Production and business activity

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose in September; capacity utilization was

unchanged.

[Monthly data seasonally adjusted]

Total industrial production (1)

Percent change (2)

From From

Index preceding year

Period 1997 = 100 month earlier

1994 85.2 … 5.4

1995 89.3 … 4.8

1996 93.1 … 4.3

1997 100.0 … 7.4

1998 105.9 … 5.9

1999 110.6 … 4.4

2000 115.4 … 4.4

2001 111.5 … -3.4

2002 110.9 … -.6

2003 111.1 … .2

2003: Sept 111.5 0.6 .1

Oct 111.8 .3 .7

Nov 112.9 1.0 1.5

Dec 113.1 .2 2.3

2004: Jan 113.8 .6 2.4

Feb 114.8 .8 2.8

Mar 114.7 -.1 3.5

Apr 115.3 .5 4.7

May 116.2 .8 5.6

June r 115.9 -.3 5.3

July r 116.7 .7 5.3

Aug r 116.5 -.1 5.1

Sept p 116.7 .1 4.6

Industry production indexes, 1997 = 100

Manufacturing

Other

Period Total (1) Durable Nondurable (non-NAICS) (1)

1994 83.6 75.4 94.6 92.8

1995 88.0 81.9 96.2 92.9

1996 92.1 89.0 96.5 92.1

1997 100.0 100.0 100.0 100.0

1998 106.8 110.7 101.5 106.5

1999 112.1 119.9 102.2 109.9

2000 117.4 129.5 102.8 112.2

2001 112.7 123.5 99.8 105.6

2002 111.8 122.9 99.2 102.0

2003 112.2 125.3 97.0 105.8

2003: Sept 112.7 127.1 96.6 104.7

Oct 112.9 127.2 96.7 105.8

Nov 114.2 128.8 97.6 106.6

Dec 114.2 129.3 97.4 105.4

2004: Jan 114.5 130.1 97.2 105.8

Feb 115.8 132.0 97.6 109.1

Mar 116.3 132.4 98.2 109.6

Apr 117.1 133.0 98.9 111.4

May 117.9 133.8 99.6 113.6

June r 117.7 133.8 99.4 112.0

July r 118.8 135.4 100.0 113.3

Aug r 119.0 135.7 99.7 115.8

Sept p 118.7 135.7 99.2 115.2

Capacity utilization rate

(output as percent

Industry production of capacity) (1)

indexes, 1997 = 100

Total Total

Period Mining Utilities industry manufacturing

1994 96.6 93.9 83.4 82.6

1995 96.4 97.2 83.6 82.7

1996 98.1 100.0 82.4 81.1

1997 100.0 100.0 83.6 82.6

1998 98.2 102.5 83.0 82.0

1999 94.0 105.5 82.4 81.4

2000 96.3 108.6 82.6 81.1

2001 96.8 108.1 77.4 75.4

2002 93.0 111.3 75.6 73.9

2003 93.1 110.9 74.8 73.4

2003: Sept 93.5 109.9 74.9 73.6

Oct 93.7 111.0 75.0 73.6

Nov 93.6 111.9 75.7 74.4

Dec 93.5 114.2 75.8 74.4

2004: Jan 93.6 118.2 76.2 74.5

Feb 93.2 117.9 76.7 75.3

Mar 92.8 113.4 76.6 75.5

Apr 93.1 112.9 76.8 75.9

May 92.7 116.0 77.4 76.3

June r 92.0 114.5 77.0 76.0

July r 93.3 112.6 77.4 76.6

Aug r 92.6 110.0 77.2 76.6

Sept p 90.4 115.9 77.2 76.3

(1) Total industry and total manufacturing series include manufacturing

as defined in the North American Industry Classification System (NAICS)

plus those industries–logging and newspaper, periodical, book and

directory-publishing–that have traditionally been included in

manufacturing.

(2) Percent changes based on unrounded indexes.

NOTE.–Data based on the North American Industry Classification System

(NAICS) except series as defined in footnote 1.

