL104104016.A, and FL104104006.A), and table B.104 line 41 (FL114104006.A). The incorrect values were published in DDP and in files showing years 2017-2020 for B.103 and B.104, including the Z.1 PDF file, Z.1 release page HTML tables, Financial Accounts Guide PDF files, and the Financial Accounts Guide HTMLs.

Published quarterly data series values are correct ((FL103164106.Q, FL104104016.Q, FL104104006.Q, and FL114104006.Q) and the year-end equivalent Q4 values continue to be available via DDP at https://www.federalreserve.gov/datadownload/Choose.aspx?rel=z1, and via the zipped CSV files at https://www.federalreserve.gov/releases/z1/20210610/z1_csv_files.zip.

Data corrections will be reflected in the next Z.1 release on Thursday, September 23, 2021, at 12:00 noon.

Industrial production and capacity utilization data for May 2021 are now available.

Total industrial production increased 0.8 percent in May. Manufacturing production advanced 0.9 percent, reflecting, in part, a large gain in motor vehicle assemblies; factory output excluding motor vehicles and parts increased 0.5 percent. The indexes for mining and utilities rose 1.2 percent and 0.2 percent, respectively.

In May, at 99.9 percent of its 2017 average, total industrial production was 16.3 percent higher than it was a year earlier but 1.4 percent lower than its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.6 percentage point in May to 75.2 percent, a rate that is 4.4 percentage points below its long-run (1972–2020) average.

Industrial production and capacity utilization data for April 2021 are now available.

Total industrial production increased 0.7 percent in April. The indexes for mining and utilities increased 0.7 percent and 2.6 percent, respectively; the index for manufacturing rose 0.4 percent despite a drop in motor vehicle assemblies that principally resulted from shortages of semiconductors. An important contributor to the gain in factory output was the return to operation of plants that were damaged by February's severe weather in the south central region of the country and had remained offline in March. The weather-induced drop in total industrial production in February and the subsequent rebound in March are now estimated to have been larger than reported last month.

At 106.3 percent of its 2012 average in April, total industrial production has moved up 16.5 percent from its level in April 2020 (the trough of the pandemic), but it was 2.7 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.5 percentage point in April to 74.9 percent, a rate that is 4.7 percentage points below its long-run (1972–2020) average.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization at noon (EDT) on May 28, 2021. The base year for the revised indexes will be 2017. New annual benchmark data for manufacturing for 2017 through 2019 will be incorporated, 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 industry-level indexes will be updated with information from the 2012 benchmark input-output accounts from the U.S. Bureau of Economic Analysis. The updated IP indexes will include revisions to the monthly production indicator (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2020 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.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2021 and does not indicate actual losses experienced by the program.

The April 2021 Commercial Paper outstanding data are now available in the Data Download Program (DDP).

The data are available at: http://www.federalreserve.gov/datadownload/Choose.aspx?rel=CP

The seasonal factors for domestic and auto truck production released on April 15, 2021, have been updated for the period January 2015 to June 2022 on April 20, 2021, to correct for a reporting error.

Seasonal factors for auto and truck production were revised from January 2016 through June 2022 on April 15, 2021. The revised factors for October 2020 through March 2021 were used in the G.17 release issued on April 15, 2021, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision in the spring of 2021. The revised seasonal factors are based on production data through January 2021; in the estimation, production data for March through May 2020 are identified as outliers due to the pandemic recession. The seasonal factors are scheduled to be revised again in March 2022.

Industrial production and capacity utilization data for March 2021 are now available.

In March, total industrial production increased 1.4 percent. The gain in March followed a drop of 2.6 percent in February, which largely resulted from widespread outages related to severe winter weather in the south central region of the country. For the first quarter as a whole, total industrial production rose 2.5 percent at an annual rate. In March, manufacturing production and mining output increased 2.7 percent and 5.7 percent, respectively. The output of utilities dropped 11.4 percent, as the demand for heating fell because of a swing in temperatures from an unseasonably cold February to an unseasonably warm March.

At 105.6 percent of its 2012 average, total industrial production in March was 1.0 percent higher than its year-earlier level, but it was 3.4 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector increased 1.0 percentage point in March to 74.4 percent, a rate that is 5.2 percentage points below its long-run (1972–2020) average.

Industrial production and capacity utilization data for February 2021 are now available.

In February, total industrial production decreased 2.2 percent. Manufacturing output and mining production fell 3.1 percent and 5.4 percent, respectively; the output of utilities increased 7.4 percent.

The severe winter weather in the south central region of the country in mid-February accounted for the bulk of the declines in output for the month. Most notably, some petroleum refineries, petrochemical facilities, and plastic resin plants suffered damage from the deep freeze and were offline for the rest of the month. Excluding the effects of the winter weather would have resulted in an index for manufacturing that fell about 1/2 percent and in an index for mining that rose about 1/2 percent. Both indexes would have remained below their pre-pandemic (February 2020) levels.

At 104.7 percent of its 2012 average, total industrial production in February was 4.2 percent lower than its year-earlier level. Capacity utilization for the industrial sector decreased 1.7 percentage points in February to 73.8 percent, a rate that is 5.8 percentage points below its long-run (1972–2020) average.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2020 and does not indicate actual losses experienced by the program.

As announced on December 17, 2020, the Board's Statistical Release H.6, "Money Stock Measures," will recognize savings deposits as a type of transaction account, starting with the publication today. This recognition reflects the Board's action on April 24, 2020, to remove the regulatory distinction between transaction accounts and savings deposits by deleting the six-per-month transfer limit on savings deposits in Regulation D. This change means that savings deposits have had a similar regulatory definition and the same liquidity characteristics as the transaction accounts reported as "Other checkable deposits" on the H.6 statistical release since the change to Regulation D. Consequently, today's H.6 statistical release combines release items "Savings deposits" and "Other checkable deposits" retroactively back to May 2020 and includes the resulting sum, reported as "Other liquid deposits," in the M1 monetary aggregate. This action increases the M1 monetary aggregate significantly while leaving the M2 monetary aggregate unchanged.

Today's H.6 statistical release also implements a number of streamlining modifications, also previously announced. The H.6 statistical release is now published at a monthly frequency and contains only monthly average data needed to construct the monetary aggregates. Components of the monetary aggregates are reported at a total industry level without a breakdown by banks and thrifts. The release is available at 1:00 p.m. on the fourth Tuesday of every month in only one format—HTML.

For more information on the first monthly H.6 statistical release, see the H.6 Technical Q&As. Retroactive updates to transaction accounts and savings deposits data back to May 2020 along with historical data for discontinued release items are available in the "build your own" and preformatted packages associated with the H.6 release in the Download Program (DDP). The DDP for the H.6 statistical release will also contain weekly average, nonseasonally adjusted data for the monetary aggregates and their components. Even though these data have been dropped from the release, the DDP will contain historical weekly average, nonseasonally adjusted data back to 1975 or the early 1980s, depending on the release item, and through the weeks constituting the last month published on the monthly H.6 statistical release.

As of March 4, 2021 the ASCII format data tables for the H.4.1 Factors Affecting Reserve Balances will no longer be available on this webpage. Historical data tables will continue to be available and current data will continue to be available through the Data Download Program and HTML.

Industrial production and capacity utilization data for January 2021 are now available.

Industrial production increased 0.9 percent in January. Manufacturing output rose 1.0 percent, about the same as its average gain over the previous five months. Mining production advanced 2.3 percent, while the output of utilities declined 1.2 percent. At 107.2 percent of its 2012 average, total industrial production in January was 1.8 percent lower than its year-earlier level. Capacity utilization for the industrial sector increased 0.7 percentage point in January to 75.6 percent, a rate that is 4.0 percent below its long-run (1972–2020) average.

Note: The data in this release include preliminary estimates of industrial capacity for 2021 (table 8). Measured from fourth quarter to fourth quarter, total industrial capacity is projected to rise 0.5 percent this year after being unchanged in 2020. Manufacturing capacity is expected to edge up 0.2 percent in 2021 after slipping 0.2 percent in 2020. Capacity in the mining sector is estimated to drop 1.7 percent in 2021 after falling 2.1 percent in 2020. Capacity at electric and natural gas utilities is projected to increase 2.6 percent in 2021 after expanding 3.2 percent in 2020.

Data released on January 22, 2021 included revised historical data for three series between 1973 and 2009. The three revised series were: other assets including trading assets; borrowings; and other liabilities including trading liabilities. No other historical data were revised.

As background, on January 12, 2018, several changes to line items shown on the H.8 release were announced. Some of the changes involved the combination of series that had previously been available separately. Three such changes were:

1. Trading assets, previously published separately, became part of other assets;

2. Similarly, trading liabilities became part of other liabilities;

3. Borrowings from banks and borrowings from nonbanks, previously published separately, became borrowings.

At the time of the announcement, historical data for these three newly combined series were made available back to 2010. Recently, estimations of these three series were constructed for periods prior to 2010, and the data were made available through the Data Download Program as of January 22, 2021.

The Commercial Paper release for Thursday, January 21, is delayed and will be updated as soon as possible.

Industrial production and capacity utilization data for December 2020 are now available.

Industrial production advanced 1.6 percent in December, with gains of 0.9 percent for manufacturing, 1.6 percent for mining, and 6.2 percent for utilities. The increase for utilities resulted from a rebound in demand for heating after unseasonably warm weather in November. For the fourth quarter as a whole, total industrial production rose at an annual rate of 8.4 percent. At 105.7 percent of its 2012 average, total industrial production in December was 3.6 percent lower than it was a year earlier and 3.3 percent below its pre-pandemic February reading. Capacity utilization for the industrial sector rose 1.1 percentage points in December to 74.5 percent, a rate that is 5.3 percentage points below its long-run (1972–2019) average.

As announced on March 15, 2020, the Board of Governors reduced reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. This action eliminated reserve requirements for all depository institutions and rendered the regulatory distinction between reservable "transaction accounts" and nonreservable "savings deposits" unnecessary. On April 24, 2020, the Board removed this regulatory distinction by deleting the six-per-month transfer limit on savings deposits in Regulation D. This action resulted in savings deposits having the same liquidity characteristics as the transaction accounts currently reported as "Other checkable deposits" on Statistical Release H.6, "Money Stock Measures."

Because of the change in their liquidity characteristics, savings deposits will be recognized as a type of transaction account on the H.6 statistical release. The Board will combine H.6 statistical release items "Savings deposits" and "Other checkable deposits" and report the resulting sum as "Other liquid deposits." Like other transaction accounts, other liquid deposits will be included in the M1 monetary aggregate. This action will increase the M1 monetary aggregate significantly while leaving the M2 monetary aggregate unchanged.

At the same time next year, the Board will make a number of modifications to streamline the H.6 statistical release. Of particular note, the publication frequency of the release will change from weekly to monthly, and the release will contain only monthly average data. Weekly average, nonseasonally adjusted data will continue to be provided in the Board's Data Download Program, while weekly average, seasonally adjusted data will no longer be provided. Other release modifications will include (1) providing components of the monetary aggregates at a total industry level without a breakdown of components by banks and thrifts; (2) reporting only data used to construct the monetary aggregates, thereby eliminating items superfluous to that purpose; and (3) making the release available in only one format—HTML.

The last weekly H.6 statistical release will be published on February 11, 2021. The first monthly H.6 statistical release containing the revisions previously discussed will be published on February 23, 2021, inclusive of retroactive updates to the data back to May 2020. For supplemental information on the revisions to the H.6 statistical release, see the Technical Q&As associated with the release.

Industrial production and capacity utilization data for November 2020 are now available.

Industrial production increased 0.4 percent in November. After having fallen 16.5 percent between February and April, the level of the index has risen to about 5 percent below its pre-pandemic (February) reading. In November, manufacturing output advanced 0.8 percent for its seventh consecutive monthly gain. An increase of 5.3 percent for motor vehicles and parts contributed significantly to the gain in factory production; excluding motor vehicles and parts, manufacturing output moved up 0.4 percent. The output of utilities declined 4.3 percent, as warmer-than-usual temperatures reduced the demand for heating. Mining production increased 2.3 percent after decreasing 0.7 percent in October.

Industrial production and capacity utilization data for October 2020 are now available.

Industrial production rose 1.1 percent in October. The index has recovered much of its 16.5 percent decline from February to April, but output in October was still 5.6 percent lower than its pre-pandemic February level. After edging up 0.1 percent in September, manufacturing output increased 1.0 percent in October. The output of utilities rose 3.9 percent, while the output at mines declined 0.6 percent to a level that was 14.4 percent below its year-earlier reading. At 103.2 percent of its 2012 average, total industrial production was 5.3 percent lower in October than it was a year earlier. Capacity utilization for the industrial sector increased 0.8 percentage point in October to 72.8 percent, a rate that is 7.0 percentage points below its long-run (1972–2019) average but 8.6 percentage points above its low in April.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization in early 2021. New annual benchmark data for manufacturing for 2017 and 2018 will be incorporated, 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 industry-level indexes will be updated with information from the 2012 benchmark input-output accounts from the U.S. Bureau of Economic Analysis. The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2019 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.

Industrial production and capacity utilization data for September 2020 are now available.

Industrial production fell 0.6 percent in September, its first decline after four consecutive months of gains. The index increased at an annual rate of 39.8 percent for the third quarter as a whole. Although production has recovered more than half of its February to April decline, the September reading was still 7.1 percent below its pre-pandemic February level. Manufacturing output decreased 0.3 percent in September and was 6.4 percent below February's level. The output of utilities dropped 5.6 percent, as demand for air conditioning fell by more than usual in September. Mining production increased 1.7 percent in September; even so, it was 14.8 percent below a year earlier. At 101.5 percent of its 2012 average, total industrial production was 7.3 percent lower in September than it was a year earlier. Capacity utilization for the industrial sector decreased 0.5 percentage point in September to 71.5 percent, a rate that is 8.3 percentage points below its long-run (1972–2019) average but 7.3 percentage points above its low in April.

The Board's Statistical Release H.6, "Money Stock Measures," includes, for the first time, release items previously published on Statistical Release H.3, "Aggregate Reserves of Depository Institutions and the Monetary Base," that remain relevant after the elimination of reserve requirements. The H.3 release items consolidated onto the H.6 statistical release include the monetary base and nonborrowed reserves and their components. The components of these concepts—specifically, (1) "Currency in circulation" and "Total balances maintained" for the monetary base and (2) "Total reserves" and "Total borrowings from the Federal Reserve" for nonborrowed reserves—also now appear on the H.6 statistical release. In addition, references to traveler's checks have been removed from the release.

For more information on the consolidated H.6 release, see the H.6 Technical Q&As. Data on the newly consolidated H.6 release items, including historical data back to January 1959, are available in the "build your own" and preformatted packages associated with the H.6 statistical release in the Data Download Program (DDP). The DDP for the H.6 statistical release no longer contains the historical preformatted packages that were retired in 2012. The H.6 release items contained in those tables, as well as all other H.6 items, are available in the monthly or weekly "H.6 statistical release" preformatted packages.

The last H.3 statistical release was published on September 17, 2020. Certain H.3 release items were consolidated onto the H.6 statistical release as of September 24, 2020. For more information on the consolidation and related changes, please see the announcements posted on August 20, 2020 and September 24, 2020.

Due to a technical issue, data for August 28, 2020 for all currency series were missing in the Data Download Program (DDP). The issue has been corrected on September 21, 2020.

