Board of Governors of the Federal Reserve System

Release Date: December 4, 1996 For immediate release The Federal Reserve Board today approved a notice by two U.S. and six Canadian banking organizations

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months of decline. Much larger gains occurred in the production of appliances...month, to 84.3 percent. INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

months after having posted larger gains earlier in the year. Materials...months and have recovered the losses incurred in 2001. Increases in the

month. Industry Groups --------------- Manufacturing output moved down...month. The increases in the computer index in the third quarter were revised

month, to 73.4 percent, a level more than 6-1/2 percentage points below...month, to 89.6 percent. Note: The capacity indexes have been revised in

month in the output of automotive products was the principal contributor...months. The production of transit equipment moved up, as stronger output

months. The production of defense and space equipment rose 0.9 percent...month over the past three months. The production of materials continued

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month. The strongest anomalies return only 10-20 bps after accounting ...month. Accounting for trading costs reduces the expected return to 38