FEDERAL RESERVE statistical release

Transcription

1 FEDERAL RESERVE statistical release f^urtsv: For release at 9:15 am (EDT) G-12.3 July 15, 1987 INDUSTRIAL PRODUCTION Industrial production increased 0.2 percent in June after rising 0.5 percent in May. Revisions to the March, April and May indexes indicate slightly higher production levels than previously published. The June increase was paced by gains in the production of materials. So far this year, industrial production has risen at a 2.4 percent annual rate compared with a gain of less than 1 percent over the twelve months of The current level of the index is percent of the 1977 average. Market Groupings. Total output of consumer goods was about unchanged in June; slight gains in the output of home goods and nondurable consumer items were offset by reduced production of motor vehicles. Autos were assembled at an annual rate of 6.9 million units compared with a rate of 7.1 million in May; output of lightweight trucks also was reduced in June. Business equipment production also was little changed in June; further gains occurred in commercial, manufacturing, and construction and farm machinery, but output of transit equipment fell owing largely to the reduced volume of motor vehicle assemblies. Defense equipment output posted another small gain in June so far in 1987 this sector has shown more moderate gains than in recent years. Production of construction supplies retreated in June after increasing in May and was slightly below levels at the end of last year; the recent sluggishness probably reflects weaker construction activity so far in In June, gains occurred in the production of durable, nondurable, and energy materials as well. In the nondurable category advances continued in the output of textiles, paper, and chemicals. Energy materials advanced sharply in June due largely to increased electricity generation. (Over) Industrial Production: Summary Seasonally adjusted Index 1977 = 100 I Monthly percent change Current Hem 1987 month from, q&* _J JUH FEB IWfi APE BAY JON a year ago Total Meifcet Groupinos Products, total Final products Consumer goods Durable goods Nondurable goods Business equipment Defense and space J.J 5.2 Intermediate products Construction supplies Materials o Industry Oreeplngs Manufacturing Durable Nondurable Mining Utilities

2 - 2 - Industry Groupings. Manufacturing output was unchanged overall in June at a level about 3-1/2 percent higher than a year ago. Mining output increased in June in particular, coal and metal mining. Output by utilities rose sharply. Revisions. Total Industrial Production (Estimates as shown last month and current estimates) Month Index (1977=100) Percentage change from previous months Previous Current Previous Current March April May June NA NA.2 NA not applicable.

3 FEDERAL RESERVE Industrial Production INDUSTRIAL PRODUCTION JUNE DATA SEASONALLY ADJUSTED, RATIO SCALE, 1977= MANUFACTURING DURABLE r^^f 00 **^ *""~ < ^Z^** ~ i NONDURABLE -*-j^^ x^v" ' >w^j~/' X / - ^7/ V MATERIALS DURABLE NONDURABLE ^ CONSUMER GOODS NONDURABLE ^ -,!» A -\^ / ' " ^ / / r / / DUR ABLE H 80 INTERMEDIATE PRODUCTS SUPPLIES ^ ^ \ ^ y^ I / w ' *~^ y. jr ^*.""""" ^,,/^V^.^^s^^ ^X"^ -^ *->/' W, i ^/ CONSTRUCTION SUPPLIES \ y V A --^% r i FINAL PRODUCTS DEFENSE AND SPACE Digitized for FRASER 85

4 Table 1A INDUSTRIAL PRODUCTION: MARKET GROUPINGS Seasonally adjusted, 1977 = Major Market Pro Ann Groupings portion Avg. JUN JUL AUG SEP 1987 JAN TOTAL INDEX PRODUCTS, TOTAL \ , FINAL PRODUCTS CONSUMER GOODS EQUIPMENT, TOTAL INTERMEDIATE PRODUCTS MATERIALS 42, * CONSUMER GOODS Z DURABLE CONSUMER GOODS Automotive products Autos and trucks,consumer Autos, consumer , Trucks, consumer, Auto parts 6 allied gds , Home goods b Appliances,TV & air-cond Appliauces and TV Carpeting 6 furniture ,2 Misc. home goods NONDURABLE CONSUMED GOODS Clothing Consumer staples \3o Consumer foods 6 tobacco % \ JJontood staples t> Consumer chess, products Consumer paper products b Consumer energy 2. 8fa Co'osuaer fuel Residential utilities ,3 119, EQUIPMENT, TOTAL BUSINESS 6 DEFENSE EyUIP BUSINESS EQUIPMENT 1^ (J 136, Constr, miiiing, & farm 2b Maflttfacttiring equipment K lower equipment Commercial equipment l4.b Tr an si t eia u i p men t US. 3 Dt'F Ni>fc b SPACE E^OIPMEWT , ^ NT Ek 19 Li) IAI E PS 0 D UCl'S b Construction supplies usiqess supplies e:t business supplies Coi&aie rcial energy prod. U i'lvi'i-fillls , DURAbl-1- GCfjDci MATERIALS Consuiu-.T; durable parts 4.92 J b Eguipaent ^arts Durable materials nee Basic jsotai materials SONlXJBAbLfc GOODS MATERIALS Textile/pa^er,Schem.mater Textile materials Pulp 6 paper materials Chemical aaterxais Misc. nondurable materials ENERGY MATERIALS S ,0 Primary energy Converted fuel materials S\) , y b , * b , * , NOTE: Two components oil and gas well drilling and manufactured homes are included in total equipment but not shown here. They are shown in Tables 4A and 4E on page 8 and 9. 4