Industrial production and capacity utilization data for August 2020 are now available.

Industrial production rose 0.4 percent in August for its fourth consecutive monthly increase. However, even after the recent gains, the index in August was 7.3 percent below its pre-pandemic February level. Manufacturing output continued to improve in August, rising 1.0 percent, but the gains for most manufacturing industries have gradually slowed since June. Mining production fell 2.5 percent in August, as Tropical Storm Marco and Hurricane Laura caused sharp but temporary drops in oil and gas extraction and well drilling. The output of utilities moved down 0.4 percent. At 101.4 percent of its 2012 average, the level of total industrial production was 7.7 percent lower in August than it was a year earlier. Capacity utilization for the industrial sector increased 0.3 percentage point in August to 71.4 percent, a rate that is 8.4 percentage points below its long-run (1972–2019) average but 7.3 percentage points above its low in April.

The H.15 Selected Interest Rates Data Download Program (DDP) is temporarily unavailable due to technical difficulties. A notice will be posted when the data are published to the DDP. The data are available at http://www.federalreserve.gov/releases/h15/current/default.htm

The H.15 release incorrectly noted that the markets were closed on August 19, 2020 and did not include data from the U.S. Treasury on that date. The H.15 release and the Data Download Program have been updated with the missing rates.

As announced on March 15, 2020, the Board of Governors reduced reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. This action eliminated reserve requirements for all depository institutions. As a result, many of the release items on the Board's Statistical Release H.3, "Aggregate Reserves of Depository Institutions and the Monetary Base," are zero. Consequently, the Board has decided to consolidate the remaining relevant items from the H.3 statistical release onto Statistical Release H.6, "Money Stock Measures."

The H.3 release items that will be consolidated onto the H.6 statistical release include the monetary base and nonborrowed reserves and their components. The components to be moved are (1) "Currency in circulation" and "Total balances maintained" for the monetary base and (2) "Total reserves" and "Total borrowings from the Federal Reserve" for nonborrowed reserves.

The last H.3 statistical release will be published on September 17, 2020. The first H.6 statistical release containing the monetary base and nonborrowed reserves will be published on September 24, 2020. On this same release, columns labeled "Traveler's checks" will be removed from the H.6 statistical release.

For a template of the first page of the consolidated H.6 statistical release, along with supplemental information on the consolidation, see the Technical Q&As associated with each release. Access to historical data for all H.3 release items will remain available through the Data Download Program (DDP). In addition, the H.3 release items being consolidated onto the H.6 statistical release will be available in the DDP in both the "build your own" and preformatted packages associated with the H.6 statistical release. Further refinements to the preformatted packages for the H.6 statistical release will also be made. The 12 "H.6 historical table" preformatted packages will no longer be available; all data elements of these packages are contained in the monthly or weekly "H.6 statistical release" packages.

Industrial production and capacity utilization data for July 2020 are now available.

Total industrial production rose 3.0 percent in July after increasing 5.7 percent in June; even so, the index in July was 8.4 percent below its pre-pandemic February level. Manufacturing output continued to improve in July, rising 3.4 percent. Most major industries posted increases, though they were much smaller in magnitude than the advances recorded in June. The largest gain in July—28.3 percent—was registered by motor vehicles and parts; factory production elsewhere advanced 1.6 percent. Mining production rose 0.8 percent after decreasing for five consecutive months. The output of utilities increased 3.3 percent, as unusually warm temperatures increased the demand for air conditioning. At 100.2 percent of its 2012 average, the level of total industrial production was 8.2 percent lower in July than it was a year earlier. Capacity utilization for the industrial sector increased 2.1 percentage points in July to 70.6 percent, a rate that is 9.2 percentage points below its long-run (1972–2019) average but 6.4 percentage points above its low in April.

In 2021, the G.17 release on Industrial Production and Capacity Utilization will be published at 9:15 a.m. on January 15, February 17, March 16, April 15, May 14, June 15, July 15, August 17, September 15, October 18, November 16, and December 16.

The data for Wednesday, August 13, 2020, from the Board's H.3 statistical release are now available in the Data Download Program (DDP). https://www.federalreserve.gov/datadownload/Choose.aspx?rel=H3

The H.3 release for Thursday, August 13 is delayed and will be updated as soon as possible.

The Federal Reserve has re-estimated seasonal factors for motor vehicle sales, using data through February 2020. These factors are estimated once per year using X13-ARIMA. The factors will be revised again in the summer of 2021. A comma-delimited text file containing these seasonal factors is available for download here (CSV).

The H.3 release for Thursday, July 30 is delayed and will be updated as soon as possible.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to MS Facilities LLC (Main Street Lending Program). The program was introduced on the H.4.1 cover note on June 4, 2020 https://www.federalreserve.gov/releases/h41/20200604/. On July 6, 2020, the Main Street Lending Program announced it was operationally ready to purchase participations in loans originated by eligible lenders to facilitate lending support to small and medium-sized businesses, and on July 15, 2020, the Main Street Lending Program began purchasing participations in loans in accordance with the program. The Federal Reserve Bank of Boston extended credit to the MS Facilities LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Board and Treasury Secretary.

Industrial production and capacity utilization data for June 2020 are now available.

Total industrial production rose 5.4 percent in June after increasing 1.4 percent in May; even so, it remained 10.9 percent below its pre-pandemic February level. For the second quarter as a whole, the index fell 42.6 percent at an annual rate, its largest quarterly decrease since the industrial sector retrenched after World War II. Manufacturing output climbed 7.2 percent in June, as all major industries posted increases. The largest gain—105.0 percent—was registered by motor vehicles and parts, while factory production elsewhere rose 3.9 percent. Mining production fell 2.9 percent, and the output of utilities increased 4.2 percent. At 97.5 percent of its 2012 average, the level of total industrial production was 10.8 percent lower in June than it was a year earlier. Capacity utilization for the industrial sector increased 3.5 percentage points to 68.6 percent in June, a rate that is 11.2 percentage points below its long-run (1972–2019) average but 1.9 percentage points above its trough during the Great Recession.

The estimates for industrial capacity for 2020 were revised for this release. The revisions reflect updated measures of physical capacity from various government and private sources as well as updated estimates of capital spending by industry. Measured from the fourth quarter of 2019 to the fourth quarter of 2020, capacity for the industrial sector is now expected to be flat, whereas previously it was estimated to rise 1.3 percent. Manufacturing capacity is estimated to edge down 0.2 percent, a downward revision of 1.0 percentage point. Mining capacity also revised down and is now expected to decline 2.1 percent; it had been expected to expand 2.9 percent. This downward revision primarily reflects a reduction in capacity for oil and gas extraction. The gain in capacity for utilities, at 3.2 percent, is only 0.1 percentage point lower than previously estimated.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information on the Term Asset-Backed Securities Loan Facility (TALF) and a new table 4 that provides supplemental information on all credit facilities.

Table 4, "Information on Principal Accounts of Credit Facilities LLCs," was added to provide information about outstanding principal amount of loans extended to LLCs by Reserve Banks. The table also provides information on the net portfolio holdings of credit facilities LLCs including outstanding amounts of facility asset purchases, Treasury contributions, and other assets.

The TALF operates through the Term Asset-Backed Securities Loan Facility II LLC (TALF II LLC), a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. On March 23, 2020, the Federal Reserve announced the TALF. On June 16, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the TALF program.

Consistent with generally accepted accounting principles, the assets and liabilities of TALF II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the managing member of TALF II LLC. The net portfolio holdings of TALF II LLC appear as an asset on the statement of condition of the FRBNY (now table 6), the consolidated statement of condition of all Federal Reserve Banks (now table 5), factors affecting reserve balances of depository institutions (table 1), and information on principal accounts of credit facilities LLC (table 4). The amount provided by the U.S. Treasury as credit protection for the TALF II LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, 5, and 6.

Industrial production and capacity utilization data for May 2020 are now available.

Total industrial production increased 1.4 percent in May, as many factories resumed at least partial operations following suspensions related to COVID-19. Even so, total industrial production in May was 15.4 percent below its pre-pandemic level in February. Manufacturing output—which fell sharply in March and April—rose 3.8 percent in May; most major industries posted increases, with the largest gain registered by motor vehicles and parts. The indexes for mining and utilities declined 6.8 percent and 2.3 percent, respectively. At 92.6 percent of its 2012 average, the level of total industrial production was 15.3 percent lower in May than it was a year earlier. Capacity utilization for the industrial sector increased 0.8 percentage point to 64.8 percent in May, a rate that is 15.0 percentage points below its long-run (1972–2019) average and 1.9 percentage points below its trough during the Great Recession.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Municipal Liquidity Facility LLC (MLF). The MLF LLC was introduced on the H.4.1 cover note on May 28, 2020 https://www.federalreserve.gov/releases/h41/20200528/. On June 2, 2020, the MLF LLC began purchasing eligible municipal notes and on June 5, 2020 settlement of the first purchase transactions occurred. The Federal Reserve Bank of New York extended credit to the MLF LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary, at settlement of the investment activity. Information on the lending was added to the note on consolidation. Municipal notes held by MLF LLC were added in the Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities (table 2).

Additionally, the asset basis in table 2 for the "Commercial paper held by Commercial Paper Funding Facility II LLC" and "Loan participations held by MS Facilities LLC (Main Street Lending Programs)" was updated to reflect "Book value" for consistency with the presentation in tables 1, 4, and 5.

Pursuant to the MS Facilities LLC (Main Street Lending Program) agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)" in tables 1, 4, and 5.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Main Street Lending Program (MSLP). Under the MSLP, the Federal Reserve Bank of Boston (FRBB) is operating three facilities: Main Street New Loan Facility, Main Street Priority Loan Facility, and Main Street Expanded Loan Facility. These facilities operate through the MS Facilities LLC (MSF LLC), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses.

On April 30, 2020, the Federal Reserve announced the MSLP. On June 1, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the MSLP program on behalf of the FRBB.

Consistent with generally accepted accounting principles, the assets and liabilities of MSF LLC have been consolidated with the assets and liabilities of the FRBB in the preparation of the statements of condition shown on the release because the FRBB is the managing member of MSF LLC. The net portfolio holdings of MSF LLC appear as an asset in the statement of condition of the FRBB (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The amount provided by the U.S. Treasury as credit protection for the MSF LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, and 5.

On May 29, 2020, pursuant to the Municipal Liquidity Facility LLC (MLF LLC) agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of Municipal Liquidity Facility LLC" in tables 1, 4, and 5. As of June 3, 2020, the MLF LLC executed its first transaction. Upon settlement, FRBNY will extend a loan.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Municipal Liquidity Facility (MLF). This facility operates through the Municipal Liquidity Facility LLC (MLF LLC), a special purpose vehicle that was formed to help support state and local governments better manage cash flow pressures in order to continue to serve households and business in their communities.

On April 9, 2020, the Federal Reserve announced the MLF. On May 26, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the MLF program.

Consistent with generally accepted accounting principles, the assets and liabilities of MLF LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the managing member of MLF LLC. MLF asset balances from trading activity will be reported in this release on a one-day lag after the transaction date. The net portfolio holdings of MLF LLC appear as an asset on the statement of condition of the FRBNY (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The amount provided by the U.S. Treasury as credit protection for the MLF LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, and 5.

On May 22, 2020 and pursuant to the facility agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of Commercial Paper Funding Facility II LLC" and "Net portfolio holdings of Corporate Credit Facilities LLC" in tables 1, 4, and 5. Note 7 in table 1, note 8 in table 4, and note 2 in table 5, each regarding the net portfolio holdings of the LLCs, were modified to indicate inclusion of those assets. Additionally, the note on consolidation in table 5 was modified to include information related to this activity.

Industrial production and capacity utilization data for April 2020 are now available.

Total industrial production fell 11.2 percent in April for its largest monthly drop in the 101-year history of the index, as the COVID-19 (coronavirus disease 2019) pandemic led many factories to slow or suspend operations throughout the month. Manufacturing output dropped 13.7 percent, its largest decline on record, as all major industries posted decreases. The output of motor vehicles and parts fell more than 70 percent; production elsewhere in manufacturing dropped 10.3 percent. The indexes for utilities and mining decreased 0.9 percent and 6.1 percent, respectively. At 92.6 percent of its 2012 average, the level of total industrial production was 15.0 percent lower in April than it was a year earlier. Capacity utilization for the industrial sector decreased 8.3 percentage points to 64.9 percent in April, a rate that is 14.9 percentage points below its long-run (1972–2019) average and 1.8 percentage points below its all-time (since 1967) low set in 2009.

In addition to the regular revisions that reflect incoming data, the industrial production indexes for March were revised to incorporate data on initial claims for unemployment insurance by employees who had worked in the industrial sector. The methods used to construct the estimates are described on the Federal Reserve Board's website at www.federalreserve.gov/releases/g17/g17_technical_qa.htm#covid2020ui.

The May 12, 2020 Commercial Paper release and data are now available in the Data Download Program (DDP). The data are available at: http://www.federalreserve.gov/datadownload/Choose.aspx?rel=CP

The Commercial Paper release for Tuesday, May 12, is delayed and will be updated as soon as possible.

With the release of the April 2020 Senior Loan Officer Opinion Survey results six new series are available via the Data Download Program (DDP). These series report aggregate standards and demand for business loans, household loans, and all loans, weighted by banks' loan portfolio shares. The construction of these series is described in Glancy, David, Robert Kurtzman, and Rebecca Zarutskie (2020). "An Aggregate View of Bank Lending Standards and Demand," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, 2020-05-04, https://doi.org/10.17016/2380-7172.2546.

Weighted series can be found by selecting the "Memo" data set in the "Build Your Package" tool and have the following names:

All loans: SUBLPDMOS_XWB_N.Q (standards) and SUBLPDMOD_XWB_N.Q (demand)

Business loans: SUBLPDMBS_XWB_N.Q (standards) and SUBLPDMBD_XWB_N.Q (demand)

Household loans: SUBLPDMHS_XWB_N.Q (standards) and SUBLPDMHD_XWB_N.Q (demand)

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Paycheck Protection Program Liquidity Facility (PPPLF). The Federal Reserve established the PPPLF to facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP). Information for the facility is presented in tables 1, 2, 4, and 5.

The PPPLF program was announced by the Federal Reserve on April 9, 2020, and began operations on April 16, 2020. The PPPLF program will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.

Industrial production and capacity utilization data for March 2020 are now available.

Total industrial production fell 5.4 percent in March, as the COVID-19 (coronavirus disease 2019) pandemic led many factories to suspend operations late in the month. Manufacturing output fell 6.3 percent; most major industries posted decreases, with the largest decline registered by motor vehicles and parts. The decreases for total industrial production and for manufacturing were their largest since January 1946 and February 1946, respectively. The indexes for utilities and mining declined 3.9 percent and 2.0 percent, respectively. At 103.7 percent of its 2012 average, the level of total industrial production in March was 5.5 percent lower than a year earlier. Capacity utilization for the industrial sector decreased 4.3 percentage points to 72.7 percent in March, a rate that is 7.1 percentage points below its long-run (1972–2019) average.

