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 May 28, 2021. The base year for the revised indexes is 2017. New annual benchmark data for manufacturing for 2017 through 2019 were incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The weights for market-group splits of the industry-level indexes were updated with information from the 2012 benchmark input-output accounts from the U.S. Bureau of Economic Analysis. The updated IP indexes included revisions to the monthly production 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 2020 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.

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Last Update: August 17, 2021