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1235. Value of Manufactures' Shipments, Inventories, and New Orders by Industry

[In millions of dollars (2,475,906 represents 2,475,906,000,000). Based on 1987 Standard Industrial Classification (SIC). Based on a sample survey of most manufacturing companies with $500 million or more in annual shipments; for description, see summary below table]

 
Shipments Shipments Shipments Inventories, not seasonally adjusted (Dec. 31) Inventories, not seasonally adjusted (Dec. 31) New orders New orders New orders
Industry SIC
code 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
 
     All manufacturing industries.............................................................. D 2,475,906 2,695,432 2,840,375 2,912,228 2,878,167 3,004,727 3,127,625 3,348,019 3,594,663 3,715,460 3,929,419 4,052,248 4,259,532 332,619 363,300 384,539 397,850 383,509 374,906 375,982 395,974 421,285 427,130 446,131 456,330 460,048 2,512,663 2,739,240 2,874,861 2,934,086 2,865,665 2,978,548 3,092,381 3,356,797 3,607,586 3,749,299 3,952,025 4,033,676 4,279,186
 
Durable goods ............................................................. (X) 1,297,532 1,421,501 1,477,900 1,485,313 1,451,998 1,541,866 1,630,635 1,789,576 1,927,029 2,004,159 2,158,699 2,275,987 2,407,473 216,343 237,510 252,058 257,363 244,121 232,318 233,306 247,001 261,138 266,547 278,766 287,415 287,124 1,329,712 1,464,916 1,512,664 1,507,001 1,438,187 1,515,694 1,596,974 1,794,508 1,941,378 2,036,536 2,180,708 2,259,693 2,425,161
  Stone, clay, and glass products.............................................................. 32 61,477 63,145 63,729 63,728 59,957 62,521 65,610 71,230 75,932 82,442 90,221 96,193 103,773 7,033 7,377 7,669 8,071 7,787 7,846 7,443 7,688 8,359 8,679 8,832 9,103 9,682 61,212 63,736 63,247 63,761 61,352 61,921 65,945 71,562 76,085 82,142 89,893 96,088 103,939
  Primary metals.............................................................. 33 120,248 149,837 155,718 148,787 136,378 138,287 142,685 161,188 180,314 178,297 188,916 180,973 178,466 18,978 22,377 22,831 22,591 20,725 19,967 20,093 22,555 24,052 24,385 24,785 24,797 24,445 125,989 152,578 152,814 149,338 134,657 136,849 144,018 167,685 178,702 180,362 193,987 175,482 180,740
  Fabricated metal products.............................................................. 34 147,367 159,505 164,073 165,064 159,760 166,532 175,118 190,544 204,384 214,007 226,120 239,667 245,517 22,555 24,532 24,988 24,585 23,477 23,372 23,402 25,127 26,507 27,384 29,046 30,278 30,846 150,716 158,170 160,037 163,285 158,401 165,793 172,121 191,099 205,388 215,791 228,567 238,751 244,831
  Industrial machinery and equipment.............................................................. 35 217,671 244,365 256,212 259,367 247,508 258,662 278,063 313,047 353,338 381,795 408,860 442,316 455,140 42,279 46,686 49,197 48,425 46,514 45,688 47,092 51,189 57,108 55,912 58,164 58,415 58,283 221,171 250,055 257,051 258,894 243,450 258,608 277,416 325,788 358,910 383,749 409,215 443,332 461,926
    Computer and office equipment.............................................................. 357 60,627 68,056 66,249 65,309 60,403 66,709 69,249 78,230 91,343 103,270 111,334 129,875 138,900 9,856 11,275 11,833 10,682 10,684 10,352 10,473 10,640 12,630 10,277 9,869 8,343 8,179 60,254 67,817 64,770 64,402 58,616 65,066 68,497 81,595 91,045 103,689 108,986 130,184 139,640
 
