Industrial Production and Capacity Utilization - G.17

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Release Date: June 17, 2025
Revision of Industrial Production and Capacity Utilization Notice Below

Industrial production (IP) fell 0.2 percent in May after increasing 0.1 percent in April. Manufacturing output ticked up 0.1 percent in May, driven by a gain of 4.9 percent in the index for motor vehicles and parts; the index for manufacturing excluding motor vehicles and parts fell 0.3 percent. The index for mining increased 0.1 percent, and the index for utilities decreased 2.9 percent. At 103.6 percent of its 2017 average, total IP in May was 0.6 percent above its year-earlier level. Capacity utilization moved down to 77.4 percent, a rate that is 2.2 percentage points below its long-run (1972–2024) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2024
Dec.[r] 		2025 2024
Dec.[r] 		2025 May '24 to
May '25
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[p] Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[p]
       
Total index 103.0 102.9 104.0 103.7 103.8 103.6 1.1 -.1 1.0 -.2 .1 -.2 .6
Previous estimates 103.1 103.2 104.1 103.9 103.9   1.1 .1 .9 -.3 .0    
       
Major market groups
Final Products 99.9 100.2 101.5 101.3 101.0 101.0 1.1 .2 1.3 -.2 -.2 .0 .2
Consumer goods 101.7 101.6 102.8 101.8 101.5 101.3 .8 .0 1.1 -.9 -.3 -.2 -.5
Business equipment 91.4 92.5 94.5 96.1 96.2 97.0 2.2 1.2 2.1 1.7 .2 .8 2.7
Nonindustrial supplies 101.7 101.9 102.6 102.7 102.3 101.6 1.0 .2 .7 .1 -.4 -.7 .5
Construction 101.5 101.0 102.6 103.8 102.6 101.8 1.3 -.5 1.6 1.2 -1.2 -.7 1.6
Materials 106.2 105.6 106.6 106.2 106.7 106.5 1.1 -.5 .9 -.3 .5 -.2 .9
       
Major industry groups
Manufacturing (see note below) 98.9 98.6 99.8 100.4 99.9 100.0 .4 -.4 1.2 .6 -.5 .1 .5
Previous estimates 98.9 98.9 100.0 100.4 100.0   .4 .0 1.1 .4 -.4    
Mining 120.7 117.9 119.7 121.9 121.5 121.7 1.9 -2.3 1.6 1.8 -.3 .1 2.9
Utilities 108.8 113.7 112.8 103.4 108.5 105.3 4.6 4.5 -.9 -8.3 4.9 -2.9 -1.6

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2024 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2024
May 		   
2024
Dec.[r] 		2025 May '24 to
May '25
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[p]
       
Total industry 79.6 85.2 78.7 84.8 66.6 78.1 77.5 77.3 78.0 77.7 77.7 77.4 1.4
Previous estimates             77.5 77.5 78.1 77.8 77.7    
       
Manufacturing (see note below) 78.2 85.5 77.1 84.4 63.5 77.3 76.3 76.0 76.8 77.2 76.7 76.7 1.3
Previous estimates             76.3 76.2 77.0 77.2 76.8    
Mining 86.5 86.3 84.3 88.6 78.9 88.5 90.6 88.5 89.8 91.4 91.0 91.1 -.1
Utilities 84.2 93.2 84.7 93.2 78.1 72.2 71.9 74.9 74.0 67.7 70.8 68.5 3.7
       
Stage-of-process groups
Crude 85.6 87.9 84.9 90.0 77.0 86.7 88.9 87.0 87.7 88.5 88.6 88.5 .2
Primary and semifinished 80.1 86.5 77.6 87.5 63.7 76.9 76.3 76.6 76.9 75.6 76.0 75.1 1.6
Finished 76.7 83.3 77.6 80.4 66.2 75.8 74.1 74.1 75.2 75.8 75.2 75.6 1.7
[r] Revised. [p] Preliminary.

Market Groups

The major market groups posted mixed results in May. Most durable consumer goods categories experienced growth, including a 3.9 percent increase in the index for automotive products. The index for nondurable consumer goods fell 0.8 percent, in large part because of a 3.2 percent decline in the index for energy nondurable consumer goods; the index for non-energy nondurable consumer goods edged up. The index for business equipment rose 0.8 percent, supported by a 6.4 percent increase in the output of transit equipment, while the indexes for industrial and other equipment and for information processing equipment both moved down. Declines were posted by defense and space equipment, construction supplies, business supplies, and materials.

Industry Groups

Manufacturing output ticked up 0.1 percent in May after falling 0.5 percent in April. In May, durable goods production gained 0.4 percent, with mixed results among its subcategories. The output of motor vehicles and parts increased 4.9 percent, and the output of aerospace and miscellaneous transportation equipment increased 1.1 percent. Fabricated metal products, machinery, and nonmetallic mineral products all posted declines of at least 1 percent. The production of nondurable manufacturing moved down 0.2 percent, with declines in the indexes for printing and support, for petroleum and coal products, and for food, beverage, and tobacco products. The output of other manufacturing (publishing and logging) fell 0.8 percent.

Mining output inched up 0.1 percent in May after declining 0.3 percent in April. In May, the index for utilities fell 2.9 percent, with a 3.6 percent drop in electric utilities output more than offsetting a 2.7 percent rise in the output of natural gas utilities.

Capacity utilization for manufacturing was unchanged in May at 76.7 percent, a rate that is 1.5 percentage points below its long-run (1972–2024) average. The operating rate for mining ticked up 0.1 percentage point to 91.1 percent, and the operating rate for utilities declined 2.3 percentage points to 68.5 percent. The rate for mining was 4.6 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

Revision of Industrial Production and Capacity Utilization

The Federal Reserve Board tentatively plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization in the fourth quarter of 2025. Series will be newly benchmarked using information from the 2022 Economic Census. The weights for market-group splits of the industry-level indexes will be updated with information from the 2017 benchmark input-output accounts from the U.S. Bureau of Economic Analysis. Other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels), will be incorporated. The updated IP indexes will include revisions to the monthly indicator (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to the present.

Capacity and capacity utilization will be revised to incorporate data for manufacturing through the fourth quarter of 2024 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.

Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS); electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information, respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.

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Last Update: June 17, 2025