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:
March 1974
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:
AA00008477:00077

Related Items

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

Full Text
-Q5(o# aP'-


M3-


'~~4t~RENT


INDUSTRIAL REPORTS


Manufacturers'


4
9
a
:416


#1
4
U14 9
S
S


Inventories,


Shipments,

and Orders

March 1974


*9*4*


FOR RE


: April 30, 1974


10:00 A.M.


SERIES:


M3-1 (74)-3


SUMMARY

New orders for manufactured products in March
decreased $430 million or 0.5 percent to $79.59
billion from $80.02 billion in February after
seasonal adjustment. Shipments increased $430
million or 0.6 percent to $78.31 billion from $77.88
billion in February. Unfilled orders increased $1.28
billion or 1.1 percent to $121.10 billion at the end
of March. Manufacturers' inventories increased
$1.24 billion or 1.0 percent to $126.07 billion at
the end of March. The inventories to shipments
ratio increased from 1.60 to 1.61.
For the 3 months ending in March, the average
month-to-month change in new orders increased
1.2 percent compared with a 0.8 percent increase
for the 3 months ending in December and 0.1 per-
cent decrease for the 3 months ending in September.

NEW ORDERS

New orders for durable goods decreased $1.03
bill. on or 2.4 percent to $42.12 billion in March,
primarily due to decreases in the aerospace
industries ($690 million), electrical machinery
($545 million), shipbuilding and railroad equipment
($395 million), and fabricated metals ($280million).
T~ese decreases were partially offset by increases
min nonelectrical machinery ($580 million) and
primary metals ($355 million). Among the supple-
mentary series, capital goods industries decreased
$990 million with the nondefense segment de-
creasing $320 million and the defense segment
decreasing $670 million.
SHIPMENTS

Shipments of durable goods decreased $105
million or 0.3 percent' to $40.87 billion in March
as decreases were registered in the aerospace
industries ($355 million) and the motor vehicles
and parts industry ($220 million). Shipments of
nondurable goods increased $535 million or 1.4
percent, led by chemicals ($205 million), petroleum
($180 million) and apparel ($170 million).


UNFILLED ORDERS

Unfilled orders of durable goods increased $1.26
million or 1.1 percent to $116.06 billion at the end
of March, primarily attributable to nonelectrical
machinery ($1.01 billion).


INVENTORIES

Inventories of durable goods increased $800
million and nondurable goods $435 million between
the end of March and February. At the all manu-
facturing level, materials and supplies increased
$680 million, work-in-process increased $270
million and finished goods increased $290 million.


SCHEDULED RELEASE DATES

The figures on the durable goods industries in
this report supersede those issued earlier in the
advance report on durable goods. The present re-
port is based on more complete reporting, but the
estimunates are also considered preliminary. Final
figures will appear as historical data min the report
to be published for next month. The advance report
on durable goods for April is scheduled for re-
lease on May 21, 1974 and the full report is
scheduled for release on May 31, 1974.


This report contains data on an unadjusted and
seasonally adjusted basis. However, the data are
not adjusted for price changes. For an explanation
of terms used in this report see appendixfollowing
table 5.


Inquiries
addressed tc
Social and
Bureau of t
ington, D.C.


concerning these figures should be
) the U.S. Department of Commerce,
Economic Statistics Administration,
he Census, Industry Division, Wash-
20233.









BY INDUSTRY GlW


(Millions


Industry


group


All manufacturing
tries:


excluding


indus-


trans-


portation. ***..,..*....


Durable g

Stone, c

Primary


goods industries,


total


-lay, and glass products.


metals,


t


Blast furnaces,
Nonferrous meta


All other primary


Fabricated


otal.........
steel mills,
,1s.....,......


metals....**


metal products


total............*.......* ...


Metal


cans, barrels,


drums.... .,.............


Machinery,


Engines


except


electrical,


and turbines...8...


Fanrm machinery and equipment.


Construction,


mining,


material handling equipment.