The estimates in this release incorporated data on stay-at-home orders as well as other information on industrial activity for late in the month. An explanation of the methods used to construct the estimates is available on the Federal Reserve Board's website at www.federalreserve.gov/releases/g17/g17_technical_qa.htm#covid2020.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the Primary Dealer Credit Facility (PDCF) and Money Market Mutual Fund Liquidity Facility (MMLF). Information for both facilities is presented in tables 1, 2, 4, and 5.

The PDCF was approved by the Board of Governors on March 17, 2020, and began operations on March 20, 2020. The PDCF will offer primary dealers overnight and term funding with maturities of up to 90 days. The MMLF was approved by the Board of Governors on March 18, 2020, and began operations on March 23, 2020. The MMLF will offer eligible financial institutions loans secured by high-quality assets purchased by the financial institution from money market mutual funds.

Seasonal factors for auto and truck production were revised from January 2015 through June 2021 on March 17, 2020. The revised factors for September 2019 through February 2020 were used in the G.17 release issued on March 17, 2020, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision in the summer of 2020. The revised seasonal factors are based on production data through January 2020. The seasonal factors are scheduled to be revised again in March 2021.

Industrial production and capacity utilization data for February 2020 are now available.

Industrial production rose 0.6 percent in February after falling 0.5 percent in January. Manufacturing output edged up 0.1 percent in February; excluding a large gain for motor vehicles and parts and a large drop for civilian aircraft, factory output was unchanged. The index for mining declined 1.5 percent, but the index for utilities jumped 7.1 percent, as temperatures returned to more typical levels following an unseasonably warm January. At 109.6 percent of its 2012 average, the level of total industrial production in February was unchanged from a year earlier. Capacity utilization for the industrial sector increased 0.4 percentage point in February to 77.0 percent, a rate that is 2.8 percentage points below its long-run (1972–2019) average.

Industrial production and capacity utilization data for January 2020 are now available.

Industrial production declined 0.3 percent in January, as unseasonably warm weather held down the output of utilities and as a major manufacturer significantly slowed production of civilian aircraft. The index for manufacturing edged down 0.1 percent in January; excluding the production of aircraft and parts, factory output advanced 0.3 percent. The index for mining rose 1.2 percent. At 109.2 percent of its 2012 average, total industrial production was 0.8 percent lower in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.3 percentage point in January to 76.8 percent, a rate that is 3.0 percentage points below its long-run (1972–2019) average.

The Federal Reserve revised its measures of the money stock and their
components to incorporate updated seasonal factors and a new quarterly
benchmark.

This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2019 and estimated using the Census Bureau's X-13ARIMA-SEATS seasonal adjustment program. Information on the seasonal adjustment program is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as. The updated seasonal factors resulted in minor revisions to the growth rates of seasonally adjusted M2 for individual months in 2019, and they slightly increased the growth rate for seasonally adjusted M2 in the first half of 2019 and slightly decreased it in the second half of 2019.

The quarterly benchmark incorporates revisions from several sources. Revisions to weekly deposit data begin in 2016. Revisions to deposit data reported in the quarterly deposit reports and deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters start in 2012."Call Reports" refers to the commercial bank Consolidated Reports of Condition and Income (FFIEC 031, 041, and 051; OMB No. 7100-0036) and the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004). This benchmark also incorporates revisions to data on retail and institutional money market mutual funds, which start in 1993. In addition, this release incorporates the receipt of historical information from other sources of data.

The effects of both the revisions to seasonal factors and the new quarterly benchmark on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7.

Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/econresdata/statisticsdata.htm.

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization in the summer of 2020. New annual benchmark data for manufacturing for 2017 and 2018 will be incorporated, 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 industry-level indexes will be updated with information from the 2012 benchmark input-output accounts from the Bureau of Economic Analysis. The updated IP indexes will 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 may be changed. Any modifications 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 for manufacturing through the fourth quarter of 2019 from the Census Bureau's Quarterly Survey of Plant Capacity, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

Industrial production and capacity utilization data for December 2019 are now available.

Industrial production declined 0.3 percent in December, as a decrease of 5.6 percent for utilities outweighed increases of 0.2 percent for manufacturing and 1.3 percent for mining. The drop for utilities resulted from a large decrease in demand for heating, as unseasonably warm weather in December followed unseasonably cold weather in November. For the fourth quarter as a whole, total industrial production moved down at an annual rate of 0.5 percent. At 109.4 percent of its 2012 average, total industrial production was 1.0 percent lower in December than it was a year earlier. Capacity utilization for the industrial sector fell 0.4 percentage point in December to 77.0 percent, a rate that is 2.8 percentage points below its long-run (1972–2018) average.

Industrial production and capacity utilization data for November 2019 are now available.

Industrial production and manufacturing production both rebounded 1.1 percent in November after declining in October. These sharp November increases were largely due to a bounceback in the output of motor vehicles and parts following the end of a strike at a major manufacturer. Excluding motor vehicles and parts, the indexes for total industrial production and for manufacturing moved up 0.5 percent and 0.3 percent, respectively. Mining production edged down 0.2 percent, while the output of utilities increased 2.9 percent.

The H.10/ G.5 (Foreign Exchange Rates) release for Monday, December 2, 2019, was corrected in the Data Download Program (DDP) to add a missed date in all series relating to monthly data.

Industrial production and capacity utilization data for October 2019 are now available.

Industrial production fell 0.8 percent in October after declining 0.3 percent in September. Manufacturing production decreased 0.6 percent in October. Much of this decline was due to a drop of 7.1 percent in the output of motor vehicles and parts that resulted from a strike at a major manufacturer of motor vehicles. The decreases for total industrial production, manufacturing, and motor vehicles and parts were their largest since May 2018, April 2019, and January 2019, respectively.

On November 4, 2019, the SLOOS Chart Data HTML file was posted with data with small discrepancies from their correct values. This file has been reposted with the corrected data. Data in the release tables and Data Download Program are unaffected.

Industrial production and capacity utilization data for September 2019 are now available.

Industrial production fell back 0.4 percent in September after advancing 0.8 percent in August. For the third quarter, industrial production rose at an annual rate of 1.2 percent following declines of about 2 percent in both the first and the second quarters.

Manufacturing production decreased 0.5 percent in September, with output reduced by a strike at a major manufacturer of motor vehicles. Excluding motor vehicles and parts, the overall index and the manufacturing index each moved down 0.2 percent. Mining production fell 1.3 percent, while utilities output rose 1.4 percent.

Due to a technical issue, the Z.1 PDF and CSV files that were originally posted at noon on September 20, 2019, contained incorrect data. Corrected files were posted within minutes of the initial publication.

The Data Download Program (DDP) for the Senior Loan Officer Opinion Survey will be extended on October 7, 2019 to include series for large and other banks for all currently reported series for domestically chartered banks in the DDP, in addition to the currently reported data series for all domestically chartered banks. The new data series reported by bank size may be selected using the "Bank Size" menu in the "Build your Package" tool. A new data series, "SUBLPDMCO_N.Q", that reports the total assets value which delineates large banks from other banks in each survey, is also now available. The bank size variable can be selected under the "Memo" data set in the "Build your Package" tool.

In addition to these new data series, historical values of several existing data series will be revised as follows:

This release incorporates several revisions, structural changes, and enhancements. Major changes are described in the "Release Highlights" section of the publication. As noted in the "Release Highlights", the Alternative Measure of Owner-Occupied Real Estate EFA is incorporated into the owner-occupied residential real estate estimate and the EFA discontinued. These and other changes, such as code changes, are also described in the online Financial Accounts Guide at www.federalreserve.gov/apps/fof/. The file structure of the Z.1 release consists of a single Z.1 PDF, corresponding HTML tables, and a single set of compressed CSV files with accompanying data dictionary text files. Data are available for download through the Federal Reserve Data Download Program (DDP). Series that appear in published tables are available immediately. Underlying detail series are generally available for download within two business days of the Z.1 release. The next Z.1 release will be Thursday, December 12, 2019, at 12:00 noon.

In 2020, the G.17 release on Industrial Production and Capacity Utilization will be published at 9:15 a.m. on January 17, February 14, March 17, April 15, May 15, June 16, July 15, August 14, September 15, October 16, November 17, and December 15.

Industrial production and capacity utilization data for August 2019 are now available.

Industrial production rose 0.6 percent in August after declining 0.1 percent in July. Manufacturing production increased 0.5 percent, more than reversing its decrease in July. Factory output has increased 0.2 percent per month over the past four months after having decreased 0.5 percent per month during the first four months of the year. In August, the indexes for utilities and mining moved up 0.6 percent and 1.4 percent, respectively. At 109.9 percent of its 2012 average, total industrial production was 0.4 percent higher in August than it was a year earlier. Capacity utilization for the industrial sector increased 0.4 percentage point in August to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2018) average.

A preview of changes to the upcoming Friday September 20, 2019 Financial Accounts of the United States (Z.1) release is now available. A single PDF document, corresponding HTML tables, and single set of compressed CSV files with accompanying data dictionary text files are available from the current Z.1 release page at https://www.federalreserve.gov/releases/Z1/Current/default.htm. Preliminary release highlights and code changes are available from the online Financial Accounts Guide at https://www.federalreserve.gov/apps/fof/.

Industrial production and capacity utilization data for July 2019 are now available.

Industrial production declined 0.2 percent in July. Manufacturing output decreased 0.4 percent last month and has fallen more than 1-1/2 percent since December 2018. In July, mining output fell 1.8 percent, as Hurricane Barry caused a sharp but temporary decline in oil extraction in the Gulf of Mexico. The index for utilities rose 3.1 percent. At 109.2 percent of its 2012 average, total industrial production was 0.5 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector decreased 0.3 percentage point in July to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2018) average.

The Federal Reserve has re-estimated seasonal factors for motor vehicle sales, using data through April 2019. These factors are estimated once per year using X13-ARIMA. The factors will be revised again in the summer of 2020. A comma-delimited text file containing these seasonal factors is available for download here (CSV). A Technical Q&A with details on the calculation of the seasonal factors for light vehicles is available here.

The most recent data are available online at https://www.federalreserve.gov/apps/fof/efa/enhanced-financial-accounts.htm . The following projects have been updated with the most recent available data: Distributional Financial Accounts; Household Debt by State, County, and MSA; Alternative Measure of Owner-Occupied Real Estate; Section 529 College Plans by State; Depository Institutions: Consolidated Balance Sheet; Depository Institutions: Off-Balance-Sheet Items; Depository Institutions: Mortgage and Consumer Loan Portfolios by Probability of Default; Money Market Mutual Funds: Investment Holdings Detail by Month; Funding Agreement-Backed Securities (FABS); Equity Issuance and Retirement; Syndicated Loan Portfolios of Financial Institutions; International Portfolio Investment Holdings of Long-term Securities by Country.

Industrial production and capacity utilization data for May 2019 are now available.

Industrial production rose 0.4 percent in May after falling 0.4 percent in April. The indexes for manufacturing and mining gained 0.2 percent and 0.1 percent, respectively, in May; the index for utilities climbed 2.1 percent. At 109.6 percent of its 2012 average, total industrial production was 2.0 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector moved up 0.2 percentage point in May to 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2018) average.

The Federal Reserve Board released updated estimates of manufacturing investment, capital stock, and capital services. G.17 data on investment and capital stocks by industry and broad asset class are provided to the National Bureau of Economic Research-Center for Economic Studies (NBER-CES) Manufacturing Industry Database. With the June 13, 2019 release, new series for capital services and the portions of investment and capital associated with software are provided. In addition, the data are now available at both the 4-digit and 6-digit NAICs level. Previously, data were only available at the 4-digit level.

This release incorporates several revisions, structural changes, and enhancements. Major changes are described in the "Release Highlights" section of the publication. These and other changes, such as code changes, are also described in the online Financial Accounts Guide at www.federalreserve.gov/apps/fof/. The file structure of the Z.1 release consists of a single Z.1 PDF, corresponding HTML tables, and a single set of compressed CSV files with accompanying data dictionary text files. Data are available for download through the Federal Reserve Data Download Program (DDP). Series that appear in published tables are available immediately. Underlying detail series are generally available for download within two business days of the Z.1 release. The next Z.1 release will be Friday, September 20, 2019, at 12:00 noon.

The June 3, 2019 Foreign Exchange Rates data are now available in the Data Download Program (DDP). The data are available at: https://www.federalreserve.gov/datadownload/Choose.aspx?rel=H10

Effective June 24, 2019, the Federal Reserve Board staff will make a change to the indexation of the daily Broad, AFE, and EME dollar indexes. For more information, see the "Technical Q&As."

Industrial production and capacity utilization data for April 2019 are now available.

Industrial production fell 0.5 percent in April, and the rates of change for previous months were revised down on net. Output is now reported to have declined 1.9 percent at an annual rate in the first quarter. Manufacturing production moved down 0.5 percent in April after being unchanged in March. The index for mining advanced 1.6 percent in April, while the index for utilities fell 3.5 percent. At 109.2 percent of its 2012 average, total industrial production was 0.9 percent higher in April than it was a year earlier. Capacity utilization for the industrial sector decreased 0.6 percentage point in April to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972-2018) average.

The April 19, 2019 Commercial Paper data are now available in the Data Download Program (DDP). The data are available at: http://www.federalreserve.gov/datadownload/Choose.aspx?rel=CP

The Federal Reserve corrected the labels for the Gross Value of Products and Industrial Supplies series in the Data Download Program for the G.17 release on Industrial Production and Capacity Utilization issued on April 16, 2019. The Gross Value of Products and Industrial Supplies series were mislabeled as in 2009 dollars when they should have been labeled as in 2012 dollars. The Data Download Program now contains the correct information.

Industrial production and capacity utilization data for March 2019 are now available.

Industrial production edged down 0.1 percent in March after edging up 0.1 percent in February; for the first quarter as a whole, the index slipped 0.3 percent at an annual rate. Manufacturing production was unchanged in March after declining in both January and February. The index for utilities rose 0.2 percent, while mining output moved down 0.8 percent. At 110.2 percent of its 2012 average, total industrial production was 2.8 percent higher in March than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in March to 78.8 percent, a rate that is 1.0 percentage point below its long-run (1972-2018) average.

Note: The annual revision to industrial production and capacity utilization was published on March 27, 2019. Data referred to in the release dated March 15, 2019, were superseded by the data issued at the time of the annual revision.

Capacity for total industry expanded modestly in each year from 2015 to 2017 before advancing 1 1/2 percent in 2018; it is expected to advance about 2 percent in 2019. Revisions for recent years were very small and showed slightly less expansion in most years relative to earlier reports.

In the fourth quarter of 2018, capacity utilization for total industry stood at 79.4 percent, about 3/4 percentage point above its previous estimate and about 1/2 percentage point below its long-run (1972-2018) average. The utilization rate in 2017 is also higher than its previous estimate.

Seasonal factors for auto and truck production were revised from January 2014 through June 2020 on March 15, 2019. The revised factors for December 2018 through February 2019 were used in the G.17 release issued on March 15, 2019, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision on March 27, 2019. The revised seasonal factors are based on production data through January 2019. The factors reflect the holiday schedule in place from the domestic autoworkers' current contract, which expires in September 2019. The same holiday pattern is assumed to prevail through June 2020. The factors will be revised if a different holiday schedule is put in place when the new contract is signed. The seasonal factors are also scheduled to be revised again in March 2020.

Industrial production and capacity utilization data for February 2019 are now available.