  Electronic and other.............................................................. 36 171,287 187,301 194,598 195,898 199,278 216,764 233,622 266,405 301,447 320,616 351,554 375,970 413,204 29,087 30,812 32,689 31,939 30,011 29,709 30,765 34,571 37,991 37,953 39,102 38,377 42,063 173,210 189,211 192,482 195,748 197,659 217,966 233,991 266,386 307,634 319,157 356,557 380,470 439,085
    Electronic components.............................................................. 367 50,258 57,578 61,686 62,580 67,547 73,642 81,236 97,131 120,129 127,996 143,750 154,479 168,463 8,382 9,130 10,002 9,815 9,839 9,759 10,311 11,391 12,720 13,145 13,778 13,674 14,603 52,704 57,122 61,436 61,736 68,689 75,215 79,822 97,910 125,680 126,130 145,674 156,594 185,282
  Transportation equipment 1.............................................................. 37 332,936 354,849 369,675 370,328 367,235 399,270 414,694 450,809 461,806 465,173 502,301 536,896 583,559 55,062 61,628 69,186 75,650 71,072 61,533 59,140 59,364 57,663 62,347 66,877 73,157 66,729 348,224 389,635 411,434 395,737 363,366 377,147 386,643 440,817 465,839 495,239 507,667 524,963 567,357
    Motor vehicles and parts.............................................................. 371 205,923 222,353 233,232 217,295 209,210 238,384 267,365 314,637 327,908 329,155 346,606 359,560 399,807 11,909 12,263 12,431 13,400 13,049 12,920 13,865 15,341 15,838 15,852 15,568 16,893 17,506 (NA) (NA) (NA) (NA) (NA) 238,219 268,545 316,146 328,390 328,914 346,901 359,361 400,486
  Instruments and related products 1.............................................................. 38 107,325 116,009 121,523 127,978 132,836 134,941 137,387 138,400 144,719 151,017 162,981 168,952 174,661 23,015 24,574 25,699 25,699 24,963 23,925 22,492 22,273 24,233 24,517 25,143 25,683 26,267 109,054 115,233 122,748 126,102 130,333 132,314 133,249 133,232 144,175 149,344 165,453 166,008 173,972
  All other durable goods.................................................................... (X) 139,221 146,490 152,372 154,163 149,046 164,889 183,456 197,953 205,089 210,812 227,746 235,020 253,153 0 18,334 19,524 19,799 20,403 19,572 20,278 22,879 24,234 25,225 25,370 26,817 27,605 28,809 140,136 146,298 152,851 154,136 148,969 165,096 183,591 197,939 204,645 210,752 229,369 234,599 253,311
 
