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 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:
AA00008477:00078

Related Items

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

Full Text
CURRENT
-114>'-5


INDUSTRIAL


REPORTS


Shipments,


and


Orders


May


FOR RELEASE: July 2, 1974


AT 3:00 P.M.


SERIES:


M3-1 (74)-5


SUMMARY


UNFILLED ORDERS


New orders for manufactured products in May
increased $3.03 billion or 3.7 percent to $85.09
billion from $82.06 billion in April after seasonal
adjustment. Shipments increased $1.79 billion or
2.3 percent to $80.84 billion from $79.05 billion
in April. Unfilled orders increased $4.25 billion
or 3.5 percent to $127.21 billion at the end of May.
Manufacturers' inventories increased $2.33 billion
or 1.8 percent to $130.76 billion at the end of May.
The inventories to shipments ratio remained un-
changed at 1.62.

For the 3 months ending in May, the average
month to month change in new orders increased
2.5 percent compared with a 0.3 percent increase for
the 3 months ending in February and a 1.4 percent
increase for the 3 months ending in November.

NEW ORDERS
New orders for durable goods increased $2.60
billion or 5.9 percent to $46.72 billion in May
primarily due to increases in primary metals
($1.50 billion), electrical machinery ($430 million)
and nonelectrical machinery ($380million). Among
the supplementary series, household durables in-
increased $225 million and the capital goods indus-
tries increased $555 million with the defense
segment accounting for all of this increase.
SHIPMENTS
Shipments of durable goods increased $1.19
billion or 2.9 percent to $42.42 billion in May
led by fabricated metal products ($380 million),
primary metals ($365 million) and electrical ma-
chinery ($235 million). Shipments of nondurable
goods increased $600 million or 1.6 percent to
$38.42 billion with the petroleum industry in-
creasing $270 million.


Unfilled orders of
$4.30 billion or 3.7 pe
at the end of April as i
in primary metals ($1.
machinery ($1.13 billion)
($670 million).


durable goods increased
recentt to $122.12 billion
increases were registered
60 billion), nonelectrical
and electrical machinery


INVENTORIES
Inventories of durable goods increased $1.43
billion and nondurable goods $890 million between
the end of May and April. At the all manufacturing
level, materials and supplies increased $1.41
billion, work in process increased $585 million
and finished goods increased $335 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
report is based on more complete 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 ad-
vance report on durable goods for June is sched-
uled for release on July 22, 1974 and the full report
is scheduled for release on July 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 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, Wash-
ington, D.C. 20233.


Manufacturers'


Inventories,


1974









OF MANUFACTURERS'


(Millions


of dollars)


Industry


group


All manufacturing
tries:


Total..
Total,


Durable


excluding


portation.......

goods industries,


indus-


trans-


total.


Stone, clay, and glass products.


Primary


metals,


t


Blast furnaces,
Nonferrous meta


All other primary


Fabricated


sotal.........
steel mills.
ls...........


metals....


metal products


total.e.....e ..,*..4 ....tC ,.
Metal cans, barrels, and
drumis......................


Machinery,


except


electrical,


total.... .... ...C.........


Engines


and turbines...4....


Farm machinery and equipment.


Construction,


mining,


material handling equipment.


Metalworking


General ind
Electrical ma
Electrical
distribute
industrial
Household a


machinery.....


ustrial
tchinery,


machinery
total...


transmission and
on equipment and
apparatus......
ppliances..... .


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


Coinunication


equipment....,


Transportation equipment,


Motor vehicles


Aircraft,


Shipbuilding


and parts..


missiles,


and railroad


equipment.,. .. ..... ..


Instruments
products, t
Scientific
All other
related ;


and related
otal...........
and engineering.
instruments and
products ... .*. P


All other durable


goods


industries.....o.**....*


Nondurable


goods industries,


total.. ..0.0P....... .*4.44t*C 0

Food and kindred products,
total.*..**. ...--.**. .
Meat products..*.l...***.***
Fats and oils,....*......-.-*


Tobacco
Textile

Paper a


pr oducts ...t.........
mill products.........


nd allied


Pulp, paper
Paperboard


All other paper


Chemicals


Industrial


products,


contaiflerfl.....


containers..

ed products,


and allt


cheucials,


except


pigmentS. ......... C C C494C P


Drugs, s

Petroleum
Rubber and


oap,


and toiletries.


and coal products...


plastics


products~


All ~+ha.. nnnuit~rsh1s rnod~ I


SM pacots


Seasonally


80,840

72,084

42,420

2,162

7,410
3,462
2,852
1,096


6.499


adjusted


6.490


37.562


Without


seasonal


adjustment"


82,100


80.823


2,049

431


1,244
661.

