Southeastern Manufacturing Survey - February 1996 (January data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
JAN96

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              24.5%    47.5%    28.1%     3.6
Volume of Shipments                     29.3%    39.2%    31.5%     2.2
Volume of New Orders                    32.0%    43.0%    25.0%    -7.0
Backlog of Orders                       29.4%    52.8%    17.9%   -11.5
Materials Inventories                   19.9%    61.3%    18.8%    -1.1
Finished Goods Inventories              21.2%    53.2%    25.6%     4.4
Number of Employees                     19.4%    61.9%    18.7%    -0.6
Average Employee Workweek               16.1%    70.7%    13.1%    -3.0
Prices Received for Finished Goods      16.1%    68.5%    15.3%    -0.8
Prices Paid for Raw Materials           14.6%    63.3%    22.1%     7.5
Volume of New Orders for Exports         9.0%    77.9%    13.1%     4.0
Supplier Delivery Time                   4.4%    86.8%     8.8%    -4.4
INDUSTRY BUSINESS ACTIVITY              33.5%    45.4%    21.1%   -12.3

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data
Six Months from Now for:
JAN96

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.7%    37.3%    40.0%    17.3
Volume of Shipments                     21.8%    39.1%    39.1%    17.4
Volume of New Orders                    18.1%    43.6%    38.3%    20.2
Backlog of Orders                       27.9%    52.9%    19.3%    -8.6
Materials Inventories                   33.5%    52.6%    14.0%   -19.5
Finished Goods Inventories              33.3%    50.6%    16.1%   -17.2
Number of Employees                     26.9%    53.3%    19.9%    -7.0
Average Employee Workweek               18.8%    67.9%    13.3%    -5.5
Prices Received for Finished Goods      21.4%    55.4%    23.2%     1.8
Prices Paid for Raw Materials           17.5%    47.4%    35.1%    17.6
Capital Expenditures                    15.3%    46.8%    37.9%    22.6
Volume of New Orders for Exports         7.1%    67.3%    25.5%    18.4
Supplier Delivery Time                   3.1%    84.1%    12.6%    -9.5
INDUSTRY BUSINESS ACTIVITY              26.8%    39.0%    34.3%     7.5

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data
Versus Last Month for:
DEC95

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              33.0%    41.1%    25.9%    -7.0
Volume of Shipments                     36.0%    37.0%    27.0%    -9.0
Volume of New Orders                    37.2%    38.2%    24.6%   -12.6
Backlog of Orders                       35.9%    45.0%    19.1%   -16.8
Materials Inventories                   26.1%    53.9%    20.1%    -6.0
Finished Goods Inventories              28.4%    42.8%    28.8%     0.4
Number of Employees                     22.4%    66.6%    11.0%   -11.4
Average Employee Workweek               22.3%    61.0%    16.7%    -5.6
Prices Received for Finished Goods      14.2%    77.2%     8.7%    -5.5
Prices Paid for Raw Materials           10.3%    67.4%    22.4%    12.1
Volume of New Orders for Exports        12.0%    73.7%    14.3%     2.4
Supplier Delivery Time                   7.4%    87.7%     4.9%     2.5
INDUSTRY BUSINESS ACTIVITY              37.2%    49.1%    13.7%   -23.5

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data
Six Months from Now for:
DEC95

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              18.9%    31.1%    50.0%    31.1
Volume of Shipments                     18.3%    31.6%    50.1%    31.8
Volume of New Orders                    18.8%    34.8%    46.3%    27.5
Backlog of Orders                       20.3%    50.8%    28.9%     8.6
Materials Inventories                   25.2%    56.8%    18.0%    -7.2
Finished Goods Inventories              31.9%    50.8%    17.2%   -14.7
Number of Employees                     21.1%    56.6%    22.3%     1.2
Average Employee Workweek               15.0%    66.3%    18.7%     3.7
Prices Received for Finished Goods      17.5%    52.8%    29.7%    12.2
Prices Paid for Raw Materials           16.8%    45.3%    37.9%    21.1
Capital Expenditures                    13.3%    56.0%    30.8%    17.5
Volume of New Orders for Exports         7.1%    67.7%    25.3%    18.2
Supplier Delivery Time                   2.4%    86.8%    12.1%    -9.7
INDUSTRY BUSINESS ACTIVITY              16.9%    42.7%    40.3%    23.4

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data
Versus Last Month for:
JAN96

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.0%    45.5%    32.5%    10.6
Volume of Shipments                     29.8%    33.1%    37.1%     7.3
Volume of New Orders                    29.0%    42.7%    28.2%    -0.8
Backlog of Orders                       28.3%    52.5%    19.2%    -9.2
Materials Inventories                   17.6%    60.5%    21.8%     4.2
Finished Goods Inventories              20.3%    51.7%    28.0%     7.6
Number of Employees                     20.2%    58.9%    21.0%     0.8
Average Employee Workweek               15.6%    69.7%    14.8%    -0.8
Prices Received for Finished Goods      16.1%    68.5%    15.3%    -0.8
Prices Paid for Raw Materials           15.3%    58.9%    25.8%    10.5
Volume of New Orders for Exports         9.2%    74.7%    16.1%     6.9
Supplier Delivery Time                   4.4%    86.8%     8.8%    -4.4
INDUSTRY BUSINESS ACTIVITY              33.9%    41.9%    24.2%    -9.7

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data
Six Months from Now for:
JAN96

