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Industrial Production (IP) increased 0.4 percent in December and grew at an annual rate of 0.7 percent in the fourth quarter. Manufacturing output rose 0.2 percent in December but declined at an annual rate of 0.7 percent in the fourth quarter. In December, the index for mining fell 0.7 percent while the index for utilities climbed 2.6 percent. At 102.3 percent of its 2017 average, total IP in December was 2.0 percent above its year-earlier level. Capacity utilization stepped up to 76.3 percent, a rate that is 3.2 percentage points below its long-run (1972–2024) average.

Industrial Production and Capacity Utilization: Summary

Market Groups

Most of the major market groups posted gains in December. The output of consumer goods increased 0.7 percent, as a 1.1 percent rise in nondurables production outweighed a 0.7 percent decline in durables production. The index for business equipment grew 0.8 percent, supported by increases in the indexes for transit and for industrial and other equipment. Construction supplies posted a decline of 0.3 percent, while the index for business supplies was flat. The index for materials rose 0.2 percent, with gains coming from the energy component. All of the major market group indexes ended the year above their year-earlier levels.

Industry Groups

Manufacturing output rose 0.2 percent in December. The durable manufacturing index edged up 0.1 percent with large contributions from growth in the output of primary metals (2.4 percent); electrical equipment, appliances, and components (1.7 percent); as well as aerospace and miscellaneous transportation equipment (1.5 percent). Wood products, nonmetallic mineral products, and motor vehicles and parts all posted declines of at least 1 percent. The nondurable manufacturing index increased 0.3 percent, with increases for food, beverage, and tobacco products, petroleum and coal products, and plastics and rubber products offsetting decreases in the other nondurable manufacturing indexes. In December, output of durables was 3.1 percent above its year-earlier level, and output of nondurables was 1.0 percent above its year-earlier level.

Mining output fell 0.7 percent in December but was 1.7 percent above its year-earlier level. The index for utilities increased 2.6 percent in December, supported by a rise of 12.0 percent in the index for natural gas.

Capacity utilization for manufacturing was unchanged in December at 75.6 percent, a rate that is 2.6 percentage points below its long-run (1972–2024) average. The operating rate for mining decreased 0.5 percentage point to 85.7 percent, and the operating rate for utilities moved up 1.6 percentage points to 72.3 percent. The rate for mining was 0.5 percentage point above its long-run average, while the rate for utilities remained substantially below its long-run average.

Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board issued its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on November 24, 2025. Data referred to in the release dated September 16, 2025, were superseded by the data issued at the time of the annual revision. New annual benchmark data from the 2022 Economic Census were incorporated as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). Industry-group indexes were converted to the 2022 North American Industry Classification System (NAICS). The weights for market-group splits of the industry-level indexes were updated with information from the 2017 benchmark input-output accounts from the U.S. Bureau of Economic Analysis. The updated IP indexes included 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 were changed. Any modifications to the methods for estimating the output of an industry affected the index from 1972 to the present.

Capacity and capacity utilization were revised to incorporate data for manufacturing through the fourth quarter of 2024 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.

G.17 Release Tables:

• Summary: Industrial Production and Capacity Utilization
• Chart 1: Industrial Production, Capacity, and Capacity Utilization
• Chart 2: Industrial Production and Capacity Utilization
• Chart 3: Industrial Production of Selected Industries
• Table 1: Industrial Production: Market and Industry Groups (percent change)
• Table 2: Industrial Production: Special Aggregates and Selected Detail (percent change)
• Table 3: Motor Vehicle Assemblies
• Table 4: Industrial Production Indexes: Market and Industry Group Summary
• Table 5: Industrial Production Indexes: Special Aggregates
• Table 6: Diffusion Indexes of Industrial Production
• Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities
• Table 8: Industrial Capacity: Manufacturing, Mining, and Utilities (percent change)
• Table 9: Industrial Production: Gross Value of Products and Nonindustrial Supplies
• Table 10: Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
• Table 11: Historical Statistics for IP, Capacity, and Utilization: Total Industry
• Table 12: Historical Statistics for IP, Capacity, and Utilization: Manufacturing
• Table 13: Historical Statistics for IP, Capacity, and Utilization: Total Industry excluding Selected High-Technology Industries
• Table 14: Historical Statistics for IP, Capacity, and Utilization: Manufacturing excluding Selected High-Technology Industries
• Table 15: Industrial Production: Reliability Estimates

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