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:
December 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:
AA00008477:00100

Related Items

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

Full Text


CURRENT


INDUSTRIAL


ufacturers'

inventories,


REPORTS


Shipments,


and


Orders


December


1972


MMERCE Social and Economic Statistics Administration BUREAU OF THE CENSUS


FOR RELEASE:


February 2, 1973


SERIES:


M3-1(72)-12


SUMMARY


These decreases were partially offset by increas-


es in primary


metals


($255


million) and non-


orders


for manufactured


products


December decreased $270 million or 0.4 percent


to $67.32 billion from


after


seasonal


cember d
to $66.30


ecreas
billion


$67.59


adjustment.
;ed $255 m


billion in November,
Shipments in De-


million or 0.4 percent


Since new orders exceeded


electrical machinery ($105 million).


of nondurable
$160 million,


goods manufacturers
or 0.5 percent, to $29.


Shipments


increased
96 billion


from $29.80 billion in November.

UNFILLED ORDERS


shipments, unfilled orders increased $1.02 billion
or 1.2 percent to $84.97 billion at the end of


December.
$810 million


Manufacturers inventories increased
n or 0.8 percent to $107.18 billion


at the end of December.


inventories to


shipments ratio increased from 1.60 to 1.62.


Unfilled


million


orders o
n or 1.2


at the end of D
machinery ($535
($155 million) a
($140 million).


f durable
percent


~ecember,


goods
to $80.


increased


billion


led by nonelectrical


million), electrical machinery


fabricated


metal


products


For the 3


average


month


months


ending in December,


to month change in new orders


was a 0.8 percent increase compared with a 1.1


percent


increase


September and a


for the 3 months ending in
1.4 percent increase for the 3


months ending in June.


INVENTORIES


Inventories


goods


increased


of durable goods and nondurable


5550 million and


respectively in December.


turning


NEW ORDERS
New orders for durable goods decreased $345
million or 0.9 percent to $37.27 billion in De-


cember.


motor


Decreases in new orders were reported
Vehicles and parts ($380 million)1,


electrical machinery ($190 million) and aircraft


and parts ($185 million).


These decreases were


partially offset by increases in fabricated metal
products ($220 million) and nonelectrical ma-
chinery ($150 million).

SHIPMENTS


level,
million,


$260 million


At the all manufac-


materials and supplies increased
goods in process increased $530


million and finished goods increased S$115 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 advance
report on durable goods for January is scheduled


Shipments of durable goods decreased $415
million or 1.1 percent to $36.34 billion in De-


cember.


for release


on February


1973 and the full


report is scheduled for release on March


The December decline in shipments was


due primarily to decreases in motor vehicles and
parts ($375 million), electrical machinery ($100
million) and aircraft and parts ($100 million).


It should be noted that new orders for the motor
4rohlip i n.n c rv ro nnrt rpnrtA-ol c tnh nh uT


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


re-


Inquiries concerning these figures should be
addressed to the U.S. Department of Commerce,


A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBLICATION














Table 1.--VALUE OF \MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS, BY INDUSTRY GROUP

:Millions of dollarsI


Industry group


All manufacturing


Total, exc


luding


portation......


Durable goods indust

Stone, clay, and gl,


Primary metals, t
Blast furnaces,


0o


Nonferrous metal
All other prnmar


Fabricated
total....


metal p


Metal cans, barr
d rums.... .

Machinery, except
total.. ...... ..
Engines and turb
Farm machinery aa
Construction, mi
material handle
Mctai1orking mac
General Industri
Electrical machine
Electrical trans
distribution {t
industrial appa
Household applia
Radio and TVX....


Communication


eq


Transportation equi


Motor vehicles


a1


Aircraft, missil
parts..........
Shipbuilding and


eq uipment

Instruments
products, t


and re


total


Scientific and


* ,
&


All other instru


related


itidus-


trans-
. .. ... .


ries, total.

ass products.

