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 1968
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:
AA00008477:00178

Related Items

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

Full Text










U.S. Department of Commerce
BUREAU OF THE CENSUS


CURRENT INDUSTRIAL REPORTS

Manufacturers' Shipments,

Inventories, and Orders



MARCH 1979
M3-1 (79)-3
For Release4:00 P.M., Tuesday, May 1, 1979


(All figures in text below are in seasonally adjusted current dollars.)


New orders for manufactured goods in March rose $2.6
billion or 1.8 percent to $147.5 billion the Department of
Commerce, Burea of the Census reported today. This rise
follows comparable increases reported for each of the first 2
months of 1979.
New orders for durable goods were revised upward from the
2.5 percent decline reported in last week's advance report.
The revised level of $81.9 billion, which is based on a larger
number of reporting companies, resulted in substantial changes
in fabricated metal products and nonelectrical machinery orders.
Smaller revisions were also reported in several other categories.
Although March durable goods new orders showed virtually
no change from the February level of $82.0 billion, aircraft and
parts orders declined $1.6 billion or 20.5 percent. Excluding
that drop, durable goods new orders increased $1.5 billion or
2.0 percent to $75.9 billion. Durable goods industries, exclud-
ing aircraft and parts, in February had a new order decline
of 1.4 percent. The most significant durable order increase was
reported by fabricated metal products manufacturers, up a
record $1.5 billion or 16 percent to $10.8 billion, while elec-
trical machinery showed the sharpest decline since last July
dropping $0.4 billion or 4.1 percent to $9.7 billion. The elec-
trical machinery decline was due mostly to decreases in radio
and TV, communication equipment, and electrical components.
New orders for nondefense capital goods declined $0.7
billion or 2.9 percent to $22.6 billion for March. A large decline
in aircraft and parts orders was only partially offset by increases
in nearly all of the other capital goods industries. Defense orders
declined $0.6 billion or 14.8 percent, reflecting the communica-
tion equipment and aircraft industry drops.
Shipments of manufactured products for March increased a
record $6.6 billion or 4.8 percent to $143.3 billion. Almost all
durable goods industries reflected the rise, with fabricated metal
products showing a $1.0 billion or 11.6 percent increase to $9.9
billion, aircraft and parts up $1.0 billion or 28.8 percent to $4.4
billion. The motor vehicles industry reported the only decline,
down $0.2 billion or 1.4 percent to $12.2 billion. The house-


hold durable goods industries as a group increased $0.2 billion
or 4.0 percent to $4.7 billion.
The record increase in shipments of manufactured products
was even more pronounced in the nondurable goods industries,
which jumped $3.2 billion or 5.1 percent to $65.7 billion. The
largest percentage increase, 7.5 percent, was reported by the
petroleum products industry, up $0.7 billion to $10.1 billion,
followed closely by chemical industry shipments, up 6.7 percent
or $0.8 billion to $12.2 billion. Food products also showed a
big increase of $0.8 billion or 4.3 percent to $20.0 billion.
The unfilled order level for manufactured products for March
increased $4.2 billion or 1.6 percent to $260.6 billion as new
orders continued to exceed shipments. This is the smallest per-
centage increase in orders backlog since the 1.4 percent increase
recorded last August. Nearly all major industry groups contri-
buted to the March increase, although the household durable
goods industries as a group declined 0.6 percent to $3.6 billion.
The $2.6 billion increase in the order backlog for the non-
defense capital goods industries occurred mostly in aircraft
and parts.
The defense orders backlog rise was due primarily to an in-
crease in the communication equipment industry.
Manufacturers' inventories at the end of March showed an-
other sizable increase, up 1.1 percent or $2.2 billion to $205.4
billion. For the first quarter of 1979 the value of inventories
rose 3.9 percent. Although the level of inventories has been
growing at an increasing rate, the increased shipments levels have
resulted in decreasing inventory to shipments ratios. The March
ratio of 1.43 is the lowest ever recorded.
Most industries contributed to the increase in inventories
with machinery showing a $1.0 billion rise to $50.5 billion. In-
ventories for the nondefense capital goods industries as a group
increased $0.8 billion or 1.6 percent. Significant declines in
inventory levels were reported by the primary metals and
petroleum products industries. Primary metals, which reported
a decline of $0.2 billion or 0.9 percent to $17.6 billion, has
been declining since November when the level was $18.1 billion.


