Academic journal article Federal Reserve Bulletin

Industrial Production

Academic journal article Federal Reserve Bulletin

Industrial Production

Article excerpt

Industrial Production

Industrial production was unchanged in May after having increased a revised 0.6 percent in April. In May, further gains occurred in business equipment, excluding motor vehicles, and in materials. However, production of construction supplies declined for the fourth successive month, and output of both cars and trucks dropped back to about their March levels. At 141.4 percent of the 1977 average, the total index in May was 3.9 percent higher than it was a year earlier. Manufacturing output edged down in May; capacity utilization in manufacturing declined 0.3 point to 84.0 percent. Detailed data for capacity utilization are shown separately in "Capacity Utilization," Federal Reserve monthly statistical release G.3.

In market groups, production of consumer goods decreased in May as auto assemblies fell to an annual rate of 7.1 million units, from 7.4 million units in April; output of light trucks for consumer use also declined. Production of other consumer goods edged down as output of consumer energy, particularly gasoline and distillate fuel oil, fell sharply; the remaining sectors, on balance, were little changed. …

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