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

products

*els, and


electrical,

ines.. .. .. .
nd equipment.
ning, .and
ig equipment.
hinery......
al machinery
ry, total.,.
mission and
uipment and
ratus .. .
nces..o.....

uipmfent ...

.pment, total
nd parts....
es, and

rail road


lated
o..... ..*o
engineering .
ments and
s,- .. .. .,, ,


product


All other durable goods


industries...

Nondurable goods
total..... ..... .


indust r0s.


Food and kindred products,
total,............ ....-..


Meat products.
Fats and oils.

Tobacco products


Textile mill


* *4* .* ,-


products


Paper and allied
total..........


products,


Pulp, paper, etc............
Paperboard containers.......
All other paper containers..

Chemicals and allied products,
total ..................... .


Industrial chemcia
pigments.........


flings,


Is, except


soap, and toiletries.


Shipments


Total inventories


Without seasonal Without seasonal
Seasonally adjusted adjustment Seasonally adjusted dut n
adjustment1 adjustments


66, 24

57.999

36.336

2, 134

6,0(102
3,0-12
2,169
741


3,497

411


6,039
-159
622

977
467
-195
4,975


932
727
182
1,223

8,300
5, 155

2,001

517


1,091
511

550


1,278


29,963


10,1)09
2,342 1
642

511
2,516


2,392
953
751
r38


269

1,620
1.551

9 s^^


3,490

433



5,933
438
679

971
411
473
5,075



958
713
512
1,231

8,797
5,831

2,099

538


1.126
550

576


4 433


29.803


2,26
92
68
688


t 722


5, 437
2.675
2, 025
737


3,448

380


5.602
414
509

885
401
445
5,224


958
680
574
1,251

9,287
6,248

2, 181

551


1,152
543

609


4,293


29,753


, 9631

615

347
2,485


2 416


1,856

603


990
485

505


3,341


25. 625


107.181

90,423

70,192

2.388


7,553

663


14,218
1.340
1,202

2,794
1,226
1,200
10,363


2.312
1,060
943
2,938

16,758
4,292

9,506

2.294J


2,619
1,548

1,071


6,715


36,989


9,333
831
727


6,835


89,790

69,641

2,378

9.617
5,321
3,390(
906


7,5411

680


13.944
1,316
1,196

2,621
1,227
1,196
10,323



2,275
1,066


16,581
4,297

9,366

2,222


2,625
1,525

1. 090


6,632


36,730


9,294
859
752

2.390
3,867


2,793
1,010
836
947


6,831

1, 907


106,008

89,522

69,330

2.,385

9,664
5.3417
3,43'4
883


7,605

672


13.747
1.323
1,186

2.574
1, 174
1.179
10,262



2.234
1,067
926


9.,263

2,179


2,613
1,515

1,098


6.568


36 ,678


9,322
882
728

2,329
3,859


2. 786
1,023
837
926


6,801

1,898


4,318

9,394

2,294


2,541
1,518

1,023


6,670


37,034


9,628
839
776

2.540
3,720


2,803
1,018


6.859


101,293

86.202

65.446

2.226

9.378
5.087
3.456
835


7.115

674


36.616


Tht ml eum ~ind rnal nrnrhtrt~ 2 476 2.295


2.296


2 476













OF MANUFACTURE RS*


Millions


of dollars)


Industry


group


All manufacturing
tries:
Total........ -.
Total, excluding
portation......


Durable g

Primary


oods industries


indus-


total.


metals,


Blast furnaces
Nonferrous met

Fabricated metal

Machinery, excep
total.........,


Engines


total.........

, steel mills.
als.. ... ... ..

products.....


t


electrical,


and turbines........


Construction,


mining, and


material handling equipment,
Metalworking machinery......
General industrial machinery.


Electrical ma

Electrical
distribute
industrial
Household a


chinery,


total...


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


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


Communication

Transportation
total.........


Aircraft,


* equipment....

equipment,
....., .., ... m


missiles,


parts..........
Shipbuilding and
equipment......


All other durable


railroad


goods


industries..........


Nondurable


goods


industries


total.................P


industries with unfilled
orders*.......................
industries without unfilled
orders.. ........... ........


- Represents zero. P
'Adjusted for trading-day


New orders


Unfilled


orders


Without seasonal Without seasonal
Seasonally adjusted adjustment Seasonally adjusted adjustment
~adjustment' adjustment'


67,319

58,939

37,272

5,982


1,994

569


7,566


30,047


7,914

22,133


liminary.


67,587

58,738

37,619

5,914

3,008
2,132

3,417


6,423

591

1,055
500
526

5,322



1,044
704
518
1,314


8,849


2,178

472


7,694


29,968


8,049


65,454

56,464

36,759

5,727


2,228

634


7,240


28,695


7,710

20,985


Revised.


3,339


6,014

547

934
479
503

5,207



1,016
664
488
1,207


9,386


2,201

484


7,446


29,935


8,214

21,721


10.165


4.375


3.983


3.900


10,155


15,391

4,358

2,721
1,338
1,523

15,189



4,342
151


10,002


14,846

4,096

2,634
1,297
1,455

14,975



4,249
141
641
5,880


24,983


16,539

5,590


6,367


3,900


3,900


ahd calendar-month variations.


I

I















OF MANUFACTURERS'


(Millions of dollars)


*During


1968 manufacturers in ordnance, communications, aircraft and aircraft parts, and shipbuilding Industries began to provide


aggre-


gate figures on


shipments, orders,


included in the defense series.


otal inventory
liiminary


es of work per
Revised.


formed for the Department


IShipments and new


of Defense


orders adjusted


The results of these reports are


for trading-da


v and calendar-month


variations; unfilled orders and inventories as of end of month.
categories as follows:


The supplementary series


are regroupings


of the separate industry


Household durable goods Industries Household furniture; kitchen articles and pottery;


cutlery,


handtools,


and hardware;


household


appliances, ophthalmlc goods, watches,


Capital goods industries -


The capital g


and clocks, and miscellaneous personal goods.
oods industries series is comparable to the previous Producers'


Capital


Goods and the Defense


Products (old series)


categories.


Nondefense products Machinery, except e


lectrical (excluding


farm machinery and equipment and machine shops), electrical


machinery


(excluding household appliances and electronic components), and the nondefense
equipment, communication equipment, aircraft and aircraft parts, and ordnance.


portions of shipbuilding and repairing and railroad


Defense products


- Based on separate reports on defense work filed by large defense contractors in the following industries:


communications, aircraft and aircraft parts, and shipbuilding.


The data are comparable to those published annually in the


ordnance,
MA-175,


Shipments of Defense-Oriented Industries, for the specified industries.


SERIES














Table 3. --MANIUACTURERS'


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
Nondurab


Unfilled
Durable


tal...
total.


industries.........


industries.........


goods industries, total.........


le


goods


industries


orders:


goods industries,


total..*......


Month-to-month


+15.2


+2.8


+0.3


+1.1


+0.9


Average


Sept.-Dec.
1972


+1.1


monthly


3 months

June-Sept.
1972


+1.5


+0.6


rates of change


Mar,-June
1972


+0.4


+1.6


12 months


+1.2


Average


Average
rise


1966-1971


Average
decline


-1.2


-0.2


-1.1


Table 4.--VALUE


OF MAXUFACrURE RS'


INVENTORIES,


BY STAGE OF FABRICATION,


BY INDUSTRY


(Millions


of dollars)


Without seasonal Without seasonal
Seasonally adjusted tut en Seasonally adjusted adJUstment
adjustment adjustment
Industry group
Dec. Nov. Oct. Dec. Nov. Dec. Dec. Nov. Oct. Dec. Nov. Dec.
1972' 1972r 1972 1972p 1972r 1971 1972p 1972r 1972 1972 1972r 1971

Total Materials and supplies


All manufacturing industries, total.. 107,181 106,371 106,008 106,775 105,849 101,293 33,715 33,548 33,379 34,152 33,606 33,114

Durable goods industries, total............ 70,192 69,641 69,330 69,741 69,233 65,446 19,919 19,812 19,701 20,084 19,830 19,314
Stone, clay, and glass products.......... 2,388 2,378 2,385 2,330 2,270 2,226 763 790 794 770 785 760
Primary metals........................... 9,578 9,617 9,664 9,763 9,699 9,378 3,424 3,460 3,440 3,602 3,576 3,673
Machinery (electrical and nonelectrical). 24,581 24,267 24,009 24,369 24,071 23,138 6,658 6,515 6,389 6,667 6,445 6,259
Transportation equipment............... 16,758 16,581 16,486 16,668 16,717 15,091 2,776 2,807 2,900 2,812 2,852 2,967
All other durable goods industries....... 16,887 16,798 16,786 16,611 16,476 35,613 6, 298 6,240 6,178 6,233 6,172 5,655
Nondurable goods industries, total......... 36,989 36,730 36,678 37,034 36,616 35,847 13,796 13,736 13,678 14i,0 68 13,776 13,800
aChemicals and allied products............ 6,835 6,831 6,801 6,859 6,722 6,720 2,307 2,318 2,309 2,332 2,309 2,312
Petroleum and coal products.............. 2,241 2,264 2,261 2,273 2,296 2,298 535 532 520 536 525 539
Rubber and plastics products, n.e.c...... 2,346 2,277 2,255 2,346 2,271 2,152 666 645 642 666 657 631
All other nondurable goods industries.... 25,567 25,358 25,361 25,556 25,327 24,677 10,288 10,241 10,207 10,534 10,285 10,318

Work in process Finished goods

All manufacturing industries, total.. 38,449 37,921 37,675 37,986 37,882 34,546 35,017 34,902 34,954 34,637 34,361 33,633
Durable goods industries, total.........,... 32,724 32,321 32,070 32,391 32,330 29,320 17,549 17,508 17,559 17,266 17,073 16,812
Stone, clay, and glass products.......... 256 301 301 242 278 280 1,369 1,287 1,290 1,318 1,207 1,186
Primary metals..........,................. 3,322 3,303 3,350 3,340 3,321 3,056 2,832 2,854 2,874 2,821 2,802 2,649
Machinery (electrical and nonelectrical). 11,027 10,847 10,697 10,922 10,847 10,171 6,896 6,905 6,923 6,780 6,779 6,708
Transportation equipment................. 12,808 12,537 12,348 12,694 12,624 10,766 1,174 1,237 1,238 1,162 1,241 1,358
All other durable goods industries....... 5,311 5,333 5,374 5,193 5,260 5,047 5,278 5,225 5,234 5,185 5,044 4,911
Nondurable goods industries, total......... 5,725 5,600 5,605 5,595 5,552 5,226 17,468 17,394 17,395 17,371 17,288 16,821
Chemicals and allied products........... 1,081 1,050 1,034 1,095 1,040 1,025 3,447 3,463 3,458 3,432 3,373 3,383
Petroleum and coal products.............. 462 484 502 455 481 473 1,244 1,248 1,239 1,282 1,290 1,286
Rubber and plastics products, n.e.c...... 379 360 358 382 362 331 1,301 1,272 1,255 1,298 1,252 1,190
All other nondurable goods industries.... 3,803 3,706 3,711 3,663 3,669 3,397 11,476 11,411 11,443 11,359 11,373 10,962

P
Preliminary.
Revised.