The results of the 1978 Inventory Valuation Survey are included in the appendix of this report. This supplemental survey
provides information on the distribution of the various inventory valuation methods used by responding companies from
1976-1978.


Address inquiries concerning these figures to U.S. Department of Commerce, Bureau of the Census, Industry Division, Washington, D.C. 20233, or call
Ruth Runyan or Kathleen Swindell, (301) 763-2502.
For sale by the Subscriber Services Section (Publications), Bureau of the Census, Washington, D.C. 20233, or any U.S. Department of Commerce district
office. Postage stamps not acceptable; currency submitted at sender's risk. Remittances from foreign countries must be by international money order or
by a draft on a U.S. bank. Price 30 cents per copy, $3.60 per year.






























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Table 6.--MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS MONTH-TO-MONTH AND LONG TERM PERCENT CHANGES

(Based on seasonally adjusted data)

Month-to-month Average monthly rates of change Average, 1974-1978

Dec. 3 months 12 months
Dec.
Item and industry group Feb.- Jan.- 1978- Average Average
Mar. F. Jan. Dec. 1978- Sept.- June- Mar. 1978- rise decline
1979 1979 1979 Mar. 1979 Dec. 1978 Sept. 1978 Mar. 1979



Shipments:
All manufacturing industries.......... +4.8 +1.0 +0.3 +2.0 +1.8 +0.8 +1.4 +1.7 -1.5

Durable goods industries, total......... +4.5 +1.3 -0.2 +1.9 +2.1 +1.3 +1.6 +2.0 -1.9
Nondurable goods industries, total...... +5.1 +0.1 +0.9 +2.0 +1.4 +0.3 +1.2 +1.7 -0.8

Total inventories:
All manufacturing industries.......... +1.1 +1.3 +1.4 +1.3 +0.6 +0.8 +0.9 +0.9 -0.3

New orders:
All manufacturing industries.......... +1.8 +1.6 +1.7 +1.7 +2.1 +1.2 +1.4 +2.1 -1.7
Durable goods industries, total......... -0.1 +1.6 +2.7 +1.4 +2.7 +2.0 +1.5 +3.3 -2.2
Nondurable goods industries, total...... +4.2 +0.1 +0.3 +1.5 +1.4 +0.3 +1.1 +1.7 -0.9

Unfilled orders:
Durable goods industries, total......... +1.8 +3.3 +3.2 +2.8 +2.6 +1.1 +2.0 +1.5 -0.8













Table 7.--RATIO OF MANUFACTURERS' INVENTORIES TO SHIPMENTS AND UNFILLED ORDERS TO SHIPMENTS, BY INDUSTRY GROUP

(Based on seasonally adjusted data)

Sr Unfilled orders--shipments ratio1
Inventories--shipments ratio (months' backlog)
(months' backlog)
Industry group
Mar. Feb. Jan. Dec. Mar. Feb. Jan. Dec.
1979p 1979r 1979 1978 1979P 1979r 1979 1978


All manufacturing industries, total..................... 1.43 1.49 1.48 1.46 3.41 3.53 3.47 3.35

Durable goods industries, total............................. 1.75 1.80 1.80 1.76 3.98 4.15 4.08 3.91

