Southeastern Manufacturing Survey - December 1996 (November data)

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
NOV96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              24.2%    44.7%    31.2%     7.0
Volume of Shipments                     33.2%    37.4%    29.4%    -3.8
Volume of New Orders                    27.8%    40.0%    32.2%     4.5
Backlog of Orders                       25.4%    53.7%    20.9%    -4.5
Materials Inventories                   23.3%    58.6%    18.2%    -5.1
Finished Goods Inventories              27.5%    45.9%    26.6%    -1.0
Number of Employees                     15.7%    69.3%    15.0%    -0.8
Average Employee Workweek               23.8%    60.4%    15.8%    -8.0
Prices Received for Finished Goods*     14.7%    77.9%     7.4%    -7.4
Prices Paid for Raw Materials           16.0%    66.6%    17.5%     1.5
Volume of New Orders for Exports        12.6%    68.9%    18.5%     6.0
Supplier Delivery Time*                  6.5%    89.1%     4.3%     2.2
INDUSTRY BUSINESS ACTIVITY              24.8%    53.8%    21.5%    -3.3

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
NOV96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              12.9%    38.1%    49.0%    36.1
Volume of Shipments                     13.7%    36.3%    50.0%    36.2
Volume of New Orders                    16.6%    39.6%    43.8%    27.2
Backlog of Orders                       21.8%    52.0%    26.2%     4.5
Materials Inventories                   20.8%    57.4%    21.8%     1.0
Finished Goods Inventories              24.0%    54.9%    21.2%    -2.8
Number of Employees                     16.4%    55.0%    28.6%    12.3
Average Employee Workweek               17.5%    59.8%    22.7%     5.3
Prices Received for Finished Goods      21.6%    49.5%    28.9%     7.2
Prices Paid for Raw Materials           14.3%    41.3%    44.4%    30.0
Capital Expenditures                    16.7%    51.8%    31.5%    14.8
Volume of New Orders for Exports*        5.3%    71.1%    23.7%    18.4
Supplier Delivery Time                   5.5%    86.2%     8.5%    -3.0
INDUSTRY BUSINESS ACTIVITY              18.3%    41.4%    40.3%    21.9

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
OCT96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.1%    52.4%    25.5%     3.3
Volume of Shipments                     28.2%    45.9%    26.0%    -2.2
Volume of New Orders                    28.6%    49.8%    21.6%    -7.0
Backlog of Orders                       30.6%    49.7%    19.7%   -10.9
Materials Inventories                   23.1%    58.7%    18.2%    -4.9
Finished Goods Inventories              26.6%    46.2%    27.2%     0.6
Number of Employees                     15.1%    69.7%    15.2%     0.1
Average Employee Workweek               14.8%    73.6%    11.6%    -3.2
Prices Received for Finished Goods*     18.6%    74.5%     6.9%   -11.8
Prices Paid for Raw Materials           17.5%    62.5%    20.0%     2.5
Volume of New Orders for Exports         8.6%    74.8%    16.6%     8.1
Supplier Delivery Time*                  6.5%    89.2%     4.3%     2.2
INDUSTRY BUSINESS ACTIVITY              24.2%    60.4%    15.4%    -8.8

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
OCT96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              16.8%    32.8%    50.3%    33.5
Volume of Shipments                     14.9%    35.2%    49.9%    35.0
Volume of New Orders                    16.0%    37.7%    46.3%    30.3
Backlog of Orders                       21.1%    52.5%    26.4%     5.4
Materials Inventories                   18.2%    64.9%    16.9%    -1.2
Finished Goods Inventories              21.1%    61.3%    17.6%    -3.5
Number of Employees                     21.3%    59.2%    19.5%    -1.8
Average Employee Workweek               16.7%    75.9%     7.4%    -9.3
Prices Received for Finished Goods      15.9%    68.5%    15.6%    -0.3
Prices Paid for Raw Materials           13.4%    50.0%    36.6%    23.1
Capital Expenditures                    10.9%    57.1%    32.0%    21.0
Volume of New Orders for Exports*        5.9%    71.8%    22.4%    16.5
Supplier Delivery Time                   5.0%    85.4%     9.9%    -4.9
INDUSTRY BUSINESS ACTIVITY              17.3%    43.0%    39.7%    22.4
*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
NOV96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              26.0%    47.9%    26.0%     0.0
Volume of Shipments                     35.4%    41.7%    22.9%   -12.5
Volume of New Orders                    30.2%    40.6%    29.2%    -1.0
Backlog of Orders                       27.0%    55.1%    18.0%    -9.0
Materials Inventories                   23.4%    60.6%    16.0%    -7.5
Finished Goods Inventories              25.3%    49.5%    25.3%     0.0
Number of Employees                     17.7%    67.7%    14.6%    -3.1
Average Employee Workweek               25.0%    62.5%    12.5%   -12.5
Prices Received for Finished Goods      14.7%    77.9%     7.4%    -7.4
Prices Paid for Raw Materials           14.9%    70.2%    14.9%     0.0
Volume of New Orders for Exports        12.7%    71.8%    15.5%     2.8
Supplier Delivery Time                   6.5%    89.1%     4.3%     2.2
INDUSTRY BUSINESS ACTIVITY              25.5%    55.3%    19.1%    -6.4



