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:
May 1972
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:
AA00008477:00056

Related Items

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

Full Text

A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBLICATION


Ltoe


nufacturers'
inventories ,


, I,, I DUSTRIAL
*wll'< CURRENT INDUSTRIAL


Shipments,


and


Orders


May


DEPARTMENT OE


1972


flERCE Social and Economic Statistics Administration BUREAU OF THE CENSUS


FOR RELEASE: JunRi


SERIES:


M3-1(72)-5


SUMMARY


INVENTORIES


y.


million to
ventories


New orders for manufactured products in May
on a seasonally adjusted basis showed no change.
Shipments increased $240 million or 0.4 percent
to $60.98 billion from $60.74 billion in April. Un-
filled orders increased $230 million or 0.3 per-


Manu-


cent to p/./o Dnluon at me enu U, Ivt y
facdturers' inventories increased $410 n
$102,83 billion at the end of May. The int
to shipments ratio was unchanged at 1.69.


For the 3 months ending in May, the average
month-to-month change in new orders was a 0.9
percent increase compared with a 1.1 percent
increase for the 3 months ending in February and


a 0.8 percent
in November.


increase


for the


months ending


Inventories of durable goods manufacturers in-


creased $460 million


inventories of nondurable


goods decreased $50 million. At the all manu-
facturing level, materials and supplies decreased
$20 million, work in process increased $200 mil-
lion, and finished goods increased $210 million.


SCHEDULE 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


to statistics


on shipments,


new


orders, and unfilled orders for a fewbroad industry


categories
complete


NEW ORDERS


Revised


figures


indicate


that new orders for


durable goods increased $90 million or 0.3 per-
cent to $33.62 billion as a large decrease in trans-
portation equipment, particularly in'the defense
sector, was offset by increases in primary metals;
stone, clay, and glass; and machinery. New orders
for capital goods declined $450 million due pri-
marily to a decline in the defense portion of $430
million.


The present report is based on more


reporting,


but the


estimates


are also


considered preliminary. Final figures will appear
as historical data in the report to be published for
next month. The advance report on durable goods
for June is schedule for release on July 24, 1972


and the full report
August 2, 1972.


is scheduled for


release


The data for April and prior months in this re-


port
series


are based on a revision of the monthly M3
s on shipments and orders. The monthly


SHIPMENTS


series has been benchmarked to the Annual Survey
of Manufactures for the years 1966 to 1970and new


seasonal factors calculated.


The revised figures


Shipments of durable goods increased $290
million or 0.9 percent to $33.40 billion. Shipments
of nondurable goods decreased $50 million or 0.2
percent to $27.59 billion.


for 1966 through March 1972, will be published on
June 28 in a report entitled M3-1.4, Manufacturers'


Shipments, Inventories, and Orders:


1966-1972


UNFILLED ORDERS


Unfilled orders for durable goods increased
$220 million to $74.22 billion at the end of May as
increases in primary metals and electrical machin-


offset


decreases


in all segments of trans-


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

Inquiries concerning these figures should be
addressed to the U.S. Department of Commerce,
Social and Economic Statistics Administration,
Bureau of the Census, Industry Division, Washington
T"1 /'T r1rdrnn


REPORTS








OF MANUFACTURERS' SHIPMENTS, INVENTORIES,


(Millions


Industry


group


All manufacturing
tries:
Total..........


indus-


Total, excluding t
portation........


Durable g

Stone, c

Primary


oods industries,


rans-

* total. *
total.


clay, and glass products.


metals,


to


Blast furnaces,


Nonferrous


metal


All other primary


Fabricated


Metal


tal.........
steel mills.
s...........
y metals....


metal products,


cans,


barrels


drums.............


Machinery,


Engines


except


electrical


and turbines.


Farm machinery and equipment.
Construction, mining, and
material handling equipment.
Metalworking machinery......


General

Electrical
Electric


industrial

machinery,


machinery

total...


transmission


distribution equipment and
industrial apparatus.......


Household


appliances......*.


Radio and TV................


Communic at ion


equipment.....


Transportation equipment,


Motor vehicles


Aircraft,


total


and parts....


missiles,


parts...................


Shipbuilding and


Instruments
products,


railroad


and related


Scientific and


engineering..


All other instruments


related

All other


products.......


durable


goods


industries..........


Nondurable


goods


industries


Food and kindred products,
total......... ...........
Meat products...........
Fats and oils...........


Tobacco
Textile


products.....
mill products


Paper and allied


Pulp,


products


paper


Paperboard
All other

Chemicals an


Industrial


, containersc.......
containers.. ...


paper


containers..


d allied products


chemcials,


except


pigments..........*.*....


