Industrial Production and Capacity Utilization - G.17

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Release Date: May 15, 2025
Revision of Industrial Production and Capacity Utilization Notice Below

Industrial production (IP) was little changed in April as declines in manufacturing and mining output were offset by growth in utilities output. The index for manufacturing decreased 0.4 percent after increasing 0.4 percent in March. In April, manufacturing output excluding motor vehicles and parts decreased 0.3 percent. The index for mining fell 0.3 percent, and the index for utilities rose 3.3 percent. At 103.9 percent of its 2017 average, total IP in April was 1.5 percent above its year-earlier level. Capacity utilization edged down to 77.7 percent, a rate that is 1.9 percentage points below its long-run (1972–2024) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted Make Full Screen
Industrial production 2017=100 Percent change
2024 2025 2024 2025 Apr. '24 to
Apr. '25
Nov.[r] Dec.[r] Jan.[r] Feb.[r] Mar.[r] Apr.[p] Nov.[r] Dec.[r] Jan.[r] Feb.[r] Mar.[r] Apr.[p]
       
Total index 102.0 103.1 103.2 104.1 103.9 103.9 -.3 1.1 .1 .9 -.3 .0 1.5
Previous estimates 102.0 103.1 103.3 104.2 103.9   -.2 1.1 .2 .8 -.3    
       
Major market groups
Final Products 98.8 99.9 100.5 101.6 101.2 101.1 -.2 1.1 .6 1.0 -.4 -.1 .5
Consumer goods 100.8 101.6 102.1 102.8 101.7 101.5 -.7 .8 .4 .7 -1.1 -.2 -.2
Business equipment 89.4 91.6 92.7 94.7 96.3 96.5 1.6 2.4 1.3 2.1 1.7 .2 2.4
Nonindustrial supplies 100.7 101.8 102.1 102.8 103.2 102.6 -.3 1.1 .3 .7 .4 -.6 2.3
Construction 100.2 101.7 101.1 102.8 103.8 102.8 -.1 1.5 -.6 1.6 1.0 -1.0 3.2
Materials 105.1 106.2 105.9 106.8 106.4 106.7 -.3 1.1 -.3 .9 -.4 .3 2.0
       
Major industry groups
Manufacturing (see note below) 98.5 98.9 98.9 100.0 100.4 100.0 .1 .4 .0 1.1 .4 -.4 1.2
Previous estimates 98.6 99.0 99.1 100.1 100.5   .1 .5 .1 1.0 .3    
Mining 118.5 120.8 117.9 119.3 120.7 120.4 -.9 2.0 -2.4 1.2 1.1 -.3 .7
Utilities 104.0 108.8 113.7 112.8 105.7 109.2 -2.0 4.6 4.5 -.9 -6.2 3.3 4.3

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Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2024 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2024
Apr. 		   
2024 2025 Apr. '24 to
Apr. '25
Nov.[r] Dec.[r] Jan.[r] Feb.[r] Mar.[r] Apr.[p]
       
Total industry 79.6 85.2 78.7 84.8 66.6 77.7 76.8 77.5 77.5 78.1 77.8 77.7 1.4
Previous estimates             76.8 77.6 77.6 78.2 77.8    
       
Manufacturing (see note below) 78.2 85.5 77.1 84.4 63.5 76.9 76.1 76.3 76.2 77.0 77.2 76.8 1.3
Previous estimates             76.1 76.4 76.4 77.1 77.3    
Mining 86.5 86.3 84.3 88.6 78.9 89.3 89.0 90.8 88.5 89.6 90.5 90.2 -.3
Utilities 84.2 93.2 84.7 93.2 78.1 70.8 69.0 71.9 74.9 74.0 69.2 71.3 3.7
       
Stage-of-process groups
Crude 85.6 87.9 84.9 90.0 77.0 86.6 87.6 89.0 87.6 88.2 88.6 88.5 .0
Primary and semifinished 80.1 86.5 77.6 87.5 63.7 76.2 75.3 76.3 76.6 77.0 75.8 76.1 1.6
Finished 76.7 83.3 77.6 80.4 66.2 75.7 73.9 74.1 74.4 75.3 75.7 75.2 1.7
[r] Revised. [p] Preliminary.

Market Groups

The major market groups posted mixed results in April. Among consumer goods, the production of durables dropped 1.3 percent, with decreases in every major category. The production of nondurable consumer goods ticked up 0.1 percent, as a 0.9 percent decline in non-energy goods was outweighed by a 3.2 percent increase in energy goods. The indexes for business equipment and for defense and space equipment both rose modestly. Construction supplies and business supplies posted declines of 1 percent and 0.3 percent, respectively. The production of non-energy materials edged down 0.1 percent, while the production of energy materials rose 0.8 percent.

Industry Groups

Manufacturing output fell 0.4 percent in April. The production of durable goods fell 0.2 percent; most notably, within durables, the production of motor vehicles and parts declined 1.9 percent while the production of fabricated metal products increased 1 percent. The production of nondurable goods fell 0.6 percent in April, with most major categories posting declines. The index for other manufacturing (publishing and logging) dropped 2 percent.

Mining output fell 0.3 percent in April after moving up 1.1 percent in March. In April, the index for utilities gained 3.3 percent, with increases in the output of both electric and natural gas utilities.

Capacity utilization for manufacturing dropped 0.4 percentage point in April to 76.8 percent, a rate that is 1.4 percentage points below its long-run (1972–2024) average. The operating rate for mining fell 0.3 percentage point to 90.2 percent, and the operating rate for utilities rose 2.1 percentage points to 71.3 percent. The rate for mining was 3.7 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: May 15, 2025