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Industrial Production and Capacity Utilization- February 2001
 
 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
      Industrial production fell 0.6 percent in February, its fifth consecutive monthly decline.
 Manufacturing output decreased 0.4 percent; it has fallen about 2-1/2 percent (not at an annual
 rate) since September.  Excluding motor vehicles and parts, manufacturing output decreased 0.5
 percent in February.  Output at utilities dropped back 2.3 percent, and production in mining
 slipped 0.5 percent.  At 146.0 percent of its 1992 average, industrial production was 1.2 percent
 above its February 2000 level.  The rate of capacity utilization for total industry fell to 79.4
 percent in February, its sixth consecutive monthly decline, and is 2.7 percentage points below its
 1967-2000 average.
 
 Market Groups
 -------------
      The index for consumer goods fell 0.5 percent in February; the production of nondurables
 decreased 0.7 percent, while the output of durables rose 0.5 percent.  The output of nondurable
 consumer goods was pulled down by declines in the production of clothing, foods and tobacco,
 paper products, and energy products.   The production of consumer durables rebounded a bit; a
 downturn in motor vehicle output had contributed to a sharp drop-off during the previous four
 months.
      The output of business equipment slipped 0.3 percent in February.  The index for
 industrial and other equipment dropped 1.0 percent with declines in machinery and construction
 equipment more than offsetting a rise in farm equipment.  The production of transit equipment,
 which had decreased considerably in the previous two months, fell 0.8 percent because of further
 cuts in the assembly of medium and heavy trucks.  The output of information processing
 equipment posted a relatively small gain of 0.7 percent.  The gains in this sector, which includes
 computers, have slowed, on balance, in recent months.
      The output of construction supplies fell 0.9 percent in February after having been
 unchanged in the previous two months; the index is now 2.2 percent below its year-ago level.
 The output of materials dropped 0.6 percent, with similar declines posted for both durable and
 nondurable materials.  Among durable materials industries, the output of semiconductors and
 related electronic components increased a modest 0.3 percent.  However, the production of
 motor-vehicle-related parts and materials posted another large decline.  Among nondurable
 materials, the output of textiles dropped 2.2 percent in February; declines in the output of paper
 and chemicals essentially reversed gains posted in January.  The index for energy materials
 dropped 0.7 percent in February after two months of little change.
 
 Industry Groups
 ---------------
      Manufacturing output declined 0.4 percent in February, with similar decreases in the
 production of durable and nondurable goods; the losses were widespread.  Among durable goods
 industries, the largest decreases came in stone, clay, and glass products, fabricated metal
 products, industrial machinery other than computers, and miscellaneous manufacturing.  The
 output of motor vehicles and parts, which had fallen almost 22 percent (not at an annual rate)
 between September and January, was little changed in February.  Among nondurables, a 1.3
 percent rise in petroleum refining was the only significant increase.
      The factory operating rate declined further in February, to 78.1 percent, which is 3.0
 percentage points below its 1967-2000 average and the lowest level since late 1991.  Capacity
 utilization in high-tech industries (computers, communications equipment, and semiconductors)
 dropped to 80.6 percent in February, or 9.4 percentage points below its July 2000 peak.  The
 utilization rate for primary-processing industries fell 0.9 percentage point, to 78.8 percent, while
 that for advanced-processing industries dipped 0.4 percentage point, to 78.4 percent.  The
 operating rate at utilities fell again, to 90.4 percent from the high rate of 96.3 percent recorded in
 December.  The operating rate for mining declined slightly to 88.2 percent.
 New Release Format
      This statistical release, the G.17, was redesigned beginning with the preceding issue.
 Special aggregates have been added.  Although some detailed industry data no longer appear in
 the regular release, they continue to be available on the Federal Reserve Board's public web site
 (www.federalreserve.gov/releases/g17).
 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION:  SUMMARY
 Seasonally adjusted
                               |                    1992=100                     |                  Percent change
 ----------------------------------------------------------------------------------------------------------------------------------
                               |       2000                    2001              |   2000            2001          |   Feb. '00 to 
 Industrial production         |       Nov.        Dec.        Jan.        Feb.  |   Nov.    Dec.    Jan.    Feb.  |     Feb. '01 
 ----------------------------------------------------------------------------------------------------------------------------------
                               |                                                 |                                 |
  Total index                  |      148.2       147.7       146.8       146.0  |    -.3     -.3     -.6     -.6  |           1.2 
     Previous estimates        |      148.2       147.4       147.0              |    -.3     -.5     -.3          |               
                               |                                                 |                                 |
 Major market groups:          |                                                 |                                 |
  Products, total              |      136.3       136.3       135.6       134.9  |     .0      .0     -.5     -.5  |            .5 
     Consumer goods            |      122.4       122.8       121.7       121.2  |    -.3      .4     -.9     -.5  |          -1.3 
     Business equipment        |      200.6       199.4       198.6       198.1  |     .3     -.6     -.4     -.3  |           6.0 
     Construction supplies     |      141.6       141.5       141.6       140.3  |    -.5      .0      .0     -.9  |          -2.2 
  Materials                    |      169.9       168.4       167.1       166.0  |    -.7     -.9     -.8     -.6  |           2.2 
                               |                                                 |                                 |
 Major industry groups:        |                                                 |                                 |
  Manufacturing                |      154.1       152.9       152.0       151.3  |    -.5     -.8     -.6     -.4  |            .9 
     Durable                   |      196.7       195.5       193.4       192.6  |    -.4     -.6    -1.1     -.4  |           3.4 
     Nondurable                |      115.5       114.4       114.4       113.9  |    -.7    -1.0      .0     -.5  |          -2.1 
  Mining                       |      101.1       100.2       102.3       101.8  |     .9     -.8     2.1     -.5  |           2.7 
  Utilities                    |      121.9       129.8       125.5       122.6  |    1.6     6.4    -3.3    -2.3  |           2.6 
 ----------------------------------------------------------------------------------------------------------------------------------
                               |                                                                                   |    Capacity
                               |                                Percent of capacity                                |     growth
                               |     Average        1982     1988-89       2000  |   2000            2001          |   Feb. '00 to 
 Capacity utilization          |  1967-2000          Low        High       Feb.  |   Nov.    Dec.    Jan.    Feb.  |     Feb. '01 
 ----------------------------------------------------------------------------------------------------------------------------------
                               |                                                 |                                 |
  Total industry               |       82.1        71.1        85.4        82.0  |   81.4    80.8    80.1    79.4  |           4.5 
     Manufacturing             |       81.1        69.0        85.7        81.2  |   80.5    79.5    78.7    78.1  |           4.9 
                               |                                                 |                                 |
        Advanced processing    |       80.6        71.0        84.2        79.4  |   79.7    79.2    78.8    78.4  |           2.6 
        Primary processing     |       82.2        65.7        88.3        85.2  |   82.8    81.1    79.7    78.8  |           8.5 
     Mining                    |       87.4        80.3        88.0        84.9  |   87.3    86.7    88.6    88.2  |          -1.1 
     Utilities                 |       87.6        75.9        92.6        91.1  |   90.7    96.3    92.8    90.4  |           3.4 
 ----------------------------------------------------------------------------------------------------------------------------------
 
 
 
 Table 1
 Industrial Production: Market and Industry Group Summary
 Percent change, seasonally adjusted
                                                             |             | Fourth quarter to   |                            |                            |
                                                             |             |   fourth quarter    |        Annual rate         |        Monthly rate        |
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |                     |                            |                            |  Feb. '00 
                                                             |        2000 |                     |  2000                      |  2000          2001        |      to
 Item                                                        |Proportion<1>|  1998   1999   2000 |    Q1     Q2   Q3    Q4  r |  Nov.   Dec.   Jan.   Feb. |  Feb. '01 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |                     |                            |                            |
  Total IP                                                   |   100.00    |   3.2    5.1    4.3 |   6.7    7.9    3.5    -.6 |   -.3    -.3    -.6    -.6 |       1.2 
                                                             |             |                     |                            |                            |
 MARKET GROUPS                                               |             |                     |                            |                            |
  Products                                                   |    60.78    |   3.2    3.4    3.0 |   5.3    4.9    2.2    -.2 |    .0     .0    -.5    -.5 |        .5 
     Consumer goods                                          |    28.72    |    .2    3.1     .5 |   1.2    4.3    -.5   -2.8 |   -.3     .4    -.9    -.5 |      -1.3 
        Durable                                              |     6.10    |   4.3    8.2   -4.4 |    .9    4.4   -8.9  -12.9 |  -1.9    -.5   -3.0     .5 |      -7.9 
        Automotive products                                  |     2.88    |   5.4    3.3   -6.9 |   2.4    5.5  -10.8  -21.9 |  -3.0   -2.0   -5.9    1.7 |     -13.0 
        Home electronics                                     |      .45    |  11.7   53.3    3.3 | -28.7   31.8    1.3   19.5 |   -.4    3.1   -1.8    -.6 |       7.8 
        Appliances, furniture, carpeting                     |     1.36    |   6.9    6.0   -1.4 |  11.7    1.4  -10.9   -6.3 |  -2.0    2.3   -1.5     .3 |      -4.3 
        Miscellaneous goods                                  |     1.41    |  -2.5    4.6   -4.2 |   2.2   -2.9   -6.2   -9.7 |   -.3   -1.4     .9   -1.1 |      -6.1 
                                                             |             |                     |                            |                            |
        Nondurable                                           |    22.62    |  -1.0    1.6    1.9 |   1.3    4.2    2.0     .1 |    .2     .6    -.3    -.7 |        .5 
        Non-energy                                           |    19.18    |   -.5    1.5    1.2 |    .8    3.6    1.6   -1.1 |   -.1    -.3     .2    -.6 |        .3 
           Foods and tobacco                                 |     9.97    |    .6     .2     .9 |   4.2     .2    1.2   -2.1 |    .3    -.5    -.4    -.5 |      -1.3 
           Clothing                                          |     1.39    |  -8.1   -4.9   -4.4 |   1.9   -2.4   -9.6   -7.0 |    .7   -1.0     .1   -2.2 |      -7.7 
           Chemical products                                 |     4.95    |   3.3    5.8    2.5 |  -5.0   13.8     .7    1.3 |   -.4     .4     .8     .0 |       5.0 
           Paper products                                    |     2.88    |  -5.4    2.6    3.1 |  -1.3    2.2   10.6    1.5 |  -1.1    -.3    1.2   -1.6 |       2.0 
        Energy                                               |     3.44    |  -4.1    2.5    5.9 |   4.4    7.9    4.5    6.7 |   1.6    5.2   -3.2   -1.1 |       1.7 
                                                             |             |                     |                            |                            |
     Business equipment                                      |    14.25    |   9.1    5.7   11.1 |  16.4   10.7   12.1    5.3 |    .3    -.6    -.4    -.3 |       6.0 
     Transit                                                 |     2.60    |  12.9   -8.9   -8.8 |  -2.7   -2.6   -8.2  -20.3 |    .1   -3.5   -4.5    -.8 |     -14.8 
     Information processing                                  |     5.92    |  16.8   21.0   23.1 |  27.5   20.2   26.5   18.6 |   1.3    -.2    1.7     .7 |      19.0 
     Industrial and other                                    |     5.72    |   -.1   -1.5    8.6 |  14.9    7.7    7.7    4.4 |   -.7     .1    -.9   -1.0 |       2.7 
                                                             |             |                     |                            |                            |
     Defense and space equipment                             |     1.94    |   8.2   -3.1   -3.3 | -13.8   -2.8     .7    3.6 |   2.3     .6    1.4    -.1 |       3.4 
                                                             |             |                     |                            |                            |
     Construction supplies                                   |     6.13    |   7.6    4.5     .5 |   7.0     .3   -1.1   -3.9 |   -.5     .0     .0    -.9 |      -2.2 
     Business supplies                                       |     9.03    |   1.8    2.3    1.9 |   5.0    2.7   -2.1    1.9 |    .1    -.1    -.4    -.9 |      -1.0 
                                                             |             |                     |                            |                            |
  Materials                                                  |    39.22    |   3.7    8.0    6.3 |   8.8   12.7    5.6   -1.1 |   -.7    -.9    -.8    -.6 |       2.2 
     Durable                                                 |    22.78    |   7.2   10.9   12.2 |  17.8   21.1   11.9    -.7 |   -.9    -.9   -1.2    -.6 |       5.2 
     Consumer parts                                          |     4.49    |    .1    7.1     .2 |   4.7    4.5   -1.8   -6.3 |  -4.0   -2.8   -7.2   -2.0 |     -12.3 
     Equipment parts                                         |     8.68    |  20.5   22.0   36.4 |  43.9   57.0   36.2   12.4 |   1.1     .8     .8     .3 |      27.5 
     Other                                                   |     9.61    |   -.6    3.4   -1.7 |   3.8    1.5   -2.0   -9.7 |  -1.4   -1.6    -.5   -1.0 |      -5.2 
                                                             |             |                     |                            |                            |
     Nondurable                                              |     8.38    |  -2.8    5.6   -5.2 |  -4.1   -1.1   -7.6   -7.7 |  -2.3   -2.0    -.1    -.6 |      -6.5 
     Textile                                                 |      .73    |  -8.5   -1.2   -9.7 |   1.8   -1.1  -13.1  -23.8 |  -4.8     .8    -.2   -2.2 |     -13.5 
     Paper                                                   |     1.53    |  -2.9    4.2   -4.5 |  -3.2    1.4  -13.6   -1.8 |  -3.2   -3.5     .5    -.5 |      -6.2 
     Chemical                                                |     4.31    |  -4.0    9.4   -6.2 |  -5.3    -.6   -6.8  -11.7 |  -1.8   -3.4     .8    -.6 |      -7.2 
                                                             |             |                     |                            |                            |
     Energy                                                  |     8.06    |   -.7     .5    1.7 |  -3.0    3.7    1.8    4.4 |   1.4     .1     .0    -.7 |       2.6 
                                                             |             |                     |                            |                            |
                                                             |             |                     |                            |                            |
 INDUSTRY GROUPS                                             |             |                     |                            |                            |
  Manufacturing                                              |    87.40    |   4.0    5.6    4.3 |   7.1    8.0    3.7   -1.3 |   -.5    -.8    -.6    -.4 |        .9 
     Durable                                                 |    47.81    |   8.0    8.2    8.5 |  12.7   13.7    8.1    -.1 |   -.4    -.6   -1.1    -.4 |       3.4 
     Lumber and products   24                                |     1.82    |   5.4     .5   -7.4 |    .8   -6.7  -10.5  -12.5 |  -1.4   -1.6   -2.2     .5 |     -10.5 
     Furniture and fixtures   25                             |     1.61    |   6.2    3.1    5.6 |   4.4    6.5    7.2    4.5 |  -1.5     .4    -.1    -.7 |       2.6 
     Stone, clay, and glass products   32                    |     2.38    |   5.6    2.3     .9 |    .3     .9    7.3   -4.4 |  -2.0   -1.7     .6   -1.5 |      -1.8 
     Primary metals   33                                     |     3.32    |  -3.4    8.0   -5.6 |   2.7    2.7  -10.0  -16.5 |  -1.4    -.8   -2.2    -.6 |      -8.9 
     Fabricated metals   34                                  |     5.49    |   1.5    1.6    1.0 |   6.8    1.5     .5   -4.3 |  -1.0   -1.1     .3   -1.3 |      -2.9 
     Industrial machinery and equipment   35                 |     9.06    |  11.6   13.6   14.4 |  25.2   12.4   13.3    7.3 |    .1     .1   -1.1    -.4 |       6.6 
     Electrical machinery   36                               |     9.02    |  20.4   25.2   39.4 |  44.9   58.8   39.1   18.0 |   1.2    1.8     .8     .2 |      30.8 
     Motor vehicles and parts   371                          |     5.72    |   3.3    5.9   -6.4 |   3.0    9.9  -11.2  -23.6 |  -4.2   -5.2   -9.4    -.1 |     -19.3 
    Aerospace and miscellaneous                              |             |                     |                            |                            |
           transportation equipment   372-6,9                |     3.52    |  10.4  -11.6    -.3 |  -6.0   -3.5    2.9    5.6 |   1.9     .1    -.5    -.8 |        .7 
     Instruments   38                                        |     4.54    |   3.9    4.5    1.9 |  -4.2    5.2    5.1    1.9 |    .9   -1.1    1.4     .2 |       4.6 
     Miscellaneous   39                                      |     1.31    |    .7    6.6     .0 |   2.6    -.9    1.7   -3.1 |   -.7    -.6     .8   -1.3 |      -1.6 
                                                             |             |                     |                            |                            |
     Nondurable                                              |    39.59    |   -.4    2.5    -.7 |    .5    1.2   -1.5   -2.7 |   -.7   -1.0     .0    -.5 |      -2.1 
     Food and tobacco products   20,21                       |    10.52    |    .8     .3     .8 |   3.9     .0    1.5   -2.0 |    .1    -.4    -.4    -.4 |      -1.2 
     Textile mill products   22                              |     1.23    |  -6.5    -.2   -7.9 |   4.4   -2.4  -13.1  -18.8 |  -4.0    1.9   -2.1   -1.2 |     -11.8 
     Apparel products   23                                   |     1.41    |  -6.3   -4.0   -5.3 |    .6   -4.2   -9.1   -8.1 |    .0   -1.2     .5   -2.1 |      -8.1 
     Paper and products   26                                 |     3.30    |   -.1    3.0   -3.1 |  -3.4    1.2  -12.7    3.2 |  -2.1   -1.8   -1.4     .0 |      -5.3 
     Printing and publishing   27                            |     6.59    |  -1.8    1.8    1.9 |    .5     .6    4.1    2.5 |   -.4    -.6     .7   -1.1 |       1.1 
     Chemicals and products   28                             |    10.33    |    .2    6.7   -1.3 |  -4.1    3.3   -1.4   -2.9 |   -.8   -1.6     .3    -.1 |      -1.5 
     Petroleum products   29                                 |     2.39    |   2.1     .2    1.2 |   4.9    8.2   -3.2   -4.3 |    .3   -1.7    -.7    1.3 |        .1 
     Rubber and plastics products   30                       |     3.65    |   1.6    3.6   -1.8 |   3.7     .1   -1.0   -9.4 |  -1.6   -1.0    1.2   -1.1 |      -3.8 
                                                             |             |                     |                            |                            |
  Mining            10-14                                    |     6.69    |  -5.3    -.5    1.6 |   1.8    2.3    2.8    -.7 |    .9    -.8    2.1    -.5 |       2.7 
  Utilities            491,2,3pt                             |     5.91    |  -1.4    2.3    6.7 |   4.5   11.8    1.0   10.1 |   1.6    6.4   -3.3   -2.3 |       2.6 
  Electric                                                   |     4.45    |   1.6    1.7    6.6 |   1.7   13.1   -1.1   13.6 |   2.5    4.0   -3.4   -2.4 |       3.2 
  Gas                                                        |     1.46    | -11.9    4.6    7.2 |  14.7    6.9    8.1    -.3 |  -1.3   14.3   -3.1   -2.0 |        .2 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Note.  Under industry groups, the figures to the right of the series descriptions are 1987 Standard Industrial Classification (SIC) codes.  The abbreviation pt
 denotes part of an SIC code.  Additional industry detail is available on the Board's web site (www.federalreserve.gov/releases/G17).  Under market groups, in
 the products category, 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.  Under industry groups, in the nondurables category, leather and products is not shown separately.
      1.  The proportion data are estimates of the relative contribution of each series to the growth of total industrial production in the following year.
      r Revised. p Preliminary
 
