[Economic Indicators March, 1997]
[Page Number 17]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
                    PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 0.5 percent in February. Capacity utilization 
rose slightly.
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                                                           [Monthly data seasonally adjusted]                                                           
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                                                    Total industrial production         Industry production indexes, 1992=100              Capacity     
                                                  ----------------------------------------------------------------------------------- utilization  rate,
                                                             Percent change \1\           Manufacturing                                   percent \2\   
                                                            ----------------------------------------------------                     -------------------
                      Period                        Index,     From                                                                                     
                                                   1992=100   preced-    From                                     Mining   Utilities    Total   Manufac-
                                                                ing      year      Total    Durable  Nondurable                       industry    turing
                                                               month    earlier                                                                         
--------------------------------------------------------------------------------------------------------------------------------------------------------
1987.............................................      93.1  ........       4.6      92.8      92.0       93.8      101.5      89.4       81.3      81.3
1988.............................................      97.3  ........       4.4      97.1      98.1       96.0      102.9      93.9       83.9      83.8
1989.............................................      99.0  ........       1.8      99.0     100.5       97.3      101.5      97.1       84.0      83.6
1990.............................................      98.9  ........       -.2      98.5      99.0       97.9      103.7      98.3       82.3      81.4
1991.............................................      96.9  ........      -2.0      96.2      95.5       97.0      101.6     100.4       79.2      78.0
1992.............................................     100.0  ........       3.2     100.0     100.0      100.0      100.0     100.0       80.4      79.5
1993.............................................     103.4  ........       3.4     103.7     105.5      101.7       98.9     103.9       81.6      80.8
1994.............................................     108.6  ........       5.0     109.4     113.4      105.0      101.5     105.3       83.7      83.1
1995.............................................     112.1  ........       3.3     113.2     119.7      106.2      100.9     109.1       83.8      83.1
1996 r...........................................     115.2  ........       2.8     116.3     125.7      106.3      103.0     112.8       83.1      82.1
                                                                                                                                                        
1996:Feb.........................................     113.8       1.3       1.9     114.8     123.6      105.3      100.8     113.3       83.2      82.2
      Mar........................................     113.2       -.5       1.4     113.9     121.8      105.4      102.8     114.4       82.6      81.3
      Apr........................................     114.3        .9       2.6     115.2     124.6      105.2      102.9     113.5       83.1      82.0
      May........................................     114.8        .4       2.9     115.7     125.2      105.5      103.2     114.6       83.2      82.0
      June.......................................     115.5        .6       3.3     116.4     126.3      105.9      104.4     114.0       83.5      82.3
      July.......................................     115.5        .0       3.4     117.0     126.9      106.4      103.1     109.4       83.2      82.4
      Aug........................................     115.8        .3       2.9     117.2     127.5      106.2      104.5     110.8       83.2      82.3
      Sept.......................................     116.0        .1       2.6     117.4     127.2      106.9      103.4     111.1       83.1      82.1
      Oct........................................     116.2        .2       3.3     117.6     127.1      107.4      103.4     111.9       83.0      82.0
      Nov r......................................     117.2        .8       4.0     118.5     128.4      107.9      103.5     114.5       83.4      82.4
      Dec r......................................     117.7        .4       4.4     119.2     128.9      108.8      105.0     112.7       83.5      82.5
                                                                                                                                                        
1997:Jan r.......................................     117.6       -.1       4.6     118.9     128.9      108.1      104.3     114.1       83.2      82.1
      Feb p......................................     118.1        .5       3.8     119.8     130.5      108.5      105.6     110.1       83.3      82.5
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    \1\ Percent changes based on 
unrounded indexes.
    \2\ Output as percent of 
capacity.

    Source: Board of Governors of 
the Federal Reserve System.