Drugs,


soap,


Petroleum and


and toiletries.

coal products...


of dollars)


Shipments


Is
I

~K&7


inv~xtories


S Without seasonal ihout seasonal
Seasonally adjusted adu sean1 l Seonally adjusted p dustwent
adjustment / adjustment


60,985

53,506

33,397

2,087


1,839

524


1,044
539

505


3,928


27.638


1,739

570


995
508.

487.


3,891


27.652


61,516

53,684

34,194

2,152


4.761


61,527

53,894

33,887

1,968

5,418
2,636
2,065
717


3,479

452


5,764
386
643

960
399
440

4,613


538


55,600

48,800

30,338

1,669


87,I~2~


7,212

723


13,398
2 wC


2,498
1,139
1,145

9,997



2,192
1,049
830
2,949

15,709
4,136

8,948

1,990


2,534
1,484

1 fcfl


tA~r.


86 89J

27

2,272


2.488


*- V


6,304


35,853


9,111


102,4~0>

t~;897

~ 66;~6O4

2,234


7.289


2,536
1,142
1,134

9,872


2,221
1,039
770
2.958


6.691


103, 787
68,143


67,680

2,355


7,364

769


13,534
1,274
1,127

2,528
1,148 8
i, nS
1,168

10,274



2,217
1,094
925
2.996


1,067


6,385


36,107


8,804
834
714


6.705


103,251

87,626

67,181

2,359

9,534
5,179
3,480
875


7,231

746


13,517
1,258
1,144

2,523
1,150
1,168

10,018


102,794

87,208

67 439


2,370


i








OF MANUFACTURERS'


(Millions


of dollars)


Industry


group


All manufacturing
tries:
Total..........


Total,


Durable g

Primary


excluding


portation.......

goods industries,


metals,


Blast furnaces,
Nonferrous meta

Fabricated metal

Machinery, except
total...... *...

Engines and tur


indus-


trans-


total.


total..


lI


steel mills,.
s.. .** *


products....


electrical


bines......


Construction, mining, and
material handling equipment.


Metalworking


machinery....


General industrial machinery.


Electrical

Electric


machinery,


total..


transmission


distribution equipment and
industrial apparatus.......
Household appliances........
Radio and TV................


Communication

Transportation


Aircraft,


* equipment.....

equipment,


missiles,


parts......................


Shipbuilding


and railroad


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


All other durable
industries......


Nondurable


Industries
orders...
Industries
orders...


goods


goods industries,


with unfilled


without


unfilled'


New orders


Unfilled


orders


Without seasonal Without seasonal
Seasonally adjusted adjustment1 Seasonally adjusted adjustment'


61,215

54,208

33,616

5,392

2,657
2,019

3,375


5,636

455

848
448
451

4,912



874
654
449
1,308


7,007


1,814

419


7,294


27,599


7,529

20.070


3,391


5,686

447

877
449
449

4,598



923
660
341
1,102


7,097


1,550

512


7,337


27,368


7,465

19,903


78,409

53,795

74,850


- Represents


zero.


liminary.


rRevised.


'Adjusted for trading-day and calendar-month








Table 2.--VALUE


OF MANUFACTURERS'


SHIPMENTS,


INVENTORIES,


(Millions


AND ORDERS,

of dollars)


FOR MARKET


CATEGORIES


AND SUPPLEMENTARY


SERIES


Without seasonal Without seasonal
Seasonally adjusted adjustment Seasonally adjusted adjustment
adjustmenti adjustment
Industry group
May Apr. Mar. May Apr. May May Apr. Mar. May Apr. May
1972p 1972r 1972 1972P 1972r 1971 1972P 1972r 19.72 1972p 1972r 1971


All manufacturing


Durable


industries


goods industries, total....


Nondurable goods industries, total.


Industry


groups


categories:
Home goods


arranged by market


and apparel...........


Consumer staples.................


Equipment and defense products, except
automotive..............................
Automotive equipment.....................
Construction materials, supplies, and
intermediate products...................
Other materials and supplies and
intermediate products...................

Supplementary series:2
Household durable goods industries.......
Capital goods industries.................


Nondefense..
Defense.....


All manufacturing


Durable


goods industries


industries,

, total....


Nondurable goods industries, total.


Industry


groups


categories:
Home goods


arranged


by market


and apparel...


Consumer staples.........


Equipment and


defense products,


except


automotive.......................
Automotive equipment..............


Construction


materials,


supplies, and


intermediate products.................
Other materials and supplies and
intermediate products.................


Supplementary series:2


Household durable


Capital


industries.......
.. ... ... .... iii o


industries


Nondefense............
Defense........ ...... .


