FEDERAL RESERVE STATISTICAL RELEASE G.17 (419) For release at 9:15 a.m. (EDT) June 15, 2006 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production declined 0.1 percent in May after an increase of 0.8 percent in April. Manufacturing production also fell 0.1 percent last month. The output index for mining moved down 0.2 percent, but the output index for utilities was up by the same amount. At 112.1 percent of the 2002 average, overall industrial output was 4.3 percent above its May 2005 level. The rate of capacity utilization for total industry fell 0.2 percentage point, to 81.7 percent, a rate that is 0.7 percentage point above its long-run (1972-2005) average. The factory operating rate fell 0.3 percentage point, to 80.5 percent, and the mining operating rate edged down to 89.6 percent, but the rates in both sectors remained above their long-run averages. The capacity utilization rate for utilities edged up, to 86.5 percent, in May but remained slightly below its 1972-2005 average. Market Groups ------------- The output of consumer goods edged down in May. The index for consumer durable goods fell 0.8 percent. The output indexes for automotive products; home electronics; appliances, furniture, and carpeting; and miscellaneous consumer durables all declined. The output of consumer nondurable goods increased 0.2 percent; it was boosted by a jump of 2.8 percent in consumer energy products, which resulted primarily from increases in the output of refined petroleum products, such as gasoline. In contrast, the output of non-energy nondurable consumer goods was down 0.5 percent. Within this group, the indexes for food and tobacco, clothing, chemical products, and paper products fell. The production of business equipment declined 0.2 percent after an increase of 2.1 percent in April. The production of transit equipment moved lower in May mainly because of a drop in the output of motor vehicles. Declines in farm machinery and in construction machinery contributed to the drop in the production of industrial and other equipment. On the plus side, the output of information processing equipment rose 1.6 percent and was more than 20 percent above its year-earlier level. The output of defense and space equipment climbed 1.1 percent. The production indexes for construction supplies and for business supplies both moved lower after increases in the previous two months. The output of industrial materials moved down 0.1 percent. The index for energy materials rose 0.2 percent, but the index for non-energy materials fell 0.2 percent. Within the durable materials component, which fell 0.3 percent, the output of consumer parts, equipment parts, and other durable materials all moved lower after large gains in April. The index for nondurable materials was unchanged. Within this category, increases in the indexes for textiles, paper, and chemicals were offset by declines elsewhere. Industry Groups --------------- Manufacturing production declined 0.1 percent in May. The output of durable goods fell 0.2 percent. The production of machinery dropped 1.7 percent, and the output of motor vehicles and parts declined 1.3 percent. Nevertheless, several durable goods industries posted gains, and large increases were reported in the index for primary metals, which advanced 0.9 percent, and in the index for computer and electronic products, which moved up 1.1 percent. The output of nondurable goods industries rose just 0.1 percent despite a surge of 4.3 percent in the index for petroleum and coal products. The index for chemical industries fell 0.4 percent and remained below its year-ago level; the index for food, beverage, and tobacco products declined 0.2 percent. Production in the non-NAICS manufacturing industries (logging and publishing) dropped 0.6 percent. The output of mines declined 0.2 percent largely because of drops in the indexes for the mining and quarrying of stone, sand, and gravel, which fell back from their high levels earlier this year. The index for oil and gas extraction edged up 0.1 percent but remained 4.6 percent below its year-ago level. The output of coal mines, which has risen 13.6 percent over the past year, advanced 0.4 percent in May. The output of utilities rose 0.2 percent. By stage of processing, capacity utilization for industries in the crude stage of processing increased further, to 87.6 percent, a rate that is 1.2 percentage points above its 1972-2005 average. For industries in the primary and semifinished stages of processing and for industries in the finished stage, utilization rates moved lower in May but remained above their long-run averages. Notice: This release includes updated estimates for 2006 from our semiannual review of industrial capacity. The estimated rates of change between the fourth quarter of 2005 and the fourth quarter of 2006 for total industrial capacity and for manufacturing capacity are the same as in the previous estimates: 2.0 percent and 2.5 percent respectively. INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY Seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------- | 2002=100 | Percent change | ----------------------------------------------- | ------------------------------------------------- | 2006 | 2006 | May '05 to Industrial production | Feb. Mar. Apr. May | Feb. Mar. Apr. May | May '06 -------------------------------------------------------------------------------------------------------------------------------------- | | | Total index | 110.7 111.3 112.2 112.1 | .4 .5 .8 -.1 | 4.3 Previous estimates | 110.8 111.4 112.3 | .4 .6 .8 | | | | Major market groups | | | Final Products | 112.2 113.2 113.9 113.9 | .4 .9 .6 .0 | 4.9 Consumer goods | 105.8 106.8 106.8 106.8 | .4 .9 .1 -.1 | 2.1 Business equipment | 128.2 129.4 132.1 131.8 | .4 1.0 2.1 -.2 | 11.8 Nonindustrial supplies | 110.4 111.0 111.7 111.4 | -.2 .5 .7 -.3 | 4.2 Construction | 113.7 114.5 114.9 114.2 | -.3 .7 .3 -.6 | 6.3 Materials | 109.3 109.6 110.6 110.5 | .5 .3 .9 -.1 | 3.8 | | | Major industry groups | | | Manufacturing (see note below) | 112.8 113.4 114.2 114.0 | -.3 .5 .7 -.1 | 4.9 Previous estimates | 112.8 113.4 114.3 | -.3 .5 .7 | Mining | 98.4 98.8 99.9 99.7 | .7 .4 1.1 -.2 | -.1 Utilities | 103.9 105.3 106.2 106.5 | 5.7 1.3 .9 .2 | 3.4 -------------------------------------------------------------------------------------------------------------------------------------- | | Capacity | Percent of capacity | growth | --------------------------------------------------------------------------------- | --------------- | Average 1994-95 2001-02 2005 | 2006 | May '05 to Capacity utilization | 1972-2005 High Low May | Feb. Mar. Apr. May | May '06 -------------------------------------------------------------------------------------------------------------------------------------- | | | Total industry | 81.0 85.0 73.9 79.8 | 81.1 81.4 81.9 81.7 | 1.9 Previous estimates | | 81.1 81.4 81.9 | | | | Manufacturing (see note below) | 79.8 84.5 72.0 78.6 | 80.2 80.4 80.8 80.5 | 2.4 Previous estimates | | 80.2 80.4 80.8 | Mining | 87.3 89.0 85.6 89.1 | 88.1 88.6 89.7 89.6 | -.7 Utilities | 86.7 93.7 83.7 83.7 | 84.6 85.7 86.4 86.5 | .0 | | | Stage-of-process groups | | | Crude | 86.4 89.4 83.2 87.6 | 85.7 86.1 87.2 87.6 | -.8 Primary and semifinished | 82.1 88.1 74.6 81.0 | 82.4 82.5 82.8 82.7 | 2.6 Finished | 77.9 80.5 70.8 76.5 | 78.8 79.3 79.8 79.2 | 1.9 -------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. 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. Table 1 Industrial Production: Market and Industry Group Summary Percent change, seasonally adjusted ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | Fourth quarter to | | | | | | fourth quarter | Annual rate | Monthly rate | | | |---------------------|----------------------------|----------------------------| May '05 | | 2005 | | 2005 2006 | 2006 | to Item | NAICS |Proportion<1>| 2003 2004 2005 | Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May | May '06 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | | | | Total IP | | 100.00 | 1.5 4.3 3.0 | 1.6 1.4 5.3 5.3 | .4 .5 .8 -.1 | 4.3 | | | | | | MARKET GROUPS | | | | | | Final products and nonindustrial supplies | | 57.59 | 1.7 4.3 4.8 | 3.0 3.5 8.3 2.0 | .3 .8 .7 -.1 | 4.7 Consumer goods | | 29.69 | 1.3 2.0 2.4 | 1.5 3.7 1.8 -.8 | .4 .9 .1 -.1 | 2.1 Durable | | 8.35 | 4.3 1.3 3.1 | -2.5 10.8 2.8 -1.9 | -.3 .7 -.4 -.8 | 2.1 Automotive products | | 4.55 | 6.5 .4 2.5 | -4.2 16.7 -3.1 -1.4 | -.2 1.4 -1.0 -1.0 | 1.8 Home electronics | | .25 | 18.5 -3.7 17.2 | 31.8 -17.7 68.1 1.2 | -.7 -3.1 2.3 -1.3 | 3.3 Appliances, furniture, carpeting | | 1.35 | 2.2 2.4 2.2 | -2.2 10.3 -1.2 -2.8 | -.4 .8 -.4 -1.1 | .5 Miscellaneous goods | | 2.19 | -.7 3.0 3.1 | -2.9 3.0 12.7 -2.7 | -.4 -.3 .7 -.1 | 3.5 Nondurable | | 21.35 | .1 2.3 2.1 | 3.1 1.0 1.4 -.4 | .6 1.0 .2 .2 | 2.1 Non-energy | | 16.93 | .6 2.5 2.2 | 2.4 -.7 3.9 2.2 | -.7 .9 .6 -.5 | 1.7 Foods and tobacco | | 9.15 | 2.1 1.8 2.9 | 3.2 1.2 6.0 4.8 | -.7 1.0 .4 -.2 | 3.4 Clothing | | .68 | -9.3 -2.8 -1.2 | -8.0 6.3 4.3 8.8 | -.4 1.1 .3 -.6 | 5.9 Chemical products | | 4.69 | 1.0 3.0 .3 | 2.2 -4.4 -.3 -2.4 | -.2 1.1 .8 -.9 | -1.4 Paper products | | 1.90 | -3.5 5.9 3.7 | 2.7 -5.3 4.6 -2.1 | -2.1 .5 1.5 -.7 | -.8 Energy | | 4.42 | -1.9 1.7 1.6 | 5.9 8.3 -7.8 -9.9 | 6.1 1.1 -1.3 2.8 | 3.7 | | | | | | Business equipment | | 10.15 | 2.8 10.8 10.5 | 6.7 2.4 