Industrial Production and Capacity Utilization - G.17

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Release Date: January 17, 2025

Industrial Production (IP) increased 0.9 percent in December after moving up 0.2 percent in November. In December, gains in the output of aircraft and parts contributed 0.2 percentage point to total IP growth following the resolution of a work stoppage at a major aircraft manufacturer. Manufacturing output rose 0.6 percent after gaining 0.4 percent in November. The indexes for mining and utilities climbed 1.8 percent and 2.1 percent, respectively, in December. At 103.2 percent of its 2017 average, total IP in December was 0.5 percent above its year-earlier level. Capacity utilization stepped up to 77.6 percent, a rate that is 2.1 percentage points below its long-run (1972–2023) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2024 2024 Dec. '23 to
Dec. '24
July[r] Aug.[r] Sept.[r] Oct.[r] Nov.[r] Dec.[p] July[r] Aug.[r] Sept.[r] Oct.[r] Nov.[r] Dec.[p]
       
Total index 102.5 103.0 102.6 102.1 102.3 103.2 -.7 .5 -.4 -.5 .2 .9 .5
Previous estimates 102.5 103.1 102.5 102.1 102.0   -.7 .5 -.5 -.4 -.1    
       
Major market groups
Final Products 100.3 101.0 100.1 98.9 99.5 100.1 -.8 .7 -.9 -1.1 .6 .6 -.7
Consumer goods 101.4 102.2 102.0 101.3 101.8 102.3 -1.0 .8 -.2 -.6 .5 .5 .3
Business equipment 93.9 94.0 90.8 88.0 89.1 90.4 -.2 .1 -3.4 -3.1 1.4 1.4 -4.3
Nonindustrial supplies 101.2 101.0 101.2 101.1 100.7 101.6 -.5 -.1 .2 -.1 -.4 .9 1.3
Construction 100.2 100.6 100.3 100.3 100.3 101.2 -.3 .4 -.4 .1 .0 .9 .9
Materials 104.9 105.4 105.2 105.1 105.2 106.4 -.7 .5 -.2 -.1 .0 1.2 1.4
       
Major industry groups
Manufacturing (see note below) 98.8 99.3 99.0 98.3 98.7 99.3 -.7 .6 -.3 -.7 .4 .6 .0
Previous estimates 98.8 99.4 98.9 98.2 98.4   -.6 .6 -.5 -.7 .2    
Mining 118.6 120.1 119.3 119.4 118.8 120.9 -.5 1.2 -.7 .1 -.5 1.8 .3
Utilities 107.5 106.3 105.7 106.0 105.3 107.5 -1.3 -1.1 -.6 .3 -.7 2.1 4.3

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2023 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2023
Dec. 		   
2024 Dec. '23 to
Dec. '24
July[r] Aug.[r] Sept.[r] Oct.[r] Nov.[r] Dec.[p]
       
Total industry 79.7 85.2 78.7 84.8 66.6 78.1 77.6 77.9 77.5 77.0 77.0 77.6 1.2
Previous estimates             77.6 77.9 77.4 77.0 76.8    
       
Manufacturing (see note below) 78.3 85.5 77.1 84.4 63.5 77.6 76.6 77.0 76.6 76.0 76.2 76.6 1.3
Previous estimates             76.6 77.0 76.6 75.9 76.0    
Mining 86.5 86.3 84.3 88.6 78.9 89.7 88.9 90.1 89.5 89.7 89.2 90.8 -.9
Utilities 84.5 93.2 84.7 93.2 78.1 70.6 72.1 71.1 70.5 70.5 69.8 71.1 3.6
       
Stage-of-process groups
Crude 85.6 87.9 84.9 90.0 77.0 87.6 86.9 87.5 87.3 87.5 87.1 88.5 -.5
Primary and semifinished 80.2 86.5 77.6 87.5 63.7 76.5 76.3 76.5 76.1 76.0 75.8 76.4 1.6
Finished 76.8 83.3 77.6 80.4 66.2 76.3 75.1 75.4 74.8 73.6 74.1 74.4 1.8
[r] Revised. [p] Preliminary.

Market Groups

The majority of market groups posted gains in December. The output of consumer goods increased 0.5 percent as a rise in nondurables production outweighed a broad-based decline in durables. Output of nondurable consumer goods rose 0.7 percent, supported by a 1.9 percent gain in the index for energy. The index for business equipment grew 1.4 percent, reflecting a strong increase in the production of civilian aircraft. Construction supplies and business supplies both posted gains of 0.9 percent in December. The index for materials rose 1.2 percent, with growth in every category of this index except consumer parts, for which output fell 1.4 percent.

Industry Groups

Manufacturing output moved up 0.6 percent in December and was equal to its year-earlier level. In December, the durable manufacturing index stepped up 0.4 percent with large gains in the output of aerospace and miscellaneous transportation equipment (6.3 percent) and primary metals (1.7 percent). The nondurable manufacturing index increased 0.7 percent, with increases in all its subcomponents. Similarly, the index for other manufacturing (publishing and logging) rose 0.8 percent.

Mining output rose 1.8 percent in December after moving down 0.5 percent in November. The index for utilities increased 2.1 percent in December, supported by a rise of 6.2 percent in the index for natural gas.

Capacity utilization for manufacturing stepped up 0.4 percentage point in December to 76.6 percent, a rate that is 1.7 percentage points below its long-run (1972–2023) average. The operating rate for mining increased 1.6 percentage points to 90.8 percent, and the operating rate for utilities moved up 1.3 percentage points to 71.1 percent. The rate for mining was 4.3 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

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.

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Last Update: January 17, 2025