Industrial Production and Capacity Utilization - G.17

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Release Date: August 18, 2026
Revision of Industrial Production and Capacity Utilization Notice Below

Industrial production (IP) and manufacturing production each grew 0.2 percent in July after growing 0.3 percent in June. In July, the indexes for mining and for utilities increased 0.2 percent and 0.5 percent, respectively. Manufacturing output excluding motor vehicles and parts increased 0.4 percent. At 103.0 percent of its 2017 average, total IP in July was 1.1 percent above its year-earlier level. Capacity utilization edged up to 76.3 percent, a rate that is 3.1 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 July '25 to
July '26
Feb.[r] Mar.[r] Apr.[r] May[r] June[r] July[p] Feb.[r] Mar.[r] Apr.[r] May[r] June[r] July[p]
       
Total index 101.9 101.8 102.5 102.5 102.8 103.0 .9 -.1 .8 .0 .3 .2 1.1
Previous estimates 101.9 101.6 102.4 102.6 102.6   .9 -.3 .8 .1 .1    
       
Major market groups
Final Products 98.1 97.6 98.5 98.6 99.0 99.0 1.5 -.5 .9 .1 .4 .0 .7
Consumer goods 97.8 97.0 97.6 97.3 97.6 97.2 1.9 -.8 .6 -.3 .3 -.4 -1.8
Business equipment 96.3 96.4 98.2 99.2 99.6 100.4 .7 .2 1.8 1.1 .4 .8 6.6
Nonindustrial supplies 98.5 99.3 99.4 99.3 99.5 99.8 .1 .7 .1 -.1 .1 .3 2.2
Construction 99.9 100.4 99.9 100.4 100.5 101.3 -.2 .5 -.5 .5 .1 .8 2.4
Materials 106.7 106.5 107.4 107.3 107.5 107.8 .6 -.2 .8 -.1 .2 .3 1.0
       
Major industry groups
Manufacturing (see note below) 96.9 97.3 98.0 98.0 98.3 98.4 .7 .4 .7 .0 .3 .2 1.2
Previous estimates 96.9 97.1 97.8 98.0 97.9   .7 .2 .7 .1 .0    
Mining 123.0 120.5 122.0 121.9 122.2 122.4 2.5 -2.0 1.2 -.1 .3 .2 1.0
Utilities 111.3 109.1 110.0 110.1 110.2 110.7 .4 -1.9 .8 .1 .1 .5 .7

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2025 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2025
July 		   
2026 July '25 to
July '26
Feb.[r] Mar.[r] Apr.[r] May[r] June[r] July[p]
       
Total industry 79.4 85.2 78.8 85.0 66.5 76.4 75.8 75.6 76.1 76.1 76.2 76.3 1.2
Previous estimates             75.8 75.5 76.1 76.1 76.1    
       
Manufacturing (see note below) 78.2 85.5 77.2 84.6 63.4 75.9 75.1 75.4 75.8 75.8 75.9 76.0 1.0
Previous estimates             75.2 75.2 75.7 75.8 75.7    
Mining 85.2 86.3 84.4 88.6 78.3 85.0 86.5 84.8 85.8 85.7 86.0 86.1 -.3
Utilities 84.0 93.2 84.7 93.2 78.1 71.8 71.1 69.6 70.0 69.9 69.8 70.0 3.4
       
Stage-of-process groups
Crude 84.5 87.9 84.9 90.0 76.5 83.6 83.7 82.9 83.5 83.6 83.5 83.3 -.3
Primary and semifinished 80.1 86.4 77.9 87.7 63.5 75.9 75.6 75.5 75.7 75.8 75.8 76.1 1.5
Finished 76.6 83.3 77.4 80.7 66.3 74.2 73.1 73.0 73.8 73.6 73.9 73.9 1.4
[r] Revised. [p] Preliminary.

Market Groups

The major market groups posted mixed results in July. The production of consumer goods declined 0.4 percent, with the indexes for durable and nondurable consumer goods falling 1.4 percent and 0.1 percent, respectively. The production of business equipment rose 0.8 percent, with increases in the indexes for information processing as well as for industrial and other equipment outweighing a decrease in the index for transit equipment. The output of defense and space equipment increased 1.8 percent. The index for construction supplies rose 0.8 percent, while production of business supplies was unchanged. The index for materials gained 0.3 percent.

Industry Groups

Manufacturing output grew 0.2 percent in July. Production of durable goods rose 0.7 percent, with most categories expanding more than 1.0 percent. Among the industry groups within durables, only the indexes for nonmetallic mineral products and for motor vehicles and parts decreased in July, moving down 0.2 percent and 2.1 percent, respectively. Production of nondurable goods fell 0.4 percent, with gains in the output of textile and product mills and of petroleum and coal products more than offset by declines in all other categories.

In July, mining output grew 0.2 percent. The index for utilities rose 0.5 percent, with similarly sized increases in the indexes for electric and natural gas utilities.

Capacity utilization for manufacturing edged up to 76.0 percent in July, a rate that is 2.2 percentage points below its long-run (1972–2025) average. The operating rate for mining ticked up 0.1 percentage point to 86.1 percent in July, and the operating rate for utilities moved up 0.2 percentage point to 70.0 percent. The rate for mining was 0.9 percentage point above its long-run average, while the rate for utilities remained substantially below its long-run average.

Release Dates for 2027

In 2027, the G.17 release on Industrial Production and Capacity Utilization will be published at 9:15 a.m. on January 15, February 17, March 15, April 15, May 17, June 16, July 16, August 17, September 16, October 18, November 17, and December 16.

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: August 18, 2026