Metalworking


General ind
Electrical ma
Electrical
distribute
industrial
Household a


machinery......


ustrial
chinery


machinery
I total...


transmission and
on equipment and
apparatus.......
ppllances.......


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


Communication


equipment.....


Transportation equipment, total


Motor vehicles


Aircraft,


and parts....


missiles,


parts.......a*.*... .. .....*


Shipbuilding


and railroad


equipment...***..*..***....* ..

Instruments and related
products, total. .............
Scientific and engineering..
All other instruments and
related products.,....,.....


All other durable


goods


industries..........


Nondurable


goods industries,


total*......... ...* ... .....

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


Tobacco p
Textile m

Paper and
total...
Pulp, p
Paperbo
All oth

Chemicals


Industrial


roducts....
ill products


allied


aper
ard


products,


containers....n.


er paper containers..


and allied


chemetals,


products,


except


............................


Drugs, s

Petroleum
Rubber and


oap,


and toiletries.


and coal products...


plastics


products,


R*e.c.....,,.................
ll other nondurable goods
industries...................


Shipments


of dollars)




2btjl I~4~ories


Without seasonal Without ce
Seasonally adjusted z Seasonally adjusd
adjustment adjusted *


78,309

69,616

40,871

2,150


6.518


6.315


2,811

436


1,265
632

633


4,226


36.395


2,868

428


1,288
650

638


4,534


38,440


12.885


6.816


1.993


4,173

1,842

5.705


72,843

61,989

40,328

2.061


5,741


126,068

107,587

82,726

2,960


o,uumi


43,342


10,909
1,308
792


2.947


124.831


106,


122,570

104,231

80,541

2.863


12190

108,054

83,220

3.057


106,808

82,181

2,928


1,697


7,896


43.217


7.670


10,837


7.048


A


t4 #tt~
!.~.. .et.


I









OF MANUFACTURERS'


Millions


of dollars)


Industry


group


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


Total, excluding
portation.......


Durable g

Primary


oods industries,


metals,


indus-


trans-


total.


t


Blast furnaces,
Nonferrous meta

Fabricated metal

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


Engines


otal...,....,

steel mills.
ls...u.......

products.....


electrical


and turbines........


Construction,


mining,


material handling equipment.


Metalworking


machinery.....


General industrial machinery.


Electrical

Electrical


machinery,


total...


transmission


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


Communication

Transportation


Aircraft,


Sequipment.....

equipment,


missiles,


parts......................
Shipbuilding and railroad
equipment.........,.......


All other durable


goods


industries....,,


Nondurable


Industries


goods industries


with unfilled


orders........


Industries
orders...


with


ut unfilled.............
ut unfilled


New orders


Unfilled


orders


Without seasonal Without seasonal
Seasonally adjusted tuseanl Seasonally adjusted adjUStment
adjustment' adjustment


1,069
782
532.
1,195


8,478


2.519

251


7,897


37,463


8,942

28,521


80,017

70,305

43,157

6,624


82,393


5,339


8,623

1,078

1,677
602
794

5,797



1,156
856
504
1,154


9,397


2,704

358


8,074


38,530


9,284

29.246


11,428


2,819

782


7,655


32,712


8,388

24,324


121,100

88,486

116,061

13,775

8,132
3,167

16,397


24,170

6,449


119,819

86,992


85,398

112,616

14.033


20,459



5,837
113
667
6,450


32,279


19,858

7,787


7,921


5,061


5.061


123,693

90,999

118,565

15.933


21,003



f .7j


32,694


20,028

7,932


8,110


5,128


5,128

--


121,764

88,799

116,727

15,522

9,897
3,269

16,016


23,315

6.049


20,901



6,014
112
569
6,572


32,965


20,194

8,002


8,008


5,037


5.037


- Represents


~Preliminary.


Revised.


