Federal Reserve Bulletin, Volume 93, 2007 Current Bulletin

Industrial Production and Capacity Utilization:
The 2008 Annual Revision

Figure 3. Industrial production: Manufacturing, and manufacturing excluding selected high-technology industries, January 1989-June 2008. The figure has two panels; the data are plotted as curves. Ratio scale, 2002 = 100. The upper panel shows the index levels for manufacturing production and for manufacturing excluding selected high-technology industries. The lower panel shows the percent change from a year earlier for each of the two indexes. 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 in manufacturing generally advanced faster than production in manufacturing excluding selected high-technology industries, particularly from 1992 through 2000 and from 2002 forward. Overall manufacturing output, however, fell faster than output for the sector excluding selected high-technology industries during the 2001 recession, as production of high-technology goods dropped substantially. Both indexes have fallen back after having peaked in 2007.

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).

Return to text