FEDERAL RESERVE statistical release

Transcription

1 FEDERAL RESERVE statistical release G.17 (419) For release at 9:15 a.m. (EDT) August 17, 2017 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0.2 percent in July following an increase of 0.4 percent in June. In July, manufacturing output edged down 0.1 percent; the production of motor vehicles and parts fell substantially, but that decrease was mostly offset by a net gain of 0.2 percent for other manufacturing industries. Following a (over) Industrial Production and Capacity Utilization: Summary Seasonally adjusted 2012= Percent change July 16 to Industrial production Feb. r Mar. r Apr. r May r June r July p Feb. r Mar. r Apr. r May r June r July p July 17 Total index Previous estimates Major market groups Final Products Consumer goods Business equipment Nonindustrial supplies Construction Materials Major industry groups Manufacturing (see note below) Previous estimates Mining Utilities Capacity Percent of capacity growth Average July 16 to Capacity utilization 2016 high low high low July Feb. r Mar. r Apr. r May r June r July p July 17 Total industry Previous estimates Manufacturing (see note below) Previous estimates Mining Utilities Stage-of-process groups Crude Primary and semifinished Finished r Revised. p Preliminary. 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 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. 1

2 six-month string of increases beginning in September 2016, factory output was little changed, on net, between February and July. The indexes for mining and utilities in July rose 0.5 percent and 1.6 percent, respectively. At percent of its 2012 average, total industrial production was 2.2 percent above its year-earlier level. Capacity utilization for the industrial sector was unchanged in July at 76.7 percent, a rate that is 3.2 percentage points below its long-run ( ) average. Market Groups The output of consumer goods increased 0.2 percent in July. Consumer durables posted a drop of 1.9 percent as a result of sizable decreases for automotive products and for appliances, furniture, and carpeting. The indexes for consumer non-energy nondurables and for consumer energy products increased 0.7 percent and 1.3 percent, respectively. The output of business equipment fell about 1 /2 percent, as a drop of nearly 3 percent for transit equipment outweighed gains elsewhere. Construction supplies recorded a decrease of about 1 /2 percent, while the output of business supplies rose by a similar amount. The production of materials rose 0.3 percent, with gains in both energy materials and nondurable materials; the output of durable materials declined. Industry Groups Manufacturing output edged down 0.1 percent in July. The index for durables decreased 0.5 percent, but the index for nondurables increased 0.4 percent. Among durable manufacturing industries, the largest decrease, about 3 1 /2 percent, was recorded by motor vehicles and parts; in addition, the indexes for primary metals and for furniture and related products each dropped more than 1 percent. Among nondurable manufacturing industries, increases of 1 percent or more were posted by chemicals and by apparel and leather. The index for other manufacturing (publishing and logging) moved down 0.4 percent. The index for mining rose 0.5 percent in July for its fourth consecutive monthly increase. Within mining, gains in oil and gas extraction and in metal ore mining were partially offset by declines in nonmetallic mineral mining and in drilling and support activities. The decrease of 0.5 percent in drilling and support services followed 10 consecutive months of increases for that index. Capacity utilization for manufacturing edged down 0.1 percentage point in July to 75.4 percent, a rate that is 3.0 percentage points below its long-run average. The operating rate for durables declined 0.4 percentage point to 74.2 percent, the rate for nondurables increased 0.3 percentage point to 77.7 percent, and the rate for other manufacturing (publishing and logging) was unchanged. Utilization for mining moved up 0.2 percentage point to 84.6 percent, and the rate for utilities increased 1.2 percentage points to 78.1 percent. Capacity utilization rates for both mining and utilities remained well below their long-run averages. 2

3 Tables 1. Industrial Production: Market and Industry Group Summary; percent change 2. Industrial Production: Special Aggregates and Selected Detail; percent change 3. Motor Vehicle Assemblies 4. Industrial Production: Market and Industry Group Summary; indexes 5. Industrial Production: Special Aggregates and Selected Detail; indexes 6. Diffusion Indexes of Industrial Production 7. Capacity Utilization 8. Industrial Capacity 9. Gross Value of Final Products and Nonindustrial Supplies 10. Gross-Value-Weighted Industrial Production: Stage-of-Process Groups 11. Historical Statistics: Total Industry 12. Historical Statistics: Manufacturing 13. Historical Statistics: Total Industry Excluding Selected High-Technology Industries 14. Historical Statistics: Manufacturing Excluding Selected High-Technology Industries 15. Industrial Production: Reliability Estimates Further detail is available on the Board s website ( 3

4 1. Industrial production, capacity, and utilization Total Manufacturing Ratio scale, 2012 output = Capacity Production 50 Production: 2013 to present Percent of capacity Utilization Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER). 4