Shipments


60.985


6,055
11,764

8,635
5,230

5,370

22.840


61.516


55,600

30,338
25 262


Total inventories


102,834


37,660


102,428

66,575
35,853



10,960
13901


8,118

37,513


5,029
29,824
24,208
5.616


103.787


5.690


103.251


102,794

67,439
35,355



11,059
13,414

27,066
5,423

8,285

37,547


5,110
30,519
24,976
5.543


New orders Unfilled orders


61,215


60.614


60.811


77.762


2,522


41.089


77,528


77.059


2,358


41,224


9,440

24,037


1,915
44 308
25,291
19,017


77,707


78.409


25,746
19,057


75.015


*During
figures on


1968 manufacturers in ordnance


, communications, aircraft


and aircraft parts, and shipbuilding industries began


shipments, orders, and total inventories of work performed for the Department of


Defense.


to provide aggregate


The results of these reports are included


in these new defense series.


have been season
trading-day and


ally


adjusted


Since there are no historic data available


using


the factors of these industries.


calendar-month variations; unfilled orders and inventorie


to develop separate seasonal
Preliminary. rRevised.
s as of end of month. zT


factors


for these reporters,


the data


'Shipments and new orders adjusted for


he supplementary


series are regroupings


of the


separate


industry


categories as follows:


Household


durable goods industries Household


furniture;


kitchen


articles


and pottery;


cutlery,


handtools,


and hardware;


household


appliances;


ophthalmic goods, watches,


and clocks; and miscellaneous personal goods.


Capital


goods


industries


- The capital


goods industries series is comparable to the previous Producers'


Capital


Goods and the Defense


Products (old


series)


categories.


Nondefense


industries


- Machinery, except electrical machinery (excluding household


appliances and electronic components), and the


nondefense portions


of shipbuilding


and repairing and railroad equipment, communication equipment,


aircraft,


aircraft


parts, and ordnance.


Defense products


(new series)


- Based on separate reports
ordnance, communications,


the old series


in that it


on defense
complete
includes


work filed by large defense contractors in the following industries:


aircraft,


aircraft


parts, and shipbuilding.


defense activity in shipbuilding


and excludes


Thus, it differs


nondefense


from


work in


ordnance, communications


complete


aircraft, and aircraft parts.


The data are comparable to


Defense-Oriented Industries, for the specified industries.


total


...@.....


60.741


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


* ........... .... .... ..
.. ..*. *. .. *. .....-* .


total..

.......a
.... ....


goods


goods


those








AND ORDERS MONTH-TO-MONTH AND


(Based


on seasonally


adjusted


Item and industry


Shipments:
All manufacturing


Durable go
Nondurable


group


industries..


ods industries,


goods industries,


Total inventories:
All manufacturing


total.


total


industries.....


New orders:


All manufacturing


Durable
Nondurab


Unfilled
Burable


industries.........


goods industries, to
le goods industries,


tal ........
total.....


orders:


goods


industries


total.


Month-to-month


+0.4


+0.4


-0.3


Average


monthly


3 months


rates of change


12 months


+0.3


Average,


+1.2


+0.5


+0.7


1966-1971


Average
decline


-1.1


Table 4.-VALUE


OF MANUFACTURERS' INVENTORIES,


BY STAGE OF FABRICATION,


BY INDUSTRY


(Millions


of dollars)


Without seasonal Without seasonal
Seasonally adjusted adjustment Seasonally adjusted adjustment
adjustment adjustment
Industry group
May Apr. Mar. May Apr. May May Apr. Mar. May Apr. May
1972p 1972r 1972 1972p 1972r 1971 1972p 1972r 1972 1972p 1972r 1971


All manufacturing


Durable goo
Stone, cl
Primary m
Machinery


ds industries,


industries,


total.


total....


and glass products..


(electrical


....l.m..
........


and nonelectrical).


Transportation equipment.................
All other durable goods industries.......


Nondurable
Chemicals
Petroleum
Rubber an


goods industries,


and allied


total.........


products..... **......***


and coal products..............


d plastics


All other nondurable



All manufacturing


Durable


goods industries


Stone, clay,


Primary m
Machinery


products,


goods industries.


industries
, total...


, total..
.. .......


and glass products.


etals..................


(electrical


and nonelectrical),


Transportation equipment.................
All other durable goods industries.......


Nondurable
Chemicals
Petroleum
Rubber an


goods industries,


and allied


total.........


products..... ....


and coal products..............


d plastics


All other nondurable


products,


goods industries....


