Southeastern Manufacturing Survey - February 1997 (January data)

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
JAN97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              19.8%    39.8%    40.4%    20.6
Volume of Shipments                     20.4%    39.3%    40.2%    19.8
Volume of New Orders                    23.2%    35.3%    41.5%    18.3
Backlog of Orders                       20.7%    50.2%    29.1%     8.4
Materials Inventories                   22.0%    57.0%    21.1%    -0.9
Finished Goods Inventories              28.8%    43.2%    28.1%    -0.7
Number of Employees                     13.7%    70.6%    15.7%     2.1
Average Employee Workweek               17.0%    61.6%    21.4%     4.3
Prices Received for Finished Goods*     10.5%    81.0%     8.6%    -1.9
Prices Paid for Raw Materials            8.1%    67.9%    24.0%    15.9
Volume of New Orders for Exports         2.3%    80.9%    16.8%    14.6
Supplier Delivery Time*                  6.1%    89.8%     4.1%     2.0
INDUSTRY BUSINESS ACTIVITY              21.7%    45.5%    32.8%    11.1

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
JAN97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              16.6%    32.1%    51.3%    34.7
Volume of Shipments                     15.5%    29.4%    55.1%    39.6
Volume of New Orders                    16.8%    34.6%    48.6%    31.8
Backlog of Orders                       21.1%    51.3%    27.6%     6.5
Materials Inventories                   24.5%    59.0%    16.5%    -8.1
Finished Goods Inventories              28.6%    50.3%    21.2%    -7.4
Number of Employees                     19.5%    55.8%    24.7%     5.2
Average Employee Workweek               21.2%    63.6%    15.1%    -6.1
Prices Received for Finished Goods      15.2%    60.1%    24.8%     9.6
Prices Paid for Raw Materials           11.1%    49.7%    39.2%    28.1
Capital Expenditures                    11.9%    52.4%    35.7%    23.8
Volume of New Orders for Exports*        9.0%    64.0%    27.0%    18.0
Supplier Delivery Time                   4.9%    84.6%    10.3%    -5.5
INDUSTRY BUSINESS ACTIVITY              15.9%    31.1%    53.0%    37.1

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
DEC96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              34.2%    36.8%    29.0%    -5.2
Volume of Shipments                     33.5%    34.5%    32.0%    -1.5
Volume of New Orders                    35.3%    42.6%    22.1%   -13.2
Backlog of Orders                       33.0%    51.0%    16.0%   -16.9
Materials Inventories                   25.6%    56.7%    17.7%    -7.8
Finished Goods Inventories              26.8%    47.1%    26.1%    -0.7
Number of Employees                     17.4%    61.5%    21.1%     3.7
Average Employee Workweek               24.7%    62.4%    12.9%   -11.7
Prices Received for Finished Goods*     20.0%    75.7%     4.3%   -15.7
Prices Paid for Raw Materials           12.3%    67.7%    20.0%     7.8
Volume of New Orders for Exports         8.6%    81.2%    10.2%     1.5
Supplier Delivery Time*                  6.5%    87.9%     5.6%     0.9
INDUSTRY BUSINESS ACTIVITY              36.9%    44.9%    18.2%   -18.7

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
DEC96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              13.3%    30.6%    56.0%    42.7
Volume of Shipments                     11.1%    34.2%    54.7%    43.6
Volume of New Orders                     9.3%    40.0%    50.7%    41.5
Backlog of Orders                       11.3%    58.7%    30.0%    18.7
Materials Inventories                   22.9%    52.2%    24.9%     1.9
Finished Goods Inventories              28.3%    42.8%    29.0%     0.7
Number of Employees                     12.9%    65.6%    21.5%     8.6
Average Employee Workweek               10.1%    65.8%    24.2%    14.1
Prices Received for Finished Goods      10.8%    59.9%    29.3%    18.5
Prices Paid for Raw Materials           10.0%    43.4%    46.7%    36.7
Capital Expenditures                    12.0%    56.9%    31.1%    19.1
Volume of New Orders for Exports*        2.2%    73.1%    24.7%    22.6
Supplier Delivery Time                   3.6%    90.0%     7.5%    -4.0
INDUSTRY BUSINESS ACTIVITY               8.8%    41.1%    50.1%    41.3

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
JAN97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              17.0%    37.7%    45.3%    28.3
Volume of Shipments                     20.8%    33.0%    46.2%    25.5
Volume of New Orders                    19.8%    34.9%    45.3%    25.5
Backlog of Orders                       19.4%    50.0%    30.6%    11.2
Materials Inventories                   19.4%    56.3%    24.3%     4.9
Finished Goods Inventories              27.6%    41.8%    30.6%     3.1
Number of Employees                     14.3%    67.6%    18.1%     3.8
Average Employee Workweek               16.3%    60.6%    23.1%     6.7
Prices Received for Finished Goods      10.5%    81.0%     8.6%    -1.9
Prices Paid for Raw Materials            8.7%    63.5%    27.9%    19.2
Volume of New Orders for Exports         2.4%    77.6%    20.0%    17.7
Supplier Delivery Time                   6.1%    89.8%     4.1%     2.0
INDUSTRY BUSINESS ACTIVITY              21.9%    41.9%    36.2%    14.3