24.6 11.1 | .4 1.0 2.1 -.2 | 11.8 Transit | | 1.99 | 3.6 9.7 15.0 | 15.7 -28.2 82.1 26.7 | .4 -.8 1.9 -.6 | 13.8 Information processing | | 2.82 | 6.5 14.6 19.4 | 12.7 23.0 24.4 15.5 | 1.6 1.7 2.2 1.6 | 21.6 Industrial and other | | 5.35 | .4 9.2 4.4 | .5 5.4 8.5 3.1 | -.2 1.4 2.1 -1.1 | 5.9 Defense and space equipment | | 2.05 | 5.4 9.7 9.3 | 11.5 5.8 8.1 6.8 | 1.6 -.6 1.3 1.1 | 8.2 | | | | | | Construction supplies | | 4.45 | 1.7 4.6 6.6 | 4.1 4.7 17.4 4.3 | -.3 .7 .3 -.6 | 6.3 Business supplies | | 10.63 | .9 3.9 3.7 | 2.2 2.7 6.0 .1 | -.2 .4 .8 -.1 | 3.3 | | | | | | Materials | | 42.41 | 1.2 4.3 .7 | -.3 -1.5 1.2 9.9 | .5 .3 .9 -.1 | 3.8 Non-energy | | 29.43 | 1.7 6.0 3.3 | -.8 1.7 8.3 9.2 | -.1 .4 .7 -.2 | 5.6 Durable | | 18.76 | 3.8 7.6 7.0 | 1.2 7.0 13.4 8.4 | .4 .4 .9 -.3 | 8.2 Consumer parts | | 3.54 | -1.2 2.0 2.1 | -3.4 6.8 3.3 3.2 | .0 .9 1.2 -.7 | 5.3 Equipment parts | | 6.68 | 11.8 14.1 16.2 | 10.4 13.7 20.9 11.3 | .8 .7 1.0 -.2 | 12.7 Other | | 8.53 | .0 4.9 2.0 | -4.0 1.9 11.8 8.2 | .3 .0 .8 -.1 | 5.9 Nondurable | | 10.67 | -1.7 3.2 -3.1 | -4.3 -7.1 -.3 10.6 | -.9 .3 .3 .0 | .9 Textile | | .61 | -6.5 -6.4 -4.5 | -9.8 4.1 -5.1 2.5 | -.6 -.6 -1.6 .5 | -1.1 Paper | | 2.30 | -6.5 4.6 -.8 | -6.0 -4.3 5.2 5.0 | -1.5 .5 -.3 .6 | 2.2 Chemical | | 4.42 | 1.6 5.3 -8.6 | -5.3 -15.7 -7.4 19.3 | -.7 .5 .5 .2 | -.6 Energy | | 12.98 | -.1 -.2 -5.4 | 1.1 -8.6 -14.3 11.9 | 1.8 .0 1.4 .2 | -.4 | | | | | | | | | | | | INDUSTRY GROUPS | | | | | | Manufacturing | | 80.78 | 1.7 5.1 4.2 | 1.3 2.0 9.1 5.4 | -.3 .5 .7 -.1 | 4.9 Manufacturing (NAICS) | | 76.36 | 2.0 5.2 4.3 | 1.2 2.6 9.5 5.9 | -.2 .5 .7 -.1 | 5.4 | | | | | | Durable manufacturing | | 42.89 | 4.0 7.1 7.8 | 2.6 7.0 15.2 5.4 | .2 .5 1.0 -.2 | 7.9 Wood products | 321 | 1.54 | 4.0 3.0 7.4 | -5.2 1.3 34.0 -11.8 | -1.9 -.6 -.2 .2 | 2.6 Nonmetallic mineral products | 327 | 2.28 | 2.2 5.1 2.9 | .2 1.4 14.5 8.9 | -.1 -.5 .6 .2 | 6.7 Primary metal | 331 | 2.44 | 1.0 3.9 -1.7 | -17.2 1.8 21.8 10.0 | -.7 -1.3 1.8 .9 | 8.7 Fabricated metal products | 332 | 5.76 | -.7 5.2 4.0 | 1.5 3.4 9.2 6.3 | .6 .9 .8 -.3 | 5.9 Machinery | 333 | 5.33 | 1.0 11.5 6.3 | 1.8 3.1 17.8 -1.6 | -.5 1.4 2.1 -1.7 | 5.9 Computer and electronic products | 334 | 7.87 | 15.7 16.1 23.0 | 16.2 22.3 27.0 10.7 | .8 .7 1.2 1.1 | 17.6 Electrical equip., appliances, | | | | | | and components | 335 | 2.10 | -.7 5.2 7.0 | 1.9 12.4 12.6 9.6 | -.7 1.3 1.7 -.5 | 10.4 Motor vehicles and parts | 3361-3 | 7.09 | 4.7 2.6 2.3 | -4.4 13.5 -2.3 -.2 | -.9 1.5 -.2 -1.3 | 2.3 Aerospace and miscellaneous | | | | | | transportation equipment | 3364-9 | 3.66 | -.4 5.3 12.0 | 16.2 -15.3 44.0 19.6 | 2.2 -1.0 2.0 .1 | 11.9 Furniture and related products | 337 | 1.63 | .3 2.2 -2.0 | -7.7 2.1 -2.2 -.5 | .4 .9 .1 .0 | .5 Miscellaneous | 339 | 3.18 | .6 3.9 4.8 | 1.7 7.0 4.1 1.7 | .8 .0 .2 .0 | 3.9 | | | | | | Nondurable manufacturing | | 33.47 | -.4 2.8 .0 | -.4 -2.8 2.4 6.6 | -.6 .4 .3 .1 | 2.1 Food, beverage, and tobacco products | 311,2 | 10.67 | 1.7 1.7 3.4 | 3.1 1.7 6.2 6.3 | -.7 1.0 .4 -.2 | 3.9 Textile and product mills | 313,4 | 1.09 | -4.2 -3.9 -.3 | -7.6 9.3 -2.6 -3.8 | -.7 -1.4 -.8 -.3 | -1.4 Apparel and leather | 315,6 | .73 | -9.4 -2.2 -.4 | -7.1 7.7 5.6 7.8 | -.5 .8 .1 -.4 | 5.9 Paper | 322 | 2.68 | -6.0 4.5 -.7 | -8.4 -4.7 8.6 1.6 | -2.5 -.9 -.1 .5 | 1.0 Printing and support | 323 | 2.01 | -3.0 1.5 1.7 | -1.8 4.1 2.8 10.3 | .4 .7 1.1 -.4 | 5.4 Petroleum and coal products | 324 | 2.51 | .3 6.2 -6.0 | 2.2 -14.2 -11.4 16.8 | -1.0 -1.9 -1.7 4.3 | -1.0 Chemical | 325 | 10.19 | .7 4.2 -3.5 | -.4 -9.9 -2.4 7.8 | -.4 .9 .5 -.4 | -.7 Plastics and rubber products | 326 | 3.59 | -.2 3.2 3.9 | -1.8 5.4 10.7 3.1 | .0 .4 1.1 -.2 | 6.2 | | | | | | Other manufacturing (non-NAICS) | 1133,5111 | 4.42 | -3.0 3.7 1.9 | 1.8 -6.9 3.3 -2.6 | -1.7 .2 .8 -.6 | -2.4 | | | | | | Mining | 21 | 9.75 | .5 -.4 -6.8 | -.1 -14.9 -15.0 27.2 | .7 .4 1.1 -.2 | -.1 Utilities | 2211,2 | 9.47 | .7 1.2 2.9 | 6.4 13.8 -5.7 -14.7 | 5.7 1.3 .9 .2 | 3.4 Electric | 2211 | 7.73 | 1.9 2.0 3.8 | 5.9 17.8 -4.1 -12.1 | 4.4 .1 1.8 -.2 | 5.4 Natural gas | 2212 | 1.73 | -5.5 -2.9 -1.6 | 9.3 -3.7 -13.9 -25.7 | 12.1 7.1 -3.0 2.3 | -5.6 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. <1> The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year. Note. Under industry groups, the figures to the right of the series descriptions are 2002 North American Industry Classification System (NAICS) codes. The abbreviation pt denotes part of a NAICS code. Additional industry detail is available on the Board's web site (www.federalreserve.gov/releases/G17). Under market groups, in the products category, miscellaneous consumer nondurables, oil and gas drilling, and manufactured homes are not shown separately; in the nondurable materials category, containers and miscellaneous nondurable materials are not shown separately. Table 2 Industrial Production: Special Aggregates and Selected Detail Percent change, seasonally adjusted ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | Fourth quarter to | | | | | | fourth quarter | Annual rate | Monthly rate | | | |---------------------|----------------------------|----------------------------| May '05 | | 2005 | | 2005 2006 | 2006 | to Item | NAICS | Proportion| 2003 2004 2005 | Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May | May '06 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | | | | Total industry | | 100.00 | 1.5 4.3 3.0 | 1.6 1.4 5.3 5.3 | .4 .5 .8 -.1 | 4.3 | | | | | | Energy | | 20.38 | .5 .7 -2.5 | 2.9 -2.8 -10.5 3.7 | 2.6 .5 .9 .7 | 1.4 Consumer products | | 4.42 | -1.9 1.7 1.6 | 5.9 8.3 -7.8 -9.9 | 6.1 1.1 -1.3 2.8 | 3.7 Commercial products | | 2.49 | 5.1 2.4 2.9 | 6.9 5.2 1.4 -12.5 | 1.0 1.1 1.3 -.2 | 2.3 Oil and gas well drilling | 213111 | .49 | 21.2 8.3 11.8 | 1.8 19.9 7.5 17.1 | 3.4 2.9 3.0 .9 | 21.4 Converted fuel | | 3.81 | .6 1.6 -2.2 | 6.1 1.5 -14.9 -6.0 | 5.3 1.5 1.3 -.1 | .3 Primary materials | | 9.17 | -.4 -1.0 -6.8 | -1.0 -12.6 -14.1 20.2 | .4 -.6 1.5 .2 | -.7 | | | | | | Non-energy | | 79.62 | 1.7 5.1 4.4 | 1.3 2.5 9.5 5.6 | -.2 .6 .7 -.3 | 5.1 Selected high-technology industries | | 4.80 | 21.1 18.4 25.7 | 16.4 27.0 27.1 14.9 | 1.2 .9 .9 .9 | 19.6 Computers and peripheral equipment | 3341 | .79 | 5.8 4.6 12.0 | 14.0 8.8 14.5 10.7 | .5 .5 .7 .7 | 10.4 Communications equipment | 3342 | 1.21 | 9.9 22.3 25.4 | 12.1 33.3 33.1 30.5 | 3.2 3.5 3.7 2.0 | 34.3 Semiconductors and related | | | | | | electronic components | 334412-9 | 2.79 | 34.1 21.4 29.9 | 18.9 30.0 28.1 9.6 | .5 -.3 -.4 .3 | 15.8 | | | | | | Excluding selected high-technology | | | | | | industries | | 74.83 | .5 4.2 3.0 | .3 1.0 8.3 5.0 | -.3 .5 .7 -.4 | 4.1 | | | | | | Motor vehicles and parts | 3361-3 | 7.09 | 4.7 2.6 2.3 | -4.4 13.5 -2.3 -.2 | -.9 1.5 -.2 -1.3 | 2.3 Motor vehicles | 3361 | 3.53 | 10.4 1.6 -.2 | -6.4 21.1 -13.0 .8 | .2 1.9 -.9 -1.9 | .5 Motor vehicle parts | 3363 | 3.09 | -1.5 2.2 3.3 | -.9 7.8 2.0 1.0 | -.9 1.2 1.4 -.5 | 4.7 | | | | | | Excluding motor vehicles and parts | | 67.74 | .0 4.4 3.1 | .8 -.3 9.5 5.6 | -.2 .5 .8 -.3 | 4.3 Consumer goods | | 21.02 | .7 2.3 2.3 | 1.5 .0 4.8 1.2 | -.6 .7 .6 -.5 | 1.7 Business equipment | | 8.01 | .5 9.0 9.6 | 7.4 -1.8 27.5 8.4 | .3 .7 2.1 -.4 | 10.2 Construction supplies | | 4.41 | 1.7 4.6 6.5 | 3.9 4.6 17.3 4.2 | -.3 .7 .3 -.6 | 6.1 Business supplies | | 7.75 | -1.6 3.3 2.7 | -.2 .4 6.4 3.7 | -.7 .2 .7 -.2 | 2.8 Materials | | 24.41 | -.8 4.7 .6 | -2.8 -1.6 6.9 10.1 | .0 .3 .7 -.1 | 4.6 | | | | | | Measures excluding selected high-technology | | | | | | industries | | | | | | Total industry | | 95.20 | .5 3.6 1.9 | .8 .1 4.2 4.7 | .3 .5 .8 -.1 | 3.6 Manufacturing<1> | | 75.99 | .4 4.2 2.8 | .3 .5 8.0 4.8 | -.3 .4 .7 -.2 | 4.0 Durable | | 38.29 | 1.7 5.6 5.5 | .7 4.5 13.6 4.1 | .0 .5 1.0 -.3 | 6.4 | | | | | | Measures excluding motor vehicles and parts | | | | | | Total industry | | 92.91 | 1.3 4.5 3.1 | 2.1 .5 5.9 5.7 | .4 .5 .8 .0 | 4.5 Manufacturing<1> | | 73.69 | 1.4 5.4 4.4 | 1.8 1.0 10.3 6.0 | -.2 .4 .8 .0 | 5.2 Durable | | 36.00 | 3.8 8.0 8.8 | 3.9 5.7 18.8 6.4 | .3 .4 1.2 .0 | 9.0 | | | | | | Measures excluding selected high-technology | | | | | | industries and motor vehicles and parts | | | | | | Total industry | | 88.11 | .1 3.6 1.8 | 1.3 -.9 4.7 5.2 | .4 .5 .8 .0 | 3.7 Manufacturing<1> | | 68.90 | .0 4.4 2.9 | .8 -.7 9.1 5.3 | -.3 .3 .8 -.1 | 4.2 | | | | | | Stage-of-process components of non-energy | | | | | | materials, measures of the input to | | | | | | Finished processors | | 13.13 | 3.6 7.9 8.3 | 2.7 8.1 12.0 7.7 | .1 .6 .7 -.2 | 8.2 Primary and semifinished processors | | 16.30 | .2 4.3 -.7 | -3.7 -3.3 5.3 10.4 | -.2 .2 .7 -.1 | 3.4 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. <1> See note on cover page. Table 3 Motor Vehicle Assemblies Millions of units, seasonally adjusted annual rate ------------------------------------------------------------------------------------------------------------------------------- | 2005 | 2005 2006 | 2006 Item | Average| Q2 Q3 Q4 Q1 | Feb. Mar. Apr. May ------------------------------------------------------------------------------------------------------------------------------- Total | 11.95 | 11.75 12.17 11.78 11.71 | 11.56 11.77 11.73 11.25 Autos | 4.32 | 4.22 4.31 4.38 4.54 | 4.44 4.53 4.54 4.34 Trucks | 7.63 | 7.53 7.86 7.40 7.18 | 7.12 7.24 7.19 6.92 Light | 7.21 | 7.11 7.45 6.98 6.69 | 6.65 6.76 6.69 6.53 Medium and heavy | .42 | .42 .41 .42 .48 | .46 .47 .50 .39 | | | Memo: | | | Autos and light trucks | 11.53 | 11.33 11.76 11.36 11.23 | 11.10 11.30 11.23 10.86 ------------------------------------------------------------------------------------------------------------------------------- Note. Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board's web site, www.federalreserve.gov/releases/G17/mvsf.htm Table 4 Industrial Production Indexes: Market and Industry Group Summary 2002 = 100, seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | 2005 | 2005 2006 Item | NAICS | Proportion| Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | Total IP | | 100.00 | 107.2 108.4 109.4 110.4 110.3 110.7 111.3 112.2 112.1 | | | MARKET GROUPS | | | Final products and nonindustrial supplies | | 57.59 | 109.1 111.0 111.3 112.0 111.5 111.8 112.6 113.4 113.2 Consumer goods | | 29.69 | 106.4 106.5 105.7 106.6 105.4 105.8 106.8 106.8 106.8 Durable | | 8.35 | 112.7 113.1 110.1 109.0 110.2 109.9 110.6 110.2 109.3 Automotive products | | 4.55 | 117.8 117.3 111.7 110.1 112.3 112.0 113.6 112.4 111.3 Home electronics | | .25 | 113.5 125.3 132.1 133.4 132.7 131.7 127.6 130.5 128.8 Appliances, furniture, carpeting | | 1.35 | 108.5 108.4 106.2 104.7 105.6 105.2 106.1 105.6 104.5 Miscellaneous goods | | 2.19 | 104.9 106.3 106.6 106.7 106.2 105.8 105.5 106.2 106.1 Nondurable | | 21.35 | 103.9 103.9 103.9 105.5 103.6 104.2 105.3 105.5 105.7 Non-energy | | 16.93 | 103.7 104.2 104.4 105.1 105.3 104.6 105.5 106.2 105.7 Foods and tobacco | | 9.15 | 104.5 105.3 105.7 106.7 107.3 106.5 107.6 108.0 107.8 Clothing | | .68 | 85.7 85.4 86.2 86.5 87.8 87.4 88.4 88.7 88.2 Chemical products | | 4.69 | 104.2 104.1 103.8 104.1 103.1 102.9 104.0 104.8 103.9 Paper products | | 1.90 | 103.9 105.3 104.9 106.4 106.3 104.1 104.6 106.1 105.3 Energy | | 4.42 | 105.0 102.7 102.3 107.2 97.0 103.0 104.1 102.8 105.7 | | | Business equipment | | 10.15 | 115.1 123.1 125.8 126.4 127.6 128.2 129.4 132.1 131.8 Transit | | 1.99 | 88.9 121.5 127.9 129.4 134.0 134.5 133.4 136.0 135.1 Information processing | | 2.82 | 138.1 141.3 144.9 144.8 146.6 148.9 151.3 154.6 157.1 Industrial and other | | 5.35 | 113.1 114.5 115.5 116.0 115.9 115.6 117.2 119.6 118.3 Defense and space equipment | | 2.05 | 124.6 127.8 128.6 129.9 129.7 131.8 131.1 132.8 134.2 | | | Construction supplies | | 4.45 | 109.8 112.4 113.4 113.1 114.1 113.7 114.5 114.9 114.2 Business supplies | | 10.63 | 107.8 108.4 109.1 110.3 109.3 109.1 109.5 110.4 110.2 | | | Materials | | 42.41 | 104.5 104.9 106.9 108.3 108.8 109.3 109.6 110.6 110.5 Non-energy | | 29.43 | 109.4 110.9 112.1 113.0 114.4 114.3 114.7 115.5 115.3 Durable | | 18.76 | 118.8 120.1 120.9 121.8 122.9 123.4 123.9 125.1 124.7 Consumer parts | | 3.54 | 103.3 104.4 102.1 102.0 103.4 103.4 104.3 105.5 104.7 Equipment parts | | 6.68 | 147.2 149.1 153.1 155.3 155.5 156.7 157.8 159.3 159.0 Other | | 8.53 | 105.8 107.0 107.2 107.7 109.2 109.5 109.6 110.4 110.2 Nondurable | | 10.67 | 94.8 96.4 98.3 99.2 101.0 100.1 100.4 100.6 100.7 Textile | | .61 | 84.3 84.4 83.7 82.6 84.6 84.1 83.6 82.3 82.7 Paper | | 2.30 | 95.7 97.1 96.4 98.0 99.2 97.7 98.2 97.9 98.5 Chemical | | 4.42 | 90.8 92.9 98.4 99.2 101.5 100.8 101.3 101.8 102.1 Energy | | 12.98 | 92.8 90.9 94.3 96.8 95.5 97.2 97.2 98.6 98.8 | | | | | | INDUSTRY GROUPS | | | Manufacturing | | 80.78 | 108.9 110.9 111.7 112.2 113.1 112.8 113.4 114.2 114.0 Manufacturing (NAICS) | | 76.36 | 109.5 111.5 112.4 112.8 113.8 113.6 114.2 115.0 114.9 | | | Durable manufacturing | | 42.89 | 117.5 120.7 121.2 121.4 122.3 122.5 123.2 124.4 124.2 Wood products | 321 | 1.54 | 107.2 112.7 114.0 113.4 111.5 109.4 108.7 108.5 108.7 Nonmetallic mineral products | 327 | 2.28 | 107.2 108.8 111.6 109.6 112.6 112.5 112.0 112.7 112.9 Primary metal | 331 | 2.44 | 101.8 102.7 103.5 104.0 106.8 106.1 104.7 106.7 107.6 Fabricated metal products | 332 | 5.76 | 106.8 109.0 109.1 108.5 109.8 110.4 111.4 112.3 112.0 Machinery | 333 | 5.33 | 116.1 119.0 120.2 121.8 119.7 119.1 120.7 123.3 121.2 Computer and electronic products | 334 | 7.87 | 162.1 165.0 170.7 172.5 172.4 173.8 175.0 177.1 179.0 Electrical equip., appliances, | | | and components | 335 | 2.10 | 108.8 110.9 110.5 110.6 113.3 112.5 114.0 115.9 115.3 Motor vehicles and parts | 3361-3 | 7.09 | 116.3 116.3 110.9 109.5 112.3 111.3 112.9 112.7 111.3 Aerospace and miscellaneous | | | transportation equipment | 3364-9 | 3.66 | 94.2 112.2 116.4 118.4 119.6 122.3 121.1 123.5 123.5 Furniture and related products | 337 | 1.63 | 101.7 100.5 100.2 99.4 99.3 99.7 100.6 100.7 100.7 Miscellaneous | 339 | 3.18 | 111.9 112.6 112.2 111.7 112.0 113.0 113.0 113.2 113.2 | | | Nondurable manufacturing | | 33.47 | 100.1 100.7 102.0 102.7 103.7 103.1 103.6 103.9 104.0 Food, beverage, and tobacco products | 311,2 | 10.67 | 104.6 105.5 105.8 106.9 107.8 107.1 108.1 108.6 108.3 Textile and product mills | 313,4 | 1.09 | 92.6 93.2 91.6 89.7 91.5 90.9 89.6 88.9 88.6 Apparel and leather | 315,6 | .73 | 86.7 86.5 87.5 87.7 88.9 88.5 89.2 89.3 88.9 Paper | 322 | 2.68 | 96.5 98.8 97.2 99.3 100.8 98.3 97.4 97.3 97.8 Printing and support | 323 | 2.01 | 97.9 98.2 98.3 98.4 100.2 100.7 101.4 102.5 102.2 Petroleum and coal products | 324 | 2.51 | 98.5 95.4 101.9 101.7 105.0 103.9 101.9 100.2 104.4 Chemical | 325 | 10.19 | 97.5 98.8 101.3 101.9 102.5 102.2 103.1 103.6 103.2 Plastics and rubber products | 326 | 3.59 | 106.5 106.2 107.4 108.4 108.0 108.0 108.4 109.7 109.4 | | | Other manufacturing (non-NAICS) | 1133,5111 | 4.42 | 100.4 101.4 101.1 102.3 102.0 100.3 100.5 101.3 100.7 | | | Mining | 21 | 9.75 | 90.3 89.1 93.1 95.5 97.7 98.4 98.8 99.9 99.7 Utilities | 2211,2 | 9.47 | 108.1 105.9 104.8 109.2 98.3 103.9 105.3 106.2 106.5 Electric | 2211 | 7.73 | 110.5 109.5 107.3 110.0 102.4 106.9 107.1 109.0 108.7 Natural gas | 2212 | 1.73 | 96.5 89.6 93.0 104.3 80.2 89.9 96.2 93.3 95.4 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. Note. See notes to table 1. Table 5 Industrial Production Indexes: Special Aggregates 2002 = 100, seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | 2005 | 2005 2006 Item | NAICS | Proportion| Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | Total industry | | 100.00 | 107.2 108.4 109.4 110.4 110.3 110.7 111.3 112.2 112.1 | | | Energy | | 20.38 | 98.6 96.8 99.0 101.9 98.3 100.8 101.3 102.2 102.9 Consumer products | | 4.42 | 105.0 102.7 102.3 107.2 97.0 103.0 104.1 102.8 105.7 Commercial products | | 2.49 | 111.6 111.0 111.5 114.2 107.4 108.5 109.7 111.1 110.9 Oil and gas well drilling | 213111 | .49 | 146.0 149.3 147.9 146.4 149.0 154.0 158.5 163.2 164.8 Converted fuel | | 3.81 | 101.1 98.4 99.8 101.8 94.6 99.6 101.2 102.5 102.4 Primary materials | | 9.17 | 89.2 87.6 91.9 94.5 95.5 95.9 95.4 96.8 97.0 | | | Non-energy | | 79.62 | 109.2 111.3 111.9 112.5 113.4 113.1 113.8 114.6 114.3 Selected high-technology industries | | 4.80 | 179.6 181.3 188.0 191.1 191.3 193.6 195.3 197.0 198.7 Computers and peripheral equipment | 3341 | .79 | 122.1 123.0 125.4 127.2 127.8 128.5 129.1 129.9 130.8 Communications equipment | 3342 | 1.21 | 151.2 156.3 160.6 159.8 164.3 169.6 175.6 182.0 185.7 Semiconductors and related | | | electronic components | 334412-9 | 2.79 | 221.9 221.9 232.2 238.3 235.6 236.7 236.1 235.1 235.9 | | | Excluding selected high-technology | | | industries | | 74.83 | 105.4 107.4 107.9 108.3 109.2 108.9 109.5 110.3 109.9 | | | Motor vehicles and parts | 3361-3 | 7.09 | 116.3 116.3 110.9 109.5 112.3 111.3 112.9 112.7 111.3 Motor vehicles | 3361 | 3.53 | 124.7 123.7 113.4 108.9 114.7 114.9 117.1 116.0 113.8 Motor vehicle parts | 3363 | 3.09 | 105.8 106.5 104.3 104.3 105.5 104.5 105.8 107.3 106.8 | | | Excluding motor vehicles and parts | | 67.74 | 104.3 106.5 107.5 108.1 108.9 108.6 109.1 110.0 109.7 Consumer goods | | 21.02 | 103.9 104.6 104.6 105.2 105.3 104.6 105.4 106.0 105.5 Business equipment | | 8.01 | 108.1 117.4 120.8 121.6 121.9 122.2 123.1 125.7 125.2 Construction supplies | | 4.41 | 109.5 112.1 113.1 112.8 113.8 113.5 114.2 114.6 113.9 Business supplies | | 7.75 | 102.9 103.9 104.4 105.1 105.8 105.1 105.3 106.0 105.8 Materials | | 24.41 | 101.7 103.3 104.4 105.2 106.7 106.7 107.1 107.8 107.7 | | | Measures excluding selected high-technology | | | industries | | | Total industry | | 95.20 | 104.0 105.2 106.0 107.0 106.9 107.2 107.8 108.6 108.5 Manufacturing<1> | | 75.99 | 105.2 107.1 107.7 108.0 109.0 108.6 109.1 109.8 109.7 Durable | | 38.29 | 110.5 113.7 113.8 113.7 114.7 114.7 115.3 116.4 116.0 | | | Measures excluding motor vehicles and parts | | | Total industry | | 92.91 | 106.5 107.8 109.3 110.5 110.2 110.7 111.2 112.1 112.1 Manufacturing<1> | | 73.69 | 108.2 110.4 111.8 112.4 113.2 113.0 113.4 114.3 114.3 Durable | | 36.00 | 117.6 121.5 123.3 123.7 124.3 124.7 125.2 126.7 126.7 | | | Measures excluding selected high-technology | | | industries and motor vehicles and parts | | | Total industry | | 88.11 | 103.0 104.3 105.6 106.7 106.4 106.9 107.3 108.2 108.2 Manufacturing<1> | | 68.90 | 104.0 106.2 107.4 107.9 108.6 108.3 108.7 109.5 109.5 | | | Stage-of-process components of non-energy | | | materials, measures of the input to | | | Finished processors | | 13.13 | 120.4 121.9 122.6 123.8 124.7 124.8 125.6 126.5 126.3 Primary and semifinished processors | | 16.30 | 100.9 102.4 103.9 104.6 106.3 106.1 106.2 107.0 106.8 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. Note. See notes