583.


4,602


38.124


7.094


71,644

61,440

39,760

2,182

R sIaQ


31.884


5.784


2.781


Ibtal lAva twt~s


Seasonally


130,763

112,097

85,542

3,103


1,865


8,301


45,221


11,059
1,165
866


128,438

109,948

84,108

3,027

9,723
4,542
3,795
1,386


9,583


9,952

2.167


3,702
1.898

1,804


8,140


44,330


11,164
1,231


adjusted


128.500


83,014

2,952


2,831
1,239
1,186
3,716

18,671
5,689

10,006

2,182


1,753


7,992


43.486


Without seasonal
.. adjustment1


113,323

86,389

3.204


18,599
5,477

10,116

2,200


3,869


8.185


129,464

no.870

84.911


3.147


9.677


7.908


73 562

a,6O8

9,395
4,895
'3,393
1,107


8,323

792


15,297
o4,305
1,315


JUL










OF MANUFACTURERS'


~Mi11ions


of dollars)


Industry


group


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


Total,


indus-


cxcludiing t tans-


portation..


Durable g

Primary


;oods


indtust r i


Blast furnaces,
Nonferrous meta

Fabricated metal

Machinery, except


Engines


total l.


steel mills.

prlduc s....s.......
products.....


electrical


anjd turbines.......


Coiistflwtiofl,


mining,


material handling equipment,


Metalworking


General industrial machinery.


Electrical mas

Electrical
distribute


chinery,


total...


transmission
on equipment


industrial apparatus......


IIOUSdO Id


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


Communication

Transportation
total,.........


Aircraft, mi
parts......
Shipbuilding


equipment....

equipment,


ssiles,


and railroad


equipment..........


All other durable


goods


industries...


Nondurable


goods industries


total........


Industries


with unfilled


orders.......


Industries
orders..


without


unfilled


New orders


Seasonally


85,088

76,054

46,723

9,011

4,641
3,160

5,688


adjusted


1,795

559


8,361


37,935


9,263

28,672


Wit


seAsonal


adjustment '


5,642


8,105

534

1,823
573
750

5,942



1,248
798.
385
1,496


9,139


1,756

499


8,396


38,248


9,276

28.972


73,381


Unfilled


Seasonally


127,208

95,440

122,121

15,709

9,293
3,607

17,508


26,188

6.431


22,287



6,417
123
627
7,272


31,768


18,692

7,969


8,661


5,087


5,087

-


122,961

91,471

117,817

14,106

8,114
3,298

17,079


25,057

6,410


adjusted


119,955

88,525

114,927

13,645

8,019
3,136

16,401


24,207

6,444

4,971
2,272
2,457

21,140



6,066
117
579
6,530


31,430


18,848

7,876


8,104


5,028


5,028


orders


Without


seasonal


adjustment'


127,453

96,106


124,875

93,393

119,632

15,696

9,453
3,519

17,165


25,324

6,461


2,642

21,430



6,243
123
561
6,772


31,482


18,493

8,012


8,535


5,243


5,243

-j


- Represents
'Adjusted fo


zero. "Preliminary. Revised.
r trading-day and calendar-month variations.


t










OF MANUFACTURERS


5111 P4ENTS.


INY RNTOR I ES


(Mill ions


AND ORDERS,
of dollars)


FOR MARKET


CATELORIES


AND SUPPLEMENTARY


SERIES


*During
gate figure


included in
variations;
caiteogres


1968 manufacturers in ordnance, communications, aircraft and aircraft parts, and shiphuxlding industries began to provide
s on shipments, orders, and total inventories of work performed for the Department of Defense. The results of these repo


the defense


series.


unfilled orders
as follows:


PPreliminary.


and inventories


rnevis~.


as of end of month.


1Shipments


new orders


adjusted for


'The supplementary series are regrouping


trading-day


rts a


and calendar-month


of the separate


industry


bus ehold


durable


app lialices


Capital
Produc
Nondefen


goods


opI~tha1jnic


goods industries
ts (old series
se products Ma


{excluding househo


Id a


industries Household


goods, watches,
- The capital g
categories.


chinery, except
ppliances and e


furniture;


and clocks;


kitchen


articles


and miscellaneous


and pottery;


personal


oods industries series is comparable


electrical


excluding


electronic components),


farm machinery
and the nondefe


cutlery,


handtools,


and hardware;


household


goods.


to the previous

and equipment
nse portions 0


s Producers

and machine


f shipbuilding


Capital Goods and the Defense

shops), electrical machinery


and repairing


nnd railroad


equipment, communication
Defense products Based o
communications, aircraft


equip
n sepa
and


ment, aircraft
rate reports o
aircraft parts,
Industries, fo


and aircraft


parts,


and ordnance.


n defense work filed by large defense contractors


and shipbuilding.


