The Federal Reserve issues a revision of its industrial production and capacity utilization measures each year, in early spring. An article discussing the results of the annual revision and any new methods employed is published in the Federal Reserve Bulletin later in the year. Links to these articles as well as to other Federal Reserve staff publications that provide relevant analysis or in-depth details of methodological procedures are shown below.

Articles for recent years


• August 2008 (858 KB PDF). On March 28, 2008, the Federal Reserve published revisions to its index of industrial production (IP) and the related measures of capacity and capacity utilization. Although the revision affected the data from January 1972 through February 2008, most of the changes were for the period beginning in 2003.
• Winter 2007 (144 KB PDF): On December 11, 2006, the Federal Reserve published revisions to its index of industrial production and the related measures of capacity and capacity utilization. The revision affected the data from 1972 through October 2006, but the largest changes were for the period beginning in 2003.
• Winter 2006 (161 KB PDF): The comparison base year for all industrial production (IP) and capacity indexes was changed: The indexes are now expressed as percentages of output in 2002 instead of 1997. The rebasing affects all series from their start dates: 1919 for total IP and manufacturing IP, 1948 for manufacturing capacity, and 1967 for total industrial capacity. With this revision, the monthly production indicators for twenty industries changed from electric power use to production-worker hours for 1997 to the present.
• Winter 2005 (130 KB PDF): The benchmark indexes for manufacturing, defined for each six-digit NAICS industry as nominal gross output divided by a price index, were modified in this revision. With this revision, the monthly individual production indicators for some series have changed. The source data for eleven industries were switched from electric power use to production-worker hours. The revision to the capacity indexes used updated information for the publishing industry, for which there had been a gap in the collection of operating rates.
• Winter 2004 (119 KB PDF): This revision included a rearrangement of the market groups based on the 1997 input-output tables recently issued by the Bureau of Economic Analysis as well as updated value-added weights used in aggregating individual indexes.
  
• Papers presented at American Statistical Association meeting in August 2003. These papers describe the staff's work to convert the industrial production index from an SIC basis to a NAICS basis, the extension of the NAICS-based results back to 1972, and an analysis of the results.
• April 2003 (193 KB PDF): This major revision incorporated the reclassification back to 1972 of production and capacity indexes for individual industries from the Standard Industrial Classification System to the North American Industry Classification System. In addition, production and capacity indexes are now expressed as percentages of output in 1997; previously the reference year was 1992. Improved methods for measuring the real output of communications equipment also were introduced.
  

Articles for earlier years

• March 2002 (91 KB PDF): Introduces new source data for two capacity series: natural gas extraction and silver. The monthly production indicators for construction machinery and original equipment motor vehicle parts were refined.
  
• March 2001 (113 KB PDF): Introduces new production measures in communications equipment, computer and office equipment, drugs and medicines, and bearings.
  
• March 2000 (104 KB PDF): Includes updated capacity estimation procedures.
  
• January 1999 (82 KB PDF): Includes new methods for estimating the output of the semiconductor industry.
  
• February 1998 (95 KB PDF): Includes redesign of series on oil and gas field services.
  
• February 1997 (212 KB PDF): Reviews introduction of new aggregation methods
  
• January 1996 (86 KB PDF): Introduces new source data on organic chemicals, service industry machinery, and plumbing and heating products.
  

Statistical releases