Stone, clay, and glass products........................... 1.32 1.39 1.35 1.22 0.81 0.84 0.87 0.81
Primary metals............................................... 1.45 1.51 1.63 1.58 2.59 2.62 2.69 2.29
Fabricated metals....................................... .. 1.78 1.95 1.95 1.86 3.11 3.37 3.36 3.19
Machinery, except electrical.............................. 2.44 2.44 2.54 2.43 4.50 4.54 4.72 4.49
Electrical machinery..................................... 1.94 1.97 1.97 1.94 3.51 3.60 3.49 3.46
Transportation equipment................................. 1.41 1.46 1.33 1.39 9.38 10.37 8.99 9.55
Instruments and related products.......................... 2.45 2.47 2.49 2.42 1.86 1.86 1.95 1.88


Nondurable goods industries, total.......................... 1.07 1.11 1.11 1.11 0.76 0.80 0.77 0.80

Food and kindred products ................................. 0.90 0.92 3.48 0.89 (X) (X) (X) (X)
Tobacco products............ ............................. 3.38 3.78 1.48 3.89 (X) (X) (X) (X)
Textile mill products ..................................... 1.50 1.58 1.18 1.54 (NA) (NA) (NA) (NA)
Paper and allied products................................. 1.09 1.11 1.32 1.20 (NA) .(NA) (NA) (NA)
Chemicals and allied products............................. 1.27 1.35 0.59 1.35 (X) (X) (X) (X)
Petroleum and coal products............................... 0.50 0.55 1.27 0.59 (X) (X) (X) (X)
Rubber and plastics products, n.e.c........................ 1.21 1.23 1.47 1.38 (X) (X) (X) (X)

(NA) Not available. PPreliminary. rRevised. (X) Not applicable.
'Excludes the following industries with no unfilled orders: Wood and lumber products; glass containers; metal cans, barrels and drums;
farm machinery and equipment; motor vehicle assembly operation; other transportation equipment; foods and related products; tobacco;
apparel and related products; building paper; die-cut paper and board; chemicals; petroleum and coal products; and rubber and plastics
products, n.e.c.







P.- roleum inventories, down S0.1 billion or 2.7 percent to $5.0
million, reached its lowest level since September 1976 when the
value was $4.9 billion.
The ,ii...... 4 is a description of the survey dii definitions
-sed. These are provided to clarify the meaning of the items
involved and do not represent any revisions from tnose
Seftinitions previously employed.

DESCRIPTION OF SURVEY

The Manufactuiers' Shipments, Inventories, and Orders Survey
.13-1) provides monthly figures that are comparable to the
annual totals published each year in the Annual Survey of
Manufactures (ASM). The ASM is a probability sample of
approximately 70,000 manufacturing establishments drawn
from the most recent 5-year census universe of about 312,000
establishments. In the ASM, each manufacturing establishment
provides data on employment, pay .: shipments, cost of
materials, capital expenditures, and inventories as well as other
elected items. Until 1976, the ASM did not compile inform-
ation on unfilled orders or new orders. Since the ASM is
establishmentt based, it provides data for each of the 4',5
manufacturing industries in the Standard Industrial Classifi-
cation (SIC) system and area data for industry 1 oups.
The estimates presented in the M3 report are based on a
jnrple panel of approximately _..i011 reporting units, consisting
jf virtually all manufacturing companri, with 1,000 or more
employeess and additional medium-sized companies that
strengthen the sample coverage in individual industry cells. The
reporting unit for many medium- o, single-line companies
comprises all operations of the company. Many of the larger
diversified companies file separate divisional reports for their
operations in different industries, although this divisional
reporting is not followed by all large companies.
Each reporting unit in the monthly panel is classified into
one of 79 industry classifications for tabulation. Many of the
reporting units included mixed industry activity even within the
broad industry categories of the monthly survey. However, the
survey estimating procedure assumes that the month-to-month
changes of the reporting units classified in each industry
category effectively represent the month-to-month movements
of the establishments in the SIC industries which make up the
category. This ratio estimating procedure is used for all items
compiled in the survey except for new orders which is discussed
separately below.
The M3 series is periodically benchmarked to the ASM for
shipments and inventories. The most recent benchmark was for
1974 through 1976 and issued in the report M3-1.7 released in
March 1978. In the absence of benchmark data for unfilled
orders, levels were set in August 1962 based upon the ratio of
unfilled orders to sales for companies reporting in the M3. These
levels were reset as of December 1973 in the M3-1.6 benchmark
publication released in December 1976.
The M3 data are subject to some limitations primarily
resulting from the relatively small sample used to develop the
estimates and the use of divisional and company reports to
extrapolate establishment based data. Precise measurement of
these limitations based on estimates of the sampling errors is
not available. In addition to the general limitations of M3 survey
data, the estimated levels of unfilled orders are subject to
further limitations due to the assumptions made in developing
these levels, the definition of unfilled orders, and response