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              18.5%    34.7%    46.8%    28.2
Volume of Shipments                     17.7%    36.3%    46.0%    28.2
Volume of New Orders                    13.7%    41.1%    45.2%    31.5
Backlog of Orders                       24.2%    52.5%    23.3%    -0.8
Materials Inventories                   30.8%    50.8%    18.3%   -12.5
Finished Goods Inventories              31.4%    50.0%    18.6%   -12.7
Number of Employees                     23.4%    53.2%    23.4%     0.0
Average Employee Workweek               14.8%    68.0%    17.2%     2.5
Prices Received for Finished Goods      19.5%    52.8%    27.6%     8.1
Prices Paid for Raw Materials           17.9%    44.7%    37.4%    19.5
Capital Expenditures                    15.0%    46.9%    38.1%    23.0
Volume of New Orders for Exports         7.1%    67.3%    25.5%    18.4
Supplier Delivery Time                   4.4%    85.1%    10.5%    -6.1
INDUSTRY BUSINESS ACTIVITY              22.5%    35.8%    41.7%    19.2

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data
Year Ago for:
JAN96

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              37.4%    22.0%    40.7%     3.3
Volume of Shipments                     38.7%    18.5%    42.7%     4.0
Volume of New Orders                    33.9%    25.0%    41.1%     7.3
Backlog of Orders                       34.2%    37.5%    28.3%    -5.8
Materials Inventories                   31.9%    37.8%    30.3%    -1.7
Finished Goods Inventories              32.5%    34.2%    33.3%     0.9
Number of Employees                     37.9%    31.5%    30.6%    -7.3
Average Employee Workweek               25.0%    58.1%    16.9%    -8.1
Prices Received for Finished Goods      23.4%    29.8%    46.8%    23.4
Prices Paid for Raw Materials           20.5%    19.7%    59.8%    39.3
Capital Expenditures                    23.0%    45.1%    31.9%     8.9
Volume of New Orders for Exports        13.1%    59.6%    27.3%    14.1
Supplier Delivery Time                   7.0%    74.8%    18.3%   -11.3
INDUSTRY BUSINESS ACTIVITY              45.9%    18.0%    36.1%    -9.8

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data
Versus Last Month for:
DEC95

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              37.8%    40.9%    21.3%   -16.5
Volume of Shipments                     40.9%    37.0%    22.0%   -18.9
Volume of New Orders                    39.4%    37.8%    22.8%   -16.5
Backlog of Orders                       37.1%    46.0%    16.9%   -20.2
Materials Inventories                   27.2%    53.6%    19.2%    -8.0
Finished Goods Inventories              29.6%    44.0%    26.4%    -3.2
Number of Employees                     19.7%    74.0%     6.3%   -13.4
Average Employee Workweek               23.0%    62.7%    14.3%    -8.7
Prices Received for Finished Goods      14.2%    77.2%     8.7%    -5.5
Prices Paid for Raw Materials           11.1%    68.3%    20.6%     9.5
Volume of New Orders for Exports        12.6%    73.7%    13.7%     1.1
Supplier Delivery Time                   7.4%    87.7%     4.9%     2.5
INDUSTRY BUSINESS ACTIVITY              39.1%    47.7%    13.3%   -25.8

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data
Six Months from Now for:
DEC95

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              15.9%    28.6%    55.6%    39.7
Volume of Shipments                     15.9%    27.0%    57.1%    41.3
Volume of New Orders                    16.3%    30.9%    52.8%    36.6
Backlog of Orders                       18.3%    49.2%    32.5%    14.2
Materials Inventories                   23.1%    57.9%    19.0%    -4.1
Finished Goods Inventories              30.3%    51.6%    18.0%   -12.3
Number of Employees                     19.7%    55.1%    25.2%     5.5
Average Employee Workweek               12.7%    66.7%    20.6%     7.9
Prices Received for Finished Goods      16.5%    48.0%    35.4%    18.9
Prices Paid for Raw Materials           17.3%    41.7%    40.9%    23.6
Capital Expenditures                    11.7%    53.3%    35.0%    23.3
Volume of New Orders for Exports         7.1%    67.7%    25.3%    18.2
Supplier Delivery Time                   1.7%    87.1%    11.2%    -9.5
INDUSTRY BUSINESS ACTIVITY              16.0%    36.8%    47.2%    31.2

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data
Year Ago for:
DEC95

                                      Percent   Percent  Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              37.3%    27.0%    35.7%    -1.6
Volume of Shipments                     41.3%    23.0%    35.7%    -5.6
Volume of New Orders                    41.3%    26.2%    32.5%    -8.7
Backlog of Orders                       41.0%    36.9%    22.1%   -18.9
Materials Inventories                   27.3%    48.8%    24.0%    -3.3
Finished Goods Inventories              24.6%    39.3%    36.1%    11.5
Number of Employees                     38.6%    32.3%    29.1%    -9.5
Average Employee Workweek               29.9%    55.9%    14.2%   -15.7
Prices Received for Finished Goods      19.7%    29.9%    50.4%    30.7
Prices Paid for Raw Materials           11.0%    17.3%    71.7%    60.6
Capital Expenditures                    20.5%    44.4%    35.0%    14.5
Volume of New Orders for Exports        13.0%    57.0%    30.0%    17.0
Supplier Delivery Time                   9.2%    71.4%    19.3%   -10.1
INDUSTRY BUSINESS ACTIVITY              43.2%    26.4%    30.4%   -12.8