Industrial production edged up 0.1 percent in February after decreasing 0.4 percent in January. Manufacturing production fell 0.4 percent in February for its second consecutive monthly decline. The index for utilities rose 3.7 percent, while the index for mining moved up 0.3 percent. At 109.7 percent of its 2012 average, total industrial production was 3.5 percent higher in February than it was a year earlier. Capacity utilization for the industrial sector edged down 0.1 percentage point in February to 78.2 percent, a rate that is 1.6 percentage points below its long-run (1972-2018) average.

An updated annual price index for computer storage equipment, the primary product of North American Industry Classification System (NAICS) industry 334112, "Computer Storage Device Manufacturing," has been released. In addition, the underlying quarterly frequency series is provided for the first time. These price indexes provide an estimate of price changes for computer storage equipment assuming that the quality of the device is unchanged. Data from IDC, a market research company specializing in information technology industries, were used to construct a matched-model quarterly price index, which was then converted to an annual index. This annual price index was first incorporated into the industrial production index for computer storage equipment at the time of the 2016 annual revision to the G.17 statistical release on industrial production and capacity utilization, which was published on April 1, 2016. The updated computer storage price index will be incorporated in the G.17 annual revision planned for release on March 27, 2019. More details on the data sources and index construction are available in a FEDS Note.

The February 19, 2019 Commercial Paper data are now available in the Data Download Program (DDP). The data are available at: http://www.federalreserve.gov/datadownload/Choose.aspx?rel=CP

Data in the Data Download Program (DDP) for the Broad index, the EME index, the Broad- goods only index, and the OITP- goods only for February 15, 2019 were corrected on February 21, 2019.

The daily and weekly releases will be published on the first business day that Federal Reserve Board offices in the Washington, D.C. area reopen.

The daily and weekly releases will be published on the first business day that Federal Reserve Board offices in the Washington, D.C. area reopen.

Data in the Data Download Program (DDP) for the following Broad index, the AFE index, the EME index, the Broad- goods only index, the Major-goods only index, and the OITP- goods only were corrected on February 19, 2019.

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization on March 27, 2019. The Economic Census for 2017 will not be available from the U.S. Census Bureau by early 2019, so no new annual benchmark data will be included for manufacturing. Other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels), will be incorporated. The updated IP indexes will 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 may be changed. Any modifications 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 through the fourth quarter of 2018 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.

Industrial production and capacity utilization data for January 2019 are now available.

Industrial production decreased 0.6 percent in January after rising 0.1 percent in December. In January, manufacturing production fell 0.9 percent, primarily as a result of a large drop in motor vehicle assemblies; factory output excluding motor vehicles and parts decreased 0.2 percent. The indexes for mining and utilities moved up 0.1 percent and 0.4 percent, respectively. At 109.4 percent of its 2012 average, total industrial production was 3.8 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector decreased 0.6 percentage point in January to 78.2 percent, a rate that is 1.6 percentage points below its long-run (1972-2018) average.

The Federal Reserve revised its measures of the money stock and their components to incorporate updated seasonal factors and a new quarterly benchmark.

This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2018 and estimated using the Census Bureau's X-13ARIMA-SEATS seasonal adjustment program.[1] The updated seasonal factors resulted in minor revisions to the growth rates of seasonally adjusted M2 for individual months in 2018, and they slightly decreased the growth rate for seasonally adjusted M2 in the first half of 2018 and slightly increased it in the second half of 2018.

The quarterly benchmark incorporates revisions from several sources. Revisions to weekly deposit data begin in 2016. Revisions to deposit data reported in the quarterly deposit reports and deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters start in 2017.[2] In addition, this benchmark incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; the associated revisions to deposit data start in 2018. Likewise, it incorporates revisions to IRA and Keogh balances held at retail and institutional money market mutual funds; the associated revisions to data on money market mutual funds begin in 2007. In addition, this release incorporates the receipt of historical information from other sources of data.

The effects of both the revisions to seasonal factors and the new quarterly benchmark on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7.

Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/econresdata/statisticsdata.htm.

--------------------
[1] Information on the seasonal adjustment program is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.
[2] "Call Reports" refers to the commercial bank Consolidated Reports of Condition and Income (FFIEC 031, 041, and 051; OMB No. 7100-0036) and the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004).

With this release, the index of industrial production comprises a full 100 years of monthly data, from January 1919 to December 2018. A brief history of the index is available on the Board's website at https://www.federalreserve.gov/releases/g17/100_years_of_ip_data.htm.

Industrial production and capacity utilization data for December are now available.

Industrial production increased 0.3 percent in December after rising 0.4 percent in November. For the fourth quarter as a whole, total industrial production moved up at an annual rate of 3.8 percent. In December, manufacturing output increased 1.1 percent, its largest gain since February 2018. The output of mines rose 1.5 percent, but the index for utilities fell 6.3 percent, as warmer-than-usual temperatures lowered the demand for heating. At 109.9 percent of its 2012 average, total industrial production was 4.0 percent higher in December than it was a year earlier. Capacity utilization for the industrial sector rose 0.1 percentage point in December to 78.7 percent, a rate that is 1.1 percentage points below its long-run (1972-2017) average.

As announced on December 13, 2018, the Board has discontinued publication of data on the outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. The date of the last reported value in the "Traveler's checks" column in tables 3 and 5 of the H.6 statistical release is December 31, 2018.

Historical data for traveler's checks of non-bank issuers remain available through the Data Download Program.

Revisions of G.5 - Foreign Exchange Rates for January 2, 2019

The G.5 table published on January 2, 2019 contained a calculation error for the Venezuelan bolivar. The information has been corrected.

For the G5A annual release, the average annual exchange rate for the Venezuelan bolivar in 2018 was calculated using the "bolivar fuerte" rate through Friday, August 17 and the "bolivar soberano" rate multiplied by 100,000 beginning Monday, August 20.

Industrial production and capacity utilization data for November 2018 are now available.

Industrial production rose 0.6 percent in November after moving down 0.2 percent in October; the index for October was previously reported to have edged up 0.1 percent. In November, manufacturing production was unchanged, the output of mining increased 1.7 percent, and the index for utilities gained 3.3 percent. At 109.4 percent of its 2012 average, total industrial production was 3.9 percent higher in November than it was a year earlier. Capacity utilization for the industrial sector rose 0.4 percentage point in November to 78.5 percent, a rate that is 1.3 percentage points below its long-run (1972-2017) average.

In January 2019, the Board will discontinue publication of data on the outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Dollar-denominated traveler's checks serve as an alternative to demand deposits and currency as a means of payment and therefore are included in M1. Nonbank traveler's checks have fallen steadily for many years to a point at which they represent an immaterial share of the monetary aggregates. The insignificant amounts no longer justify the burden of collection and publication of these data.

The date of the last reported value in the "Traveler's checks" column in tables 3 and 5 of the H.6 statistical release will be December 31, 2018.

Historical data for traveler's checks of non-bank issuers will remain available through the Data Download Program.

Industrial production and capacity utilization data for October 2018 are now available.

Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially. Hurricanes lowered the level of industrial production in both September and October, but their effects appear to be less than 0.1 percent per month. In October, manufacturing output rose 0.3 percent for its fifth consecutive monthly increase, while the indexes for mining and for utilities declined 0.3 percent and 0.5 percent, respectively. At 109.1 percent of its 2012 average, total industrial production was 4.1 percent higher in October than it was a year earlier. Capacity utilization for the industrial sector was 78.4 percent, a rate that is 1.4 percentage points below its long-run (1972-2017) average.

Industrial production and capacity utilization data for September 2018 are now available.

Industrial production increased 0.3 percent in September, about the same rate of change as in the previous two months. Output growth in September was held down slightly by Hurricane Florence, with an estimated effect of less than 0.1 percentage point. For the third quarter as a whole, total industrial production advanced at an annual rate of 3.3 percent. In September, manufacturing output moved up 0.2 percent for its fourth consecutive monthly increase, while the output of utilities was unchanged. The index for mining increased 0.5 percent and has moved up in each of the past eight months. At 108.5 percent of its 2012 average, total industrial production was 5.1 percent higher in September than it was a year earlier. Capacity utilization for the industrial sector was unchanged at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972-2017) average.

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization around the end of the first quarter of 2019. The Economic Census for 2017 will not be available from the U.S. Census Bureau by early 2019, so no new annual benchmark data will be included for manufacturing. Other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels), will be incorporated. The updated IP indexes will 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 may be changed. Any modifications 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 through the fourth quarter of 2018 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.

Industrial production and capacity utilization data for August 2018 are now available.

Industrial production rose 0.4 percent in August for its third consecutive monthly increase. Manufacturing output moved up 0.2 percent on the strength of a 4.0 percent rise for motor vehicles and parts; motor vehicle assemblies jumped to an annual rate of 11.5 million units, the strongest reading since April. Excluding the gain in motor vehicles and parts, factory output was unchanged. The output of utilities advanced 1.2 percent, and mining production increased 0.7 percent; the index for mining last decreased in January. At 108.2 percent of its 2012 average, total industrial production was 4.9 percent higher in August than it was a year earlier. Capacity utilization for the industrial sector moved up in August to 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972-2017) average.

Industrial production and capacity utilization data for July 2018 are now available.

Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972-2017) average.

In 2019, the G.17 release on Industrial Production and Capacity Utilization will be published at 9:15 a.m. on January 18, February 15, March 15, April 16, May 15, June 14, July 16, August 15, September 17, October 17, November 15, and December 17.

The Federal Reserve has re-estimated seasonal factors for motor vehicle sales, using data through April 2018. These factors are estimated once per year using X13-ARIMA. The factors will be revised again in the summer of 2019. A comma-delimited text file containing these seasonal factors is available for download here (CSV). A Technical Q&A with details on the calculation of the seasonal factors for light vehicles is available here.

Industrial production and capacity utilization data for June 2018 are now available.

Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June. The production of motor vehicles and parts rebounded last month after truck assemblies fell sharply in May because of a disruption at a parts supplier. Factory output, aside from motor vehicles and parts, increased 0.3 percent in June. The index for mining rose 1.2 percent and surpassed the level of its previous historical peak (December 2014); the output of utilities moved down 1.5 percent. At 107.7 percent of its 2012 average, total industrial production was 3.8 percent higher in June than it was a year earlier. Capacity utilization for the industrial sector increased 0.3 percentage point in June to 78.0 percent, a rate that is 1.8 percentage points below its long-run (1972-2017) average.

Industrial production and capacity utilization data for May 2018 are now available.

Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972-2017) average.

The Federal Reserve released updated communications equipment price indexes. Comma-delimited text files and an Excel workbook containing quarterly and annual data are available for download. The data are also available as HTML tables.

A Technical Q&A has been posted that describes the new communications equipment price indexes published on the Federal Reserve's website June 1, 2018.

Industrial production and capacity utilization data for April 2018 are now available.

Industrial production rose 0.7 percent in April for its third consecutive monthly increase. The rates of change for industrial production for previous months were revised downward, on net; for the first quarter, output is now reported to have advanced 2.3 percent at an annual rate. After being unchanged in March, manufacturing output rose 0.5 percent in April. The indexes for mining and utilities moved up 1.1 percent and 1.9 percent, respectively. At 107.3 percent of its 2012 average, total industrial production in April was 3.5 percent higher than it was a year earlier. Capacity utilization for the industrial sector climbed 0.4 percentage point in April to 78.0 percent, a rate that is 1.8 percentage points below its long-run (1972-2017) average.

A new Technical Q&A has been posted that describes the construction of the Federal Reserve's measures of capacity for the motor vehicle industry.

Industrial production and capacity utilization data for March 2018 are now available.

Industrial production rose 0.5 percent in March after increasing 1.0 percent in February; the index advanced 4.5 percent at an annual rate for the first quarter as a whole. After having climbed 1.5 percent in February, manufacturing production edged up 0.1 percent in March. Mining output rose 1.0 percent, mostly as a result of gains in oil and gas extraction and in support activities for mining. The index for utilities jumped 3.0 percent after being suppressed in February by warmer-than-normal temperatures. At 107.2 percent of its 2012 average, total industrial production was 4.3 percent higher in March than it was a year earlier. Capacity utilization for the industrial sector moved up 0.3 percentage point in March to 78.0 percent, a rate that is 1.8 percentage points below its long-run (1972-2017) average.

The annual revision to industrial production and capacity utilization was published on March 23, 2018. Data referred to in the release dated March 16, 2018, were superseded by the data issued at the time of the annual revision.

The Federal Open Market Committee will meet as planned. The FOMC statement will be released as scheduled at 2 p.m. EDT, and the Chairman's news conference will start at 2:30 p.m. EDT.

The Federal Reserve Board plans to issue the following releases as scheduled:

Selected Interest Rates - H.15

All other previously scheduled releases for Wednesday, March 21 will be postponed until the next business day government offices are open.

The Federal Open Market Committee will meet as planned. The FOMC statement will be released as scheduled at 2 p.m. EDT, and the Chairman's news conference will start at 2:30 p.m. EDT.

The Federal Reserve Board plans to issue the following releases as scheduled:

Selected Interest Rates - H.15

All other previously scheduled releases for Wednesday, March 21 will be postponed until the next business day government offices are open.

Industrial production and capacity utilization data for February 2018 are now available.

Industrial production rose 1.1 percent in February following a decline of 0.3 percent in January. Manufacturing production increased 1.2 percent in February, its largest gain since October. Mining output jumped 4.3 percent, mostly reflecting strong gains in oil and gas extraction. The index for utilities fell 4.7 percent, as warmer-than-normal temperatures last month reduced the demand for heating. At 108.2 percent of its 2012 average, total industrial production in February was 4.4 percent higher than it was a year earlier. Capacity utilization for the industrial sector climbed 0.7 percentage point in February to 78.1 percent, its highest reading since January 2015 but still 1.7 percentage points below its long-run (1972-2017) average.

Seasonal factors for auto and truck production were revised from January 2006 through June 2019 on March 16, 2018. The revised factors for September 2017 through February 2018 were used in the G.17 release issued on March 16, 2018, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision on March 23, 2018. The revised seasonal factors are based on production data through January 2018. The seasonal factors will be revised again in March 2019.

Industrial production and capacity utilization data for January 2018 are now available.

Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972-2017) average.

The data in the February 15, 2018 release include preliminary estimates of industrial capacity for 2018. Measured from fourth quarter to fourth quarter, total industrial capacity is projected to rise 2.3 percent this year after increasing 1.1 percent in 2017. Manufacturing capacity is expected to advance 1.5 percent in 2018, somewhat faster than the 0.7 percent pace in 2017. Capacity in the mining sector is estimated to rise 6.3 percent in 2018 following a smaller increase of 2.7 percent in 2017. Capacity at electric and natural gas utilities is projected to increase 2.5 percent in 2018 after moving up 0.7 percent in 2017.

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization on March 23, 2018. New annual benchmark data for 2016 for manufacturing will be incorporated, as will other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to the present.

The revision to the historical data for capacity and capacity utilization will incorporate data through the fourth quarter of 2017 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.

The Federal Reserve revised its measures of the money stock and their components to incorporate updated seasonal factors and a new quarterly benchmark.

This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2017 and estimated using the Census Bureau's X-13ARIMA-SEATS seasonal adjustment program.[1] The updated seasonal factors resulted in minor revisions to the growth rates of seasonally adjusted M2 for individual months in 2017, and they slightly decreased the growth rate for seasonally adjusted M2 in the first half of 2017 and slightly increased it in the second half of 2017.

