Industrial production and capacity utilization: the 2001 annual revision

In late 2001, the Board of Governors of the Federal Reserve System published the annual revision of its index of industrial production and the related measures of capacity and capacity utilization for the period January 1992 to October 2001. The updated measures reflect the incorporation of newly available, more-comprehensive source data and the introduction of improved methods for compiling a few series. ; Measured fourth quarter to fourth quarter, increases in rates of industrial output and capacity have been revised downward from rates previously reported for 1999 and 2000. The revision places the decline in industrial output in 2001 at an annual rate of 6.0 percent. The estimated rate of increase in capacity in 2001 was lowered by 0.7 percentage point, to 1.7 percent. The rate of industrial capacity utilization as of the third quarter of 2001 was little changed by the revision; at 74.6 percent in the fourth quarter of 2001, the rate is 4 percentage points below the nadir of the 1990-91 recession but 3 percentage points above that of the 1982 recession.