Southeastern Manufacturing Survey - August 1998 (July data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
July 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              14.5     49.7     35.8     21.3
Volume of Shipments                     26.7     38.9     34.4      7.7
Volume of New Orders                    26.6     46.2     27.2      0.5
Backlog of Orders                       23.6     52.8     23.7      0.1
Materials Inventories                   16.0     67.9     16.1      0.2
Finished Goods Inventories              16.3     61.2     22.6      6.3
Number of Employees                     11.4     68.7     19.9      8.5
Average Employee Workweek               10.3     73.0     16.8      6.6
Prices Received for Finished Goods*     19.4     72.0      8.6    -10.8
Prices Paid for Raw Materials*          20.4     74.2      5.4    -15.1
Volume of New Orders for Exports*       19.4     72.2      8.3    -11.1
Supplier Delivery Time*                 13.2     82.4      4.4      8.8
INDUSTRY BUSINESS ACTIVITY              22.3     52.0     25.7      3.4

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
July 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              16.2     36.6     47.2     31.0
Volume of Shipments                     21.5     27.5     51.0     29.5
Volume of New Orders                    21.9     34.1     44.1     22.2
Backlog of Orders                       21.1     49.8     29.0      7.9
Materials Inventories                   22.4     61.4     16.2     -6.2
Finished Goods Inventories              22.4     56.2     21.4     -1.0
Number of Employees                     15.1     56.9     28.0     12.9
Average Employee Workweek               22.0     61.2     16.8     -5.3
Prices Received for Finished Goods      16.7     54.2     29.2     12.5
Prices Paid for Raw Materials           12.7     56.5     30.9     18.3
Capital Expenditures                    17.0     51.1     31.9     14.9
Volume of New Orders for Exports*        9.5     74.3     16.2      6.8
Supplier Delivery Time*                  6.7     84.4      8.9     -2.2
INDUSTRY BUSINESS ACTIVITY              22.9     38.7     38.4     15.5

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
June 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              27.0     35.8     37.2     10.1
Volume of Shipments                     26.2     35.7     38.1     12.0
Volume of New Orders                    22.5     47.3     30.2      7.8
Backlog of Orders                       21.8     56.4     21.8     -0.0
Materials Inventories                   19.1     59.2     21.7      2.6
Finished Goods Inventories              28.5     45.8     25.7     -2.8
Number of Employees                     19.7     60.5     19.9      0.2
Average Employee Workweek               19.7     62.0     18.3     -1.4
Prices Received for Finished Goods*     15.7     74.1     10.2     -5.6
Prices Paid for Raw Materials*          19.6     72.0      8.4    -11.2
Volume of New Orders for Exports*       12.8     72.1     15.1      2.3
Supplier Delivery Time*                  8.2     88.7      3.1      5.2
INDUSTRY BUSINESS ACTIVITY              18.0     52.4     29.7     11.7

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
June 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              15.5     32.8     51.7     36.2
Volume of Shipments                     19.8     29.7     50.5     30.6
Volume of New Orders                    22.5     31.5     46.1     23.6
Backlog of Orders                       19.5     49.1     31.4     11.9
Materials Inventories                   24.5     59.3     16.2     -8.3
Finished Goods Inventories              23.9     54.4     21.7     -2.2
Number of Employees                     10.4     60.7     28.9     18.5
Average Employee Workweek               17.6     61.2     21.2      3.6
Prices Received for Finished Goods      14.6     60.0     25.4     10.9
Prices Paid for Raw Materials           12.9     60.1     27.1     14.2
Capital Expenditures                    15.2     44.9     39.9     24.7
Volume of New Orders for Exports*       12.6     64.4     23.0     10.3
Supplier Delivery Time*                  6.3     85.3      8.4     -2.1
INDUSTRY BUSINESS ACTIVITY              21.5     32.7     45.8     24.3

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
July 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              23.7     47.3     29.0      5.4
Volume of Shipments                     35.5     36.6     28.0     -7.5
Volume of New Orders                    32.3     45.2     22.6     -9.7
Backlog of Orders                       25.3     50.6     24.1     -1.2
Materials Inventories                   17.4     66.3     16.3     -1.1
Finished Goods Inventories              22.8     57.6     19.6     -3.3
Number of Employees                     12.9     67.7     19.4      6.5
Average Employee Workweek               11.8     73.1     15.1      3.2
Prices Received for Finished Goods      19.4     72.0      8.6    -10.8
Prices Paid for Raw Materials           20.4     74.2      5.4    -15.1
Volume of New Orders for Exports        19.4     72.2      8.3    -11.1
Supplier Delivery Time                  13.2     82.4      4.4      8.8
INDUSTRY BUSINESS ACTIVITY              29.0     49.5     21.5     -7.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
July 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              19.6     40.2     40.2     20.7
Volume of Shipments                     27.2     28.3     44.6     17.4
Volume of New Orders                    26.1     35.9     38.0     12.0
Backlog of Orders                       29.1     46.5     24.4     -4.7
Materials Inventories                   24.2     60.4     15.4     -8.8
Finished Goods Inventories              23.9     54.3     21.7     -2.2
Number of Employees                     17.2     59.1     23.7      6.5
Average Employee Workweek               26.9     62.4     10.8    -16.1
Prices Received for Finished Goods      18.3     58.1     23.7      5.4
Prices Paid for Raw Materials           12.9     60.2     26.9     14.0
Capital Expenditures                    18.9     53.3     27.8      8.9
Volume of New Orders for Exports         9.5     74.3     16.2      6.8
Supplier Delivery Time                   6.7     84.4      8.9     -2.2
INDUSTRY BUSINESS ACTIVITY              28.3     39.1     32.6      4.4



