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:
AA00008477:00181

Related Items

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

Full Text

CURRENT INDUSTRIAL REPORTS

> Manufacturers' Shipments,

SInventories, and Orders



FEBRUARY 1981
M3-1 (81)-2
For Wire Transmission 2:30 P.M. E.S.T. Tuesday, March 31, 1981


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


New orders for manufactured goods in February were valued
at S161.3 billion, down $0.8 billion or 0.5 percent from
January. New orders for durable goods for February totaled
$81.5 billion, virtually unchanged from January. New orders for
nondurable goods, where approximately 80 percent of new
orders directly reflect shipments for the month, were down $0.9
billion or 1.1 percent to $79.9 billion.
For the durable goods industries, increases in new orders for
primary and fabricated metal products were offset by declines
in the nonelectrical machinery and transportation equipment
industries. Within the primary metals category, steel orders
were up $0.9 billion or 17.5 percent to $6.1 billion. Despite
this large increase, the volume of steel orders was below the
high for 1980 of $7.2 billion reported last October. Nonferrous
primary metals were up $0.5 billion or 10 percent to $5.1
billion. The decline in nonelectrical machinery orders of $1.2
billion or 7.1 percent to $15.4 billion was widespread through-
out the industry. The decline in the transportation equipment
industry of $0.8 billion or 5.2 percent to $15.3 billion was
caused by the aircraft industry where a decrease of $1.5 billion
or 27 percent more than offset increases in all of the other
transportation industries.
New orders for the nondefense capital goods industries as
a group fell $4.0 billion or 16.2 percent to $20.5 billion in
February. This is the largest one month decline in that category
since an 18.3 percent decline in July of 1971. New orders for
defense capital goods, although volatile on a month-to-month
basis, continued to increase in volume. February defense orders
were valued at $5.5 billion, up $1.3 billion or 32 percent. This
large increase followed a January decline of 28 percent and a
December increase of 31 percent.
Shipments of manufactured goods in February declined $0.4
billion or 0.2 percent to $160.8 billion as decreases in the non-


durable goods industries more than offset the increases in durable
goods industries. Shipments by chemical, food, petroleum, and
rubber and plastics products manufacturers all showed declines.
The increases in shipments of durable goods manufacturers
were scattered and relatively small. Within the transportation
equipment category, the motor vehicle and parts industry re-
ported its first increase since October, going up $0.3 billion or
3.0 percent to $9.3 billion.
Manufacturers' backlog of orders showed a small increase in
February of $0.5 billion or 0.2 percent to $292.2 billion. The
increase in the backlog of orders of electrical machinery manu-
facturers of $0.7 billion or 1.7 percent to $41.2 billion was
partially offset by declines in the primary metals and transporta-
tion equipment categories.
The book value of manufacturers' inventories in February
increased $2.8 billion or 1.1 percent to $251.2 billion, following
a January increase of 1.6 percent. Unlike January, nondurable
goods manufacturers showed a larger increase than durable
goods producers. More than half of the $1.6 billion or 1.9 per-
cent increase in nondurable goods inventories in February was
accounted for the by the chemicals and petroleum industries.
The only significant inventory increase in a durable goods
category occurred in the steel industry where the book value
increased 2.4 percent. The inventory to shipments ratio in
February stood at 1.56, as compared to 1.54 in January and
1.53 in December.
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 March
is scheduled for release on April 21, 1981, and the full report
is scheduled for release on April 30, 1981.


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 Customer Services (DUSD) 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. PERCENT CHANGES AND REVISION RATES OF MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS

(Based on seasonally adjusted data)

Percent changes Revision rate2

Month-to-month Average monthly rates of change' Year ago Average monthly
Item and industry group
Jan.- Dec. 1980- Nov.- Fourth Third Second Mar. 1980- Feb. 1980
Feb1981 Jan 1981 Dec. quarter quarter quarter through 1 through
1981 1980 1980 1980 1980 Feb. 1981 980 Jan. 1981 1976-1980


Shipments:
All manufacturing industries......... -0.2 +1.1 +1.0 +1.4 +2.6 -1.9 +0.6 0.1 0 3 0 1
Durable goods industries.. ......... +0.7 +0.3 +0.4 +1.5 +3.5 -3.1 +0 5 0.2 0.3 0.3
Nondurable goods industries ........ -1.1 +2.0 +1.7 +1.3 +1-7 -0.7 +0.6 0.5 0.5 0.4

Inventories:
All manufacturing industries......... +1.1 +1-6 +0.2 +0.1 +0 7 +0.4 0.1 0.2 0.1