The quarterly benchmark incorporates revisions from several sources. Revisions to weekly deposit data begin in 2003. Revisions to deposit data reported in the quarterly deposit reports and deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters start in 2016.[2] Revisions to money market mutual fund data begin in 2017. In addition, this benchmark incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; the associated revisions to deposit data start in 2017. Likewise, it incorporates revisions to IRA and Keogh balances held at retail and institutional money market mutual funds; the associated revisions to data on money market mutual funds also begin in 2017. In addition, this release incorporates the receipt of historical information from other sources of data.

The effects of both the revisions to seasonal factors and the new quarterly benchmark on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7.

Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/econresdata/statisticsdata.htm.

--------------------
[1] Information on the seasonal adjustment program is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.
[2] "Call Reports" refers to the commercial bank Consolidated Reports of Condition and Income (FFIEC 031, 041, and 051; OMB No. 7100-0036) and the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004).

Industrial production and capacity utilization data for December 2017 are now available.

Industrial production rose 0.9 percent in December even though manufacturing output only edged up 0.1 percent. Revisions to mining and utilities altered the pattern of growth for October and November, but the level of the overall index in November was little changed. For the fourth quarter as a whole, total industrial production jumped 8.2 percent at an annual rate after being held down in the third quarter by Hurricanes Harvey and Irma. At 107.5 percent of its 2012 average, the index has increased 3.6 percent since December 2016 for its largest calendar-year gain since 2010.

The gain in manufacturing output in December was its fourth consecutive monthly increase. The output of utilities advanced 5.6 percent for the month, while the index for mining moved up 1.6 percent. Capacity utilization for the industrial sector was 77.9 percent, a rate that is 2.0 percentage points below its long-run (1972-2016) average.

Effective with this release, several changes have been made to the line items shown on the H.8 release. These changes relate to the Federal Reserve Board's notice published in the Federal Register, 82 FR 49207 on October 24, 2017.

The following line item changes have been made on the release:

1. Previous line item 26, Fed funds and reverse RPs with nonbanks, and previous line item 32, Fed funds and reverse RPs with banks, have been combined as new line item 30, Total federal funds sold and reverse RPs. Note that line item 1, Bank credit, and line item 9, Loans and leases in bank credit, no longer include Fed funds and reverse RPs with nonbanks and the category Interbank loans (former line item 31) has been eliminated.

2. Previous line items 35 and 44, Trading assets and liabilities, respectively, are no longer being published. The amount of trading assets and liabilities are now reported as part of other assets and liabilities (line items
32 and 39), respectively.

3. The two previous components of Borrowings--previous line item 42, Borrowings from banks in the U.S. and previous line item 43, Borrowings from others--are no longer being published separately; these line items have been combined into line item 37, Borrowings.

4. The three Memoranda line items covering loans to businesses with original amounts of $1,000,000 or less have been dropped: previous line item 52, Loans secured by nonfarm nonresidential properties; previous line item 53, Commercial and industrial loans to U.S. addressees; and their total, previous line item 51.

Historical data for the discontinued items will remain available for download through the Federal Reserve Board's Data Download Program. Historical data for the new combined series will be available back to 2010.

The most recent data are available online at https://www.federalreserve.gov/apps/fof/efa/enhanced-financial-accounts.htm. All projects have been updated with the most recently available data.

Industrial production and capacity utilization data for November 2017 are now available.

Industrial production moved up 0.2 percent in November after posting an upwardly revised increase of 1.2 percent in October. Manufacturing production also rose 0.2 percent in November, its third consecutive monthly gain. The output of utilities dropped 1.9 percent. The index for mining increased 2.0 percent, as oil and gas extraction returned to normal levels after being held down in October by Hurricane Nate. Excluding the post-hurricane rebound in oil and gas extraction, total industrial production would have been unchanged in November. Total industrial production was 106.4 percent of its 2012 average in November and was 3.4 percent above its year-earlier level. Capacity utilization for the industrial sector was 77.1 percent in November, a rate that is 2.8 percentage points below its long-run (1972-2016) average.

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization around the end of the first quarter of 2018. New annual benchmark data for 2016 will be incorporated for manufacturing, as will other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 through the fourth quarter of 2017 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.

A preview of changes to the upcoming December 7, 2017 Financial Accounts of the United States (Z.1) release is now available. Z.1 preview files include a single PDF, corresponding HTML tables, and single set of compressed CSV files with accompanying data dictionary text files available on the current Z.1 release page at https://www.federalreserve.gov/releases/Z1/Current/default.htm. Code changes and preliminary release highlights are available online in the Financial Accounts Guide at https://www.federalreserve.gov/apps/fof/.

Industrial production and capacity utilization data for October 2017 are now available.

Industrial production rose 0.9 percent in October, and manufacturing increased 1.3 percent. The index for utilities rose 2.0 percent, but mining output fell 1.3 percent, as Hurricane Nate caused a sharp but short-lived decline in oil and gas drilling and extraction. Even so, industrial activity was boosted in October by a return to normal operations after Hurricanes Harvey and Irma suppressed production in August and September.[1] Excluding the effects of the hurricanes, the index for total output advanced about 0.3 percent in October, and the index for manufacturing advanced about 0.2 percent.

[1] A technical Q&A discussing the effects of the recent hurricanes on industrial production is available on the Federal Reserve Board's website at https://www.federalreserve.gov/releases/g17/g17_technical_qa.htm#HarveyIrmaNate2017. Additional discussion about the estimation process is available at https://doi.org/10.17016/2380-7172.2086

Historical rates for several series from the U.S. Treasury have been corrected. Affected rates include the 4-week, 3-month and 6-month Treasury bill (secondary market) rates, the 7-year inflation-indexed Treasury constant maturity rate, and the inflation-indexed long-term average rate.

A table with the corrected observations is available at: https://federalreserve.gov/releases/h15/historical-data-correction.htm

Industrial production and capacity utilization data for September 2017 are now available.

Industrial production rose 0.3 percent in September. The rates of change for July and August were notably revised; the current estimate for July, a decrease of 0.1 percent, was 0.5 percentage point lower than previously reported, while the estimate for August, a decrease of 0.7 percent, was 0.2 percentage point higher than before. The estimates for manufacturing, mining, and utilities were each revised lower in July. The continued effects of Hurricane Harvey and, to a lesser degree, the effects of Hurricane Irma combined to hold down the growth in total production in September by 1/4 percentage point.[1] For the third quarter as a whole, industrial production fell 1.5 percent at an annual rate; excluding the effects of the hurricanes, the index would have risen at least 1/2 percent. Manufacturing output edged up 0.1 percent in September but fell 2.2 percent at an annual rate in the third quarter. The indexes for mining and utilities in September rose 0.4 percent and 1.5 percent, respectively. At 104.6 percent of its 2012 average, total industrial production in September was 1.6 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.2 percentage point in September to 76.0 percent, a rate that is 3.9 percentage points below its long-run (1972-2016) average.

A technical Q&A discussing the effect of Hurricane Harvey on industrial production for August will be published on the Board's website at https://www.federalreserve.gov/releases/g17/g17_technical_qa.htm#hurricaneharvey2017. Additional discussion about the estimation process is available at https://doi.org/10.17016/2380-7172.2086.

Industrial production and capacity utilization data for August 2017 are now available.

Industrial production declined 0.9 percent in August following six consecutive monthly gains. Hurricane Harvey, which hit the Gulf Coast of Texas in late August, is estimated to have reduced the rate of change in total output by roughly 3/4 percentage point. The index for manufacturing decreased 0.3 percent; storm-related effects appear to have reduced the rate of change in factory output in August about 3/4 percentage point. The manufacturing industries with the largest estimated storm-related effects were petroleum refining, organic chemicals, and plastics materials and resins.

A technical Q&A discussing the effect of Hurricane Harvey on industrial production for August will be published on the Board's website at https://www.federalreserve.gov/releases/g17/g17_technical_qa.htm#hurricaneharvey2017.

The 2018 release dates for the G.17 were announced today. The 2018 release dates are as follows: January 17, February 15, March 16, April 17, May 16, June 15, July 17, August 15, September 14, October 16, November 16, and December 14

Industrial production and capacity utilization data for July 2017 are now available.

Industrial production rose 0.2 percent in July following an increase of 0.4 percent in June. In July, manufacturing output edged down 0.1 percent; the production of motor vehicles and parts fell substantially, but that decrease was mostly offset by a net gain of 0.2 percent for other manufacturing industries. Following a six-month string of increases beginning in September 2016, factory output was little changed, on net, between February and July. The indexes for mining and utilities in July rose 0.5 percent and 1.6 percent, respectively. At 105.5 percent of its 2012 average, total industrial production was 2.2 percent above its year-earlier level. Capacity utilization for the industrial sector was unchanged in July at 76.7 percent, a rate that is 3.2 percentage points below its long-run (1972-2016) average.

Industrial production and capacity utilization data for June 2017 are now available.

Industrial production rose 0.4 percent in June for its fifth consecutive monthly increase. Manufacturing output moved up 0.2 percent; although factory output has gone up and down in recent months, its level in June was little different from February. The index for mining posted a gain of 1.6 percent in June, just slightly below its pace in May. The index for utilities, however, remained unchanged. For the second quarter as a whole, industrial production advanced at an annual rate of 4.7 percent, primarily as a result of strong increases for mining and utilities. Manufacturing output rose at an annual rate of 1.4 percent, a slightly slower increase than in the first quarter. At 105.2 percent of its 2012 average, total industrial production in June was 2.0 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.2 percentage point in June to 76.6 percent, a rate that is 3.3 percentage points below its long-run (1972-2016) average.

The estimates for industrial capacity in 2017 were revised for today's G.17 release. The revisions reflect updated measures of physical capacity from various government and private sources as well as updated estimates of capital spending by industry. Measured from the fourth quarter of 2016 to the fourth quarter of 2017, capacity indexes for the industrial sector and for manufacturing are now expected to increase 1.1 percent and 0.7 percent, respectively; each gain is 0.1 percentage point higher than previously estimated. Mining capacity is now expected to rise 2.7 percent. This increase is 0.5 percentage point higher than previously estimated, primarily reflecting faster capacity growth for oil and gas extraction. The increase in capacity for utilities is unrevised at 0.7 percent.

Industrial production and capacity utilization data for May 2017 are now available.

Industrial production was unchanged in May following a large increase in April and smaller increases in February and March. Manufacturing output declined 0.4 percent in May; the index is little changed, on net, since February. The indexes for mining and utilities posted gains of 1.6 percent and 0.4 percent, respectively, in May. At 105.0 percent of its 2012 average, total industrial production in May was 2.2 percent above its year-earlier level. Capacity utilization for the industrial sector edged down 0.1 percentage point in May to 76.6 percent, a rate that is 3.3 percentage points below its long-run (1972-2016) average.

Industrial production and capacity utilization data for March 2017 are now available.

Industrial production increased 0.5 percent in March after moving up 0.1 percent in February. The increase in March was more than accounted for by a jump of 8.6 percent in the output of utilities-the largest in the history of the index-as the demand for heating returned to seasonal norms after being suppressed by unusually warm weather in February. Manufacturing output fell 0.4 percent in March, led by a large step-down in the production of motor vehicles and parts; factory output aside from motor vehicles and parts moved down 0.2 percent. The production at mines edged up 0.1 percent. For the first quarter as a whole, industrial production rose at an annual rate of 1.5 percent. At 104.1 percent of its 2012 average, total industrial production in March was 1.5 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.4 percentage point in March to 76.1 percent, a rate that is 3.8 percentage points below its long-run (1972-2016) average.

With the G.17 statistical release on April 18, 2017, the Federal Reserve Board began publishing estimates of the reliability of the levels and the rates of change (monthly and quarterly) of the reported production indexes for total industry, manufacturing, mining, and utilities. The reliability estimates are designed to give data users a sense of the typical range into which a statistic will likely end up after its final (fifth) revision in a monthly release. The reliability estimates are based on the revision history for the indexes back to 2008; each G.17 release will include estimates for those months and quarters for which either new or updated estimates were issued that month. A detailed explanation is available on the Board's website at https://www.federalreserve.gov/releases/g17/revisions/20170418/DefaultRev.htm.

The reliability estimates are issued in table 15 of the G.17 release, available on the Board's website at https://www.federalreserve.gov/releases/g17/Current/default.htm. A text file that contains the estimates is also available on the Federal Reserve's website at https://www.federalreserve.gov/releases/g17/ipdisk/revh_sa.txt.

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization at 12:00 noon (EDT) on March 31, 2017. New annual benchmark data for 2015 for manufacturing will be incorporated, as will other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 through the fourth quarter of 2016 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

Industrial production and capacity utilization data for February 2017 are now available.

Industrial production was unchanged in February following a 0.1 percent decrease in January. In February, manufacturing output moved up 0.5 percent for its sixth consecutive monthly increase. Mining output jumped 2.7 percent, but the index for utilities fell 5.7 percent, as continued unseasonably warm weather further reduced demand for heating. At 104.7 percent of its 2012 average, total industrial production in February was 0.3 percent above its level of a year earlier. Capacity utilization for the industrial sector declined 0.1 percentage point in February to 75.4 percent, a rate that is 4.5 percentage points below its long-run (1972-2016) average.

Seasonal factors for auto and truck production were revised back to January 1996 and extended through June 2018 on March 17, 2017. The revised factors for September 2016 through February 2017 were used in the G.17 release published on March 17, 2017, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision on March 31, 2017. The revised seasonal factors are based on production data through January 2017. The revised factors also correct an error in the number of holidays for January 2017, which had previously been understated. The seasonal factors will be revised again in March 2018.

Effective February 23, 2017, the Federal Reserve Board will publish on each business day at 4:30 p.m., Eastern Time, the interest rates on reserve balances applicable for the next business day. The interest rates on reserve balances, which include the interest rates on required and excess balances, are determined by the Board and officially announced in the most recent Implementation Note. The associated data are made available on the Federal Reserve Board's website on the "Interest on Required Balances and Excess Balances" page and in the Policy Rates Data Download Program.

Industrial production and capacity utilization data for January 2017 are now available.

Industrial production decreased 0.3 percent in January following a 0.6 percent increase in December. In January, manufacturing output moved up 0.2 percent, and mining output jumped 2.8 percent. The index for utilities fell 5.7 percent, largely because unseasonably warm weather reduced the demand for heating. At 104.6 percent of its 2012 average, total industrial production in January was at about the same level as it was a year earlier. Capacity utilization for the industrial sector fell 0.3 percentage point in January to 75.3 percent, a rate that is 4.6 percentage points below its long-run (1972-2016) average.

The data in the February 15, 2017 release include preliminary estimates of industrial capacity for 2017. Measured from fourth quarter to fourth quarter, total industrial capacity is projected to rise 1.3 percent this year after increasing 0.4 percent in 2016. Manufacturing capacity is expected to advance 1.1 percent in 2017, somewhat faster than the 0.7 percent pace in 2016. Capacity in the mining sector is estimated to rise 0.9 percent in 2017 after falling 3.4 percent in 2016. Capacity at electric and natural gas utilities is projected to increase 0.8 percent, about the same rate as in the three previous years.

The Federal Reserve revised its measures of the money stock and their components to incorporate updated seasonal factors and a new quarterly benchmark.