Source: Board of Governors of the Federal Reserve System.

[GRAPHICS OMITTED]

INDUSTRIAL PRODUCTION–MAJOR MARKET GROUPS AND SELECTED MANUFACTURES

[1997 = 100; monthly data seasonally adjusted]

Products and nonindustrial supplies

Final products

Consumer goods

Durable Nondurable

Period Total Total goods goods

1994 86.8 91.6 85.4 94.2

1995 90.4 94.5 89.7 96.5

1996 93.9 96.5 93.5 97.8

1997 100.0 100.0 100.0 100.0

1998 105.7 103.6 107.0 102.2

1999 108.3 105.3 113.5 102.1

2000 111.6 107.5 117.5 103.7

2001 109.1 105.9 110.4 104.0

2002 107.6 106.8 115.7 103.4

2003 107.5 106.1 118.3 101.6

2003: Sept 107.8 106.1 120.8 100.9

Oct 107.7 106.0 119.8 101.0

Nov 108.9 107.1 121.3 102.1

Dec 109.1 107.3 121.2 102.3

2004: Jan 109.8 108.1 122.7 102.9

Feb 110.8 108.8 123.8 103.5

Mar 110.7 108.5 122.9 103.4

Apr 111.0 108.6 123.1 103.4

May 111.9 109.2 122.0 104.6

June r 111.4 108.3 119.8 104.1

July r 112.5 108.6 120.6 104.2

Aug r 112.4 108.9 122.3 104.1

Sept p 112.7 109.2 121.9 104.6

Products and nonindustrial supplies

Final products

Equipment

Defense

Business and space

Period Total (1) equipment equipment

1994 78.0 73.5 108.9

1995 82.8 79.4 106.0

1996 88.9 86.9 102.0

1997 100.0 100.0 100.0

1998 110.0 111.2 104.1

1999 114.2 117.1 101.4

2000 119.7 125.5 91.0

2001 115.1 117.6 102.6

2002 108.1 109.5 105.7

2003 109.6 110.4 111.9

2003: Sept 110.6 111.2 113.7

Oct 110.3 110.8 113.7

Nov 111.8 112.7 113.3

Dec 112.0 113.2 112.4

2004: Jan 112.7 114.4 111.7

Feb 114.4 116.2 113.2

Mar 114.6 116.2 114.4

Apr 115.6 117.3 115.0

May 117.2 119.1 116.3

June r 117.7 119.8 115.9

July r 121.1 123.4 118.9

Aug r 119.9 122.0 119.0

Sept p 120.3 122.3 119.7

Products and nonindustrial

supplies

Nonindustrial supplies

Materials

Construction Business

Period Total supplies supplies Total (1) Energy

1994 87.0 89.5 86.2 83.0 97.0

1995 90.3 91.4 89.9 87.9 98.5

1996 93.8 95.5 93.2 92.2 100.0

1997 100.0 100.0 100.0 100.0 100.0

1998 105.7 105.2 105.9 106.2 100.2

1999 109.9 107.9 110.7 113.1 100.2

2000 114.4 110.3 116.0 119.8 101.6

2001 109.8 105.2 111.6 114.6 100.4

2002 108.6 103.1 110.7 115.1 100.5

2003 109.0 102.0 111.7 115.7 100.4

2003: Sept 108.7 102.3 111.3 116.4 100.4

Oct 109.6 103.1 112.1 116.9 100.9

Nov 110.4 104.4 112.8 117.9 100.9

Dec 110.8 104.1 113.4 118.2 101.4

2004: Jan 111.3 104.1 114.1 118.9 102.6

Feb 112.1 104.3 115.3 119.8 102.2

Mar 112.2 105.1 115.1 119.7 100.9

Apr 113.8 106.0 116.9 120.2 101.0

May 114.9 106.9 118.1 121.2 102.1

June r 114.9 106.4 118.3 120.9 100.5

July r 115.4 107.1 118.7 121.4 100.8

Aug r 115.1 107.4 118.1 121.2 99.3

Sept p 115.5 107.1 118.9 121.1 99.5

(1) Includes other items, not shown separately.

