September 2, 2009: “A Federal Reserve Bulletin article, Industrial Production and Capacity Utilization: The 2009 Annual Revision article reviews the 2009 annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization. It discusses both the changes in estimation methods introduced in the revision and the revised estimates of IP, capacity, and capacity utilization.”
“Compared with the previous estimates, total industrial capacity is now reported to have risen 0.4 percentage point less in 2008 and is expected to fall 0.6 percentage point more in 2009. The smaller increase in 2008 reflected a substantial downward revision to capacity in the high-technology manufacturing industries; the capacity indexes for mining, for utilities, and for manufacturing outside of the high-technology industries are all now reported to have been higher in 2008 than stated previously. The larger decrease in total industrial capacity in 2009 reflects downward revisions to the indexes for both durable and nondurable manufacturing and for mining; the capacity indexes for other manufacturing (logging and publishing) and utilities were little changed from their previous estimates.
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