5 2. Industrial production and capacity utilization 130 Consumer goods Ratio scale, 2012= 130 Equipment Ratio scale, 2012= Business Nondurable Durable Defense and Space Nonindustrial supplies Ratio scale, 2012= Industrial materials Ratio scale, 2012= Construction 120 Non-energy Other business Energy Capacity utilization Excluding utilities Percent of capacity Primary and semifinished 85 processing Capacity utilization Crude processing Percent of capacity Finished processing Note: The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER). 5

6 3. Industrial production and capacity utilization, high-technology industries 130 Industrial production Ratio scale, 2012 = 130 Excluding high-technology industries 50 Total IP Industrial production Percent change from year earlier Total IP Excluding the contribution of high-technology industries Industrial production Ratio scale, 2012 = 160 Communications eq. Computers Capacity utilization Excluding high-technology industries Percent of capacity Semiconductors High-technology industries Notes: High-technology industries are defined as semiconductors and related electronic components (NAICS 3344), computers (NAICS 3341), and communications equipment (NAICS 3342). The shaded areas are periods of business recession as defined by the NBER. 6

7 Table 1 INDUSTRIAL PRODUCTION: MARKET AND INDUSTRY GROUP SUMMARY Percent change, seasonally adjusted Fourth quarter to fourth quarter Annual rate Monthly rate July 16 Item to proportion Q4 Q1 r Q2 r Feb. r Mar. r Apr. r May r June r July p July 17 Total IP MARKET GROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Business equipment Transit Information processing Industrial and other Defense and space equipment Construction supplies Business supplies Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy INDUSTRY GROUPS Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metals Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products 311, Textile and product mills 313, Apparel and leather 315, Paper Printing and support Petroleum and coal products Chemicals Plastics and rubber products Other manufacturing (non-naics) 1133, Mining Utilities 2211, Electric Natural gas r Revised. p Preliminary. NOTE. Under the industry groups, the figures to the right of the series descriptions are 2012 North American Industry Classification System (NAICS) codes. The abbreviation pt denotes part of a NAICS code. Additional industry detail is available on the Board s website ( Under market groups, in the products category, miscellaneous consumer nondurables, oil and gas drilling, and manufactured homes are not shown separately; in the nondurable materials category, containers and miscellaneous nondurable materials are not shown separately. 1. The proportion data are the relative weights for the rates of change for each series in the computation of the change in total industrial production in the following year. 7

8 Table 2 INDUSTRIAL PRODUCTION: SPECIAL AGGREGATES AND SELECTED DETAIL Percent change, seasonally adjusted Fourth quarter to fourth quarter Annual rate Monthly rate July 16 Item to proportion Q4 Q1 r Q2 r Feb. r Mar. r Apr. r May r June r July p July 17 Total industry Energy Consumer products Commercial products Oil and gas well drilling Converted fuel Primary energy Non-energy Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components Excluding selected high-technology industries Motor vehicles and parts Motor vehicles Motor vehicle parts Excluding motor vehicles and parts Consumer goods Business equipment Construction supplies Business supplies Materials Measures excluding selected high-technology industries Total industry Manufacturing Durable Measures excluding motor vehicles and parts Total industry Manufacturing Durable Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors r Revised. p Preliminary. 1. Refer to note on cover page. Table 3 MOTOR VEHICLE ASSEMBLIES Millions of units, seasonally adjusted annual rate Item average Q3 Q4 Q1 Q2 Feb. Mar. Apr. May June July Total Autos Trucks Light Medium and heavy Memo Autos and light trucks NOTE. Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board s website, 8

9 Table 4 INDUSTRIAL PRODUCTION INDEXES: MARKET AND INDUSTRY GROUP SUMMARY 2012 =, seasonally adjusted Item proportion Nov. Dec. Jan. Feb. r Mar. r Apr. r May r June r July p Total IP MARKET GROUPS Final products and nonindustrial supplies Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy Business equipment Transit Information processing Industrial and other Defense and space equipment Construction supplies Business supplies Materials Non-energy Durable Consumer parts Equipment parts Other Nondurable Textile Paper Chemical Energy INDUSTRY GROUPS Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metals Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products 311, Textile and product mills 313, Apparel and leather 315, Paper Printing and support Petroleum and coal products Chemicals Plastics and rubber products Other manufacturing (non-naics) 1133, Mining Utilities 2211, Electric Natural gas r Revised. p Preliminary. NOTE. Refer to notes on table 1. 9

