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PRODUCTION AND BUSINESS ACTIVITY.

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
[Monthly data seasonally adjusted]

 Total industrial production

 Percent change(1)

 From
 Period Index, preced- From
 1992=100 ing year
 month earlier

1989 99.1 ... 1.8
1990 98.9 ... .2
1991 97.0 ... -2.0
1992 100.0 ... 3.1
1993 103.5 ... 3.5
1994 109.1 ... 5.4
1995 114.4 ... 4.9
1996 119.5 ... 4.5
1997 126.8 ... 6.0
1998 131.3 ... 3.6
1998: Apr 131.3 0.5 5.0
 May 131.9 .4 5.1
 June 130.6 .9 3.6
 July 130.5 .1 2.7
 Aug 132.4 1.4 3.6
 Sept 131.9 .4 2.6
 Oct 132.4 .4 2.4
 Nov 132.2 .2 1.7
 Dec 132.3 .1 1.6

1999: Jan(r) 132.3 .0 1.6
 Feb(r) 132.5 .1 1.8
 Mar 133.2 .5 1.9
 Apr(p) 134.0 .6 2.0

 Industry production indexes, 1992=100

 Manufacturing

 Non- Mining Utilities
 Period Total Durable durable

1989 99.0 100.5 97.3 103.2 97.1
1990 98.5 99.0 97.9 104.8 98.3
1991 96.2 95.5 97.0 102.6 100.4
1992 100.0 100.0 100.0 100.0 100.0
1993 103.7 105.4 101.8 99.9 103.9
1994 109.9 114.2 105.2 102.4 105.3
1995 115.9 124.0 107.1 102.0 109.0
1996 121.4 134.1 107.9 103.7 112.6
1997 129.7 147.1 111.3 105.8 112.8
1998 135.1 157.5 111.9 104.0 113.9
1998: Apr 134.9 156.2 113.0 105.7 112.8
 May 135.4 157.2 113.0 105.4 115.2
 June 133.7 154.8 112.0 104.7 118.7
 July 133.6 154.4 112.1 104.6 118.3
 Aug 135.7 159.8 111.3 103.7 120.2
 Sept 135.2 159.6 110.6 102.4 120.3
 Oct 136.1 161.2 110.9 102.0 116.5
 Nov 136.4 161.0 111.6 101.1 110.6
 Dec 136.7 161.5 111.7 99.0 111.8

1999: Jan(r) 136.4 161.4 111.3 98.5 114.7
 Feb(r) 136.9 161.7 112.0 97.7 112.3
 Mar 137.5 162.8 112.0 97.0 115.5
 Apr(p) 138.4 164.2 112.4 97.1 116.2

 Capacity utilization
 rate, percent(2)

 Total Manufac-
 Period Industry turing

1989 84.1 83.6
1990 82.3 81.4
1991 79.3 77.9
1992 80.3 79.5
1993 81.3 80.5
1994 83.2 82.5
1995 83.4 52.7
1996 82.4 81.4
1997 82.9 82.0
1998 81.8 80.8
1998: Apr 82.6 81.7
 May 82.6 81.6
 June 81.5 80.2
 July 81.1 79.8
 Aug 82.0 80.7
 Sept 81.3 80.1
 Oct 81.3 80.3
 Nov 80.8 80.1
 Dec 80.7 80.0

1999: Jan(r) 80.4 79.5
 Feb(r) 80.2 79.5
 Mar 80.4 79.6
 Apr(p) 80.6 79.8


(1) Percent changes based on unrounded indexes

(2) Output as percent of capacity.

Sources: Board of Governors of the Federal Reserve Systems.

INDUSTRIAL PRODUCTION--MAJOR MARKET GROUPS AND SELECTED MANUFACTURES

[1992 = 100; monthly data seasonally adjusted]
 Products

 Final products

 Consumer goods

 Period
 Total Dur- Nondur-
 Total able able
 goods goods

1989 99.9 97.7 101.3 96.7
1990 99.5 97.3 98.0 97.1
1991 97.7 97.0 96.0 98.1
1992 100.0 100.0 100.0 100.0
1993 103.4 103.1 109.4 101.4
1994 107.5 107.1 119.5 104.0
1995 111.5 109.5 121.5 106.5
1996 115.5 111.3 124.5 108.0
1997 121.1 114.1 129.6 110.2
1998 125.4 115.2 135.7 110.1
1998: Apr 126 2 116.4 136.9 111.4
 May 126.6 116.8 138.3 111.5
 June 125.5 115.1 130.7 111.2
 July 124.7 114.0 124.6 111.2
 Aug 126.8 116.1 140.1 110.3
 Sept 126.0 114.8 137.4 109.3
 Oct 126.7 115.2 140.5 109.1
 Nov 126.1 114.8 138.9 109.0
 Dec 125.9 114.9 139.8 108.9
1999: Jan(r) 125.8 115.2 141.5 108.9
 Feb(r) 126.0 115.5 143.4 108.8
 Mar(r) 126.3 115.3 141.5 109.0
 Apr(p) 126.7 116.0 144.5 109.2