difficulties. These limitations are discussed in greater detail on
pages i-iv in the introductory chapter of the latest benchmark
publication mentioned above. Generally, the limitations to the
unfilled orders data primarily apply to the absolute level of
unfilled orders and, to a much lesser extent, to the month-to-
month change in jr,i,ie,I.. orders. Since this month-to-month
change in unfilled orders is used to develop the monthly
estimates of new orders, the estimates of new orders are subject
to fewer limitations than the unfilled orders estimates.
To remedy the deficiencies of the presently published levels
of unfilled orders, an independent benchmark survey of JnhlileJ
orders was initiated in 1977. Results from this survey should be
available in the latter part of 1978.


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 establishments in the
industry for contract work performed for other, 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 ship building industry 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 shipments of the completed ship. In the
annual survey, therefore, the value of work done during the year
is requested rather than the value of shipments. Value of work
done is also reported by aircraft and missile producers working
on cost-plus contracts.
The value of shipments figures developed from the ASM
contain duplication at the all manufacturing and industry group
levels since the products of some industries are used as materials
by other industries within the industry group. With the
exception of motor vehicles, it is not significant at the 4-digit
SIC group level. Since the M3-1 industry categories typically are
groupings of industries, this duplication is significant for all the
manufacturing, durable goods and nondurable goods categories
and the various market groups. The significance of the dupli-
cation 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 establishments, 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 the division of the
company to another as if they were net sales to outside
customers. Although this definition of shipments in the
monthly reports differs from that used in the annual establish-
ment 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 indus-
try.






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. The figures on the change in inventories
from one period to the next are of greater significance than the
actual aggregates.
Inventories are reported by stage of fabrication: (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 nondurable goods sectors, it should be noted
that 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 and Unfilled Orders-The unfilled orders shown
in this publication represent the net sales value of goods on
order which have not been shipped. They are net of cancell-
ations and include all adjustments resulting from contract


change documents. Only those orders supported by binding
legal documents such as signed contracts or letter contracts are
included. Some large defense contracts are authorized and
funded in several stages. Only the funded portion of such
contracts are included in these figures.
New orders are not calculated according to the standard ratio
estimate procedure, even though they are collected as a separate
item. The reason for this is that not all companies report new
orders, and some that do limit their reporting to specific
products for which long lead times are required in the
production cycle. These companies, in effect, exclude new
orders received for products that are shipped from inventory.
To take advantage of the higher response rate for shipments
data and to include orders filled from inventory, new orders are
computed by adding the change in the backlog of unfilled
orders to the current month's shipments. Thus, the estimate of
new orders includes orders that are received and filled in the
same month as well as orders that have not yet been filled. The
estimate also includes the effects of cancellations and modifica-
tions of previously existing contracts.
Seasonally adjusted new orders are similarly derived from the
monthly change in the seasonally adjusted backlog of unfilled
orders and seasonally adjusted shipments. Many nondurable
goods industries and some durable goods industries have no
backlog of unfilled orders. Shipments are used as the estimate of
new orders in these industries.


I I = L- C 9 L Is ~ ~- r -







APPENDIX

1978 INVENTORY VALUATION SURVEY


BACKGROUND

Data on the value of year-end inventories, tabulated by the
various inventory valuation methods, have been updated with
information collected on the 1978 Inventory Valuation Survey.
This annual survey supplements the book value end-of-year
inventory data published in the monthly Manufacturers' Ship-
ments, Inventories, and Orders Report (M3).

