Industrial Production and Capacity Utilization - G.17

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Release Date: October 16, 2026
Revision of Industrial Production and Capacity Utilization Notice Below

Industrial production (IP) increased 0.7 percent in September after edging up 0.1 percent in August. In the third quarter, IP increased at an annual rate of 2.8 percent. Manufacturing output rose 0.3 percent in September. The index for mining moved up 0.2 percent, and the index for utilities increased 3.5 percent. At 104.0 percent of its 2017 average, total IP in September was 2.2 percent above its year-earlier level. Capacity utilization moved up to 76.9 percent in September, a rate that is 2.5 percentage points below its long-run (1972–2025) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2026 2026 Sept. '25 to
Sept. '26
Apr.[r] May[r] June[r] July[r] Aug.[r] Sept.[p] Apr.[r] May[r] June[r] July[r] Aug.[r] Sept.[p]
       
Total index 102.6 102.7 103.0 103.2 103.3 104.0 .8 .1 .2 .2 .1 .7 2.2
Previous estimates 102.6 102.6 102.8 103.0 103.1   .8 .1 .2 .2 .0    
       
Major market groups
Final Products 98.6 98.8 99.1 99.4 99.3 99.8 1.0 .3 .2 .4 -.1 .5 1.9
Consumer goods 97.6 97.4 97.6 97.5 97.5 98.1 .6 -.2 .2 .0 .0 .7 -.1
Business equipment 98.5 99.8 100.1 101.2 101.0 101.0 2.0 1.3 .4 1.0 -.1 .0 6.7
Nonindustrial supplies 99.5 99.5 99.6 99.4 99.3 100.2 .2 -.1 .1 -.2 -.1 .9 2.1
Construction 100.4 101.1 101.5 101.9 101.2 102.2 -.2 .7 .4 .4 -.7 1.0 1.6
Materials 107.4 107.5 107.8 108.1 108.4 109.2 .9 .1 .3 .3 .3 .7 2.6
       
Major industry groups
Manufacturing (see note below) 98.1 98.1 98.3 98.4 98.2 98.4 .7 .1 .2 .1 -.2 .3 1.1
Previous estimates 98.1 98.1 98.3 98.4 98.2   .7 .1 .1 .2 -.3    
Mining 122.0 122.8 123.3 123.7 124.3 124.5 1.5 .6 .4 .4 .5 .2 2.8
Utilities 110.1 110.1 110.5 111.7 113.3 117.3 .9 .0 .3 1.1 1.5 3.5 8.7

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2025 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2025
Sept. 		   
2026 Sept. '25 to
Sept. '26
Apr.[r] May[r] June[r] July[r] Aug.[r] Sept.[p]
       
Total industry 79.4 85.2 78.8 85.0 66.5 76.0 76.2 76.2 76.3 76.4 76.4 76.9 1.2
Previous estimates             76.2 76.2 76.2 76.3 76.3    
       
Manufacturing (see note below) 78.2 85.5 77.2 84.6 63.4 75.8 75.9 75.9 76.0 76.0 75.8 75.9 1.0
Previous estimates             75.9 75.9 76.0 76.0 75.7    
Mining 85.2 86.3 84.4 88.6 78.3 85.0 85.8 86.4 86.7 87.0 87.4 87.5 -.1
Utilities 84.0 93.2 84.7 93.2 78.1 70.0 70.0 69.9 70.0 70.6 71.5 73.8 3.1
       
Stage-of-process groups
Crude 84.5 87.9 84.9 90.0 76.5 83.5 83.3 83.8 83.7 83.6 84.0 84.0 -.1
Primary and semifinished 80.1 86.4 77.9 87.7 63.5 75.4 75.8 75.9 76.0 76.2 76.3 77.2 1.4
Finished 76.6 83.3 77.4 80.7 66.3 73.9 73.9 73.8 74.0 74.1 73.7 73.7 1.3
[r] Revised. [p] Preliminary.

Market Groups

All major market groups posted gains in September except business equipment, which recorded no change. The production of consumer goods rose 0.7 percent, as a gain in nondurable consumer goods output more than offset a decline in durable consumer goods output. Output of defense and space equipment rose 0.4 percent. The index for construction supplies increased 1.0 percent, and the index for business supplies rose 0.9 percent. Materials output moved up 0.7 percent, with gains in its energy and non-energy components.

Industry Groups

Manufacturing output rose 0.3 percent in September and increased at an annual rate of 0.7 percent in the third quarter. The durable manufacturing index ticked up 0.1 percent in September. Within durables, gains of 1 percent or more were posted by primary metals; machinery; and electrical equipment, appliances, and components. Output of motor vehicles and parts declined 3.0 percent. The nondurable manufacturing index increased 0.4 percent, led by gains in the indexes for printing and support and for chemicals. In the third quarter as a whole, durable manufacturing output rose at an annual rate of 3.8 percent—driven in part by a 28.4 percent gain in the output of semiconductors and related electronic components—while nondurable manufacturing output fell 1.6 percent.

Mining output moved up 0.2 percent in September and expanded at an annual rate of 5.0 percent in the third quarter. The index for utilities rose 3.5 percent in September, with gains in the indexes for electric utilities and for natural gas utilities. In the third quarter, utilities output increased at an annual rate of 14.8 percent.

Capacity utilization for manufacturing increased 0.1 percentage point in September to 75.9 percent, a rate that is 2.3 percentage points below its long-run (1972–2025) average. The operating rate for mining ticked up 0.1 percentage point to 87.5 percent in September, and the operating rate for utilities increased 2.3 percentage points to 73.8 percent. The rate for mining was 2.3 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization on November 24, 2026. The base year for the revised indexes will be 2022. New annual benchmark data for manufacturing from the Census Bureau for 2023 and 2024 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will include revisions to the monthly indicator (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to the present.

Capacity and capacity utilization will be revised to incorporate data for manufacturing through the fourth quarter of 2025 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS); electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries (except exclusive Internet publishing). Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all of its industrial output data from the SIC system to NAICS.

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Last Update: October 16, 2026