Nondurable goods 1.............................................................. (X) 1,178,374 1,273,931 1,362,475 1,426,915 1,426,169 1,462,861 1,496,990 1,558,443 1,667,634 1,711,301 1,770,720 1,776,261 1,852,059 116,276 125,790 132,481 140,487 139,388 142,588 142,676 148,973 160,147 160,583 167,365 168,915 172,924 1,182,951 1,274,324 1,362,197 1,427,085 1,427,478 1,462,854 1,495,407 1,562,289 1,666,208 1,712,763 1,771,317 1,773,983 1,854,025
  Food and kindred products 1.............................................................. 20 329,725 354,084 380,160 391,728 397,893 406,964 422,220 430,963 446,961 461,297 470,447 490,365 500,901 25,306 27,622 28,928 30,185 30,532 31,376 31,529 32,652 34,827 35,973 37,301 37,488 39,250 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  Beverages.............................................................. 208 47,327 50,143 52,618 53,420 56,311 57,957 58,562 61,347 64,398 68,387 70,768 73,096 76,050 4,553 4,939 5,187 5,257 5,428 5,708 5,721 5,902 6,489 7,199 7,871 8,270 8,903 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  Tobacco products.............................................................. 21 20,757 23,809 25,875 29,856 31,943 35,198 28,383 30,021 32,984 34,482 38,693 41,625 50,551 5,562 5,475 5,734 6,121 6,504 6,871 6,575 6,063 6,100 6,256 6,149 6,297 5,493 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  Textile mill products.............................................................. 22 62,787 64,627 67,265 65,533 65,440 70,753 73,955 78,027 79,874 80,243 83,871 80,624 78,357 7,643 8,049 8,349 8,339 8,085 8,297 8,821 9,346 9,841 9,479 9,743 9,756 9,756 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  Paper and allied products 1.............................................................. 26 108,989 122,882 131,896 132,424 130,131 133,201 133,263 143,649 173,716 160,661 161,992 165,429 164,558 11,111 12,431 13,320 13,526 13,651 13,843 13,795 14,290 17,173 15,887 16,108 16,254 15,955 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  Chemicals and allied products 1.............................................................. 28 229,546 261,238 283,196 292,802 298,545 305,420 314,907 333,905 361,391 367,674 389,189 391,700 413,277 26,388 29,580 31,534 33,817 34,322 35,476 35,505 36,737 39,604 40,794 43,880 45,696 47,055 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
    Industrial chemicals.............................................................. 281,2,6,8,9 126,177 145,848 158,184 158,365 155,420 157,619 158,771 169,909 186,970 184,018 193,265 179,798 183,405 13,737 15,320 16,388 17,780 17,395 17,548 17,142 17,710 19,157 19,603 20,335 19,910 19,673 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
    Drugs, soaps, toiletries.............................................................. 283-4 74,011 82,936 90,631 98,440 107,075 110,667 117,888 122,352 130,932 138,573 150,016 165,625 183,202 8,860 10,039 10,705 11,390 12,467 13,473 13,964 14,425 15,596 16,099 18,195 20,000 21,432 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  Petroleum and coal products.............................................................. 29 130,414 131,682 146,487 173,389 159,144 150,227 144,834 143,328 151,439 174,284 177,314 145,673 171,149 9,797 9,039 10,559 13,184 11,383 10,975 9,865 10,661 10,829 12,046 11,806 9,863 11,741 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  Rubber and plastics products.............................................................. 30 86,634 95,485 101,236 105,250 105,804 113,593 122,777 135,145 145,739 150,467 156,599 158,156 164,654 9,982 11,314 11,512 12,285 12,119 12,517 12,770 14,145 15,093 15,584 16,300 16,597 17,456 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)
  All other nondurable goods........................................................ (X) 209,522 220,124 226,360 235,933 237,269 247,505 256,651 263,405 275,530 282,193 292,615 302,689 308,612 0 20,487 22,280 22,545 23,030 22,792 23,233 23,816 25,079 26,680 24,564 26,078 26,964 26,218 0 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA)



1 Includes industries not shown separately.
2 Also includes material handling industries.

Source: U.S. Census Bureau, Current Industrial Reports, series M3, Manufacturers' Shipments, Inventories, and Orders: 1987-1997; and (accessed July 6 2000).

http://www.census.gov/indicator/www/m3/index.html

*

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS (M3) SURVEY

DESCRIPTION OF SURVEY

The Manufacturers' Shipments, Inventories, and Orders (M3) survey provides broad-based, monthly statistical data on economic conditions in the domestic manufacturing sector. The survey measures current industrial activity and provides an indication of future business trends. Data are used by the Executive Branch of the Government for developing economic, fiscal, and monetary policy; the Bureau of Economic Analysis as components of the gross domestic product estimates; and trade associations, corporate economists, and other members of the business community as an analytical tool for assessing the current and future economic condition of the country.

COMPOSITION OF INDUSTRY CATEGORIES

There are 80 separately tabulated industry categories in the M3 survey. These categories are groupings of the 459 manufacturing industries as defined in the 1987 Standard Industrial Classification (SIC) Manual. Because companies provide data on a voluntary basis, reporting in many of these 80 categories is not sufficient to warrant separate publication of the data. Consolidated reporting by some large companies also limits the quality of the data in some categories. A company which reports on a consolidated basis (entire company or a division) is included in the M3 category in which the reporting unit as a whole is classified and has no influence on the movement of the other industries which may be included in its combined report. As a result, it has been necessary to combine the 80 industry categories into 45 publication levels for shipments and total inventories. For new and unfilled orders and inventories by stage of fabrication, it has been necessary to introduce further combinations because of the lower response rates for those items.

