Southeastern Manufacturing Survey - August 1997 (July data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
JULY97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              23.0     40.9     36.1     13.1
Volume of Shipments                     15.1     43.1     41.8     26.7
Volume of New Orders                    20.2     39.6     40.2     20.1
Backlog of Orders                       17.0     54.1     29.0     12.0
Materials Inventories                   18.2     64.1     17.7     -0.4
Finished Goods Inventories              27.0     43.8     29.3      2.3
Number of Employees                     15.1     60.3     24.6      9.6
Average Employee Workweek               10.8     70.9     18.3      7.5
Prices Received for Finished Goods*      6.5     76.1     17.4     10.9
Prices Paid for Raw Materials           12.5     70.5     17.0      4.6
Volume of New Orders for Exports*        7.7     76.9     15.4      7.7
Supplier Delivery Time*                  6.7     87.8      5.6      1.1
INDUSTRY BUSINESS ACTIVITY              13.8     49.1     37.1     23.3

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
JULY97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                               9.0     40.5     50.5     41.5
Volume of Shipments                     12.3     30.6     57.1     44.8
Volume of New Orders                     8.8     43.1     48.1     39.3
Backlog of Orders                       20.3     58.3     21.5      1.2
Materials Inventories                   22.3     55.2     22.5      0.2
Finished Goods Inventories              29.4     47.2     23.3     -6.1
Number of Employees                     13.8     61.8     24.5     10.7
Average Employee Workweek               15.1     71.4     13.5     -1.7
Prices Received for Finished Goods      14.1     49.7     36.2     22.1
Prices Paid for Raw Materials           15.9     38.3     45.8     29.9
Capital Expenditures                    17.5     56.5     26.0      8.5
Volume of New Orders for Exports*        4.3     68.6     27.1     22.9
Supplier Delivery Time*                  4.5     84.3     11.2     -6.7
INDUSTRY BUSINESS ACTIVITY              11.2     37.7     51.1     39.9

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
JUNE97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              21.0     43.5     35.6     14.6
Volume of Shipments                     21.5     42.2     36.3     14.8
Volume of New Orders                    19.6     50.0     30.4     10.8
Backlog of Orders                       24.1     53.3     22.6     -1.5
Materials Inventories                   18.2     61.8     20.0      1.8
Finished Goods Inventories              24.3     50.7     25.0      0.7
Number of Employees                     15.3     63.6     21.1      5.8
Average Employee Workweek               15.5     76.5      8.0     -7.5
Prices Received for Finished Goods*     13.9     72.2     13.9      0.0
Prices Paid for Raw Materials           12.8     66.6     20.6      7.9
Volume of New Orders for Exports*        7.1     75.3     17.6     10.6
Supplier Delivery Time*                  4.0     93.1      3.0      1.0
INDUSTRY BUSINESS ACTIVITY              17.4     49.8     32.7     15.3

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
JUNE97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                               9.5     41.0     49.5     40.0
Volume of Shipments                     14.4     31.6     54.1     39.7
Volume of New Orders                    10.6     40.0     49.4     38.8
Backlog of Orders                       18.7     53.6     27.7      9.0
Materials Inventories                   25.0     55.1     19.9     -5.2
Finished Goods Inventories              31.1     47.7     21.2     -9.9
Number of Employees                     15.9     58.6     25.5      9.6
Average Employee Workweek               19.0     65.4     15.6     -3.3
Prices Received for Finished Goods       7.5     55.9     36.6     29.1
Prices Paid for Raw Materials            9.1     51.1     39.8     30.8
Capital Expenditures                    13.6     56.0     30.4     16.8
Volume of New Orders for Exports*        3.3     68.9     27.8     24.4
Supplier Delivery Time*                  4.1     90.8      5.1     -1.0
INDUSTRY BUSINESS ACTIVITY               5.9     43.6     50.5     44.7

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
JULY97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              33.3     37.6     29.0     -4.3
Volume of Shipments                     24.7     38.7     36.6     11.8
Volume of New Orders                    25.0     39.1     35.9     10.9
Backlog of Orders                       20.5     51.1     28.4      8.0
Materials Inventories                   22.0     59.3     18.7     -3.3
Finished Goods Inventories              33.7     38.4     27.9     -5.8
Number of Employees                     17.2     59.1     23.7      6.5
Average Employee Workweek               14.0     68.8     17.2      3.2
Prices Received for Finished Goods       6.5     76.1     17.4     10.9
Prices Paid for Raw Materials           12.2     72.2     15.6      3.3
Volume of New Orders for Exports         7.7     76.9     15.4      7.7
Supplier Delivery Time                   6.7     87.8      5.6      1.1
INDUSTRY BUSINESS ACTIVITY              19.8     48.4     31.9     12.1



