Business Outlook Survey Table of Results, July

Summary of Returns
July 2012

                     July vs. June                 Six Months from now
                                                   vs. July

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

General Busines -16.6  18.7  44.0  31.6 -12.9  19.5  37.2  36.5  17.9  19.3
Conditions

New Orders      -18.8  28.6  34.7  35.5  -6.9  38.2  42.4  35.6  16.4  26.1

Shipments       -16.6  23.1  45.2  31.7  -8.6  38.0  37.0  37.8  17.9  19.0

Unfilled Orders -16.3  17.2  56.1  26.7  -9.5   2.5  21.5  59.2  18.2   3.3

Delivery Times  -15.5   1.8  77.9  17.4 -15.7  -7.3   4.7  67.8  17.7 -13.0

Inventories      -8.7  20.1  52.2  27.6  -7.5 -12.0  13.5  47.4  29.4 -16.0

Prices Paid      -2.8  19.0  64.7  15.3   3.7  20.1  33.9  46.3  11.1  22.8

Prices Received  -6.9  12.7  75.5  11.1   1.6  13.5  26.1  54.9  11.5  14.6

Number of Emp.    1.8   9.9  71.8  18.3  -8.4  18.7  23.7  55.2  12.4  11.3

Avg. Emp. Wrkwk -19.1  11.3  57.2  28.6 -17.3  -0.8  22.3  58.6   7.8  14.5

Capital Ex.      --    --    --    --    --    19.4  26.8  40.4  23.5   3.3


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 July 17, 2012.