This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2016 and estimated using the Census Bureau's X-13 ARIMA-SEATS seasonal adjustment program.[1] The updated seasonal factors resulted in minor revisions to the growth rates of seasonally adjusted M2 for individual months in 2016, slightly pushing up the growth rate for seasonally adjusted M2 in the first half of 2016 and pulling it down slightly in the second half of 2016.

This release also includes a new quarterly benchmark, which incorporates minor revisions to data reported in the quarterly deposit reports and takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters.[2] These revisions to deposit data start in 2015. In addition, this release incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; related revisions to deposit data start in 2016. Likewise, the benchmark incorporates revisions to IRA and Keogh balances held at retail and institutional money market mutual funds; these revisions to data on money market mutual funds begin in 2007. This release also incorporates the receipt of historical information from other sources of data.

The effects of both the revisions to seasonal factors and the new quarterly benchmark on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7.

Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/econresdata/statisticsdata.htm.

--------------------
[1] Information on the seasonal adjustment program is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.
[2] "Call Reports" refers to the commercial bank Consolidated Reports of Condition and Income (FFIEC 031 and 041; OMB No. 7100-0036) and the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004).

Industrial production and capacity utilization data for December 2016 are now available.

Industrial production rose 0.8 percent in December after falling 0.7 percent in November. For the fourth quarter as a whole, the index slipped 0.6 percent at an annual rate. In December, manufacturing output moved up 0.2 percent and mining output was unchanged. The index for utilities jumped 6.6 percent, largely because of a return to more normal temperatures following unseasonably warm weather in November; the gain last month was the largest since December 1989. At 104.6 percent of its 2012 average, total industrial production in December was 0.5 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.6 percentage point in December to 75.5 percent, a rate that is 4.5 percentage points below its long-run (1972-2015) average.

Industrial production and capacity utilization data for November 2016 are now available.

Industrial production declined 0.4 percent in November after edging up 0.1 percent in October. In November, manufacturing output moved down 0.1 percent, and mining posted a gain of 1.1 percent. The index for utilities dropped 4.4 percent, as warmer-than-normal temperatures reduced the demand for heating. At 103.9 percent of its 2012 average, total industrial production in November was 0.6 percent lower than its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in November to 75.0 percent, a rate that is 5.0 percentage points below its long-run (1972-2015) average.

Industrial production and capacity utilization data for October 2016 are now available.

Industrial production was unchanged in October after decreasing 0.2 percent in September. Although the level of industrial production in September was the same as the previous estimate, revisions to the index for utilities raised the rate of change in total industrial production in August and lowered it in September. In October, manufacturing output increased 0.2 percent, and mining posted a gain of 2.1 percent for its largest increase since March 2014. The index for utilities dropped 2.6 percent, as warmer-than-normal temperatures reduced the demand for heating. At 104.3 percent of its 2012 average, total industrial production in October was 0.9 percent lower than its year-earlier level. Capacity utilization for the industrial sector edged down 0.1 percentage point in October to 75.3 percent, a rate that is 4.7 percentage points below its long-run (1972-2015) average.

Industrial production and capacity utilization data for September 2016 are now available.

Industrial production edged up 0.1 percent in September after falling 0.5 percent in August. For the third quarter as a whole, industrial production rose at an annual rate of 1.8 percent for its first quarterly increase since the third quarter of 2015. Manufacturing output increased 0.2 percent in September and moved up at an annual rate of 0.9 percent in the third quarter. In September, the index for utilities declined 1.0 percent; mining posted a gain of 0.4 percent, which partially reversed its August decline. At 104.2 percent of its 2012 average, total industrial production in September was 1.0 percent lower than its year-earlier level. Capacity utilization for the industrial sector edged up 0.1 percentage point in September to 75.4 percent, a rate that is 4.6 percentage points below its long-run (1972-2015) average.

Industrial production and capacity utilization data for August 2016 are now available.

Industrial production decreased 0.4 percent in August after rising 0.6 percent in July. Manufacturing output also declined 0.4 percent in August, reversing its increase in July; the level of the index in August is little changed from its level in March. Following two consecutive monthly increases, the index for utilities fell back 1.4 percent in August. Even so, the index was 1.7 percent above its year-earlier level, as hot temperatures this summer boosted the usage of air conditioning. The output of mining moved up 1.0 percent in August, its fourth consecutive monthly increase following an extended downturn; the index, however, was still about 9 percent below its year-ago level. At 104.4 percent of its 2012 average, total industrial production in August was 1.1 percent lower than its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in August to 75.5 percent, a rate that is 4.5 percentage points below its long-run (1972-2015) average.

In response to user feedback and to meet accessibility requirements, the format of the new compressed CSV files has changed since their June introduction. Specifically, these files now show additional precision and now only include series mnemonics and data values. For each CSV file, a corresponding data dictionary text file will be provided with additional series-level information. To help users transition to the new file format, updated compressed PRN files will also be posted with the September 16, 2016 release.

Industrial production and capacity utilization data for July 2016 are now available.

Industrial production rose 0.7 percent in July after moving up 0.4 percent in June. The advance in July was the largest for the index since November 2014. Manufacturing output increased 0.5 percent in July for its largest gain since July 2015. The index for utilities rose 2.1 percent as a result of warmer-than-usual weather in July boosting demand for air conditioning. The output of mining moved up 0.7 percent; the index has increased modestly, on net, over the past three months after having fallen about 17 percent between December 2014 and April 2016. At 104.9 percent of its 2012 average, total industrial production in July was 0.5 percent lower than its year-earlier level. Capacity utilization for the industrial sector increased 0.5 percentage point in July to 75.9 percent, a rate that is 4.1 percentage points below its long-run (1972-2015) average.

The 2017 release dates for the G.17 were announced today. The 2017 release dates are as follows: January 18, February 15, March 17, April 18, May 16, June 15, July 14, August 17, September 15, October 17, November 16, and December 15.

Historical rates for State and local bonds for June 9, June 16, June 23, June 30, and July 7, 2016, have been corrected, as well as the weekly rates for June 10, June 17, June 24, July 1, and July 8, 2016, and the monthly rate for June 2016. The State and local bond rate published for June 9, 2016, should have been 3.03 (rather than 3.18); the rate published for June 16, 2016, should have been 2.99 (rather than 3.18); the rate published for June 23, 2016, should have been 2.90 (rather than 3.18); the rate published for June 30, 2016, should have been 2.85 (rather than 3.18); and the rate published for July 7, 2016, should have been 2.80 (rather than 3.18). The rate published for week ending June 10, 2016, should have been 3.03 (rather than 3.18); the rate published for the week ending June 17, 2016, should have been 2.99 (rather than 3.18); the rate published for the week ending June 24, 2016, should have been 2.90 (rather than 3.18); the rate published for the week ending July 1, 2016, should have been 2.85 (rather than 3.18); and the rate published for the week ending July 8, 2016, should have been 2.80 (rather than 3.18). The rate published for the month of June 2016 should have been 3.01 (rather than 3.20).

Industrial production and capacity utilization data for June 2016 are now available.

Industrial production increased 0.6 percent in June after declining 0.3 percent in May. For the second quarter as a whole, industrial production fell at an annual rate of 1.0 percent, its third consecutive quarterly decline. Manufacturing output moved up 0.4 percent in June, a gain largely due to an increase in motor vehicle assemblies. The output of manufactured goods other than motor vehicles and parts was unchanged. The index for utilities rose 2.4 percent as a result of warmer weather than is typical for June boosting demand for air conditioning. The output of mining moved up 0.2 percent for its second consecutive small monthly increase following eight straight months of decline. At 104.1 percent of its 2012 average, total industrial production in June was 0.7 percent lower than its year-earlier level. Capacity utilization for the industrial sector increased 0.5 percentage point in June to 75.4 percent, a rate that is 4.6 percentage points below its long-run (1972-2015) average.

The estimates for industrial capacity in 2015 were revised for today's G.17 release. The revisions reflect updated measures of physical capacity from various government and private sources as well as updated estimates of capital spending by industry. Capacity for the industrial sector, measured from the fourth quarter of 2015 to the fourth quarter of 2016, is now expected to increase 0.4 percent, a rate that is 0.1 percentage point lower than previously estimated. Manufacturing capacity is now expected to rise 0.7 percent, a pace 0.2 percentage point less than the previous estimate; a smaller increase in the capacity for manufacturing of selected high-technology goods accounts for the downward revision. The decrease in mining capacity for 2016 is unrevised at 3.4 percent, and the gain in capacity for utilities is also unrevised at 0.8 percent.

Industrial production and capacity utilization data for May 2016 are now available.

Industrial production decreased 0.4 percent in May after increasing 0.6 percent in April. Declines in the indexes for manufacturing and utilities in May were slightly offset by a small gain for mining. The output of manufacturing moved down 0.4 percent, led by a large step-down in the production of motor vehicles and parts; factory output aside from motor vehicles and parts edged down 0.1 percent. The index for utilities fell 1.0 percent, as a drop in the output of electric utilities was partly offset by a gain for natural gas utilities. After eight straight monthly declines, the production at mines moved up 0.2 percent. At 103.6 percent of its 2012 average, total industrial production in May was 1.4 percent below its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in May to 74.9 percent, a rate that is 5.1 percentage points below its long-run (1972-2015) average.

The HTML date columns for supplementary tables on nonprofit organizations (tables F.101.a and L.101.a) in the Financial Accounts Guide have been corrected to show annual data through 2000. No data or other tables were affected.

This release incorporates numerous revisions, structural changes, and enhancements. Major changes are described in the "Release Highlights" section of the publication. These and other changes, such as code changes, are also described in the online Financial Accounts Guide (www.federalreserve.gov/apps/fof/). Data are available for download through the Federal Reserve Data Download Program (DDP). Series that appear in published tables are available immediately. Underlying detail series are generally available for download within two business days of the Z.1 release.

The next Z.1 release will be Friday, September 16, 2016, at 12:00 noon. With the September Z.1 release, the structure of associated Z.1 published files will be changed to simplify and enhance the data's usability. A preview of the new structure will be posted online in the coming weeks.

The Federal Reserve has issued a correction to the G.17 release on Industrial Production and Capacity Utilization that was issued on May 17, 2016. Table 3 of the release contained incorrect data on unit truck assemblies and unit motor vehicle assemblies. All of the other figures in the release were correct. An updated release is available on the Board's website, and the data files and the DDP now contain the correct information.

Industrial production and capacity utilization data for April 2016 are now available.

Industrial production increased 0.7 percent in April after decreasing in the previous two months. Manufacturing output rose 0.3 percent after declining the same amount in March. The index for utilities jumped 5.8 percent in April, as the demand for electricity and natural gas returned to a more normal level after being suppressed by warmer-than-usual weather in March. Mining production fell 2.3 percent in April, and it has decreased more than 1 1/2 percent per month, on average, over the past eight months. At 104.1 percent of its 2012 average, total industrial production in April was 1.1 percent below its year-earlier level. Capacity utilization for the industrial sector increased 0.5 percentage point in April to 75.4 percent, a rate that is 4.6 percentage points below its long-run (1972-2015) average.

Industrial production and capacity utilization data for March 2016 are now available.

Industrial production decreased 0.6 percent in March for a second month in a row. For the first quarter as a whole, industrial production fell at an annual rate of 2.2 percent. A substantial portion of the overall decrease in March resulted from declines in the indexes for mining and utilities, which fell 2.9 percent and 1.2 percent, respectively; in addition, manufacturing output fell 0.3 percent. The sizable decrease in mining production continued the industry's recent downward trajectory; the index has fallen in each of the past seven months, at an average pace of 1.6 percent per month. At 103.4 percent of its 2012 average, total industrial production in March was 2.0 percent below its year-earlier level. Capacity utilization for the industrial sector decreased 0.5 percentage point in March to 74.8 percent, a rate that is 5.2 percentage points below its long-run (1972-2015) average.

The Federal Reserve updated its computer storage equipment price index with new data for 2015. The index provides an estimate of year-to-year price changes for computer storage equipment assuming that the quality of the device is unchanged. Data from IDC, a company specializing in information technology industries, were used to construct a matched-model quarterly price index, which was then converted to an annual index. This annual price index was incorporated into the industrial production indexes for computer storage equipment at the time of the annual revision to the G.17 statistical release on industrial production and capacity utilization that was published on April 1, 2016.

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization. Total IP is now reported to have increased about 2 1/2 percent per year, on average, from 2011 through 2014 before falling 1 1/2 percent in 2015. Relative to earlier reports, the current rates of change are lower, especially for 2014 and 2015. Total IP is now estimated to have returned to its pre-recession peak in November 2014, six months later than previously estimated. Capacity for total industry is now reported to have increased about 2 percent in 2014 and 2015 after having increased only 1 percent in 2013. Compared with the previously reported estimates, the gain in 2015 is 1/2 percentage point higher, and the gain in 2013 is 1/2 percentage point lower. Industrial capacity is expected to increase 1/2 percent in 2016.

Seasonal factors for auto and truck production have been revised from January 1996 through October 2017. The seasonal factors will be revised again in March 2017.

Industrial production and capacity utilization data for February 2016 are now available.

Industrial production decreased 0.5 percent in February after increasing 0.8 percent in January. Sizable declines in the indexes for both utilities and mining in February outweighed a gain of 0.2 percent for manufacturing. The output of utilities dropped 4.0 percent, as unseasonably warm weather curbed the demand for heating. Mining production fell 1.4 percent and has decreased nearly 1.3 percent per month, on average, over the past six months. At 106.3 percent of its 2012 average, total industrial production in February was 1.0 percent below its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in February to 76.7 percent, a rate that is 3.3 percentage points below its long-run (1972-2015) average.

Industrial production and capacity utilization data for January 2016 are now available.

Industrial production increased 0.9 percent in January after decreasing 0.7 percent in December. A storm late in the month likely held down production in January by a small amount. The index for utilities jumped 5.4 percent; demand for heating moved up markedly after having been suppressed by unseasonably warm weather in December. Manufacturing output increased 0.5 percent in January and was 1.2 percent above its year-earlier level. Mining production was unchanged following four months with declines that averaged about 1 1/2 percent per month. At 106.8 percent of its 2012 average, total industrial production in January was 0.7 percent below its year-earlier level. Capacity utilization for the industrial sector increased 0.7 percentage point in January to 77.1 percent, a rate that is 2.9 percentage points below its long-run (1972-2015) average.

Industrial production and capacity utilization data for December 2015 are now available.

Industrial production declined 0.4 percent in December, primarily as a result of cutbacks for utilities and mining. The decrease for total industrial production in November was larger than previously reported, but upward revisions to earlier months left the level of the index in November only slightly below its initial estimate. For the fourth quarter as a whole, industrial production fell at an annual rate of 3.4 percent. Manufacturing output edged down in December. The index for utilities dropped 2.0 percent, as continued warmer-than-usual temperatures reduced demand for heating. Mining production decreased 0.8 percent in December for its fourth consecutive monthly decline. At 106.0 percent of its 2012 average, total industrial production in December was 1.8 percent below its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in December to 76.5 percent, a rate that is 3.6 percentage points below its long-run (1972-2014) average.