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
JAN97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              12.3%    29.2%    58.5%    46.2
Volume of Shipments                     11.3%    26.4%    62.3%    50.9
Volume of New Orders                    12.3%    32.1%    55.7%    43.4
Backlog of Orders                       17.3%    51.0%    31.6%    14.3
Materials Inventories                   21.8%    57.4%    20.8%    -1.0
Finished Goods Inventories              26.8%    49.5%    23.7%    -3.1
Number of Employees                     16.0%    55.7%    28.3%    12.3
Average Employee Workweek               17.1%    63.8%    19.0%     1.9
Prices Received for Finished Goods      13.2%    57.5%    29.2%    16.0
Prices Paid for Raw Materials           11.5%    47.1%    41.3%    29.8
Capital Expenditures                    11.7%    52.4%    35.9%    24.3
Volume of New Orders for Exports         9.0%    64.0%    27.0%    18.0
Supplier Delivery Time                   6.2%    85.6%     8.2%    -2.1
INDUSTRY BUSINESS ACTIVITY              11.7%    28.2%    60.2%    48.5



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
JAN97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              24.8%    30.5%    44.8%    20.0
Volume of Shipments                     25.5%    34.0%    40.6%    15.1
Volume of New Orders                    25.5%    31.1%    43.4%    17.9
Backlog of Orders                       30.6%    46.9%    22.4%    -8.2
Materials Inventories                   27.2%    46.6%    26.2%    -1.0
Finished Goods Inventories              29.9%    39.2%    30.9%     1.0
Number of Employees                     34.0%    38.7%    27.4%    -6.6
Average Employee Workweek               24.8%    52.4%    22.9%    -1.9
Prices Received for Finished Goods      25.5%    36.8%    37.7%    12.3
Prices Paid for Raw Materials           22.9%    28.6%    48.6%    25.7
Capital Expenditures                    21.4%    45.6%    33.0%    11.7
Volume of New Orders for Exports        10.2%    67.0%    22.7%    12.5
Supplier Delivery Time                   7.2%    77.3%    15.5%    -8.3
INDUSTRY BUSINESS ACTIVITY              29.8%    32.7%    37.5%     7.7



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
DEC96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              39.1%    36.5%    24.3%   -14.8
Volume of Shipments                     38.6%    34.2%    27.2%   -11.4
Volume of New Orders                    37.7%    42.1%    20.2%   -17.5
Backlog of Orders                       34.3%    51.9%    13.9%   -20.4
Materials Inventories                   26.8%    56.3%    17.0%    -9.8
Finished Goods Inventories              28.2%    48.2%    23.6%    -4.6
Number of Employees                     14.8%    68.7%    16.5%     1.7
Average Employee Workweek               25.4%    64.0%    10.5%   -14.9
Prices Received for Finished Goods      20.0%    75.7%     4.3%   -15.7
Prices Paid for Raw Materials           13.2%    68.4%    18.4%     5.3
Volume of New Orders for Exports         9.4%    81.2%     9.4%     0.0
Supplier Delivery Time                   6.5%    87.9%     5.6%     0.9
INDUSTRY BUSINESS ACTIVITY              38.9%    43.4%    17.7%   -21.2



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
DEC96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              10.6%    28.3%    61.1%    50.4
Volume of Shipments                      9.0%    29.7%    61.3%    52.3
Volume of New Orders                     7.1%    36.3%    56.6%    49.6
Backlog of Orders                        9.5%    57.1%    33.3%    23.8
Materials Inventories                   21.1%    53.2%    25.7%     4.6
Finished Goods Inventories              26.9%    43.5%    29.6%     2.8
Number of Employees                     11.6%    64.3%    24.1%    12.5
Average Employee Workweek                8.0%    66.1%    25.9%    17.9
Prices Received for Finished Goods       9.8%    55.4%    34.8%    25.0
Prices Paid for Raw Materials           10.6%    39.8%    49.6%    38.9
Capital Expenditures                    10.5%    54.3%    35.2%    24.8
Volume of New Orders for Exports         2.2%    73.1%    24.7%    22.6
Supplier Delivery Time                   2.9%    90.5%     6.7%    -3.8
INDUSTRY BUSINESS ACTIVITY               8.2%    35.5%    56.4%    48.2



FEDERAL RESERVE BANK OF ATLANTA
SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
DEC96

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              33.3%    18.4%    48.2%    14.9
Volume of Shipments                     32.7%    20.4%    46.9%    14.2
Volume of New Orders                    30.4%    28.6%    41.1%    10.7
Backlog of Orders                       32.7%    41.1%    26.2%    -6.5
Materials Inventories                   29.1%    45.5%    25.5%    -3.6
Finished Goods Inventories              30.8%    39.3%    29.9%    -0.9
Number of Employees                     29.8%    39.5%    30.7%     0.9
Average Employee Workweek               25.2%    54.8%    20.0%    -5.2
Prices Received for Finished Goods      25.4%    36.0%    38.6%    13.2
Prices Paid for Raw Materials           26.3%    27.2%    46.5%    20.2
Capital Expenditures                    19.2%    52.9%    27.9%     8.7
Volume of New Orders for Exports         7.5%    71.0%    21.5%    14.0
Supplier Delivery Time                   7.5%    78.3%    14.2%    -6.6
INDUSTRY BUSINESS ACTIVITY              27.4%    29.2%    43.4%    15.9