Federal Reserve Bulletin, Volume 93, 2007   Current Bulletin

Industrial Production and Capacity Utilization:
The 2006 Annual Revision

Figure 7 is titled "Industrial production: Communications equipment, January 1972-April 2007." The figure contains one panel showing the revised and earlier IP index for communications equipment; the data are plotted as curves against a ratio scale, with 2002 = 100. The figure is followed by a table that lists the average annual percent changes for the previous and revised series. The panel has shaded regions for the 1973-75, 1980, 1981-82, 1990-91, and 2001 recessions, as defined by the National Bureau of Economic Research. The revised production index increased more rapidly than the previous one as a result of revisions to the benchmark price index for the series. The revised series shows that output in 1972 was only about 2 percent of output in 2002; the previous estimates showed that output in 1972 was about 11 percent of output in 2002. Both the revised and previous series show substantial drops between 2000 and 2002, followed by a rebound. The revised index rebounded more slowly than previously reported.

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