Industrial Production and Capacity Utilization - G.17

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Release Date: July 16, 2025
Revision of Industrial Production and Capacity Utilization Notice Below

Industrial production (IP) increased 0.3 percent in June after remaining unchanged in April and May; for the second quarter as a whole, IP increased at an annual rate of 1.1 percent. In June, manufacturing output ticked up 0.1 percent, and the index for mining decreased 0.3 percent. The index for utilities rose 2.8 percent. At 104.0 percent of its 2017 average, total IP in June was 0.7 percent above its year-earlier level. Capacity utilization moved up to 77.6 percent, a rate that is 2.0 percentage points below its long-run (1972–2024) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2025 2025 June '24 to
June '25
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p] Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total index 102.9 103.9 103.7 103.7 103.7 104.0 -.2 1.0 -.3 .0 .0 .3 .7
Previous estimates 102.9 104.0 103.7 103.8 103.6   -.1 1.0 -.2 .1 -.2    
       
Major market groups
Final Products 100.1 101.6 101.3 100.9 101.0 101.2 .2 1.4 -.3 -.3 .1 .2 .1
Consumer goods 101.6 102.9 101.9 101.4 101.4 101.6 -.1 1.3 -1.0 -.4 .0 .2 -.7
Business equipment 92.5 94.5 96.1 96.2 97.0 97.1 1.2 2.1 1.7 .1 .8 .1 3.2
Nonindustrial supplies 101.8 102.5 102.6 102.4 102.1 102.5 .2 .6 .1 -.2 -.3 .4 .8
Construction 101.0 102.6 103.8 102.6 102.7 103.0 -.5 1.6 1.2 -1.1 .1 .3 2.4
Materials 105.6 106.5 106.1 106.5 106.5 106.9 -.6 .8 -.4 .4 -.1 .4 1.3
       
Major industry groups
Manufacturing (see note below) 98.5 99.7 100.3 99.8 100.1 100.2 -.4 1.2 .6 -.5 .3 .1 .8
Previous estimates 98.6 99.8 100.4 99.9 100.0   -.4 1.2 .6 -.5 .1    
Mining 117.8 119.6 121.6 121.3 121.5 121.1 -2.4 1.5 1.7 -.2 .1 -.3 1.6
Utilities 113.7 112.8 103.5 107.8 105.1 108.0 4.5 -.9 -8.2 4.1 -2.5 2.8 -.8

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2024 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2024
June 		   
2025 June '24 to
June '25
Jan.[r] Feb.[r] Mar.[r] Apr.[r] May[r] June[p]
       
Total industry 79.6 85.2 78.7 84.8 66.6 78.2 77.3 78.0 77.7 77.6 77.5 77.6 1.5
Previous estimates             77.3 78.0 77.7 77.7 77.4    
       
Manufacturing (see note below) 78.2 85.5 77.1 84.4 63.5 77.2 75.9 76.8 77.1 76.7 76.8 76.9 1.3
Previous estimates             76.0 76.8 77.2 76.7 76.7    
Mining 86.5 86.3 84.3 88.6 78.9 89.2 88.4 89.7 91.2 90.9 90.9 90.6 .1
Utilities 84.2 93.2 84.7 93.2 78.1 73.2 74.9 74.0 67.8 70.4 68.4 70.1 3.7
       
Stage-of-process groups
Crude 85.6 87.9 84.9 90.0 77.0 87.7 86.9 87.5 88.2 88.5 88.4 88.1 .3
Primary and semifinished 80.1 86.5 77.6 87.5 63.7 76.9 76.6 76.9 75.6 75.8 75.3 75.9 1.6
Finished 76.7 83.3 77.6 80.4 66.2 75.7 74.0 75.2 75.8 75.1 75.5 75.4 1.7
[r] Revised. [p] Preliminary.

Market Groups

The major market groups all posted gains in June. Consumer goods production increased 0.2 percent; among consumer goods, the production of durables fell 1.4 percent driven by a 3.2 percent decline in the index for automotive products. In contrast, nondurables posted a gain of 0.7 percent led by a 2.7 percent increase in the index for energy nondurables. Output of materials rose 0.4 percent supported by a 0.9 percent gain in the index for energy materials. The indexes for construction supplies and business supplies grew 0.3 percent and 0.4 percent, respectively, while the index for business equipment edged up 0.1 percent.

Industry Groups

Manufacturing output ticked up 0.1 percent in June and was 0.8 percent above its year-earlier level. During the second quarter, the index for manufacturing grew 2.1 percent at an annual rate. In June, the output of durable goods was unchanged. Within durables, the production of electrical equipment, appliances, and components fell 2.5 percent, and the production of motor vehicles and parts fell 2.6 percent. In contrast, the output of primary metals increased 3.1 percent, and the output of aerospace and miscellaneous transportation equipment rose 1.6 percent. Nondurable goods posted a gain of 0.3 percent, led by a 2.9 percent increase in the production of petroleum and coal products.

Mining output decreased 0.3 percent in June but expanded 5.7 percent at an annual rate in the second quarter as a whole. In June, the index for utilities increased 2.8 percent, with a 3.5 percent increase in electric utilities output more than offsetting a 2.6 percent decline in the output of natural gas utilities. In the second quarter, the index for utilities decreased 10.6 percent at an annual rate.

Capacity utilization for manufacturing inched up in June to 76.9 percent, a rate that is 1.3 percentage points below its long-run (1972–2024) average. The operating rate for mining decreased 0.3 percentage point to 90.6 percent, and the operating rate for utilities increased 1.7 percentage points to 70.1 percent. The rate for mining was 4.1 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: July 16, 2025