Business Outlook Survey Table of Results, March 2005

Summary of Returns
April 2005

                     April. vs. Mar.          |      Six Months from now vs Mar.
                                              |
                                              |
               Prev.                          |  Prev.
               Diff.  Inc. No ch. Dec. Diff.  |  Diff.  Inc. No ch. Dec. Diff.
               Index                   Index  |  Index                   Index
                                              |
General Busines  11.4  35.8  53.7  10.5  25.3 |    29.8  40.8  43.7  13.3  27.5
Conditions                                    |
                                              |
New Orders       13.2  37.3  45.8  16.9  20.3 |    35.3  49.1  33.1  15.2  33.9
                                              |
Shipments        14.7  44.0  40.7  14.6  29.4 |    39.4  48.2  32.2  16.4  31.8
                                              |
Unfilled Orders  -2.1  14.8  66.4  18.6  -3.8 |     5.8  22.7  56.4  18.8   3.9
                                              |
Delivery Times    3.5  12.9  74.1   7.9   5.1 |     0.1  19.0  67.1  12.2   6.8
                                              |
Inventories      -5.3  22.0  58.5  18.6   3.4 |     1.0  20.4  48.5  28.9  -8.5
                                              |
Prices Paid      29.7  55.9  38.8   5.4  50.5 |    42.2  58.0  28.9   7.4  50.6
                                              |
Prices Received  15.3  33.2  61.6   5.2  28.0 |    22.4  43.0  50.2   6.0  37.0
                                              |
Number of Emp.   10.1  29.3  57.7  12.5  16.8 |    21.5  30.5  54.6  11.3  19.2
                                              |
Avg. Emp. Wrkwk   2.6  23.1  71.0   2.7  20.4 |     5.3  20.7  66.6   8.0  12.7
                                              |
Capital Ex.       --    --    --    --    --  |    30.4  37.8  42.7   5.8  32.1


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 March 15, 2005.