Business Outlook Survey Table of Results, January

Summary of Returns
January  2012

                     January vs. December         Six Months from now
                                                   vs. January

               Prev.                         Prev.
               Diff.  Inc. No ch. Dec. Diff. Diff.  Inc. No ch. Dec. Diff.
               Index                   Index Index                   Index

General Busines   6.8  29.6  45.7  22.3   7.3  40.0  55.7  34.3   6.8  49.0
Conditions

New Orders       10.7  34.5  37.8  27.6   6.9  44.1  55.1  34.7   5.4  49.7

Shipments         9.1  34.5  34.9  28.8   5.7  36.4  53.8  36.8   5.6  48.2

Unfilled Orders   5.1  17.7  60.5  21.8  -4.1   5.7  19.6  69.2   4.9  14.7

Delivery Times    1.3  15.9  61.1  19.7  -3.8  -0.4  12.5  65.2  18.1  -5.6

Inventories     -11.5  19.3  54.5  25.6  -6.3  -5.0  25.0  49.7  21.7   3.3

Prices Paid      30.4  34.8  59.4   3.0  31.8  49.4  53.3  43.3   0.6  52.7

Prices Received  10.3  21.3  68.0  10.2  11.2  26.4  29.4  62.3   5.6  23.8

Number of Emp.   11.5  21.3  67.2   9.7  11.6  10.8  27.8  59.0   8.7  19.1

Avg. Emp. Wrkwk   2.8  23.3  54.5  18.3   5.0   4.5  22.6  60.8  13.4   9.2

Capital Ex.      --    --    --    --    --    10.8  37.1  40.2  14.2  22.9


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 data reflect information received through January 17, 2012.