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Industrial Production and Capacity Utilization - G.17

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Release Date: December 15, 2022

Industrial production declined 0.2 percent in November. Decreases of 0.6 percent for manufacturing and 0.7 percent for mining were partly offset by a rebound of 3.6 percent for utilities following three months of declines. At 104.5 percent of its 2017 average, total industrial production in November was 2.5 percent above its year-earlier reading. Capacity utilization moved down 0.2 percentage point in November to 79.7 percent, a rate that is 0.1 percentage point above its long-run (1972–2021) average.

Industrial Production and Capacity Utilization: Summary

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Industrial production	2017=100	Percent change
	2022	2022	Nov. '21 to Nov. '22
	June[r]	July[r]	Aug.[r]	Sept.[r]	Oct.[r]	Nov.[p]	June[r]	July[r]	Aug.[r]	Sept.[r]	Oct.[r]	Nov.[p]
Total index	103.9	104.5	104.4	104.8	104.7	104.5	-.2	.5	-.1	.4	-.1	-.2	2.5
Previous estimates	104.1	104.8	104.7	104.8	104.7		-.1	.7	-.1	.1	-.1
Major market groups
Final Products	104.1	104.6	105.0	105.2	105.9	105.4	-.7	.4	.5	.1	.7	-.4	3.4
Consumer goods	104.2	104.4	104.6	104.5	105.3	104.8	-1.0	.2	.2	-.1	.7	-.4	1.8
Business equipment	96.8	97.5	98.4	99.0	99.5	98.7	-.2	.7	.9	.7	.5	-.8	5.7
Nonindustrial supplies	101.8	102.1	101.9	102.2	101.9	101.7	-1.0	.4	-.2	.3	-.3	-.2	.2
Construction	103.9	104.4	104.1	104.7	104.3	104.1	-1.2	.6	-.3	.6	-.4	-.2	-.7
Materials	104.4	105.1	104.6	105.3	104.7	104.6	.4	.6	-.4	.6	-.6	-.1	2.5
Major industry groups
Manufacturing (see note below)	101.1	101.5	101.6	102.0	102.2	101.6	-.8	.4	.1	.3	.3	-.6	1.2
Previous estimates	101.3	101.8	101.9	102.1	102.3		-.6	.5	.1	.2	.1
Mining	115.4	116.9	116.7	118.8	118.0	117.2	1.6	1.3	-.2	1.8	-.7	-.7	6.3
Utilities	107.6	107.7	106.3	104.2	102.9	106.6	.5	.1	-1.3	-2.0	-1.3	3.6	4.6

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Capacity utilization	Percent of capacity	Capacity growth
	Average 1972- 2021	1988- 89 high	1990- 91 low	1994- 95 high	2009 low	2021 Nov.
							2022	Nov. '21 to Nov. '22
							June[r]	July[r]	Aug.[r]	Sept.[r]	Oct.[r]	Nov.[p]
Total industry	79.6	85.2	78.8	85.0	66.6	79.0	79.7	80.0	79.9	80.1	79.9	79.7	1.6
Previous estimates							79.8	80.2	80.0	80.1	79.9
Manufacturing (see note below)	78.2	85.6	77.3	84.7	63.4	78.7	78.9	79.1	79.1	79.3	79.5	78.9	1.0
Previous estimates							79.0	79.3	79.3	79.5	79.5
Mining	86.3	86.2	84.3	88.6	78.9	85.9	87.8	88.6	88.2	89.6	88.9	88.2	3.6
Utilities	84.7	92.9	84.5	92.9	78.0	73.0	75.9	75.9	74.7	73.1	72.0	74.4	2.6
Stage-of-process groups
Crude	85.5	87.9	84.8	90.0	76.9	85.0	86.6	87.1	86.4	87.3	86.6	86.0	2.6
Primary and semifinished	80.1	86.5	78.0	87.8	63.5	78.0	78.4	78.7	78.3	78.2	77.8	78.1	1.0
Finished	76.7	83.3	77.5	80.7	66.4	77.6	78.2	78.4	78.9	79.1	79.6	78.8	1.6

[r] Revised. [p] Preliminary.

Market Groups

Decreases were broad based across market groups with the primary exceptions of consumer energy products, energy materials, and defense and space equipment. The output of consumer durables fell about 2 percent, led by automotive products, while the output of consumer non-energy nondurables decreased about 1/2 percent. The production of business equipment fell 0.8 percent, reflecting decreases for transit equipment and for industrial and other equipment. The indexes for construction supplies, business supplies, durable materials, and nondurable materials all declined 1/2 percent or less.

Industry Groups

Manufacturing output decreased 0.6 percent in November but remained 1.2 percent above its year-earlier level. The indexes for durable and nondurable manufacturing both declined 0.6 percent, and the index for other manufacturing (publishing and logging) slipped 0.4 percent. Within durables, increases were recorded by wood products, by computer and electronic products, and by aerospace and miscellaneous transportation equipment; these gains were outweighed by losses for other industries, particularly for motor vehicles and parts. Within nondurables, most industries registered decreases, with only printing and support posting an increase.

Mining output declined 0.7 percent. The indexes for oil and gas extraction and for oil and gas well drilling also each fell 0.7 percent; the decrease for drilling followed more than two years of nearly uninterrupted increases. The output of utilities strengthened 3.6 percent in November, as a decrease for natural gas utilities partly offset an increase for electric utilities.

Capacity utilization for manufacturing fell 0.6 percentage point in November to 78.9 percent, a rate that is 0.7 percentage point above its long-run average. The operating rate for mining fell 0.7 percentage point to 88.2 percent, while the operating rate for utilities increased 2.4 percentage points to 74.4 percent. Capacity utilization for mining was 1.9 percentage points above its long-run average, but the rate for utilities remained substantially below its long-run average of 84.7 percent.

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.

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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Last Update: December 15, 2022