 Products

 Final goods

 Equipment
 De-
 fense
 Period and
 Busi- space
 Total(1) ness equip-
 ment

1989 103.7 98.8 117.4
1990 103.2 98.2 115.9
1991 98.8 95.7 106.7
1992 100.0 100.0 100.0
1993 104.0 105.6 93.8
1994 108.3 112.8 87.0
1995 114.9 122.5 83.0
1996 122.7 133.5 79.0
1997 133.9 148.7 76.2
1998 144.2 163.5 75.7
1998: Apr 143.6 162.2 75.9
 May 144.2 163.1 76.0
 June 144.1 163.6 75.8
 July 143.9 163.5 76.1
 Aug 146.0 166.6 76.5
 Sept 146.2 167.4 75.5
 Oct 147.5 169.0 76.4
 Nov 146.5 168.1 75.7
 Dec 145.6 167.9 74.6
1999: Jan(r) 145.0 167.3 74.4
 Feb(r) 144.9 167.2 74.9
 Mar(r) 146.1 168.3 75.5
 Apr(p) 145.9 168.9 74.0

 Materials

 Intermediate products

 Con- Busi-
 struc- ness Total Energy
 Period tion sup-
 Total sup- plies
 plies

1989 102.9 105.5 101.3 97.0 99.5
1990 101.9 102.9 101.4 97.2 100.6
1991 97.5 96.2 98.3 95.9 100.8
1992 100.0 100.0 100.0 100.0 100.0
1993 102.5 103.4 102.0 103.9 99.5
1994 106.3 110.6 103.7 111.9 101.2
1995 108.1 112.6 105.5 120.4 102.4
1996 110.9 117.9 106.8 127.8 103.5
1997 115.2 122.4 111.0 138.2 103.7
1998 118.0 127.2 112.6 144.0 103.6
1998: Apr 117.3 125.4 112.5 143.1 103.8
 May 118.2 126.6 113.3 143.6 104.3
 June 118.0 126.1 113.2 141.8 104.8
 July 119.1 128.5 113.6 141.9 104.8
 Aug 119.1 128.0 113.8 144.4 104.4
 Sept 118.3 126.9 113.3 144.4 105.2
 Oct 119.0 128.4 113.5 144.5 103.7
 Nov 119.3 129.6 113.2 144.6 101.5
 Dec 119.8 131.0 113.3 145.2 102.6
1999: Jan(r) 120.3 132.4 113.1 144.9 102.6
 Feb(r) 120.2 131.7 113.4 145.3 102.4
 Mar(r) 120.9 131.5 114.6 146.5 102.4
 Apr(p) 121.5 132.0 115.3 147.9 103.5


(1) Includes oil and gas well drilling and manufactured homes, not shown separately.
[1992=100; monthly data seasonally adjusted]

 Durable manufacturers

 Primary metals Fabri- Indus-trial
 cated machin- Elec-
 Period metal ery and trical
 Iron prod- equip- machin-
 Total and ucts ment ery
 steel

1989 104.9 106.2 104.8 103.0 85.8
1990 104.0 106.4 101.2 100.1 87.7
1991 96.7 96.0 96.2 95.4 89.6
1992 100.0 100.0 100.0 100.0 100.0
1993 105.7 107.1 104.4 109.9 109.6
1994 113.4 113.7 112.2 124.9 131.4
1995 116.8 117.7 116.4 143.9 166.3
1996 119.8 119.2 120.2 159.8 206.0
1997 125.3 124.2 124.7 179.4 253.4
1998 123.8 121.1 127.3 203.7 291.9
1998: Apr 127.5 126.7 127.8 200.6 280.8
 May 126.5 125.5 128.7 202.5 282.0
 June 122.1 119.8 128.0 205.8 285.5
 July 122.6 120.2 127.8 209.0 289.4
 Aug 124.4 122.5 126.3 207.0 290.8
 Sept 120.1 113.4 126.2 207.7 297.7
 Oct 120.6 114.4 126.9 211.2 302.4
 Nov 118.7 109.7 127.7 211.1 304.8
 Dec 118.6 114.6 128.7 212.7 307.3
1999: Jan(r) 120.7 116.7 127.6 212.3 308.7
 Feb(r) 118.3 112.6 126.7 213.8 310.1
 Mar(r) 120.3 116.3 127.2 215.2 314.4
 Apr(p) 119.6 114.2 127.9 216.4 322.3

 Durable manufacturers

 Transportation
 equipment
 Lum-
 ber
 Period Motor and
 vehicles prod-
 Total and ucts
 parts

