Federal Reserve Bulletin, Volume 93, 2007 Current Bulletin

Industrial Production and Capacity Utilization:
The 2008 Annual Revision

Figure 7. Industrial production: Communications equipment, January 1972-June 2008. The figure contains one panel with two indexes for communications equipment: the currently published index and the index published before the 2006 annual revision (hereafter referred to as the "previous" estimates). The data are plotted as curves. Ratio scale, 2002 = 100. The figure is followed by a table that lists the average annual percent changes for the two series. The panel has shaded regions for the 1973-75, 1980, 1981-82, 1990-91, 2001 recessions as defined by the National Bureau of Economic Research. Up through 2003, 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 5 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 rebound for the revised series is slower and less steady than in the previous series.

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