[Federal Register Volume 83, Number 32 (Thursday, February 15, 2018)]
[Notices]
[Pages 6837-6838]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-03131]


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DEPARTMENT OF COMMERCE


Submission for OMB Review; Comment Request

    The Department of Commerce will submit to the Office of Management 
and Budget (OMB) for clearance the following proposal for collection of 
information under the provisions of the Paperwork Reduction Act (44 
U.S.C. Chapter 35).
    Agency: U.S. Census Bureau.
    Title: Manufacturers' Shipments, Inventories, and Orders (M3) 
Survey.
    OMB Control Number: 0607-0008.
    Form Number(s): M-3(SD).
    Type of Request: Extension of a currently approved collection.
    Number of Respondents: 5,000.
    Average Hours per Response: 20 minutes.
    Burden Hours: 20,000.
    Needs and Uses: The U.S. Census Bureau is requesting an extension 
of the currently approved collection for the Manufacturers' Shipments, 
Inventories, and Orders (M3) survey. This survey collects monthly data 
from domestic manufacturers on Form M-3 (SD), which is mailed at the 
end of each month. Data requested are shipments, new orders, unfilled 
orders, and inventories by stage of fabrication. It is currently the 
only survey that provides broad-based monthly statistical data on the 
economic conditions in the domestic manufacturing sector. The survey is 
designed to measure current industrial activity and to provide an 
indication of future production commitments. The value of shipments 
measures the value of goods delivered during the month by domestic 
manufacturers. Estimates of new orders serve as an indicator of future 
production commitments and represent the current sales value of new 
orders received during the month, net of cancellations. Substantial 
accumulation or depletion of backlogs of unfilled orders measures 
excess (or deficient) demand for manufactured products. The level of 
inventories, especially in relation to shipments, is frequently used to 
monitor the business cycle.
    The M3 survey has been conducted monthly by the U.S. Census Bureau 
since 1957. The Advance Report on Durable Goods, Manufacturers' 
Shipments, Inventories and Orders is an advance snapshot of the current 
value of manufacturing in the U.S. It is available about 18 working 
days after each month. The M3 survey also produces the Full Report on 
Manufacturers' Shipments, Inventories and Orders. This report details 
information on the durable goods industries, and also includes the non-
durable goods industries. In addition, the Full Report captures late 
receipts, and is available about 23 working days after each month.
    This survey provides an essential component of the current economic 
indicators needed for assessing the evolving status of the economy and 
formulating economic policy. The Office of Information and Regulatory 
Affairs (OIRA), Office of Management and Budget (OMB) has designated 
this survey as a principal federal economic indicator. The shipments 
and inventories data are essential inputs to the gross domestic product 
(GDP), while the orders data are direct inputs to The Conference Board 
Leading Economic Index (LEI), which is a composite index of ten key 
elements designed to monitor the business cycle (https://www.conference-board.org/data/bcicountry.cfm?cid=1). The GDP and the 
LEI would be incomplete without these data. Orders for durable goods 
are an important leading economic indicator. Businesses and consumers 
generally place orders for durable goods when they are confident the 
economy is improving. A durable goods report showing an increase in 
orders is a sign that the economy is trending upwards. Durable goods 
orders tell investors what to expect from the manufacturing sector, a 
major component of the economy. The M3 survey also provides valuable 
and timely domestic manufacturing data for economic planning and 
analysis to business firms, trade associations, research and consulting 
agencies, and academia.

[[Page 6838]]

    The data are used for analyzing short- and long-term trends, both 
in the manufacturing sector and as related to other sectors of the 
economy. The data on value of shipments, especially when adjusted for 
change in inventories, measure current levels of production. New orders 
figures serve as an indicator of future production commitments. Changes 
in the level of unfilled orders, because of excess or shortfall of new 
orders compared with shipments, are used to measure the excess (or 
deficiency) in the demand for manufactured products. Changes in the 
level of inventories and the relation of these to shipments are used to 
project future movements in manufacturing activity. These statistics 
are valuable for analysts of business cycle conditions, including 
members of the Council of Economic Advisers (CEA), the Bureau of 
Economic Analysis (BEA), the Federal Reserve Board (FRB), the 
Department of the Treasury, The Conference Board, business firms, trade 
associations, private research and consulting agencies, and the 
academic community.
    Affected Public: Business or other for-profit.
    Frequency: Monthly.
    Respondent's Obligation: Voluntary.
    Legal Authority: Title 13, United States Code, Sections 131, 182, 
and 193.
    This information collection request may be viewed at 
www.reginfo.gov. Follow the instructions to view Department of Commerce 
collections currently under review by OMB.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to [email protected] or fax to (202) 395-5806.

Sheleen Dumas,
Departmental Lead PRA Officer, Office of the Chief Information Officer.
[FR Doc. 2018-03131 Filed 2-14-18; 8:45 am]
 BILLING CODE 3510-07-P