New orders:
All manufacturing industries ....... -0.5 +2,1 +1.5 +3.9 -3.0 +0.5 0.1 0.3 0.2
Durable goods industries............ +0.1 -1.6 +2.0 +1.5 +5.9 -5.0 +0.4 0.1 0.4 0.4
Nondurable goods industries ........ -1.1 +1.6 +2-3 +1.4 +1-9 -1.1 +0.6 0.4 0,4 0.3

Unfilled orders:
Durable goods industries............. +0.2 +0.4 +0.9 +0.6 +0.5 -0.5 +0 2 0-1 0.1 0.1

IMethod of calculation of these percentages for the quarter and the 12-month time intervals reflect compounded monthly growth rates.
2The revisions are the differences between the month-to-month percent changes of the preliminary and final estimates. The monthly averages are the
simple averages of the differences, without regard to sign, for the months specified The advance to final percent change differences for the durable
goods industries are shown in the advance report for the month.
Represents zero.


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

(Based on seasonally adjusted data)


Inventories--shipments ratio Unfilled orders--shipments ratio'
(months' backlog)
Industry group
Feb. Jan. Dec. Nov. Feb. Jan. Dec. Nov.
1981 1981 1980 1980 1981 1981 1980 1980


All manufacturing industries, total....................... 1.56 1.54 1.53 1.55 3.49 3.51 3.52 3.51

Durable goods industries, total...................... .... 2.06 2-06 2.02 2.02 4.16 4.18 4-18 4 17

Stone, clay, and glass products............................ 1.34 1-35 1.33 1.37 0.60 0.61 0.62 0.66
Primary metals .......................................... .. 1.71 1-68 1.61 1.64 2.34 2.33 2.44 2.48
Fabricated metals........................... ................ 1.94 1.99 1.88 1.90 3.00 3.07 2.96 2-99
Machinery, except electrical................................ 2.55 2.48 2.60 2.64 4.11 4.04 4.20 4 21
Electrical machinery....................................... 2.09 2.11 2.13 2.04 3.76 3.79 3.82 3-66
Transportation equipment................................... 2.35 2.37 2.22 2.14 13.26 13.31 12.83 12.61
Instruments and related products.......................... 2.27 2.30 2.26 2.33 1.70 1.74 1.70 1.70


Nondurable goods industries, total................... .... 1.06 1.03 1.04 1.07 0.67 0.68 0.70 0.69

Food and kindred products ................................... 0-97 0.94 0.95 0.98 (X) (X) (X) (X)
Tobacco products........................................... 3.05 3.13 2.79 3.22 (X) (X) (X) (X)
Textile mill products....................................... 1.44 1.46 1.55 1.49 (NA) (NA) (NA) (NA)
Paper and allied products.......... ........................ 1.25 1.24 1.21 1.24 (NA) (NA) (NA) (NA)
Chemicals and allied products.............................. 1.28 1.23 1.19 1.32 (X) (X) (X) (X)
Petroleum and coal products ................................ 0.55 0.51 0.55 0.53 (X) (X) (X) (X)
Rubber and plastics products, n.e.c ........................... 1.36 1.23 1.25 1.15 (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.






The following is a description of the survey and dertini,,ons
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 SURVEY

The Manufacturers' Shipments, Inventories, and Orders Survey
(M3-1) 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, payrolls, shipments, cost of
materials, capital expenditures, and inventories as well as other
selected items. Until 1976, the ASM did not compile inform-
ation 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 Classifi-
cation (SIC) system and area data for industry groups.
The estimates presented in the M3 report are based on a
sample panel of approximately 5,000 reporting units, consisting
of virtually all manufacturing companies with 1,000 or more
employees and additional medium-sized companies that
strengthen the sample coverage in individual industry cells. The
reporting unit for many medium- or 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. In the absence of benchmark data for un-
filled 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. Historical
data, 1967-1978, including the seasonally adjusted series, re-
flecting seasonal factors based on data ihruuqh December 1978,
are published in the M3-1.8 report issued in August 1979.
The M3 data are subject to some limitations primaril,-
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 sampl.in, 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 de.rl.-;.jinq
these levels, the definition of unfilled orders, and response


dilliculiite 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
unfil .r orders and, to a much lesser extent, to the month-to-
month change in unfilled 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.





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 innut 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 it, ...ri methods
of inventory valuation are used (LIFO, FIFO, etc.), the
definition of the aggregate inventories for establishments in an
industry is not precise. The ilurs 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 a finished product of one industry may be a raw material
for another industry at the next stage of fabrication. Insofar as
the durable and nondurable goods sectors and also the 2-digit
industry groups contain industries with successive stages of
processing, the same type of commodity may be included under
different inventory categories in the aggregate statistics.

New Orders 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


chjrl,'i 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 acc.r.rir' 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 fi',:-d 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.








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