[1997 = 100; monthly data seasonally adjusted]

Durable manufactures

Primary metal

Iron and Fabricated

steel metal

Period Total products products Machinery

1994 92.6 93.3 87.0 85.5

1995 93.7 94.8 92.3 91.5

1996 95.9 97.1 95.8 94.9

1997 100.0 100.0 100.0 100.0

1998 102.3 100.3 103.0 102.6

1999 101.7 99.9 103.8 100.4

2000 98.5 99.0 107.9 105.8

2001 89.0 87.7 100.1 93.8

2002 86.5 89.5 97.4 86.8

2003 84.6 89.9 94.4 86.7

2003: Sept 83.0 88.5 94.4 87.3

Oct 84.7 91.1 94.6 86.3

Nov 86.7 93.1 95.3 89.7

Dec 88.0 99.7 95.6 89.6

2004: Jan 87.3 98.8 95.6 91.1

Feb 90.3 101.1 96.3 93.5

Mar 89.0 97.7 96.9 94.1

Apr 87.7 94.3 97.8 95.4

May 87.6 93.1 98.2 97.0

June r 89.1 94.2 98.8 96.9

July r 90.9 97.3 98.8 100.2

Aug r 89.9 97.5 98.9 97.4

Sept p 90.0 98.1 99.0 97.7

Durable manufactures

Computer and Transportation

electronic products equipment

Selected high Motor vehicles

Period Total technology (1) Total and parts

1994 44.2 33.2 89.9 89.4

1995 57.5 47.3 90.1 92.0

1996 73.8 66.7 91.7 92.7

1997 100.0 100.0 100.0 100.0

1998 129.1 140.2 108.8 105.2

1999 169.0 201.3 114.5 116.4

2000 224.0 286.7 109.5 116.2

2001 226.1 291.1 105.9 105.6

2002 234.7 311.4 108.0 114.5

2003 266.5 368.5 108.7 117.5

2003: Sept 277.1 388.1 112.1 122.7

Oct 282.9 397.4 110.4 119.9

Nov 285.3 402.8 111.0 120.5

Dec 285.3 404.7 111.6 121.3

2004: Jan 290.1 416.7 112.3 122.6

Feb 296.6 428.7 114.4 125.1

Mar 301.0 434.4 112.9 122.7

Apr 302.5 440.9 113.1 122.6

May 310.8 452.2 111.6 120.1

June r 313.4 457.9 109.8 117.6

July r 318.6 460.7 110.6 117.7

Aug r 319.7 464.1 113.1 121.7

Sept p 321.7 468.9 112.7 121.2

Nondurable manufactures

Printing

Period Apparel and support Chemical Food

1994 104.1 95.9 91.3 96.8

1995 104.1 97.3 92.7 99.3

1996 101.3 98.0 94.6 97.4

1997 100.0 100.0 100.0 100.0

1998 94.6 101.0 101.8 104.3

1999 90.7 101.9 103.8 105.2

2000 87.3 102.3 105.5 106.8

2001 77.9 96.9 103.9 106.9

2002 70.8 93.7 105.3 107.1

2003 62.3 89.3 105.5 106.2

2003: Sept 59.1 88.7 106.1 105.9

Oct 60.2 88.3 106.4 105.5

Nov 60.6 87.0 108.3 106.3

Dec 60.3 87.6 107.8 106.8

2004: Jan 60.5 88.5 107.3 106.7

Feb 61.3 87.9 108.2 107.3

Mar 61.9 88.9 109.4 107.6

Apr 62.8 88.6 110.7 107.5

May 61.5 89.8 111.1 109.1

June r 60.7 91.2 111.1 108.2

July r 58.9 90.6 111.8 108.9

Aug r 58.8 90.0 113.2 107.9

Sept p 59.2 89.3 112.0 107.9

(1) Computers and office equipment, communications equipment, and

semiconductors and related electronic components.

Source: Board of Governors of the Federal Reserve System.

NEW CONSTRUCTION

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Private

Total new Residential

construction

Period expenditures Total Total (1) New housing

1994 539.2 419.0 258.6 176.4

1995 557.8 427.9 247.4 171.4

1996 615.9 476.6 281.1 191.1

1997 653.4 502.7 289.0 198.1

1998 705.7 551.4 314.6 224.0

1999 766.1 596.3 350.6 251.3

2000 828.2 642.6 374.5 265.0

2001 858.3 652.5 388.3 279.4

2002 871.3 651.7 421.9 298.8

2003 915.7 690.0 476.1 345.9

2003: Sept 930.8 701.2 487.6 358.2

Oct 942.2 714.1 495.6 366.4

Nov 947.7 721.1 504.2 375.6

Dec 948.9 727.0 511.3 381.7

2004: Jan 946.5 724.0 513.9 383.5

Feb 952.2 732.1 516.4 384.9

Mar 973.9 738.7 522.2 391.1

Apr 986.4 747.5 525.9 397.8

May 992.8 756.4 535.5 407.5

June 996.4 758.9 538.5 409.8

July r 1,005.1 767.1 543.3 411.7

Aug r 1,014.0 778.4 553.0 420.5

Sept p 1,013.9 777.5 551.6 417.6

Private

Nonresidential

Commercial

Period Total Lodging Office (including farm)

1994 160.4 4.7 20.4 39.6

1995 180.5 7.1 23.0 44.1

1996 195.5 10.9 26.5 49.4

1997 213.7 12.9 32.8 53.1

1998 236.8 14.8 40.4 55.7

1999 245.8 16.0 45.1 59.4

2000 268.2 16.3 52.4 64.1

2001 264.2 14.5 49.7 63.6

2002 229.8 10.5 35.3 59.2

2003 213.9 9.9 30.4 57.7

2003: Sept 213.6 9.6 30.5 57.9

Oct 218.6 10.0 32.5 58.1

Nov 216.9 9.4 32.1 57.0

Dec 215.7 9.3 31.5 56.7

2004: Jan 210.1 8.7 29.2 56.9

Feb 215.7 10.1 32.0 56.8

Mar 216.5 11.1 32.2 56.4

Apr 221.6 11.4 33.1 58.9

May 220.9 11.2 32.4 60.0

June 220.4 11.9 33.1 61.3

July r 223.8 12.3 32.8 63.5

Aug r 225.4 12.1 32.8 64.4

Sept p 225.8 12.7 31.9 63.2

Private

Nonresidential

Federal and State

Period Manufacturing Other (2) and local

1994 28.8 66.9 120.2

1995 35.4 70.9 129.9

1996 38.1 70.6 139.3

1997 37.6 77.3 150.7

1998 40.5 85.4 154.3

1999 32.6 92.8 169.7

2000 31.8 103.6 185.5

2001 29.5 106.8 205.8

2002 16.4 108.4 219.6

2003 14.2 101.6 225.7

2003: Sept 14.8 100.8 229.5

Oct 14.9 103.0 228.0

Nov 14.4 104.0 226.6

Dec 13.6 104.6 222.0

2004: Jan 13.8 101.6 222.6

Feb 13.8 102.9 220.1

Mar 13.9 103.0 235.2

Apr 13.4 104.8 238.9

May 14.3 103.1 236.3

June 13.0 101.1 237.4

July r 14.3 100.9 238.0

Aug r 14.3 101.8 235.6

Sept p 14.8 103.2 236.4

(1) Includes residential improvements, not shown separately.

(2) Includes health care, educational, communication, and power,

among other categories not shown separately.

