FEDERAL RESERVE statistical release
G.17 (419)
For release at 9:15 a.m. (EDT)June 15, 2000
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.4 percent in May after having risen 0.7 percent in both March and April.The output of utilities increased 1.4 percent, while output for both manufacturing and mining increased 0.3 percent. At144.2 percent of its 1992 average, industrial production in May was 5.8 percent higher than in May 1999. The rate of capacity utilization for total industry held steady at 82.1 percent, a level about even with the 1967–99 average.Market GroupsThe output of consumer goods decreased 0.1 percent in May, pulled down by a 0.4 percent decline in theproduction of durable consumer goods; the production of nondurable consumer goods was unchanged. Among durableconsumer goods, the production of automotive products fell back 0.2 percent after having risen sharply in April. Inrecent months, the index for automotive products has, on balance, fluctuated in a range close to the high level reached inmid-1999. The output of other consumer durables fell 0.7 percent in May after having increased an average of
(over)
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjustedIndex, 1992=100Percent change20002000May 99 to
Industrial Production
Feb.
r
Mar.
r
Apr.
r
May
p
Feb.
r
Mar.
r
Apr.
r
May
p
May 00
Total index
141.6142.6143.6144.2.4.7.7.45.8Previous estimates141.4142.4143.7 .2.7.9Major market groups:Products, total130.1130.5131.2131.4.3.3.5.23.6Consumer goods118.7118.5119.1119.0–.1–.1.5–.12.0Business equipment180.6182.7184.8186.0.71.21.1.78.7Construction supplies137.5138.6138.7137.9.8.8.0–.63.7Materials161.2163.2164.9166.0.41.31.0.79.5Major industry groups:Manufacturing147.2148.3149.3149.7.4.8.6.36.2Durable181.8184.5186.5187.8.41.51.1.79.9Nondurable113.8113.6113.7113.4.3–.2.0–.21.4Mining100.0101.6102.0102.3.31.6.4.35.0Utilities115.3113.2116.1117.7.7–1.92.61.41.5CapacityPercent of capacitygrowthAverage1982 1988–8919992000May 99 to
Capacity Utilization
1967–99Low High MayFeb.
r
Mar.
r
Apr.
r
May
p
May 00
Total industry
82.0 71.1 85.4 80.5 81.5 81.8 82.1 82.13.8Previous estimates 81.3 81.7 82.1Manufacturing 81.1 69.0 85.7 79.7 80.7 81.0 81.3 81.24.2Advanced processing 80.5 70.4 84.2 78.7 79.7 80.2 80.4 80.55.3Primary processing 82.4 66.2 88.9 82.7 83.7 83.6 83.9 83.51.8Mining 87.3 80.3 88.0 81.0 83.5 84.9 85.3 85.7–.8Utilities 87.5 75.9 92.6 91.1 89.7 87.9 90.1 91.31.3
2
0.8 percent per month for the previous two months; declines in the production of appliances and television sets and of carpeting and furniture more than offset a 2.7 percent increase in the output of computers. Among nondurable consumergoods, a rise in the production of energy products—fuels and residential utilities—was offset by a small decline in theproduction of other nondurables, such as foods and tobacco, clothing, and consumer chemicals. The production of nondurable nonenergy consumer goods has, on balance, been little changed since reaching its recent peak in the fourthquarter of 1999.The production of business equipment rose 0.7 percent in May as another increase in the output of information processing and related equipment was partly offset by declines in the production of other types of equipment.The production of industrial equipment edged down; the index has leveled off after having registered strong gains aroundthe turn of the year. The output of transit equipment decreased a bit again, pulled down by continued declines in theproduction of commercial aircraft and a fall in the production of light trucks. The production of other equipment, whichhad risen an average of 3.7 percent per month during the previous three months, fell back 2.9 percent in May; the recentswings in output in this sector largely reflect changes in the production of farm machinery and equipment. Theproduction of defense and space equipment increased 1.1 percent, a gain helped in part by the end of a strike at a militaryaircraft manufacturer.The production of construction supplies, which had increased an average of 0.9 percent per month in the firstquarter, was unchanged in April and decreased 0.6 percent in May, with widespread declines in the underlying industries.In contrast, the output of materials was up another 0.7 percent in May. The output of durable goods materials rose1.1 percent, with another strong increase in equipment parts, particularly semiconductors. The output of energy materialsrose 0.5 percent. The production of nondurable goods materials fell 0.5 percent and has retreated noticeably, on balance,after having peaked late last year.Industry GroupsManufacturing output rose 0.3 percent in May and was led by gains in the production of durable goods; theproduction of nondurable goods, which had risen sharply in the fourth quarter, has been little changed since the end of last year. Among durable goods, continued increases in the production of high-technology goods accounted for theoverall gain. Production in nondurable manufacturing edged down 0.2 percent in May, to a level 1.4 percent higher thanin May 1999. Among nondurable manufacturing industries, the only noticeable output increases occurred in the printingand petroleum products industries. The factory operating rate edged down to 81.2 percent and remained close to its1967–99 average. Utilization in primary-processing industries fell to 83.5 percent, while that for advanced-processingindustries moved up to 80.5 percent. Output at utilities, which had risen 2.6 percent in April, was up 1.4 percent in May;the operating rate at utilities rose to 91.3 percent. Production at mines increased 0.3 percent after having risen 0.4 percentin April. The utilization rate at mines increased to 85.7 percent but remained noticeably below its long-term average.
Note:
The capacity indexes have been revised in this release beginning with February 2000. Although the capacitygrowth rates for some industries were revised noticeably, the estimate of overall capacity growth for 2000 was unchangedat 3.7 percent.
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Industrial Production and Capacity Utilization
(May data, seasonally adjusted)
90100110120130140150Industrial Production199019952000
ManufacturingTotal IndustryRatio scale, 1992=100
758085Capacity Utilization
ManufacturingTotal Industry
1988199019921994199619982000
Percent of capacity
8595105115125135145155
Industrial Production, Market Groups
Consumer goods
DurableNondurable
199019952000
Ratio scale, 1992=100
8595105115125135145155Intermediate Products
Construction suppliesBusiness supplies
199019952000
Ratio scale, 1992=100
5075100125150175200225Equipment
BusinessDefense and Space
199019952000
Ratio scale, 1992=100
5075100125150175200225Materials
Durable goodsNondurable goodsand energy
199019952000
Ratio scale, 1992=100
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US Federal Reserve: g17
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