(Based


data)


GROUP














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


(Based


on seasonally adjusted data)


e sh nt rt Unfilled orders shipments ratio1
Inventories shipments ratio
(months' backlog)
Industry group
Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec.
1972p 1972r 1972 1971 1972 1972r 1972 1971


All manufacturing industries, total.................. 1.62 1.60 1.64 1.76 2.15 2.11 2.12 2.13
Durable goods industries, total..................................... 1.93 1.89 1.92 2.13 2.55 2.51 2.52 2.57
Stone, clay, and glass products.......................... 1.11 1,11 1.12 1.29 (NA) (NA) (NA) (NA)
Primary metals........................................... 1.60 1.67 1.68 2.00 1.41 1.48 1.45 1.31
Fabricated metals........................................ 2.16 2.16 2.14 2.27 3.29 3.28 3.23 3.38
Machinery, except electrical ............................. 2.35 2.35 2.38 2.56 2.57 2.52 2.51 2.39
Electrical machinery..................................... 2.08 2.03 2.12 2.19 3.08 2.99 3.09 3.21
Transportation equipment................................. 2.02 1.88 1.88 2.22 5.82 5.46 5.26 5,72
Instruments and related products......................... 2.40 2.33 2.40 2.49 (NA) (NA) (NA) (NA)
Nondurable goods industries, total......................... 1.23 1.23 1.28 1.33 0.51 0.49 0.49 0.44
0.93 (X
Food and kindred products................................ 0.94 0.99 1,02 (X) (X) (X)
Tobacco products........... ............................. 4.76 4.35 4.37 4.62 (Xi (X) (X) (X)
Textile mill products.................................... 1.52 1.59 1.74 1.67 (NA) (NA) (NA) (NA)
Paper and allied products................................ 1.18 1.14 1.16 1.27 (NA) (NA) (NA) (NA)
Chemicals and allied products........................... 1.30 1.37 1.39 1.49 (X( (X) (X) (X)
Petroleum and coal products......................,.... 0.90 0.91 0.95 1.06 (X) (X) (X) (X)
Rubber and plastics products, n.e.c...................... 1.63 1.47 1.47 1.51 (XI (X) (X) (X)


(NA) Not available.


Ilmiflary.


1Excludes the following industries


ised.


s with no unfilled order:


Not applicable.
Wooden containers;


glass containers;


metal cans,


barrels and


drums; motor


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











Appendix


The following is description of the survey and


definitions used.


the meaning
represent ai


EXPLANATION OF TERMS


These are provided to clarify


of the items


involved and do not


revisions from those definitions


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


receivable net selling values, f.o.b.


discounts


plant, after


and allowances and excluding freight


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-


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


lishments.


the ASM,


each


manufacturing


establishment provides data on employment, pay-


rolls,


shipments,


penditures, an
selected items.
information onr


cost of materials,


inventories


capital ex-


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.


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.


annual survey.


In the


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 reporting panel
and the fact that most companies cannot provide


shipments, inventories,
for individual establish


and orders data monthly


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


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


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 cat
industries.


te


.gories typically are groupings of
this duplication is significant for the


reporting
operations


typically


comprises


entire


a company although many of the


larger diversified companies file separate divi-
siona 1 type reports for their operations in different
industries.

Most of the reoortine 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


using


a link relative of matched


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


/^ \ mT^ m^ "'"nr a'h'^/*l^ n^li** t--t


-- --- --III"! I ^^ ^1





UNIVERSITY OF FLORIDA

1111 i niii1 1112ili 111111111iI
3 1262 08520 3882


definition of shipments in the monthly reports
differs from that used in the annualestablishment


reports,
I


it is assumed that the month-to-month


changes in company sales in mte inmoustry 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


(L IFO,


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.


1I


-t 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 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
cluded.


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,


Inventories


cation:


inventories.


are reported


by stage of fabri-


(a) finished goods; (b) work in process;


materials, si
In using


applies,


inventories


and other
by stage of


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


durable goods sectors,


finished


product of one


it should be noted that a
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.


unfilled orders at the end of the re-


porting period are equal to unfilled orders at the


beginning of the period
received less net sales.


net new orders


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.


derived
unfilled


J ryJ T
procedure is followed for seasonallyadjusteddata
as well as for the unadjusted data. Shipments and
unfilled orders are seasonally adjusted independ-
ently. Seasonally adjusted neworders are derived
from seasonally adjusted shipments and sea-
sonally adjusted unfilled orders.


New orders are


from the shipments plus net change in
orders for each industry category. This