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES

[Thousands of units or houses, except as noted]

New private housing units

Units started, by type of structure

5 units

Period Total 1 unit 2-4 units (1) or more

1994 1,457.0 1,198.4 35.2 223.5

1995 1,354.1 1,076.2 33.8 244.1

1996 1,476.8 1,160.9 45.3 270.8

1997 1,474.0 1,133.7 44.5 295.8

1998 1,616.9 1,271.4 42.6 302.9

1999 1,640.9 1,302.4 31.9 306.6

2000 1,568.7 1,230.9 38.7 299.1

2001 1,602.7 1,273.3 36.6 292.8

2002 1,704.9 1,358.6 38.5 307.9

2003 1,847.7 1,499.0 33.5 315.2

Seasonally adjusted annual rates

2003: Sept 1,922 1,537 45 340

Oct 1,983 1,644 29 310

Nov 2,054 1,670 37 347

Dec 2,067 1,657 29 381

2004: Jan 1,934 1,565 30 339

Feb 1,895 1,521 30 344

Mar 2,000 1,624 33 343

Apr 1,963 1,615 36 312

May 1,979 1,654 56 269

June 1,817 1,520 25 272

July r 1,985 1,661 64 260

Aug r 2,020 1,678 69 273

Sept p 1,898 1,540 30 328

New private housing New private houses

units

Houses for

Units Units Houses sale at end

Period authorized completed sold of period (2)

1994 1,371.6 1,346.9 670 336.0

1995 1,332.5 1,312.6 667 370.0

1996 1,425.6 1,412.9 757 322.0

1997 1,441.1 1,400.5 804 281.0

1998 1,612.3 1,474.2 886 294.0

1999 1,663.5 1,604.9 880 308.0

2000 1,592.3 1,573.7 877 298.0

2001 1,636.7 1,570.8 908 308.0

2002 1,747.7 1,648.4 973 339.0

2003 1,889.2 1,678.7 1,086 370.0

Seasonally adjusted annual rates

2003: Sept 1,943 1,697 1,127 350

Oct 2,015 1,731 1,141 360

Nov 1,920 1,709 1,086 365

Dec 1,979 1,736 1,120 370

2004: Jan 1,913 1.714 1,155 374

Feb 1,913 1,729 1,165 373

Mar 1,975 1,782 1,270 379

Apr 2,006 1,944 1,176 384

May 2,097 1,928 1,244 385

June 1,945 1,865 1,198 383

July r 2,066 1,876 1,101 395

Aug r 1,969 1,909 1,165 399

Sept p 1,998 1,791 1,206 404

Vacancy rate

for rental

housing units

Period (percent)

1994 7.4

1995 7.6

1996 7.8

1997 7.7

1998 7.9

1999 8.1

2000 8.0

2001 8.4

2002 8.9

2003 9.8

2003: Sept 9.9

Oct …

Nov …

Dec 10.2

2004: Jan …

Feb …

Mar 10.4

Apr …

May …

June 10.2

July r …

Aug r …

Sept p 10.1

(1) Derived; seasonally adjusted monthly data for 2-4 housing units

started are no longer published.

(2) Seasonally adjusted.

(3) Revised series. Quarterly data entered in last month of quarter.

NOTE.–Units authorized are for 19,000 places.

BUSINESS SALES AND INVENTORIES–Manufacturing and Trade

In August, according to preliminary estimates, manufacturing and

trade sales rose 0.7 percent and inventories rose $9.3 billion.

According to advance estimates, retail sales rose 1.5 percent in

September. Retail and food services sales also rose 1.5 percent.

[Millions of dollars, except ratios; seasonally adjusted,

except as noted]

Manufacturing and trade (1)

Inventory

sales

Period Sales (2) Inventories (3) ratio (4)

