Southeastern Manufacturing Survey - December 1997 (November data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
November 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              24.7     40.1     35.3     10.6
Volume of Shipments                     28.2     36.4     35.3      7.1
Volume of New Orders                    22.9     46.9     30.2      7.3
Backlog of Orders                       27.0     51.1     21.9     -5.2
Materials Inventories                   17.2     58.5     24.3      7.1
Finished Goods Inventories              21.3     46.6     32.1     10.8
Number of Employees                     10.5     75.1     14.4      3.9
Average Employee Workweek               12.4     73.9     13.7      1.3
Prices Received for Finished Goods*     12.0     79.3      8.7     -3.3
Prices Paid for Raw Materials            8.8     64.5     26.7     18.0
Volume of New Orders for Exports*       13.3     74.7     12.0     -1.3
Supplier Delivery Time*                 12.2     86.7      1.1     11.1
INDUSTRY BUSINESS ACTIVITY              25.2     51.2     23.6     -1.6

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
November 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              15.9     33.6     50.5     34.5
Volume of Shipments                     16.5     31.0     52.5     36.1
Volume of New Orders                    13.4     38.7     47.8     34.4
Backlog of Orders                       16.2     51.7     32.1     16.0
Materials Inventories                   28.5     52.3     19.2     -9.4
Finished Goods Inventories              32.2     45.6     22.2    -10.0
Number of Employees                     17.3     58.8     23.9      6.5
Average Employee Workweek               16.9     69.2     13.9     -3.0
Prices Received for Finished Goods      12.3     59.1     28.7     16.4
Prices Paid for Raw Materials           11.2     50.2     38.6     27.4
Capital Expenditures                    13.5     48.2     38.3     24.9
Volume of New Orders for Exports*        3.9     71.4     24.7     20.8
Supplier Delivery Time*                  6.7     84.3      9.0     -2.3
INDUSTRY BUSINESS ACTIVITY              16.9     45.5     37.7     20.8

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
October 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              20.9     41.9     37.2     16.2
Volume of Shipments                     25.2     37.8     37.0     11.8
Volume of New Orders                    22.4     36.6     41.0     18.6
Backlog of Orders                       21.8     49.4     28.9      7.1
Materials Inventories                   15.8     57.4     26.8     11.0
Finished Goods Inventories              20.2     48.7     31.1     10.9
Number of Employees                     11.3     66.5     22.3     11.0
Average Employee Workweek               14.6     66.8     18.6      3.9
Prices Received for Finished Goods*     11.3     74.8     13.9      2.6
Prices Paid for Raw Materials            7.3     68.5     24.3     17.0
Volume of New Orders for Exports*       13.2     74.7     12.1     -1.1
Supplier Delivery Time*                  7.5     89.6      2.8      4.7
INDUSTRY BUSINESS ACTIVITY              18.0     47.5     34.5     16.5

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
October 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              16.4     38.5     45.1     28.8
Volume of Shipments                     17.1     37.3     45.6     28.6
Volume of New Orders                    13.1     42.1     44.9     31.8
Backlog of Orders                       15.7     53.3     31.0     15.3
Materials Inventories                   28.1     51.7     20.2     -7.9
Finished Goods Inventories              30.1     45.2     24.7     -5.3
Number of Employees                     16.9     58.4     24.7      7.7
Average Employee Workweek               17.7     70.0     12.3     -5.4
Prices Received for Finished Goods       9.1     64.0     26.9     17.7
Prices Paid for Raw Materials            7.9     57.7     34.4     26.5
Capital Expenditures                    14.6     49.3     36.1     21.4
Volume of New Orders for Exports*        6.6     65.9     27.5     20.9
Supplier Delivery Time*                  4.7     88.7      6.6     -1.9
INDUSTRY BUSINESS ACTIVITY              17.6     44.4     38.0     20.4

