Board of Governors of the Federal Reserve System

Seasonally adjusted                                                        

	Jan.	Feb.	Mar.	Apr.	May	June	July	Aug.	Sept.	Oct.	Nov.	Dec.	Q1	Q2	Q3	Q4	Annual
Capacity (percent of 2017 output)
1995	85.7	86.1	86.4	86.7	87.1	87.5	87.9	88.3	88.7	89.1	89.6	90.0	86.1	87.1	88.3	89.6	87.7
1996	90.5	91.0	91.5	92.0	92.5	93.0	93.5	94.0	94.5	95.0	95.6	96.1	91.0	92.5	94.0	95.6	93.3
1997	96.6	97.2	97.7	98.3	98.9	99.5	100.2	100.8	101.5	102.3	103.0	103.8	97.2	98.9	100.8	103.0	100.0
1998	104.6	105.4	106.2	107.0	107.7	108.5	109.2	109.8	110.4	111.0	111.6	112.2	105.4	107.7	109.8	111.6	108.6
1999	112.8	113.3	113.8	114.3	114.8	115.3	115.8	116.3	116.8	117.2	117.7	118.2	113.3	114.8	116.3	117.7	115.5
2000	118.6	119.1	119.5	120.0	120.4	120.9	121.3	121.8	122.2	122.7	123.2	123.6	119.1	120.4	121.8	123.2	121.1
2001	124.1	124.5	125.0	125.4	125.8	126.1	126.5	126.8	127.0	127.3	127.5	127.7	124.5	125.8	126.7	127.5	126.1
2002	127.8	128.0	128.1	128.1	128.2	128.2	128.2	128.2	128.2	128.2	128.2	128.2	127.9	128.2	128.2	128.2	128.1
2003	128.1	128.1	128.1	128.1	128.1	128.1	128.0	128.0	128.0	127.9	127.9	127.9	128.1	128.1	128.0	127.9	128.0
2004	127.8	127.8	127.7	127.6	127.6	127.6	127.6	127.6	127.6	127.7	127.8	127.9	127.8	127.6	127.6	127.8	127.7
2005	128.1	128.3	128.5	128.8	129.0	129.3	129.6	129.9	130.1	130.4	130.7	131.0	128.3	129.0	129.9	130.7	129.5
2006	131.2	131.5	131.7	132.0	132.2	132.4	132.7	132.9	133.2	133.5	133.8	134.1	131.5	132.2	132.9	133.8	132.6
2007	134.4	134.7	135.0	135.4	135.7	136.0	136.3	136.6	136.9	137.1	137.3	137.4	134.7	135.7	136.6	137.3	136.1
2008	137.5	137.6	137.6	137.6	137.6	137.5	137.5	137.4	137.2	137.1	137.0	136.8	137.6	137.6	137.4	137.0	137.4
2009	136.6	136.4	136.2	136.0	135.8	135.5	135.3	135.1	134.9	134.7	134.5	134.2	136.4	135.8	135.1	134.5	135.4
2010	134.0	133.8	133.6	133.4	133.2	133.0	132.8	132.6	132.3	132.2	132.0	131.8	133.8	133.2	132.6	132.0	132.9
2011	131.7	131.5	131.4	131.3	131.3	131.3	131.3	131.3	131.4	131.5	131.6	131.7	131.5	131.3	131.3	131.6	131.4
2012	131.9	132.0	132.2	132.3	132.5	132.6	132.7	132.8	133.0	133.1	133.1	133.2	132.0	132.5	132.8	133.1	132.6
2013	133.3	133.3	133.3	133.3	133.3	133.3	133.3	133.2	133.2	133.1	133.0	133.0	133.3	133.3	133.2	133.0	133.2
2014	132.9	132.8	132.7	132.6	132.5	132.4	132.2	132.1	132.0	131.8	131.6	131.5	132.8	132.5	132.1	131.6	132.3
2015	131.3	131.1	131.0	130.8	130.7	130.6	130.5	130.4	130.4	130.4	130.4	130.4	131.1	130.7	130.4	130.4	130.7
2016	130.4	130.5	130.5	130.6	130.7	130.7	130.8	130.8	130.8	130.8	130.8	130.7	130.5	130.7	130.8	130.8	130.7
2017	130.7	130.5	130.4	130.3	130.1	129.9	129.8	129.6	129.4	129.3	129.1	129.0	130.5	130.1	129.6	129.1	129.8
2018	128.9	128.8	128.7	128.7	128.6	128.6	128.6	128.6	128.5	128.5	128.5	128.5	128.8	128.6	128.6	128.5	128.6
2019	128.5	128.5	128.5	128.4	128.4	128.3	128.3	128.2	128.2	128.1	128.0	127.9	128.5	128.4	128.2	128.0	128.3
2020	127.8	127.7	127.6	127.5	127.4	127.3	127.1	127.0	126.9	126.7	126.6	126.4	127.7	127.4	127.0	126.6	127.2
2021	126.3	126.2	126.1	126.0	125.9	125.8	125.8	125.7	125.7	125.7	125.7	125.7	126.2	125.9	125.7	125.7	125.9
2022	125.7	125.7	125.7	125.7	125.7	125.7	125.7	125.8	125.8	125.8	125.8	125.9	125.7	125.7	125.8	125.8	125.8