1994 610,669 930,681 1.47

1995 655,227 489,067 1.48

1996 687,472 1,008,623 1.46

1997 724,126 1,049,527 1.42

1998 743,702 1,081,988 1.44

1999 787,531 1,142,277 1.41

2000 835,194 1,200,666 1.41

2001 819,061 1,146,151 1.44

2002 822,013 1,163,690 1.40

2003 856,998 1,185,477 1.37

2003: Aug r 861,750 1,166,882 1.35

Sept r 866,217 1,173,444 1.35

Oct 873,519 1,177,496 1.35

Nov 879,925 1,181,735 1.34

Dec 891,329 1,185,477 1.33

2004: Jan 894,394 1,187,402 1.33

Feb 902,285 1,197,134 1.33

Mar 931,224 1,205,977 1.30

Apr 930,732 1,214,579 1.30

May 938,211 1,222,744 1.30

June 940,345 1,236,066 1.31

July r 948,939 1,248,260 1.32

Aug p r 955,282 1,257,537 1.32

Sept p … … …

Wholesale

Inventory

sales

Period Sales (2) Inventories (3) ratio (4)

1994 161,133 218,119 1.29

1995 176,227 234,268 1.30

1996 186,649 237,186 1.28

1997 194,541 254,763 1.27

1998 198,319 267,689 1.32

1999 211,631 284,396 1.30

2000 228,630 301,618 1.29

2001 225,123 287,913 1.32

2002 228,524 288,990 1.25

2003 240,442 295,435 1.21

2003: Aug r 239,756 288,848 1.20

Sept r 241,527 291,248 1.21

Oct 246,430 292,549 1.19

Nov 247,737 293,534 1.18

Dec 251,526 295,435 1.17

2004: Jan 253,664 296,016 1.17

Feb 259,109 299,712 1.16

Mar 266,509 301,311 1.13

Apr 269,017 301,989 1.12

May 269,823 306,229 1.13

June 270,235 309,744 1.15

July r 272,479 314,354 1.15

Aug p 275,812 317,211 1.15

Sept p … … …

Retail

Inventory

sales

Period Sales (2) Inventories (3) ratio (4)

1994 179,693 312,227 1.66

1995 189,028 329,582 1.72

1996 201,058 340,621 1.67

1997 210,027 350,960 1.64

1998 220,399 365,068 1.62

1999 239,910 394,235 1.59

2000 255,849 417,652 1.59

2001 263.063 406.002 1.58

2002 269,177 430,512 1.56

2003 283,295 451,458 1.56

2003: Aug r 290,318 438,402 1.51

Sept r 287,092 443,902 1.55

Oct 287,264 446,267 1.55

Nov 290,734 450,075 1.55

Dec 291,318 451,458 1.55

2004: Jan 292,253 451,357 1.54

Feb 295,019 454,614 1.54

Mar 301,790 460,087 1.52

Apr 299,146 465,891 1.56

May 303,683 466,569 1.00

June 301,306 472,012 1.57

July r 304,355 475,225 1.56

Aug p 303,933 478,351 1.57

Sept p 308,612 … …

Retail and

food services

Period sales (2)

1994 198,496

1995 208,496

1996 221,299

1997 231,530

1998 243,119

1999 263,733

2000 281,385

2001 289,667

2002 296,965

2003 313,057

2003: Aug r 320,843

Sept 316,937

Oct 318,064

Nov 321,798

Dec 322,342

2004: Jan 323,918

Feb 326,996

Mar 333,818

Apr 331,131

May 335,920

June 333,543

July r 336,944

Aug p r 336,354

Sept p 341,273

(1) See page 21 for manufacturing.

(2) Annual data are averages of monthly not seasonally adjusted

figures; monthly data are seasonally adjusted totals for month.

(3) Seasonally adjusted, end of period.

(4) Annual data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

[GRAPHICS OMITTED]

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS

In September, manufacturers’ shipments and new orders fell;

inventories and unfilled orders rose.