5 Table 1B INDUSTRIAL PRODUCTION: MARKET GROUPINGS Not seasonally adjusted, 1977 = J Major rtarfeet, Pro- J Groupings por- tion l 1986 Ann. Avg JON JAN TOTAL INDEX PRODUCTS, TOTAL FINAL PRODUCTS CONSUME!* GOODS EQUIP*! ENT, TOTAL INTERMEDIATE PRODUCTS 12.94! MATERIALS J d a , CONSUMED GOODS 25.52J DURABLE CONSUMER GOODS 6.89] Automotive products 2.93J Autos and trucks,consumer 1.79J Autos, consumer 1.16 Trucks, consuuer.63 Auto parts & allied gds 1-19 Hose goods 3.9 l Appliances,TV & air-cond 1.24 Appliances and 2'? 1.19 Carpeting & furniture.96 j Misc. home goods 1.71] NONDURABLE CONSUMER GOODS 18.63] Clothing 3.34J Consumer staples Consumer foods 6 tobacco Nonfood staples 7.49 Consumer chem. products 2-75, Consumer paper products 1.88 Consumer energy J Consumer iuel 1.44J Residential utilities 1.42 EQUIPMENT, TOTAL 19.25, ^ BUSINESS & DEFENSE EQUIP BUSINESS EQUIPMENT 14.34J Constr, mining, & farm 281 Manufacturing equipment 3.27 Power equipment Commercial equipment Transit equipment DEFENSE 6 SPACE EQUIPMENT INTERHEDIATE PRODUCTS Construction supplies J 5.95 Business supplies 1 o.99j Gen. business supplies Commercial energy prod MATERIALS DURABLE GOODS MATERIALS Consumer durable parts Equipment parts Durable materials nee Basic metal materials 4.64 NONDURABLE GOODS MATERIALS i 109 Textile jpa^er,schem.mater Textile materials Pulp & paper materials Chemical materials Misc. nondurable materials ENERGY MATERIALS Primary energy Converted fuel materials , ? J :> <*o.d ^3.6 11/!./: a u J 94 12O , o , » \ i> , J a i2u\ ^ , NOTE; Two components oil and gas well drilling and manufactured homes are included in total equipment»ut not shown here. They are shown in Tables 4A and 4 3 on page 8 and 9. 5

6 Table 2A INDUSTRIAL PRODUCTION: INDUSTRY GROUPINGS Seasonally adjusted, 1977 = Major Industry Pro-J Groupings SIC por-j Code tionj 1986 Ann Avg. JUN JUL AUG SEP OCT NOV DEC JAN? B MAR APR MAI JUN MINING AND UTILITIES 15.78J MINING b UTILITIES 5.96J MANUFACTURING NONDURABLE DURABLE MINING Metal ai.n.iiiy th,9 Coal 1 # J Oil & gas extraction a^«5 91 'ii Stone & earth minerals NONDURABLE MANUFACTURES Foods Tobacco products Textile mill products J Apparel products Paper & products Printing 6 publishing o Chemicals 6 products Petroleum products J Rubber fc plastics prod Leather products DORAtiLE MANUFACTURES Lumber & products Furniture 6 fixtures it> i. a Clay, glass, stone prod Primary metals Iron 6 steel 331, Fabricated aetal prod Nonelectrical machinery Electrical machinery Transportation e*4uip Motor vehicles 6 pts Aerospace 6 misc. 372-"6, Instruoents J Miscellaneous mfrs ^ , J , b9. 3 1o J <* UTILITIES Electric Table 3A INDUSTRIAL PRODUCTION PERCENT CHANGES Based on seasonally adjusted indexes CHANGE FROM PREVIOUS MONTH TOTAL INDEX Final products Consumer goods Durable consumer goods Nondurable consumer goods Business equipment Construction Supplies Materials Durable goods materials Nondurable goods materials «<*! o » U }. 1 -o. b Manufacturing Durable manufacturing Nondurable manufacturing Mining and utilities » i. i. '? CHANGE FROM SAME MONTH A YEAR EARLIER TOTAL INDEX Final products Consumer goods Durable consumer goods Nondurable consumer goods Business equipment Construction Supplies Materials Durable goods materials Nondurable goods materials Manufacturing Durable manufacturing Nondurable manufacturing Mining and utilities i J , ,/ J i

7 * i Table 2B INDUSTRIAL PRODUCTION: INDUSTRY GROUPINGS Not seasonally adjusted, 1977 = Major Industry Pro Ann Groupings SIC por ATg. JUK JUL AUG SEP OCT NO 7 DEC JAM FEB MAS APR M&f JON Code tion AIMING AND UTILITIES MINING UTILITIES MANUFACTURING U lionduflable DUfiABLE flining Metal aiuing Coal 11, Oil & jas extraction , Stone 6 earth minerals & I*..2 HONOURABLE SANUPACTUfiES foods S J 3 J. 6 Tobacco products n J.9 98 Textile aiill products U- _ ^5 Apparel products \ou «105-0 Paper & products i» J ? Printiny S publishing «c > " * J6/ Chemicals & products Ufe_ u Petroleua products ; Subbet v plastics prod. J ii*"'. i «62-.9 Leather S products <S v DURABLE MANUFACTURES Luafcer & products s4 / *.-4 '2S Furniture & fixtures i: V», Clay, glass, stone prod * i'i-, Primary aetals 5-3 * ik ' J 84 Iron a steel 331.; i'\ >J ?v. 3 Fabricated aetal prod,. i6 10,*, ' '.: '' ',» Nonelectrical adenine*:* 54 14'. -,' » it K , / Electrical aachiner* so J.'» bb i , 1 ft i 168 Transportation equip..1/ *.! Motor vehicles & pts. J Aerospace & misc , Instruments Miscellaneous afrs UTILITIES Electric , Table 3B INDUSTRIAL PRODUCTION: HISTORICAL DATA Seasonally adjusted, 1977=100 YEAR JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC Q l QE Q.HE QTZ ANNUAL INDEX , » * ,4 12S CHANGE* o.o o.o * CHANGE IS THE PERCENT CHANGE FROM THE PRECEEDING LIKE PERIOD. 7

