[Economic Indicators May, 1998]
[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 in April; capacity utilization fell.
   _____________________________________________________________________


  ______________________________________________________________________

                                                           [Monthly data seasonally adjusted]                                                           
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    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                                                                         
--------------------------------------------------------------------------------------------------------------------------------------------------------
1988.............................................      97.4  ........       4.5      97.1      98.1       96.0      104.7      93.9       84.0      83.8
1989.............................................      99.1  ........       1.8      99.0     100.5       97.3      103.2      97.1       84.1      83.6
1990.............................................      98.9  ........       -.2      98.5      99.0       97.9      104.8      98.3       82.3      81.4
1991.............................................      97.0  ........      -2.0      96.2      95.5       97.0      102.6     100.4       79.3      77.9
1992.............................................     100.0  ........       3.1     100.0     100.0      100.0      100.0     100.0       80.2      79.4
1993.............................................     103.6  ........       3.6     103.8     105.7      101.7      100.1     103.9       81.3      80.5
1994.............................................     109.2  ........       5.4     110.0     114.4      105.2      102.6     105.3       83.1      82.5
1995.............................................     114.5  ........       4.9     116.0     123.9      107.4      102.3     109.0       83.4      82.8
1996.............................................     118.5  ........       3.5     120.2     131.7      108.0      103.9     112.5       82.4      81.4
1997 ............................................     124.5  ........       5.0     127.0     142.3      111.1      106.0     112.5       82.7      81.7
                                                                                                                                                        
1997:Apr.........................................     123.1       0.5       4.7     125.4     139.5      110.8      105.5     112.5       82.6      81.6
      May........................................     123.3        .2       4.3     125.7     140.1      110.7      106.7     111.8       82.4      81.4
      June.......................................     123.5        .2       3.9     126.1     141.2      110.5      105.7     110.9       82.3      81.3
      July.......................................     124.5        .8       4.7     126.9     142.4      110.9      106.5     113.8       82.6      81.5
      Aug........................................     125.2        .6       5.0     127.9     144.3      111.0      106.3     113.0       82.8      81.8
      Sept.......................................     125.6        .3       5.0     128.0     144.4      111.3      106.5     115.1       82.7      81.6
      Oct .......................................     126.5        .8       5.8     129.1     145.5      112.2      105.9     116.9       83.0      81.9
      Nov .......................................     127.5        .8       5.8     130.4     147.7      112.6      106.1     115.3       83.3      82.3
      Dec........................................     127.9        .3       5.7     130.9     148.6      112.9      105.7     114.3       83.3      82.3
                                                                                                                                                        
1998:Jan r.......................................     127.8       -.1       5.4     131.1     148.3      113.6      108.4     108.7       82.9      82.1
      Feb r......................................     127.4       -.3       4.3     130.7     147.8      113.1      107.8     108.5       82.3      81.5
      Mar r......................................     127.7        .3       4.3     130.5     148.1      112.4      107.4     115.1       82.2      81.0
      Apr p......................................     127.8        .1       3.8     130.8     148.7      112.6      107.2     112.8       81.9      80.8
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \1\ Percent changes based on 
unrounded indexes.
    \2\ Output as percent of 
capacity.

    Source: Board of Governors of 
the Federal Reserve System.