An inventory method-of-valuation survey was first conducted
in 1975, covering valuation practices followed by large com-
panies in 1974 and 1973. Results of that first collection effort
were inadequate and, consequently, were not published. The
survey has subsequently been conducted on an annual basis,
and the results of the 1976 through 1978 surveys are shown in
table A. The percentages for 1977 are revised from those pre-
viously published in the June 1978 report to reflect revisions
received from responding companies. Data for 1975 have been
omitted from this table due to a lower response rate than in the
subsequent surveys.

In the Inventory Valuation Survey, companies were asked to
report the percentage of their December inventories, as reported
in the M3 Survey, valued by the following accounting methods:

1. first-in, first-out (FIFO)
2. last-in, first-out (LIFO)
3. average cost
4. specific or actual cost
5. standard cost
6. other cost methods
7. market valuation methods always used
8. market valuation used because market value was lower
than cost
9. other market methods


The last four methods were collected separately, but com-
bined for publication purposes. Where individual methods in
this aggregate are significant for particular industry categories,
the figures are shown in the footnotes to the table.





METHODOLOGY

The percentage distribution estimates in the table below were
developed by 1) allocating the responding companies' December
total inventory figures to the various valuation methods accord-
ing to their supplemental survey responses, 2) aggregating these
values to the 79 industry categories, and 3) calculating the per-
centage distribution of the computed aggregates. The value esti-
mates were derived by applying these distribution percentages
to the total industry estimates as published for December in
the M3 survey.

These estimates may differ from the distribution of valuation
methods used for public financial reporting or income tax pur-
poses, since monthly valuations are generally based on internal
accounting records. For example, a company may use LIFO
for external reporting purposes and FIFO for internal account-
ing purposes and for reporting in this survey. In such instances,
respondents were specifically instructed to report the valuation
method used for the figure reported to the Bureau of the Census
in the monthly M3 survey. These percentages are also believed
to differ from the distribution of accounting methods used for
inventories as reported for individual establishments in the
Annual Survey of Manufactures (ASM), which provides the
benchmark on which these inventory aggregates are based.









Table A. INVENTORY VALUATION METHODS USED IN THE MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS SURVEY: 1976-1978

Method of inventory valuation1

Values (in millions of dollars) Percent

d Category
Total FIFO LIFO Average Actual Standard Other FIFO FO v t Stnard Other
coI s cost cost cost ost I t


All manufacturing industries, total:
1978.................. ...........
1977 ... ..... .... ..........
1976 .. ...... ........ ..

Durable goods industries, total:
1978 ......... .............. .. .......
1977.... .
1976 ................ I .............. .
1976................. ........

Nondurable goods industries, total:
1978................ ..... ..-
1977 ......... ... ........ .....
1976 .................................

Durable goods industries:
Stone, clay and glass products:
1978.................... ...........
1977..............................
1976 ....................... .. ......


198,062 49,475 60,085
180,118 45,482 54.025
170,430 46,016 54,538


34,193
31,562
28,973


11,830
10,984
8,522


128,448 32,952 37,793 1,375 8,891
114,862 30,303 33,988 18,310 7,580
108,529 28,218 32,559 17,365 7,597


69,614 16,523 22,292 12,818 2,939
65,256 15,179 20,037 13,252 3,404
61,901 17,332 21,046 11,761 1,857



4,794 580 1,072 1,299 267
4,230 700 1,161 703 281
3,964 832 1,268 714 40


Glass containers:
1978. ....................... .. 497 89 249 84 5
1977............. ... ...... 413 74 207 66 4
1976. .. .......... ..... ...... 427 55 231 73 (Z)


Primary metals, total:
1978 ................ ............
1977 ............ ........ .......
1976 ...................... .........

Blast furnaces, steel mills:
1978............... .. .......
1977..................... .........
1976 ......... ......... ......... .

