The U.S. Geological Survey (USGS) reported U.S. production of selected mineral commodities in the third quarter 2024. U.S. mine and plant production data for 16 selected mineral commodities are provided on a monthly (or quarterly) basis by the USGS to the board of governors, Federal Reserve System (FRS), for use in preparing its index of industrial production and the related capacity indexes and capacity utilization rates.
These measures cover manufacturing, mining, and electric and gas utilities, and they are among the key economic indicators monitored by the FRS for guidance in determining national monetary policy.
The combined production of construction-related materials (cement, construction sand and gravel, crushed stone, and gypsum) in the third quarter of 2024 increased by 2% compared with that in the second quarter of 2024.
Combined production in the first nine months of 2024 was 6% less than that in the first nine months of 2023.
Production of construction sand and gravel, cement and crushed stone in the third quarter of 2024 were 4%, 1% and 1% higher, respectively, than that in the second quarter of 2024 but gypsum production was 7% lower.
Production of copper, iron ore and zinc increased by 3%, 3%, and 1%, respectively, while secondary aluminum production was unchanged and the production of lead decreased by 8% in the third quarter of 2024 compared with that in the second quarter of 2024.
Comparing the first nine months of 2024 with the first nine months of 2023, production increased for lead (8%), iron ore (5%) and zinc (4%). Copper and secondary aluminum production decreased by 7% and 2%, respectively.
During the third quarter of 2024, gold production increased by 8% and silver production decreased by 7% compared with production in the second quarter of 2024.
In the third quarter of 2024, platinum and palladium production were 4% and 3% less than that in the second quarter of 2024, respectively. In the first nine months of 2024, palladium and platinum production were 13% and 11% higher, respectively, and silver production was 1% higher compared with production in the first nine months of 2023. Gold production was 5% less than that in the first nine months of 2023.