Federal Reserve Bulletin, Volume 93, 2007   Current Bulletin

Industrial Production and Capacity Utilization:
The 2006 Annual Revision

Figure 3 is titled "Industrial production: Manufacturing, and manufacturing excluding selected high-technology industries, January 1989-April 2007." The figure has two panels. The upper panel shows the index levels for manufacturing production and for manufacturing excluding high-technology industries; the data are plotted as curves against a ratio scale, with 2002 output = 100. The lower panel shows the percent change from a year earlier for each of the two indexes; the data are plotted as curves against a linear scale. Both panels show shaded regions for the 1990-91 and 2001 recessions, as defined by the National Bureau of Economic Research. The figure shows that production for manufacturing generally advanced faster than for manufacturing excluding the high-technology industries, particularly from 1992 through 2000 and from 2002 forward. Overall manufacturing output, however, fell faster than output for the sector excluding the high-technology industries during the 2001 recession, as production of high-technology goods dropped substantially.
Note: For definition of manufacturing, refer to text note 6 .
The selected high-technology industries are semiconductors and related electronic components (NAICS 334412-9), computers and peripheral equipment (NAICS 3341), and communications equipment (NAICS 3342).

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