IAdjusted for trading-day and calendar-month










OF MANUFACTURERS


(Mlllions


AND ORDERS,
of dollars)


FOR MARKET


CATFflORIES


AND SUPPLEMENTARY


SERIES


*During 1968
gate figures on
included in the
variations; unf


manufacturers
shipments, or


defense


killed


in ordnance, communications, aircraft and aircraft parts, and shipbuilding industries began to


ders, and


series.


orders


total inventories


PPreliminary.


and inventories


of work performed for


flievised.


as of end of month.


'Shipments


2The


the Department
and new orders


suppi ement sty


series


of Defense.
adjusted fo


The results
hr trading-day


are regroupings


provide


aggre-


of these reports a
and calendar-month


of the separate


industry


categories


as follows:


Household


durable


appliances;


Capital


goods


Products
Nondefense
excluding
equipment


Defense


goods


ophthalmic
industries
d series)


products -
e household


industry
goods,


es Household
watches, and e


- The capital
categories.


Machinery, except


appliances


communication


products


cciiimnrnicati'fliS,


- Based o
aircraft


equipme
n separa
and air


goods


furniture;


locks;


industries


electrical


and electr
nt, aircra
te reports
craft part


Shipments of Defense-Oriented Industries,


onic
ft a


kitchen


articles


and miscellaneous


and pottery;:


personal


series is comparable


~excluding


farm


components), and
nd aircraft parts,


on defense work fil
s, and shipbuilding.
for the specified in


machinery and
the nondefense
and ordnance.


ed by large


cutlery,


handtools,


and hardware;


household


goods.


to the previous


equipment
portions


defense


Producers


and machine


of shipbuilding


contractors


The data are comparable to tho
dustries.


Capital


shops),


Goods and the Defense


electrical


and repairing


in the following
se published ann


machinery
and railroad


industries:
ually in the


ordnance,
MA-175,










AND LONG TERM PERCENT


(Based


on seasonally


adjusted


Month-to-month Average monthly rates of change Average,1968-1973

Feb. Jan. Dec. 3 months 12 months
Item and industry group 1974- 1974- 1973- _________ Average Average
-------,---------------------Average Average
Mar. Feb. Jan. Dec. 1973- Sept.1973- June 1973- Mar. 1973- rise decline
1974 1974 1974 Mar. 1974 Dec. 1973 Sept. 1973 Mar. 1974


Shipments:
All manufacturing industries......... +0.6 +0.9 +2.4 +1.3 +1.0 +0.7 +1.0 +1.3 -1.1

Durable goods industries, total........ -0.3 +0.4 +1.5 +0.5 -0.1 +0.8 +0.6 +1 9 -1.5
Nondurable goods industries, total..... +1.4 +1.4 +3.5 +2.1 +2.2 +0.5 +1.4 +1.1 -0.8

Total inventories:
All manufacturing industries......... +1.0 +1.8 +1.4 +1.4 +1.4 +0.9 +1.1 +0.6 -0.1
New orders:
All manufacturing industries......... -0.5 +1.2 +3.0 +-1.2 +0.8 -0.1 +0.8 +1.7 -1.3
Durable goods industries, total........ -2.4 +1.7 +2.2 +0.5 -0.5 -0.5 +0.3 +2.5 -2.1
Nondurable goods industries, total..... +1.6 +0.6 +3.9 +2.0 +2.4 +0.5 +1.4 +1.1 -0.8
Unfilled orders:
Durable goods industries, total........ +1.1 +1.9 +1.5 +1.5 +2.0 +2.4 +2.3 +1.4 -1.0











Table 4.--VALUE OF MANUFACTURERS' INVENTORIES, BY STAGE OF FABRICATION, BY INDUSTRY GROUP
(Millions of dollars)

Without seasonal Without seasonal
Seasonally adjusted Seasonally adjusted
adjustment adjustment
Industry group
Mar. Feb. Jan. Mar. Feb. Mar. Mar. Feb. Jan. Mar. Feb. Mar.
1974 1974r 1974 1973 1974p 1974r 1974 1974p 1974r 1973

