Business Outlook Survey Table of Results, November 2003

November 2003

                     November vs. October     |        Six Months from now
                                              |                vs. November
                                              |
               Prev.                          |  Prev.
               Diff.  Inc.  No ch.  Dec. Diff.|  Diff.   Inc. No ch.  Dec.  Diff.
               Index                    Index |  Index                     Index
                                              |
General Busines  28.0  33.1  57.3   7.2  25.9 |    55.5  68.4  17.4   5.0  63.4
Conditions                                    |
                                              |
New Orders       29.0  36.9  46.9  16.1  20.8 |    50.8  69.0  15.9   8.8  60.2
                                              |
Shipments        28.8  37.9  51.0  11.1  26.8 |    50.0  68.5  14.2  10.1  58.4
                                              |
Unfilled Orders   7.7  16.7  69.1   7.7   9.0 |    22.4  30.7  55.7   8.7  22.1
                                              |
Delivery Times    2.3   9.1  81.2   9.7  -0.6 |     1.3  24.2  61.2   9.4  14.8
                                              |
Inventories      -2.5   9.9  68.5  21.5 -11.6 |     8.1  23.7  53.9  15.4   8.4
                                              |
Prices Paid      22.3  28.9  66.7   4.0  24.9 |    29.8  36.2  53.2   5.8  30.4
                                              |
Prices Received   5.4  14.4  74.2  11.0   3.4 |    11.3  32.2  56.8   6.8  25.4
                                              |
Number of Emp.    5.5  17.5  68.4  14.1   3.3 |    33.3  29.9  57.2   8.3  21.6
                                              |
Avg. Emp. Wrkwk  13.5  10.7  72.5  11.7  -1.0 |    11.1  27.1  54.4  10.9  16.2
                                              |
Capital Ex.       --    --    --    --    --  |    11.0  21.4  50.0   3.8  17.6


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 November 14, 2003.