Effective January 1, 2016, the Federal Reserve Board's Statistical Release "Money Stock Measures" (the H.6) has been removed from the Office of Management and Budget's list of Principal Federal Economic Indicators. The release will not change in any other way; the removal of the Principal Federal Economic Indicator designation will not affect the contents of the release, or the manner of its publication. The H.6 will still be released every Thursday, unless that Thursday is a federal holiday, in which case the release will be issued the next business day.

An addendum to the release text for the 2015 annual revision to the index of industrial production and capacity utilization, which was released on July 21, 2015, has been issued.

Industrial production and capacity utilization data for November 2015 are now available.

Industrial production declined 0.6 percent in November after decreasing 0.4 percent in October. In November, manufacturing production was unchanged from October. The index for utilities dropped 4.3 percent, as unusually warm weather held down the demand for heating. The index for mining fell 1.1 percent in November, with much of this decrease attributable to sizable declines for coal mining and for oil and gas well drilling and servicing. At 106.5 percent of its 2012 average, total industrial production in November was 1.2 percent below its year-earlier level. Capacity utilization for the industrial sector declined 0.5 percentage point in November to 77.0 percent, a rate that is 3.1 percentage points below its long-run (1972-2014) average.

The Federal Reserve Board plans to issue an annual revision to the index of industrial production (IP) and the related measures of capacity utilization around the end of the first quarter of 2016. New annual benchmark data for 2014 for manufacturing will be incorporated, as will other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will 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 may be changed. Any modifications 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 through the fourth quarter of 2015 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

The Federal Reserve released updated microprocessor price index with new data for 2012 and 2013. This price index was previously issued in 2013 with data for 2007 through 2011. The updated price index was incorporated into the industrial production index for semiconductors and related electronic components published on July 21, 2015, as a part of the annual revision to the G.17 statistical release on industrial production and capacity utilization.

The Federal Reserve also issued an annual price index for computer storage equipment for the period 2002 through 2014. The index provides an estimate of year-to-year price changes for computer storage equipment assuming that the quality of the device is unchanged. Data from IDC, a company specializing in information technology industries, were used to construct a matched-model quarterly price index, which was then converted to an annual index. This annual price index was incorporated into the industrial production indexes for computer storage equipment at the time of the annual revision to the G.17 statistical release on industrial production and capacity utilization that was published on July 21, 2015.

This release incorporates numerous revisions, structural changes, and enhancements. Major changes are described in the "Release Highlights" section of the publication. These and other changes, such as code changes, are also described in the online Financial Accounts Guide (www.federalreserve.gov/apps/fof/). Data are available for download through the Federal Reserve Data Download Program (DDP). Series that appear in published tables are available immediately. Underlying detail series are generally available for download within two business days of the Z.1 release. The next Z.1 release will be Thursday, March 10, 2016, at 12:00 noon.

A preview of changes to the upcoming December 10, 2015, Financial Accounts of the United States (Z.1) release, including code changes, release highlights, and table structure, is available online at http://www.federalreserve.gov/releases/z1/preview/Coded/preliminary-code-changes.htm.

Industrial production and capacity utilization data for October 2015 are now available.

Industrial production declined 0.2 percent in October after decreasing the same amount in September. In October, the index for manufacturing moved up 0.4 percent, while the index for mining fell 1.5 percent and the index for utilities dropped 2.5 percent. For the third quarter as a whole, total industrial production is now estimated to have increased at an annual rate of 2.6 percent; a gain of 1.8 percent had been reported previously. At 107.2 percent of its 2012 average, total industrial production in October was 0.3 percent above its year-earlier level. Capacity utilization for the industrial sector declined 0.2 percentage point in October to 77.5 percent, a rate that is 2.6 percentage points below its long-run (1972-2014) average.

Data for 2015:Q2 are now available for the Enhanced Financial Accounts project on Syndicated Loan Portfolios of Financial Institutions. The most recent data are available online at https://www.federalreserve.gov/apps/fof/efa/enhanced-financial-accounts.htm

Industrial production and capacity utilization data for September 2015 are now available.

Industrial production decreased 0.2 percent in September after edging down 0.1 percent in August. The decline in August is smaller than previously reported. In September, manufacturing output moved down 0.1 percent for a second consecutive monthly decrease; the index for mining fell 2.0 percent, while the index for utilities rose 1.3 percent. For the third quarter as a whole, total industrial production rose at an annual rate of 1.8 percent, and manufacturing output increased 2.5 percent. A strong gain for motor vehicles and parts contributed substantially to the quarterly increases. At 107.1 percent of its 2012 average, total industrial production in September was 0.4 percent above its year-earlier level. Capacity utilization for the industrial sector fell 0.3 percentage point in September to 77.5 percent, a rate that is 2.6 percentage points below its long-run (1972-2014) average.

Effective January 1, 2016, the Federal Reserve Board's Statistical Release "Money Stock Measures" (the H.6) will be removed from the Office of Management and Budget's list of Principal Federal Economic Indicators. The release will not change in any other way; the removal of the Principal Federal Economic Indicator designation will not affect the contents of the release, or the manner of its publication. The H.6 will still be released every Thursday, unless that Thursday is a federal holiday, in which case the release will be issued the next business day.

Effective January 1, 2016, the Federal Reserve Board's Statistical Release "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks" (the H.4.1) will be removed from the Office of Management and Budget's list of Principal Federal Economic Indicators. The release will not change in any other way; the removal of the Principal Federal Economic Indicator designation will not affect the contents of the release, or the manner of its publication. The H.4.1 will still be released every Thursday, unless that Thursday is a federal holiday, in which case the release will be issued the next business day.

Data for 2015:Q2 are now available for the Enhanced Financial Accounts projects related to depository institutions' consolidated balance sheet and off-balance-sheet items. The most recent data are available online at https://www.federalreserve.gov/apps/fof/efa/enhanced-financial-accounts.htm

The allocation between marketable and nonmarketable Treasury securities in the latest Z.1 release has been corrected for 1945:Q4 to 1986:Q4. This change affects the Data Download Program, Historical PDFs, and Historical prn files for tables F.106, L.106, F.210, and L.210. Total Treasury securities and federal government debt are unchanged.

Two minor changes to the Z.1 DDP packages for the September 18, 2015 release have been made. First, all pre-formatted packages have been modified to contain only the 5 most recent observations by default. Also, pre-formatted packages containing unpublished sector series for flows, levels, and revaluations are no longer available.

Industrial production and capacity utilization data for August 2015 are now available.

Industrial production decreased 0.4 percent in August after increasing 0.9 percent in July. The increase in July is now estimated to be greater than originally reported last month, largely as a result of upward revisions for mining and utilities. Manufacturing output fell 0.5 percent in August primarily because of a large drop in motor vehicles and parts that reversed a substantial portion of its jump in July; production elsewhere in manufacturing was unchanged. The index for mining fell 0.6 percent in August, while the index for utilities rose 0.6 percent. At 107.1 percent of its 2012 average, total industrial production in August was 0.9 percent above its year-earlier level. Capacity utilization for the industrial sector fell 0.4 percentage point in August to 77.6 percent, a rate that is 2.5 percentage points below its long-run (1972-2014) average.

The 2016 release dates for the G.17 were announced today. The 2016 release dates are as follows: January 15, February 17, March 16, April 15, May 17, June 15, July 15, August 16, September 15, October 17, November 16, and December 14.

A preview of changes to the upcoming September 18, 2015, Financial Accounts of the United States (Z.1) release, including code changes, release highlights, and table structure, is available online at http://www.federalreserve.gov/releases/z1/preview/Coded/preliminary-code-changes.htm.

Industrial production and capacity utilization data for July 2015 are now available.

Industrial production increased 0.6 percent in July after moving up 0.1 percent in June. In July, manufacturing output advanced 0.8 percent primarily because of an increase in motor vehicle assemblies. The output of motor vehicles and parts jumped 10.6 percent, and production elsewhere in manufacturing edged up 0.1 percent. The index for mining rose 0.2 percent, while the index for utilities fell 1.0 percent. At 107.5 percent of its 2012 average, total industrial production in July was 1.3 percent above its year-earlier level. (The comparison base year for industrial production was advanced to 2012 in the annual revision to the statistics published on July 21, 2015.) Capacity utilization for the industrial sector increased 0.3 percentage point in July to 78.0 percent, a rate that is 2.1 percentage points below its long-run (1972-2014) average.

The annual revision to the G.17 statistics on industrial production (IP) and the related measures of capacity utilization, which was published on July 21, 2015, advanced the comparison base year to 2012. Future monthly releases, including the G.17 publication that will be issued tomorrow, August 14, 2015, will reflect this change.

Industrial production and capacity utilization data for May 2015 are now available.

Industrial production decreased 0.2 percent in May after falling 0.5 percent in April. The decline in April was larger than previously reported, but the rates of change for previous months were generally revised higher, leaving the level of the index in April slightly above its initial estimate. Manufacturing output decreased 0.2 percent in May and was little changed, on net, from its level in January. In May, the index for mining moved down 0.3 percent after declining more than 1 percent per month, on average, in the previous four months. The slower rate of decrease for mining output last month was due in part to a reduced pace of decline in the index for oil and gas well drilling and servicing. The output of utilities increased 0.2 percent in May. At 105.1 percent of its 2007 average, total industrial production in May was 1.4 percent above its year-earlier level. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 78.1 percent, a rate that is 2.0 percentage points below its long-run (1972-2014) average.

A preview of changes to the upcoming June 11, 2015, Financial Accounts of the United States (Z.1) release, including code changes, release highlights, and table structure, is available online at http://www.federalreserve.gov/releases/z1/preview/Coded/preliminary-code-changes.htm.

Industrial production and capacity utilization data for April 2015 are now available.

Industrial production decreased 0.3 percent in April for its fifth consecutive monthly loss. Manufacturing output was unchanged in April after recording an upwardly revised gain of 0.3 percent in March. In April, the index for mining moved down 0.8 percent, its fourth consecutive monthly decrease; a sharp fall in oil and gas well drilling has more than accounted for the overall decline in mining this year. The output of utilities fell 1.3 percent in April. At 105.2 percent of its 2007 average, total industrial production in April was 1.9 percent above its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in April to 78.2 percent, a rate that is 1.9 percentage points below its long-run (1972-2014) average.

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization on July 21, 2015. New annual benchmark data for 2012 and 2013 for manufacturing will be incorporated, 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 will be updated with information from the 2007 benchmark input-output accounts from the Bureau of Economic Analysis. The updated IP indexes will 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 may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to the present.

Starting on May 7th, 2015, publication of finance company auto loan terms of credit series will resume using a new source. The new series will be produced on a quarterly basis and will extend back to 2008Q1. The replaced finance company terms of credit series shown on prior G.19 releases will continue to be made available in the G.19 Data Download. The release will also contain revisions extending back to January 2006 that are primarily caused by updated seasonal factors and the benchmarking of estimates to data released by the Department of Education and the U.S. Census Bureau.

On May 4, 2015, the Commercial Paper Volume Statistics page was updated to include data from May 1, 2015. The information has been corrected in the Commercial Paper release and the DDP database.

On April 21, 2015, the E.2 DDP files were reposted to correct a data discrepancy issue. The HTML version was correct as posted.

Industrial production and capacity utilization data for March 2015 are now available.

Industrial production decreased 0.6 percent in March after increasing 0.1 percent in February. For the first quarter of 2015 as a whole, industrial production declined at an annual rate of 1.0 percent, the first quarterly decrease since the second quarter of 2009. The decline last quarter resulted from a drop in oil and gas well drilling and servicing of more than 60 percent at an annual rate and from a decrease in manufacturing production of 1.2 percent. In March, manufacturing output moved up 0.1 percent for its first monthly gain since November; however, factory output in January is now estimated to have fallen 0.6 percent, about twice the size of the previously reported decline. The index for mining decreased 0.7 percent in March. The output of utilities fell 5.9 percent to largely reverse a similarly sized increase in February, which was related to unseasonably cold temperatures. At 105.2 percent of its 2007 average, total industrial production in March was 2.0 percent above its level of a year earlier. Capacity utilization for the industrial sector decreased 0.6 percentage point in March to 78.4 percent, a rate that is 1.7 percentage points below its long-run (1972-2014) average.

Industrial production and capacity utilization data for February 2015 are now available.

Industrial production increased 0.1 percent in February after decreasing 0.3 percent in January. In February, manufacturing output moved down 0.2 percent, its third consecutive monthly decline. The rates of change for the total index in January and for manufacturing in both December and January are lower than previously reported. The index for mining fell 2.5 percent in February; drops in the indexes for coal mining and for oil and gas well drilling and servicing primarily accounted for the decrease. The output of utilities jumped 7.3 percent, as especially cold temperatures drove up demand for heating. At 105.8 percent of its 2007 average, total industrial production in February was 3.5 percent above its level of a year earlier. Capacity utilization for the industrial sector decreased to 78.9 percent in February, a rate that is 1.2 percentage points below its long-run (1972-2014) average.

A preview of changes to the upcoming March 12, 2015, Financial Accounts of the United States (Z.1) release, including code changes, release highlights, and table structure, is available online at http://www.federalreserve.gov/releases/z1/preview/Coded/preliminary-code-changes.htm.

Industrial production and capacity utilization data for January 2015 are now available.

Industrial production increased 0.2 percent in January after decreasing 0.3 percent in December. The rates of change in output for September through December are all slightly lower than previously published; even so, production is estimated to have advanced at an annual rate of 4.3 percent in the fourth quarter of last year. In January, manufacturing output moved up 0.2 percent and was 5.6 percent above its year-earlier level. The index for mining decreased 1.0 percent, with the decline more than accounted for by a substantial drop in the index for oil and gas well drilling and related support activities. The output of utilities increased 2.3 percent. At 106.2 percent of its 2007 average, total industrial production in January was 4.8 percent above its level of a year earlier. Capacity utilization for the industrial sector was unchanged in January at 79.4 percent, a rate that is 0.7 percentage point below its long-run (1972-2014) average.

The weekly H.15 release issued on Tuesday, January 20, 2015, has been corrected. The federal funds rate published for January 16, 2015, should have been 0.13 (rather than 0.12).

Effective with this release, several changes have been made to line items shown on the H.8 release. These changes relate to the Federal Reserve Board's notice published in the Federal Register, 79 FR 57101 on September 24, 2014.

The following line items have been added to the release:

1. Current line item 14, Commercial real estate loans, has been disaggregated into four components: (a) Construction and land development loans; (b) Loans secured by farmland; (c) Loans secured by multifamily properties; and (d) Loans secured by nonfarm nonresidential properties.

2. Current line item 17, Other consumer loans, has been subdivided into two items: (a) Automobile loans; and (b) All other consumer loans.

3. Current line item 20, All other loans and leases, has been split into two items: (a) Loans to nondepository financial institutions; and (b) Other loans not elsewhere classified.

4. A subcomponent of Memoranda line item 44, Net unrealized gains (losses) on available-for-sale securities, covering net unrealized gains (losses) on U.S. Treasury and agency securities, mortgage-backed securities, has been added.

5. Two Memoranda line items covering loans to businesses with original amounts of $1,000,000 or less have been added: (a) Loans secured by nonfarm nonresidential properties; and (b) Commercial and industrial loans to U.S. addressees.

The following line items have been discontinued:

1. Former line items 27 and 38, Derivatives with positive and negative fair values, are no longer being published. The amount of derivatives with positive and negative fair values are now reported as part of line item 26 and line item 37, respectively.