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
JULY97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              15.2     41.3     43.5     28.3
Volume of Shipments                     18.5     32.6     48.9     30.4
Volume of New Orders                    14.0     44.1     41.9     28.0
Backlog of Orders                       26.1     55.7     18.2     -8.0
Materials Inventories                   25.6     53.3     21.1     -4.4
Finished Goods Inventories              30.6     47.1     22.4     -8.2
Number of Employees                     16.3     63.0     20.7      4.4
Average Employee Workweek               16.5     74.7      8.8     -7.7
Prices Received for Finished Goods      15.2     57.6     27.2     12.0
Prices Paid for Raw Materials           15.6     44.4     40.0     24.4
Capital Expenditures                    18.7     58.2     23.1      4.4
Volume of New Orders for Exports         4.3     68.6     27.1     22.9
Supplier Delivery Time                   4.5     84.3     11.2     -6.7
INDUSTRY BUSINESS ACTIVITY              17.2     37.9     44.8     27.6



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
JULY97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              31.2     18.3     50.5     19.4
Volume of Shipments                     30.4     16.3     53.3     22.8
Volume of New Orders                    25.8     33.3     40.9     15.1
Backlog of Orders                       23.9     44.3     31.8      8.0
Materials Inventories                   31.9     41.8     26.4     -5.5
Finished Goods Inventories              31.4     37.2     31.4      0.0
Number of Employees                     30.1     33.3     36.6      6.5
Average Employee Workweek               17.2     59.1     23.7      6.5
Prices Received for Finished Goods      20.7     33.7     45.7     25.0
Prices Paid for Raw Materials           28.6     26.4     45.1     16.5
Capital Expenditures                    22.2     48.9     28.9      6.7
Volume of New Orders for Exports        10.0     58.6     31.4     21.4
Supplier Delivery Time                  16.5     74.7      8.8      7.7
INDUSTRY BUSINESS ACTIVITY              20.2     24.7     55.1     34.8



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
JUNE97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              20.2     45.0     34.9     14.7
Volume of Shipments                     21.5     40.2     38.3     16.8
Volume of New Orders                    22.2     46.3     31.5      9.3
Backlog of Orders                       24.8     50.5     24.8      0.0
Materials Inventories                   18.9     60.4     20.8      1.9
Finished Goods Inventories              28.7     49.5     21.8     -6.9
Number of Employees                     12.8     63.3     23.9     11.0
Average Employee Workweek               13.8     73.4     12.8     -0.9
Prices Received for Finished Goods      13.9     72.2     13.9      0.0
Prices Paid for Raw Materials           12.8     66.1     21.1      8.3
Volume of New Orders for Exports         7.1     75.3     17.6     10.6
Supplier Delivery Time                   4.0     93.1      3.0      1.0
INDUSTRY BUSINESS ACTIVITY              19.6     48.6     31.8     12.2



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
JUNE97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              16.7     43.5     39.8     23.2
Volume of Shipments                     22.4     33.6     43.9     21.5
Volume of New Orders                    17.9     42.5     39.6     21.7
Backlog of Orders                       22.1     56.7     21.2     -1.0
Materials Inventories                   30.1     52.4     17.5    -12.6
Finished Goods Inventories              34.7     44.6     20.8    -13.9
Number of Employees                     22.2     58.3     19.4     -2.8
Average Employee Workweek               25.9     63.0     11.1    -14.8
Prices Received for Finished Goods       7.5     63.6     29.0     21.5
Prices Paid for Raw Materials            8.3     54.6     37.0     28.7
Capital Expenditures                    14.4     57.7     27.9     13.5
Volume of New Orders for Exports         3.3     68.9     27.8     24.4
Supplier Delivery Time                   4.1     90.8      5.1     -1.0
INDUSTRY BUSINESS ACTIVITY              15.4     45.2     39.4     24.0



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
JUNE97

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              24.1     28.7     47.2     23.2
Volume of Shipments                     29.9     26.2     43.9     14.0
Volume of New Orders                    25.0     29.6     45.4     20.4
Backlog of Orders                       22.9     40.0     37.1     14.3
Materials Inventories                   23.1     36.5     40.4     17.3
Finished Goods Inventories              25.5     39.2     35.3      9.8
Number of Employees                     20.2     45.9     33.9     13.8
Average Employee Workweek               16.5     62.4     21.1      4.6
Prices Received for Finished Goods      21.5     29.0     49.5     28.0
Prices Paid for Raw Materials           22.0     23.9     54.1     32.1
Capital Expenditures                    22.3     44.7     33.0     10.7
Volume of New Orders for Exports        11.1     63.3     25.6     14.4
Supplier Delivery Time                   7.1     81.6     11.2     -4.1
INDUSTRY BUSINESS ACTIVITY              20.0     26.7     53.3     33.3