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
July 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              28.0     28.0     44.1     16.1
Volume of Shipments                     32.3     28.0     39.8      7.5
Volume of New Orders                    25.8     36.6     37.6     11.8
Backlog of Orders                       25.3     42.5     32.2      6.9
Materials Inventories                   18.3     52.7     29.0     10.8
Finished Goods Inventories              25.8     49.5     24.7     -1.1
Number of Employees                     26.9     41.9     31.2      4.3
Average Employee Workweek               21.5     52.7     25.8      4.3
Prices Received for Finished Goods      24.7     43.0     32.3      7.5
Prices Paid for Raw Materials           28.6     34.1     37.4      8.8
Capital Expenditures                    20.5     40.9     38.6     18.2
Volume of New Orders for Exports        12.2     68.9     18.9      6.8
Supplier Delivery Time                  14.3     76.9      8.8      5.5
INDUSTRY BUSINESS ACTIVITY              28.3     27.2     44.6     16.3



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
June 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              27.5     35.8     36.7      9.2
Volume of Shipments                     26.9     34.3     38.9     12.0
Volume of New Orders                    23.1     45.4     31.5      8.3
Backlog of Orders                       21.4     54.4     24.3      2.9
Materials Inventories                   19.8     58.5     21.7      1.9
Finished Goods Inventories              33.3     44.8     21.9    -11.4
Number of Employees                     17.4     58.7     23.9      6.4
Average Employee Workweek               17.6     61.1     21.3      3.7
Prices Received for Finished Goods      15.7     74.1     10.2     -5.6
Prices Paid for Raw Materials           19.6     72.0      8.4    -11.2
Volume of New Orders for Exports        12.8     72.1     15.1      2.3
Supplier Delivery Time                   8.2     88.7      3.1      5.2
INDUSTRY BUSINESS ACTIVITY              18.3     50.5     31.2     12.8



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
June 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              21.3     35.2     43.5     22.2
Volume of Shipments                     28.0     29.9     42.1     14.0
Volume of New Orders                    30.2     31.1     38.7      8.5
Backlog of Orders                       23.5     49.0     27.5      3.9
Materials Inventories                   28.8     56.7     14.4    -14.4
Finished Goods Inventories              26.0     51.9     22.1     -3.9
Number of Employees                     14.0     61.7     24.3     10.3
Average Employee Workweek               24.3     57.0     18.7     -5.6
Prices Received for Finished Goods      13.1     67.3     19.6      6.5
Prices Paid for Raw Materials           12.1     65.4     22.4     10.3
Capital Expenditures                    15.8     46.5     37.6     21.8
Volume of New Orders for Exports        12.6     64.4     23.0     10.3
Supplier Delivery Time                   6.3     85.3      8.4     -2.1
INDUSTRY BUSINESS ACTIVITY              30.6     31.5     38.0      7.4



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
June 1998

                                     Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS        Decrease No Change Increase Index
Production                              28.4     26.6     45.0     16.5
Volume of Shipments                     26.6     31.2     42.2     15.6
Volume of New Orders                    25.9     31.5     42.6     16.7
Backlog of Orders                       16.7     49.0     34.3     17.7
Materials Inventories                   17.9     53.8     28.3     10.4
Finished Goods Inventories              25.7     49.5     24.8     -1.0
Number of Employees                     24.8     40.4     34.9     10.1
Average Employee Workweek               15.6     56.9     27.5     11.9
Prices Received for Finished Goods      19.4     49.1     31.5     12.0
Prices Paid for Raw Materials           23.4     39.3     37.4     14.0
Capital Expenditures                    19.8     42.6     37.6     17.8
Volume of New Orders for Exports        13.6     67.0     19.3      5.7
Supplier Delivery Time                  12.2     76.5     11.2      1.0
INDUSTRY BUSINESS ACTIVITY              16.5     38.5     45.0     28.4