Total Materials and supplies

All manufacturing industries, total,. 126,068 124,831122,570126,690 125,398 110,837 43,053 42,374 41,389 42,937 42,334 34,991
Durable goods industries, total............ 82,726 81,925 80,541 83,220 82,181 72,390 26,037 25,494 24,923 25,715 25,228 20,393
Stone, clay, and glass products......... 2,960 2,861 2,865 3,057 2,928 2,577 1,118 1,040 1,033 1,124 1,041 838
Primary metals,........................... 9,481 9,523 9,467 9,548 9,624 9,433 3,853 3,772 3,665 3,727 3,719 3,147
Machinery (electrical and nonelectrical). 30,813 30,421 29,770 30,941 30,430 25,863 8,967 8,742 8,523 8,947 8,704 6,827
Transportation equipment.................. 18,481 18,460 18,339 18,636 18,590 16,765 3,740 3,842 3,886 3,767 3,835 3,132
All other durable goods industries....... 20,991 20,660 20,100 21,038 20,609 17,752 8,359 8,098 7,816 8,150 7,929 6,449
Nondurable goods industries, total......... 43,342 42,906 42,029 43,470 43,217 38,447 17,016 16,880 16,466 17,222 17,106 14,598
Chemicals and allied products............ 7,683 7,563 7,263 7,779 7,670 7,048 3,138 3,022 2,847 3,166 3,025 2,451
Petroleum and coal products.............. 2,947 2,868 2,731 2,882 2,818 2,222 622 653 591 611 652 490
Rubber and plastics products, n.e.c...... 2,785 2,742 2,702 2,848 2,784 2,451 1,072 1,025 1,009 1,059 1,013 687
All other nondurable goods industries.... 29,927 29,733 29,333 29,961 29,945 26,726 12,184 12,180 12,019 12,386 12.416 10.970

Work In process Finished goods

All manufacturing industries, total.. 43,956 43,687 42,843 44,297 43,882 39,404 39,059 38,770 38,338 39,456 39,182 36,442
Durable goods industries, total........... 37,289 36,942 36,285 37,636 37,138 33,364 19,400 19,489 19,333 19,869 19,815 18,633
Stone, clay, and glass products.......... 386 393 389 418 403 376 1,456 1,428 1,443 1,515 1,484 1,363
Primary metals.......................... 3,425 3,434 3,478 3,507 3,510 3.534 2,203 2,317 2,324 2,314 2,395 2,752
Machinery (electrical and nonelectrical). 14,197 13,985 13,621 14,259 14,018 11,765 7,649 7,694 7,626 7,735 7,708 7,271
Transportation equipment................. 13,090 13,001 12,818 13,202 13,068 12,233 1,651 1,617 1,635 1,667 1,687 1,400
All other durable goods industries....... 6,191 6,129 5,979 6,250 6,139 5,456 6,441 6,433 6,305 6,638 6,541 5,847
Nondurable goods industries, total......... 6,667 6,745 6,558 6,661 6.744 6,040 19,659 19,281 19,005 19,587 19,367 17,809
Chemicals and allied products............ 1,235 1,232 1,118 1,247 1,245 1,093 3,310 3,30,9 3,298 3,366 3,400 3,504
Petroleum and coal products................ 787 732 696 784 716 497 1,538 1,483 1,444 1,487 1,450 1,235
Rubber and plastics products, n.e.c...... 434 444 433 437 445 399 1,279 1,273 1,260 1,352 1,326 1,365
All other nondurable goods-Industries.... 4,211 4,337 4,311 4,193 4,338 4,051 13,532 13,216 13,003 13,382 13,191 11,705


~Preliminary.


data)











OF MANUFACTURERS'


(Based


on seasonally adjusted


Unfilled orders shipments ratio1
Inventories shipments ratio o backlog
~(months' backlog)
Industry group
Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar.
1974 1974 1974 1973 1974p 1974r 1974 1973


All manufacturing


Durable

Stone,


industries


goods industries, total....


clay, and


glass products...


Primary metals....................
Fabricated metals........ ..........
Machinery, except electrical......
Electrical machinery..............
Transportation equipment..........
Instrnuments and related products..


