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Jun 15, 2016

G.17 Industrial Production: Federal Reserve Board Notification - June 15, 2016



Release Date: June 15, 2016
Industrial production decreased 0.4 percent in May after increasing 0.6 percent in April. Declines in the indexes for manufacturing and utilities in May were slightly offset by a small gain for mining.
The output of manufacturing moved down 0.4 percent, led by a large step-down in the production of motor vehicles and parts; factory output aside from motor vehicles and parts edged down 0.1 percent. The index for utilities fell 1.0 percent, as a drop in the output of electric utilities was partly offset by a gain for natural gas utilities. After eight straight monthly declines, the production at mines moved up 0.2 percent. At 103.6 percent of its 2012 average, total industrial production in May was 1.4 percent below its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in May to 74.9 percent, a rate that is 5.1 percentage points below its long-run (1972–2015) average.

Industrial Production and Capacity Utilization: Summary

Seasonally adjusted
Industrial production 2012=100 Percent change
2015
Dec.[r]
2016 2015
Dec.[r]
2016 May '15 to
May '16
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[p] Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[p]
Total index 104.0 104.6 104.4 103.4 104.0 103.6 -.4 .5 -.2 -1.0 .6 -.4 -1.4
Previous estimates 104.0 104.6 104.4 103.5 104.1 -.4 .5 -.2 -.9 .7
Major market groups
Final Products 99.9 100.8 100.8 99.8 100.8 100.1 -.2 .9 .0 -1.0 1.0 -.7 -.6
Consumer goods 102.3 103.7 103.7 102.4 103.6 102.8 -.2 1.4 -.1 -1.2 1.1 -.7 .4
Business equipment 101.3 101.5 102.1 101.5 102.7 102.0 -.3 .2 .6 -.5 1.2 -.7 -1.4
Nonindustrial supplies 105.8 106.3 106.2 105.1 105.6 105.3 -.2 .4 .0 -1.1 .4 -.3 .4
Construction 110.0 110.1 110.0 109.2 109.3 109.0 .3 .0 .0 -.8 .2 -.3 1.2
Materials 106.9 107.1 106.7 105.7 105.9 105.7 -.7 .2 -.4 -.9 .2 -.2 -2.7
Major industry groups
Manufacturing (see note below) 103.0 103.5 103.4 103.0 103.2 102.8 .0 .4 .0 -.4 .2 -.4 -.1
Previous estimates 103.0 103.4 103.4 103.1 103.4 .0 .4 .0 -.3 .3
Mining 110.1 108.2 107.5 104.9 102.2 102.4 -2.2 -1.8 -.7 -2.4 -2.6 .2 -11.5
Utilities 97.9 101.5 100.5 96.6 102.5 101.4 -1.7 3.7 -1.0 -3.9 6.1 -1.0 -.8
Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2015
1988-
89
high
1990-
91
low
1994-
95
high

2009
low

2015
May
   
2015
Dec.[r]
2016 May '15 to
May '16
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[p]
Total industry 80.0 85.3 78.8 85.0 66.7 76.6 75.4 75.8 75.6 74.8 75.3 74.9 .8
Previous estimates 75.4 75.7 75.6 74.9 75.4
Manufacturing (see note below) 78.5 85.6 77.3 84.6 63.8 75.5 75.2 75.5 75.4 75.1 75.2 74.8 .8
Previous estimates 75.2 75.5 75.4 75.1 75.3
Mining 87.3 86.2 83.8 88.6 79.0 82.4 77.5 76.3 76.0 74.4 72.7 73.1 -.3
Utilities 85.8 93.2 84.7 93.2 78.2 78.6 75.1 77.8 76.9 73.9 78.4 77.5 .7
Stage-of-process groups
Crude 86.3 87.6 84.5 90.1 77.0 81.4 77.4 76.8 76.4 75.7 74.4 74.8 -.3
Primary and semifinished 80.6 86.5 78.1 87.8 63.8 76.2 75.3 76.0 75.7 74.4 75.4 74.9 .8
Finished 77.0 83.4 77.3 80.6 66.6 75.3 74.8 75.3 75.3 75.0 75.4 75.0 1.0
r Revised. p Preliminary.
Market Groups
The indexes for nearly all major market groups declined in May. The output of consumer goods moved down 0.7 percent, with declines in each of its major components. After increasing 1.1 percent in April, the production of consumer durables fell 2.2 percent in May as a result of a large decrease for automotive products and smaller decreases for home electronics and for appliances, furniture, and carpeting. The indexes for consumer non-energy nondurables and for consumer energy products decreased 0.1 percent and 0.9 percent, respectively. Business equipment posted a decline of 0.7 percent, with a gain in information processing equipment outweighed by decreases in transit equipment and in industrial and other equipment. The indexes for construction supplies and business supplies each fell 0.3 percent. Industrial materials recorded a dip of 0.2 percent: The indexes for durable materials and for energy materials each decreased 0.4 percent, but the output of nondurable materials moved up a similar amount.
Industry Groups
Manufacturing output fell 0.4 percent in May, and production was little changed from its level of a year earlier. In May, the production of durables declined 0.7 percent, the production of nondurables was little changed, and the production of other manufacturing (publishing and logging) fell 0.6 percent. The largest drop among durable goods, 4.2 percent, was recorded by motor vehicles and parts. In addition, the indexes for wood products and machinery fell 1.0 percent or more. Several durable goods industries posted increases, but miscellaneous manufacturing was the only industry to register a gain of more than 1.0 percent. Within nondurables, increases for food, beverage, and tobacco products and for paper offset declines elsewhere; printing and support activities recorded the largest decrease.
The small increase in mining in May resulted from a rebound in coal mining, which had declined in each of the previous eight months, and a gain in nonmetallic mineral mining. Oil and gas extraction was roughly unchanged in May, but the index for oil and gas well drilling and servicing fell for the 20th consecutive month.
Capacity utilization for manufacturing decreased 0.4 percentage point in May to 74.8 percent, a rate that is 3.7 percentage points below its long-run average. The operating rate for nondurables was unchanged, while the rates for durables and for other manufacturing (publishing and logging) each fell about 1/2 percentage point. The operating rate for mining moved up about 1/2 percentage point, and the rate for utilities dropped about 1 percentage point.

Revision of Industrial Production and Capacity Utilization


The Federal Reserve Board issued its annual revision to the index of industrial production (IP) and the related measures of capacity utilization on April 1, 2016. New annual benchmark data for 2014 for manufacturing were incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes included revisions to monthly indicators (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series were changed. 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 through the fourth quarter of 2015 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity 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. 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 and Capacity Utilization, High Technology 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
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Last update: June 15, 2016