1989 105.1 101.2 104.3
1990 102.3 95.3 101.6
1991 96.5 88.5 94.5
1992 100.0 100.0 100.0
1993 103.6 113.2 100.8
1994 107.4 130.4 105.9
1995 106.4 132.7 107.9
1996 107.9 132.6 110.4
1997 117.1 139.9 114.2
1998 123.0 141.1 117.0
1998: Apr 123.3 140.8 116.1
 May 125.2 144.1 116.4
 June 114.2 121.1 116.7
 July 108.2 107.6 117.5
 Aug 130.3 154.2 118.5
 Sept 127.6 149.9 117.0
 Oct 128.4 150.2 118.0
 Nov 127.1 148.8 118.3
 Dec 125.6 146.6 121.4
1999: Jan(r) 124.0 145.3 122.0
 Feb(r) 125.3 147.8 121.7
 Mar(r) 125.9 149.2 122.0
 Apr(p) 126.1 152.6 121.8

 Nondurable manufacturers

 Ap- Print- Chemi-
 parel ing cals
 Period prod- and and Foods
 ucts pub- prod-
 lishing ucts

1989 100.3 103.5 95.1 95.9
1990 97.2 103.1 97.3 97.0
1991 97.8 99.1 96.4 98.4
1992 100.0 100.0 100.0 100.0
1993 102.4 100.7 101.5 102.0
1994 106.3 100.7 104.7 103.7
1995 107.1 101.4 107.3 105.8
1996 104.7 101.6 110.0 105.4
1997 102.8 105.2 114.9 108.0
1998 99.2 105.1 115.5 109.6
1998: Apr 101.0 105.5 117.7 110.3
 May 100.4 105.6 116.9 110.7
 June 100.5 105.5 116.2 109.2
 July 100.1 105.4 115.7 109.0
 Aug 99.2 104.9 114.3 107.9
 Sept 98.3 104.6 113.3 107.7
 Oct 97.3 104.2 113.1 109.1
 Nov 95.5 105.4 114.7 111.3
 Dec 95.3 105.1 114.0 111.1
1999: Jan(r) 94.1 103.6 112.5 112.0
 Feb(r) 93.8 103.7 114.5 112.2
 Mar(r) 93.4 104.1 115.6 111.8
 Apr(p) 94.0 104.4 116.1 111.8


Source: Board of Governors of the Federal Reserve System.

NEW CONSTRUCTION

[Monthly data seasonally adjusted]
 Private

 Residential
 Total new
 construction New housing
 Period expenditures Total Total(1) units

 Billions of dollars

1989 469.8 371.6 196.6 139.2
1990 468.5 361.1 182.9 128.0
1991 124.2 314.1 157.8 110.6
1992 452.1 336.2 187.8 129.6
1993 478.6 362.7 210.5 144.1
1994 519.5 399.3 238.9 167.9
1995 538.1 407.5 230.7 162.9
1996 583.6 446.3 256.5 179.4
1997 618.2 471.2 265.6 187.1
1998 655.4 509.5 296.5 211.8

 Annual rates

1998: Apr 646.0 500.1 289.7 206.9
 May 635.4 496.5 288.0 204.3
 June 650.3 503.6 291.9 208.0
 July 658.7 511.5 299.3 212.6
 Aug 663.3 516.6 300.6 213.1
 Sept 670.1 521.0 305.0 216.6
 Oct 668.3 523.6 306.3 219.2
 Nov 671.0 525.5 307.3 223.5
 Dec 379.4 531.0 311.5 228.3
1999: Jan 691.0 538.0 317.6 232.0
 Feb(r) 705.6 546.0 319.7 235.8
 Mar(r) 714.8 556.3 327.9 241.2
 Apr(p) 697.4 545.7 324.7 238.9

 Federal
 and
 Commercial State
 and indus- and
 Period trial(2) Other local

1989 118.0 57.1 98.2
1990 119.4 58.8 107.5
1991 93.7 62.6 110.1
1992 82.2 66.2 115.8
1993 84.4 67.8 116.0
1994 93.3 67.1 120.2
1995 107.9 68.9 130.7
1996 119.6 70.2 137.3
1997 127.7 77.8 147.1
1998 132.8 80.3 145.9

1998: Apr 130.2 80.2 145.9
 May 128.6 79.8 138.9
 June 132.3 79.4 146.7
 July 132.0 80.2 147.2
 Aug 133.9 82.1 146.7
 Sept 134.0 82.0 149.1
 Oct 136.7 80.7 144.6
 Nov 138.9 79.3 145.5
 Dec 139.9 79.6 148.4
1999: Jan 139.3 81.1 153.1
 Feb(r) 144.0 82.2 159.6
 Mar(r) 144.6 83.9 158.4
 Apr(p) 139.7 81.4 151.7

 Construction contracts(3)

 Commercial
 and industrial
 Total value floor space
 index (millions of
 Period (1192=100) square feet)

1989 108 961
1990 98 783
1991 92 577
1992 100 556
1993 108 589
1994 118 744
1995 122 862
1996 132 875
1997 142 1,027
1998 (r)154 1,123

1998: Apr 152
 May 154
 June (r)155
 July (r)157
 Aug (r)159
 Sept 153
 Oct (r)153
 Nov (r)159
 Dec 161
1999: Jan (r)162
 Feb(r) 153
 Mar(r) 149
 Apr(p) 147


(1) Includes residential improvements, not shown separately.