8 INDUSTRIAL PRODUCTION: INDUSTRY SUBTOTALS AND INDIVIDUAL SERIES Seasonally ctdjusted, 1977 = Series Pro Ann SIC por Avg. MAY JUN JUL AUG SEP OCT NOV DEC JAM FEB BAR APS fill Code tion METAL MINING I ron o re Nonxerrous ores 102-6,8, ? Copper ore J lead Aiu'i zxac ores Gold and silver ores 104 i ferroalloy ores 10b , , isthijacite BITUMINOUS OIL AND GAS EiTHACTION Crude oil & natural gas " Crude oil, total Texas cr ude! Alaska,Calif.crude.57 $ La. and other crude Natural gas Natural gas liquids Propane Liquefied petroleum Oil & gas well drillin g 13b FOODS Seat products See f Porn , Poultry * Kiwc. meats Daixy products Q , Butter 2021 J Cheese 2UZi ^\ Ccticeatrated mxiic 2023 J Frozen desserts Canned and frozen food , Grain aili products ,, 1 j Flour Bakery products Beverages 20b Beer and ale 2082, Wine and brandy 2084 J Soft aria&s 2086, I4tj _ Liquors Fats and oils Coffee t, misc.foods TOBACCO PRODUCTS Cigarettes Cigars TEXTILE HILL PRODUCTS Fabrics Cotton fabrics Synthetic fabrics , Knit goods Hosiery 2251,2i Knit garments 2253, 4, Fabric finishing Carpeting Yarns & taisc. text. 228, APPAKEL PRODUCTS LUHBEfi AND PfiODOCTS Logging and lumber 241, Lumber products 243-5, Millwork & plywood o Manufactured hoaes FURNITURE AND FIXTURES Household furniture Pixt.,office turn. 252,4, PAPEH AND PRODUCTS Pulp and paper Wood pulp Paper Paperboard Converted paper prod. 264 ^ Paperboard containers Note: Seasonally adjusted industry totals are not aggregated froa the seasonally adjusted components, but result froa independent seasonal adjustaent of the aggregated not seasonally adjusted components. 8

9 Table 4B INDUSTRIAL PRODUCTION: INDUSTRY SUBTOTALS AND INDIVIDUAL SERIES Not seasonally adjusted, 1977 = 100 sic Code i Pro- Ann. l 1 por-j Avg. J ] tion 1986 flai 1987 AUG SEP OCT NOV DEC! JAN FEB MAR APS MAY METAL MINING 10 J Iron ore J Nonferrous ores Copper ore 102-6,8, Lead and zinc ores J 58-0 Gold and silver ores 104 I ferroalloy ores , , ANTHBACITE BITUMINOUS 11 J i J o OIL AMD GAS EXTRACTION J Crude oil & natural gas 131 J Crude oil, total Texas crude J Alaska,Calif.crude I La. and other crude i Natural gas I J D Natural gas liquids 132 J Propane Liquefied petroieua Oil & gas well drilling I 13b J ^ b FOODS 20 i J Heat, products 201 j I.Oo Beef J.43 y6.7j 98.7 Pork Poultry Misc. meats J , t> U , Dairy products 202 j J Butter 2021 I 1 111J Cheese 20, ,5 Concentrated milk 2023 i J Frozen desserts 2024 i ,, Canned and frozen food 203 I 1* Grain aiil products 204 I J 130,9 Flour I J Bakery products 205 J J , U J , Beverages Beer and ale 2082,3 } Sine and brandy Soft drinks 2086, *! Liyuors O o J o, Fats and oils J Coffee & aisc.foods <»<i TOBACCO PfiODUCTS 21 Cigarettes 211 Cigars } ) I MO , J TEXTILE MILL PHOD0CTS } fabrics J.77 11J Cotton fabrics 221 I J Synthetic fabrics U I ,6 Knit goods Hosier y Knit garments 2251,2 2253,4, J ) I ! t> '/ ti2 i U0 95 Fabric finishing 226 i Carpeting 227 J Yarns & au.sc. text. 228,9 i., ^ t) i> APPAEEL PRODUCTS 23 I 2.79 j LUHBEH AND PRODUCTS 24 J J Logging and lumber 241, Lumber products 243-5, J Millwork 6 plywood i Manufactured hoaes 245 J IJ \ J / , FURNITURE AND FIXTURES 25 Household furniture 251 Fixt.,office furn. 252,4,9 J J i i.47 I I ,, ,0 12'* / * PAPER AND PRODUCTS 26 3, Pulp and paper i 1-33 { Hood pulp Paper 262 I Paperboard 263 S , , \33. b , ,** ?* 136. t* Converted paper ±>rod. 264 Paperboard containers 265 I 1-03 I 1591!.75 I125.6J. i Seasonally adjusted industry totals are not aggregated from the seasonally adjusted components, but result froa independent seasonal adjustment of the aggregated not seasonally adjusted coaponents. 9