to table 2. <1> See note on cover page. Table 6 Diffusion Indexes of Industrial Production Percent ------------------------------------------------------------------------------------------------------- Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ------------------------------------------------------------------------------------------------------- One Month Earlier 2004 61.0 62.7 53.0 66.7 58.7 46.3 66.0 56.0 47.0 61.0 53.7 58.7 2005 54.7 47.3 49.7 52.7 54.0 56.7 54.3 52.0 55.3 60.0 59.3 55.8 2006 65.5 52.2 59.7 63.7 Three Months Earlier 2004 66.0 61.3 65.0 68.3 66.7 62.3 57.7 56.3 56.3 57.7 56.7 64.3 2005 58.3 59.0 52.0 47.3 51.8 57.0 57.0 55.0 54.3 57.7 58.5 60.7 2006 67.0 62.3 66.7 60.7 Six Months Earlier 2004 68.3 73.3 68.0 77.0 72.0 65.3 67.3 67.0 62.0 61.3 58.7 64.0 2005 62.0 60.0 60.7 52.3 52.7 55.0 57.0 53.3 56.3 60.0 60.0 56.0 2006 64.0 62.0 66.7 69.0 ------------------------------------------------------------------------------------------------------- Note: The diffusion indexes are calculated as the percentage of series that increased over the indicated span (one, three, or six months) plus one-half the percentage that were unchanged. Table 7 Capacity Utilization Percent of capacity, seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | 1972- 1988- 1994- 2001-| | | | 2005 | 2005 89 95 02| 2005 2006 | 2006 Item | NAICS | Proportion| Ave. High High Low| Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May -------------------------------------------------------------------------------------------------------------------------------------------------------------------- Total industry | | 100.00 | 81.0 85.1 85.0 73.9 | 79.9 79.8 80.5 81.1 | 81.1 81.4 81.9 81.7 | | | | | Manufacturing | | 82.87 | 79.8 85.5 84.5 72.0 | 78.5 78.5 79.8 80.4 | 80.2 80.4 80.8 80.5 Manufacturing (NAICS) | | 78.75 | 79.5 85.5 84.6 71.5 | 78.1 78.1 79.4 80.1 | 79.9 80.1 80.5 80.3 | | | | | Durable manufacturing | | 45.07 | 78.1 84.6 84.1 68.4 | 76.6 77.1 79.1 79.3 | 79.2 79.3 79.9 79.5 Wood products | 321 | 1.51 | 80.2 88.5 88.2 71.0 | 80.6 80.9 87.1 84.3 | 84.0 83.4 83.1 83.2 Nonmetallic mineral products | 327 | 2.24 | 79.4 85.2 84.3 75.7 | 81.0 80.8 83.2 84.5 | 84.7 84.0 84.4 84.4 Primary metal | 331 | 2.43 | 80.5 94.9 94.8 68.8 | 79.1 79.4 83.5 85.7 | 85.8 84.8 86.5 87.3 Fabricated metal products | 332 | 6.20 | 77.1 81.7 85.1 68.9 | 74.3 74.7 76.1 77.0 | 76.9 77.5 78.0 77.7 Machinery | 333 | 5.40 | 78.8 85.3 87.5 63.4 | 79.4 80.1 83.5 83.0 | 82.5 83.6 85.3 83.7 Computer and electronic products | 334 | 8.66 | 78.6 81.5 83.7 59.7 | 75.4 76.5 78.2 77.4 | 77.4 77.2 77.5 77.7 Electrical equip., appliances, | | | | | and components | 335 | 2.03 | 83.3 89.0 93.0 71.7 | 82.3 84.9 87.7 89.8 | 89.2 90.2 91.6 91.0 Motor vehicles and parts | 3361-3 | 7.19 | 77.6 89.3 88.9 70.1 | 79.1 80.9 79.6 78.9 | 78.3 79.2 78.9 77.8 Aerospace and miscellaneous | | | | | transportation equipment | 3364-9 | 4.30 | 72.5 87.3 68.7 62.7 | 68.8 65.8 71.7 74.6 | 75.4 74.5 75.8 75.7 Furniture and related products | 337 | 1.79 | 78.5 82.2 83.4 69.5 | 73.5 73.8 73.3 73.2 | 73.1 73.8 73.9 73.9 Miscellaneous | 339 | 3.32 | 76.6 82.4 81.3 70.5 | 77.3 78.2 78.4 78.1 | 78.3 78.0 77.9 77.7 | | | | | Nondurable manufacturing | | 33.67 | 81.7 86.9 85.3 75.6 | 80.1 79.5 80.0 81.3 | 81.0 81.2 81.4 81.4 Food, beverage, and tobacco products | 311,2 | 10.72 | 81.8 85.9 84.1 76.7 | 80.4 80.7 81.9 82.9 | 82.5 83.2 83.3 83.0 Textile and product mills | 313,4 | 1.17 | 82.6 91.5 91.2 70.1 | 74.9 77.2 77.2 77.0 | 77.2 76.2 75.8 75.7 Apparel and leather | 315,6 | .79 | 79.2 84.2 88.2 60.4 | 74.0 77.3 80.3 83.3 | 82.9 83.9 84.0 83.8 Paper | 322 | 2.59 | 87.7 93.6 91.5 79.5 | 84.2 83.2 85.0 85.5 | 85.0 84.3 84.3 84.8 Printing and support | 323 | 2.15 | 83.8 91.9 86.3 72.1 | 75.5 76.5 77.3 79.3 | 79.2 79.8 80.7 80.4 Petroleum and coal products | 324 | 2.06 | 86.0 89.0 90.6 84.1 | 93.8 90.1 87.3 90.6 | 90.9 89.1 87.5 91.2 Chemical | 325 | 10.85 | 78.2 85.0 81.1 71.4 | 76.8 74.7 74.1 75.3 | 75.0 75.5 75.8 75.4 Plastics and rubber products | 326 | 3.36 | 83.6 89.5 92.4 75.0 | 85.3 86.6 89.0 89.6 | 89.5 89.7 90.4 90.0 | | | | | Other manufacturing (non-NAICS) | 1133,5111 | 4.12 | 84.8 91.0 83.2 81.2 | 87.1 85.5 86.1 85.5 | 84.9 85.1 85.8 85.3 | | | | | Mining | 21 | 8.32 | 87.3 86.1 89.0 85.6 | 89.6 86.1 82.7 88.0 | 88.1 88.6 89.7 89.6 Utilities | 2211,2 | 8.82 | 86.7 92.7 93.7 83.7 | 85.2 88.1 86.9 83.5 | 84.6 85.7 86.4 86.5 | | | | | Selected high-technology industries | | 5.51 | 78.1 80.9 86.1 57.4 | 74.7 75.3 75.7 74.8 | 74.8 74.6 74.6 74.7 Computers and peripheral equipment | 3341 | .87 | 78.3 80.2 84.2 64.7 | 78.6 79.0 80.4 81.0 | 81.0 80.9 80.8 80.8 Communications equipment | 3342 | 1.53 | 75.8 80.7 85.9 41.1 | 64.0 68.9 74.2 78.9 | 78.8 81.2 83.7 84.9 Semiconductors and related | | | | | electronic components | 334412-9 | 3.10 | 80.5 82.7 91.1 58.6 | 78.9 77.3 75.2 71.5 | 71.6 70.3 69.4 69.1 | | | | | Measures excluding selected high-technology | | | | | industries | | | | | Total industry | | 94.49 | 81.1 85.5 85.0 75.0 | 80.3 80.2 81.0 81.7 | 81.7 82.0 82.6 82.3 Manufacturing<1> | | 77.35 | 79.9 86.0 84.4 73.1 | 78.9 78.9 80.3 81.0 | 80.8 81.1 81.5 81.2 | | | | | Stage-of-process groups | | | | | Crude | | 11.50 | 86.4 88.3 89.4 83.2 | 88.0 84.2 81.3 85.8 | 85.7 86.1 87.2 87.6 Primary and semifinished | | 47.44 | 82.1 86.7 88.1 74.6 | 81.3 81.8 82.6 82.3 | 82.4 82.5 82.8 82.7 Finished | | 41.06 | 77.9 82.8 80.5 70.8 | 76.4 76.9 78.3 79.0 | 78.8 79.3 79.8 79.2 -------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. <1> See note on cover page Note. See notes to table 2. Table 8 Industrial Capacity Percent change ----------------------------------------------------------------------------------------------------------------------------------------------------- | Average annual rate | Fourth quarter to fourth quarter | Annual rate | Monthly rate |----------------------------|------------------------------------|----------------------------|-------------- | 1972- 1980- 1989- 1995-| | 2005 2006 | 2006 Item | 79 88 94 2006 | 2003 2004 2005 2006 | Q3 Q4 Q1 Q2 | May ----------------------------------------------------------------------------------------------------------------------------------------------------- Total industry | 3.0 1.9 2.2 3.4 | -.2 .6 1.6 2.0 | 1.7 1.8 2.0 2.0 | .2 | | | | Manufacturing<1> | 3.2 2.2 2.5 3.8 | -.1 .5 2.1 2.5 | 2.2 2.3 2.5 2.6 | .2 | | | | Mining | .7 .1 -.9 -.7 | -1.0 -.6 -.6 -1.4 | -.4 -.2 -.7 -1.6 | -.1 Utilities | 4.3 2.1 1.6 2.2 | 3.1 2.6 .0 .7 | -.4 -.4 .2 .7 | .1 | | | | | | | | Selected high-technology industries | 18.5 17.0 15.8 27.0 | 8.0 6.8 20.8 12.3 | 23.0 24.3 21.0 11.6 | .8 Manufacturing<1> ex. selected | | | | high-technology industries | 2.6 1.3 1.6 1.8 | -.5 .1 .6 1.7 | .7 .7 1.1 1.8 | .2 | | | | Stage-of-process groups | | | | Crude | 1.7 .3 -.3 -.5 | -2.1 -1.1 -.9 -1.1 | -.7 -.6 -.8 -1.1 | -.1 Primary and semifinished | 3.1 1.4 2.6 4.2 | -.1 .9 2.5 2.1 | 2.6 2.8 2.7 2.1 | .2 Finished | 3.7 3.3 2.5 3.4 | .6 .8 1.2 2.8 | 1.3 1.3 1.9 2.9 | .3 ----------------------------------------------------------------------------------------------------------------------------------------------------- p Preliminary. <1> See note on cover page. Table 9 Gross Value of Final Products and Nonindustrial Supplies Billions of 2000 dollars at annual rate, seasonally adjusted ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | 2005 2006 | 2006 Item | 2000 | 2005 | Q1 Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | | Final products and nonindustrial | | | | supplies | 2,815.1 | 2,990.6 | 2,951.0 2,967.7 2,988.2 3,039.9 3,063.9 | 3,058.8 3,078.5 3,089.5 3,094.7 | | | | Final products | 2,114.0 | 2,264.1 | 2,233.6 2,244.5 2,262.4 2,299.7 2,322.0 | 2,319.0 2,335.3 2,340.3 2,347.7 | | | | Consumer goods | 1,480.7 | 1,593.2 | 1,581.5 1,583.6 1,597.5 1,600.9 1,606.6 | 1,605.2 1,615.7 1,608.0 1,618.0 Durable | 471.7 | 538.1 | 530.2 526.3 540.7 544.8 542.8 | 540.3 544.6 542.0 536.2 Automotive products | 279.5 | 339.9 | 334.5 330.3 343.2 341.1 340.8 | 338.6 343.4 339.9 335.5 Other durable goods | 192.1 | 198.5 | 196.1 196.3 197.9 203.9 202.2 | 202.0 201.5 202.4 200.9 Nondurable | 1,009.1 | 1,056.7 | 1,052.3 1,057.7 1,058.7 1,058.4 1,065.5 | 1,066.2 1,072.5 1,067.4 1,081.6 | | | | Equipment, total | 633.2 | 675.0 | 655.1 664.4 668.2 705.3 723.3 | 721.6 727.6 742.0 738.7 Business and defense | 616.9 | 658.0 | 639.1 648.9 651.8 684.9 705.4 | 703.8 709.9 724.2 720.8 Business | 558.7 | 578.7 | 562.5 570.2 571.8 604.4 624.0 | 621.5 628.5 642.1 637.6 Defense and space | 58.1 | 78.3 | 75.7 77.6 78.7 80.0 81.2 | 81.8 81.3 82.2 82.9 | | | | Nonindustrial supplies | 701.2 | 726.8 | 717.6 723.5 726.2 740.4 742.3 | 740.2 743.8 749.6 747.5 Construction supplies | 198.0 | 205.9 | 201.2 203.2 205.7 214.1 215.5 | 214.6 216.0 216.9 216.1 Business supplies | 503.2 | 520.8 | 516.5 520.3 520.4 526.0 526.5 | 525.3 527.4 532.4 531.1 Commercial energy products | 136.0 | 151.5 | 149.9 153.0 151.9 152.0 148.7 | 148.5 149.8 151.7 150.9 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. Table 10 Gross-Value-Weighted Industrial Production: Stage-of-Process Groups Percent change, seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Fourth quarter to | | | | | fourth quarter | Annual rate | Monthly rate | | |---------------------|----------------------------|----------------------------| May '05 | 2005 | | 2005 2006 | 2006 | to Item | gross value<1>| 2003 2004 2005 | Q2 Q3 Q4 Q1 r | Feb. Mar. Apr. May | May '06 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | | | | Finished | 1,932.2 | 3.0 4.8 5.4 | 1.9 4.1 9.9 5.6 | -.2 1.1 .8 -.7 | 5.6 Semifinished | 1,747.0 | 1.6 5.0 6.3 | 3.5 8.3 9.2 .3 | .5 .4 .9 -.4 | 5.9 Primary | 945.8 | -.2 2.8 -2.4 | -2.4 -4.5 -1.5 6.3 | .9 -.3 -.4 1.7 | 1.7 Crude | 391.7 | -1.6 3.7 -10.2 | -4.1 -20.9 -14.3 25.9 | -.5 .6 .9 .5 | -1.9 | | | | | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. p Preliminary. <1> Billions of 2000 dollars. Table 11 Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry Seasonally adjusted ------------------------------------------------------------------------------------------------------------------------------------------- | | | Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual ------------------------------------------------------------------------------------------------------------------------------------------- | | | IP (percent | | | change) <1> | | | 1984 | 2.1 .5 .5 .6 .5 .4 .3 .1 -.2 -.1 .4 .1 | 12.4 6.4 2.9 .4 | 9.0 1985 | -.3 .4 .2 -.2 .1 .0 -.6 .5 .4 -.4 .3 1.0 | 1.1 .6 -.6 2.5 | 1.3 1986 | .5 -.8 -.6 .0 .2 -.3 .6 -.2 .2 .4 .5 .9 | 2.3 -2.4 1.7 4.5 | 1.0 1987 | -.3 1.2 .2 .6 .7 .5 .6 .7 .3 1.5 .5 .5 | 5.4 7.0 7.1 9.9 | 5.1 | | | 1988 | .1 .3 .3 .5 .0 .2 .2 .5 -.3 .6 .2 .4 | 3.4 3.2 2.1 3.3 | 5.0 1989 | .3 -.5 .3 -.1 -.7 .0 -.9 .9 -.3 -.1 .3 .7 | 1.5 -1.9 -2.5 1.8 | .9 1990 | -.6 .9 .5 .0 .1 .3 -.1 .3 .2 -.7 -1.2 -.7 | 2.9 2.9 1.3 -5.9 | .9 1991 | -.5 -.7 -.5 .2 1.0 1.0 .0 .2 .9 -.2 -.1 -.3 | -7.6 2.7 5.7 1.0 | -1.5 1992 | -.5 .7 .7 .7 .4 .0 .8 -.5 .2 .7 .4 .1 | -.3 6.9 2.8 3.9 | 2.9 | | | 1993 | .5 .3 .0 .3 -.4 .3 .3 .0 .5 .7 .4 .5 | 3.7 1.0 2.4 6.1 | 3.3 1994 | .5 .0 1.0 .5 .6 .7 .2 .5 .2 .9 .6 1.1 | 5.3 7.5 5.3 7.9 | 5.4 1995 | .3 .0 .2 .0 .2 .3 -.4 1.4 .4 -.2 .3 .4 | 5.3 1.1 3.7 3.5 | 4.8 1996 | -.8 1.5 -.2 .9 .7 .8 -.2 .7 .6 .0 1.0 .7 | 1.8 8.4 5.1 6.2 | 4.2 1997 | .2 1.2 .8 -.1 .6 .5 .5 1.2 .9 .7 .9 .4 | 8.5 5.7 8.9 10.6 | 7.3 | | | 1998 | .4 .1 .1 .5 .6 -.5 -.3 2.2 -.2 .7 -.1 .3 | 4.4 3.1 3.6 5.6 | 5.9 1999 | .5 .5 .2 .2 .8 -.1 .7 .5 -.4 1.3 .6 .9 | 4.1 4.2 4.3 7.7 | 4.5 2000 | .2 .4 .4 .7 .3 .1 -.3 -.3 .4 -.3 .0 -.4 | 5.4 5.2 -.9 -1.3 | 4.3 2001 | -.8 -.7 -.3 -.1 -.8 -.5 -.4 -.3 -.4 -.5 -.4 .0 | -6.6 -4.9 -5.1 -4.5 | -3.5 2002 | .6 -.1 .9 .4 .4 .9 -.3 .1 .0 -.4 .3 -.5 | 2.9 6.1 1.7 -1.6 | .1 | | | 2003 | .5 .0 -.2 -.8 -.1 .3 .5 .1 .7 .1 .9 .2 | .8 -3.3 3.6 5.1 | .6 2004 | .4 .8 -.3 .8 .9 -.6 .6 .3 -.2 .7 .2 .7 | 5.3 5.2 2.6 4.2 | 4.1 2005 | .2 .4 .0 -.1 .2 .8 .0 .3 -1.3 1.1 .9 1.0 | 3.8 1.6 1.4 5.3 | 3.3 2006 | -.1 .4 .5 .8 -.1 | 5.3 | | | | IP | | | (2002=100) | | | 2004 | 102.7 103.5 103.2 104.0 105.0 104.4 105.0 105.3 105.1 105.8 106.0 106.7 | 103.1 104.4 105.1 106.2 | 104.7 2005 | 106.9 107.4 107.3 107.2 107.4 108.3 108.3 108.6 107.2 108.4 109.4 110.4 | 107.2 107.6 108.0 109.4 | 108.2 2006 | 110.3 110.7 111.3 112.2 112.1 | 110.8 | | | | Capacity | | | (percent of | | | 2002 output) | | | 2004 | 133.0 133.0 133.0 133.1 133.1 133.2 133.3 133.4 133.5 133.6 133.7 133.9 | 133.0 133.1 133.4 133.7 | 133.3 2005 | 134.0 134.2 134.3 134.5 134.7 134.9 135.1 135.3 135.5 135.7 135.9 136.1 | 134.2 134.7 135.3 135.9 | 135.0 2006 | 136.3 136.6 136.8 137.0 137.2 | 136.6 | | | | Utilization | | | (percent) | | | 1984 | 79.5 79.7 80.0 80.4 80.7 80.8 80.9 80.9 80.6 80.3 80.5 80.3 | 79.7 80.7 80.8 80.4 | 80.4 1985 | 79.9 80.1 80.0 79.7 79.6 79.4 78.7 78.9 79.1 78.6 78.8 79.4 | 80.0 79.6 78.9 78.9 | 79.4 1986 | 79.7 79.0 78.4 78.3 78.4 78.0 78.4 78.2 78.3 78.5 78.7 79.3 | 79.0 78.2 78.3 78.9 | 78.6 1987 | 79.0 79.8 79.8 80.1 80.6 80.8 81.2 81.6 81.7 82.8 83.1 83.4 | 79.6 80.5 81.5 83.1 | 81.2 | | | 1988 | 83.4 83.6 83.7 84.1 84.0 84.2 84.3 84.6 84.3 84.7 84.8 85.0 | 83.6 84.1 84.4 84.8 | 84.2 1989 | 85.1 84.6 84.7 84.5 83.8 83.6 82.7 83.3 82.8 82.6 82.7 83.1 | 84.8 84.0 82.9 82.8 | 83.6 1990 | 82.4 82.9 83.2 83.0 82.9 82.9 82.7 82.8 82.8 82.0 80.9 80.2 | 82.8 82.9 82.7 81.1 | 82.4 1991 | 79.7 79.1 78.6 78.6 79.3 80.0 79.9 79.9 80.5 80.2 80.0 79.7 | 79.1 79.3 80.1 80.0 | 79.6 1992 | 79.1 79.5 80.0 80.4 80.6 80.5 81.0 80.4 80.5 80.9 81.0 81.0 | 79.6 80.5 80.6 81.0 | 80.4 | | | 1993 | 81.2 81.4 81.3 81.4 81.0 81.1 81.2 81.1 81.4 81.8 82.0 82.3 | 81.3 81.1 81.2 82.0 | 81.4 1994 | 82.5 82.3 83.0 83.2 83.5 83.8 83.8 83.9 83.8 84.2 84.5 85.0 | 82.6 83.5 83.8 84.6 | 83.6 1995 | 85.0 84.7 84.5 84.1 83.9 83.8 83.1 83.9 83.8 83.3 83.2 83.2 | 84.7 83.9 83.6 83.2 | 83.9 1996 | 82.1 83.0 82.5 82.9 83.1 83.5 83.0 83.2 83.3 82.9 83.3 83.5 | 82.5 83.2 83.1 83.3 | 83.0 1997 | 83.3 83.9 84.1 83.6 83.6 83.5 83.5 84.0 84.3 84.3 84.6 84.4 | 83.7 83.6 83.9 84.4 | 83.9 | | | 1998 | 84.2 83.7 83.3 83.1 83.1 82.2 81.5 82.8 82.3 82.5 82.1 81.9 | 83.7 82.8 82.2 82.2 | 82.7 1999 | 82.0 82.0 81.8 81.7 82.0 81.7 81.9 82.0 81.3 82.1 82.2 82.6 | 81.9 81.8 81.7 82.3 | 81.9 2000 | 82.5 82.5 82.5 82.7 82.7 82.5 82.0 81.4 81.5 80.9 80.7 80.1 | 82.5 82.6 81.6 80.6 | 81.8 2001 | 79.2 78.4 77.9 77.6 76.9 76.3 75.9 75.4 75.0 74.5 74.0 73.9 | 78.5 76.9 75.4 74.2 | 76.3 2002 | 74.3 74.1 74.7 74.9 75.2 75.8 75.6 75.6 75.6 75.3 75.5 75.2 | 74.4 75.3 75.6 75.3 | 75.1 | | | 2003 | 75.5 75.6 75.4 74.9 74.9 75.1 75.4 75.5 76.0 76.1 76.8 76.9 | 75.5 74.9 75.6 76.6 | 75.7 2004 | 77.2 77.8 77.6 78.1 78.8 78.4 78.8 79.0 78.7 79.2 79.3 79.7 | 77.5 78.4 78.8 79.4 | 78.6 2005 | 79.8 80.0 79.9 79.7 79.8 80.3 80.2 80.3 79.1 79.9 80.5 81.1 | 79.9 79.9 79.8 80.5 | 80.0 2006 | 80.9 81.1 81.4 81.9 81.7 | 81.1 | ------------------------------------------------------------------------------------------------------------------------------------------- <1> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages. Table 12 Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing <1> Seasonally adjusted ------------------------------------------------------------------------------------------------------------------------------------------- | | | Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual ------------------------------------------------------------------------------------------------------------------------------------------- | | | IP (percent | | | change) <2> | | | 1984 | 1.9 1.1 .5 .5 .2 .4 .5 .2 -.2 .4 .3 .3 | 12.8 6.3 3.7 2.8 | 9.9 1985 | -.4 -.3 .8 -.3 .1 .1 -.6 .6 .1 -.3 .6 .4 | .1 1.1 .1 2.3 | 1.8 1986 | 1.2 -.7 -.3 .4 .2 -.4 .5 .3 .2 .3 .5 .9 | 4.4 -.1 2.5 4.9 | 2.2 1987 | -.3 1.4 .1 .5 .7 .4 .7 .5 .6 1.6 .6 .6 | 6.0 6.7 6.9 11.3 | 5.5 | | | 1988 | -.2 .1 .3 .8 -.1 .1 .1 .1 .3 .7 .3 .4 | 2.4 4.1 1.4 5.0 | 5.2 1989 | .8 -1.0 -.1 .1 -.8 .1 -1.1 .9 -.3 -.2 .2 .2 | 1.7 -3.4 -3.0 .5 | .8 1990 | -.2 1.4 .4 -.1 .0 .2 -.2 .3 .0 -.8 -1.1 -.8 | 4.4 2.7 .6 -6.5 | .7 1991 | -.8 -.7 -.6 .3 .7 1.1 .3 .3 1.0 -.2 -.2 -.1 | -9.1 2.2 7.4 1.8 | -2.0 1992 | -.5 .9 .9 .5 .7 .3 .8 -.4 .0 .6 .4 -.1 | .7 7.9 3.9 2.7 | 3.7 | | | 1993 | 1.0 .1 -.1 .5 -.1 -.1 .3 -.1 .6 .8 .4 .6 | 4.6 1.5 1.6 6.9 | 3.5 1994 | .3 .1 1.3 .8 .7 .3 .5 .7 .3 1.0 .8 1.1 | 5.2 9.5 6.2 9.6 | 6.0 1995 | .4 -.1 .3 -.1 .0 .4 -.6 1.2 .9 -.1 .1 .4 | 5.7 .6 3.0 4.4 | 5.3 1996 | -1.0 1.5 -.3 1.2 .7 1.0 .2 .7 .7 .0 1.0 .9 | .8 9.5 7.5 6.5 | 4.6 1997 | .2 1.4 1.2 -.3 .8 .7 .3 1.5 .9 .7 1.2 .5 | 10.1 6.8 9.9 11.4 | 8.5 | | | 1998 | .7 .1 -.1 .6 .5 -.6 -.4 2.6 -.3 1.0 .1 .5 | 6.0 2.5 3.9 7.8 | 6.7 1999 | .3 .8 -.1 .4 1.0 -.2 .5 .7 -.4 1.5 .7 .8 | 4.6 4.8 4.0 9.3 | 5.2 2000 | .3 .3 .6 .7 .0 .2 -.1 -.7 .4 -.3 -.3 -.7 | 6.1 5.0 -1.2 -2.9 | 4.6 2001 | -.8 -.7 -.4 -.1 -.8 -.6 -.2 -.7 -.3 -.6 -.2 .3 | -7.5 -5.1 -5.6 -4.2 | -4.2 2002 | .5 -.1 .8 .1 .5 1.0 -.4 .3 .0 -.6 .3 -.5 | 3.5 5.3 2.2 -2.1 | .1 | | | 2003 | .4 -.2 .2 -.9 -.1 .6 .3 -.1 .9 .1 1.1 .1 | .3 -2.7 3.3 6.1 | .5 2004 | .3 .9 .2 .8 .8 -.6 .8 .7 -.4 .8 .0 .5 | 5.7 6.6 4.1 4.0 | 4.8 2005 | .5 .5 -.3 .0 .4 .3 .1 .4 -.5 1.8 .8 .4 | 4.5 1.3 2.0 9.1 | 4.0 2006 | .8 -.3 .5 .7 -.1 | 5.4 | | | | IP | | | (2002 = 100) | | | 2004 | 102.6 103.6 103.7 104.6 105.5 104.9 105.7 106.4 106.0 106.9 106.9 107.5 | 103.3 105.0 106.1 107.1 | 105.4 2005 | 108.1 108.6 108.2 108.3 108.7 109.0 109.1 109.5 108.9 110.9 111.7 112.2 | 108.3 108.6 109.2 111.6 | 109.6 2006 | 113.1 112.8 113.4 114.2 114.0 | 113.1 | | | | Capacity | | | (percent of | | | 2002 output) | | | 2004 | 136.3 136.3 136.3 136.4 136.4 136.5 136.5 136.6 136.7 136.9 137.0 137.2 | 136.3 136.4 136.6 137.0 | 136.6 2005 | 137.4 137.6 137.8 138.1 138.3 138.6 138.8 139.1 139.3 139.6 139.9 140.1 | 137.6 138.3 139.1 139.9 | 138.7 2006 | 140.4 140.7 141.0 141.3 141.6 | 140.7 | | | | Utilization | | | (percent) | | | 1984 | 78.1 78.9 79.1 79.4 79.5 79.6 79.8 79.8 79.4 79.5 79.6 79.6 | 78.7 79.5 79.7 79.6 | 79.4 1985 | 79.1 78.6 79.0 78.6 78.5 78.4 77.7 78.0 77.9 77.6 77.9 78.1 | 78.9 78.5 77.9 77.9 | 78.3 1986 | 78.9 78.2 77.9 78.1 78.2 77.8 78.1 78.2 78.3 78.4 78.7 79.2 | 78.4 78.0 78.2 78.8 | 78.3 1987 | 78.9 79.8 79.7 79.9 80.4 80.5 80.9 81.1 81.5 82.6 83.0 83.4 | 79.5 80.3 81.2 83.0 | 81.0 | | | 1988 | 83.2 83.2 83.4 84.0 83.9 84.0 84.0 84.0 84.2 84.7 84.8 85.0 | 83.3 84.0 84.1 84.8 | 84.0 1989 | 85.5 84.5 84.3 84.2 83.3 83.2 82.1 82.7 82.2 81.9 81.9 81.8 | 84.8 83.6 82.4 81.9 | 83.1 1990 | 81.5 82.4 82.6 82.3 82.1 82.2 81.8 81.9 81.7 81.0 79.9 79.2 | 82.2 82.2 81.8 80.0 | 81.6 1991 | 78.4 77.7 77.1 77.3 77.7 78.5 78.6 78.7 79.4 79.1 78.9 78.7 | 77.7 77.8 78.9 78.9 | 78.3 1992 | 78.1 78.6 79.2 79.4 79.8 79.8 80.3 79.8 79.7 80.0 80.1 79.8 | 78.6 79.7 