Manufacturers’ shipments (1)

Durable Nondurable

Period Total goods goods

Millions of dollars, seasonally

adjusted, except as noted

1994 269,843 147,005 122,838

1995 289,973 158,568 131,405

1996 299,766 164,883 134,883

1997 319,558 178,949 140,610

1998 324,984 185,966 139,019

1999 335,991 193,895 142,096

2000 350,715 197,807 152,908

2001 330,875 181,201 149,674

2002 324,313 177,617 146,696

2003 333,260 179,220 154,041

2003: Sept 337,598 182,379 155,219

Oct 339,825 183,740 156,085

Nov 341,454 184,074 157,380

Dec 348,485 187,978 160,507

2004: Jan 348,477 186,115 162,362

Feb 348,157 188,798 159,359

Mar 362,925 197,139 165,786

Apr 362,569 195,512 167,057

May 364,705 194,389 170,316

June 368,804 196,708 172,096

July 372,105 197,698 174,407

Aug 375,537 201,398 174,139

Sept p 371,302 198,923 172,379

Manufacturers’ inventories (2)

Durable Nondurable

Period Total goods goods

Millions of dollars, seasonally

adjusted, except as noted

1994 400,335 253,444 146,891

1995 425,217 267,696 157,521

1996 430,816 272,787 158,029

1997 443,804 281,249 162,555

1998 449,231 290,874 158,357

1999 463,646 296,645 167,001

2000 481,396 306,682 174,714

2001 452,236 283,723 168,514

2002 444,188 271,789 172,399

2003 438,584 262,947 175,637

2003: Sept 438,294 261,678 176,616

Oct 438,680 262,351 176,329

Nov 438,126 261,414 176,712

Dec 438,584 262,947 175,637

2004: Jan 440,029 263,276 176,753

Feb 442,798 264,550 178,248

Mar 444,579 265,607 178,972

Apr 446,699 267,206 179,493

May 449,946 269,308 180,638

June 454,310 271,849 182,461

July 458,681 274,834 188,847

Aug 461,975 277,119 184,856

Sept p 463,262 278,186 185,076

Manufacturers’ new orders (1)

Durable goods

Capital goods

industries

Period Total Total nondefense

Millions of dollars, seasonally

adjusted, except as noted

1994 266,641 143,303 45,175

1995 285,542 154,117 51,011

1996 297,282 162,399 54,066

1997 314,986 174,377 60,697

1998 317,345 178,327 62,133

1999 329,770 187,674 64,392

2000 346,789 193,881 69,278

2001 322,944 173,270 58,336

2002 316,744 170,048 53,991

2003 329,167 175,126 57,445

2003: Sept 333,957 178,738 60,235

Oct 341,856 185,771 61,672

Nov 338,726 181,346 57,862

Dec 344,868 184,361 60,219

2004: Jan 341,868 179,506 58,564

Feb 345,778 186,419 60,967

Mar 363,146 197,360 64,726

Apr 359,124 192,067 63,908

May 360,561 190,245 62,996

June 364,818 192,722 63,934

July 370,838 196,431 69,879

Aug 369,574 195,435 65,015

Sept p 368,254 195,875 65,512

Manufacturers’

Manufacturers’ inventory–shipments

Period unfilled orders (2) ratio (3)

Millions of dollars,

seasonally adjusted,

except as noted

1994 434,594 1.44

1995 447,338 1.44

1996 488,815 1.43

1997 513,166 1.37

1998 496,471 1.39

1999 505,941 1.35

2000 550,005 1.35

2001 517,590 1.42

2002 485,816 1.37

2003 506,298 1.33

2003: Sept 492,006 1.30

Oct 500,307 1.29

Nov 503,869 1.28

Dec 506,298 1.36

2004: Jan 506,184 1.26

Feb 510,535 1.27

Mar 517,585 1.22

Apr 521,211 1.23

May 524,365 1.23

June 527,537 1.23

July 533,792 1.23

Aug 535,310 1.23

Sept p 539,342 1.25

(1) Annual data are average of monthly not seasonally adjusted figures;

monthly data are seasonally adjusted totals for month. Shipments are

the same as sales.

(2) Seasonally adjusted, end of period.

(3) Annual data are averages of seasonally adjusted monthly ratios.

NOTE.–Manufacturers nondurable new orders (not shown) are the

same as nondurable shipments. Also, there are no unfilled nondurable

orders; data shown for total unfilled orders are durable unfilled

orders.

[GRAPHICS OMITTED]