Business Outlook Survey Table of Results, December 2003

December 2003

                     December vs. November    |        Six Months from now
                                              |              December
                                              |
               Prev.                          |  Prev.
               Diff.  Inc. No ch. Dec. Diff.  |  Diff.  Inc. No ch. Dec. Diff.
               Index                   Index  |  Index                   Index
                                              |
General Busines  25.9  39.5  50.3   7.4  32.1 |    63.4  59.9  25.4   7.6  52.3
Conditions                                    |
                                              |
New Orders       20.8  48.9  38.5   7.0  41.8 |    60.2  59.3  24.3   7.5  51.8
                                              |
Shipments        26.8  44.4  50.0   3.3  41.1 |    58.4  61.2  22.4   7.6  53.6
                                              |
Unfilled Orders   9.0  21.3  73.3   3.8  17.5 |    22.1  28.4  59.6   3.1  25.3
                                              |
Delivery Times   -0.6   8.6  83.2   6.9   1.7 |    14.8   8.1  77.1   6.1   1.9
                                              |
Inventories     -11.6  11.6  65.7  20.3  -8.7 |     8.4  28.2  41.9  19.2   9.1
                                              |
Prices Paid      24.9  35.0  61.1   3.6  31.4 |    30.4  44.8  45.7   2.5  42.3
                                              |
Prices Received   3.4  16.4  69.4  11.0   5.5 |    25.4  27.4  62.0   0.5  26.8
                                              |
Number of Emp.    3.3  27.0  67.8   5.1  21.9 |    21.6  27.4  55.4  10.7  16.7
                                              |
Avg. Emp. Wrkwk  -1.0  20.5  75.4   2.1  18.4 |    16.2  31.2  55.8   4.2  27.0
                                              |
Capital Ex.       --    --    --    --    --  |    17.6  27.9  41.3   4.8  23.1


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 December 12, 2003.