 
 
 Table 2
 Industrial Production: Special Aggregates and Selected Detail
 Percent change, seasonally adjusted
                                                             |             |  Fourth quarter to  |                            |                            |
                                                             |             |   fourth quarter    |        annual rate         |        Monthly rate        | Feb. '00 
                                                             |        2000 |                     |  2000                      |  2000          2001        |      to
 Item                                                        |Proportion<1>|  1998   1999   2000 |    Q1     Q2   Q3    Q4  r |  Nov.   Dec.   Jan.   Feb. |  Feb. '01 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |                     |                            |                            |
  Total industry                                             |   100.00    |   3.2    5.1    4.3 |   6.7    7.9    3.5    -.6 |   -.3    -.3    -.6    -.6 |       1.2 
                                                             |             |                     |                            |                            |
  Energy                                                     |    13.92    |  -3.1    1.2    4.3 |   2.7    6.8    2.9    4.9 |   1.4    1.9    -.9    -.8 |       3.0 
  Consumer products                                          |     3.44    |  -4.1    2.5    5.9 |   4.4    7.9    4.5    6.7 |   1.6    5.2   -3.2   -1.1 |       1.7 
  Commercial products                                        |     1.90    |   -.5    1.0    8.7 |  17.3   15.4     .2    2.9 |    .5    4.3   -1.9   -1.2 |       3.1 
  Oil and gas well drilling                                  |      .52    | -26.3    5.6   18.9 |  30.2   17.6   20.2    8.5 |   1.7     .1    5.5    -.4 |      17.3 
  Converted fuel                                             |     2.29    |   -.2    2.8    5.3 |   6.0   -1.9    4.2   13.6 |   1.2    -.8   -3.8    -.7 |      -1.8 
  Primary materials                                          |     5.78    |  -1.0    -.7     .2 |  -6.9    6.2     .9     .9 |   1.5     .4    1.4    -.6 |       4.5 
                                                             |             |                     |                            |                            |
  Non-energy                                                 |    86.08    |   4.1    5.6    4.3 |   7.2    8.0    3.6   -1.5 |   -.6    -.7    -.5    -.5 |        .9 
                                                             |             |                     |                            |                            |
     Selected high-technology industries                     |     8.48    |  37.2   40.6   55.6 |  73.7   70.4   56.9   26.3 |   1.7    1.5    1.0     .8 |      40.4 
     Computers and office equipment   357                    |     2.37    |  54.0   54.3   42.0 |  61.4   33.0   51.9   24.8 |   1.0     .4    1.0    1.0 |      28.6 
     Communications equipment   366                          |     1.94    |   9.0   13.4   35.5 |  40.5   30.3   41.6   30.2 |   2.2     .6    2.6    1.6 |      31.8 
    Semiconductors and related                               |             |                     |                            |                            |
           electronic components   3672-9                    |     4.16    |  45.7   47.8   74.1 |  99.7  120.5   66.4   25.5 |   1.9    2.5     .4     .3 |      51.6 
                                                             |             |                     |                            |                            |
    Excluding selected high-technology                       |             |                     |                            |                            |
           industries                                        |    77.60    |   1.2    2.3    -.6 |   1.5    2.3   -1.6   -4.5 |   -.9   -1.0    -.7    -.7 |      -3.2 
                                                             |             |                     |                            |                            |
        Motor vehicles and parts         371                 |     5.72    |   3.3    5.9   -6.4 |   3.0    9.9  -11.2  -23.6 |  -4.2   -5.2   -9.4    -.1 |     -19.3 
        Motor vehicles   3711,3                              |     3.10    |   6.9    2.1  -12.3 |   4.6    6.9  -20.1  -33.7 |  -2.6   -6.1   -6.6    1.5 |     -21.7 
        Motor vehicle parts   3714                           |     2.47    |  -1.6   10.8    3.3 |   1.2   17.8    2.9   -7.1 |  -5.5   -4.8  -11.6   -2.4 |     -14.6 
                                                             |             |                     |                            |                            |
        Excluding motor vehicles and parts                   |    71.88    |   1.1    2.0    -.1 |   1.4    1.7    -.8   -2.8 |   -.6    -.7    -.1    -.7 |      -1.9 
        Consumer goods                                       |    22.72    |   -.4    2.5     .4 |    .2    3.3    -.3   -1.6 |   -.2     .1     .0    -.6 |       -.5 
        Business equipment                                   |     9.47    |   3.3   -2.4    5.3 |   6.2    5.0    6.3    3.9 |    .0    -.6    -.6    -.9 |       1.9 
        Business supplies                                    |     7.13    |   2.3    2.6     .2 |   2.3    -.3   -2.6    1.6 |    .0   -1.2     .0    -.8 |      -2.0 
        Materials                                            |    24.30    |  -1.0    3.3   -2.4 |    .7     .6   -3.1   -7.4 |  -1.5   -1.5    -.2    -.7 |      -4.5 
                                                             |             |                     |                            |                            |
 Measures excluding selected high-technology                 |             |                     |                            |                            |
       industries                                            |             |                     |                            |                            |
  Total industry                                             |    91.52    |    .7    2.2     .1 |   1.7    2.9    -.9   -3.1 |   -.5    -.5    -.8    -.7 |      -2.2 
     Manufacturing                                           |    78.92    |   1.2    2.3    -.5 |   1.5    2.4   -1.4   -4.3 |   -.8   -1.0    -.8    -.6 |      -3.0 
        Durable                                              |    39.33    |   2.7    2.2    -.3 |   2.4    3.5   -1.3   -5.8 |   -.9   -1.1   -1.6    -.7 |      -4.0 
           Industrial machinery   351-6,8,9                  |     6.69    |    .5    1.2    4.9 |  13.3    5.1     .7     .9 |   -.2     .0   -1.9   -1.0 |      -1.1 
           Electrical machinery   361-5,9,71                 |     2.92    |   -.3    6.5     .3 |  -7.1    7.9    1.7   -1.0 |   -.8    1.5     .0   -1.0 |       2.2 
                                                             |             |                     |                            |                            |
 Measures excluding motor vehicles and parts                 |             |                     |                            |                            |
  Total industry                                             |    94.28    |   3.2    5.0    5.0 |   6.9    7.8    4.5     .9 |   -.1    -.1    -.1    -.6 |       2.5 
     Manufacturing                                           |    81.67    |   4.1    5.5    5.1 |   7.4    7.9    4.9     .4 |   -.3    -.5    -.1    -.5 |       2.4 
        Durable                                              |    42.09    |   8.7    8.5   10.6 |  14.1   14.3   11.0    3.4 |    .1     .0    -.1    -.4 |       6.6 
                                                             |             |                     |                            |                            |
  Primary processing        1                                |    34.36    |   4.3    8.8    5.7 |  10.4   12.5    3.8   -3.3 |  -1.3   -1.2   -1.1    -.5 |        .4 
  Advanced processing        2                               |    53.04    |   3.9    3.7    3.4 |   5.0    5.1    3.7     .0 |    .0    -.5    -.3    -.4 |       1.3 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Note.  See notes to table 1.
      1.  Primary processing consists of textile mill products, paper and products, industrial chemicals, synthetic materials, and fertilizers, petroleum
 products, rubber and plastics products, lumber and products, primary metals, fabricated metals, stone, clay and glass products, semiconductors and
 related electronic components, and motor vehicle parts.
      2.  Advanced processing consists of foods, tobacco products, apparel products, printing and publishing, chemical products and other agricultural
 chemicals, leather and products, furniture and fixtures, industrial machinery and equipment, electrical machinery except semiconductors and related
 electronic components, transportation equipment except motor vehicle parts, instruments, and miscellaneous manufacturers.
 
 
 
 Table 3
 Motor Vehicle Assemblies
 Millions of units, seasonally adjusted annual rate
                                                     |        |                                |
                                                     |   2000 |   2000                         |   2000            2001         
                                                     | Average|     Q1      Q2      Q3      Q4 |   Nov.    Dec.    Jan.    Feb. 
 -------------------------------------------------------------------------------------------------------------------------------
  Total                                              |  12.77 |  13.12   13.36   12.79   11.62 |  11.68   10.99   10.39   10.36 
  Autos                                              |   5.54 |   5.65    5.77    5.70    5.00 |   5.02    4.68    4.94    4.77 
  Trucks                                             |   7.23 |   7.47    7.59    7.09    6.62 |   6.66    6.31    5.44    5.59 
     Light                                           |   6.84 |   7.01    7.15    6.74    6.31 |   6.32    5.99    5.17    5.35 
     Medium and heavy                                |    .39 |    .46     .44     .35     .31 |    .34     .31     .28     .23 
                                                     |        |                                |
 Memo:                                               |        |                                |
  Autos and light trucks                             |  12.38 |  12.66   12.92   12.44   11.30 |  11.34   10.67   10.11   10.13 
 -------------------------------------------------------------------------------------------------------------------------------
      Note.  Seasonal factors and underlying data for auto, light truck, and medium and heavy truck production are available on the Board's web site,
 www.federalreserve.gov/G17/mvsf.htm
 
 
 
 Table 4
 Industrial Production Indexes: Market and Industry Group Summary
 1992 = 100, seasonally adjusted
                                                             |        2000 |     2000                                                                  2001           
 Item                                                        |Proportion<1>|     June      July      Aug.     Sept.      Oct.      Nov.      Dec.      Jan.      Feb. 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |
  Total IP                                                   |   100.00    |    147.9     147.6     148.6     149.0     148.7     148.2     147.7     146.8     146.0 
                                                             |             |
 MARKET GROUPS                                               |             |
  Products                                                   |    60.78    |    136.0     135.8     136.6     136.7     136.3     136.3     136.3     135.6     134.9 
     Consumer goods                                          |    28.72    |    124.2     122.9     123.8     123.8     122.7     122.4     122.8     121.7     121.2 
        Durable                                              |     6.10    |    164.4     158.7     160.0     162.8     157.3     154.3     153.6     149.0     149.7 
        Automotive products                                  |     2.88    |    157.8     149.4     153.8     156.7     148.0     143.6     140.8     132.4     134.7 
        Home electronics                                     |      .45    |    775.8     743.3     743.6     786.2     785.9     783.0     807.4     792.9     787.9 
        Appliances, furniture, carpeting                     |     1.36    |    139.6     134.8     133.7     137.8     134.0     131.3     134.4     132.3     132.6 
        Miscellaneous goods                                  |     1.41    |    120.5     121.3     119.7     118.1     117.5     117.1     115.5     116.6     115.2 
                                                             |             |
        Nondurable                                           |    22.62    |    114.8     114.5     115.2     114.7     114.5     114.6     115.3     114.9     114.1 
        Non-energy                                           |    19.18    |    114.5     114.4     114.9     114.1     114.3     114.2     113.9     114.1     113.4 
           Foods and tobacco                                 |     9.97    |    110.8     111.0     111.4     110.5     110.4     110.7     110.1     109.7     109.2 
           Clothing                                          |     1.39    |     85.1      85.6      84.2      83.1      82.7      83.2      82.4      82.5      80.7 
           Chemical products                                 |     4.95    |    139.3     137.4     139.4     138.4     139.0     138.5     139.0     140.1     140.1 
           Paper products                                    |     2.88    |    111.6     112.4     112.4     112.4     113.8     112.5     112.2     113.6     111.8 
        Energy                                               |     3.44    |    117.0     114.9     117.1     118.4     115.5     117.3     123.4     119.5     118.2 
                                                             |             |
     Business equipment                                      |    14.25    |    192.8     195.0     197.8     199.5     200.0     200.6     199.4     198.6     198.1 
     Transit                                                 |     2.60    |    130.1     127.6     126.8     127.7     121.6     121.8     117.6     112.2     111.3 
     Information processing                                  |     5.92    |    307.0     313.9     322.1     327.2     332.3     336.7     336.0     341.7     344.0 
     Industrial and other                                    |     5.72    |    143.6     145.4     147.0     147.3     148.8     147.8     147.9     146.6     145.1 
                                                             |             |
     Defense and space equipment                             |     1.94    |     76.3      77.9      76.1      73.7      75.3      77.0      77.5      78.5      78.5 
                                                             |             |
     Construction supplies                                   |     6.13    |    143.4     143.8     142.7     143.1     142.3     141.6     141.5     141.6     140.3 
     Business supplies                                       |     9.03    |    120.5     119.8     120.6     120.0     120.7     120.7     120.7     120.2     119.1 
                                                             |             |
  Materials                                                  |    39.22    |    169.4     169.0     170.5     171.3     171.1     169.9     168.4     167.1     166.0 
     Durable                                                 |    22.78    |    230.3     230.5     233.8     235.7     235.0     232.9     230.9     228.0     226.6 
     Consumer parts                                          |     4.49    |    165.7     158.3     168.3     169.0     168.5     161.8     157.3     146.0     143.1 
     Equipment parts                                         |     8.68    |    486.2     499.9     505.7     512.1     515.9     521.4     525.5     529.5     531.0 
     Other                                                   |     9.61    |    135.9     135.3     134.7     135.5     133.7     131.8     129.8     129.1     127.8 
                                                             |             |
     Nondurable                                              |     8.38    |    115.2     113.9     112.8     112.7     113.4     110.7     108.6     108.4     107.8 
     Textile                                                 |      .73    |    101.7      97.9      99.3      95.9      94.0      89.5      90.3      90.1      88.1 
     Paper                                                   |     1.53    |    118.1     114.9     112.8     113.8     117.2     113.4     109.4     110.0     109.4 
     Chemical                                                |     4.31    |    118.4     117.0     116.8     116.3     115.9     113.7     109.8     110.7     110.1 
                                                             |             |
     Energy                                                  |     8.06    |    103.1     102.9     104.2     104.3     103.9     105.4     105.5     105.4     104.7 
                                                             |             |
                                                             |             |
 INDUSTRY GROUPS                                             |             |
  Manufacturing                                              |    87.40    |    153.8     153.7     154.6     155.1     154.9     154.1     152.9     152.0     151.3 
     Durable                                                 |    47.81    |    194.6     194.7     196.9     198.4     197.6     196.7     195.5     193.4     192.6 
     Lumber and products   24                                |     1.82    |    118.7     118.6     115.5     116.8     114.8     113.2     111.4     109.0     109.5 
     Furniture and fixtures   25                             |     1.61    |    141.9     142.6     143.8     146.6     147.2     145.0     145.6     145.4     144.3 
     Stone, clay, and glass products   32                    |     2.38    |    134.6     136.3     136.1     136.5     137.3     134.6     132.3     133.1     131.1 
     Primary metals   33                                     |     3.32    |    136.4     133.9     132.4     133.9     129.0     127.3     126.3     123.5     122.8 
     Fabricated metals   34                                  |     5.49    |    135.7     136.1     136.3     136.0     136.0     134.7     133.2     133.7     131.9 
     Industrial machinery and equipment   35                 |     9.06    |    250.9     253.9     257.9     260.0     261.5     261.9     262.2     259.3     258.2 
     Electrical machinery   36                               |     9.02    |    555.0     571.2     580.0     592.2     597.4     604.4     615.1     619.7     621.0 
     Motor vehicles and parts   371                          |     5.72    |    176.1     163.1     173.9     175.5     167.2     160.1     151.8     137.6     137.4 
    Aerospace and miscellaneous                              |             |
           transportation equipment   372-6,9                |     3.52    |     93.6      94.9      93.5      92.1      93.6      95.4      95.5      94.9      94.2 
     Instruments   38                                        |     4.54    |    122.2     122.6     123.3     123.7     123.5     124.6     123.2     124.9     125.2 
     Miscellaneous   39                                      |     1.31    |    130.5     132.1     130.8     130.9     131.1     130.2     129.4     130.4     128.7 
                                                             |             |
     Nondurable                                              |    39.59    |    116.7     116.3     116.3     116.0     116.3     115.5     114.4     114.4     113.9 
     Food and tobacco products   20,21                       |    10.52    |    111.1     111.6     111.8     111.0     111.0     111.1     110.6     110.2     109.7 
     Textile mill products   22                              |     1.23    |    103.1     101.4      99.4      98.4      96.7      92.8      94.6      92.6      91.5 
     Apparel products   23                                   |     1.41    |     91.2      92.0      90.7      89.5      89.2      89.2      88.1      88.6      86.7 
     Paper and products   26                                 |     3.30    |    118.8     114.9     113.3     113.7     117.1     114.7     112.7     111.1     111.1 
     Printing and publishing   27                            |     6.59    |    109.1     110.0     110.4     110.9     111.6     111.2     110.6     111.4     110.1 
     Chemicals and products   28                             |    10.33    |    125.9     124.8     125.9     125.4     125.8     124.8     122.9     123.2     123.0 
     Petroleum products   29                                 |     2.39    |    118.8     117.0     117.6     117.4     116.5     116.9     114.9     114.1     115.6 
     Rubber and plastics products   30                       |     3.65    |    143.5     144.4     142.1     141.9     141.3     139.1     137.6     139.3     137.8 
                                                             |             |
  Mining            10-14                                    |     6.69    |    100.4     100.5     101.0     100.4     100.1     101.1     100.2     102.3     101.8 
  Utilities            491,2,3pt                             |     5.91    |    121.7     119.1     122.1     121.7     120.0     121.9     129.8     125.5     122.6 
  Electric                                                   |     4.45    |    124.8     121.1     126.1     124.7     124.2     127.3     132.4     128.0     125.0 
  Gas                                                        |     1.46    |    110.5     111.0     108.4     110.5     105.8     104.5     119.4     115.7     113.3 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Note.  See notes to table 1.
 
 
 
 Table 5
 Industrial Production Indexes: Special Aggregates
 1992 = 100, seasonally adjusted
                                                             |        2000 |     2000                                                                  2001           
 Item                                                        |Proportion<1>|     June      July      Aug.     Sept.      Oct.      Nov.      Dec.      Jan.      Feb. 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             |             |
  Total industry                                             |   100.00    |    147.9     147.6     148.6     149.0     148.7     148.2     147.7     146.8     146.0 
                                                             |             |
  Energy                                                     |    13.92    |    110.0     109.2     110.8     110.7     109.8     111.3     113.5     112.5     111.5 
  Consumer products                                          |     3.44    |    117.0     114.9     117.1     118.4     115.5     117.3     123.4     119.5     118.2 
  Commercial products                                        |     1.90    |    132.5     129.2     132.3     129.3     128.9     129.5     135.1     132.5     130.9 
  Oil and gas well drilling                                  |      .52    |    130.8     136.2     137.1     132.8     136.5     138.9     139.1     146.7     146.1 
  Converted fuel                                             |     2.29    |    112.4     110.8     115.1     116.6     117.2     118.7     117.8     113.3     112.5 
  Primary materials                                          |     5.78    |     98.4      98.7      98.9      98.5      97.8      99.3      99.7     101.1     100.5 
                                                             |             |
  Non-energy                                                 |    86.08    |    154.5     154.3     155.2     155.6     155.4     154.5     153.4     152.6     151.8 
                                                             |             |
     Selected high-technology industries                     |     8.48    |   1193.1    1248.0    1281.6    1310.3    1334.8    1358.1    1378.0    1392.5    1403.4 
     Computers and office equipment   357                    |     2.37    |   1316.2    1370.4    1421.6    1464.2    1487.4    1502.8    1508.3    1522.7    1537.6 
     Communications equipment   366                          |     1.94    |    345.8     362.7     372.3     378.5     390.0     398.6     400.9     411.4     418.1 
    Semiconductors and related                               |             |
           electronic components   3672-9                    |     4.16    |   2059.6    2156.9    2203.2    2248.6    2282.9    2327.1    2385.2    2394.2    2401.1 
                                                             |             |
    Excluding selected high-technology                       |             |
           industries                                        |    77.60    |    125.7     124.8     125.3     125.3     124.8     123.7     122.5     121.6     120.8 
                                                             |             |
        Motor vehicles and parts         371                 |     5.72    |    176.1     163.1     173.9     175.5     167.2     160.1     151.8     137.6     137.4 
        Motor vehicles   3711,3                              |     3.10    |    165.3     152.2     158.0     160.2     147.0     143.1     134.4     125.5     127.3 
        Motor vehicle parts   3714                           |     2.47    |    194.6     180.6     200.9     201.0     201.0     190.0     180.8     159.8     156.0 
                                                             |             |
        Excluding motor vehicles and parts                   |    71.88    |    122.7     122.5     122.4     122.3     122.3     121.6     120.7     120.6     119.7 
        Consumer goods                                       |    22.72    |    116.9     116.5     116.6     116.2     116.1     115.8     115.9     115.9     115.2 
        Business equipment                                   |     9.47    |    135.8     136.9     138.2     138.6     139.5     139.5     138.7     137.9     136.6 
        Business supplies                                    |     7.13    |    117.6     117.5     117.8     117.7     118.6     118.6     117.1     117.2     116.2 
        Materials                                            |    24.30    |    125.9     125.2     124.5     124.9     124.4     122.4     120.6     120.4     119.6 
                                                             |             |
 Measures excluding selected high-technology                 |             |
       industries                                            |             |
  Total industry                                             |    91.52    |    123.4     122.5     123.2     123.2     122.6     122.0     121.3     120.4     119.6 
     Manufacturing                                           |    78.92    |    125.3     124.5     124.9     125.0     124.6     123.6     122.3     121.3     120.6 
        Durable                                              |    39.33    |    134.7     133.3     134.3     134.8     133.5     132.2     130.7     128.6     127.7 
           Industrial machinery   351-6,8,9                  |     6.69    |    148.7     148.7     149.7     149.7     149.9     149.6     149.6     146.8     145.3 
           Electrical machinery   361-5,9,71                 |     2.92    |    137.8     135.9     135.6     138.9     136.6     135.4     137.5     137.4     136.1 
                                                             |             |
 Measures excluding motor vehicles and parts                 |             |
  Total industry                                             |    94.28    |    146.5     146.9     147.4     147.7     147.8     147.7     147.6     147.4     146.6 
     Manufacturing                                           |    81.67    |    152.6     153.2     153.5     153.9     154.3     153.8     153.1     153.0     152.3 
        Durable                                              |    42.09    |    197.2     199.4     200.2     201.7     202.0     202.2     202.1     201.9     201.0 
                                                             |             |
  Primary processing                                         |    34.36    |    180.1     179.4     180.3     181.2     181.1     178.8     176.6     174.6     173.6 
  Advanced processing                                        |    53.04    |    139.4     139.5     140.5     140.8     140.5     140.5     139.8     139.4     138.9 
 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
      Note.  See notes to table 2.
 