Nondurable


goods industries, total


Food and kindred products.....
Tobacco products.............
Textile mill products.........
Paper and allied products.....
Chemicals and allied products.
Petroleum and coal products...
Rubber and plastics products,


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




*. n C C C C S CC* $ ..
*....... ... ..C ..* ..w t..


*. C C C C .*tC *. a. C m***C
* S C C .....C..C ..C
.*....C...............C




C *.. S C CC C 5. 5. ..... C



................ ...... C


1.16


1.15


1.21


0.57


(NA) Not available.
'Excludes the follow


PPreliminary,.
'wing industries with


rRevised.
no unfilled


(X)
order:


Not applicable.
Wooden containers;


glass containers;


metal


barrels and


drums;


vehicle assembly operations; foods and rela
rubber and plastics products, n.e.c.


ted products; tobacco; apparel and related products; chemicals; petroleum and coal products;


data)


motor


GROUP









Appendix


The following is a description of the survey and
definitions used. These are provided to clarify
the meaning of the items involved and do not
represent any revisions from those definitions
previously employed.

DESCRIPTION OF THE SURVEY

The Manufacturers' Shipments, Inventories,
and Orders survey provides monthly figures that
are comparable to the annual totalspublishedeach
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. In the ASM, each manufacturing
establishment provides data on employment, pay-
rolls, shipments, cost of materials, capital ex-
penditures, and inventories as well as other
selected items. The establishments do not provide
information on 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.

The monthly survey M3-1 does not provide
information at the complete SIC industry detail
because of the smaller size 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 unit typically comprises the entire
operations of 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,
the monthly reports are used to update the ASM
estimates by using a link relative of matched
companies min each industry.


EXPLANATION OF TERMS

Value of Shipments--Shipments in the monthly
survey are equivalent to value of shipments as
reported in the ASM which are received or
receivable net selling values, f.o.b. plant, after
discounts and allowances and excluding freight
charges and 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
activities
value of in
employees
developme
industry a
in a given


, resales, receipts for miscellaneous
such as the sale of scrap and refuse;
stallation and repair work performed by
of the plant; and value of research and
nt performed at the plant. In the aircraft
nd shipbuilding, the value of work done
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
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. Since the M3-1 in-
dustry categories typically are groupings of
industries, 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
reports are requested to treat transfers from one
division of the company to another as if they were
net sales to outside customers. Although this
7




UNIVERSITY OF PFLORIDA

iwii3 1282 08II 9 4326ii
3 1262 06569 43S


definition of shipments in the monthly reports
differs from that used in the annualestablishment
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, "atbookvalues. 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. The figures on the change in in-
ventories from one period to the next are of
greater significance than the actual aggregates.

Inventories are reported by stage of fabri-
cation: (a) finished goods; (b) work in process;
and (c) materials, supplies, fuel, and other
inventories. In using inventories by stage of
fabrication at the all manufacturing and 2-digit
industry levels as well as for the durable and non-
durable goods sectors, it should be noted that a
finished 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 with successive stages of
processing, the same type of commodity may be
included under different inventory categories in
the aggregate statistics.


New Orders Received and Unfilled Orders-
Orders as reported in the monthly survey arenet
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 whkh
increase or decrease the sales value of the an-
filled orders to which they relate. Orders inclhue
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
specifically authorized to be expended are ito-n
cluded. The respondent is instructed to deduct
the sales value of paritial or complete cancellation
of existing orders.
*..* .
Unfilled orders include orders as defined above
that have not yet passed throughthe sales account,
Generally, unfilled orders at the end of the re-
porting period are equal to unfilled orders at the
beginning of the period plus net new orders
received less net sales.
While both new orders and unfilled orders ate
used in reviewing individual company reports irt
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 seasonally adjusted d~ta
as well as for the unadjusted data. Shipments ajl
unfilled orders are seasonally adjusted indepen4-
ently. Seasonally adjusted neworders are derived,
from seasonally adjusted shipments and sea-
sonally adjusted unfilled orders.


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