COMPOSITION OF THE SURVEY PANEL

The monthly M3 estimates are based on information obtained from most manufacturing companies with $500 million or more in annual shipments. In order to strengthen the sample coverage in individual industry categories, the survey includes selected smaller companies. The sources of the companies for the survey are the quinquennial censuses of manufactures and the annual surveys of manufactures in the interim years. For firms that operate in a single M3 industry category, the reporting unit typically comprises all operations of the company. Most large, diversified companies, however, file separate reports for divisions with significant activity in different industrial areas. The composition of each company or reporting unit of a company in the survey usually includes more than one plant or establishment and frequently includes industry activities outside the M3 category in which it is classified. The survey methodology described later in this chapter assumes that the month-to-month changes of the total operations of the reporting units classified in each industry category effectively represent the month-to-month movements of all establishments which make up the category. In 1962, the initially selected sample for this survey included all companies with more than 1,000 employees and smaller companies selected with probabilities proportional to their employment size within each industry category. As there was some deterioration in response rates for companies with between 100 and 1,000 employees, in January 1975, the staff selected a supplemental sample of approximately 1,000 companies from the universe of companies in this size range in order to strengthen the estimates. Although the response rate was only about 60 percent for this group, beginning in January 1978 these data were added to the panel and included in the calculations of the monthly estimates. Because of poor response rates, the survey no longer included companies with less than 100 employees; instead, data for these companies were estimated by using overall industry month-to-month movements based on data reported by the larger companies. In recent years, the size of the value of shipments of the company or reporting unit rather than the employment size has influenced the selection of companies to increase response rates. Using this criterion, census staff visit or otherwise contact large companies that did not report in the survey to request their participation or reconsideration of a previous decision not to participate. Also, staff request data for large diversified reporting companies to provide additional industry categories not previously provided. Another method used for improving response has been contacting nonreporting companies by letter. Staff send letters on an ongoing basis to companies in industry categories with low response rates. In 1990, staff selected a probability sample and mailed requests to about 400 midsize companies in the plastics industry. The purpose was to test the viability of probability sampling, especially in industries comprised primarily of smaller, less diversified companies. As a result of these efforts, we increased response by adding about 45 to 55 percent of the companies contacted to the panel. However, respondent dropouts frequently offset these increases. The current coverage levels in the survey show that reported data represent approximately 55 percent of the shipments estimates at the total manufacturing level, while the individual coverage rates for the 20 two-digit major SIC industries vary from about 20 to 99 percent.

LIMITATIONS OF THE DATA

The monthly data presented in this publication are subject to both sampling and nonsampling errors. Sampling errors occur because reports are received from a sample rather than from the complete universe of manufacturing companies. Because the present composition of the panel is not based on a probability sample, the amount of sampling error cannot be quantified. Nonsampling errors, on the other hand, are attributable to many sources. The use of company or divisional reports to estimate the monthly change for establishments is one source of nonsampling error. The use primarily of large companies to represent the month-to-month movement of all companies is another potential source. In addition, response and processing errors may be present, although computer edits and analytical review of the data detect the most significant errors of this kind prior to tabulation.

MONTHLY ESTIMATION PROCEDURE

A link relative procedure derives the monthly universe estimates of shipments, unfilled orders, and total inventories for each industry category. The universe estimate for the previous month is multiplied by the monthly ratio of change tabulated for reporting companies in the current month to arrive at a universe estimate for current month. When an individual company reports unusually large changes from the previous month, or when a particular company has unique data patterns differing substantially from the movement shown by the rest of the reporting panel in a particular industry category, the company is excluded from the ratio of change calculation but included in the universe estimate of level. The effect of this procedure is to restrict the estimation for nonrespondents and firms not in the survey panel to the general trend of the industry. The universe estimate of new orders is derived from the monthly estimate of shipments plus the change in unfilled orders between the current and prior period. The estimate includes orders that are received and filled in the same month as well as orders that have not yet been filled. It also includes the effects of cancellations and modifications of previously reported orders. The standard ratio estimate procedure is not followed for new orders because not all companies report new orders, and some that do report this item 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. A modified procedure also is used to estimate the stage of fabrication inventory data. In this procedure, the total inventory data estimated for each tabulated industry category are retabulated to the appropriate two-digit SIC major group levels and serve as control totals for the stage of fabrication data. Initial estimates are made for each of the stages of fabrication at the two-digit SIC level using the ratio estimation procedure. The differences between the sum of the stage of fabrication detail and total inventories at the two-digit SIC level are then allocated proportionally to the stage of fabrication figures to form the estimates. The reasoning behind this procedure is that a significant number of companies report total inventories but cannot report inventories by stage of fabrication.