Nonferrous and other primary
metals:
1978...................... .......
1977............... ........
1976...................... .......

Fabricated metal products, total:
1978................ .. .... ....
1977 .................. .. .........
1976 ................ ..... ....

Metal cans, barrels, and drums:
1978 ..... ......... ....... ......
1977. .... ........... ............
1976.............................

Machinery, except electrical, total:
1978....................... ........
1977 ............... ........ .......
1976.................... .. ........

Engines and turbines:
1978...................... .......
1977 ....... ....................
1976...................... .......

Farm machinery and equipment:
1978...................... .......
1977...................... .......
1976 ...................... ......

Construction, mining, and material
handling equipment:
1978...................... .......
1977...................... .......
1976........ ... ......... .......

MAetal working machinery:
1978...................... .......
1977 ......... ........... ........
1976 .............. ........ ......

General industrial machinery:
1978...................... .......
1977.............. ........ .......
1976 ...........- .... ..... ......


3j Electrical machinery, total:
1978 ....................... ........
1977 ....................... ........
1976........................ .......

361, 2 Electrical transmission and
distribution equipment and
industrial apparatus:
1978.................... ........
1977 ......... ............. ......
1976 ...................... ......

See footnotes at end of table.


18,156
17,905
17,856


10,142
10,012
10,418


042 6,720 2,430 171
2,574 6,089 2,033 180
1,786 7,321 1,607 179


608
501
313


6,805 1,156
6,737 1,819
6,403 1,153


3,044
2,904
3,542



3,337
2,897
3,522


1,115 101
901 100
938 208



952 (Z)
808 (Z)
384 (Z)


16,616 5,415 5,565 1,168 1,209
14,557 4,665 4,752 998 968
13,840 4,429 4,706 969 969


1,045 240 470 84
1,213 170 752 85
1,008 202 625 30 (Z)


30,940
26,308
24,270


2,444
2,090
1,882


2,578
2,478
2,352


6,901
6,651
6,796


225
232
320


567
818
517


11,917
9,198
8,009


2,080
1,635
1,261


1,573
818
706


3,660 1,432
3,897 1,256
4,126 728


10
95
94 (Z)



520
776 (Z)


7,164 1,576 2790 931 71
5,893 1,591 2,239 707 236


5,766 2,306


1,932 348
1,756 439
1,631 440


3,143 943
2,681 831
2,314 879


1,845


986
667
457


754
643
579


34,638 7,841
31,054 7,011
27,269 5,113


22,343 5,094
20,327 4,354
19,535 3,256


12,295 2,747
10,727 2.657
7,428 2,476


750 57 807


174 135 270
176 123 316
147 147 424


220 597
161 563
139 139


597
456
579


16,779 5,889 4,396 1,546 1,432 3,204
15,216 5,570 4,327 1,006 1,118 2,782
13,717 4,664 4,527 960 960 2,469




3,252 471 1,503 10 1,195
2,969 605 1,319 79 889
2,678 455 1,393 (Z) 54 777


331




333-6,








IN 'I If MNI P A1 : ; i >H, piS NTS, I0V'NjPii, ANU AI7DLR SlRVi Y : 17.76-l i78--Cont inued


l. Ieth6 Id 0 iiir


L< tr al ma- hai u-y --C.t


HIlus-hol ( apple i ntces :
1 78b ..... ....... ...... 1,S69 8
77 .. .............. .. ... 5 1,7. 51



1 '76 .... ... .. .. .. .7
In l ullto


Cunt l Tat 1 o1 equipment
1 78 .......... .. .. ............
1 77 ............................
i 76 .. .. ... ... .. .. .. .... ..

Electrau i components:
1 978 ................ ... .......
1977 ... ... .......
1976 .............. .. ........

Transportation equipment, total:
1978. ......................... .
1977 ................... ..........
1976... .......................... .

Motor vehicles and parts:
1078................. ..... ......
1i77.. ............. .............
1976 .. ......... ...... ......... .

Aircraft, missiles, and parts:
1978 ..................... ........
1977. .... .............. ........
1976.................... ..... .

Shipbuilding and military tank
vehicles:
1978 ...... ....... ............
1977 ................... .......
1976............ ........ .......

Instruments and related products,
total:
1978 ..................... ..........
1977 ...............................
197 ........................ ........

Scientific and engineering:
1978......... .............. .....
1977 ........ ...... ... ........ ...
1976 .............. ....... ........

Photographic goods:
1978........ .. ........ .........
1977 .................... ..
1976 ................. ............


All other durable goods industries:


,366 2.785
,743 2,324
3,962 1,902


2.45 524
.407 650
2.321 S80


23,860 6,580
21,271 5,'52
20,493 5.123


L FllO I t' ae 1A tual
F ,st Ot


308 : 10 1 1
1,, 1 7









1I1 3 1 .285
569 '-9 901
1 713
555 7 1 3


599 674 91

67l 91


3.50 7,677 3,275
4,191 6,2s 2 ,785
3,484 5,738 3,689


7,775 () ( ) 544 311
7,958 1D) (D) 557 318
7.742 (1) (D) 774 387


1 2,391 (D) (D)
9,982 (D) (D)
9,980 (D) (D)




1,656 133 99
1,602 80 9g
1,224 98 98


6 057 :35.
4,72 3 1,990
4. 91 21794




1,076 232
993 272
6h1 31


6,450 2.,434 1,504 1,290 1it
5,639 1,661 1,435 1,454 130
5,182 1,503 1.088 1,14( 104


4,109 1,179 1,347 758 126
3,68 1,031 1,215 663 110
3,284 755 854 460 66


1,773
1,521
1,429


1,064 124 532
517 167 791 15
543 171 700 (Z)


1078........................... 10,853 3,11 3,110 2,305 969
1977 ......................... ... 9,736 2,956 2,836 1,938 861
1976.......................... .... 9,207 3,315 2,578 1,933 276


Nondurable goods industries:
20 Food and kindred products, total:
1978...... ........... ..... ........
1977 .... ............ ..... ......
1976.. .... ....... ........ .........

201 MOat products:
i9178......... ..... ..... ...... .
1977 .... ............... .........
1976 ............. ...... ........

208 Beverages:
1978.......... .. ... .............
1977............... ...... .........
1976 ....... ..................

207 Fats and l'ls:
1 978...... ........ ........... ..
1977 .. .. ... .. ....... .......
1 76................ ..........

203-6, 9 Ail other foods:
1978.................. .........
1977 ..................... .......
1976 ............ ....... .........
t t rui of table.


17,858 5,453 2,936 5,203 915
16,332 4,718 2,581 4,851 1,054
16,303 5,543 3,261 4,239 652


1,574 787 315 189 47
1,233 629 148 49 123
1,257 691 113 25 50


3,418 1,265 684 786 444
2,917 1,021 642 700 379
2,812 1,153 872 337 281


1,635
1,618
2,033


9,885
9,4 37
9.086


180
178
244


2,669
2,642
2,908


131 441
81 469
366 488


1,779 3,262
1,699 3,114
1,999 ',908


33
81
20


297
189
182


Stani ot r


1,347 2,004
1,361 1,707
815 1,793


47 189
111 173
88 289


171 68
146 29
112 56


33 817
32 777
41 874


988 890
1,038 755
454 636


F Iverat
LI I).









47


Act ual
I ,-, t


St anda' d
Ot her


I FO










30
25


371




372, 6


381-4


['ihl A, INVLiIOlY VAll I.ATON VAfLI


i










Table A. INVENTORY VALUATION METHODS USED IN THE MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS SURVEY: 1976-1978--Continued

Method of inventory valuations

Values (in millions of dollars) Percent
o( Category ---
Total FIFO LIO vre Atual Standard OthAveraerge At Standard
cost cost cost _ost_ _t cost


Nondurable goods industries--Continued

Tobacco products:
1978. ............. ..... .........
1977 ... ................... .......
1976 ............... .. .... ......