 
 
 Table 6
 Capacity Utilization
 Percent of capacity, seasonally adjusted
                                                |             |  1967-  1988-  1990-  1994-|                            |
                                                |      2000   |  2000      89     91     95|  2000                      |  2000          2001        
 Item                                           |Proportion<1>|  Ave.    High    Low   High|    Q1     Q2   Q3    Q4  r |  Nov.   Dec.   Jan.   Feb. 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                                |      100.00 |  82.1   85.4   78.1   84.4 |  82.0   82.6   82.4   81.4 |  81.4   80.8   80.1   79.4 
                                                |             |                            |                            |
  Manufacturing                                 |       88.70 |  81.1   85.7   76.6   84.0 |  81.3   81.9   81.7   80.4 |  80.5   79.5   78.7   78.1 
                                                |             |                            |                            |
     Durable                                    |       49.19 |  79.6   84.6   73.1   83.6 |  81.7   82.7   82.5   80.7 |  80.8   79.7   78.3   77.5 
     Lumber and products   24                   |        1.89 |  82.6   93.6   75.5   89.4 |  83.3   81.6   79.1   76.2 |  76.3   75.0   73.3   73.6 
     Furniture and fixtures   25                |        1.65 |  81.3   86.6   72.5   83.9 |  79.1   79.6   80.1   80.1 |  79.6   79.6   79.3   78.6 
     Stone, clay, and glass products   32       |        2.31 |  78.9   83.5   69.7   86.8 |  84.9   84.5   85.5   84.0 |  83.9   82.3   82.6   81.3 
     Primary metals   33                        |        3.13 |  81.6   92.7   73.7   95.4 |  88.9   89.4   87.0   83.1 |  82.9   82.3   80.5   80.0 
     Fabricated metals   34                     |        5.85 |  77.9   82.0   71.9   85.2 |  77.8   77.6   77.1   75.8 |  75.8   74.8   74.9   73.8 
     Industrial machinery and equipment   35    |        9.34 |  81.4   85.4   72.3   87.3 |  81.7   81.9   82.7   82.5 |  82.5   82.1   80.7   79.8 
     Electrical machinery   36                  |        9.26 |  81.4   84.0   75.0   90.1 |  86.3   90.4   90.9   87.3 |  87.1   86.2   84.9   83.3 
     Motor vehicles and parts   371             |        5.74 |  77.0   89.1   55.9   85.9 |  83.0   84.5   81.7   76.0 |  76.2   72.1   65.3   65.1 
    Aerospace and miscellaneous                 |             |                            |                            |
           transportation equipment   372,6-9   |        4.01 |  75.2   87.3   60.7   85.3 |  71.7   71.1   71.7   72.8 |  73.3   73.4   73.0   72.4 
     Instruments   38                           |        4.69 |  81.6   81.4   74.5   82.6 |  78.9   79.6   80.3   80.5 |  81.1   80.1   81.1   81.2 
     Miscellaneous   39                         |        1.32 |  75.9   79.0   71.7   81.9 |  81.8   81.3   81.4   80.5 |  80.5   79.9   80.5   79.4 
                                                |             |                            |                            |
     Nondurable                                 |       39.52 |  83.2   87.3   79.7   85.6 |  80.9   80.9   80.5   79.8 |  79.9   79.1   79.1   78.7 
     Food and tobacco products   20,21          |       10.54 |  83.3   85.9   79.1   85.8 |  81.2   81.2   81.6   81.2 |  81.4   81.0   80.8   80.4 
     Textile mill products   22                 |        1.26 |  85.5   90.4   77.7   92.6 |  83.6   83.4   80.9   77.1 |  75.6   77.1   75.7   74.9 
     Apparel products   23                      |        1.64 |  80.6   85.1   70.7   85.9 |  72.1   71.8   70.5   69.4 |  69.7   69.0   69.5   68.1 
     Paper and products   26                    |        3.18 |  88.7   93.5   83.1   91.6 |  85.8   85.9   82.9   83.3 |  83.2   81.7   80.4   80.4 
     Printing and publishing   27               |        6.59 |  85.4   91.7   77.8   87.7 |  80.9   81.0   81.8   82.3 |  82.4   81.9   82.5   81.6 
     Chemicals and products   28                |       10.56 |  79.3   86.2   74.2   84.2 |  77.1   77.2   76.4   75.5 |  75.7   74.5   74.6   74.4 
     Petroleum products   29                    |        1.97 |  87.3   88.5   85.1   97.1 |  94.1   96.0   95.3   94.3 |  94.9   93.4   92.7   93.9 
     Rubber and plastics products   30          |        3.58 |  84.7   89.6   77.4   91.3 |  85.3   84.6   83.7   80.9 |  80.8   79.7   80.5   79.5 
                                                |             |                            |                            |
  Mining                                        |        5.96 |  87.4   88.0   82.0   91.0 |  85.2   85.8   86.6   86.7 |  87.3   86.7   88.6   88.2 
  Utilities                                     |        5.33 |  87.6   92.6   83.0   93.5 |  89.5   91.2   90.7   92.1 |  90.7   96.3   92.8   90.4 
                                                |             |                            |                            |
  Selected high-technology industries           |        9.18 |  80.4   81.9   72.4   87.9 |  84.7   88.0   89.1   85.3 |  85.3   83.6   82.2   80.6 
  Computers and office equipment   357          |        2.79 |  81.2   86.9   66.9   91.4 |  77.4   76.4   79.1   78.2 |  78.4   76.9   76.2   75.4 
  Communications equipment   366                |        2.03 |  80.4   84.8   73.4   87.8 |  78.6   80.8   84.9   87.3 |  87.7   87.1   88.2   88.3 
 Semiconductors and related                     |             |                            |                            |
        electronic components   3672-9          |        4.36 |  80.0   81.1   72.6   90.8 |  92.0   98.5   97.0   88.3 |  88.1   85.8   82.7   80.0 
                                                |             |                            |                            |
 Measures excluding selected high-technology    |             |                            |                            |
       industries                               |             |                            |                            |
  Total industry                                |       90.82 |  82.2   85.7   78.4   84.2 |  81.7   82.0   81.5   80.7 |  80.7   80.2   79.5   78.9 
     Manufacturing                              |       79.52 |  81.2   86.1   76.8   83.8 |  80.9   81.1   80.6   79.5 |  79.6   78.7   78.0   77.5 
        Industrial machinery   351-6,8,9        |        6.54 |  81.3   85.5   72.9   88.1 |  83.2   84.1   84.1   84.2 |  84.2   84.1   82.5   81.6 
        Electrical machinery   361-5,9,71       |        2.88 |  83.4   87.5   74.3   93.2 |  83.2   84.2   83.9   83.0 |  82.4   83.4   83.2   82.3 
                                                |             |                            |                            |
  Primary processing                            |       33.89 |  82.2   88.3   76.7   88.7 |  85.4   86.4   85.4   82.8 |  82.8   81.1   79.7   78.8 
  Advanced processing                           |       54.81 |  80.6   84.2   76.6   82.3 |  79.5   79.8   80.1   79.6 |  79.7   79.2   78.8   78.4 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
      Note.  See notes to table 2.
 
 
 
 Table 7
 Industrial Capacity
 Percent change
                                        |    Average annual rate     |  Fourth quarter to fourth quarter  |        Annual rate         | Monthly rate
                                        |  1967-  1980-  1989-  1995-|                                    |  2000                 2001 |         2001 
 Item                                   |     79     88     94  2001 |    1998     1999     2000     2001 |    Q2     Q3     Q4     Q1 |         Feb. 
 -----------------------------------------------------------------------------------------------------------------------------------------------------
  Total industry                        |   3.5    2.2    2.2    5.0 |     6.5      4.6      4.6      3.2 |   4.6    4.5    4.6    4.1 |           .3 
                                        |                            |                                    |                            |
  Manufacturing                         |   3.7    2.5    2.5    5.6 |     7.2      5.1      5.0      3.5 |   5.1    5.0    5.1    4.5 |           .3 
                                        |                            |                                    |                            |
     Durable                            |   3.6    3.1    3.0    8.8 |    10.2      8.4      8.8      6.3 |   8.8    8.8    9.2    8.2 |           .6 
     Nondurable                         |   3.9    1.8    2.0    2.0 |     4.1      1.3       .8       .3 |   1.0     .8     .5     .3 |           .0 
                                        |                            |                                    |                            |
  Mining                                |    .4     .2    -.6    -.2 |     -.1     -1.5      -.8     -1.0 |   -.5    -.9   -1.5   -1.4 |          -.1 
  Utilities                             |   4.9    1.2    1.4    2.1 |     1.1      2.4      3.3      3.9 |   3.4    3.3    3.3    3.5 |           .3 
                                        |                            |                                    |                            |
                                        |                            |                                    |                            |
  Selected high-technology industries   |  11.3   15.9   13.5   40.5 |    39.5     37.8     47.6     31.3 |  46.2   49.3   50.9   42.7 |          2.7 
 Manufacturing ex. selected             |                            |                                    |                            |
        high-technology industries      |   3.3    1.4    1.7    2.5 |     4.4      2.1      1.3       .7 |   1.4    1.2    1.0     .8 |           .1 
                                        |                            |                                    |                            |
  Primary processing                    |   3.8    1.6    3.3    7.8 |     9.4      4.9      8.0      5.5 |   7.7    8.6    9.5    8.1 |           .6 
  Advanced processing                   |   3.7    3.1    2.1    4.1 |     5.7      5.2      3.0      2.2 |   3.2    2.6    2.4    2.3 |           .2 
 -----------------------------------------------------------------------------------------------------------------------------------------------------
 
 
 
 Table 8
 Gross Value of Products
 Billions of 1996 dollars at annual rate, seasonally adjusted
                                   |            |            |       1999        2000                                     |       2000                    2001             
 Item                              |     1996   |       2000 |         Q4          Q1          Q2        Q3         Q4  r |       Nov.        Dec.        Jan.        Feb. 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                   |            |            |                                                            |
  Products, total                  |    2,427.8 |    2,878.3 |    2,807.0     2,842.8     2,875.0     2,879.2     2,861.8 |    2,863.2     2,854.7     2,826.2     2,815.8 
                                   |            |            |                                                            |
     Final products                |    1,862.5 |    2,216.4 |    2,154.6     2,180.0     2,209.0     2,217.1     2,201.4 |    2,203.7     2,195.2     2,169.0     2,163.9 
                                   |            |            |                                                            |
     Consumer goods                |    1,225.0 |    1,342.5 |    1,335.8     1,338.6     1,351.6     1,347.1     1,331.9 |    1,331.2     1,329.7     1,310.7     1,307.7 
        Durable                    |      303.9 |      372.3 |      378.7       377.3       382.4       371.5       355.2 |      353.7       350.1       336.4       339.5 
           Automotive products     |      162.6 |      195.0 |      197.6       198.6       201.7       195.3       181.9 |      181.6       176.4       165.1       168.5 
           Other durable goods     |      141.3 |      177.9 |      181.9       179.1       181.0       176.7       175.2 |      173.8       176.4       175.3       174.5 
        Nondurable                 |      921.0 |      970.2 |      958.0       962.0       970.1       975.3       974.6 |      975.3       977.0       970.4       964.9 
                                   |            |            |                                                            |
     Equipment, total              |      637.5 |      872.7 |      821.7       846.8       863.9       878.9       879.8 |      883.3       875.3       868.9       866.8 
        Business and defense       |      610.2 |      850.4 |      798.3       823.6       841.2       856.4       859.4 |      862.8       855.5       848.9       846.8 
           Business                |      538.6 |      788.8 |      736.8       765.5       784.1       800.3       802.4 |      805.5       797.4       789.6       787.8 
           Defense and space       |       71.6 |       65.9 |       68.7        66.4        65.7        65.3        66.1 |       66.4        66.8        67.6        67.3 
                                   |            |            |                                                            |
     Intermediate products         |      565.3 |      661.9 |      651.4       661.7       664.9       661.2       659.4 |      658.6       658.5       656.0       650.8 
     Construction supplies         |      235.0 |      285.5 |      282.1       286.9       286.6       284.9       281.8 |      281.4       281.3       281.1       278.7 
     Business supplies             |      330.3 |      376.1 |      369.0       374.4       377.9       375.9       377.1 |      376.8       376.7       374.5       371.7 
        Commercial energy products |       85.5 |       96.0 |       90.1        93.9        97.1        96.8        97.0 |       95.7        99.1        97.1        96.8 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
 
 
 Table 9
 Diffusion Indexes of Industrial Production
 Percent
 
 Year       Jan.    Feb.    Mar.    Apr.     May    June    July    Aug.   Sept.    Oct.    Nov.    Dec.
 -------------------------------------------------------------------------------------------------------
 
 One Month Earlier
  1999     53.6    56.5    55.4    59.4    55.1    50.7    58.2    55.8    48.6    64.5    53.3    59.8 
  2000     58.7    50.4    56.5    51.4    51.4    56.2    54.2    43.5    54.0    43.5    45.7    38.9 
  2001     46.7 
 
 Three Months Earlier
  1999     52.9    56.9    56.5    56.5    55.8    58.0    56.2    63.4    58.0    62.0    58.3    62.7 
  2000     61.2    62.0    59.8    56.2    54.0    52.9    49.6    44.9    48.9    43.1    45.3    42.0 
  2001     39.7 
 
 Six Months Earlier
  1999     59.1    53.3    56.2    54.3    58.0    59.8    60.1    60.1    61.6    67.4    62.7    62.7 
  2000     68.1    65.9    68.1    64.1    60.0    55.4    49.6    43.8    47.5    44.9    41.7    40.2 
  2001     35.5 
 -------------------------------------------------------------------------------------------------------
 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.
 
 
 
 Table 10
 Electric Power Use
 1992 = 100
                                                     |       |                                   Index, 1992=100
                                                                         Seasonally adjusted            |         Not seasonally adjusted
                                                     |Billion|  2000                               2001 |  2000                               2001 
 Item                                                |  KWH  |  Aug.  Sept.   Oct.   Nov.   Dec.   Jan. |  Aug.  Sept.   Oct.   Nov.   Dec.   Jan. 
 --------------------------------------------------------------------------------------------------------------------------------------------------
  Total manufacturing and mining                     | 933.2 | 107.7  109.1  109.8  109.7  108.2  106.4 | 111.0  112.7  111.5  109.4  107.1  103.8 
                                                     |       |                                          |
  Manufacturing                                      | 853.2 | 108.4  109.8  110.7  110.4  109.0  107.2 | 112.0  113.6  112.6  110.0  107.5  104.2 
  Durable                                            | 366.0 | 110.3  111.3  111.4  110.3  109.9  109.7 | 113.9  115.1  113.0  109.3  107.4  105.7 
  Nondurable                                         | 487.2 | 106.8  108.6  110.1  110.5  108.3  105.3 | 110.5  112.4  112.2  110.6  107.6  103.0 
                                                     |       |                                          |
  Mining                                             |  80.1 |  99.0  100.1   97.5   99.6   97.2   94.9 |  97.2   99.8   97.0  100.9  100.8   99.0 
                                                     |       |                                          |
  Total ex. nuclear nondefense                       | 908.9 | 109.6  110.1  110.2  109.9  108.8  108.4 | 113.8  114.3  111.8  109.2  107.0  105.3 
  Utility sales to industry                          | 835.5 | 108.9  109.6  110.3  110.1  108.5  106.4 | 111.7  113.5  111.9  109.8  107.1  103.5 
  Industrial generation                              |  97.7 |  98.6  102.8  102.9  104.2  103.3  105.3 | 101.0  100.4  105.3  103.5  106.6  108.7 
 --------------------------------------------------------------------------------------------------------------------------------------------------
      Note.  Additional industry detail is available on the Board's web site, www.federalreserve.gov/releases/G17/download.htm.
 
 
 
 Table 11
 Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 Industrial      |                                                                                    |                            |
 Production,     |                                                                                    |                            |
 Percent         |                                                                                    |                            |
 Change <1>      |                                                                                    |                            |
  1979           |   -.5     .8     .3    -.9    1.2     .0    -.7    -.4     .1     .4    -.5    -.2 |   2.2    1.1   -2.3    -.3 |    3.3 
  1980           |    .5     .1     .0   -1.9   -2.5   -1.3    -.6    1.2    1.5     .7    1.6     .5 |    .8  -15.0   -4.2   14.2 |   -2.8 
  1981           |   -.9     .5     .5    -.7     .8     .6     .9    -.4    -.8    -.8   -1.4   -1.1 |   1.9    2.2    4.1  -10.5 |    1.6 
  1982           |  -1.6    2.2    -.7    -.9    -.8    -.3    -.8    -.5    -.7    -.8    -.3    -.8 |  -6.4   -5.2   -7.3   -7.5 |   -5.4 
                 |                                                                                    |                            |
  1983           |   2.1    -.2    1.0    1.3    1.2     .6    1.8    1.3    1.7     .8    -.1     .5 |   6.8   11.9   17.3   10.3 |    3.7 
  1984           |   2.1    -.2    1.1     .5     .6     .5     .2     .0    -.1    -.5     .1    -.4 |  11.1    7.2    2.6   -2.6 |    8.9 
  1985           |    .4     .9     .3     .2     .2    -.2    -.4     .6     .6    -.9     .6     .7 |   3.0    2.8     .3    1.4 |    1.6 
  1986           |    .6    -.7   -1.0     .8    -.2    -.3     .3     .3    -.1     .9     .5     .9 |   2.0   -1.7     .7    6.5 |    1.1 
  1987           |   -.6    1.2     .4     .4     .4     .9     .6     .1    -.1    1.4     .3     .6 |   4.2    6.7    5.6    7.1 |    4.6 
                 |                                                                                    |                            |
  1988           |    .1     .3     .0     .6     .1     .1     .7     .5    -.4     .3     .8     .5 |   3.2    3.1    3.9    3.6 |    4.5 
  1989           |    .6    -.8     .9     .2    -.6    -.2   -1.0     .4    -.2    -.5     .4     .5 |   3.8     .5   -4.4    -.1 |    1.8 
  1990           |   -.5     .5     .5    -.6     .4     .0     .0     .2     .1    -.6   -1.3    -.6 |   2.0     .6    1.0   -5.8 |    -.2 
  1991           |   -.5    -.8    -.9     .3     .8    1.2     .1     .1    1.0    -.1    -.1    -.6 |  -8.3    1.5    6.2    1.1 |   -2.0 
  1992           |    .1     .5     .9     .7     .3    -.2     .7    -.3     .4     .7     .5     .0 |   1.0    6.5    2.4    5.0 |    3.1 
                 |                                                                                    |                            |
  1993           |    .4     .5     .2     .3    -.5     .3     .2    -.2    1.1     .3     .4     .8 |   3.8    1.5    1.9    6.2 |    3.5 
  1994           |    .2     .3     .8     .5     .8     .4     .6     .3     .1     .5     .7    1.0 |   5.5    7.7    5.8    6.3 |    5.4 
  1995           |    .6    -.1     .2    -.2     .4     .4    -.4    1.3     .6    -.4     .3     .1 |   6.0    1.1    4.4    2.9 |    4.8 
  1996           |   -.2    1.1    -.1    1.1     .8     .8     .0     .6     .5     .0    1.0     .4 |   2.8    9.2    5.4    5.3 |    4.6 
  1997           |    .5    1.0     .2     .6     .3     .6     .7     .9     .6     .6     .6     .3 |   7.6    6.1    7.9    7.3 |    6.8 
                 |                                                                                    |                            |
  1998           |    .4     .0     .3     .5     .4    -.7    -.1    2.1    -.3     .5    -.4     .1 |   3.6    3.0    3.4    2.9 |    4.9 
  1999           |    .6     .3     .7     .1     .7     .2     .8     .4     .1     .8     .3     .7 |   3.9    4.9    5.8    5.7 |    4.2 
  2000           |    .5     .5     .7     .7     .7     .5    -.2     .7     .2    -.2    -.3    -.3 |   6.7    7.9    3.5    -.6 |    5.7 
  2001           |   -.6    -.6                                                                       |                            |        
                 |                                                                                    |                            |
 Industrial      |                                                                                    |                            |
 Production <2>  |                                                                                    |                            |
  1999           | 135.9  136.3  137.3  137.4  138.4  138.6  139.7  140.3  140.4  141.5  141.9  142.8 | 136.5  138.1  140.1  142.1 |  139.6 
  2000           | 143.6  144.3  145.2  146.3  147.2  147.9  147.6  148.6  149.0  148.7  148.2  147.7 | 144.4  147.1  148.4  148.2 |  147.5 
  2001           | 146.8  146.0                                                                       |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
  1999           | 167.9  168.6  169.2  169.9  170.5  171.1  171.7  172.3  172.9  173.5  174.1  174.8 | 168.6  170.5  172.3  174.1 |  171.4 
  2000           | 175.4  176.1  176.7  177.4  178.1  178.7  179.4  180.1  180.7  181.4  182.1  182.8 | 176.1  178.1  180.1  182.1 |  179.1 
  2001           | 183.4  183.9                                                                       |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
  1979           |  86.7   87.1   87.1   86.1   86.9   86.7   85.9   85.4   85.3   85.5   84.9   84.5 |  87.0   86.6   85.5   85.0 |   86.0 
  1980           |  84.7   84.6   84.4   82.6   80.4   79.2   78.5   79.3   80.3   80.7   81.8   82.1 |  84.6   80.7   79.4   81.5 |   81.5 
  1981           |  81.2   81.4   81.6   80.9   81.4   81.8   82.3   81.8   80.9   80.1   78.8   77.7 |  81.4   81.4   81.7   78.9 |   80.8 
  1982           |  76.3   77.8   77.1   76.2   75.4   75.0   74.2   73.7   73.0   72.2   71.9   71.1 |  77.1   75.6   73.6   71.7 |   74.5 
                 |                                                                                    |                            |
  1983           |  72.5   72.3   72.9   73.7   74.5   74.8   76.1   77.0   78.2   78.7   78.6   78.9 |  72.6   74.4   77.1   78.7 |   75.7 
  1984           |  80.4   80.1   80.8   81.0   81.3   81.5   81.5   81.3   81.0   80.5   80.4   79.8 |  80.4   81.3   81.3   80.2 |   80.8 
  1985           |  79.9   80.4   80.4   80.3   80.3   79.9   79.4   79.6   79.9   79.0   79.2   79.5 |  80.2   80.2   79.6   79.2 |   79.8 
  1986           |  79.8   79.2   78.2   78.7   78.4   78.1   78.2   78.3   78.2   78.8   79.1   79.7 |  79.1   78.4   78.2   79.2 |   78.7 
  1987           |  79.1   80.0   80.2   80.5   80.7   81.4   81.8   81.8   81.6   82.6   82.8   83.2 |  79.8   80.8   81.7   82.9 |   81.3 
                 |                                                                                    |                            |
  1988           |  83.2   83.4   83.3   83.7   83.7   83.6   84.1   84.5   84.1   84.2   84.8   85.1 |  83.3   83.7   84.2   84.7 |   84.0 
  1989           |  85.4   84.6   85.3   85.3   84.7   84.4   83.4   83.6   83.3   82.8   83.0   83.2 |  85.1   84.8   83.4   83.0 |   84.1 
  1990           |  82.7   83.0   83.3   82.7   82.9   82.7   82.6   82.6   82.6   82.0   80.8   80.2 |  83.0   82.8   82.6   81.0 |   82.3 
  1991           |  79.6   78.9   78.1   78.2   78.7   79.6   79.5   79.5   80.2   80.0   79.8   79.2 |  78.9   78.8   79.7   79.6 |   79.3 
  1992           |  79.1   79.4   79.9   80.4   80.4   80.1   80.5   80.2   80.3   80.8   81.0   80.9 |  79.5   80.3   80.3   80.9 |   80.2 
                 |                                                                                    |                            |
  1993           |  81.0   81.3   81.3   81.4   80.9   80.9   81.0   80.7   81.4   81.5   81.6   82.1 |  81.2   81.1   81.0   81.7 |   81.3 
  1994           |  82.1   82.1   82.5   82.7   83.2   83.3   83.5   83.5   83.3   83.5   83.7   84.3 |  82.2   83.1   83.4   83.8 |   83.1 
  1995           |  84.4   84.0   83.8   83.3   83.3   83.2   82.5   83.3   83.4   82.8   82.7   82.4 |  84.1   83.3   83.1   82.6 |   83.3 
  1996           |  81.9   82.4   82.0   82.5   82.8   83.1   82.7   82.8   82.9   82.5   83.0   83.0 |  82.1   82.8   82.8   82.8 |   82.6 
  1997           |  83.0   83.5   83.3   83.4   83.3   83.3   83.5   83.8   83.8   83.9   83.9   83.7 |  83.3   83.3   83.7   83.8 |   83.5 
                 |                                                                                    |                            |
  1998           |  83.5   83.1   82.9   82.8   82.7   81.6   81.1   82.4   81.8   81.8   81.1   80.8 |  83.2   82.4   81.8   81.2 |   82.1 
  1999           |  81.0   80.9   81.1   80.9   81.2   81.0   81.3   81.4   81.2   81.5   81.5   81.7 |  81.0   81.0   81.3   81.6 |   81.2 
  2000           |  81.9   82.0   82.2   82.5   82.7   82.7   82.3   82.6   82.4   82.0   81.4   80.8 |  82.0   82.6   82.4   81.4 |   82.1 
  2001           |  80.1   79.4                                                                       |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
 <1> Quarterly percent changes are at annual rates.  Annual percentage changes are calculated from annual averages.
 <2> Annual averages of industrial production are calculated from not seasonally adjusted indexes.
 
 
 
 Table 12
 Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change)         |                                                                                    |                            |
  1979           |   -.3     .7     .4   -1.5    1.5     .1    -.5    -.9     .0     .5    -.7    -.1 |   3.4     .3   -2.4   -1.5 |    3.6 
  1980           |    .2     .3    -.4   -2.1   -3.1   -1.5    -.7    1.7    1.5    1.1    1.7     .3 |   -.4  -17.7   -4.7   16.8 |   -3.9 
  1981           |   -.6     .6     .3     .2     .7    -.1     .6    -.8    -.8   -1.1   -1.6   -1.6 |   2.5    4.2    -.1  -13.1 |    1.6 
  1982           |  -2.0    2.9    -.7    -.9    -.4     .0    -.8    -.5    -.5   -1.2    -.3    -.7 |  -7.6   -2.7   -5.6   -8.0 |   -5.9 
                 |                                                                                    |                            |
  1983           |   2.5     .4    1.4    1.1    1.4     .8    1.5    1.1    2.2     .6     .3    -.1 |  11.5   14.7   17.1   11.2 |    5.7 
  1984           |   2.5     .6     .7     .5     .4     .7     .3     .1    -.2     .0     .1    -.3 |  13.2    6.6    3.4    -.4 |    9.9 
  1985           |    .1     .6     .7     .2     .5    -.3    -.4     .9     .4    -.8    1.1    -.1 |   2.1    4.2    1.1    1.6 |    2.3 
  1986           |   1.5    -.5    -.9    1.4    -.1    -.3     .3     .6     .0     .8     .4    1.2 |   4.5    1.7    1.7    6.7 |    2.8 
  1987           |   -.8    1.6     .2     .5     .3    1.0     .7    -.2     .1    1.3     .5     .6 |   5.0    7.0    5.5    7.6 |    5.3 
                 |                                                                                    |                            |
  1988           |   -.2     .4    -.1    1.0    -.1     .0     .7     .3     .2     .2     .9     .6 |   2.3    4.1    3.7    5.2 |    4.7 
  1989           |    .9   -1.2     .8     .1    -.7     .0   -1.1     .3    -.3    -.6     .4     .1 |   4.3    -.7   -4.5   -1.4 |    1.9 
  1990           |   -.2     .9     .3    -.8     .4    -.1     .0     .3    -.1    -.6   -1.3    -.6 |   2.9    -.1     .8   -6.3 |    -.5 
  1991           |   -.9    -.7   -1.1     .3     .7    1.4     .2     .2    1.1    -.1    -.2    -.5 |  -9.7    1.2    7.8    1.7 |   -2.4 
  1992           |    .3     .6    1.0     .6     .4    -.1     .7    -.2     .3     .7     .5    -.1 |   2.4    7.3    3.0    4.5 |    4.0 
                 |                                                                                    |                            |
  1993           |    .7     .3     .2     .5    -.4     .0     .2    -.2    1.3     .2     .5     .9 |   4.4    2.0    1.5    6.6 |    3.7 
  1994           |    .0     .4    1.0     .8     .9     .2     .8     .5     .2     .6     .9    1.0 |   5.6    9.4    6.6    7.6 |    6.0 
  1995           |    .6    -.2     .3    -.3     .2     .5    -.6    1.3     .9    -.3     .2     .1 |   6.5     .7    3.9    3.6 |    5.3 
  1996           |   -.2    1.0    -.2    1.3     .9     .9     .2     .6     .6     .0    1.0     .6 |   2.3   10.1    7.1    5.7 |    4.9 
  1997           |    .5    1.2     .4     .5     .3     .8     .6    1.1     .5     .6     .7     .4 |   8.5    6.7    9.0    7.7 |    7.8 
                 |                                                                                    |                            |
  1998           |    .6     .0     .2     .6     .3    -.8    -.1    2.3    -.2     .7    -.2     .2 |   4.8    2.8    3.9    4.7 |    5.6 
  1999           |    .5     .5     .5     .2     .8     .2     .6     .6     .1     .9     .5     .6 |   4.1    5.4    6.0    6.8 |    4.8 
  2000           |    .6     .4     .9     .6     .6     .4    -.1     .6     .3    -.1    -.5    -.8 |   7.1    8.0    3.7   -1.3 |    6.1 
  2001           |   -.6    -.4                                                                       |                            |        
                 |                                                                                    |                            |
 IP (1992 = 100  |                                                                                    |                            |
  1999           | 140.5  141.2  141.9  142.2  143.4  143.6  144.5  145.3  145.6  146.8  147.5  148.4 | 141.2  143.1  145.1  147.6 |  144.8 
  2000           | 149.2  149.9  151.3  152.2  153.1  153.8  153.7  154.6  155.1  154.9  154.1  152.9 | 150.1  153.0  154.4  153.9 |  153.6 
  2001           | 152.0  151.3                                                                       |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 1992 output)    |                                                                                    |                            |
  1999           | 175.3  176.0  176.8  177.5  178.3  179.0  179.7  180.3  181.0  181.7  182.4  183.1 | 176.0  178.3  180.3  182.4 |  179.3 
  2000           | 183.8  184.6  185.3  186.1  186.9  187.6  188.4  189.1  189.9  190.7  191.5  192.3 | 184.6  186.9  189.2  191.5 |  188.0 
  2001           | 193.0  193.7                                                                       |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1979           |  86.4   86.7   86.9   85.3   86.4   86.3   85.6   84.5   84.3   84.5   83.6   83.3 |  86.7   86.0   84.8   83.8 |   85.3 
  1980           |  83.3   83.3   82.7   80.8   78.1   76.7   75.9   77.0   77.9   78.6   79.7   79.7 |  83.1   78.5   76.9   79.3 |   79.5 
  1981           |  79.0   79.2   79.3   79.3   79.6   79.3   79.6   78.8   78.0   77.0   75.6   74.2 |  79.2   79.4   78.8   75.6 |   78.3 
  1982           |  72.6   74.6   73.9   73.1   72.7   72.6   71.8   71.4   70.9   69.9   69.6   69.0 |  73.7   72.8   71.4   69.5 |   71.8 
                 |                                                                                    |                            |
  1983           |  70.6   70.8   71.8   72.5   73.4   73.9   74.8   75.6   77.2   77.6   77.7   77.5 |  71.1   73.2   75.9   77.6 |   74.4 
  1984           |  79.3   79.5   79.8   80.0   80.1   80.3   80.4   80.2   79.8   79.6   79.5   79.0 |  79.5   80.1   80.1   79.4 |   79.8 
  1985           |  78.9   79.1   79.3   79.2   79.4   78.9   78.3   78.8   78.8   77.9   78.5   78.2 |  79.1   79.2   78.6   78.2 |   78.8 
  1986           |  79.1   78.6   77.8   78.7   78.5   78.1   78.2   78.6   78.4   78.9   79.1   79.9 |  78.5   78.5   78.4   79.3 |   78.7 
  1987           |  79.1   80.2   80.3   80.6   80.7   81.4   81.8   81.5   81.5   82.5   82.8   83.1 |  79.9   80.9   81.6   82.8 |   81.3 
                 |                                                                                    |                            |
  1988           |  82.9   83.1   82.9   83.7   83.5   83.4   83.8   84.0   84.0   84.1   84.8   85.1 |  83.0   83.5   83.9   84.7 |   83.8 
  1989           |  85.7   84.5   85.0   85.0   84.2   84.1   83.0   83.1   82.7   82.1   82.2   82.1 |  85.1   84.4   82.9   82.1 |   83.6 
  1990           |  81.8   82.5   82.6   81.8   82.0   81.8   81.6   81.7   81.5   80.9   79.7   79.0 |  82.3   81.9   81.6   79.9 |   81.4 
  1991           |  78.2   77.5   76.6   76.8   77.1   78.1   78.2   78.2   79.0   78.9   78.6   78.1 |  77.5   77.3   78.5   78.5 |   77.9 
  1992           |  78.1   78.5   79.1   79.5   79.6   79.4   79.8   79.5   79.6   79.9   80.2   79.9 |  78.6   79.5   79.6   80.0 |   79.4 
                 |                                                                                    |                            |
  1993           |  80.4   80.4   80.4   80.7   80.2   80.1   80.1   79.7   80.6   80.6   80.7   81.3 |  80.4   80.3   80.1   80.9 |   80.4 
  1994           |  81.1   81.1   81.7   82.1   82.6   82.5   82.8   82.9   82.8   83.0   83.3   83.8 |  81.3   82.4   82.8   83.4 |   82.5 
  1995           |  84.0   83.5   83.3   82.7   82.5   82.6   81.7   82.3   82.7   82.0   81.7   81.4 |  83.6   82.6   82.2   81.7 |   82.5 
  1996           |  80.9   81.3   80.7   81.4   81.7   82.0   81.8   81.9   82.0   81.6   82.0   82.1 |  81.0   81.7   81.9   81.9 |   81.6 
  1997           |  82.1   82.6   82.5   82.5   82.3   82.5   82.6   83.1   83.0   83.0   83.1   82.9 |  82.4   82.5   82.9   83.0 |   82.7 
                 |                                                                                    |                            |
  1998           |  82.9   82.4   82.0   82.0   81.8   80.6   80.1   81.5   80.9   81.0   80.4   80.2 |  82.4   81.5   80.8   80.5 |   81.3 
  1999           |  80.2   80.2   80.3   80.1   80.4   80.2   80.4   80.6   80.4   80.8   80.9   81.0 |  80.2   80.3   80.5   80.9 |   80.5 
  2000           |  81.2   81.2   81.6   81.8   81.9   82.0   81.6   81.7   81.7   81.2   80.5   79.5 |  81.3   81.9   81.7   80.4 |   81.3 
  2001           |  78.7   78.1                                                                       |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      Note.  See note to table 11.
 