TRADING DAY ADJUSTMENT

Variations in the rate of manufacturing activity resulting from different numbers of trading days in the same month for different years and variations in the length of months can be an important cause of month-to-month fluctuations in the shipments data. For many industries, these irregularities can be identified approximately and removed so that the underlying trend cycle stands out clearly. Recent software and data processing improvements have facilitated research and implementation of unique trading day adjustment factors for each series. These improvements include refinements to the trading day analysis in the X-11 seasonal adjustment program, additions to diagnostic software that identifies progressively unstable data patterns, and redesign of the monthly survey data processing system. Most of the shipments series have trading day factors calculated in the trading day regression analysis routine of the X-11 software. The adjustment from
1987 forward used these new factors. Table FN1 of M3-1(90) shows the factors used before 1987. However, eight of the shipment series did not have identifiable trading day patterns and are only being adjusted for length of month variations.

SEASONAL ADJUSTMENT METHODOLOGY

The monthly data are adjusted for seasonality at the most detailed level tabulated in the survey, using the X-11 ARIMA version of the Census Bureau's seasonal adjustment program. The seasonally adjusted estimates for shipments, unfilled orders, and total inventories for M3 industry categories are calculated by dividing the unadjusted estimates by seasonal adjustment factors computed by the X-11 ARIMA seasonal adjustment program. Seasonally adjusted new orders are computed by adding the changes between current and prior period seasonally adjusted unfilled orders to the current month's seasonally adjusted shipments. The inventory by stage of fabrication data are seasonally adjusted at the two-digit SIC major group level for each stage. If the sum of the adjusted stage of fabrication does not equal the major group totals resulting from summing the seasonally adjusted total inventories for the individual industries, the difference is proportionally allocated to the stage of fabrication detail. Staff calculate seasonal factors concurrently and include the current period observation in the calculation of the seasonal factor for that month. The factors reflected in this report are based on using data from January 1982 through December 1996 for shipments, unfilled orders, and inventories. For information on specific measures used in the seasonal adjustment analysis, selection of options within the X-11 program for the individual industry series, and tests for the presence of seasonality, contact the Manufacturing and Construction Division, U.S. Census Bureau, Washington, DC 20233, or call 301-457-4749.

BENCHMARK PROCEDURE

The M3 survey data are benchmarked to reduce both sampling and nonsampling errors. The relatively small monthly sample size as well as the differences that result from collecting the monthly data on a divisional basis as compared to the benchmark data on an establishment basis account for most of the revision. Also, some monthly reports received too late to be included in the monthly publications are added to improve the revised estimates of change of the historical monthly data. The benchmarking process for this report included comparing monthly data reported by large companies with their annual data submitted in the 1994 and 1995 Annual Survey of Manufactures (ASM). Estimates of annual shipments and end-of-year total and stage of fabrication inventories calculated in the monthly survey were benchmarked directly to the data compiled in the quinquennial censuses of manufactures and the interim ASM's. The unfilled orders levels were adjusted based on changes in the ratio of unfilled orders to shipments of companies reporting in the monthly survey and the ratio of the ASM shipments estimate to the summed monthly survey data. Since new orders are defined as the change in unfilled orders between the current and prior periods plus the current period shipments, implicit benchmark estimates for new orders were derived. * DEFINITION OF TERMS