79.9 79.9 | 79.6 | | | 1993 | 80.5 80.4 80.2 80.4 80.2 80.0 80.1 79.9 80.3 80.7 80.9 81.2 | 80.4 80.2 80.1 81.0 | 80.4 1994 | 81.3 81.1 82.0 82.4 82.8 82.8 82.9 83.2 83.1 83.6 84.0 84.5 | 81.4 82.6 83.1 84.0 | 82.8 1995 | 84.5 84.1 83.9 83.4 83.0 82.9 82.0 82.6 82.9 82.4 82.1 82.0 | 84.1 83.1 82.5 82.2 | 83.0 1996 | 80.8 81.6 81.0 81.5 81.7 82.1 81.9 82.1 82.2 81.8 82.1 82.4 | 81.1 81.8 82.1 82.1 | 81.8 1997 | 82.2 82.8 83.3 82.5 82.7 82.7 82.4 83.1 83.3 83.3 83.6 83.4 | 82.8 82.6 83.0 83.4 | 83.0 | | | 1998 | 83.4 82.9 82.2 82.1 81.9 80.9 80.1 81.7 81.0 81.4 81.1 81.1 | 82.8 81.7 80.9 81.2 | 81.7 1999 | 80.9 81.1 80.7 80.6 81.1 80.5 80.6 80.8 80.1 80.9 81.2 81.5 | 80.9 80.7 80.5 81.2 | 80.8 2000 | 81.3 81.2 81.4 81.6 81.2 81.0 80.6 79.8 79.8 79.2 78.7 77.8 | 81.3 81.3 80.0 78.6 | 80.3 2001 | 77.0 76.2 75.7 75.4 74.6 74.0 73.7 73.1 72.7 72.2 72.0 72.1 | 76.3 74.7 73.2 72.1 | 74.1 2002 | 72.5 72.3 72.9 73.0 73.3 74.0 73.7 73.9 73.9 73.4 73.6 73.3 | 72.6 73.4 73.8 73.4 | 73.3 | | | 2003 | 73.5 73.4 73.5 72.9 72.8 73.2 73.4 73.4 74.0 74.1 75.0 75.1 | 73.5 73.0 73.6 74.7 | 73.7 2004 | 75.3 76.0 76.1 76.7 77.3 76.9 77.4 77.9 77.5 78.1 78.0 78.3 | 75.8 77.0 77.6 78.2 | 77.1 2005 | 78.6 78.9 78.5 78.4 78.6 78.7 78.6 78.8 78.2 79.4 79.9 80.1 | 78.7 78.5 78.5 79.8 | 78.9 2006 | 80.5 80.2 80.4 80.8 80.5 | 80.4 | ------------------------------------------------------------------------------------------------------------------------------------------- <1> See note on cover page. <2> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages. Table 13 Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry Excluding Selected High-Technology Industries Seasonally adjusted ------------------------------------------------------------------------------------------------------------------------------------------- | | | Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual ------------------------------------------------------------------------------------------------------------------------------------------- | | | IP (percent | | | change) <1> | | | 1984 | 2.0 .3 .4 .5 .4 .2 .2 .0 -.2 -.2 .3 .1 | 11.4 5.0 1.6 -.3 | 7.9 1985 | -.3 .5 .2 .0 .1 .0 -.5 .5 .5 -.4 .3 1.1 | .9 1.2 -.2 2.6 | 1.0 1986 | .6 -.8 -.7 .0 .1 -.2 .3 -.2 .2 .4 .4 .8 | 2.3 -2.7 .6 4.0 | .9 1987 | -.5 1.2 .2 .5 .6 .4 .5 .6 .2 1.4 .5 .4 | 4.5 6.3 6.0 9.1 | 4.2 | | | 1988 | .0 .3 .2 .4 -.1 .2 .1 .5 -.4 .6 .2 .4 | 3.1 2.6 1.5 2.9 | 4.4 1989 | .3 -.5 .4 -.1 -.7 .0 -1.1 .9 -.4 -.2 .3 .7 | 1.8 -2.1 -3.3 1.0 | .6 1990 | -.7 .8 .4 -.1 .0 .2 -.2 .3 .1 -.8 -1.2 -.8 | 2.2 2.4 1.0 -6.5 | .3 1991 | -.5 -.8 -.6 .2 1.0 1.0 .0 .1 .9 -.2 -.2 -.5 | -8.1 2.2 5.4 .3 | -2.0 1992 | -.8 .7 .7 .6 .3 -.2 .7 -.5 .1 .6 .3 .0 | -1.9 6.1 1.7 3.0 | 1.9 | | | 1993 | .5 .3 .0 .2 -.4 .2 .3 -.1 .4 .6 .3 .5 | 3.0 .4 1.6 5.2 | 2.5 1994 | .4 -.1 .8 .3 .4 .6 .1 .3 .0 .7 .4 .9 | 4.2 5.3 3.4 5.5 | 4.0 1995 | .2 -.2 -.1 -.2 .0 .1 -.5 1.2 .1 -.4 .1 .2 | 3.0 -1.4 1.3 .5 | 2.4 1996 | -1.0 1.4 -.4 .8 .5 .7 -.5 .4 .4 -.2 .8 .4 | -.3 6.1 2.1 3.5 | 1.7 1997 | -.1 .8 .5 -.4 .3 .3 .3 1.0 .8 .6 .7 .1 | 4.9 2.1 6.1 8.3 | 4.2 | | | 1998 | .1 .0 -.1 .2 .5 -.9 -.8 2.0 -.6 .5 -.3 .1 | 1.6 1.0 -.3 2.3 | 3.1 1999 | .2 .2 -.1 -.2 .6 -.4 .3 .4 -.5 1.2 .3 .6 | .9 .3 1.2 5.6 | 1.2 2000 | -.3 .0 .1 .4 -.1 .0 -.5 -.5 .3 -.5 -.2 -.5 | .7 1.7 -3.0 -2.9 | 1.1 2001 | -.8 -.6 -.3 .0 -.7 -.4 -.2 -.3 -.4 -.5 -.5 .0 | -6.7 -4.0 -4.0 -4.8 | -4.1 2002 | .8 -.1 .9 .4 .4 .9 -.3 -.1 -.1 -.5 .2 -.6 | 3.4 6.2 1.3 -2.4 | .3 | | | 2003 | .4 -.2 -.3 -.8 -.1 .2 .4 .0 .6 .0 .9 .2 | -.6 -4.3 2.6 4.4 | -.3 2004 | .3 .7 -.4 .8 .9 -.7 .5 .2 -.3 .8 .2 .6 | 4.3 4.6 1.6 3.8 | 3.2 2005 | .0 .3 -.1 -.2 .1 .8 -.1 .1 -1.5 1.1 .8 .9 | 2.4 .8 .1 4.2 | 2.3 2006 | -.1 .3 .5 .8 -.1 | 4.7 | | | | IP | | | (2002 = 100) | | | 2004 | 101.2 101.9 101.6 102.4 103.3 102.6 103.1 103.3 103.0 103.8 104.0 104.6 | 101.6 102.7 103.1 104.1 | 102.9 2005 | 104.5 104.9 104.8 104.6 104.7 105.5 105.4 105.5 104.0 105.2 106.0 107.0 | 104.7 104.9 105.0 106.1 | 105.3 2006 | 106.9 107.2 107.8 108.6 108.5 | 107.3 | | | | Capacity | | | (percent of | | | 2002 output) | | | 2004 | 130.1 130.1 130.1 130.1 130.2 130.2 130.2 130.3 130.3 130.4 130.4 130.4 | 130.1 130.2 130.3 130.4 | 130.2 2005 | 130.5 130.5 130.6 130.6 130.7 130.7 130.8 130.8 130.9 130.9 131.0 131.0 | 130.5 130.7 130.8 131.0 | 130.7 2006 | 131.1 131.3 131.4 131.6 131.7 | 131.3 | | | | Utilization | | | (percent) | | | 1984 | 79.2 79.4 79.7 80.1 80.3 80.4 80.5 80.4 80.1 79.9 80.1 80.0 | 79.5 80.3 80.4 80.0 | 80.0 1985 | 79.6 79.9 79.8 79.7 79.6 79.4 78.9 79.1 79.3 78.9 79.0 79.7 | 79.8 79.6 79.1 79.2 | 79.4 1986 | 80.1 79.3 78.7 78.7 78.7 78.5 78.7 78.4 78.5 78.7 79.0 79.6 | 79.4 78.6 78.5 79.1 | 78.9 1987 | 79.2 80.0 80.1 80.4 80.8 81.1 81.4 81.9 81.9 83.1 83.4 83.7 | 79.8 80.8 81.7 83.4 | 81.4 | | | 1988 | 83.7 84.0 84.1 84.4 84.3 84.5 84.5 84.9 84.5 84.9 85.0 85.3 | 83.9 84.4 84.6 85.1 | 84.5 1989 | 85.5 85.0 85.2 84.9 84.2 84.1 83.0 83.6 83.2 82.9 83.0 83.4 | 85.2 84.4 83.3 83.1 | 84.0 1990 | 82.7 83.2 83.5 83.3 83.2 83.3 83.0 83.1 83.1 82.4 81.2 80.5 | 83.1 83.2 83.1 81.4 | 82.7 1991 | 80.1 79.3 78.8 78.8 79.5 80.2 80.1 80.1 80.7 80.5 80.2 79.7 | 79.4 79.5 80.3 80.1 | 79.8 1992 | 79.0 79.5 80.0 80.5 80.6 80.4 81.0 80.5 80.5 80.9 81.1 81.0 | 79.5 80.5 80.6 81.0 | 80.4 | | | 1993 | 81.3 81.5 81.3 81.5 81.0 81.2 81.3 81.2 81.4 81.9 82.1 82.4 | 81.4 81.2 81.3 82.1 | 81.5 1994 | 82.6 82.5 83.1 83.2 83.5 83.9 83.8 83.9 83.8 84.2 84.4 85.0 | 82.7 83.5 83.8 84.5 | 83.6 1995 | 85.0 84.6 84.4 84.0 83.8 83.7 83.1 83.8 83.7 83.2 83.1 83.1 | 84.6 83.8 83.5 83.1 | 83.8 1996 | 82.1 83.1 82.6 83.1 83.3 83.7 83.1 83.3 83.5 83.1 83.5 83.7 | 82.6 83.4 83.3 83.4 | 83.2 1997 | 83.4 83.8 84.0 83.4 83.4 83.3 83.2 83.8 84.1 84.3 84.6 84.4 | 83.7 83.4 83.7 84.5 | 83.8 | | | 1998 | 84.2 83.9 83.6 83.6 83.7 82.8 81.9 83.3 82.6 82.8 82.3 82.2 | 83.9 83.4 82.6 82.5 | 83.1 1999 | 82.2 82.1 81.9 81.5 81.9 81.4 81.4 81.6 81.0 81.9 82.0 82.3 | 82.1 81.6 81.4 82.1 | 81.8 2000 | 81.9 81.8 81.8 82.0 81.8 81.7 81.2 80.7 80.9 80.4 80.2 79.7 | 81.8 81.9 80.9 80.1 | 81.2 2001 | 78.9 78.4 78.0 78.0 77.3 76.9 76.7 76.4 76.0 75.5 75.1 75.0 | 78.4 77.4 76.4 75.2 | 76.9 2002 | 75.6 75.4 76.1 76.3 76.6 77.3 77.0 77.0 76.9 76.6 76.8 76.3 | 75.7 76.7 77.0 76.6 | 76.5 | | | 2003 | 76.7 76.6 76.4 75.8 75.8 76.0 76.3 76.3 76.8 76.8 77.5 77.6 | 76.6 75.9 76.4 77.3 | 76.5 2004 | 77.8 78.4 78.1 78.7 79.3 78.8 79.2 79.3 79.0 79.6 79.7 80.2 | 78.1 78.9 79.2 79.8 | 79.0 2005 | 80.1 80.3 80.3 80.1 80.1 80.7 80.6 80.7 79.5 80.3 80.9 81.6 | 80.2 80.3 80.2 81.0 | 80.4 2006 | 81.5 81.7 82.0 82.6 82.3 | 81.7 | ------------------------------------------------------------------------------------------------------------------------------------------- <1> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages. Note. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. Table 14 Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing <1> Excluding Selected High-Technology Industries Seasonally adjusted ------------------------------------------------------------------------------------------------------------------------------------------- | | | Year | Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.| Q1 Q2 Q3 Q4| Annual ------------------------------------------------------------------------------------------------------------------------------------------- | | | IP (percent | | | change) <2> | | | 1984 | 1.8 .9 .4 .4 .1 .3 .4 .1 -.3 .4 .3 .3 | 11.4 4.4 2.0 1.9 | 8.4 1985 | -.5 -.3 .9 -.1 .1 .1 -.4 .6 .2 -.3 .6 .4 | -.2 1.8 .7 2.4 | 1.4 1986 | 1.3 -.7 -.3 .4 .1 -.2 .2 .2 .2 .3 .4 .8 | 4.7 -.3 1.2 4.2 | 2.2 1987 | -.4 1.4 .1 .4 .7 .3 .5 .3 .5 1.5 .5 .5 | 4.8 5.8 5.5 10.4 | 4.6 | | | 1988 | -.2 .1 .2 .7 -.2 .0 .0 .1 .3 .6 .3 .4 | 2.0 3.4 .6 4.7 | 4.4 1989 | .9 -1.0 .0 .0 -.8 .1 -1.3 .9 -.3 -.3 .1 .1 | 2.1 -3.7 -4.0 -.4 | .4 1990 | -.3 1.4 .3 -.2 .0 .2 -.2 .3 -.1 -.8 -1.2 -.8 | 3.7 2.1 .2 -7.2 | .0 1991 | -.8 -.8 -.7 .3 .7 1.1 .3 .2 1.1 -.2 -.3 -.3 | -9.8 1.5 7.1 1.0 | -2.6 1992 | -.8 .9 .9 .4 .6 .1 .7 -.5 -.1 .4 .3 -.2 | -1.1 6.9 2.5 1.5 | 2.6 | | | 1993 | 1.0 .0 -.2 .5 -.1 -.2 .2 -.2 .5 .7 .3 .5 | 3.8 .8 .5 5.8 | 2.6 1994 | .1 .0 1.1 .5 .6 .2 .3 .5 .0 .8 .6 .9 | 3.9 7.0 4.0 6.8 | 4.4 1995 | .2 -.3 -.1 -.4 -.3 .2 -.8 .9 .5 -.4 -.1 .2 | 2.9 -2.4 .1 .9 | 2.5 1996 | -1.2 1.3 -.5 1.0 .4 .8 -.1 .4 .5 -.4 .8 .6 | -1.8 6.9 4.1 3.3 | 1.5 1997 | -.2 1.0 .9 -.7 .5 .4 .1 1.3 .7 .5 .9 .2 | 6.0 2.6 6.7 8.8 | 4.9 | | | 1998 | .4 -.1 -.3 .4 .4 -1.1 -.9 2.4 -.7 .7 -.1 .2 | 2.8 .1 -.7 4.1 | 3.5 1999 | -.1 .5 -.5 -.1 .8 -.7 .0 .7 -.6 1.4 .4 .4 | .8 .3 .4 7.1 | 1.4 2000 | -.3 -.1 .3 .4 -.5 .0 -.3 -.9 .3 -.4 -.6 -.9 | .6 .8 -3.7 -4.9 | .9 2001 | -.7 -.6 -.4 .1 -.8 -.4 .0 -.7 -.3 -.7 -.2 .2 | -7.8 -4.1 -4.3 -4.5 | -4.9 2002 | .7 -.1 .9 .1 .5 1.0 -.4 .1 -.1 -.7 .1 -.6 | 4.2 5.3 1.7 -3.2 | .3 | | | 2003 | .3 -.4 .1 -.9 -.2 .5 .1 -.3 .9 .0 1.2 .0 | -1.5 -3.9 2.1 5.3 | -.6 2004 | .1 .8 .1 .9 .7 -.7 .8 .5 -.5 .9 .0 .4 | 4.4 6.0 2.9 3.6 | 3.8 2005 | .3 .4 -.4 -.1 .3 .2 .0 .2 -.7 1.8 .6 .3 | 2.8 .3 .5 8.0 | 2.8 2006 | .9 -.3 .4 .7 -.2 | 4.8 | | | | IP | | | (2002 = 100) | | | 2004 | 100.9 101.7 101.8 102.7 103.5 102.7 103.5 104.1 103.5 104.5 104.5 104.9 | 101.5 103.0 103.7 104.6 | 103.2 2005 | 105.2 105.6 105.2 105.1 105.4 105.7 105.6 105.9 105.2 107.1 107.7 108.0 | 105.3 105.4 105.6 107.6 | 106.1 2006 | 109.0 108.6 109.1 109.8 109.7 | 108.9 | | | | Capacity | | | (percent of | | | 2002 output) | | | 2004 | 133.0 133.0 133.0 