 
 
 Table 13
 Historical Statistics for Industrial Production, Capacity, and Utilization: Total Industry Excluding Selected High-Technology Industries
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change)         |                                                                                    |                            |
  1979           |   -.7     .8     .2   -1.1    1.1    -.1    -.8    -.5     .0     .3    -.6    -.3 |    .9    -.1   -3.5   -1.4 |    2.2 
  1980           |    .3     .0    -.1   -2.2   -2.7   -1.3    -.8    1.2    1.6     .6    1.6     .5 |   -.7  -16.6   -4.9   13.8 |   -4.0 
  1981           |   -.9     .4     .4    -.8     .8     .5     .9    -.5   -1.0    -.8   -1.6   -1.4 |   1.3    1.1    3.2  -11.8 |     .8 
  1982           |  -1.6    2.0    -.8    -.9    -.9    -.4   -1.0    -.4   -1.0   -1.0    -.3   -1.2 |  -7.7   -5.8   -8.2   -9.1 |   -6.5 
                 |                                                                                    |                            |
  1983           |   2.5    -.4     .8    1.2    1.2     .4    1.8    1.4    1.6     .6    -.2     .5 |   6.9   10.6   16.8    8.7 |    2.8 
  1984           |   1.9    -.3    1.0     .4     .4     .3     .1    -.1    -.2    -.5     .0    -.5 |   9.7    5.3    1.0   -3.5 |    7.5 
  1985           |    .3     .9     .2     .1     .2    -.1    -.5     .6     .7    -.8     .3     .7 |   2.3    2.5     .5    1.0 |     .9 
  1986           |    .7    -.8   -1.1     .8    -.3    -.2     .0     .2    -.2    1.0     .4    1.0 |   1.7   -1.8    -.6    6.3 |     .8 
  1987           |   -.8    1.2     .3     .4     .5     .8     .5     .1    -.2    1.3     .3     .5 |   3.5    6.8    5.0    6.5 |    4.2 
                 |                                                                                    |                            |
  1988           |    .1     .2     .1     .4    -.2     .1     .6     .5    -.3     .4     .6     .5 |   2.8    1.8    3.3    3.5 |    3.9 
  1989           |    .5    -.7     .9     .1    -.7    -.3    -.9     .4    -.3    -.3     .2     .3 |   3.5    -.3   -4.8    -.4 |    1.4 
  1990           |   -.4     .5     .5    -.5     .3    -.1     .0     .1     .2    -.6   -1.4    -.7 |   1.7     .6     .7   -6.4 |    -.5 
  1991           |   -.5    -.9   -1.0     .4     .8    1.2     .1     .0    1.0    -.2    -.2    -.7 |  -8.8    1.4    6.1     .4 |   -2.4 
  1992           |   -.2     .4     .8     .7     .2    -.4     .6    -.4     .3     .6     .4     .0 |   -.6    5.7    1.3    3.9 |    2.2 
                 |                                                                                    |                            |
  1993           |    .4     .5     .1     .3    -.6     .2     .2    -.2    1.0     .2     .4     .7 |   3.7     .8    1.2    5.0 |    2.8 
  1994           |    .1     .3     .6     .3     .7     .3     .4     .2     .0     .4     .6     .8 |   4.5    5.6    4.0    4.2 |    4.1 
  1995           |    .3    -.3    -.1    -.4     .2     .3    -.6    1.1     .3    -.7     .1    -.1 |   2.9   -1.3    2.2    -.5 |    2.4 
  1996           |   -.3     .9    -.3    1.0     .6     .6    -.3     .3     .2    -.4     .8     .2 |    .7    7.0    2.2    2.0 |    2.0 
  1997           |    .3     .8    -.1     .4     .1     .3     .4     .8     .5     .6     .4     .1 |   5.2    3.0    5.4    6.4 |    4.1 
                 |                                                                                    |                            |
  1998           |    .1    -.2     .3     .4     .3   -1.1    -.5    2.0    -.6     .2    -.6    -.2 |   1.0    1.8    -.1     .0 |    2.7 
  1999           |    .4     .0     .5    -.3     .5    -.1     .4     .3     .0     .6     .0     .3 |    .9    1.4    2.9    3.4 |    1.2 
  2000           |    .1     .1     .2     .3     .3     .0    -.7     .5     .0    -.4    -.5    -.5 |   1.7    2.9    -.9   -3.1 |    1.8 
  2001           |   -.8    -.7                                                                       |                            |        
                 |                                                                                    |                            |
 IP (1992 = 100  |                                                                                    |                            |
  1999           | 119.3  119.4  119.9  119.6  120.2  120.1  120.6  120.9  120.9  121.7  121.7  122.1 | 119.5  119.9  120.8  121.8 |  120.5 
  2000           | 122.2  122.3  122.6  123.0  123.4  123.4  122.5  123.2  123.2  122.6  122.0  121.3 | 122.4  123.2  122.9  122.0 |  122.6 
  2001           | 120.4  119.6                                                                       |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 1992 output)    |                                                                                    |                            |
  1999           | 147.1  147.3  147.6  147.8  148.1  148.3  148.5  148.7  148.9  149.1  149.3  149.5 | 147.3  148.1  148.7  149.3 |  148.3 
  2000           | 149.6  149.8  150.0  150.2  150.3  150.5  150.7  150.8  150.9  151.0  151.2  151.3 | 149.8  150.3  150.8  151.2 |  150.5 
  2001           | 151.4  151.5                                                                       |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1979           |  86.6   87.1   87.1   86.1   86.8   86.6   85.8   85.2   85.1   85.3   84.7   84.3 |  86.9   86.5   85.4   84.7 |   85.9 
  1980           |  84.4   84.3   84.1   82.1   79.8   78.7   78.0   78.8   80.0   80.4   81.6   81.8 |  84.3   80.2   78.9   81.3 |   81.2 
  1981           |  81.0   81.2   81.5   80.7   81.3   81.6   82.2   81.6   80.7   79.9   78.5   77.3 |  81.2   81.2   81.5   78.6 |   80.6 
  1982           |  76.0   77.4   76.7   75.9   75.1   74.7   73.9   73.5   72.6   71.8   71.5   70.5 |  76.7   75.2   73.3   71.3 |   74.1 
                 |                                                                                    |                            |
  1983           |  72.3   72.0   72.6   73.4   74.2   74.5   75.8   76.8   78.0   78.4   78.2   78.6 |  72.3   74.0   76.9   78.4 |   75.4 
  1984           |  80.0   79.7   80.4   80.6   80.8   81.0   80.9   80.7   80.5   80.0   79.9   79.3 |  80.1   80.8   80.7   79.7 |   80.3 
  1985           |  79.5   80.0   80.1   80.0   80.0   79.8   79.3   79.6   80.0   79.1   79.2   79.6 |  79.9   79.9   79.6   79.3 |   79.7 
  1986           |  80.1   79.4   78.5   79.0   78.7   78.5   78.4   78.5   78.3   79.0   79.3   80.0 |  79.3   78.7   78.4   79.4 |   79.0 
  1987           |  79.4   80.2   80.5   80.8   81.1   81.7   82.1   82.2   81.9   83.0   83.2   83.5 |  80.0   81.2   82.1   83.2 |   81.6 
                 |                                                                                    |                            |
  1988           |  83.6   83.7   83.7   84.0   83.8   83.9   84.3   84.6   84.3   84.6   85.0   85.3 |  83.7   83.9   84.4   85.0 |   84.2 
  1989           |  85.7   85.0   85.6   85.6   84.9   84.6   83.6   83.9   83.5   83.2   83.3   83.4 |  85.4   85.0   83.7   83.3 |   84.4 
  1990           |  83.0   83.3   83.7   83.1   83.3   83.1   83.0   83.0   83.0   82.4   81.1   80.5 |  83.3   83.2   83.0   81.4 |   82.7 
  1991           |  80.0   79.2   78.4   78.6   79.1   80.0   80.0   79.9   80.6   80.4   80.2   79.5 |  79.2   79.2   80.2   80.0 |   79.7 
  1992           |  79.3   79.5   80.1   80.6   80.6   80.2   80.7   80.3   80.4   80.8   81.0   81.0 |  79.7   80.5   80.4   80.9 |   80.4 
                 |                                                                                    |                            |
  1993           |  81.2   81.5   81.5   81.6   81.0   81.1   81.2   80.9   81.6   81.6   81.8   82.2 |  81.4   81.2   81.2   81.9 |   81.4 
  1994           |  82.2   82.3   82.7   82.7   83.2   83.3   83.5   83.5   83.3   83.4   83.7   84.2 |  82.4   83.1   83.4   83.7 |   83.1 
  1995           |  84.2   83.8   83.5   83.0   83.0   83.1   82.5   83.2   83.3   82.5   82.4   82.2 |  83.8   83.0   83.0   82.4 |   83.1 
  1996           |  81.8   82.4   81.9   82.6   82.9   83.3   82.8   82.9   82.9   82.5   83.0   83.0 |  82.0   82.9   82.9   82.8 |   82.7 
  1997           |  83.1   83.6   83.3   83.4   83.3   83.3   83.4   83.8   83.9   84.2   84.2   84.0 |  83.3   83.3   83.7   84.2 |   83.6 
                 |                                                                                    |                            |
  1998           |  83.8   83.3   83.3   83.3   83.3   82.1   81.4   82.8   82.1   82.0   81.3   81.0 |  83.5   82.9   82.1   81.4 |   82.5 
  1999           |  81.1   81.0   81.2   80.9   81.2   81.0   81.2   81.3   81.2   81.7   81.5   81.7 |  81.1   81.0   81.3   81.6 |   81.3 
  2000           |  81.6   81.6   81.7   81.9   82.1   82.0   81.3   81.7   81.6   81.2   80.7   80.2 |  81.7   82.0   81.5   80.7 |   81.5 
  2001           |  79.5   78.9                                                                       |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      Note.  Excluded industries are computers, communications equipment, and semiconductors and related electronic components.  See also note to table 11.
 