(2) Includes hotels and motels.

(3) F.W. Dodge series.

Source: Department of Commerce (Bureau of the Census) and the McGraw-Hill Companies, Inc., F.W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES

[Thousands of traits or homes, except as noted]
 New private housing units

 Units started, by type of structure

 5 or more
Periods Total 1 unit 2-4 unit units

1989 1,376.1 1,003.3 55.2 317.6
1990 1,192.7 894.8 37.5 260.4
1991 1,013.9 840.4 35.6 137.9
1992 1,199.7 1,029.9 30.7 139.0
1993 1,287.6 1,125.7 29.4 132.6
1994 1,457.0 1,198.4 35.0 223.5
1995 1,354.1 1,076.2 33.7 244.1
1996 1,476.8 1,160.9 45.2 270.8
1997 1,474.0 1,133.7 44.5 295.8
1998 1,616.9 1,271.4 42.6 302.9

 Seasonally adjusted annual rates

1998: Apr 1,542 1,235 43 264
 May 1,541 1,221 50 270
 June 1,626 1,274 45 307
 July 1,719 1,306 41 372
 Aug 1,615 1,264 50 301
 Sept 1,576 1,251 27 298
 Oct 1,698 1,298 40 360
 Nov 1,654 1,375 30 249
 Dec 1,750 1,383 29 338
1999: Jan 1,820 1,393 57 370
 Feb(r) 1,752 1,380 27 345
 Mar(r) 1,751 1,398 34 319
 Apr(p) 1,574 1,244 34 296

 New private homes

 Homes for
 Units Units Homes sale at end
Periods authorized completed sold of period(1)

1989 1,338.4 1,422.8 650 365
1990 1,110.8 1,308.0 534 321
1991 948.8 1,090.8 509 284
1992 1,094.9 1,157.5 610 265
1993 1,199.1 1,192.7 666 293
1994 (3)1,3716 1,346.9 670 336
1995 1,332.5 1,312.6 667 370
1996 1,425.6 1,412.9 757 322
1997 1,441.1 1,400.5 804 283
1998 (r)1,6123 1,474.2 886 295

1998: Apr (r)1,529 1,484 880 287
 May (r)1,549 1,457 893 287
 June (r)1,531 1,480 909 286
 July (r)1,626 1,549 883 283
 Aug (r)l,670 1,517 836 285
 Sept (r)1,569 1,459 861 289
 Oct (r)1,726 1,455 903 193
 Nov (r)1,688 1,600 985 292
 Dec (r)1,708 1,440 958 295
1999: Jan 1,778 1,648 908 (r)295
 Feb(r) 1,738 1,528 903 297
 Mar(r) 1,654 1,699 896 301
 Apr(p) 1,572 1,647 978 301

 Vacancy rate
 for rental
 housing units
Periods (percent)(2)

1989 (2)7.4
1990 7.2
1991 7.4
1992 7.4
1993 (2)7.3
1994 7.4
1995 7.6
1996 7.8
1997 7.7
1998 7.9

1998: Apr
 May
 June 8.0
 July
 Aug
 Sept 8.2
 Oct
 Nov
 Dec 7.8
1999: Jan
 Feb(r)
 Mar(r) 8.2
 Apr(p)


(1) Seasonally adjusted.

(2) Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994.

Quarterly data entered in last month of quarter.

(3) The 1994 total based on 17,000 permit-issuing places in 1,333.7 thousand units.

NOTE.--Beginning 1994, units authorized are for 19,000 places. For other shown, units authorized are for 17,000 places.

Seasonally adjusted data for housing units authorized revised beginning 1997.

Source: Department of Commerce, Bureau of the Census.

BUSINESS SALES AND INVENTORIES--Manufacturing and Trade

In March, manufacturing and trade sales rose 1.1 percent and inventories rose $5.9 billion. According to advance data, retail sales rose 1.0 percent in May, following a rise of 0.4 percent in April.

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

MANUFACTURER'S SHIPMENTS, INVENTORIES, AND ORDERS

In April, manufacturers' shipments, inventories, and new and unfilled orders fell.

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]3
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Publication:Economic Indicators
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Date:May 1, 1999
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