The data


are comparable


in the following


to those published


industriest


annually in the


ordnance
MA-175,


r the specified industries.


"* '


IT










INVENTORIES, AND ORDERS


(Based


on seasonally


adjusted


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

Item and industry group Apr.- Mar.- Feb.- 3 months 12 months
May Apr. Mar. Average Average
1974 1974 1974 Feb.- Nov. 1973- Aug.- May 1973 rise decline
May 1974 Feb. 1974 Nov. 1973 May 1974


Shipments:
All manufacturing industries......... +2.3 +1,1 +1.6 +1.7 +O.4 +1.8 +1.2 +1.3 -1.0

Durable goods industries, total........ +2.9 +1.5 +1.4 +1.9 -0.8 +1.8 +0.9 +1.8 -1.5
Nondurable goods industries, total..... +1.6 40.7 +1.8 +1.4 +1.7 +1.7 +1.5 41.1 -0.8

Total inventories:
All manufacturing industries......... +1.8 +1.5 +1.3 +1.5 +1.8 +1.0 *1.3 40.6 -0.1
New orders:
All manufacturing industries......... +3.7 +3.2 +0.5 +2.5 40.3 +1.4 +1.2 +1.7 -1.3
Durable goods industries, total ........ +5.9 +5.1 -0.7 +3.4 -0.9 +1.2 +1.0 +2.5 -2.0
Nondurable goods industries, total..... +1.1 +1.0 +1.9 +1.3 +1.6 +1.7 +1.5 +1.1 -0.8
Unfilled orders:
Durable goods industries, total........ +3.7 +2.5 +1.2 L2.5 +1.6 +2.2 +2.3 +1.3 -1.0












Table 4.--VAWUE OF MANUFACTURERS' INVENTORIES, BY STAGE OF FABRICATION, BY INDUSTRY GROUP

(Millions of dollars)

Without seasonal Without seasonal
Seasonally adjusted t seasonal Seasonally adjusted uten
adjustment Wadjustment
Industry group
May Apr. Mar. May Apr. May May Apr. Mar. May Apr. May
1974' 1974r 1974 1974 1974r 1973 :1974 1974r 1974 1974p 1974r 1973

Total Materials and supplies


All manufacturing industries, total.. 130.763 128,438 126,500 131,922 129,464 112,604 45,856 44,448 43,397 45,638 44,377 35,626
Durable goods industries, total............ 85,542 84,108 83,014 86,389 84,911 73,562 27,756 26,913 26,335 27,557 26,703 21,001
Stone, clay, and glass products.......... 3,103 3,027 2,952 3,204 3,147 2,606 1,187 1,155 1,109 1,188 1,162 852
Primary metals........................... 9,895 9,723 9,562 9,873 9,749 9,395 4,325 4,140 3,915 4.170 3,965 3,206
Machinery (electrical and nonelectrical. 320,523 31,443 30,826 32,541 31,764 26,800 9,640 9,283 9,006 9,696 9,341 7,196
Transportation equipment..............., .. 18,666 18,490 18,671 18,599 18,594 16,584 3,800 3,830 3,936 3,773 3,838 3,174
All other durable goods industries....... 21,826 21,425 21.003 22,172 21,657 18,177 8,804 8,505 8,369 8,730 8,397 6,573
Nondurable goods industries, total......... 45,221 44,330 43,486 45,533 44,553 39,042 18,100 17,535 17,062 18.081 17,674 14,625
Chemicals and allied products .......... 8,143 7,836 7,655 8,185 7,908 7,078 3,476 3,299 3.110 3,464 3,308 2,499
Petroleum and coal products.............. 3,544 3,312 3,002 3,504 3,239 2,297 901 782 679 900 777 512
Rubber and plastics products, n.e.c...... 2,891 2,759 2,742 2,904 2,825 2,468 1,141 1,072 1,055 1,131 1,071 745
All other nondurable goods industries.... 30,643 30,423 30,087 30,940 30,581 27,199 12,582 12,382 12,218 12,586 12,518 10,869

Work in process Finished goods

All manufacturing industries, total.. 45,227 44,643 43,996 45,553 44,960 39,700 39,680 39,347 39,107 40,731 40,127 37,278
Durable goods industries, total............ 38,146 37,721 37,264 38,368 38,037 33,477 19,640 19,474 19,415 20,464 20,171 19,084
Stone, clay, and glass products.......... 407 403 396 424 435 361 1,509 1,469 1,447 1,592 1,550 1,393
Primary metals......................... 3,473 3,471 3,430 3,508 3,551 3,556 2,097 2,112 2,217 2,195 2,233 2,633
Machinery (electrical and nonelectrical). 14,656 14,419 14,135 14,7s1 14,494 12,061 7,756 7,741 7,685 8,064 7,929 7,543
Transportation equipment................. 13.255 13,042 13,076 13,211 13,119 11,966 1,611 1,618 1,659 1,615 1,637 1,444
All other durable goods industries....... 6,355 6,386 6,227 6.444 6,438 5,533 6,667 6,534 6,407 6,998 6,822 6,071
Nondurable goods industries, total......... 7,081 6,922 6,732 7,185 6,923 6.223 20,040 19,873 19,692 20,267 19,956 18,194
Chemicals and allied products............ 1,293 1,259 1,236 1,310 1,267 1,121 3,374 3,278 3,309 3.411 3,333 3,458
Petroleum and coal products.............. 981 892 779 990 880 537 1,662 1,638 1,544 1,614 1,582 1,248
Rubber and plastics products, n.e.c...... 440 429 425 437 428 387 1,310 1,258 1,262 1.336 1,326 1,336
All other nondurable goods industries.... 4,367 4,342 4,292 4,448 4.348 4,178 13,694 13,699 13,577 13,906 13,715 12,152


~Pre1 irninary.


data)












INVENTORIES TO SHIPMENTS AND UNFILLED ORDERS TO SHIPMENTS, BY INDUSTRY GROUP


(Based


on seasonally adjusted data)


Unfilled orders shipments ratios
Inventories shipments ratio months backlog

Industry group
May Apr. Mar. May May Apr. Mar. May
1974p 1974r 1974 1973 1974p 1974r 1974 1973


All manufacturing industries

Durable goods industries, total...


Storn,


clay, and glass products.


Primary metals.... ..............
Fabricated metals...............
Machinery, except electrical....
Electrical machinery............
Transportation equipment.......
Instruments 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, n.e.c


total..


* *9~-~*

* ~9t 9 *6****~* 9***
9*t~**** 9*~**~~~ 9...*..
* .......................4 9 9.......
9*t 9~~*~~* 9*~*~**~ 9**~**
* A 9,....~ *49*~~** .
* C 9**~*~*~ .
* 9~~**~~* 9**A** 99 *


* A A A *9*~**** A *
* 999.. AA ** A C A
* ~9*~~~** *9~ ACA ~ C 9~
* C 9****~~* ~9*~~~~*
* A C 9~~*** *9.*C* 9~~*
* *99**9~ *9*9~~* *# C *9 *
SC 9* *9** A *


1.16


fNA) Not available.


~Prelimiflary.


revised.


'Excludes the following industries with no unfilled order:


(X) Not apple


cable.


Wooden containers;


glass containers; metal


cans,


barrels


drums:


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


motor


9










Appendix


The following is a descriptionofthe 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 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. 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 indifferent
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 in 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, 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
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 fromone
division of the company to another as if they were
net sales to outside customers. Although this




UNIVERSITY OF FLORIDA

3 1262 08589 4177


definition of shipments in
differs from that used in the
reports, it is assumed that
changes in company sales
representative of the month
of the establishments in the


the monthly reports
annual establishment
the month-to-month
in the industry are
-to-month shipments
industry.


New Orders Received and Untilled Orders--
Orders as reported in the monthly survey are net
of cancellations during the months 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


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 oftheaggregate
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.


sales
incre
filled
only
such
case
value


value of contract change documents which
ase or decrease the sales value of the un-
orders to which they relate. Orders include
those supported by binding legal documents
as signed contracts, or letter contracts. In
of letter contracts the full amount of the sales
is included if the parties are in substantial


agreement on the amount; otherwise, only the funds
specifically authorized to be expended are it-
cluded. 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 passedthroughthe sales account,.
Generally, unfilled orders at the end of the re-
porting period are equal to unfilled orders at the J
beginning of the period plus 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 seasonally adjusted data
as well as for the unadjusted data. Shipments and
unfilled orders are seasonally adjustedindepends
ently. Seasonally adjusted neworders are derived
from seasonally adjusted shipments and sea;
sonally adjusted unfilled orders.


- Wl^