Current industrial reports

MISSING IMAGE

Material Information

Title:
Current industrial reports
Portion of title:
Manufacturers' shipments, inventories, and orders
Physical Description:
v. : ; 28-29 cm.
Language:
English
Creator:
United States -- Bureau of the Census. -- Manufacturers' Shipments, Inventories, and Orders Branch
United States -- Bureau of the Census
Publisher:
U.S. Dept. of Commerce, the Bureau of the Census :
For sale by the Subscriber Services Section (Publications), Bureau of the Census
Place of Publication:
Washington, D.C
Creation Date:
September 1971
Publication Date:
Frequency:
monthly, with annual summary[1976-]
monthly[ former 1963-1975]
monthly
normalized irregular

Subjects

Subjects / Keywords:
Manufacturing industries -- Statistics -- Periodicals -- United States   ( lcsh )
Inventories -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
serial   ( sobekcm )
federal government publication   ( marcgt )
statistics   ( marcgt )

Notes

Additional Physical Form:
Also distributed to depository libraries in microfiche.
Additional Physical Form:
Some monthly issues also available via Internet from the Census Bureau website as: Highlights from the preliminary report on manufacturers' shipments, inventories, and orders. Address as of 12/17/03: http://www.census.gov/indicator/www/m3/prel/priorrel.htm; current access available via PURL.
Additional Physical Form:
Some annual summaries also available via Internet from the Census Bureau website. Address as of 12/8/2005: http://www.census.gov/prod/www/abs/m3-1.html; current access available via PURL.
Dates or Sequential Designation:
Oct. 1963-
Numbering Peculiarities:
Some annual summaries issued in revised editions.
Numbering Peculiarities:
Each annual summary cumulates previous issues for a period of prior years, i.e., annual summaries for <1976>-197 cumulate from 1958.
Issuing Body:
Prepared by: Bureau of the Census, Industry Division, Manufactures' Shipments, Inventories, and Orders Branch, 1963-1964; issued by: U.S. Department of Commerce, Economics and Statistics Administration, Bureau of the Census, <2000->
General Note:
Title from cover.
General Note:
Some issues not distributed to depository libraries in a tangible format.
General Note:
Paper copy no longer sold by Supt. of Docs., U.S.G.P.O.
General Note:
Latest issue consulted: July 2002.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 001320832
notis - AGH1708
oclc - 02548418
lccn - 74614399
issn - 0364-1880
Classification:
lcc - HD9724 .U52a
ddc - 380.1/0973
System ID:
AA00008477:00048

Related Items

Preceded by:
Industry survey
Preceded by:
Manufacturers' shipments, inventories, and orders

Full Text

CURRENT


A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBBCATION


-I DUSTRIAL
INDUSTRIAL


Manufacturers'


Inventories,


REPORTS


Shipments,


and


Orders


September 1971


U.S. DEPARTMENT OF COMMERCE / Bureau of the Census


FOR RELEASE:


November 3,


SERIES:


M3-1(71)-9


SUMMARY


New orders for manufactureTs in
September at $56.9 billion decreased $1.2 billion
or 2.0 percent from $58.1 billion in August after
seasonal adjustment. Shipments decreased $300
million or 0.6 percent to $57.5 billion from
$57.8 billion in August. Unfilled orders decreased
$500 million or 0.7 percent to $77.4 billion at the
end of September. Manufacturers' inventories in-
creased $100 million to $100.2 billion at the end


of August.


The inventories to shipments ratio in-


creased from 1.73 to 1.74.


Chart 1 Manufacturers' New Orders (Seasonally Adjusted)
Billions of Dollars*

40
Durable Goods Industries

/"'\ .--- --- -25


1967 1968 1969 1970 1971


Chart 2 Manufacturers' Shipments (Seasonally Adjusted)


Billions of Dollars*


For the 3


average


change


months


ending


in September,


in new orders was almost zero


compared with a 0.4 percent decrease for the
3 months ending in June and a 1.3percent increase
for the 3 months ending in March.

NEW ORDERS


New orders for durable goods at $30.
decreased $1.0 billion or 3.1 percent over


8 billion
August.


New orders for transportation equipment decreased
$900 million as the aerospace industries decreased


$700 million. New orders for prim
increased $300 million to $4.5 billion.


supplementary


series,


new orders


lary


metals


Among the
for defense


products decreased $700 million to $1.5 billion
and producers' capital goods decreased $300 million
in September.


w







Chart 3


SHIPMENTS

Shipments of durable goods decreased $300
million or 0.8 percent to $31.2 billion in September.
Shipments of transportation equipment decreased
$300 million in contrast to primary metals which
increased $300 million. Shipments of nondurable
goods decreased $100 million to $26.3 billion.

UNFILLED ORDERS

Unfilled orders for durable goods decreased
$400 million to $74.4 billion at the end of September.
Unfilled orders for transportation equipment de-
creased $500 million as primary metals increased
$200 million.

INVENTORIES

Inventories of durable goods remained virtually
unchanged as inventories of nondurable goods in-
creased $200 million. At the all manufacturing


- Manufacturers' Unfilled Orders (Seasonally Adjusted


Billions of Dollars*


-c


Durable Goods


industries


*Semilog Scale
, I l ,,II1l I


Ii 1, I,, I ,I, I ,I. I


I U-
100
90
80

70
An


level,
million,


materials


supplies


.. .


decreased


work in process increased $400 million


and finished goods increased $100 million.

SCHEDULED RELEASE DATES

The figures on the durable goods industries in
this report supersede those issued earlier in the


advance
report


report


on durable


goods.


The advance


is based on a tabulation of early reports


and is limited


orders,


to statistics


unfilled


industry categories.


orders


on shipments,


new


for a few broad


The present report is based


on more complete reporting, but the estimates are


considered


preliminary.


appear as historical dal
published for next month.


Final


in the


figures will


report


to be


The advance report on


durable goods for October is scheduled for
release on November 19, 1971 and thefull report is
scheduled for release on December 1.

For an explanation of terms used in this report
see appendix following table 5.


Inquiries
addressed to
Bureau of th
ington, D.C.


concerning these figures should be
the U.S. Department of Commerce,
ie Census, Industry Division, Wash-
20233.


4 .


Chart 4


Total Inventory (Seasonally Adjusted)


Billions of Dollars*


ll ,l [I i1


Total


Durable Goods Industries


l- --" "


_-
^^ -,- -











1 l1, j h11 hi


urable Goods Industries


Nond


=,I, I, I


I


*Senmi log Scale
11i ii ll~.~ lit i i th ihl


*


t












OF MANUFACTURERS'


(Millions


of dollars)


Industry


All manufacturing


e


group


industries:


Total...............................


Total,


Durable g
Stone,
Primary


excluding


transportation.....
total... .........


goods industries,


and glass products...........


metals.


Blast fun
All other
Fabricated m
Metal cans


Machinery,


Engines


Farm machi
Construct
handling
Met Ilworki


General i
Electrical
Electric
equipmer
Household
and TV..
Comunica
Transportat
Motor vet
Aircraft,


total.....................


aces, steel mills.............
primary metals................
tetal products, total..........
, barrels, and drums.........
xcept electrical, total.......
Ld turbines..................
nery and equipment............
on, mining, and material
equipment.....................
n manchinerv ...... ...._ ....


.inusbral ma acnLnery..... .....
machinery, total...............
l transmission and distribution
it and industrial apparatus.....
I appliances, including radio
,.. S .......... *..I.....
Ltion equipment................
ion equipment, total...........
icles and parts................
missiles, and parts...........


Instruments and related
All other durable goods
durable goods industrie


Food and kindred


products..........
industries........
s, total...........
s, total........ ..


product


Meat products. ............................


Tobacco produ
Textile mill
Paper and all
Pulp, paper
Chemicals and
Industrial
Petroleum and


Rubber
All oth


productcts... ....... ...............
products...,..,,.........,-...


jed


products,


allied pr
chemicals,


oducts,
except


total;.....
pigments...


coal products .............


and plastics
er nondurable


products,


n.e.c.. *


goods industries.....


All manufacturing industries:
Total*............. *..................


Total,


Durable


excluding


transportation.....
total.............


goods industries,


Primary metals,
Blast furnaces


Fabricated
Machinery,


Engines


metal
except


total ........ ... ........
, steel mills.............
products...,....,,......
t electrical, total.......


and turbines.................,..


~nstruction,


mining,


and material


handling equipment...................
Metalworking machinery...............,.


General


in


dustrial

achinery,


Electrical m
Electrical
equipment
Household


Coamnunication
Transportation


Aircraft,


This,


All other durable


Nondurable g


transmission a
and industrial


nd distribution
apparatus.....


appliances, including radio


equipment.................


equipment,
siles, and


total...... .....
parts...... .....


goods industries.....,..


goods industries


total....... ...


Seasonally


adjusted


Without seasonal
adjustment'


Shipments


57,464
49,868

31,202
1,756
4,252
1,712
2,540
3,645
359

5,023
296
484

847
392
397

4,487

900

931
1,232
7,596
5,141
1,784
974
3,469
26,262
8,637
1,862
502
(2)
2,193
922
4,445
1,451
2,310
1,596
6,579


57,804
49,889

31,464
1,831
3,991
1,457
2,534
3,679
351
4,983
305
497

839
370
416

4,513

892

962
1,231
7,915
5,303
1,930
969
3,583
26,340
8,683
1,910
488
(2)
2,270
965
4,305
1,404
2,293
1,682
6,619


58,418
50,669

32,123
1,793
5,312
2,940
2,372
3,437
351
4,937
288
480

781
386
401

4,434

889

929
1,215
7,749
5,195
1,933
1,022
3,439
26,295
8,739
1,916
491
(2)
2,187
899
4,330
1,477
2,344
1,637
6,567


59,874
52,241

32,311
1,925

4,218
1,635
2,583
3,765
400

5,169
324
515

867
413
420

4,808

936

1,103
1,252
7,633
5,207
1,764
1,071
3,722
27,563
9,223
1,887
519
(2)

2,280
932
4,653
1,486
2,349
1,609
6,930


1,014
1,176
6,443
3,923
1,864
984
3,727
26,612
8,720
1,925
513
(2)
2,289
980
4,329
1,406
2,320
1,624
6,817


57,236
50,522

30,815
1,617
4,845
2,301
2,544

3,735
395
4,807
297
426

856
348
442

4,672

891

1,090
1,251
6,714
3,815
2,194
1,089
3,336
26,421
8,885
2,049
482
(2)
2,148
896
4,212
1,307
2,223
1,482
6,989


Seasonally


adjusted


Without seasonal
adjustment


Total inventories


10
8

6


I


'0,211 100,063
6,729 86,493

4,498 64,523
2,299 2,302
9,177 8,953
4,834 4,635
4,343 4,318
7,416 7,519
761 800
.3,692 13,745
937 937
1,080 1,103

2,675 2,713
1,203 1,190
1,146 1,146

9,917 9,885

2,212 2,209


13,570
4,015
7,365
2,356
6,193
35,540
8,818
853
2,129
(2)

2,711
1,014
6,729
1,882
2,471
2,095
10,587


100,194
86,398

64,692
2,293
8,821
4,464
4,357
7,510
805
13,831
942
1,138

2,713
1,193
1,156

9,920

2,207

1,956
2,947
13,796
4,233
7,416
2,327
6,194
35,502
8,791
847
2,142
(2)

2,744
1,019
6,786
1,899
2,397
2,153
10,489


99,324
85,752

64,024
2,204
9,116
4,805
4,311
7,351
748

13,526
930
1,041

2,625
1,193
1,131

9,817

2,193

1,894
2,950
13,572
4,016
7,420
2,341
6,097
35,300
8,935
803
2,109
(2)
2,678
1,000
6,568
1,859
2,480
2,024
10,506


99,754
86,137

64,426
2,254
8,910
4,593
4,317
7,558
817
13,635
938
1,077

2,664
1,191
1,136

9,890

2,209

1,942
2,924
13,617
4,127
7,348
2,368
6,194
35,328
8,735
781
2,014
(2)

2,723
1,012
6,679
1,863
2,468
2,077
10,632


98,708
84,332

64,497
2,188
8,927
4,771
4,156
6,891
755
13,706
926
1,108

2,493
1,228
1,140
10,137

2,110

1,941
3,172
14,376
4,001
8,482
2,425
5,847
34,211
8,322
746
2,101
(2)

2,679
989
6,487
1,908
2,356
2,086
10,180


New orders Unfilled orders


56,928
49,875

30,759
4,492
2,026
3,520
4,935
284

840
381
392

4,648

904

933
1,342
7,053
1,299
6,111

26,169


58,085
50,162
31,758
4,184
1,701
3,577
5,072
368

910
380
437

4,584

943

1,008
1,212
7,923
1,985
6,418

26,327


58,255
50,193
31,955

4,434
2,030
3,489
4,823
231

828
385
379

4,827

1,005

919
1,437
8,062
2,404
6,320

26,300


.- I I


56,453
50,047
29,916

3,905
1,526
3,618
4,840
396

830
352
464

4,455

874

1,042
1,211
6,406
1,802
6,692

26,537


56,093
49,862
29,645
4,415
2,064
3,815
4,607
274

863
314
408

4,644

858

1,083
1,339
6,231
1,945

5,933

26,448


I I


77,898
53,280
74,879
5,366
2,569
10,859
14,360
4,974

2,466
1,061
1,258

14,393

3,982

654
5,936
24,618


17,895
5,283

3,019


77,615
53,005
74,584
5,173
2,325
10,960
14,269
4,910

2,395
1,050
1,237

14,320

3,930

607
5,955
24,610
17,840
5,252

3,031


77,547
53,247
74,641
5,166
2,514
10,759

14,299
4,981

2,402
1,506
1,283

14,847

3,945

717
6,312
24,300
17,559
5,270

2,906


77,773
53,141
74,763
5,051
2,297
10,831
14,420
4,994

2,431
1,081
1,282

14,437

3,992

707
5,883
24,632
17,874
5,392

3,010


No


an


_J _J,-J -. 1


,


*"1


I













Table 2.--VALUE OF MANUFACTURERS* SHIPMENTS, INVENTORIES, AND ORDERS, FOR MARKET CATEGORIES AND SUPPLEMENTARY SERIES
(Millions of dollars)

eaoay ajseWithout seasonal Without seasonal
Seasonally adjusted adjustment Seasonally adjusted adjustment
adjustment" adjustment
Industry group
Sept. Aug. July Sept. Aug. Sept. Sept. Aug. July Sept. Aug. Sept.
1971 1971r 1971 1971 1971r 1970 1971 1971r 1971 1971 1971r 1970

Shipments Total inventories


All manufacturing industries, total.. 57,464 57,804 58,418 59,874 56,321 57,236 100,211 100,063 100,194 99,324 99,754 98,708

Durable goods industries, total............ 31,202 31,464 32,123 32,311 29,709 30,815 64,498 64,523 64,692 64,024 64,426 64,497
Nondurable goods industries, total......... 26,262 26,340 26,295 27,563 26,612 26,421 35,713 35,540 35,502 35,000 35,328 34,211

Industry groups arranged by market
categories:
Home goods and apparel................... 5,229 5,322 5,295 5,758 5,768 5,837 10,790 10,726 10,660 10,572 10,735 10,189
Consumer staples......................... 11,254 11,279 11,218 12,012 11,338 11,492 13,895 13,659 13,599 13,809 13,530 13,067
Equipment and defense products, except
automotive............................. 8,347 8,484 8,336 8,526 8,115 8,451 25,364 25,372 25,479 25,098 25,221 26,042
Automotive equipment..................... 5,707 5,889 5,749 5,793 4,486 4,514 5,010 5,198 5,396 5,120 5,263 5,119
Construction materials, supplies, and
intermediate products................... 5,170 5,334 5,154 5,565 5,600 4,870 8,195 8,200 8,085 8,029 8,141 7,648
Other materials and supplies and
intermediate products................... 21,757 21,496 22,666 22,220 21,014 22,072 36,957 36,908 36,975 36,696 36,864 36,643

Supplementary series:2
Household durable goods industries....... 2,374 2,419 2,328 2,695 2,562 2,477 4,910 4,917 4,935 4,823 4,928 4,767
Producers' capital goods industries...... 6,474 6,435 6,304 6,671 6,088 6,125 17,487 17,501 17,546 17,309 17,403 17,098
Defense products industries (old series). 3,379 3,584 3,548 3,372 3,435 3,882 11,279 11,191 11,308 11,235 11,168 12,584
Defense products (new series)*........... 1,761 2,077 2,010 1,748 2,003 2,103 5,408 5,282 5,488 5,374 5,260 6,916

New orders Unfilled orders

All manufacturing industries, total.. 56,928 58,085 58,255 59,648 56,453 56,093 77,363 77,898 77,615 77,547 77,773 81,018

Durable goods industries, total............ 30,759 31,758 31,955 32,189 29,916 29,645 74,437 74,879 74,584 74,641 74,763 78,155
Nondurable goods industries, total......... 26,169 26,327 26,300 27,459 26,537 26,448 2,926 3,019 3,031 2,906 3,010 2,863

Industry groups arranged by market
categories:
Home goods and apparel................... 5,239 5,361 5,360 5,760 5,793 5,814
Consumer staples......................... 11,242 11,282 11,223 12,011 11,340 11,498 21162 2,163 2,120 2,263 2,262 2,071
Equipment and defense products, except
automotive.............................. 7,797 8,509 8,871 8,418 8,216 8,121
Automotive equipment..................... 5,746 5,863 5,781 5,845 4,493 4,467 42,579 43'091 43091 3,070 43124 44119
Construction materials, supplies, and
intermediate products................... 5.012 5,209 5,306 5,446 5,489 4,999 10,300 10,456 10,580 10,367 10,485 10,403
Other materials and supplies and
intermediate products................... 21,892 21,861 21,714 22,168 21,122 21,194 22,322 22,188 21,824 21,847 21,902 24,425

Supplementary series:'
Household durable goods industries....... 2,390 2,457 2,401 2,701 2,602 2,469 1,802 1,786 1,747 1,904 1,899 1,734
Producers' capital goods industries...... 6,253 6,551 6,146 6,387 6,282 5,720 22,763 22,986 22,867 22,848 23,131 22,459
Defense products industries (old series). 2,939 3,634 4,246 3,444 3,411 3,704 24,095 24,535 24,486 24,499 24,427 27,351
Defense products (new series )w........... 1,473 2,154 2,900 1,791 2,046 2,483 18,889 19,177 19,101 19,200 19,157 19,967


*During
figures on
clouded in


1968 manuf
shipments,
these new d


acturers
orders,
defense s


the data have been seasonally


rdnance, communications
total inventories of wo
. Since there are no h


adjusted


using


the factors


usted for trading-day and calendar-month variations;
regroupings of the separate industry categories as


, aircraft and aircraft
rk performed for the D
historic data available
of these industries.


parts, and shipbui
department of Defens
to develop separate
PPreliminary.


unfilled orders and inventories as of
follows:


lding industries began to
e. The results of these
e seasonal factors for t


Revised.


end of month.


Shipments


provide
reports


aggregate
are in-


these reporters,
md new orders


'The supplementary


series


Household durable goods industries Household furniture; kitchen articles and pottery; cutlery, handtoo
appliances; ophthalmic goods, watches, and clocks; and miscellaneous personal goods.


is, and hardware; household


Producers' capital goods (formerly machinery and equipment) industries Machinery, except electrical (excluding farm machinery and
equipment and machine shops), electrical machinery (excluding household appliances, communication equipment and electronic com-
ponents), shipbuilding and repairing, and railroad and street car equipment.


Defense products
craft, aircraft
industries and


industries (old series)
parts, and ordnance ind
omits defense work perfo


- Based
ustries.
reed in


on reports for companies classified in the communication equipment, complete air-
(Thus, this series includes significant amounts of nondefense work in these
the shipbuilding industry.)


Defense products new series) Based on separate reports on defense work filed by large defense contractors in the following
industries: ordnance, communications, complete aircraft, aircraft parts, and shipbuilding. Thus, it differs from the old
series in that it includes defense activity in shipbuilding and excludes nondefense work in ordnance, coatunications,
complete aircraft, and aircraft parts. The data are comparable to those published annually in the MA-175, Shipments of
Defense-Oriented Industries, for the specified industries.














SHIPMENTS, INVENTORIES, AND


(Based


on seasonally


adjusted


Item and industry


Shipments:
All manufacturing


Durable
Nondurab


group


industries.........


goods industries, to
le goods industries,


Total inventories:
All manufacturing

New orders:
All manufacturing


Durable go
Nondurable


Unfilled
Durable


tal.....
total..


industries.


industries.


ods industries,


total


goods industries,


* .a. .
**. .. ...


total....


orders:
goods industries,


Month-to-month


-0.1


1971


-1.0


Average


monthly


3 months


June-
Sept. 1971


Mar


rates of change


months


Average,


+1.1


1965-1970


Average
decline


-1.2


-0.3


Table 4.--VALUE OF MANUFACTURERS' INVENTORIES, BY


STAGE OF FABRICATION,


BY INDUSTRY


(Millions


of dollars)


Without seasonal Without seasonal
Seasonally adjusted dumt Seasonally adjusted adjustment
adjustment *adjustment
Industry group
Sept. Aug. July Sept. Aug. Sept. Sept. Aug. July Sept. Aug. Sept.
1971p 1971r 1971 1971p 1971r 1970 1971p 1971r 1971 1971p 1971 1970

Total Materials and supplies


All manufacturing industries, total.. 100,211 100,063 100,194 99,324 99,754 98,708 32,352 32,736 32,921 32,404 32,820 31,418
Durable goods industries, total............ 64,498 64,523 64,692 64,024 64,426 64,497 19,271 19,709 19,932 19 539 19,984 19,095
Stone, clay, and glass products.......... .2,299 2,302 2,293 2,204 2,254 2,188 755 758 750 754 756 733
Primary metals........................... 9,177 8,953 8,821 9,116 8,910 8,927 3,487 3,436 3,403 3,595 3,522 3,375
Machinery (electrical and nonelectrical). 23,609 23,630 23,751 23,343 23,525 23,843 6,390 6,496 6,570 6,381 6,534 6,288
Transportation equipment..... ......... 13,482 13,570 13,796 13,572 13,617 14,376 2,822 3,012 3,166 2,939 3,077 3,244
All other durable goods industries....... 15,931 16,068 16,031 15,789 16,120 15,163 5,817 6,007 6,043 5,870 6,095 5,455
Nondurable goods industries, total......... 35,713 35,540 35,502 35,300 35,328 34,211 13,081 13,027 12,989 12,865 12,836 12,323
Chemicals and allied products............ 6,688 6,729 6,786 6,568 6,679 6,487 2,339 2,357 2,357 2,318 2,353 2,248
Petroleum and coal products.............. 2,460 2,471 2,397 2,480 2,468 2,356 566 588 579 562 586 541
Rubber and plastics products, n.e.c...... 2,052 2,095 2,153 2,024 2,077 2,086 613 639 646 627 661 705
All other nondurable goods industries.... 24,513 24,245 24,166 24,228 24,104 23,282 9,563 9,443 9,407 9,358 9,236 8,829

Work in process Finished goods

All manufacturing industries, total.. 33,749 33,322 33,321 33,573 33,319 34,512 34,110 34,005 33,952 33,347 33,615 32,778
Durable goods industries, total............ 28,539 28,214 28,177 28,373 28,155 29,448 16,688 16,600 16,583 16,112 16,287 15,954
Stone, clay, and glass products.......... 308 309 304 288 297 301 1,236 1,235 1,239 1,162 1,201 1,154
Primary metals........................... 3,115 3,024 2,960 3,055 2,982 3,060 2,575 2,493 2,458 2,466 2,406 2,492
Machinery (electrical and nonelectrical). 10,623 10,555 10,605 10,540 10,532 11,170 6,596 6,579 6,576 6,422 6,459 6,385
Transportation equipment................. 9,272 9,158 9,243 9,292 9,161 9,727 1,388 1,400 1,387 1,341 1,379 1,405
All other durable goods industries....... 5,221 5,168 5,065 5,198 5,183 5,190 4,893 4,893 4,923 4,721 4,842 4,518
Nondurable goods industries, total......... 5,210 5,108 5,144 5,200 5,164 5,064 17,422 17,405 17,369 17,235 17,328 16,824
Chemicals and allied products........... 877 862 908 876 858 844 3,472 3,510 3,521 3,374 3,468 3,395
Petroleum and coal products.............. 463 457 446 466 454 446 1,431 1,426 1,372 1,452 1,428 1,369
Rubber and plastics products, n.e.c...... 327 320 342 336 329 334 1,112 1,136 1,165 1,061 1,087 1,047
All other nondurable goods industries.... 3,543 3,469 3,448 3,522 3,523 3,440 11,407 11,333 11,311 11348 11,345 11,013

Preliminary.
Revised.


GROUP










Chart 5


- Ratio of Manufacturers' Inventories to Shipments


and Unfill


ed Orders to Shipments,


(Statisoriall 11/ Wildjil:stell)


Durable Goods Industries


Ratio Scale


3.60
3.50
3.40
3.30
3.20
3.10
3.00
2.90
2.80
2.70
2.60
2.50
2.40
2.30
2.20
2.10

2.00
1.90


1967


1968 1969 1970 1971


Table 5.--RATIO


OF MANUFACTURERS'


INVENTORIES


TO SHIPMENTS


AND UNFILLED ORDERS TO SHIPMENTS,


BY INDUSTRY GROUP


(Based


on seasonally


adjusted


nr et ratUnfilled orders shipments ratio'
Inventories shipments ratio o backlog)
(months' backlog)
Industry group
Sept. Aug. July Sept. Sept. Aug. July Sept.
1971 1971r 1971 1970 1971 1971r 1971 1970
All manufacturing industries, total................. 1.74 1.73 1.72 1.81 2.27 2.26 2.27 2.41
Durable goods industries, total........................... 2.07 2.05 2.01 2.17 2.75 2.74 2.74 2.89
Stone, clay, and glass products.......................... 1.31 1.26 1.28 1.55 (NA) (KA) (NA) KfA)
Primary metals.................................................... 2.16 2.24 1.66 1.84 1.32 1.34 0.97 1.34
Fabricated metals........................................ 2.03 2.04 2.19 1.92 3.27 3.26 3.55 3.32
Machinery, except electrical............................. 2.73 2.76 2.80 2.96 2.84 2.88 2.89 3.11
Electrical machinery..................................... 2.21 2.19 2.24 2.35 3.24 3.19 3.23 3.33
Transportation equipment................................. 1.77 1.71 1.78 2.11 5.99 5.68 5.90 6.00
Instruments and related products......................... 2.43 2.43 2.28 2.47 (NA) (NA) (MA) iNA)
Nondurable goods industries, total......................... 1.36 1.35 1.35 1.37 0.41 0.42 0.43 0.44
Food and kindred products......,....................... 1.04 1.02 1.01 1.00 X) (X) (X) )X
Tobacco products......................................... 4.36 4.36 4.36 4.67 (X) vX) (X) iX)
Textile mill products......................... ... ..... #) i= ) (2) () (A) |NAJ \NA) (NA )
Paper and allied products.....,......................... 1.24 1.19 1.25 1.32 |A) (NA) tNA) | A)
Chemicals and allied products............................ 1.50 1.56 1.57 1.64 EX :X) (X) iX
petroleum and coal products........................... 1 .fne 1.n 1.02 1.07 iX) XI XI ill













Appendix


The following is description of the survey and


definitions used.


the meaning
represent ai


These are provided to clarify


of the


items


involved and do not


revisions from those definitions


EXPLANATION OF TERMS


Value of Shipments--Shipments in the monthly
survey are equivalent to value of shipments as


previously employed.


reported


ASM


which


are received


DESCRIPTION OF THE SURVEY


The Manufacturers


Shipments,


Inventories,


and Orders survey provides monthly figures that
are comparable to the annual totals published each
year in the annual survey of manufactures (ASM).
The ASM is based on a sample of approximately
60,000 manufacturing establishments drawn from
the 5-year census universe of about 310,000 estab-


lishments.


the ASM,


each


manufacturing


establishment provides data on employment, pay-
rolls, shipments, cost of materials, capital ex-


penditures, an
selected items.
information onr


inventories


as well


as other


The establishments do not provide


Unfilled


orders or new orders.


Since the ASM is establishment based, it provides
data for each of the 425 manufacturing industries
in the Standard Industrial Classification System
(SIC) and area data for industry groups.


receivable net selling values,


discounts
charges ar


f.o.b.


plant, after


and allowances and excluding freight
id excise taxes. Included in shipments


are the value of all products sold, transferred to
other plants of the same company, or shipped on
consignment.

Shipments also include receipts of establish-
ments in the industry for contract work performed


for others,


resales,


receipts for miscellaneous


activities such as the sale of scrap and refuse;
value of installation and repair work performedby
employees of the plant; and value of research and
development performed at the plant. In the aircraft
industry and shipbuilding, the value of work done
in a given year varies considerably from the value
of shipments because of the long lead time between
the input of the materials and labor and the ship-
ments of the completed aircraft or ship. In the


annual survey,


therefore, the value of work done


The monthly


survey


M3-1 does not provide


information at the complete SIC industry detail


because of the smaller


of the reporting panel


and the fact that most companies cannot provide
shipments, inventories, and orders data monthly
for individual establishments.


The monthly reporting panel consists of ap-
proximately 5,000 reporting units and includes
virtually all companies with 1,000 or more em-
ployees and a sample of the smaller ones. The


reporting
operations


typically


comprises


the entire


a company although many of the


larger diversified companies file separate divi-
sional type reports for their operations in different
industries.

Most of the reporting units include mixed
industry activity even within the broad industry
categories of the monthly survey. The survey
methodology assumes that the month-to-month
changes of the reporting units classified in each
industry category represent effectively the month-
to-month movements of the establishments in the
SIC industries which make up the category. Thus,


during the year is requested rather than the value
of shipments.

The value of shipments figures developed from
the ASM contain duplication at the all manufac-
turing and industry group levels since the products
of some industries are used as materials by other
industries within the industry group. With the ex-
ception of motor vehicles, it is not significant at


the 4-digit SIC group level.


dustry cai
industries,


te


Since the M3-1 in-


igories typically are groupings of
this duplication is significant for the


all manufacturing,


durable goods and nondurable


goods categories and the various market groups.
The significance of the duplication within the
specific M3-1 industry groups varies depending on
the 4-digit industry composition of these groups.
It is most pronounced in a few highly integrated
industry areas such as primary metals and motor
vehicles and parts.

Since most monthly reports are for the entire
company or major divisions rather than establish-
ments, the companies are requested to report net
sales, i.e., total company billings after discounts


and allowances.


Companies which file divisional





UNIVERSITY OF FLORIDA

S3 1 12 I0I5U 4557I
g 3 1262 08589 4557


definition of shipments in the monthly reports
differs from that used in the annual establishment


reports,


it is assumed that the month-to-month


changes in company sales in me inaustry are
representative of the month-to-month shipments
of the establishments in the industry.


Inventories--End-of-month inventories in the
monthly survey are identical in definition to the


end-of-year inventories in the ASM.


In the ASM,


respondents are asked to report inventories of
individual establishments at approximate current
cost if feasible; otherwise, "atbook values." Since
different methods of inventory valuation are used
(LIFO, FIFO, etc.), the definition of the aggregate
inventories for establishments in an industry is


not precise.


ventories


The figures on the change in in-


from


one period


to the next are of


greater significance than the actual aggregates,


Inven
cation:
and (c)
inventor


stories are reported by stage of fabri-
(a) finished goods; (b) work in process;


mate
ies.


~rials,


using


supplies,


inventories


and other
by stage of


fabrication at the all manufacturing and 2-digit
industry levels as well as for the durable and non-


durable goods sectors,


finished


it should be noted that a


product of one industry may be a raw


material for another industry at the next stage of


fabrication.


Insofar as the durable and nondurable


goods sectors and also the 2-digit industry groups


contain


industries


successive


stages


processing, the same type of commodity may be
included under different inventory categories in
the aggregate statistics.


*1


-1 ---1


New Orders Received and Unfilled Orders--
Orders as reported in the monthly survey are net
of cancellations during the month. They include
orders received during the period and also filled
during the period as well asthose orders received


for future delivery.


They also include the net


sales value of contract change documents which
increase or decrease the sales value of the un-
filled orders to which they relate. Orders include
only those supported by binding legal documents
such as signed contracts, or letter contracts. In


case


of letter contracts the full amount of the sales


value is included if the parties are in substantial
agreement on the amount; otherwise, only the funds


specifica1
eluded.


lly


authorized


to be expended are inm-


The respondent is instructed to deduct


the sales value of partial or complete cancellation
of existing orders.

Unfilled orders include orders as defined above
that have not yet passed through the sales account.
Generally, unfilled orders at the end of the re-
porting period are equal to unfilled orders at the


beginning


of the period


net new orders


received less net sales.
While both new orders and unfilled orders are
used in reviewing individual company reports for


consistency,


only unfilled orders are estimated


directly in the tabulated totals.


New orders are


derived from the shipments plus net change in
unfilled orders for each industry category. This
procedure is followed for seasonallyadjusteddata
as well as for the unadjusted data. Shipments and
unfilled orders are seasonally adjusted independ-
ently. Seasonally adjusted new orders are derived


from seasonally adjusted shipments
sonally adjusted unfilled orders.


sea-