 
 
 Table 14
 Historical Statistics for Industrial Production, Capacity, and Utilization: Manufacturing Excluding Selected High-Technology Industries
 Seasonally adjusted
 
 
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
                 |   Jan.   Feb.   Mar.   Apr.    May   June   July   Aug.  Sept.   Oct.   Nov.   Dec.|     Q1     Q2     Q3     Q4|  Annual
 -------------------------------------------------------------------------------------------------------------------------------------------
                 |                                                                                    |                            |
 IP (percent     |                                                                                    |                            |
 change)         |                                                                                    |                            |
  1979           |   -.7     .7     .3   -1.7    1.4     .0    -.6   -1.1    -.1     .4    -.9    -.2 |   1.9   -1.2   -3.8   -2.9 |    2.2 
  1980           |    .0     .1    -.6   -2.4   -3.4   -1.5    -.9    1.7    1.6    1.0    1.7     .2 |  -2.3  -19.9   -5.6   16.5 |   -5.4 
  1981           |   -.6     .4     .2     .1     .7    -.3     .5    -.9   -1.1   -1.2   -1.8   -2.0 |   1.8    2.8   -1.7  -15.0 |     .5 
  1982           |  -2.1    2.7    -.8    -.9    -.5    -.1   -1.0    -.3    -.9   -1.4    -.4   -1.1 |  -9.4   -3.4   -6.7  -10.2 |   -7.4 
                 |                                                                                    |                            |
  1983           |   3.1     .3    1.3    1.0    1.4     .6    1.5    1.1    2.1     .4     .1    -.1 |  12.1   13.2   16.3    9.1 |    4.7 
  1984           |   2.3     .4     .6     .3     .1     .5     .2    -.1    -.3     .0     .0    -.4 |  11.6    4.0    1.4   -1.3 |    8.1 
  1985           |    .0     .6     .6     .1     .5    -.1    -.5     .9     .4    -.8     .8    -.1 |   1.2    4.0    1.4    1.1 |    1.5 
  1986           |   1.6    -.6   -1.0    1.5    -.2    -.1    -.1     .6    -.1     .9     .3    1.3 |   4.4    1.9     .3    6.6 |    2.5 
  1987           |  -1.0    1.6     .1     .6     .4     .9     .6    -.2     .0    1.3     .5     .5 |   4.1    7.1    4.8    6.9 |    4.8 
                 |                                                                                    |                            |
  1988           |   -.2     .2     .1     .8    -.4     .0     .6     .1     .3     .4     .8     .5 |   1.8    2.6    2.9    5.3 |    4.0 
  1989           |    .9   -1.1     .8     .0    -.7    -.1   -1.0     .3    -.3    -.4     .2    -.1 |   4.1   -1.7   -5.0   -1.8 |    1.4 
  1990           |   -.1     .9     .4    -.7     .4    -.2     .1     .2     .0    -.7   -1.4    -.7 |   2.7    -.1     .4   -7.1 |    -.9 
  1991           |   -.8    -.8   -1.2     .4     .7    1.5     .2     .1    1.2    -.2    -.3    -.6 | -10.3    1.0    7.8    1.0 |   -2.8 
  1992           |    .0     .5    1.0     .6     .3    -.2     .6    -.3     .2     .5     .5    -.1 |    .6    6.3    1.7    3.1 |    2.9 
                 |                                                                                    |                            |
  1993           |    .8     .3     .1     .5    -.5     .0     .2    -.4    1.2     .1     .4     .8 |   4.3    1.3     .6    5.2 |    2.9 
  1994           |    .0     .4     .8     .5     .8     .0     .6     .3     .1     .4     .7     .8 |   4.5    7.1    4.5    5.2 |    4.5 
  1995           |    .3    -.5    -.1    -.5     .1     .3    -.8    1.0     .6    -.7    -.1    -.1 |   2.9   -2.0    1.3    -.3 |    2.4 
  1996           |   -.3     .8    -.5    1.2     .7     .7    -.1     .2     .3    -.4     .8     .4 |   -.2    7.6    3.6    2.0 |    1.9 
  1997           |    .3     .9     .0     .3     .0     .5     .4     .9     .4     .6     .5     .1 |   5.8    3.2    6.2    6.7 |    4.7 
                 |                                                                                    |                            |
  1998           |    .3    -.2     .2     .6     .2   -1.2    -.5    2.2    -.6     .4    -.5    -.1 |   2.0    1.4     .0    1.6 |    3.2 
  1999           |    .2     .2     .2    -.2     .6    -.1     .3     .4     .1     .7     .2     .2 |    .7    1.4    2.7    4.4 |    1.5 
  2000           |    .1     .0     .5     .1     .2     .0    -.7     .3     .1    -.4    -.8   -1.0 |   1.5    2.4   -1.4   -4.3 |    1.7 
  2001           |   -.8    -.6                                                                       |                            |        
                 |                                                                                    |                            |
 IP (1992 = 100  |                                                                                    |                            |
  1999           | 121.2  121.5  121.7  121.5  122.2  122.0  122.4  122.9  123.0  123.9  124.1  124.3 | 121.5  121.9  122.7  124.1 |  122.5 
  2000           | 124.3  124.3  124.9  125.1  125.4  125.3  124.5  124.9  125.0  124.6  123.6  122.3 | 124.5  125.2  124.8  123.5 |  124.5 
  2001           | 121.3  120.6                                                                       |                            |        
                 |                                                                                    |                            |
 Capacity        |                                                                                    |                            |
 (percent of     |                                                                                    |                            |
 1992 output)    |                                                                                    |                            |
  1999           | 151.0  151.3  151.6  151.8  152.1  152.3  152.5  152.7  153.0  153.2  153.4  153.5 | 151.3  152.1  152.7  153.4 |  152.4 
  2000           | 153.7  153.9  154.1  154.3  154.4  154.6  154.8  154.9  155.0  155.2  155.3  155.4 | 153.9  154.4  154.9  155.3 |  154.6 
  2001           | 155.5  155.6                                                                       |                            |        
                 |                                                                                    |                            |
 Utilization     |                                                                                    |                            |
 (percent)       |                                                                                    |                            |
  1979           |  86.3   86.7   86.8   85.2   86.2   86.0   85.4   84.2   84.0   84.2   83.3   83.0 |  86.6   85.8   84.5   83.5 |   85.1 
  1980           |  82.8   82.8   82.2   80.1   77.2   75.9   75.1   76.3   77.4   78.0   79.2   79.2 |  82.6   77.8   76.3   78.8 |   78.8 
  1981           |  78.6   78.8   78.9   78.8   79.3   78.9   79.2   78.4   77.5   76.5   75.0   73.4 |  78.8   79.0   78.4   75.0 |   77.8 
  1982           |  71.9   73.8   73.2   72.5   72.0   71.9   71.1   70.9   70.2   69.2   68.8   68.0 |  72.9   72.1   70.7   68.7 |   71.1 
                 |                                                                                    |                            |
  1983           |  70.1   70.3   71.2   71.9   72.9   73.3   74.4   75.2   76.8   77.0   77.1   77.0 |  70.5   72.7   75.5   77.1 |   73.9 
  1984           |  78.7   79.0   79.3   79.4   79.3   79.6   79.6   79.4   79.0   78.9   78.8   78.4 |  79.0   79.4   79.3   78.7 |   79.1 
  1985           |  78.2   78.5   78.8   78.7   78.9   78.7   78.1   78.7   78.8   78.0   78.5   78.2 |  78.5   78.8   78.5   78.2 |   78.5 
  1986           |  79.4   78.8   78.0   79.0   78.8   78.6   78.4   78.8   78.6   79.2   79.3   80.2 |  78.7   78.8   78.6   79.6 |   78.9 
  1987           |  79.3   80.5   80.5   80.9   81.1   81.8   82.2   82.0   81.9   82.9   83.2   83.6 |  80.1   81.3   82.0   83.2 |   81.7 
                 |                                                                                    |                            |
  1988           |  83.3   83.5   83.4   84.0   83.6   83.6   84.1   84.1   84.3   84.5   85.1   85.4 |  83.4   83.8   84.2   85.0 |   84.1 
  1989           |  86.1   85.0   85.5   85.3   84.5   84.3   83.2   83.4   82.9   82.5   82.5   82.3 |  85.5   84.7   83.2   82.4 |   83.9 
  1990           |  82.1   82.8   83.0   82.3   82.4   82.1   82.1   82.1   81.9   81.3   80.0   79.3 |  82.6   82.3   82.0   80.2 |   81.8 
  1991           |  78.5   77.8   76.8   77.0   77.5   78.5   78.6   78.6   79.5   79.3   78.9   78.4 |  77.7   77.7   78.9   78.9 |   78.3 
  1992           |  78.3   78.6   79.3   79.7   79.8   79.5   79.9   79.6   79.6   79.9   80.1   79.9 |  78.7   79.7   79.7   80.0 |   79.5 
                 |                                                                                    |                            |
  1993           |  80.4   80.5   80.5   80.9   80.3   80.2   80.3   79.9   80.7   80.6   80.8   81.3 |  80.5   80.5   80.3   80.9 |   80.5 
  1994           |  81.2   81.3   81.8   82.1   82.6   82.4   82.7   82.8   82.7   82.8   83.2   83.7 |  81.4   82.3   82.7   83.2 |   82.4 
  1995           |  83.8   83.2   82.9   82.4   82.2   82.3   81.5   82.1   82.5   81.7   81.4   81.1 |  83.3   82.3   82.0   81.4 |   82.3 
  1996           |  80.7   81.1   80.6   81.3   81.7   82.1   81.9   81.9   81.9   81.4   81.9   82.0 |  80.8   81.7   81.9   81.8 |   81.6 
  1997           |  82.1   82.6   82.4   82.4   82.2   82.4   82.5   83.0   83.1   83.3   83.4   83.1 |  82.4   82.4   82.8   83.3 |   82.7 
                 |                                                                                    |                            |
  1998           |  83.1   82.6   82.4   82.5   82.4   81.1   80.4   81.8   81.1   81.2   80.6   80.3 |  82.7   82.0   81.1   80.7 |   81.6 
  1999           |  80.3   80.3   80.3   80.0   80.4   80.1   80.2   80.4   80.4   80.9   80.9   80.9 |  80.3   80.2   80.4   80.9 |   80.4 
  2000           |  80.9   80.8   81.0   81.1   81.2   81.0   80.4   80.6   80.6   80.3   79.6   78.7 |  80.9   81.1   80.6   79.5 |   80.5 
  2001           |  78.0   77.5                                                                       |                            |        
 -------------------------------------------------------------------------------------------------------------------------------------------
      Note.  See note to table 13.
 
 
 
 
 Explanatory Note
 
 
 The Industrial Production and Capacity Utilization statistical release,
 which is published around the middle of the month, reports measures of
 output, capacity, and capacity utilization in manufacturing, mining, and
 the electric and gas utilities industries.  The release also includes monthly
 indexes on the use of electric power in manufacturing and mining. More
 detailed descriptions of industrial production, capacity utilization, and
 electric power are available at www.federalreserve.gov/releases/G17 at
 the Board's World Wide Web site. In addition, files containing data shown
 in the release, more detailed series that were published in the G.17 prior to
 December 2000, and historical data are available at the Board's Web site.
 Instructions for searching for and downloading specific series are provided
 as well.  For paid access to the data files through the Department of
 Commerce's Economic Bulletin Board or World Wide Web site, please
 call STAT-USA at 1-800-STAT-USA or 202-452-1986.  Diskettes
 containing historical data and the data published in this release also are
 available from the Board of Governors of the Federal Reserve System,
 Publications Services, 202-452-3245.
 
 Industrial Production
 
 Coverage. The industrial production (IP) index measures the real output
 of the manufacturing, mining, and electric and gas utilities industries; the
 reference period for the index is 1992. For the period since 1997, the total
 IP index has been constructed from 276 individual series based on the
 1987 Standard Industrial Classification (SIC) codes. These individual
 series are classified in two ways: (1) market groups, and (2) industry
 groups.  Market groups consist of products and materials.  Total products
 are the aggregate of final products, such as consumer goods and
 equipment, and intermediate products (which are inputs to nonindustrial
 sectors).  Materials are inputs in the manufacture of  products.  Major
 industry groups include two-digit SIC industries and aggregates of these
 industries-for example, durable and nondurable manufacturing, mining,
 and utilities.  A complete description of the market and industry structures,
 including details regarding series classification, relative importance
 weights, and data sources, is available on the Board's web site
 (www.federalreserve.gov/releases/G17/About.html) .  Changes in
 output for the market and industry groups are summarized in table 1 and
 the levels of output (in index form) are shown in table 4.  Special
 aggregates, that highlight the relative importance and contributions of
 several key industries, such as high-technology and motor vehicles, are
 summarized in tables 2 and 5.  For a detailed description of the contents of
 the statistical tables, see below.
 
 Source data. On a monthly basis, the individual indexes of industrial
 production are constructed from two main types of source data: (1) output
 measured in physical units and (2) data on inputs to the production
 process, from which output is inferred.  Data on physical products, such as
 tons of steel or barrels of oil, are obtained from private trade associations
 and from government agencies; data of this type are used to estimate
 monthly IP wherever possible and appropriate.  Production indexes for a
 few industries are derived by dividing estimated nominal output
 (calculated using unit production or sales and unit values) by a
 corresponding Fisher price index; the most notable of these fall within the
 high-technology grouping and include computers and semiconductors.
 When suitable data on physical product are not available, estimates of
 output are based on either production-worker hours or electric power use
 by industry.  Data on hours worked by production workers are collected in
 the monthly establishment survey conducted by the Bureau of Labor
 Statistics. The data on electric power use are described below. The factors
 used to convert inputs into estimates of production are based on historical
 relationships between the inputs and the comprehensive annual data used
 to benchmark the IP indexes; these factors also may be influenced by
 technological or cyclical developments.  The annual data used in
 benchmarking the individual IP indexes are constructed from a variety of
 source data, such as the quinquennial Censuses of Manufactures and
 Mineral Industries and the Annual Survey of Manufactures, prepared by
 the Bureau of the Census; the Minerals Yearbook, prepared by the United
 States Geological Survey of the Department of the Interior; and
 publications of the Department of Energy.
 
 Aggregation Methodology and Weights.  The aggregation method for
 the IP index is a version of the Fisher-ideal index formula.  (For a detailed
 discussion of the aggregation method, see Federal Reserve Bulletin
 February 1997 and March 2001.)  In the IP index, series that measure the
 output of an individual industry are combined using weights derived from
 their proportion in the total value-added output of all industries.   The IP
 index, which extends back to 1919, is built as an annually weighted
 chain-type index since 1977.  Between 1977 and 1992, the weights for
 months from January to June were drawn from the year containing the
 month being estimated and the preceding year; for months from July to
 December, the weights are drawn from the current and following year.
 Since mid 1992, the weights change monthly, eliminating distortions in
 the contributions of several high-technology industries-sectors where
 weights shift noticeably year-to-year.  Thus, the current formula for the
 growth in monthly IP (or any of the sub-aggregates) since mid 1992 is the
 geometric mean of the change in output (I), and, as can be seen below, is
 computed using the unit value added estimate for the current month (pm)
 and the estimate for previous month:
 
 
 
 The IP proportions (typically shown in the first column of the relevant
 tables in the G.17 release) are estimates of the industries' relative
 contributions to overall growth in the following year.  For example, the
 relative importance weight of the motor vehicles and parts industry is
 about 5 percent.  If output in this industry increased 10 percent in a month,
 then this gain would boost growth in total IP by  percentage point (0.05
 x 10% = 0.5%).  To assist users with calculations, the Federal Reserve's
 web site provides supplemental monthly statistics that represent the exact
 proportionate contribution of a monthly change in a component index to
 the monthly change in the total index (www.federalreserve.gov/
 releases/G17/ipdisk/ipweights.sa).
 