10 Table 4A continued INDUSTRIAL PRODUCTION: INDUSTRY SUBTOTALS AND INDIVIDUAL SERIES Seasonally adjusted, 1977 = Pro Ann Ser ies SIC por Avg. nki JUN JUL AUG SEP OCT NOV DEC JAN FE3 MAR APR BAT Code tion PRINTING 6 PUBLISHING Newspapers Period.,books,cards 272,3, Job printing ,8, CHEHICALS 6 PRODUCTS Cheaicals & syn. mat.281,2, Basic cheaicals , Alkalies 6 chlorine Industrial Gases «* Inorganic pigments * Inorganic chem, nee Acids 6' other chem Synthetic materials Plastics aaterials Synthetic rubber Synthetic fibers 2823, Indust. organic chem Chemical products , Drugs medicines ,2 Soap 6 toiletries Paints Agricultural chemicals PETROLEUM PRODUCTS Petroleum refining 291, Automotive gasoline U Distillate fuel oil Residual fuel oil Aviation fuel & keros., «: flisc. petroleum prod Refinery fuel, nee Refinery nonruei mat Refinery products, nee RUBBER & PLASTICS PROD Tires Rub.prod.ex.tires 302-4,b Plastics products, nee LEATHER AND PRODUCTS Pers. leather gds 313,5-7, ,9 Shoes CLAY,GLASS i> STONE PROD V Pressed blown glass Glass containers Cement Structural clay prod Brick yo.i Clay sewer pipe Clay tile 3253, b Concrete and misc J PRIHAR5T SETALS Iron and steel 331, ol.l b Basic st. <& mill prod b Basic iron and steel , Pig iron Ea«steel' b Steel mill products Consumer dur- steel Equipment steel Construction steel Can ti closure steel.10 l * Misc, steel Iron & steel foundries Nonferrous metals 333-6, ^ ioi Primary nonf. taetals B Copper 3331.^ y Aluminum Secondary nonf, mtls Nonferrous products 335, Nonf. mill products JJ Copper mill prod Alum, mill prod Construction Misc. alum. mats Nonferrous foundries ^ Note: Seasonally adjusted industry totals are not aggregated from the seasonally adjusted components, but result from independent seasonal adjustment of the aggregated not seasonally adjusted components. Digitized for FRASER 10

11 Table 4B continued INDUSTRIAL PRODUCTION: INDUSTRY SUBTOTALS AND INDIVIDUAL SERIES Not seasonally adjusted, 1977= 100 Series SIC Code Pro Ann portion Avg. MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAS APH MAI FEINTING 6 PUBLISHING Newspapers Period.,books,cards 272,3, Job pnatiflj 274-"6,8, b , ,3 CHEMICALS & PBODUCTS ,9 Cheaicals & syn. nat.281,2, , Basic chemicals Alkalies & chlorine ,0 Industrial Gases , Inorganic pigments ,2 Inorganic chea, nee Acxds & other chem ,3 Synthetic materials Plastics materials Synthetic rubber Synthetic fibers 2823, , Indust. orjanic chea. 28o Chemical products , Drugs 6 medicines Soap & toiletries Paints Agricultural chemicals , PETROLEUM PKGDUCTS 2y , Petroleum refining 291, , Automotive gasoline Distillate fuel oil fiesidual fuel oil , Aviation fuel 6 keros Misc. petroleum prod fielinery fuel, nee Refinery nonfuei mat Refinery products, nee BUBBEB 6 PLASTICS PfiOD Tires Bub.prod.ei.tires 302-4, Plastics products, nee , LEATHER ANi) PRODUCTS b Pers. leather gds 313,5-7, Shoes « CLAY,GLASS 6 STONE PfiOD b Pressed 6 blown glass , Glass containers 3^: Cement Structural clay prod Brick Clay sewer pipe Clay tile 3253, b Concrete and misc PKIHAKZ METALS , Iron and steel 331, o Basic st. & mill prod Basic iron and steel Piy iron iiaw steel.51 b , Steel oil! products b Consumer dur. steel :> I , Equipment steel Construction steel Can & closure steel Misc. steel b Iron & steel foundries Nonrerrous metals 333-6, b Primary nonf. metals , Copper ,6 94:6 Aluminum Secondary nonf. mtls Nonferrous products 335,o Nonf. mill products j Copper mill prod , I Alum, mill prod b , Construction J Misc. alum. mats , J ,0 115 Nonferrous foundries Note: Seasonally adjusted industry totals are not aggregated froa the seasonally adjusted components, but result froa independent seasonal adjustment of the aggregated not seasonally adjusted components. Digitized for FRASER 11

