Summer 2003 Manufacturing Business Conditions Survey Results

Diffusion Index*

	District	U.P.	MN	MT	ND	SD	WI
Compared to the second half of 2002, in the first half of 2003 your location's:
Number of orders	51	56	45	62	64	57	49
Product/service production level	53	56	48	62	66	58	54
Employment level	45	38	40	51	56	51	50
Investment in plant/equipment	47	44	43	52	56	47	53
Prices	47	47	46	53	47	50	48
Profits	36	32	32	41	38	43	39
Exports**	52	50	48	70	64	47	56
Debt level	51	38	55	49	55	43	46

Compared to the first half of 2003, during the next six months you expect your location's:
Number of orders	65	79	65	72	68	59	64
Product/service production level	64	76	64	73	65	54	60
Employment level	52	56	52	59	49	53	49
Investment in plant/equipment	49	68	48	51	50	49	44
Prices	50	59	49	54	53	44	51
Profits	50	75	48	49	49	47	51
Exports**	57	50	56	80	50	60	57
Debt level	45	47	48	40	45	43	42

What is your outlook on the following state economic indicators during the next six months:
Business investment	52	65	49	51	58	53	58
Employment	52	59	50	53	50	50	60
Consumer spending	56	76	52	57	69	54	57
Inflation	62	59	62	62	64	62	61
Economic growth	61	79	57	57	69	66	71
Corporate profits	51	74	47	48	56	49	59

A number above 50 indicates expansion and a number below 50 represents contraction. This is computed by adding the percentage of respondents that reported "up" to half the percentage of the respondents that reported "same." * A majority of respondents left this question blank.