Industrial Production and Capacity Utilization - G.17

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Release Date: July 17, 2026
Revision of Industrial Production and Capacity Utilization Notice Below

Industrial production (IP) ticked up 0.1 percent in June and grew at an annual rate of 4.0 percent in the second quarter. Manufacturing output was unchanged in June but rose at an annual rate of 4.7 percent in the second quarter. The indexes for mining and for utilities both grew 0.4 percent in June. At 102.6 percent of its 2017 average, total IP in June was 1.1 percent above its year-earlier level. Capacity utilization was unchanged at 76.1 percent, a rate that is 3.3 percentage points below its long-run (1972–2025) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2026 2026 June '25 to
June '26
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p] Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total index 101.0 101.9 101.6 102.4 102.6 102.6 -.4 .9 -.3 .8 .1 .1 1.1
Previous estimates 101.1 101.9 101.6 102.5 102.6   -.4 .8 -.3 .9 .1    
       
Major market groups
Final Products 96.6 98.0 97.4 98.3 98.2 98.3 -1.2 1.4 -.6 1.0 -.1 .1 .7
Consumer goods 96.0 97.7 96.9 97.5 96.9 97.2 -1.9 1.8 -.8 .7 -.6 .3 -1.2
Business equipment 95.6 96.1 96.1 97.7 98.6 98.3 .8 .5 -.1 1.7 .9 -.4 5.4
Nonindustrial supplies 98.4 98.5 99.2 99.4 99.7 99.6 .4 .1 .7 .2 .3 -.2 1.8
Construction 100.0 99.9 100.6 100.3 101.3 100.9 1.2 -.1 .7 -.2 1.0 -.4 1.5
Materials 106.1 106.8 106.4 107.3 107.6 107.8 -.1 .7 -.4 .9 .3 .1 1.3
       
Major industry groups
Manufacturing (see note below) 96.3 96.9 97.1 97.8 98.0 97.9 .0 .7 .2 .7 .1 .0 1.1
Previous estimates 96.3 96.9 97.1 97.8 97.9   .1 .7 .2 .7 .0    
Mining 120.0 122.9 120.7 122.3 123.7 124.2 -.1 2.5 -1.8 1.3 1.1 .4 2.4
Utilities 110.8 111.3 109.1 110.0 109.2 109.6 -3.5 .4 -1.9 .8 -.7 .4 .3

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2025 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2025
June 		   
2026 June '25 to
June '26
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total industry 79.4 85.2 78.8 85.0 66.5 76.2 75.2 75.8 75.5 76.1 76.1 76.1 1.3
Previous estimates             75.3 75.8 75.5 76.1 76.2    
       
Manufacturing (see note below) 78.2 85.5 77.2 84.6 63.4 75.6 74.7 75.2 75.2 75.7 75.8 75.7 1.1
Previous estimates             74.7 75.1 75.2 75.7 75.7    
Mining 85.2 86.3 84.4 88.6 78.3 85.1 84.3 86.5 84.9 86.0 87.0 87.4 -.4
Utilities 84.0 93.2 84.7 93.2 78.1 71.7 71.1 71.1 69.6 70.0 69.3 69.5 3.6
       
Stage-of-process groups
Crude 84.5 87.9 84.9 90.0 76.5 83.4 82.2 83.7 82.9 83.4 84.1 84.1 -.3
Primary and semifinished 80.1 86.4 77.9 87.7 63.5 76.0 75.4 75.7 75.4 75.7 75.9 75.9 1.6
Finished 76.6 83.3 77.4 80.7 66.3 73.7 72.4 73.0 72.9 73.7 73.4 73.3 1.4
[r] Revised. [p] Preliminary.

Market Groups

The major market groups posted mixed results in June. The output of consumer goods stepped up 0.3 percent, reflecting increases in the indexes for both durable and nondurable consumer goods. The output of business equipment decreased 0.4 percent, with declines in the indexes for information processing and for industrial and other equipment more than offsetting an increase in the index for transit equipment. The output of defense and space equipment stepped up 0.2 percent, while production of construction supplies declined 0.4 percent. The index for business supplies was unchanged, while the index for materials ticked up 0.1 percent.

Industry Groups

Manufacturing output was unchanged in June, with a decrease of 0.1 percent in the index for durable manufacturing offsetting an increase of 0.2 percent in the index for nondurable manufacturing. Within durables, more industry groups posted losses than gains, with the indexes for wood products, for nonmetallic mineral products, for machinery, and for electrical equipment, appliances, and components each declining more than 0.5 percent. The uptick in nondurable manufacturing output was led by a 2.1 percent increase in the production of petroleum and coal products.

Mining output rose 0.4 percent in June after moving up in both April and May. The index for utilities rose 0.4 percent in June, with an increase in the index for electric utilities more than offsetting a drop in the index for natural gas utilities. In the second quarter, mining output grew at an annual rate of 7.5 percent, while utilities output declined at an annual rate of 2.8 percent.

Capacity utilization for manufacturing edged down 0.1 percentage point to 75.7 percent in June, which is 2.5 percentage points below its long-run (1972–2025) average. The operating rate for mining rose 0.4 percentage point to 87.4 percent, and the operating rate for utilities edged up 0.2 percentage point to 69.5 percent. The utilization rate for mining was 2.2 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization in the autumn of 2026. The base year for the revised indexes will be 2022. New annual benchmark data for manufacturing from the Census Bureau for 2023 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). 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 for manufacturing through the fourth quarter of 2025 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 (except exclusive Internet publishing). 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 of its industrial output data from the SIC system to NAICS.

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Last Update: July 17, 2026