Textile mill products:
1978...................... ... ..
1977. ..................... ........
1976 ..... ....... .......... ......

Paper and allied products, total:
1978.................. .......... .
1977....... .. ....................
1976....................... .......

Pulp, paper, etc.:
1978 ............. ...... .. ...
1977 ......... ........... ........
1976.............. ................

Paperboard containers:
1978...........................
1977...... .....................
1976 ..................... ........

All other paper products:
1978 .................... .........
1977..................... .........
1976.................... ....... .

Chemicals and allied products, total:
1978..............................
1977 ................ ....... ........
1976 ........................ ... ..

Industrial chemicals, except
pigments:
1978.................. ..........
1977 ................. .... ........
1976..................... .........

Drugs, soap, and toiletries:
1978...................... ........
1977..................... ........
1976.......... .......... .........

Petroleum and coal products:
1978....... .... ... ....... ........
1977...... ........... ... .. .... ..
1976 ....................... ... .....

Rubber and plastics products, n.e.c.:
1978....................... ........
1977............... ........ .......
1976..................... .........


All other nondurable goods
industries:


3,829 306 1,456 1,876 153
3,708 37 1,372 2,002 185
3,627 36 1,451 1,922 73


5,520 1.238 1,829 406 363
5,200 1,107 1,773 579 399
5,014 1,454 1,454 802 100


5,826 736 2,787 819 168
5,585 955 2,319 927 176
5,188 1,505 1,868 778 208


1,999 351 681 539 78
2,095 327 716 579 63
1,944 253 642 505 117


1,o79 (D) 1,125 118 34
1,573 (D) 676 204 63
1,496 299 763 194 60


1,986 (D) 874 159 40
1,788 (D) 840 1*,3 36
1,575 914 362 63 16


15,759 3,230 6,117 1,494 302
14,409 3,390 5,317 1,255 532
13,212 3,435 5,681 1,718 132



4,701 188 2,727 470 47
4,411 221 2,514 441 44
4,167 417 2,750 542 (Z)


4,858 1,943 680 389 146
4,238 1,441 678 381 339
3,858 1,968 733 347 116


5,551 726 3,287 1,230 27
6,097 616 3,446 1,772 59
5,214 417 3,337 1,251 52


4,653 990 1,925
4,345 1,017 1,661
4,028 1,370 1,692


596
678
403


177
214
121


1978............................. 10,618 3,844 1,955 1,134 834
1977............................... 9,580 3,340 1,567 1,189 784
1976............................... 9,315 3,912 1,956 838 373


(D) 20
(D) 18
205 16


4,507 109
3,903 (Z)
2,114 132



1,222 47
1,191
375 83


1,651 49
1,399 -
694 (Z)


149 132
126 78
104 52


965 -
776 -
483 -




2,515 336
2,116 583
1,956 186


36
35
42


22


38
37
40


33
34
29


48
42
36


34
34
33


67
43
51


44
47
23


39
37
43



58
57
66


14
16
19


59
57
64


41
38
42




18
16
21


4 1
5 1
2 3



8 23


8
11
16


14
17
15


27
28
26


7
13
13


8
8
4


9
9
13



10
10
13


8
9
9


22
29
24


13
16
10




11
12
9


281, 6





283, 4


Represents zero. (D) These figures are withheld to avoid disclosing figures for individual companies. N.e.c. Not elsewhere classified. (Z) Less
than 0.5 percent.
1IMPORTANT NOTE:, This table provides information on the distribution of the various inventory valuation methods used by responding companies for their end-of-
year inventories reported in this survey. These estimates may differ from the distribution of valuation methods used for public financial reporting or income tax
purposes. For a complete description of the survey, please read the accompanying text.
2These percentages entirely reflect usage of market valuation methods rather than other cost methods.
























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