133.0 133.0 133.0 133.0 133.0 133.1 133.1 133.1 133.2 | 133.0 133.0 133.0 133.1 | 133.0 2005 | 133.2 133.3 133.4 133.5 133.5 133.6 133.7 133.8 133.8 133.9 134.0 134.1 | 133.3 133.5 133.8 134.0 | 133.6 2006 | 134.2 134.4 134.5 134.8 135.0 | 134.4 | | | | Utilization | | | (percent) | | | 1984 | 77.7 78.4 78.6 78.9 78.9 79.0 79.2 79.1 78.7 78.9 79.0 79.1 | 78.3 78.9 79.0 79.0 | 78.8 1985 | 78.6 78.2 78.7 78.5 78.4 78.3 77.8 78.2 78.2 77.8 78.2 78.4 | 78.5 78.4 78.1 78.1 | 78.3 1986 | 79.3 78.6 78.3 78.5 78.5 78.3 78.4 78.5 78.6 78.7 79.0 79.5 | 78.7 78.5 78.5 79.1 | 78.7 1987 | 79.1 80.1 80.0 80.2 80.7 80.8 81.2 81.4 81.7 82.9 83.3 83.7 | 79.7 80.6 81.4 83.3 | 81.3 | | | 1988 | 83.6 83.6 83.8 84.4 84.3 84.3 84.3 84.3 84.5 85.0 85.1 85.4 | 83.7 84.3 84.4 85.2 | 84.4 1989 | 86.0 85.0 84.8 84.7 83.8 83.7 82.5 83.1 82.6 82.2 82.2 82.1 | 85.3 84.1 82.7 82.2 | 83.6 1990 | 81.8 82.8 82.9 82.6 82.5 82.5 82.2 82.3 82.1 81.3 80.2 79.5 | 82.5 82.5 82.2 80.3 | 81.9 1991 | 78.7 78.0 77.3 77.4 77.9 78.6 78.8 78.8 79.6 79.3 79.0 78.7 | 78.0 78.0 79.1 79.0 | 78.5 1992 | 78.0 78.6 79.2 79.4 79.8 79.8 80.3 79.8 79.7 79.9 80.1 79.8 | 78.6 79.7 79.9 79.9 | 79.5 | | | 1993 | 80.5 80.4 80.2 80.5 80.3 80.0 80.1 79.9 80.2 80.7 80.9 81.2 | 80.4 80.2 80.1 81.0 | 80.4 1994 | 81.3 81.2 82.0 82.3 82.7 82.7 82.9 83.2 83.0 83.5 83.9 84.4 | 81.5 82.6 83.0 83.9 | 82.8 1995 | 84.4 84.0 83.7 83.2 82.8 82.8 81.9 82.5 82.7 82.2 81.9 81.8 | 84.0 82.9 82.3 81.9 | 82.8 1996 | 80.6 81.6 80.9 81.6 81.8 82.3 82.0 82.2 82.4 81.8 82.3 82.5 | 81.0 81.9 82.2 82.2 | 81.8 1997 | 82.2 82.7 83.1 82.2 82.3 82.3 82.1 82.8 83.1 83.2 83.6 83.4 | 82.7 82.3 82.6 83.4 | 82.7 | | | 1998 | 83.4 83.1 82.5 82.5 82.5 81.4 80.4 82.1 81.3 81.6 81.3 81.3 | 83.0 82.1 81.3 81.4 | 81.9 1999 | 81.0 81.2 80.6 80.3 80.8 80.1 79.9 80.2 79.6 80.6 80.8 81.0 | 80.9 80.4 79.9 80.8 | 80.5 2000 | 80.6 80.3 80.4 80.6 80.1 80.0 79.6 78.8 78.9 78.4 77.9 77.1 | 80.4 80.2 79.1 77.8 | 79.4 2001 | 76.5 76.0 75.6 75.6 75.0 74.6 74.5 74.0 73.7 73.2 73.1 73.3 | 76.0 75.0 74.1 73.2 | 74.6 2002 | 73.8 73.7 74.3 74.4 74.8 75.5 75.2 75.3 75.3 74.8 74.9 74.5 | 73.9 74.9 75.3 74.8 | 74.7 | | | 2003 | 74.7 74.4 74.5 73.9 73.8 74.2 74.3 74.1 74.8 74.8 75.7 75.8 | 74.6 73.9 74.4 75.4 | 74.6 2004 | 75.9 76.5 76.6 77.2 77.8 77.3 77.8 78.2 77.8 78.5 78.5 78.8 | 76.3 77.4 78.0 78.6 | 77.6 2005 | 78.9 79.2 78.9 78.8 79.0 79.1 79.0 79.2 78.6 80.0 80.4 80.6 | 79.0 78.9 78.9 80.3 | 79.3 2006 | 81.2 80.8 81.1 81.5 81.2 | 81.0 | ------------------------------------------------------------------------------------------------------------------------------------------- <1> See note on cover page. <2> Quarterly percent changes are at annual rates. Annual percentage changes are calculated from annual averages. Note. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. Explanatory Note The Industrial Production and Capacity Utilization statistical release, which is published around the middle of the month, reports measures of output, capacity, and capacity utilization in manufacturing, mining, and the electric and gas utilities industries. More detailed descriptions of industrial production and capacity utilization are available at www.federalreserve.gov/releases/G17 at the Board's World Wide Web site. In addition, files containing data shown in the release, more detailed series that were published in the G.17 prior to December 2000, and historical data are available at the Board's Web site. Instructions for searching for and downloading specific series are provided as well. For paid access to the data files through the Department of Commerce's Economic Bulletin Board or World Wide Web site, please call STAT-USA at 1-800-STAT-USA or 202-452-1986. Diskettes containing historical data and the data published in this release also are available from the Board of Governors of the Federal Reserve System, Publications Services, 202-452-3245. Industrial Production Coverage. The industrial production (IP) index measures the real output of the manufacturing, mining, and electric and gas utilities industries; the reference period for the index is 2002. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries-logging and newspaper, periodical, book and directory publishing-that have traditionally been considered to be manufacturing and included in the industrial sector. For the period since 1997, the total IP index has been constructed from 300 individual series based on the 2002 North American Industrial Classification System (NAICS) codes. These individual series are classified in two ways: (1) market groups, and (2) industry groups. Market groups consist of products and materials. Total products are the aggregate of final products, such as consumer goods and equipment, and nonindustrial supplies (which are inputs to nonindustrial sectors). Materials are inputs in the manufacture of products. Major industry groups include three-digit NAICS industries and aggregates of these industries-for example, durable and nondurable manufacturing, mining, and utilities. A complete description of the market and industry structures, including details regarding series classification, relative importance weights, and data sources, is available on the Board's web site (www.federalreserve.gov/releases/G17/About.html). Changes in output for the market and industry groups are summarized in table 1 and the levels of output (in index form) are shown in table 4. Special aggregates, that highlight the relative importance and contributions of several key industries, such as high-technology and motor vehicles, are summarized in tables 2 and 5. For a detailed description of the contents of the statistical tables, see below. Source data. On a monthly basis, the individual indexes of industrial production are constructed from two main types of source data: (1) output measured in physical units and (2) data on inputs to the production process, from which output is inferred. Data on physical products, such as tons of steel or barrels of oil, are obtained from private trade associations and from government agencies; data of this type are used to estimate monthly IP wherever possible and appropriate. Production indexes for a few industries are derived by dividing estimated nominal output (calculated using unit production or sales and unit values) by a corresponding Fisher price index; the most notable of these fall within the high-technology grouping and include computers, communications equipment, and semiconductors. When suitable data on physical product are not available, estimates of output are based on production-worker hours by industry. Data on hours worked by production workers are collected in the monthly establishment survey conducted by the Bureau of Labor Statistics. The factors used to convert inputs into estimates of production are based on historical relationships between the inputs and the comprehensive annual data used to benchmark the IP indexes; these factors also may be influenced by technological or cyclical developments. The annual data used in benchmarking the individual IP indexes are constructed from a variety of source data, such as the quinquennial Censuses of Manufactures and Mineral Industries and the Annual Survey of Manufactures, prepared by the Bureau of the Census; the Minerals Yearbook, prepared by the United States Geological Survey of the Department of the Interior; and publications of the Department of Energy. Aggregation Methodology and Weights. The aggregation method for the IP index is a version of the Fisher-ideal index formula. (For a detailed discussion of the aggregation method, see Federal Reserve Bulletin February 1997 and March 2001.) In the IP index, series that measure the output of an individual industry are combined using weights derived from their proportion in the total value-added output of all industries. The IP index, which extends back to 1919, is built as a chain-type index since 1972. The current formula for the growth in monthly IP (or any of the sub-aggregates) since 1972 is the geometric mean of the change in output (I), and, as can be seen below, is computed using the unit value added estimate for the current month (p_m) and the estimate for previous month: % Equation not available in ascii file. The IP proportions (typically shown in the first column of the relevant tables in the G.17 release) are estimates of the industries' relative contributions to overall growth in the following year. For example, the relative importance weight of the motor vehicles and parts industry is about 8 percent. If output in this industry increased 10 percent in a month, then this gain would boost growth in total IP by 8/10 percentage point (0.08 x 10% = 0.8%). To assist users with calculations, the Federal Reserve's web site provides supplemental monthly statistics that represent the exact proportionate contribution of a monthly change in a component index to the monthly change in the total index (www.federalreserve.gov/ releases/G17/ipdisk/ipweights.sa). Timing. The first estimate of output for a month is published around the 15th of the following month. The estimate is preliminary (denoted by the superscript "p" in tables) and subject to revision in each of the subsequent three months as new source data become available. (Revised estimates are denoted by the superscript "r" in tables.) For the first estimate of output for a given month, about 