2004 Summer Manufacturing Business Conditions Survey Results

Diffusion Index*

Compared to the second half of 2003, in the first half of 2004 your location's:
	District	U.P.	MN	MT	ND	SD	WI
Number of orders	69	69	64	75	70	74	69
Product/service production level	69	71	64	75	74	73	70
Employment level	59	59	54	60	62	64	60
Investment in plant/equipment	58	72	54	58	59	58	60
Prices	70	78	66	70	80	72	69
Productivity	67	80	62	71	72	69	56
Profits	52	54	43	62	59	60	56
Exports**	62	67	60	63	71	58	66

Compared to the first half of 2004, during the next six months you expect your location's:
	District	U.P.	MN	MT	ND	SD	WI
Number of orders	66	72	65	71	72	60	68
Product/service production level	65	72	64	66	67	62	66
Employment level	57	63	56	55	61	53	58
Investment in plant/equipment	56	59	52	58	60	56	60
Prices	64	72	63	62	70	62	66
Productivity	64	76	61	65	63	64	69
Profits	56	57	54	60	56	49	60
Exports**	60	100	62	57	59	54	60

What is your outlook on the following state economic indicators during the next six months:
	District	U.P.	MN	MT	ND	SD	WI
Business investment	61	67	58	62	68	59	68
Employment	63	69	63	60	67	60	65
Consumer spending	57	65	55	60	60	55	61
Inflation	79	83	79	78	81	81	75
Economic growth	66	70	64	69	64	67	69
Corporate profits	58	56	57	60	57	53	61

*A number above 50 indicates expansion and a number below 50 represents contraction. Computed by taking the percentage of respondents that reported "up" and half the percentage of the respondents that reported "same."

** A majority of respondents left this question blank.

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2004 Summer Manufacturing Business Conditions Survey Results

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