The last few years have seen a great increase in the attention given in the United States to the reduction of the speculative hazard in business by forecasting future conditions. Particularly is this true of efforts to predict the ebb and flow of business activity which we call the business cycle. So great, indeed, has become the popular interest in this problem that the term "business forecasting" has come to mean specifically the forecasting of changes in the degree of business activity. Twenty years ago there was only one commercial agency in this country engaged in rendering the specialized service of business forecasting, and that agency was in its infancy and little known. Today there are more than half a dozen such agencies, each of which has a national clientele. Equally noteworthy is the fact that scores of large corporations throughout the country have established bureaus of business research, a principal function of which is to assist the management in shaping business policy to the outlook for general business activity.