Business Outlook Survey Table of Results, December 2004

December 2004

                     Dec. vs Nov.             |        Six Months from now vs Dec.
                                              |
                                              |
               Prev.                          |  Prev.
               Diff.  Inc. No ch. Dec. Diff.  |  Diff.  Inc. No ch. Dec. Diff.
               Index                   Index  |  Index                   Index
                                              |
General Busines  20.7  37.2  54.3   7.7  29.6 |    52.1  53.8  32.6  12.6  41.2
Conditions                                    |
                                              |
New Orders       22.1  40.8  44.8  14.4  26.4 |    56.6  57.4  26.6  11.3  46.1
                                              |
Shipments        24.5  39.0  49.7   7.0  32.0 |    51.8  54.0  26.7  15.8  38.3
                                              |
Unfilled Orders  -1.2  20.3  65.7  12.5   7.7 |    22.9  18.7  64.7  12.3   6.4
                                              |
Delivery Times   -4.7  13.9  71.2  14.8  -0.9 |     4.9  13.5  67.0  13.6  -0.1
                                              |
Inventories      -6.1  16.2  56.7  23.8  -7.5 |     9.2  18.3  56.7  19.4  -1.1
                                              |
Prices Paid      53.9  54.3  42.3   2.1  52.2 |    51.1  68.2  24.2   4.5  63.7
                                              |
Prices Received    28  24.6  68.2   4.6  20.0 |    46.3  47.3  38.6   7.6  39.7
                                              |
Number of Emp.   17.4  24.3  66.1   9.6  14.7 |    29.2  31.3  53.0   9.9  21.4
                                              |
Avg. Emp. Wrkwk   0.6  21.4  72.7   2.9  18.6 |    16.6  18.5  62.6  12.2   6.3
                                              |
Capital Ex.       --    --    --    --    --  |    25.5  35.8  39.2   8.6  27.2


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 13, 2004.