Industrial production and capacity utilization: the 2005 annual revision

On November 7, 2005, the Board of Governors of the Federal Reserve System issued revisions to its index of industrial production (IP) and the related measures of capacity and capacity utilization for the period from January 1972 through September 2005. For this period, both the levels and the rates of change were revised. For years before 1972, the levels, but not the rates of change, were also revised. Overall, the changes to total industrial production were small. ; Besides the revisions to the monthly data for IP and capacity utilization starting in 1972, the comparison base year for all production 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.