Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Manufacturers' Shipments, Inventories, and Orders (M3) Survey, 54981-54982 [2020-19476]

Agencies

• Census Bureau
• DEPARTMENT OF COMMERCE

[Federal Register Volume 85, Number 172 (Thursday, September 3, 2020)]
[Notices]
[Pages 54981-54982]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19476]


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DEPARTMENT OF COMMERCE

Census Bureau


Agency Information Collection Activities; Submission to the 
Office of Management and Budget (OMB) for Review and Approval; Comment 
Request; Manufacturers' Shipments, Inventories, and Orders (M3) Survey

AGENCY: U.S. Census Bureau, Commerce.

ACTION: Notice of information collection; request for comment.

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SUMMARY: The Department of Commerce, in accordance with the Paperwork 
Reduction Act (PRA) of 1995, invites the general public and other 
Federal agencies to comment on proposed, and continuing information 
collections, which helps us assess the impact of our information 
collection requirements and minimize the public's reporting burden. The 
purpose of this notice is to allow for 60 days of public comment on the 
proposed revision of the Manufacturers' Shipments, Inventories, and 
Orders (M3) Survey prior to the submission of the information 
collection request (ICR) to OMB for approval.

DATES: To ensure consideration, comments regarding this proposed 
information collection must be received on or before November 2, 2020.

ADDRESSES: Interested persons are invited to submit written comments by 
email to [email protected]. Please reference Manufacturers' 
Shipments, Inventories, and Orders (M3) Survey in the subject line of 
your comments. You may also submit comments, identified by Docket 
Number USBC-2020-0023, to the Federal e-Rulemaking Portal: https://www.regulations.gov. All comments received are part of the public 
record. No comments will be posted to https://www.regulations.gov for 
public viewing until after the comment period has closed. Comments will 
generally be posted without change. All Personally Identifiable 
Information (for example, name and address) voluntarily submitted by 
the commenter may be publicly accessible. Do not submit Confidential 
Business Information or otherwise sensitive or protected information. 
You may submit attachments to electronic comments in Microsoft Word, 
Excel, or Adobe PDF file formats.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
specific questions related to collection activities should be directed 
to Carol Aristone, U.S. Census Bureau, Economic Indicators Division, 
(301) 763-7062, [email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract

    The U.S. Census Bureau plans to request a revision of the current 
Office of Management and Budget (OMB) clearance of the Manufacturers' 
Shipments, Inventories and Orders (M3) survey. The M3 survey requests 
data monthly from domestic manufacturers on form M-3 (SD). Data 
requested are shipments, new orders, unfilled orders, total inventory, 
materials and supplies, work-in-process, and finished goods.
    The M3 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 unfilled orders 
measures

[[Page 54982]]

excess or deficient demand for manufactured products. The level of 
inventories, especially in relation to shipments, is frequently used to 
monitor the business cycle, by calculating the inventories to sales 
ratio. In general, a low ratio indicates strong shipments. A high ratio 
indicates weaker shipments or accumulation of inventories in stock.
    Starting in 2021, we may ask for additional data on the electronic 
instrument on a temporary quarterly basis to address a new module of 
business expectations. The new question will not be added to the paper 
M-3 (SD) form. Respondents will be divided into three subsamples; once 
a quarter, each subsample will be asked for a one year ahead estimate 
with five points and corresponding probabilities. For the April 2021 
reporting period, selected M3 respondents would see a question similar, 
but possibly not identical, to the following drafted question:
     Looking ahead to April 2022, what is the approximate 
dollar value of net shipments, manufactured in the U.S. you would 
anticipate during that month for this reporting unit, and what 
likelihood do you assign to that value?
    Leading indicators and forward-looking measures such as forecasts 
and projections are highly valued for their ability to help decision-
makers, businesses, and individuals plan and adjust policies if 
necessary. To reduce respondent burden, companies will receive the 
supplemental question once per quarter asking for the expectation of 
net shipments looking twelve months ahead; expectations will be 
reported at the same level as they report for the rest of the 
instrument. Responses to this question will provide a better 
understanding of business uncertainty and insight on future business 
activity. Initially, this pilot collection will request data for twelve 
months with the possibility of continuing collection for an additional 
twelve months. Additionally, in 2021, we plan to accelerate the 
nondurable manufacturing estimates to the same time as the Advance 
Report on Durable Goods Manufacturers' Shipments, Inventories and 
Orders to create an advance high-level report of total manufacturing. 
Currently, the Advance report on Durable goods is available 
approximately 18 working days after each month, with the Full report 
available approximately 23 working days after each month. Accelerating 
the nondurable release would provide data users with early access to 
total manufacturing estimates ahead of the Full report, giving them an 
early snapshot of the direction of this critical indicator. Prior to 
releasing this advance total manufacturing data, we will submit a memo 
of exception to the Office of Management and Budget.

II. Method of Collection

    Respondents may submit data on form via mail, fax, or via the 
internet. We send emails and make telephone calls to respondents to 
remind them to report on time.

III. Data

    OMB Control Number: 0607-0008.
    Form Number(s): M-3 (SD).
    Type of Review: Regular submission, Request for a Revision of a 
Currently Approved Collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 5,000 respondents filing a total 
of 60,000 reports a year.
    Estimated Time per Response: 22 minutes.
    Estimated Total Annual Burden Hours: 22,000.
    Estimated Total Annual Cost to Public: $0. (This is not the cost of 
respondents' time, but the indirect costs respondents may incur for 
such things as purchases of specialized software or hardware needed to 
report, or expenditures for accounting or records maintenance services 
required specifically by the collection.)
    Respondent's Obligation: Voluntary.
    Legal Authority: Title 13 U.S.C. Section 131, 182, and 193.

IV. Request for Comments

    We are soliciting public comments to permit the Department/Bureau 
to: (a) Evaluate whether the proposed information collection is 
necessary for the proper functions of the Department, including whether 
the information will have practical utility; (b) Evaluate the accuracy 
of our estimate of the time and cost burden for this proposed 
collection, including the validity of the methodology and assumptions 
used; (c) Evaluate ways to enhance the quality, utility, and clarity of 
the information to be collected; and (d) Minimize the reporting burden 
on those who are to respond, including the use of automated collection 
techniques or other forms of information technology.
    Comments that you submit in response to this notice are a matter of 
public record. We will include, or summarize, each comment in our 
request to OMB to approve this ICR. Before including your address, 
phone number, email address, or other personal identifying information 
in your comment, you should be aware that your entire comment--
including your personal identifying information--may be made publicly 
available at any time. While you may ask us in your comment to withhold 
your personal identifying information from public review, we cannot 
guarantee that we will be able to do so.

Sheleen Dumas,
Department PRA Clearance Officer, Office of the Chief Information 
Officer, Commerce Department.
[FR Doc. 2020-19476 Filed 9-2-20; 8:45 am]
BILLING CODE 3510-07-P