VALUE OF SHIPMENTS

The value of shipments data in the M3 survey represents net selling values, f.o.b. plant, after discounts and allowances and excluding freight charges and excise taxes. The ASM uses the same definition. However, the data reported in the two surveys frequently are not equal because of differences, discussed earlier, in the reporting unit. For multiestablishment companies, the M3 reports typically are company- or divisional-level reports that encompass groups of plants or products. The data reported are usually net sales and receipts from customers and do not include the value of interplant transfers. The reported sales are used to calculate month-to-month changes which bring forward the universe estimates developed from the ASM. The value of products made elsewhere under contract from materials owned by the plant is also included in shipments as well as receipts for contract work performed for others, resales, miscellaneous activities such as the sale of scrap and refuse, installation and repair work performed by employees of the plant, and the receipts for research and development performed at the plant. In the shipbuilding 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 start and completion of a large vessel. In both the annual survey and the M3, the value of work done during the year, rather than the value of shipments, is requested. The same procedure is followed for aircraft produced on a cost-plus contract. Aircraft produced on a fixed-price contract are reported in the usual manner when the products are shipped. Where value of work done is reported in place of shipments, the work-in-process inventories are normally charged to the customer as costs are incurred and are not accumulated as finished goods inventories by the shipyard or the aircraft producer. The value of shipments figures developed from the ASM contain duplication at the M3 industry category and higher level aggregates, since the products of some four-digit SIC industries are used as materials by other industries within the same M3 industry aggregate. The significance of the duplication within the specific M3 industry categories varies depending on their four-digit industry composition. It is most pronounced in a few highly integrated industry areas, such as primary metals and motor vehicles and parts.

INVENTORIES

Inventories in the M3 survey are collected on a current cost or pre-LIFO (last in, first out) basis. Because different inventory valuation methods are reflected in the reported data, the estimates differ slightly from replacement cost estimates. Companies using the LIFO method for valuing inventories report their pre-LIFO value; that is, the adjustment to their base-period prices is excluded. In the ASM, inventories are collected according to this same definition. However, there are discontinuities in the historical data in both surveys. Until 1982, respondents were asked in the ASM to report their inventories at book values; that is, according to whatever method they used for tax purposes (LIFO, FIFO, and so forth.) Because of this, the value of aggregate inventories for an industry was not precise. Effective with the 1982 Census of Manufactures, instructions for reporting inventories changed. LIFO users were asked to report inventories prior to the LIFO adjustment, as well as the LIFO reserve and the LIFO value after adjustment for the reserve. Because of this change, the 1982 census data for inventories were published on both bases. Inventory data in subsequent ASM's are available only on a pre-LIFO basis, with no book value estimates comparable to the earlier data. This change in instructions for reporting current cost inventories was carried to the monthly survey beginning in January 1987. The data for 1982 to 1987 were previously redefined (but not recollected) on a pre-LIFO or current cost basis. As described in the section on benchmarking methodology, the procedure used in adjusting these monthly estimates from a book-value basis to the pre-LIFO levels used the pre-LIFO end-of-year levels from the ASM as constraints and the same general procedure for minimizing revisions to the month-to-month change in the monthly book-value data . Inventory data are requested from respondents by stage of fabrication; that is, finished goods, work in process, and raw materials and supplies. There are several limitations to the quality of these data for two reasons. First, response to the stage of fabrication inquiries is lower than for total inventories because all companies do not keep their data monthly at this level of detail; those companies which do maintain monthly detailed records frequently do not have data for all three stages of fabrication or have quantity (physical volume) data only. Second, a product considered to be a finished good in one industry, such as steel mills shapes, may be reported as a raw material in another industry, such as stamping plants. Therefore, within the two-digit SIC major groups the same type of inventory may be included under different stage of fabrication categories. Like total inventories, stage of fabrication inventories are also benchmarked to the ASM pre-LIFO data, but the stage of fabrication data are benchmarked at the two-digit major group level.

NEW ORDERS RECEIVED AND UNFILLED ORDERS

New orders, as reported in the monthly survey, are net of order cancellations and include orders received and filled during the month as well as orders received for future delivery. They also include the value of contract changes which increase or decrease the value of the unfilled orders to which they relate. Orders are defined to include those supported by binding legal documents such as signed contracts, letters of award, or letters of intent, although in some industries this definition may not be strictly applicable. In the case of letters of intent, the full amount of the sales value is included if the parties are in substantial agreement on the amount; otherwise, only the funds specifically authorized to be expended are included. Unfilled orders include orders (as defined above) that have not been reflected as shipments. Generally, unfilled orders at the end of the reporting period are equal to unfilled orders at the beginning of the period plus net new orders received less net shipments.

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https://allcountries.org/uscensus/1235_value_of_manufactures'_shipments_inventories_and.html

These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.

Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved.