An industry production (IP) index is a measure of the output of a specified manufacturing, energy, or mining industry relative to a level of output (in terms of units) produced in the past.
Industries will expand or contract production to meet demand. For example, the demand for consumer light trucks has risen dramatically over the past ten years relative to demand for consumer cars. The current level of consumer light truck production is more than twice the level in 1992.
|Industry Production Index (1992=100)||Nov-01||Dec-01|
|Production Index of Consumer Light Trucks||251.50||259.57|
|Percent Change from Previous Month||11.06||3.21|
|Production Index of Commercial Motor Vehicles||143.58||151.24|
|Percent Change from Previous Month||5.43||5.33|
|Production Index of Consumer Automobiles||94.73||101.09|
|Percent Change from Previous Month||9.02||6.72|
NOTES: These numbers represent three components of Standard Industrial Classification grouping for motor vehicles (371). The figures for selected non-automotive industries (372-6,9) are on the page entitled Industry Production Indices for Non-Automotive Transportation Equipment.
The dip in assemblies in mid-1998 was caused by a strike at General Motors in June and July.
Data from September to December 2001 are preliminary.
SOURCE: Federal Reserve, "Industrial Production and Capacity Utilization" Statistical Release; Jan. 16, 2002; available at: http://www.federalreserve.gov/releases/g17/download.htm.