Total


102,834
67,031

2,270
9,594
23,395


35.803


102,428
66,575
2,272


102,450
66,604
2,234
9,506
23,228
15,553
16,083
35,846


102,794
67.439


16,170


24,231


Materials


30,917
18,142

764
3,501
5,844
2,781
5,252
12,775
2,124
512
672
9.467


and supplies


30,711
17,969

765
3,355
5,876
2,744
5,229
12,742
2,120
519
665
9.438


Work in process Finished goods

36,268 36,068 36,153 36,501 36,288 35,646 35,649 35,423 35,362 36,575 36,141 36,19(
31,034 30,794 30,786 31,182 31,019 30,486 17,855 17,680 17,674 18,529 18,273 18,38


2951


18,046


PPreliminary.
Revised.


data)


GROUP


ay,


Table







INVENTORIES TO SHIPMENTS AND UNFILLED ORDERS


(Based


on seasonally


adjusted


Inventories shipments ratio Unfilled orders shipments ratio'
Inventories shipments ratio
(months' backlog)
Industry group --
May Apr. Mar. May May Apr. Mar. May
1972P 1972r 1972 1971 1972P 1972r 1972 1971

All manufacturing industries, total.................. 1.69 1.69 1.71 1.85 2.03 2.05 2.07 2.2C
Durable goods industries, total............................ 2.01 2.01 2.07 2.26 2.41 2.43 2.48 2.63
Stone, clay, and glass products......................... 1.09 1.18 1.13 1.41 (NA) (NA) (NA) (RA)
Primary metals........................................... 1.93 1.90 1.93 1.81 1.36 1.26 1.29 1.31
Fabricated metals........................................ 2.10 2.07 2.19 2,31 3.22 3.23 3.34 3.46
Machinery, except electrical............................. 2.40 2.41 2.51 2.90 2.37 2.37 2.45 2.56
Electrical machinery..................................... 2.14 2.07 2.10 2.40 3.04 2.93 2.97 3.33
Transportation equipment................................. 2.10 2.10 2.19 2.40 4.39 4.59 4.71 4.84
Instruments and related products......................... 2.51 2.40 2.52 2.46 (NA) (NA) (NA) (NA)
Nondurable goods industries, total........................... 1.30 1.30 1.30 1.38 0.47 0.47 0.46 0.44
Food and kindred products................................ 0.99 1.01 1.00 1.05 (X) (x) (X) (X)
Tobacco products........................................ 4.37 4.51 4.32 4.53 (X) (X) (X) (Xl
Textile mill products.................................... 1.64 1.62 1.60 1.77 (NA) (NA) (NA) (NA)
Paper and allied products................................ 1.18 1.17 1.19 1.31 (NA) (NA) (NA) (NA)
Chemicals and allied products........................... 1.46 1.42 1.43 1.57 (X) (X) (X) (x)
Petroleum and coal products.............................. 0.98 0.93 0.94 1.05 (X) (X) (X) (X)
Rubber and plastics products, n.e.c...................... 1.56 1.52 1.49 1.55 (X) (X) (X) (X)


(NA) Not available.


Preliminary.


rR~V.Sd


tExcludes the following industries with no unfi


lled order:


Not applicable.
Wooden containers;


glass containers;


metal


cans,


barrels


and drums;


vehicle assembly operations; foods and related products; tobacco; apparel and related products; chemicals;
rubber and plastics products, n.e.c.


petroleum and coal products; and


motor












Appendix


The following is a description of the survey and


definitions usa
the meaning
represent an


EXPLANATION OF TERMS


These are provided to clarify


of the items


involved and do not


revisions from those definitions


previously employed.


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


reported


which


are received


DESCRIPTION OF THE SURVEY


The Manufacturers'


receivable net selling values, f.o.b.


discounts


plant, after


and allowances and excluding freight


charges and excise taxes.


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,


manufacturing


establishment provides data on employment, pay-


shipments,


penditures, an
selected items.
information onr


cost of materials,


inventories


as well


capital ex-
l 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.


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 performed by
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 size of the reportingpanel
and the fact that most companies cannot provide


shipments, inventories,
for individual establish


and orders data monthly


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 un 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 ca1
industries,


te


Since the M3-1 in-


*gories 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


rolls,




UNIVERSITY OF FLORIDA

Slllllll I i i lli 11 Illl i lll NINI
8 3 1262 08589 4532


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 the industry 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,


"at book 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


from


The figures on the change in in-


one period


to the next are of


greater significance than the actual aggregates.


Inventories


cation:


are reported


by stage of fabri-


finished goods; (b) work in process;


materials,


inventories.


In 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-


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 as those 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


specific
eluded.


lly


authorized


to be expended are in-


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


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


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


processing,


industries


successive


stages


the same type of commodity may be


included under different inventory categories in
the aggregate statistics.


directly in the tabulated totals.


derived


New orders are


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 adjustedindepend-


ently.


Seasonally adjusted new orders are derived


from seasonally adjusted shipments
sonally adjusted unfilled orders.


sea-