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Discussion Paper
Beyond Aggregates: Measuring Manufacturing Subsector Heterogeneity with the Business Trends and Outlook Survey
Real-time monitoring of U.S. manufacturing activity typically relies on high-frequency national aggregates that lack industry detail. In this Note, we assess the Business Trends and Outlook Survey (BTOS), an experimental, biweekly product of the U.S. Census Bureau, as a timely source that bridges this gap by providing industry detail. We compare BTOS diffusion indices against established manufacturing indicators and find strong co-movement at the aggregate level, particularly for prices and supplier delivery times.