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
NOV96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              10.4%    36.5%    53.1%    42.7
Volume of Shipments                     10.4%    34.4%    55.2%    44.8
Volume of New Orders                    12.5%    37.5%    50.0%    37.5
Backlog of Orders                       18.0%    53.9%    28.1%    10.1
Materials Inventories                   19.1%    58.5%    22.3%     3.2
Finished Goods Inventories              22.0%    54.9%    23.1%     1.1
Number of Employees                     13.5%    55.2%    31.3%    17.7
Average Employee Workweek               14.6%    61.5%    24.0%     9.4
Prices Received for Finished Goods      20.0%    48.4%    31.6%    11.6
Prices Paid for Raw Materials           13.5%    39.6%    46.9%    33.3
Capital Expenditures                    16.3%    50.0%    33.7%    17.4
Volume of New Orders for Exports         5.3%    71.1%    23.7%    18.4
Supplier Delivery Time                   5.6%    84.4%    10.0%    -4.4
INDUSTRY BUSINESS ACTIVITY              14.9%    37.2%    47.9%    33.0



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
NOV96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              37.5%    16.7%    45.8%     8.3
Volume of Shipments                     36.5%    18.8%    44.8%     8.3
Volume of New Orders                    31.3%    27.1%    41.7%    10.4
Backlog of Orders                       34.4%    35.6%    30.0%    -4.4
Materials Inventories                   28.7%    39.4%    31.9%     3.2
Finished Goods Inventories              29.7%    38.5%    31.9%     2.2
Number of Employees                     39.6%    31.3%    29.2%   -10.4
Average Employee Workweek               26.0%    52.1%    21.9%    -4.2
Prices Received for Finished Goods      28.4%    31.6%    40.0%    11.6
Prices Paid for Raw Materials           26.0%    22.9%    51.0%    25.0
Capital Expenditures                    17.6%    56.0%    26.4%     8.8
Volume of New Orders for Exports        14.5%    59.2%    26.3%    11.8
Supplier Delivery Time                  11.0%    72.5%    16.5%    -5.5
INDUSTRY BUSINESS ACTIVITY              35.1%    26.6%    38.3%     3.2



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
OCT96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              23.5%    52.0%    24.5%     1.0
Volume of Shipments                     27.5%    47.1%    25.5%    -2.0
Volume of New Orders                    29.4%    51.0%    19.6%    -9.8
Backlog of Orders                       32.0%    50.5%    17.5%   -14.4
Materials Inventories                   24.0%    59.4%    16.7%    -7.3
Finished Goods Inventories              27.2%    47.8%    25.0%    -2.2
Number of Employees                     16.7%    69.6%    13.7%    -2.9
Average Employee Workweek               15.8%    75.2%     8.9%    -6.9
Prices Received for Finished Goods      18.6%    74.5%     6.9%   -11.8
Prices Paid for Raw Materials           16.8%    62.4%    20.8%     4.0
Volume of New Orders for Exports         8.9%    78.5%    12.7%     3.8
Supplier Delivery Time                   6.5%    89.2%     4.3%     2.2
INDUSTRY BUSINESS ACTIVITY              24.0%    61.0%    15.0%    -9.0



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
OCT96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              14.9%    33.7%    51.5%    36.6
Volume of Shipments                     13.9%    35.6%    50.5%    36.6
Volume of New Orders                    14.9%    38.6%    46.5%    31.7
Backlog of Orders                       19.8%    52.1%    28.1%     8.3
Materials Inventories                   18.6%    64.9%    16.5%    -2.1
Finished Goods Inventories              19.6%    64.1%    16.3%    -3.3
Number of Employees                     20.8%    58.4%    20.8%     0.0
Average Employee Workweek               14.9%    75.2%     9.9%    -5.0
Prices Received for Finished Goods      16.8%    64.4%    18.8%     2.0
Prices Paid for Raw Materials           14.0%    46.0%    40.0%    26.0
Capital Expenditures                    12.6%    54.7%    32.6%    20.0
Volume of New Orders for Exports         5.9%    71.8%    22.4%    16.5
Supplier Delivery Time                   4.5%    84.1%    11.4%    -6.8
INDUSTRY BUSINESS ACTIVITY              15.3%    42.9%    41.8%    26.5



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
OCT96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              31.7%    22.8%    45.5%    13.9
Volume of Shipments                     32.4%    22.5%    45.1%    12.8
Volume of New Orders                    36.3%    22.5%    41.2%     4.9
Backlog of Orders                       37.1%    35.1%    27.8%    -9.3
Materials Inventories                   26.0%    41.7%    32.3%     6.3
Finished Goods Inventories              33.0%    38.3%    28.7%    -4.3
Number of Employees                     34.0%    33.0%    33.0%    -1.0
Average Employee Workweek               19.8%    52.5%    27.7%     7.9
Prices Received for Finished Goods      28.7%    30.7%    40.6%    11.9
Prices Paid for Raw Materials           21.8%    27.7%    50.5%    28.7
Capital Expenditures                    21.1%    54.7%    24.2%     3.2
Volume of New Orders for Exports         9.3%    65.1%    25.6%    16.3
Supplier Delivery Time                  10.0%    75.6%    14.4%    -4.4
INDUSTRY BUSINESS ACTIVITY              32.0%    24.0%    44.0%    12.0