G17: G.17 Annual Revision Released

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization.1 Total IP is now reported to have increased slightly less than 2-1/2 percent per year, on average, from 2011 through 2013 before advancing about 4-1/2 percent in 2014 and falling back somewhat in the first half of 2015.2 Relative to earlier reports, the current rates of change are lower--especially for 2012 and 2013. For the most recent recession, total IP still shows a peak-to-trough decline of about 17 percent, and the dates for the peak and trough are unaltered. However, the lower rates of change for recent years indicate that the recovery in the industrial sector since the trough has been slower than reported earlier. Total IP is now estimated to have returned to its pre-recession peak in May 2014, seven months later than previously estimated The revision is available at http://www.federalreserve.gov/