Industrial Production and Capacity Utilization for March 2001 - Statistical Data Included

Federal Reserve Bulletin, May, 2001

Released for publication April 17

Industrial production increased 0.4 percent in March, its first increase since September. At 146.5 percent of its 1992 average, industrial production in March was 0.8 percent higher than in March 2000. Manufacturing output rose 0.3 percent after a 0.3 percent drop in February; excluding motor vehicles and parts, manufacturing output edged down 0.1 percent in March. Output at utilities increased 1.1 percent, and production in mining rose 0.8 percent. For the first quarter as a whole, total industrial production contracted at an annual rate of 4.7 percent--the biggest quarterly decline since the first quarter of 1991; the index edged down at a 0.9 percent rate in the fourth quarter of 2000. The rate of capacity utilization for total industry moved up in March to 79.4 percent but remains at a level more than 2 1/2 percentage points below its 1967-2000 average.

[Graphs omitted]

Industrial production and capacity utilization, March 2001

                          Industrial production, index, 1992 = 100

       Category            2000                2001

                          Dec(r)    Jan.(r)   Feb.(r)   Mar.(p)

Total                      147.3     146.4     145.9     146.5
Previous estimate          147.7     146.8     146.0       ...
Major market groups
Products, total(2)         136.0     135.5     134.9     135.4
  Consumer goods           123.1     122.1     122.0     122.3
  Business equipment       199.2     198.2     196.2     197.9
  Construction supplies    140.6     140.3     139.5     139.1
Materials                  167.8     166.2     165.8     166.5

Major industry groups
Manufacturing              152.6     151.8     151.3     151.8
  Durable                  195.1     192.7     191.9     193.6
  Nondurable               114.1     114.6     114.4     114.0
Mining                      99.6     100.7     101.1     101.9
Utilities                  129.1     124.4     121.8     123.1

                              Capacity utilization, percent

                                                          2000

                          Average    Low,      High
                          1967-00    1982     1988-89     Mar.

Total                       82.1      71.1      85.4      82.2

Manufacturing               81.1      69.0      85.7      81.6
  Advanced processing       80.6      71.0      84.2      79.6
  Primary processing        82.2      65.7      88.3      85.9
Mining                      87.4      80.3      88.0      86.1
Utilities                   87.6      75.9      92.6      87.2

                          Industrial production, index, 1992 = 100

                                     Percent change

       Category

                          2000(1)             2001(1)

                          Dec.(r)   Jan.(r)   Feb.(r)   Mar.(p)

Total                        -.6       -.6       -.4        .4
Previous estimate            -.3       -.6       -.6       ...
Major market groups
Products, total(2)           -.2       -.3       -.4        .4
  Consumer goods              .6       -.8       -.1        .3
  Business equipment         -.7       -.5      -1.0        .9
  Construction supplies      -.7       -.3       -.5       -.3
Materials                   -1.2      -1.0       -.2        .4

Major industry groups
Manufacturing               -1.0       -.5       -.3        .3
  Durable                    -.8      -1.2       -.4        .9
  Nondurable                -1.2        .4       -.1       -.4
Mining                      -1.5       1.1        .4        .8
Utilities                    5.9      -3.6      -2.0       1.1

                             Capacity utilization, percent

                           2000                2001

                          Dec.(r)   Jan.(r)   Feb.(r)   Mar.(p)

Total                       80.6      79.9      79.3      79.4

Manufacturing               79.3      78.6      78.2      78.1
  Advanced processing       79.0      78.9      78.4      78.5
  Primary processing        80.9      79.3      78.8      78.6
Mining                      86.1      87.1      87.5      88.4
Utilities                   95.7      92.0      89.8      90.5

                          Industrial production, index, 1992= 100

                                      Percent change

       Category                         Mar. 2000
                                           to
                                        Mar. 2001

Total                                       .8
Previous estimate                          ...
Major market groups
Products, total(2)                          .7
  Consumer goods                            .1
  Business equipment                       4.8
  Construction supplies                   -3.8
Materials                                  1.1

Major industry groups
Manufacturing                               .4
  Durable                                  2.5
  Nondurable                              -2.3
Mining                                     1.5
Utilities                                  7.3

                                          MEMO
                                        Capacity,
                                         percent
                                         change,
                                        Mar. 2000
                                           to
                                        Mar. 2001

Total                                      4.4

Manufacturing                              4.8
  Advanced processing                      2.5
  Primary processing                       8.4
Mining                                    -1.1
Utilities                                  3.4

NOTE. Data seasonally adjusted or calculated from seasonally adjusted
monthly data.

(1.) Change from preceding month.

(2.) Contains components in addition to those shown.

(r) Revised.

(p) Preliminary.