10 Table 5 INDUSTRIAL PRODUCTION INDEXES: SPECIAL AGGREGATES 2012 =, seasonally adjusted Item proportion Nov. Dec. Jan. Feb. r Mar. r Apr. r May r June r July p Total industry Energy Consumer products Commercial products Oil and gas well drilling Converted fuel Primary energy Non-energy Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components Excluding selected high-technology industries Motor vehicles and parts Motor vehicles Motor vehicle parts Excluding motor vehicles and parts Consumer goods Business equipment Construction supplies Business supplies Materials Measures excluding selected high-technology industries Total industry Manufacturing Durable Measures excluding motor vehicles and parts Total industry Manufacturing Durable Measures excluding selected high-technology industries and motor vehicles and parts Total industry Manufacturing Stage-of-process components of non-energy materials, measures of the input to Finished processors Primary and semifinished processors r Revised. p Preliminary. 1. Refer to note on cover page. Table 6 DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION Percent Item Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. One month earlier Three months earlier Six months earlier NOTE. The diffusion indexes are calculated as the percentage of series that increased over the indicated span (one, three, or six months) plus one-half the percentage that were unchanged. 10

11 Table 7 CAPACITY UTILIZATION Percent of capacity, seasonally adjusted Item proportion ave. high low Q4 Q1 r Q2 r Feb. r Mar. r Apr. r May r June r July p Total industry Manufacturing Manufacturing (NAICS) Durable manufacturing Wood products Nonmetallic mineral products Primary metals Fabricated metal products Machinery Computer and electronic products Electrical equip., appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing Food, beverage, and tobacco products 311, Textile and product mills 313, Apparel and leather 315, Paper Printing and support Petroleum and coal products Chemicals Plastics and rubber products Other manufacturing (non-naics) 1133, Mining Utilities 2211, Selected high-technology industries Computers and peripheral equipment Communications equipment Semiconductors and related electronic components Measures excluding selected high-technology industries Total industry Manufacturing STAGE-OF-PROCESS GROUPS Crude Primary and semifinished Finished r Revised. p Preliminary. 1. Refer to note on cover page. 11

12 Table 8 INDUSTRIAL CAPACITY Percent change Monthly Average annual rate Fourth quarter to fourth quarter Annual rate rate Item Q4 Q1 Q2 Q3 July Total industry Manufacturing Mining Utilities Selected high-technology industries Manufacturing 1 ex. selected high-technology industries STAGE-OF-PROCESS GROUPS Crude Primary and semifinished Finished Refer to note on cover page. Table 9 GROSS VALUE OF FINAL PRODUCTS AND NONINDUSTRIAL SUPPLIES Billions of 2009 dollars at annual rate, seasonally adjusted Item Q4 Q1 r Q2 r Feb. r Mar. r Apr. r May r June r July p Final products and nonindustrial supplies 3, , , , , , , , , , ,664.1 Final products 2, ,1.7 2,7.5 2,6.7 2, , , , , , ,721.3 Consumer goods 1,7.8 1, , , , , , , , , ,968.4 Durable Automotive products Other durable goods Nondurable 1, , , , , , , , , , ,4.7 Equipment, total Business and defense Business Defense and space Nonindustrial supplies Construction supplies Business supplies Commercial energy products r Revised. p Preliminary. Table 10 GROSS-VALUE-WEIGHTED INDUSTRIAL PRODUCTION: STAGE-OF-PROCESS GROUPS Percent change, seasonally adjusted Fourth quarter to fourth quarter Annual rate Monthly rate July 16 Item to gross value Q4 Q1 r Q2 r Feb. r Mar. r Apr. r May r June r July p July 17 Finished 2, Semifinished 1, Primary 1, Crude r Revised. p Preliminary. 1. Billions of 2009 dollars. 12

13 Table 11 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual IP (percent change) IP (2012=) Capacity (percent of 2012 output) Utilization (percent) Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 13

14 Table 12 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing 1 Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual IP (percent change) IP (2012=) Capacity (percent of 2012 output) Utilization (percent) Refer to note on cover page. 2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 14

15 Table 13 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Total Industry Excluding Selected High-Technology Industries 1 Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual IP (percent change) IP (2012=) Capacity (percent of 2012 output) Utilization (percent) Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. 2. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 15

16 Table 14 HISTORICAL STATISTICS FOR INDUSTRIAL PRODUCTION, CAPACITY, AND UTILIZATION: Manufacturing 1 Excluding Selected High-Technology Industries 2 Seasonally adjusted Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Q1 Q2 Q3 Q4 Annual IP (percent change) IP (2012=) Capacity (percent of 2012 output) Utilization (percent) Refer to note on cover page. 2. Selected high-technology industries are computers, communications equipment, and semiconductors and related electronic components. 3. Quarterly changes are at annual rates. Annual changes are calculated from annual averages. 16