Business Outlook Survey Table of Results, August 2004

August 2004

                     August vs July           |        Six Months from now vs August
                                              |
                                              |
                Prev.                         |  Prev.
                Diff.  Inc. No ch. Dec. Diff. |  Diff.  Inc. No ch. Dec. Diff.
                Index                   Index |  Index                   Index
                                              |
General Business 36.1  37.2  54.1   8.7  28.5 |    36.3  54.5  38.7   1.8  52.7
Conditions                                    |
                                              |
New Orders       35.3  36.3  44.8  17.2  19.2 |    31.6  55.0  33.6   6.8  48.1
                                              |
Shipments        41.3  44.2  42.8  12.3  32.0 |    38.4  55.6  32.6   5.3  50.3
                                              |
Unfilled Orders  19.4  17.6  63.0  15.5   2.1 |     4.0  29.7  54.5  12.3  17.4
                                              |
Delivery Times   15.3   7.0  79.3  13.8  -6.8 |    -5.9  20.4  57.0  16.6   3.8
                                              |
Inventories       4.1  22.3  57.0  20.6   1.7 |     2.7  28.3  41.9  23.9   4.4
                                              |
Prices Paid      46.3  54.7  42.9   1.0  53.7 |    44.5  52.2  36.3   5.1  47.2
                                              |
Prices Received  33.1  37.8  58.4   3.7  34.1 |    31.9  45.3  44.8   4.8  40.5
                                              |
Number of Emp.   24.6  23.9  69.5   6.6  17.2 |    20.9  32.2  54.3   5.5  26.6
                                              |
Avg. Emp. Wrkwk  12.3  15.1  75.4   7.2   8.0 |     4.3  22.5  65.3   4.4  18.2
                                              |
Capital Ex.       --    --    --    --    --  |    28.0  28.4  45.8   7.0  21.4


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 August 16, 2004.