Business Outlook Survey Table of Results, February 2005

Summary of Returns
February 2005

                     Feb. vs. Jan.            |        Six Months from now vs Feb.
                                              |
                                              |
               Prev.                          |  Prev.
               Diff.  Inc. No ch. Dec. Diff.  |  Diff.  Inc. No ch. Dec. Diff.
               Index                   Index  |  Index                   Index
                                              |
General Busines  13.2  35.5  52.9  11.6  23.9 |    25.5  40.4  45.6  14.0  26.5
Conditions                                    |
                                              |
New Orders        9.8  34.1  42.6  22.4  11.7 |    36.9  41.9  42.6  12.1  29.8
                                              |
Shipments        15.9  41.1  40.8  17.3  23.8 |    29.5  46.4  36.6  15.4  30.9
                                              |
Unfilled Orders  -5.2  13.0  70.0  15.8  -2.8 |     8.3  15.2  64.3  13.2   1.9
                                              |
Delivery Times   -3.2  14.3  77.5   7.3   7.1 |    -3.5  13.9  70.7  11.5   2.5
                                              |
Inventories      -2.7  20.5  50.0  28.0  -7.4 |   -10.4  13.6  49.3  30.5 -16.9
                                              |
Prices Paid      66.1  49.0  45.6   5.4  43.5 |    42.2  66.9  26.1   3.9  63.1
                                              |
Prices Received  24.7  29.0  66.5   4.3  24.6 |    28.6  45.6  46.7   5.5  40.1
                                              |
Number of Emp.   17.0  23.7  63.3  11.4  12.3 |    25.9  30.0  47.2  18.3  11.8
                                              |
Avg. Emp. Wrkwk   9.1  19.7  70.2   8.5  11.3 |     6.0  14.0  71.3  10.5   3.5
                                              |
Capital Ex.       --    --    --    --    --  |    22.9  30.9  37.5   6.9  23.9


Notes: (1) Items may not add to 100 percent because of omission by respondents.
       (2) All data are seasonally adjusted.
       (3) Diffusion indexes represent the percentage of respondents indicating
           an increase minus the percentage indicating a decrease.
       (4) Survey results reflect data received through February 14, 2005.