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Chapter 6 - Manufacturers’ Shipments, In... > EVOLUTION OF AN INDICATOR

EVOLUTION OF AN INDICATOR

The M3 survey grew out of the Department of Commerce’s Current Industrial Report (CIR) program, in place since 1904. In 1939, the Commerce Department’s Office of Business Economics, working through the CIR program, established the first monthly Industry Survey. The forerunner of the M3 survey, it contained broad-based measures of inventory changes and information about the ratio of new and unfilled orders to current sales. In following years, various changes were made in how the data were calculated and presented, as well as in which industry groups were represented and their composition. Revisions instituted from 1947 to 1963, for example, included adding seasonally adjusted dollar estimates of the data to better reveal nonseasonal featu....

  

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