Printer Friendly

Industrial production and capacity utilization.

Released for publication December 16

Industrial production rose 0.4 percent in November; with the increase of 0.5 percent in October, the rise has more than offset the declines of late summer. The most significant increases in the broadly based November advance were in nondurable materials and information processing equipment. At 109.7 percent of its 1987 annual average, total industrial production in November was 1.5 percent above its year-ago level. Total industrial capacity utilization rose another 0.2 percentage point in November, to 78.9 percent.

When analyzed by market group, the data show that the November rise in the output of durable consumer goods, led by gains in motor vehicles and furniture, was 0.3 percent; the increase in the production of nondurable consumer goods was also 0.3 percent. The output of business equipment grew 0.6 percent in November. Within business equipment, the production of information processing equipment rose nearly 1 percent, after an increase of 1.7 percent in October, as the output of computers continued to climb. The manufacture of industrial equipment also posted noticeable gains in November, while the production of defense and space equipment continued to drop. The overall output of transit equipment fell; a continued decline in the production of commercial aircraft and equipment more than offset increases in the output of vehicles for business use. The production of construction supplies advanced again, a move partly reflecting gains in the output of lumber. Materials output grew 0.5 percent in November; the production of nondurable goods materials jumped 1.6 percent, with notable gains in the output of paper, textiles, and chemicals.

When analyzed by industry group, the data show that output in manufacturing increased 0.5 percent in November; the October growth rate was 0.6 percent. Factory utilization rose 0.2 percentage point in November, to 77.9 percent, a level about the same as the levels in the second and third quarters. Gains in operating rates over the past two months have been the strongest in primary processing industries, where utilization has increased more than 1 percentage point since September. Utilization rates for lumber and products, petroleum products, primary metals, rubber and plastics products, fabricated metal products, and primary processing chemicals have all increased nearly 1 percentage point or more. In the past two months, utilization at advanced processing industries has increased 0.3 percentage point: The rates for motor vehicles and parts, miscellaneous manufactures, nonelectrical machinery, furniture and fixtures, and advanced processing chemicals have posted gains of 1 percent or more since September, but utilization rates in printing and publishing and in the aerospace industry have fallen sharply.

In November, output at mines, boosted by gains in oil and gas well drilling, rose 0.6 percent. Production at utilities declined 0.6 percent.
COPYRIGHT 1993 Board of Governors of the Federal Reserve System
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Federal Reserve Bulletin
Date:Feb 1, 1993
Words:468
Previous Article:Recent developments in the market for privately placed debt.
Next Article:Record of policy actions of the Federal Open Market Committee.
Topics:


Related Articles
Industrial production and capacity utilization.
Industrial production and capacity utilization.
Industrial production and capacity utilization for April 1993.
Industrial production, capacity, and capacity utilization since 1987.
Industrial production and capacity utilization for October 1995.
Industrial production and capacity utilization for April 1996.
Industrial production and capacity utilization: annual revision and 1997 developments.
Industrial Production and Capacity Utilization for October 1998.
Industrial Production and Capacity Utilization for November 1998.
Industrial Production and Capacity Utilization for May 1999.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters