Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Manufacturers' Shipments, Inventories, and Orders Survey, 87401-87402 [2023-27722]

Agencies

• Census Bureau
• DEPARTMENT OF COMMERCE

[Federal Register Volume 88, Number 241 (Monday, December 18, 2023)]
[Notices]
[Pages 87401-87402]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-27722]


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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 Survey

    The Department of Commerce will submit the following information 
collection request to the Office of Management and Budget (OMB) for 
review and clearance in accordance with the Paperwork Reduction Act of 
1995, on or after the date of publication of this notice. We invite 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. Public comments were previously requested via the 
Federal Register on July 18, 2023, during a 60-day comment period. This 
notice allows for an additional 30 days for public comments.
    Agency: U.S. Census Bureau, Department of Commerce.
    Title: Manufacturers' Shipments, Inventories, and Orders Survey.
    OMB Control Number: 0607-0008.
    Form Number(s): M-3(SD).
    Type of Request: Regular submission, Request for an Extension, 
without Change, 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 includes the non-
durable goods industries. In addition, the Full Report captures late 
receipts, and is available about 23 working days after each month.
    In October 2021, we accelerated total manufacturing and the 
nondurable manufacturing aggregate estimates to the same time as the 
Advance Report on Durable Goods Manufacturers' Shipments, Inventories 
and Orders by creating an advance high-level report of total 
manufacturing. This exception to the normal procedure was initially 
approved by the Office of Management and Budget (OMB) in September 2021 
and has been subsequently extended annually through means of a 
separately submitted memo. This exception has permitted the public 
release of preliminary monthly data on shipments and inventories of 
total manufacturing under the provisions of the OMB's Statistical 
Policy Directive No. 3 on the Compilation, Release and Evaluation of 
Principal Federal Economic Indicators. The Census Bureau requests that 
provisions for the early release of total manufacturing shipments and 
inventories be included in this clearance, thereby eliminating the need 
for a separate memo requesting annual re-approval from OMB for the 
early release. Accelerating the nondurable release provides 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.
    Additionally, in September 2024, we plan to include additional 
nondurable goods industry level data, to provide more detailed 
estimates at the advance time.
    The M3 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). 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. 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.
    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 the value of shipments, especially when adjusted 
for change in

[[Page 87402]]

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.
    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 the Department of 
Commerce collections currently under review by OMB.
    Written comments and recommendations for the proposed information 
collection should be submitted within 30 days of the publication of 
this notice on the following website www.reginfo.gov/public/do/PRAMain. 
Find this particular information collection by selecting ``Currently 
under 30-day Review--Open for Public Comments'' or by using the search 
function and entering either the title of the collection or the OMB 
Control Number 0607-0008.

Sheleen Dumas,
Department PRA Clearance Officer, Office of the Under Secretary for 
Economic Affairs, Commerce Department.
[FR Doc. 2023-27722 Filed 12-15-23; 8:45 am]
BILLING CODE 3510-07-P