2. Memoranda line items 45, 46, 47, and 48, covering securitized consumer and real estate loans, have also been dropped.

The historical data for the discontinued items will remain available for download through the Federal Reserve Board's Data Download Program (DDP).

On January 16, 2015, the Commercial Paper Volume Statistics page was updated erroneously for A2/P2 nonfinancial issuance on January 15, 2015. The information has been corrected in the Commercial Paper release and the DDP database.

Industrial production and capacity utilization data for December 2014 are now available.

Industrial production decreased 0.1 percent in December after rising 1.3 percent in November. The decrease in December reflected a sharp drop in the output of utilities, as warmer-than-usual temperatures reduced demand for heating; excluding utilities, industrial production rose 0.7 percent. Manufacturing posted a gain of 0.3 percent for its fourth consecutive monthly increase. The index for mining increased 2.2 percent after falling in the previous two months. At 106.5 percent of its 2007 average, total industrial production in December was 4.9 percent above its level of a year earlier. For the fourth quarter of 2014 as a whole, industrial production advanced at an annual rate of 5.6 percent, with widespread gains among the major market and industry groups. Capacity utilization for the industrial sector decreased 0.3 percentage point in December to 79.7 percent, a rate that is 0.4 percentage point below its long-run (1972-2013) average.

Effective with the release dated January 16, 2015, several changes will be made to line items shown on the H.8 release.

These changes relate to the Federal Reserve Board's notice published in the Federal Register, 79 FR 57101 on September 24, 2014.

The following line items will be added to the release:

1. Current line item 14, Commercial real estate loans, will be disaggregated into four components: (a) Construction and land development loans; (b) Loans secured by farmland; (c) Loans secured by multifamily properties; and (d) Loans secured by nonfarm nonresidential properties.

2. Current line item 17, Other consumer loans, will be subdivided into two items: (a) Automobile loans; and (b) All other consumer loans.

3. Current line item 20, All other loans and leases, will be split into two items: (a) Loans to nondepository financial institutions; and (b) Other loans not elsewhere classified.

4. A subcomponent of Memoranda line item 44, Net unrealized gains (losses) on available-for-sale securities, covering net unrealized gains (losses) on U.S. Treasury and agency securities, mortgage-backed securities, will be added.

5. Two Memoranda line items covering loans to businesses with original amounts of $1,000,000 or less will be added: (a) Loans secured by nonfarm nonresidential properties; and (a) Commercial and industrial loans to U.S. addressees.

The following line items will be discontinued:

1. Current line items 27 and 38, Derivatives with positive and negative fair values, will no longer be published. The amount of derivatives with positive and negative fair values will be reported as part of line item 26 and line item 37, respectively.

2. Memoranda line items 45, 46, 47, and 48, covering securitized consumer and real estate loans, will also be dropped.

The historical data for the discontinued items will remain available for download through the Federal Reserve Board's Data Download Program (DDP).

The daily and weekly statistical releases scheduled for Thursday, December 25 and Friday, December 26 will be published on Monday, December 29, 2014, because the federal government is closed.

Industrial production and capacity utilization data for November 2014 are now available.

Industrial production increased 1.3 percent in November after edging up in October; output is now reported to have risen at a faster pace over the period from June through October than previously published. In November, manufacturing output increased 1.1 percent, with widespread gains among industries. The rise in factory output was well above its average monthly pace of 0.3 percent over the previous five months and was its largest gain since February. In November, the output of utilities jumped 5.1 percent, as weather that was colder than usual for the month boosted demand for heating. The index for mining decreased 0.1 percent. At 106.7 percent of its 2007 average, total industrial production in November was 5.2 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.8 percentage point in November to 80.1 percent, a rate equal to its long-run (1972-2013) average.

On December 11, 2014, the directly-placed outstanding for December 10, 2014, on the Outstanding page were posted erroneously. The directly-placed outstanding category for December 10, 2014, is now correct in both the Commercial Paper release and the DDP database.

A preview of changes to the upcoming December 11, 2014, Financial Accounts of the United States (Z.1) release, including code changes, release highlights, and table structure, is available online at http://www.federalreserve.gov/releases/z1/preview/Coded/preliminary-code-changes.htm.

Industrial production and capacity utilization data for October 2014 are now available.

Industrial production edged down 0.1 percent in October after having advanced 0.8 percent in September. In October, manufacturing output increased 0.2 percent for the second consecutive month. The index for mining declined 0.9 percent and the output of utilities moved down 0.7 percent. At 104.9 percent of its 2007 average, total industrial production in October was 4.0 percent above its level of a year earlier. Capacity utilization for the industrial sector decreased 0.3 percentage point in October to 78.9 percent, a rate that is 1.2 percentage points below its long-run (1972-2013) average.

Industrial production and capacity utilization data for September 2014 are now available.

Industrial production increased 1.0 percent in September and advanced at an annual rate of 3.2 percent in the third quarter of 2014, roughly its average quarterly increase since the end of 2010. In September, manufacturing output moved up 0.5 percent, while the indexes for mining and for utilities climbed 1.8 percent and 3.9 percent, respectively. For the third quarter as a whole, manufacturing production rose at an annual rate of 3.5 percent and mining output increased at an annual rate of 8.7 percent. The output of utilities fell at an annual rate of 8.5 percent for a second consecutive quarterly decline. At 105.1 percent of its 2007 average, total industrial production in September was 4.3 percent above its level of a year earlier. The capacity utilization rate for total industry moved up 0.6 percentage point in September to 79.3 percent, a rate that is 1.0 percentage point above its level of 12 months earlier but 0.8 percentage point below its long-run (1972-2013) average.

Industrial production and capacity utilization data for August 2014 are now available.

The index of industrial production edged down 0.1 percent in August, and the index for manufacturing output decreased 0.4 percent; the declines were the first for each since January. The gains in July for both indexes were revised down. The declines in total industrial production and in manufacturing output in August reflected a decrease of 7.6 percent in the production of motor vehicles and parts, which had jumped more than 9 percent in July. Excluding motor vehicles and parts, factory output rose 0.1 percent in both July and August. The production at mines moved up 0.5 percent in August, and the output of utilities rose 1.0 percent. At 104.1 percent of its 2007 average, total industrial production in August was 4.1 percent above its year-earlier level. Capacity utilization for total industry decreased 0.3 percentage point in August to 78.8 percent, a rate 1.0 percentage point above its level of a year earlier and 1.3 percentage points below its long-run (1972-2013) average.

A preview of changes to the upcoming September 18, 2014, Financial Accounts of the United States (Z.1) release, including code changes, release highlights, and table structure, is available online at http://www.federalreserve.gov/releases/z1/preview/Coded/preliminary-code-changes.htm.

Industrial production and capacity utilization data for July 2014 are now available.

Industrial production increased 0.4 percent in July for its sixth consecutive monthly gain. Manufacturing output advanced 1.0 percent in July, its largest increase since February. The production of motor vehicles and parts jumped 10.1 percent, while output in the rest of the manufacturing sector rose 0.4 percent. The production at mines moved up 0.3 percent, its ninth consecutive monthly increase. The output of utilities dropped 3.4 percent, as weather that was milder than usual for July reduced demand for air conditioning. At 104.4 percent of its 2007 average, total industrial production in July was 5.0 percent above its year-earlier level. Capacity utilization for total industry edged up 0.1 percentage point to 79.2 percent in July, a rate 1.7 percentage points above its level of a year earlier and 0.9 percentage point below its long-run (1972-2013) average.

The 2015 release dates for the G.17 were announced today. The 2015 release dates are as follows: January 16, February 18, March 16, April 15, May 15, June 15, July 15, August 14, September 15, October 16, November 17, and December 16.

Seasonal factors for auto and truck sales have been released.

The Federal Reserve Board estimates seasonal factors for new light vehicle sales and provides these factors to The Bureau of Economic Analysis (BEA) for use in the National Income and Product Accounts. These factors are estimated once per year using X12-ARIMA and were last estimated in summer 2014, using vehicle sales data through April 2014. The factors will be revised again in summer 2015.

Industrial production and capacity utilization data for June 2014 are now available.

Industrial production increased 0.2 percent in June and advanced at an annual rate of 5.5 percent for the second quarter of 2014. In June, manufacturing output edged up 0.1 percent for its fifth consecutive monthly gain, while the production at mines moved up 0.8 percent and the output of utilities declined 0.3 percent. For the second quarter as a whole, manufacturing production rose at an annual rate of 6.7 percent, while mining output increased at an annual rate of 18.8 percent because of gains in the extraction of oil and gas; by contrast, the output of utilities fell at an annual rate of 21.4 percent following a weather-related increase of 15.6 percent in the first quarter. At 103.9 percent of its 2007 average, total industrial production in June was 4.3 percent above its level of a year earlier. The capacity utilization rate for total industry was unchanged in June at 79.1 percent, a rate that is 1.0 percentage point below its long-run (1972-2013) average.

The estimates for industrial capacity in 2013 were revised for today's G.17 release. The revisions reflect updated measures of physical capacity from various government and trade sources as well as updated estimates of capital spending by industry. Capacity for the industrial sector, measured from the fourth quarter of 2013 to the fourth quarter of 2014, is now expected to increase 3.1 percent, a rate that is 0.1 percentage point faster than previously estimated. Manufacturing capacity is expected to rise 2.2 percent in 2014, a pace 0.4 percentage point less than in previous estimates; the downward revisions to capacity were widespread among manufacturing industries. The increase in mining capacity for 2014 has been revised up 3.4 percentage points to 9.2 percent, entirely as a result of an upward revision to the capacity for oil and gas extraction. The gain in capacity for utilities, at 1.0 percent, is unrevised.

Industrial production and capacity utilization data for May 2014 are now available.

Industrial production rose 0.6 percent in May after having declined 0.3 percent in April. The decrease in April was previously reported to have been 0.6 percent. Manufacturing output increased 0.6 percent in May after having moved down 0.1 percent in the previous month. In May, the output of mines gained 1.3 percent and the production of utilities decreased 0.8 percent. At 103.7 percent of its 2007 average, total industrial production in May was 4.3 percent above its level of a year earlier. The capacity utilization rate for total industry increased 0.2 percentage point in May to 79.1 percent, a rate that is 1.0 percentage point below its long-run (1972-2013) average.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been corrected to include securities pledged as collateral for tri-party reverse repurchase agreements shown in table 10 as "Less: Face value of securities under reverse repurchase agreements."

Historical data incorporating this correction can be accessed through the Data Download Program (DDP) at http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41. Historical releases incorporating this correction can be accessed at http://www.federalreserve.gov/releases/h41.

The revised data are reported at the following link:
http://www.federalreserve.gov/releases/h41/2014update.htm.

Unidentified miscellaneous liabilities of the security brokers and dealers sector in the Z.1 Financial Accounts release have been corrected for 2008:Q1 to 2009:Q3 and are now available in the Z.1 release, the Data Download Program and the historical quarterly zip files.

Next Z.1 Release date is Thursday September 18, 2014; at 12:00 noon

Some series identifiers for data in the Financial Accounts have been changed to make the coding more consistent across instrument categories. In addition, new series have been added while others have been discontinued. A list of these code changes, effective with the release on June 5, 2014, is available online at: http://www.federalreserve.gov/apps/fof/CodeChange.aspx

Some series identifiers for data in the Financial Accounts have been changed to make the coding more consistent across instrument categories. In addition, new series have been added while others have been discontinued. A list of these code changes, effective with the release on June 5, 2014, is available online at: http://www.federalreserve.gov/apps/fof/

Industrial production and capacity utilization data for April 2014 are now available.

Industrial production decreased 0.6 percent in April 2014 after having risen about 1 percent in both February and March. In April, manufacturing output fell 0.4 percent. The index had increased substantially in February and March following a decrease in January; severe weather had restrained production early in the quarter. The output of utilities dropped 5.3 percent in April, as demand for heating returned toward normal levels. The production at mines increased 1.4 percent following a gain of 2.0 percent in March. At 102.7 percent of its 2007 average, total industrial production in April was 3.5 percent above its level of a year earlier. The capacity utilization rate for total industry decreased 0.7 percentage point in April to 78.6 percent, a rate that is 1.5 percentage points below its long-run (1972-2013) average.

The weekly H.15 release issued on Monday, April 28th, 2014, has been corrected. The 1- and 3-month financial commercial paper rates published for April 25, 2014, should have been 0.06 and 0.11, respectively (rather than n.a.).

Starting on May 7th, 2014, all Commercial Banks and Savings Institutions series will be discontinued in the Data Download Program (DDP), with a series ending date of February 2011. The historical data will continue to be made available in the DDP. Publication of estimates for the Depository Institutions sector, the sum of Commercial Banks and Savings Institutions, will continue unaffected.

Industrial production and capacity utilization data for March 2014 are now available.

Industrial production increased 0.7 percent in March after having advanced 1.2 percent in February. The rise in February was higher than previously reported primarily because of stronger gains for durable goods manufacturing and for mining. For the first quarter as a whole, industrial production moved up at an annual rate of 4.4 percent, just slightly slower than in the fourth quarter of 2013. In March, the output of manufacturing rose 0.5 percent, the output of utilities increased 1.0 percent, and the output of mines gained 1.5 percent. At 103.2 percent of its 2007 average, total industrial production in March was 3.8 percent above its level of a year earlier. Capacity utilization for total industry increased in March to 79.2 percent, a rate that is 0.9 percentage point below its long-run (1972-2013) average but 1.2 percentage points higher than a year prior.

The Federal Reserve Board issued its annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization. Data for the new series are available on the Board's public website and the Data Download Program.

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization. The annual revision for 2014 was more limited than in recent years because the source data required to extend the annual benchmark indexes of production into 2012 were mostly unavailable. Consequently, the IP indexes published with this revision are very little changed from previous estimates. Measured from fourth quarter to fourth quarter, total IP is now reported to have increased about 3 1/3 percent in each year from 2011 to 2013. Relative to the rates of change for total IP published earlier, the new rates are 1/2 percentage point higher in 2012 and little changed in any other year. Total IP still shows a peak-to-trough decline of about 17 percent for the most recent recession, and it still returned to its pre-recession peak in the fourth quarter of 2013.

Industrial production and capacity utilization data for February 2014 are now available.

Industrial production increased 0.6 percent in February after having declined 0.2 percent in January. In February, manufacturing output rose 0.8 percent and nearly reversed its decline of 0.9 percent in January, which resulted, in part, from extreme weather. The gain in factory production in February was the largest since last August. The output of utilities edged down 0.2 percent following a jump of 3.8 percent in January, and the production at mines moved up 0.3 percent. At 101.6 percent of its 2007 average, total industrial production in February was 2.8 percent above its level of a year earlier. The capacity utilization rate for total industry increased in February to 78.8 percent, a rate that is 1.3 percentage points below its long-run (1972-2013) average.

Some series identifiers for data in the Financial Accounts have been changed to make the coding more consistent across instrument categories. In addition, new series have been added while others have been discontinued. A list of these code changes, effective with the release on March 6, 2014, is available online at: http://www.federalreserve.gov/apps/fof/CodeChange.aspx

A preview of changes to the upcoming March 6, 2014 Financial Accounts of the United States (Z.1) release, including code changes, release highlights, and table structure, is available online at http://www.federalreserve.gov/releases/z1/preview/Coded/preliminary-code-changes.htm.