Production and business activity

Economic Indicators, June, 2005

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production and capacity utilization rose in May.

[GRAPHICS OMITTED]

[Monthly data seasonally adjusted]

                                                    Industry
                       Total industrial            production
                        production (1)              indexes,
                                                    1997=100

                             Percent change (2)   Manufacturing

                              From       From
    Period        Index,    preceding    year       Total (1)
                 1997=100     month     earlier

1995               89.4        ...        4.8          88.1
1996               93.2        ...        4.3          92.2
1997              100.0        ...        7.3         100.0
1998              105.8        ...        5.8         106.6
1999              110.6        ...        4.5         112.2
2000              115.4        ...        4.3         117.3
2001              111.3        ...       -3.6         112.3
2002              111.0        ...        -.3         111.9
2003              110.9        ...         .0         111.9
2004              115.5        ...        4.1         117.2

2004: May         115.5        0.7        5.4         117.1
      June        115.1        -.4        4.7         116.9
      July        115.9         .7        4.8         117.8
      Aug         116.0         .1        5.0         118.3
      Sept        115.7        -.3        3.9         117.7
      Oct         116.6         .8        4.6         119.0
      Nov         116.9         .3        3.8         119.1
      Dec         117.9         .8        4.4         119.7

2005: Jan         117.8        -.1        4.0         120.2
      Feb (r)     118.3         .5        3.4         120.6
      Mar (r)     118.5         .2        3.9         120.4
      Apr (r)     118.2        -.3        3.0         120.3
      May (p)     118.6         .4        2.7         121.0

                    Industry production indexes, 1997=100

                              Manufacturing

                                           Other
    Period       Durable   Nondurable   (non-NAICS)   Mining
                                            (1)

1995               82.1       96.2          93.0       96.7
1996               89.1       96.4          92.3       98.3
1997              100.0      100.0         100.0      100.0
1998              110.5      101.5         106.5       98.5
1999              120.1      102.2         109.9       93.6
2000              129.4      102.8         112.2       95.8
2001              123.1       99.4         105.7       96.7
2002              122.8       99.6         100.5       92.6
2003              124.4       98.1          99.5       92.2
2004 (p)          133.0      100.2         103.4       91.4

2004: May         132.4      100.3         104.5       91.6
      June        132.3      100.2         103.5       91.2
      July        133.7      100.7         104.0       92.3
      Aug         134.4      100.7         105.9       91.9
      Sept        134.1      100.2         104.0       89.4
      Oct         135.7      101.2         103.8       89.0
      Nov         135.9      101.2         104.4       90.6
      Dec         136.8      101.4         106.1       91.4

2005: Jan         137.3      101.6         107.8       90.8
      Feb (r)     138.4      101.6         107.1       93.0
      Mar (r)     138.0      101.4         108.2       92.9
      Apr (r)     138.0      101.1         108.4       92.9
      May (p)     139.0      101.5         109.5       93.1

                  Industry     Capacity utilization
                 production          rate
                  indexes,      (output as percent
                  1997=100      of capacity) (1)

                               Total         Total
    Period       Utilities    industry   manufacturing

1995                97.2        83.7         82.8
1996               100.0        82.7         81.4
1997               100.0        83.7         82.8
1998               102.6        82.9         81.8
1999               105.5        82.2         81.1
2000               108.6        82.0         80.6
2001               108.1        76.6         74.5
2002               111.4        75.3         73.5
2003               111.9        75.5         73.7
2004 (p)           115.0        78.1         76.7

2004: May          116.2        78.2         76.7
      June         113.8        77.8         76.5
      July         113.3        78.3         77.0
      Aug          111.1        78.3         77.2
      Sept         114.8        78.0         76.8
      Oct          114.3        78.5         77.5
      Nov          114.9        78.7         77.5
      Dec          118.5        79.2         77.9

2005: Jan          114.0        79.1         78.1
      Feb (r)      113.4        79.4         78.3
      Mar (r)      117.5        79.4         78.0
      Apr (r)      114.7        79.1         77.9
      May (p)      113.8        79.4         78.2

(1) Total industry and total manufacturing series include
manufacturing as defined in the North American Industry
Classification System (NAICS) plus those industries--logging
and newspaper, periodical, book and directory-publishing--that
have traditionally been included in manufacturing.

(2) Percent changes based on unrounded indexes.

Note.--Data based on the North American Industry Classification
System (NAICS) except series as defined in footnote 1.

Source: Board of Governors of the Federal Reserve System.