 Timing. The first estimate of output for a month is published around the
 15th of the following month. The estimate is preliminary (denoted by the
 superscript "p" in tables) and subject to revision in each of the subsequent
 three months as new source data become available. (Revised estimates are
 denoted by the superscript "r" in tables.)  For the first estimate of output
 for a given month, about 48 percent of the source data (in value-added
 terms) are available; the fraction of available source data increases to about
 85 percent for estimates in the second month that the estimate is published,
 96 percent in the third month, and 97 percent in the fourth month.  Data
 availability by data type is summarized in the table below:
 
 Proportion (in percent) of industrial production covered by data
 available in successive monthly estimates, 1999.
                                                                                                                                                                 
                                 Month of estimate               
 Type of data                         1st     2nd     3rd     4th
 Physical product                    19\1      33    46\2      47
 Production-worker hours             28\3      28      28      28
 Electric power use                    0       22      22      22
 Federal Reserve estimates\4          53       17      3      3\5
 Total industrial production          100     100     100     100
 
 
 1.Includes provisional series totaling nearly 13 percent of IP that are
 derived from weekly data and for which the actual data may lag several
 months.
 
 2.Includes quarterly data totaling 6 percent of IP that, on average, are
 received for the third estimate of industrial production.  Specifically, data
 are available for the second estimate of the last month of a quarter, the
 third estimate of the second month of a quarter, and the fourth estimate of
 the first month of a quarter.
 
 3.This figure refers only to those individual series that both initially and
 ultimately are based on the hours data.
 
 4.Estimates for series not yet covered by data for physical product or
 electric power use.
 
 5.Includes monthly and quarterly physical product data totaling 3
 percent of IP that typically are available too late for inclusion in the
 current index but are included at the time of an annual revision.
 
 Until the source data for a particular series become available for a given
 month, estimates for the missing observations are based on other available
 data, such as labor input, recent trends in output and orders, and anecdotal
 reports from industry sources.  After the fourth month that an estimate is
 published, indexes are not revised further until the time of an annual
 revision or a benchmark revision. These historical revisions are typically
 published in the late fall of each year; the most recent revision was
 published on December 5, 2000, and incorporated revised source data as
 well as data from the 1998 Annual Survey of Manufactures and the 1997
 Census of Manufactures.
 
 Seasonal adjustment. Individual series are seasonally adjusted using
 Census X-12 ARIMA. For series based on production-worker hours, the
 current seasonal factors were estimated with data through October 2000;
 for other series, the factors were estimated with data through at least June
 2000.  Series are pre-adjusted for the effects of holidays or the business
 cycle when appropriate.  For the data since 1977, all seasonally adjusted
 aggregate indexes are calculated by aggregating the seasonally adjusted
 indexes of the individual series.
 
 Reliability.  The average revision to the level of the total IP index, without
 regard to sign, between the first and the fourth estimates was 0.27 percent
 during the 1987-99 period.  The average revision to the percent change in
 total IP, without regard to sign, from the first to the fourth estimates was
 0.21 percentage point during the 1987-99 period.  In most cases (about 83
 percent), the direction of change in output indicated by the first estimate
 for a given month is the same as that shown by the fourth estimate.
 
 Rounding.  The published percent changes are calculated from unrounded
 indexes, and may not be the same as percent changes calculated from the
 rounded indexes shown in the release.
 
 Capacity Utilization
 
 Overview.  The Federal Reserve Board constructs estimates of capacity
 and capacity utilization for industries in manufacturing, mining, and
 electric and gas utilities.  For a given industry, the capacity utilization rate
 is equal to an output index (seasonally adjusted) divided by a capacity
 index.  The Federal Reserve Board's capacity indexes attempt to capture
 the concept of sustainable maximum output-the greatest level of output a
 plant can maintain within the framework of a realistic work schedule, after
 factoring in normal downtime and assuming sufficient availability of
 inputs to operate the capital in place.
 
 Coverage.  Capacity indexes are constructed for 78 detailed industries (55
 in manufacturing, 21 in mining, and 2 in utilities), which mostly
 correspond to industries at the two- and three-digit SIC level.  Estimates of
 capacity and utilization are available for a variety of groups, including
 primary and advanced processing industries within manufacturing,
 durable and nondurable manufacturing, total manufacturing, mining,
 utilities, and total industry.  Also, special aggregates are available, such as
 high-tech industries and manufacturing excluding high-tech industries.
 Component industries of the primary- and advanced-processing groups
 within manufacturing are listed in the note on table 2 of the release.
 
 Source Data.  The monthly rates of capacity utilization are designed to be
 consistent with both the monthly data on production and the periodically
 available data on capacity and utilization.  Because there is no direct
 monthly information on overall industrial capacity or utilization rates, the
 Federal Reserve first estimates annual capacity indexes from the source
 data.  Capacity data reported in physical units from government sources
 (primarily from the U.S. Geological Survey and the Department of
 Energy's Energy Information Administration) and trade sources are
 available for portions of several industries in manufacturing (e.g., paper,
 industrial chemicals, petroleum refining, motor vehicles), as well as for
 electric utilities and mining; these industries represent about 15 percent of
 total industrial capacity.  When physical product data are unavailable for
 manufacturing industries, capacity indexes are based on responses to the
 Bureau of the Census's Survey of Plant Capacity (SPC); these industries
 account for a bit more than 80 percent of total industry capacity.  In the
 absence of utilization data for a few mining and petroleum series, capacity
 is based on trends through peaks in production (roughly 4 percent of total
 industry capacity).  A detailed description of the methodology used to
 construct the capacity indexes is available on the Board's web site
 (www.federalreserve.gov/releases/G17/cap_notes.html).
 
 Aggregation Methodology.  Monthly capacity aggregates are calculated
 in three steps: (1) utilization aggregates are calculated on an annual basis
 through the most recent full year as capacity-weighted aggregates of
 individual utilization rates; (2) the annual aggregate capacity is derived
 from the corresponding production and utilization aggregates; (3) the
 monthly capacity aggregate is obtained by interpolating with a Fisher
 index of its constituent monthly capacity series.  Utilization rates for the
 individual series and aggregates are calculated by dividing the pertinent
 monthly production index by the related capacity index.
 
 Consistency.  A major aim is that the Federal Reserve utilization rates be
 consistent over time so that, for example, a rate of 85 percent means about
 the same degree of tightness that it meant in the past.  A major task for the
 Federal Reserve in developing reasonable and consistent time series of
 capacity and utilization is dealing with inconsistencies between the
 movements of the industrial production index and the survey-based
 utilization rates.  The McGraw-Hill/DRI Survey, now discontinued, was
 the primary source of manufacturing utilization rates for many years.  This
 was a survey of large companies that reported, on average, higher
 utilization rates than those reported by establishments covered by the SPC
 (currently the primary source of factory operating rates) for the fourteen
 years they overlapped.  Adjustments have been made to keep the industry
 utilization rates currently reported by the Federal Reserve roughly in line
 with rates formerly reported by McGraw-Hill.  As a consequence, the rates
 reported by the Federal Reserve tend to be higher than the rates reported in
 the SPC.
 
 Perspective.  Over the 1967-1999 period, the average total industry
 utilization rate is 82.0 percent; for manufacturing, the average factory
 operating rate has been 81.1 percent.  Industrial plants usually operate at
 capacity utilization rates that are well below 100 percent: none of the
 broad aggregates has ever reached 100 percent.  For total industry and
 total manufacturing, utilization rates have exceeded 90 percent only in
 wartime.  The highs and lows in capacity utilization shown in table 6 are
 specific to each series and do not all occur in the same month.
 
 Electric Power
 
 Coverage.  Electric power data for sales by utilities to industry users and
 for electric power produced by cogenerators (manufacturing and mining
 firms that produce electricity for their own use or to sell to a utility) are
 generally collected at the 3-digit SIC level for mining and manufacturing.
 Aggregates for 2-digit industries, as well as for total mining, durable,
 nondurable, total manufacturing and total industrial electric power use, are
 computed.  An aggregate showing total industry excluding nuclear
 nondefense is shown separately because the value-added proportion for
 the nondefense nuclear material series (part of SIC 2819) in total IP is
 considerably less than its share of total electric power use.  In addition,
 aggregates for utility sales to industrial users and industry generation are
 computed.  While only the major aggregates are shown in the release, data
 for the 2- and 3-digit industries are available on the Board's web site
 (www.federalreserve.gov/releases/G17).
 
 Source Data.  Electric power data are collected from a sample of utilities
 and cogenerators covering all twelve Federal Reserve Districts. The
 primary criterion for inclusion of a utility in the panel is whether the utility
 provides electric power to industrial customers.  A comparison of Federal
 Reserve kilowatt-hour aggregates to estimates from the 1998 Annual
 Survey of Manufactures (the most recent available) suggests the Federal
 Reserve data cover about 75 percent of the overall sales to manufacturing
 in that year.  The cogeneration panel covers about 50 percent of
 cogeneration used directly by manufacturers.  In order to provide more
 complete coverage and correct for any shortcomings of the survey, the
 series are benchmarked at  the 3-digit industry level to the latest available
 data from the Annual Survey of Manufactures and the Census of
 Manufactures.
 
 Methodology.  The data we receive from utilities and cogenerators are
 edited for anomalies and aggregated, using self weights, to the 3-digit SIC
 industry levels and above.  Where reports are late or unavailable for some
 reason, responses are estimated.
 
 Seasonal Adjustment.  Series are seasonal adjusted at the 3-digit SIC
 level, with seasonally-adjusted aggregates typically computed as sums of
 seasonally adjusted components.  The seasonal adjustment procedure
 (Census X-12 program) is used without trading-day adjustments because
 the reporting periods of the various utilities are not the same.  A leap year
 adjustment is also made where appropriate.
 
 Description of Tables.
 
 Table 1 summarizes the latest changes in output for the major market and
 industry groupings.  Fourth-quarter to fourth-quarter changes for the past
 three years are shown.  Output changes expressed at an annual rate for the
 past four quarters as well as monthly changes for the latest four months are
 shown.  In addition, year-over-year changes are displayed for the latest IP
 month.
 
 Table 2, which is in the same format as table 1, summarizes the latest
 changes in output for a special group of aggregates that have been
 constructed for analytical purposes.  The total index is sub-divided into
 two broad categories: an energy grouping, which includes consumer
 energy products, commercial energy products, energy materials, and oil
 and gas well drilling, and a nonenergy grouping, which includes the
 remaining portion of the total index.  Within the nonenergy aggregate,
 several other analytically useful categories are shown.  One of these is a
 grouping of high-technology industries, which is composed of
 semiconductors and related electronic components, and industries that use
 a large concentration of these parts-computers and communication
 equipment.  Other sub-groupings of the market and industry structures
 excluding this high-technology grouping and motor vehicles and parts are
 shown.
 
 Table 3 displays the last nine months of motor vehicle assemblies, shown
 at seasonally adjusted annual rates.  Seasonal factors for auto, light truck,
 and medium and heavy truck production are available on the Board's web
 site (www.federalreserve.gov/releases/G17/mvsf.html).  Monthly
 changes in the IP indexes for the corresponding motor vehicle series will
 differ slightly from the monthly changes in assemblies, mainly because the
 IP indexes are built from a weighted (based on relative values) aggregate
 of the individual models.
 
 Tables 4 and 5 show seasonally adjusted indexes for recent months for
 the major market and industry groups included on table 1 and the special
 aggregates displayed on table 2.
 
 Table 6 summarizes the capacity utilization for the major industry
 groupings as well as for a few special aggregates.  In addition to the
 utilization rates for the most recent four months and four quarters, the
 1967-1999 average of utilization rates and operating rates for relevant
 cyclical peaks and troughs also are shown for each series.
 
 Table 7 summarizes capacity growth.  Average rates of growth in capacity
 for selected historical periods and for the most recent five years (on a
 fourth-quarter to fourth-quarter basis) are shown.  In addition, growth rates
 for capacity on a annual-average basis are shown for the latest four
 quarters; the capacity growth rate for the current IP month is shown as
 well.
 
 Table 8 shows total products expressed in gross values in billions of
 chained 1996 dollars at an annual rate.  Compiling the IP index using
 gross-value weights facilitates comparison with other dollar-based data.
 The gross-value system focuses on products that leave the industrial sector
 and includes both final and intermediate products.  The materials
 consumed in making final and intermediate products are implicitly
 included in the value weights applied to product series.  The gross-product
 weights are derived from Census of Manufactures and Annual Survey of
 Manufactures data.
 
 Table 9 shows diffusion indexes, which are calculated as the percentage of
 IP series that increased over the relevant span (one, three, or six months)
 plus one-half of the percentage of series that were unchanged.  Because
 available source data for the current IP month account for a little less than
 half of the total index, the diffusion indexes are published with a
 one-month lag.
 
 Table 10 shows the most recent six months in index form (both seasonally
 and not seasonally adjusted) of electric power use by industry for the
 major industry aggregates.
 
 Tables 11-14 display historical seasonally adjusted data for total IP and
 manufacturing as well as the aggregates excluding high-technology
 industries.  Monthly changes in output as well as indexes for output,
 utilization, and capacity are shown.
 
 Note:  The summary tables in the G17 release do not include all of the
 publicly available data.  The more detailed series for IP, utilization,
 capacity, and electric power are available at the Board's web site
 (www.federalreserve.gov/releases/G17/download.html).
 
 References and Release Dates
 
 References.  The annual revision published in early December 2000 will
 be described in an article to be published in the March 2001 Federal
 Reserve Bulletin. The annual revision published late 1999 is described
 more completely in the Federal Reserve Bulletin, vol.86 (March 2000).  A
 description of the aggregation methods for industrial production and
 capacity utilization is included in an article in the Federal Reserve
 Bulletin, vol.  83 (February 1997), pp. 67-92.  The Federal Reserve
 methodology for constructing industry-level measures of capital is detailed
 in "Capital Stock Estimates for Manufacturing Industries: Methods and
 Data" by Mike Mohr and Charles Gilbert (1996), which can be obtained at
 
 www.federalreserve.gov/releases/g17/capital_stock_doc-latest.pdf.
 
 Industrial Production-1986 Edition contains a more detailed description
 of the other methods used to compile the industrial production index, plus
 a history of its development, a glossary of terms, and a bibliography.  The
 major revisions to the IP indexes and capacity utilization since 1990 have
 been described in the Federal Reserve Bulletin (April 1990, June 1990,
 June 1993, March 1994, January 1995, January 1996, February 1997,
 February 1998, January 1999, and March 2000).
 
 Release Schedule for 2001
 
 At 9:15 a.m. on
 
 January 17, February 16, March 16, April 17, May 14, June 15, July 17,
 August 15, September 14, October 16, November 16, and December 14.

 

 

 
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