2023	125.9	125.9	126.0	126.0	126.1	126.1	126.2	126.2	126.3	126.3	126.4	126.4	125.9	126.1	126.2	126.4	126.1
2024	126.5	126.6	126.6	126.7	126.8	126.9	126.9	127.0	127.1	127.2	127.3	127.4	126.6	126.8	127.0	127.3	126.9
2025	127.5	127.6	127.7	127.8	127.9	128.1	128.2	128.3					127.6	127.9
Utilization (percent)
1995	84.4	83.9	83.8	83.2	83.2	83.2	82.3	82.9	83.3	82.7	82.4	82.3	84.0	83.2	82.8	82.5	83.1
1996	81.3	82.0	81.4	81.9	82.1	82.5	82.4	82.3	82.5	82.0	82.3	82.6	81.6	82.2	82.4	82.3	82.1
1997	82.2	82.9	83.2	82.7	82.8	82.8	82.9	83.3	83.5	83.7	83.9	83.7	82.8	82.8	83.3	83.7	83.1
1998	83.6	83.2	82.4	82.2	82.0	80.9	80.0	81.5	81.0	81.2	80.9	81.0	83.1	81.7	80.8	81.0	81.7
1999	80.8	81.2	80.8	80.7	81.0	80.5	80.5	80.6	80.0	80.8	81.0	81.2	80.9	80.8	80.4	81.0	80.8
2000	80.8	80.7	80.9	81.0	80.7	80.5	80.3	79.5	79.6	78.9	78.4	77.7	80.8	80.7	79.8	78.4	79.9
2001	77.1	76.3	75.9	75.4	74.7	74.1	73.5	73.0	72.6	72.2	71.8	71.8	76.5	74.7	73.0	71.9	74.0
2002	72.2	72.1	72.5	72.7	73.0	73.7	73.6	73.7	73.7	73.5	73.9	73.5	72.3	73.1	73.7	73.6	73.2
2003	74.1	74.0	74.1	73.6	73.6	74.0	74.2	73.9	74.5	74.6	75.3	75.3	74.1	73.7	74.2	75.1	74.3
2004	75.2	75.8	75.8	76.1	76.6	76.1	76.8	77.1	77.1	77.8	77.7	78.2	75.6	76.3	77.0	77.9	76.7
2005	78.6	79.2	78.7	78.9	78.9	78.9	78.5	78.7	77.7	78.6	79.2	79.1	78.8	78.9	78.3	79.0	78.8
2006	79.6	79.2	79.1	79.2	78.9	78.9	78.5	79.0	78.9	78.3	78.3	79.2	79.3	79.0	78.8	78.6	78.9
2007	78.8	78.8	79.3	79.6	79.4	79.5	79.3	78.9	79.0	78.7	79.0	79.0	79.0	79.5	79.0	78.9	79.1
2008	78.8	78.2	77.8	77.1	76.6	76.1	75.4	74.5	72.0	71.6	69.9	67.7	78.2	76.6	74.0	69.7	74.6
2009	65.6	65.6	64.5	64.1	63.5	63.4	64.5	65.3	66.1	66.3	67.1	67.1	65.2	63.7	65.3	66.8	65.3
2010	67.9	68.0	69.0	69.6	70.6	70.7	71.2	71.4	71.5	71.7	71.9	72.3	68.3	70.3	71.4	72.0	70.5
2011	72.4	72.6	73.1	72.8	72.8	72.9	73.3	73.7	73.8	74.2	74.0	74.4	72.7	72.8	73.6	74.2	73.3
2012	74.9	75.2	74.7	74.9	74.6	74.8	74.5	74.3	74.1	73.9	74.3	74.8	74.9	74.8	74.3	74.3	74.6
2013	74.6	74.9	74.8	74.5	74.8	75.0	74.4	75.1	75.1	75.3	75.3	75.2	74.7	74.8	74.9	75.3	74.9
2014	74.5	75.2	75.9	76.0	76.2	76.6	77.0	76.6	76.7	76.7	77.3	77.2	75.2	76.3	76.7	77.0	76.3
2015	76.8	76.4	76.7	76.8	76.9	76.7	77.3	77.1	76.9	76.8	76.6	76.4	76.7	76.8	77.1	76.6	76.8
2016	76.7	76.4	76.3	76.2	76.1	76.2	76.3	75.9	76.0	76.1	76.0	76.1	76.5	76.2	76.1	76.1	76.2
2017	76.2	76.2	76.0	77.0	77.0	77.1	76.9	76.9	77.0	77.9	78.0	77.9	76.1	77.0	76.9	78.0	77.0
2018	77.8	78.5	78.5	79.0	78.4	78.9	79.0	79.2	79.3	78.9	78.7	79.0	78.2	78.8	79.2	78.9	78.8
2019	78.3	77.9	77.7	77.2	77.3	77.6	77.1	77.6	77.0	76.4	77.1	77.2	78.0	77.4	77.2	76.9	77.4
2020	77.0	77.2	73.7	62.6	65.3	70.4	73.1	74.3	74.4	75.3	75.8	76.4	76.0	66.1	73.9	75.8	73.0
2021	77.2	74.1	76.5	76.7	77.5	77.6	78.3	77.9	77.0	78.1	78.6	78.4	75.9	77.3	77.7	78.4	77.3
2022	77.7	78.2	78.6	78.5	78.1	77.7	77.7	77.7	77.7	77.9	77.2	75.9	78.2	78.1	77.7	77.0	77.7
2023	77.2	77.1	76.6	77.2	77.1	76.5	76.7	76.7	76.7	76.3	76.5	76.5	77.0	76.9	76.7	76.4	76.8
2024	75.3	76.2	76.3	75.8	76.2	76.0	75.3	75.6	75.2	74.6	74.7	75.0	75.9	76.0	75.4	74.8	75.5
2025	74.6	75.5	75.8	75.7	75.6	75.7	75.7	75.6					75.3	75.7

Note: Estimates from April 2025 through August 2025 are subject to further revision in the upcoming monthly releases.
[1] See footnote 2 to table 2.