12 Table 4A continued INDUSTRIAL PRODUCTION: INDUSTRY SUBTOTALS AND INDIVIDUAL SERIES Seasonally adjusted, 1977 = Series Pro Ann SIC por Avg. MAY JUN J0L AUG SEP OCT NOV DEC JAN FEB MAR APR BAY Code tion FABRICATED METAL PRODUCTS , MetaX containers Hardware,tools,cutlery Structural metal prod Fasteners, stamp, etc NONELECTRICAL MACHINERY Engine 6 tarn eguip. 351, Construct. & allied eq , Metalworkinj machinery Spec. 6 genl. ind. eq. 355, Office, serv, & misc , ^ ELECTRICAL MACHINERY Major elect. eg.& pts 361, I Household appliances , , Cooking equipment , ,8 Refrigeration appl Laundry appliances 3t>jl.XJL \ MS,*Z Misc. appliances , y TV and radio sets Coramunxcatxon equipment 366 2% t> ' Electronic components , tubes ill Misc. electrical supp o 118, Storage battery,repl TRANSPOBTATION EQUIPMENT Motor vehicles 6 parts Autos, total Consumer Business Trucks and buses Business vehicles Consumer trucks U Truck trailers U5 133,3 134, Motor vehicle parts Aircraft and parts J , , Ships and boats J , Sail & %iac trans eq , , ,2.Railroad equipment , , IN51MUSENTS , Equipment iastr.6 pts MISC. MANUFACTURES Misc. cons, goods 391 r 3,4r Misc bus. supplies 395, , , }Q ELECTRIC 0TlLITIES \2^ Elec, util. generation , Fossil fuel generation Hydro & nuclear gener , Elec. util. sales , Residential elec J Nonresidential elec Industrial elec Commercial & other elec Note: Seasonally adjusted industry totals are not aggregated from the seasonally adjusted components, but result from independent seasonal adjustment of the aggregated not seasonally adjusted components. 12

13 Table 4B continued INDUSTRIAL PRODUCTION: INDUSTRY SUBTOTALS AND INDIVIDUAL SERIES Not seasonally adjusted, 1977 = Series Pro- Ann SIC por- Avg. MAI JON JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY Code txon FABRICATED METAL PRODUCTS Metal containers , Hard if are, too Is, cutlery , Structural aetal prod y , Fasteners, stamp, etc C NONELECTRICAL MACHINERY / Engine & far* equip. 351, Construct. & allied eq Metal«orkxng machinery Spec. & geal. ind. eg. 355, , Office, serv, 6 axsc / ELECTRICAL MACHINERY Major elect, eq. pts 361, Household appliances , Cooking equipment , Refrigeration appl db.b Laundry alliances V Misc. appliances , TV and radio sets ' Coaaunication equipment Electronic components 367 I , TV tubes ,0 Misc. electrical supp Storage battery,repl. 3t> TRANSPORTATION EQUIPMENT Motor vehicles & parts Autos, total Consumer , Business , Trucks and buses Business vehicles / Consumer trucks Truck trailers Motor vehicle parts , Aircraft and parts Ships and boats Bail 6 misc trans eq.374-6, Railroad equipment / U INSTRUMENT'S , , , Equipaent xnstr.fi pts t> MISC. MANUFACTURES U Misc. cons, goods 391,3,4, Misc. bus- supplies 395, :> ELECTRIC UTILITIES , Elec. util. generation , Fossil fuel generation ^ Hydro 6 nuclear gener.! Elec. util. sales Residential elec. i / Nonresidential elec , Industrial elec J Coaaercial & other elec Seasonally adjusted xndustry totals are not aggregated froa the seasonally adjusted coaponents, but result from xndependent seasonal adjustment of the aggregated not seasonally adjusted components. 13

14 Table 5 INDUSTRIAL PRODUCTION: INDEXES; 1977 = 100 Quarterly averages, seasonally adjusted Quarterly Averages of Monthly Indexes SE&IES Q1 Q2 QJ Q4 01 Q2 Q3 Q4 Q1 Q2 Industrial production Products, total Final products ) Consumer goods ^ Durable consuier goods Autofflotive products Home goods nondurable consumer goods * Equipment, total J Business & defense equipment 144, J Business equipment } Defense and space equipment Intermediate products Construction supplies Business supplies Commercial energy products Materials Durable goods materials , ) Basic metal materials ) Nondurable goods materials ) Textile, ^aper, & chem materials J ) Textile materials Pulp and paper materials Chemical materials f Energy materials ) Manufacturing ) Durable ) Nondurable i ) Mining and Utilities I ) Mining Utilities ) Table 6 INDUSTRIAL PRODUCTION: GROSS VALUE OF PRODUCTS Billions of 1982 dollars at annual rates, seasonally adjusted Billions of 1982 Dollars at Annual Rates Products, total Final products Consumer goods Durable consumer goods Automotive products Home goods Nondurable consumer goods Equipment, total Business 6 defense equipment Business equipment Defense and space equipment Intermediate products Construction supplies Business supplies Commercial energy products 1986 i 1982 Ann. ] )oilars Avg J ) ) ) J ) ) ) ) , ] ) ) ) ) ) i ) J ] 108) ) 449.9) 433-2) 338.7) 94.6) I 393.3) 154-8) 238.5) 78-4) J_ 1987 Q Q ) 109.6) 94.5) 656.4) J 458.6) 441.7) ) 94.8) I ) I I 1_ 1987 JAM ,