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
November 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              28.0     43.0     29.0      1.1
Volume of Shipments                     34.4     39.8     25.8     -8.6
Volume of New Orders                    26.9     46.2     26.9      0.0
Backlog of Orders                       29.2     52.8     18.0    -11.2
Materials Inventories                   18.7     60.4     20.9      2.2
Finished Goods Inventories              18.9     48.9     32.2     13.3
Number of Employees                     11.8     75.3     12.9      1.1
Average Employee Workweek               14.1     75.0     10.9     -3.3
Prices Received for Finished Goods      12.0     79.3      8.7     -3.3
Prices Paid for Raw Materials            9.9     68.1     22.0     12.1
Volume of New Orders for Exports        13.3     74.7     12.0     -1.3
Supplier Delivery Time                  12.2     86.7      1.1     11.1
INDUSTRY BUSINESS ACTIVITY              26.9     53.8     19.4     -7.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
November 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                               8.6     32.3     59.1     50.5
Volume of Shipments                      8.6     29.0     62.4     53.8
Volume of New Orders                     6.5     35.5     58.1     51.6
Backlog of Orders                       11.2     52.8     36.0     24.7
Materials Inventories                   26.7     52.2     21.1     -5.6
Finished Goods Inventories              28.9     46.7     24.4     -4.4
Number of Employees                     14.1     56.5     29.3     15.2
Average Employee Workweek               13.0     68.5     18.5      5.4
Prices Received for Finished Goods      12.0     53.3     34.8     22.8
Prices Paid for Raw Materials           12.0     44.6     43.5     31.5
Capital Expenditures                    14.6     42.7     42.7     28.1
Volume of New Orders for Exports         3.9     71.4     24.7     20.8
Supplier Delivery Time                   6.7     84.3      9.0     -2.3
INDUSTRY BUSINESS ACTIVITY               9.0     43.8     47.2     38.2



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
November 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.6     25.8     51.6     29.0
Volume of Shipments                     30.1     21.5     48.4     18.3
Volume of New Orders                    26.9     26.9     46.2     19.4
Backlog of Orders                       28.4     42.0     29.5      1.1
Materials Inventories                   33.3     40.0     26.7     -6.7
Finished Goods Inventories              33.0     33.0     34.1      1.1
Number of Employees                     27.2     38.0     34.8      7.6
Average Employee Workweek               20.7     63.0     16.3     -4.4
Prices Received for Finished Goods      22.8     38.0     39.1     16.3
Prices Paid for Raw Materials           23.9     34.8     41.3     17.4
Capital Expenditures                    22.5     50.6     27.0      4.5
Volume of New Orders for Exports        10.4     70.1     19.5      9.1
Supplier Delivery Time                  16.9     68.5     14.6      2.3
INDUSTRY BUSINESS ACTIVITY              19.3     36.4     44.3     25.0



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
October 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              21.7     44.3     33.9     12.2
Volume of Shipments                     27.8     39.1     33.0      5.2
Volume of New Orders                    24.6     37.7     37.7     13.2
Backlog of Orders                       24.3     49.5     26.2      1.9
Materials Inventories                   17.3     57.3     25.5      8.2
Finished Goods Inventories              18.7     50.5     30.8     12.2
Number of Employees                     13.2     66.7     20.2      7.0
Average Employee Workweek               16.5     67.8     15.7     -0.9
Prices Received for Finished Goods      11.3     74.8     13.9      2.6
Prices Paid for Raw Materials            5.3     70.2     24.6     19.3
Volume of New Orders for Exports        13.2     74.7     12.1     -1.1
Supplier Delivery Time                   7.5     89.6      2.8      4.7
INDUSTRY BUSINESS ACTIVITY              16.8     53.1     30.1     13.3



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
October 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              13.0     40.0     47.0     33.9
Volume of Shipments                     13.2     41.2     45.6     32.5
Volume of New Orders                    10.6     43.4     46.0     35.4
Backlog of Orders                       14.0     51.4     34.6     20.6
Materials Inventories                   26.4     54.5     19.1     -7.3
Finished Goods Inventories              27.1     50.5     22.4     -4.7
Number of Employees                     17.5     57.9     24.6      7.0
Average Employee Workweek               15.7     69.6     14.8     -0.9
Prices Received for Finished Goods      10.4     59.1     30.4     20.0
Prices Paid for Raw Materials            8.0     54.0     38.1     30.1
Capital Expenditures                    15.3     47.7     36.9     21.6
Volume of New Orders for Exports         6.6     65.9     27.5     20.9
Supplier Delivery Time                   4.7     88.7      6.6     -1.9
INDUSTRY BUSINESS ACTIVITY              13.5     47.7     38.7     25.2



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
October 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              27.8     24.3     47.8     20.0
Volume of Shipments                     29.6     22.6     47.8     18.3
Volume of New Orders                    26.3     33.3     40.4     14.0
Backlog of Orders                       30.2     37.7     32.1      1.9
Materials Inventories                   28.2     40.9     30.9      2.7
Finished Goods Inventories              29.2     39.6     31.1      1.9
Number of Employees                     28.9     38.6     32.5      3.5
Average Employee Workweek               24.3     62.6     13.0    -11.3
Prices Received for Finished Goods      21.7     44.3     33.9     12.2
Prices Paid for Raw Materials           19.3     32.5     48.2     29.0
Capital Expenditures                    15.6     45.0     39.4     23.9
Volume of New Orders for Exports        13.2     70.3     16.5      3.3
Supplier Delivery Time                  10.3     82.2      7.5      2.8
INDUSTRY BUSINESS ACTIVITY              21.2     26.5     52.2     31.0