Industrial production and capacity utilization: the 2004 annual revision

Kimberly Bayard and Charles E. Gilbert
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Kimberly Bayard: https://www.federalreserve.gov/econres/kimberly-n-bayard.htm

Federal Reserve Bulletin, 2005, vol. 91, issue Win, 9-25

Abstract: In late 2004, the Board of Governors of the Federal Reserve issued revisions to its index of industrial production (IP) and the related measures of capacity and capacity utilization for the period from January 1972 to November 2004. Overall, the changes to total industrial production were small. ; Measured from the fourth quarter of 2002 to the third quarter of 2004, industrial output is reported to have increased a little less than shown previously. Production expanded more slowly in 2000 than earlier estimates indicated, whereas the contraction in 2001 was a little less steep. The rise in output in 2002 was slightly stronger than reported earlier. ; Although the level of IP was a bit lower in the third quarter of 2004 than previously reported, the rate of industrial capacity utilization--the ratio of production to capacity--was revised upward. At 78.2 percent, the utilization rate for total industry is 0.9 percentage point higher than previously reported but still 2.9 percentage points below its 1972-2003 average. ; The revision indicated that industrial capacity expanded at a slower rate in 2002 and 2004 than estimated previously. Capacity is reported to have declined a bit in 2003; previously, a small increase had been reported. The current figures for capacity in 2000 and 2001 indicate a slightly stronger rate of increase than the earlier estimates did.

Keywords: Industrial production index; Industrial capacity (search for similar items in EconPapers)
JEL-codes: C43 C81 D24 E01 E23 L60 L70 (search for similar items in EconPapers)
Date: 2005
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DOI: 10.17016/bulletin.2005.91-1-2

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