15 Table 7 INDUSTRIAL PRODUCTION: DIFFUSION INDEXES Percent of component series higher than In earlier months ONE MONTH EARLIER THREE MONTHS EARLIER SIX MONTHS EARLIER AVERAGE HIGH LOi , J985 MAI JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 49.6 o ^86 JANUARY FEBRUARY MARCH O APRIL MAY JUNE JULY AUGUST SEPTEMBER a OCTOBER NOVEMBER DECEMBER 54 S JANUARY FEBRUARY MARCH APRIL MAY NOTE: THE DIFFUSION INDEXES SHOW THE PERCENT OF THE INDUSTRIAL PRODUCTION INDEX'S 252 SEASONALLY ADJUSTED COMPONENT SERIES THAT IN THE MONTH INDICATED MERE HIGHER THAN THEY MERE ONE MONTH EARLIER, THREE MONTHS EARLIER, AND SIX MONTHS EARLIER. IN CALCULATING THE DIFFUSION INDEXES HALF OF THE UNCHANGED COMPONENTS ARE COUNTED AS BEING HIGHER AND NO ALLOWANCE IS MADE FOR THE RELATIVE IMPORTANCE OF THE INDIVIDUAL COMPONENTS IN TOTAL INDUSTRIAL PRODUCTION. DIFFUSION INDEXES BASED ON CHANGES OVER A SIX-MONTH PERIOD GENERALLY SHOM MORE PRONOUNCED CYCLICAL PATTERNS THAN DIFFUSION INDEXES BASED ON CHANGES OVER SHORTER PERIODS. Table 8 AUTO ASSEMBLIES AT ANNUAL RATES Seasonally adjusted 15

16 Table 9A ELECTRIC POWER USE BY INDUSTRIES Seasonally adjusted indexes, 1977 = 100 ifide xes Percentage change iron Indexes year grey io us; quarter ago 1977 SIC {nil Series code _MML_ -Alils.- i*1 ii2 i>3 yi fil _ih Q3 U4 _iu Q1 ^A H BM1 TOTAL 10-14, A JOB INDUSTRY DIVISIONS MINING MANUFACIUKiNG , DUKABLK 24,25, HOMDUfiABLK 20-2J,2o-3l IE2USl'M GKOUPS AND SERIfcS HEi'AL HIS1HG Iron ore Copper ore y COAL 111,12 \Q.~i OIL AND GAS ttxtbacxion V Ciude oil and natural -iai~ i,:n, ! H I Jfatut'di. gas liquid.;; I'M STOAB AND LAJiTH MIIJKRALS Crushed stone 1* , Sand and gravel yo.a J Chemical & fertilizer mat FOODS ^ Meat, products I * Dairy products Canned and froztu foods i 134 U1.to Grain mill products ,7 i B a K e r y r i: od u c t s , Sugar and coniectionery 20a Fats and oils Beverages Misc. food preparations TOBACCO PRODUCTS TEXTILE MILL PRODUCTS J , Fabrics ^ I Knit, goods Fabric finishing 22b 2.2 I Yarn and thread B.7 Miscellaneous textiles i.o APPASEL PRODUCTS 23 6.to Men's outerwear 231, Moments outerwear L0MBEK AND PfiODUCTS Lumber , flillwork and plywood FU&NITURE AN J) FIXTUIiES Home furniture PAPiSfi AND PRODUCTS Hood pulp Paper Paperboard , Converted paper , Paperboard containers Building paper and board ?BiriMNG*AND PUBLISHING Newspapers Comaercial Printing CHEMICALS AND PRODUCTS Basic chemicals o Alkalies and chlorine Inorganic chemicals,nee Acid and fertilizer mat Nuclear mats., nondefense Synthetic materials Plastics materials J Drugs j Soaps ana toiletries Industrial organic chea Farm chemicals J I J I J 1 16

17 Table 9B ELECTRIC POWER USE BY INDUSTRIES Not seasonally adjusted, 1977 = 100 Series TOTAL imoi-iiaynm-oiyisiiiis Indexes Percentage change from j_ifid a :es previous quarter year ago 1977 SIC {bil _Axa«.. ^1 2L sl3 _fiil * PJ. 2 U4 U1, fll A R fill code...mm.-; , MIMING HANUF AC IURI8G J DUBABLE 24, NONDURABLE i ISDUSThI GKOOPS AND SERIES HETAL HIN1NG b. a Iron ore ] Copper ore : COAX 11, o OIL AND GAS EXTRACTION , Crude oil and natural gas Natural gas liquids STONE AND EAETH HINEBALS Crushed stone I2b.fi b Sand and gravel :> Chemical 6 fertilizer mat t» FOODS 20 42, Heat products Dairy products Canned ana frozen foods Grain mill products Bakery products b b Sugar and confectionery fats and oils U / Beverages o Misc. food preparations TOBACCO PRODUCTS TEXTILE HILL PRODUCTS d Fabrics , Knit goods b jb'abric finishing J Yarn and thread , Miscellaneous textiles ~2.b APPABEL PRODUCTS Hen's outerwear ±31,2 i Somen's outerwear LUHbEii AND PRODUCTS V Lumber b.o t>. 8 3,, Hiilwork and plywood o FUBNITUBE AND FIXTURES * Home furniture PAPEK AND PBODUCTS food pulp Paper Paperboard o 3, * Converted t>aper D Paperboard containers o U * building paper and board ISO PBINTING AND PUBLISHING J o Newspapers i ,2 I 5.9 I Commercial Printing 275 j 4.8 I 169.9! l4i»./ lo b3.5 J i , CHEMICALS AND PBODUCTS i o I I Basic chemicals 261 { i J i J Alkalies and chlorine J 88-2 i d :> o Inorganic chemicals,nee 2819 J J SO I 50.2 I Acid and fertilizer mat. i J j y. i i -1 j Nuclear mats., nondefense 44.6 I o 41.3 i 40.7 I j 4 0, Synthetic materials o j Plastics aaterxals J J J 12.9 J Drugs 283 I 4. 1 i I J I Soaps ana toiletries i o i I Industrial organic chem I \ J Farm chemicals 287 i 10.5 i 86.5 { J 85.3 i, 8.4 L I

