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.
Industrial Production and Capacity Utilization: Summary
|Industrial production||2012=100||Percent change|
|2018||2019||2018||2019|| Feb. '18 to
|Major market groups|
|Major industry groups|
|Manufacturing (see note below)||105.2||104.9||105.1||105.7||105.2||104.8||.3||-.3||.2||.6||-.5||-.4||1.0|
|Capacity utilization||Percent of capacity|| Capacity
|2018||2019|| Feb. '18 to
|Manufacturing (see note below)||78.3||85.6||77.3||84.6||63.7||75.7||76.2||75.8||75.9||76.2||75.8||75.4||1.4|
|Primary and semifinished||80.3||86.5||78.1||87.7||63.8||75.5||76.0||76.5||77.2||76.3||75.9||76.1||1.5|
The major market groups recorded mixed results in February: Increases for materials, for business supplies, and for defense and space equipment were accompanied by decreases for consumer goods, for business equipment, and for construction supplies. The output of consumer goods just edged down, reflecting a small drop in non-energy nondurable goods. The index for business equipment fell more substantially, with losses for transit equipment and for industrial and other equipment. The increase for materials reflected gains for both durable materials and energy materials; the output of nondurable materials fell.
Manufacturing output decreased 0.4 percent in February after falling 0.5 percent in January. In February, the index stood 1.0 percent above its year-earlier level. The output of durables edged down. Losses of 1 1/2 percent or more were registered by nonmetallic mineral products, by machinery, and by furniture and related products, while gains of more than 1 percent were registered by computer and electronics products, by aerospace and miscellaneous transportation equipment, and by miscellaneous manufacturing. Nondurable goods production fell 0.7 percent. Most major nondurable goods industries posted decreases; the only increases were recorded by paper and by food, beverage, and tobacco products. Production of other manufacturing (publishing and logging) increased 0.5 percent but remained well below its year-earlier level.
The output of utilities rose 3.7 percent in February; the output of electric utilities rebounded from decreases in the previous two months. Mining output moved up 0.3 percent for its 13th consecutive monthly increase, and the index was 12.5 percent above its level of a year earlier.
Capacity utilization for manufacturing declined 0.4 percentage point in February to 75.4 percent, almost 3 percentage points below its long-run average, with losses for durables and for nondurables but a gain for other manufacturing (publishing and logging). The utilization rate for mining decreased to 94.6 percent but remained well above its long-run average of 87.1 percent. The rate for utilities jumped to 78.6 percent, but it was still nearly 7 percentage points below its long-run 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 March 27, 2019, at noon EDT. 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.Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS); electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.
G.17 Release Tables:
- Summary: Industrial Production and Capacity Utilization
- Chart 1: Industrial Production, Capacity, and Capacity Utilization
- Chart 2: Industrial Production and Capacity Utilization
- Chart 3: Industrial Production and Capacity Utilization, High Technology Industries
- Table 1: Industrial Production: Market and Industry Groups (percent change)
- Table 2: Industrial Production: Special Aggregates and Selected Detail (percent change)
- Table 3: Motor Vehicle Assemblies
- Table 4: Industrial Production Indexes: Market and Industry Group Summary
- Table 5: Industrial Production Indexes: Special Aggregates
- Table 6: Diffusion Indexes of Industrial Production
- Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities
- Table 8: Industrial Capacity: Manufacturing, Mining, and Utilities (percent change)
- Table 9: Industrial Production: Gross Value of Products and Nonindustrial Supplies
- Table 10: Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
- Table 11: Historical Statistics for IP, Capacity, and Utilization: Total Industry
- Table 12: Historical Statistics for IP, Capacity, and Utilization: Manufacturing
- Table 13: Historical Statistics for IP, Capacity, and Utilization: Total Industry excluding Selected High-Technology Industries
- Table 14: Historical Statistics for IP, Capacity, and Utilization: Manufacturing excluding Selected High-Technology Industries
- Table 15: Industrial Production: Reliability Estimates