70 percent of the source data (in value-added terms) are available; the fraction of available source data increases to about 85 percent for estimates in the second month that the estimate is published, 96 percent in the third month, and 97 percent in the fourth month. Data availability by data type is summarized in the table below: Availability of Monthly IP Data in Publication Window (Percent of value added in 2004) Month of estimate Type of data 1st 2nd 3rd 4th Physical product 25 40 51 52 Production-worker hours 45 45 45 45 IP data received 70 85 96 97 IP data estimated 30 15 4 3 The physical product group includes series based on either monthly or quarterly data. As can be seen in the first line of the table, in the first month, a physical product indicator is available for about half of the series (in terms of value added) that ultimately are based on physical product data (25 percent out of total of 52 percent). Of the 25 percent, about two-thirds (17 percent of total IP) include series that are derived from weekly physical product data and for which actual monthly data may lag up to several months. On average, quarterly product data are received for the third estimate of industrial production. Specifically, quarterly data are available for the second estimate of the last month of a quarter, the third estimate of the second month of a quarter, and the fourth estimate of the first month of a quarter. About 3 percent of the source data for monthly IP-all physical product measures-are available too late for direct inclusion in the current index and are incorporated at the time of an annual historical revision. Seasonal adjustment. Individual series are seasonally adjusted using Census X-12 ARIMA. For series based on production-worker hours, the current seasonal factors were estimated with data through April 2006; for other series, the factors were estimated with data through at least June 2005. Series are pre-adjusted for the effects of holidays or the business cycle when appropriate. For the data since 1972, all seasonally adjusted aggregate indexes are calculated by aggregating the seasonally adjusted indexes of the individual series. Reliability. The average revision to the level of the total IP index, without regard to sign, between the first and the fourth estimates was 0.27 percent during the 1987-2004 period. The average revision to the percent change in total IP, without regard to sign, from the first to the fourth estimates was 0.21 percentage point during the 1987-2004 period. In most cases (about 86 percent), the direction of change in output indicated by the first estimate for a given month is the same as that shown by the fourth estimate. Rounding. The published percent changes are calculated from unrounded indexes, and may not be the same as percent changes calculated from the rounded indexes shown in the release. Capacity Utilization Overview. The Federal Reserve Board constructs estimates of capacity and capacity utilization for industries in manufacturing, mining, and electric and gas utilities. For a given industry, the capacity utilization rate is equal to an output index (seasonally adjusted) divided by a capacity index. The Federal Reserve Board's capacity indexes attempt to capture the concept of sustainable maximum output-the greatest level of output a plant can maintain within the framework of a realistic work schedule, after factoring in normal downtime and assuming sufficient availability of inputs to operate the capital in place. Coverage. Capacity indexes are constructed for 85 detailed industries (67 in manufacturing, 16 in mining, and 2 in utilities), which mostly correspond to industries at the three- and four-digit NAICS level. Estimates of capacity and utilization are available for a variety of groups, including durable and nondurable manufacturing, total manufacturing, mining, utilities, and total industry. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, definition of manufacturing plus those industries-logging and newspaper, periodical, book and directory publishing-that have traditionally been considered to be manufacturing and included in the industrial sector. Also, special aggregates are available, such as high-tech industries and manufacturing excluding high-tech industries. Source Data. The monthly rates of capacity utilization are designed to be consistent with both the monthly data on production and the periodically available data on capacity and utilization. Because there is no direct monthly information on overall industrial capacity or utilization rates, the Federal Reserve first estimates annual capacity indexes from the source data. Capacity data reported in physical units from government sources (primarily from the U.S. Geological Survey and the Department of Energy's Energy Information Administration) and trade sources are available for portions of several industries in manufacturing (e.g., paper, industrial chemicals, petroleum refining, motor vehicles), as well as for electric utilities and mining; these industries represent about 21 percent of total industrial capacity. When physical product data are unavailable for manufacturing industries, capacity indexes are based on responses to the Bureau of the Census's Survey of Plant Capacity (SPC); these industries account for a bit less than 75 percent of total industry capacity. In the absence of utilization data for a few mining and petroleum series, capacity is based on trends through peaks in production (roughly 4 percent of total industry capacity). A detailed description of the methodology used to construct the capacity indexes is available on the Board's web site (www.federalreserve.gov/releases/G17/cap_notes.html). Aggregation Methodology. Monthly capacity aggregates are calculated in three steps: (1) utilization aggregates are calculated on an annual basis through the most recent full year as capacity-weighted aggregates of individual utilization rates; (2) the annual aggregate capacity is derived from the corresponding production and utilization aggregates; (3) the monthly capacity aggregate is obtained by interpolating with a Fisher index of its constituent monthly capacity series. Utilization rates for the individual series and aggregates are calculated by dividing the pertinent monthly production index by the related capacity index. Consistency. A major aim is that the Federal Reserve utilization rates be consistent over time so that, for example, a rate of 85 percent means about the same degree of tightness that it meant in the past. A major task for the Federal Reserve in developing reasonable and consistent time series of capacity and utilization is dealing with inconsistencies between the movements of the industrial production index and the survey-based utilization rates. The McGraw-Hill/DRI Survey, now discontinued, was the primary source of manufacturing utilization rates for many years. This was a survey of large companies that reported, on average, higher utilization rates than those reported by establishments covered by the SPC (currently the primary source of factory operating rates) for the fourteen years they overlapped. Adjustments have been made to keep the industry utilization rates currently reported by the Federal Reserve roughly in line with rates formerly reported by McGraw-Hill. As a consequence, the rates reported by the Federal Reserve tend to be higher than the rates reported in the SPC. Perspective. Over the 1972-2005 period, the average total industry utilization rate is 81.0 percent; for manufacturing, the average factory operating rate has been 79.8 percent. Industrial plants usually operate at capacity utilization rates that are well below 100 percent: none of the broad aggregates has ever reached 100 percent. For total industry and total manufacturing, utilization rates have exceeded 90 percent only in wartime. The highs and lows in capacity utilization shown in table 7 are specific to each series and do not all occur in the same month. References and Release Dates References. The annual revision published in November 2005 is described in an article published in the Federal Reserve Bulletin, vol. 92, pp. A39-A58. A description of the aggregation methods for industrial production and capacity utilization is included in an article in the Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92. The Federal Reserve methodology for constructing industry-level measures of capital is detailed in "Capital Stock Estimates for Manufacturing Industries: Methods and Data" by Mike Mohr and Charles Gilbert (1996), which can be obtained at: www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf. Industrial Production-1986 Edition contains a more detailed description of the other methods used to compile the industrial production index, plus a history of its development, a glossary of terms, and a bibliography. The major revisions to the IP indexes and capacity utilization since 1990 have been described in the Federal Reserve Bulletin (April 1990, June 1990, June 1993, March 1994, January 1995, January 1996, February 1997, February 1998, January 1999, March 2000, March 2001, March 2002, April 2003, Winter 2004, Winter 2005). Release Schedule At 9:15 a.m. on 2006: January 17, February 15, March 17, April 14, May 16, June 15, July 17, August 16, September 15, October 17, November 16, and December 15.