18 Table 9A continued ELECTRIC POWER USE BY INDUSTRIES Seasonally adjusted indexes, 1977 = 100 Series PETROLEUM PRODUCTS 29 Indexes Percentage caange froa i,indexes year previous quarter ago 1977 SIC j (bil i code] _KiHl Ayq? y.l 0.2 i23 ij4 iil_. 02 U3 Q«_0J I *AJ 34.7,,m, BOBBER 6 PLASTICS PRODUCTS Tires Bubber products, nee 306J J Plastics products, nee LEATHER AND PRODUCTS 3-i ,2 Shoes te CLAl, GLASS, AND STONE Flat glass Pressed and blown glass Cement Structural clay products J Concrete products PBIHABY METALS Basic steel and aill prod b Iron and steel foundries Primary nonferrous metals Aluainum Nonferrous xoundnes 33u FABRICATED METAL PRODUCTS Metal cans Hardware I y I Structural metal products Fasteners i l.i Metal stampings J NONELECTRICAL MACHINERY Engines and turbines I Far a equipment Construction eguipaent H Metalworxmg machinery Special industry machinery General industrial aach. 35b ,5 I Office and computing aach Service industry machinery d t> ELECTRICAL MACHINERY ^ Elect, distribution eguip I Elect, indust. apparatus I Z.3 Household appliances \ Lighting and wiring prod b Radio and IV sets , Coaaunication equipment 3b Electronic coaponents 3b b I TRANSPORTATION EQUIPMENT o b.9 11b Motor vehicles and parts o Aircraft and parts Ships and boats INSTRUMENTS Copiers and related equip. 38b b.9 1 J MISCELLANEOUS MANUFACTURES i I * SUPPLEMENTARY GROUPINGS TOTAL, LESS NUCLEAR NONDEFENSE UTILITY SALES TO INDUSTRY ! INDUSTRIAL GENERATION /: L u b I I Note- The electric power use data by industry, shown in billions of kil owatt nours for 1977, are froa tne Census of Manufactures of that year and from other sources. They are provided for inforaation d are not used as weignts to coapile the electric power use indexes. All index aggregations, with their detailed coaponents, are alculated froa the xilowatt hour data collected in the Federal Reserve survey of electric power use by industry. The electric power total includes only those major divisions of industries mining and manufacturing tor which data are collected in t his Federal Reserve survey. The total does not include gas or electric utility kilowatt hour use. The supplementary grouping, "To tai, less nondefense, nuclear" is shown separately because the nondefense nuclear materials series (part of SIC 2819) accounts for a disproportionaliy large part of total electric power ase. Since the value added proportion for tais industry is a considerably sa aller part of total IP than its share of total electric power use, excluding this component from total power use facilitates co aparisons with total IP. Digitized for FRASER 18

19 Table 9B continued ELECTRIC POWER USE BY INDUSTRIES Not seasonally adjusted, 1977 = 100 Series Inaexes Percentage chang e frog Indexes year previous quarter ago 1977 SIC (bil o / code...aya., ii2 2! y.4 yj 2 _._0,3 u*. _ilj Q1 Agg HAY *! PETROLEUM PRODUCTS " ~ RUBiiER 6 PLASTICS PRODUCTS JO Tires bb.b J Rubber products, nee b.4 9b Plastics products, nee t>/ LEATHER AND PRODUCTS b Shoes CLAY, GLASS, AND STONE o Flat glass J Pressed and blown glass Cement Structural clay products Concrete products PRIMARY METALS Basic steel and mill prod. 331 b b Iron and steel foundries 3s b Priaary noaterrous aetais Aluainua , 4 74 bb.o Nonrerrous foundries 33b , FABRICATED METAL PRODUCTS 34 2b a Metal cans i ^ } Hardware Structural aetal products I Fasteners Metal staapings 34b b * NONELECTRICAL MACHINERY b Engines and turbines Fara equipment Construction eguipaent til Metalworking aachinery , Special industry machinery General industrial aach Oft ice and coaputing aach Service industry aachinery ELECTRICAL MACHINES I Elect, distribution eguip. 3b Elect, mdust. apparatus Jb2 i Household appliances 3b a9.a Lighting and wiring proa. 3t> J Radio and TV sets b Coaaunication eguipaent 36b 4.6 1b7.6 1^ Electronic coaponents 3b7 b TRANSPORTATION EQUIPMENT , , Motor vehicles and parts , ? Aircratt and parts 3 72 b Ships and boats ,1 INSTRUMENTS Copiers and related equip MISCELLANEOUS MANUFACTURES SUPPLEMENTARY GROUPINGS TOTAL, LESS NUCLEAR NONDEFENSE UTILITY SALES TO INDUSTRY " INDUSTRIAL GENERATION

20 Explanatory Note Coverage. The index is a measure of industrial production expressed as a percentage of output in a reference period (currently 1977). The changes in the physical output of the nation's factories, mines, and electric and gas utilities are represented by 252 individual series in the index, covering 27 pertinent two-digit codes of the Standard Industrial Classification (SIC). For each individual series, index series relatives are calculated first and are then aggregated in the following two ways: (1) market groupings, such as consumer goods, equipment, intermediate products, and materials, from which the seasonally adjusted total index is derived (tables 1A and 1B), and (2) industry groupings, such as SIC two-digit industries, and major aggregates of these groupings, such as durable and nondurable manufacturing, mining, and utilities (tables 2A and 2B). Market groupings. For purposes of analysis the individual industrial output series are grouped into materials, intermediate products, and final products; together, the latter two form the products category. Materials are industrial output requiring further processing within industry; intermediate products are expected to become inputs in nonindustria! sectors such as construction, farming, and services; and final products are assumed to enter final use as items of private consumption, government use, or capital formation. In the index, final products are subdivided into consumer goods and equipment. Timing. A first estimate of output for a month is published about the 15th of the following month. This estimate may be revised in each of the next three months as new data become available. After the fourth month, indexes are not revised further until the time of an annual revision or a benchmark revision. The last three benchmark revisions were published m 1971,1976, and Such revisons are derived mainly from the quinquennial Census of Manufactures, the quinquennial Census of Mineral industries, and the Annual Survey of Manufactures, all prepared by the Bureau of the Census, and the Minerals Yearbook of the Bureau of Mines. Source data. The indexes of industrial production are constructed from monthly data of two types: (1) directly measured output in physical units; and (2) estimates of output derived from data on input, expressed in physical units, adjusted byconversion factors that relate these inputs to physical output. The data on directly measured physical product (pounds, yards, barrels, and the like) are obtained from reports of the Bureau of the Census, the Bureau of Mines, other government agencies, and trade associations. When suitable monthly data on physical product are unavailable, estimates of physical output based on input data (kilowatt hours, production-worker hours) are used. The hours worked by production workers are collected in the monthly establishment survey of the Bureau of Labor Statistics, while data on the kilowatt hours used in industry are collected from electric utilities by the Federal Reserve Banks. The estimates of input conversion are based mainly on historical relationships that were derived from censuses and annual surveys and, when appropriate, on more recent cyclical, technological and statistical developments. Users of the index should bear in mind that, especially for the first and second estimates of a given month's indexes, the available source data are limited and are subject to change in the months following their initial receipt as well as in benchmark revisions. Seasonal adjustment. Individual series are seasonally adjusted by the X-11 Method II of the Bureau of the Census with the intervention analysis technique applied to the series. The seasonal factors currently being used are based on data through The individual series and the major aggregate series are seasonally adjusted independently, and the factors for the aggregate series in the summary table and in tables 1 and 2 are reviewed monthly. The seasonally adjusted total index is aggregated from the seasonally adjusted market groupings of the index and may not precisely equal an aggregation of the seasonally adjusted industry groupings. A simple aggregation of the seasonally adjusted individual series within groupings may not precisely equal the seasonally adjusted groupings, primarily because aggregates are adjusted independently. Weights. The total index and the various groupings of the component series are currently aggregated on the basis of 1977 value-added weights, which are shown in the first column of the index tables under the heading proportions. Value-added weights for 1972 are used for the period, while 1967 weights are used for the period. The weight years for earlier periods after World War IS are 1963,1958,1954, and The indexes for the various periods are linked to provide the continuous final results expessed in relation to the 1977 comparison year taken as 100. The gross-value-weighted product series are expressed in terms of 1982 dollars. Formula. The symbolic expression for the total index (I) is /, = 2 f.^m f*l\ 100 = l^zl. 100, \lq 77 p 77 J \q 77 J 2<777P77 where q is quantity, p is Census value added per unit of output, f represents the fth period, and 77 denotes base-year values. Reliability. The median of the revisions in total industrial production, without regard to sign, between the first and fourth estimates is percent: that is, in about half of the cases the absolute value of the revision from the first to the fourth estimate was less than percent. (This calculation used data for the period from January 1972 to January 1985.) Over the same period, positive changes in the first estimate were confirmed in the fourth estimate (available three months later) about 94 percent of the time. Negative changes in the first estimate were confirmed in the fourth estimate about 85 percent of the time. Thus the likelihood is high that the first estimate for a month will indicate the direction of change in the total index in a reliable manner. However, the magnitude of change as first estimated typically is revised during the next three months; these revisions are based on revised and more complete data sources. The estimates for the higher aggregates generally are considered more reliable than the estimates for their individual components. Revisions to the components often offset each other and thereby reduce the size of revisions to the aggregates. Rounding. Changes shown for index components may not aggregate to changes for totals because of independent rounding. Percentage changes are calculated from indexes expressed In more digits following the decimal point than shown in their rounded form in the present release. Therefore, percentage changes calculated from the rounded indexes may not entirely coincide with the percentage changes calculated from unrounded indexes. Literature. Industrial Production 1986 Edition contains a more detailed description of the index and the procedures used in compiling it, plus a history of its development, a glossary of terms, and a bibliography. The new edition was published in December To obtain copies of Industrial Production 1986 Edition, write to the Publication Services, Board of Governors of the Federal Reserve System, Washington, D.C The price of this volume of about 440 pages is $90 per copy. Selected data on industrial production are also published monthly in the Financial and Business Statistics section of the Federal Reserve Bulletin. Release date. The industrial production index is released in midmonth. For the specific date, phone about the 11th of the month. Digitized for FRASER 20