Southeastern Manufacturing Survey - February 1998 (January data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
January 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              28.5     39.8     31.7      3.2
Volume of Shipments                     27.7     40.6     31.8      4.1
Volume of New Orders                    24.3     44.4     31.3      7.1
Backlog of Orders                       27.1     49.6     23.3     -3.9
Materials Inventories                   22.1     60.4     17.5     -4.7
Finished Goods Inventories              24.0     47.5     28.5      4.6
Number of Employees                      7.4     75.2     17.3      9.9
Average Employee Workweek               18.6     62.8     18.7      0.1
Prices Received for Finished Goods*     15.4     72.1     12.5     -2.9
Prices Paid for Raw Materials*          16.3     59.6     24.0      7.7
Volume of New Orders for Exports*       10.6     76.5     12.9      2.4
Supplier Delivery Time*                  9.2     88.8      2.0      7.1
INDUSTRY BUSINESS ACTIVITY              19.2     53.4     27.4      8.1

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
January 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              11.4     31.1     57.5     46.1
Volume of Shipments                     14.7     29.4     55.8     41.1
Volume of New Orders                    16.7     35.3     48.0     31.3
Backlog of Orders                       19.4     52.9     27.7      8.4
Materials Inventories                   20.5     58.3     21.2      0.7
Finished Goods Inventories              27.2     49.8     23.0     -4.3
Number of Employees                     14.9     58.7     26.4     11.5
Average Employee Workweek               15.3     64.6     20.2      4.9
Prices Received for Finished Goods       9.6     65.5     25.0     15.4
Prices Paid for Raw Materials            7.9     57.8     34.3     26.5
Capital Expenditures                    13.2     50.3     36.6     23.4
Volume of New Orders for Exports*        4.8     70.2     25.0     20.2
Supplier Delivery Time*                  5.3     88.3      6.4     -1.1
INDUSTRY BUSINESS ACTIVITY              19.3     43.2     37.5     18.1

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
December 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              30.7     39.8     29.5     -1.2
Volume of Shipments                     31.0     35.6     33.5      2.5
Volume of New Orders                    23.8     45.2     31.0      7.3
Backlog of Orders                       25.9     52.0     22.1     -3.8
Materials Inventories                   24.8     55.6     19.7     -5.1
Finished Goods Inventories              20.4     54.6     25.1      4.7
Number of Employees                     12.3     71.6     16.1      3.8
Average Employee Workweek               16.8     68.8     14.3     -2.5
Prices Received for Finished Goods*     15.7     75.5      8.8     -6.9
Prices Paid for Raw Materials*          16.8     65.3     17.8      1.0
Volume of New Orders for Exports*       10.8     74.7     14.5      3.6
Supplier Delivery Time*                 12.2     86.7      1.0     11.2
INDUSTRY BUSINESS ACTIVITY              23.5     48.0     28.4      4.9

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
December 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              14.4     34.7     50.9     36.5
Volume of Shipments                     16.0     29.4     54.6     38.6
Volume of New Orders                    14.1     41.7     44.3     30.2
Backlog of Orders                       17.3     53.3     29.4     12.1
Materials Inventories                   25.3     53.8     20.9     -4.5
Finished Goods Inventories              26.1     49.5     24.4     -1.7
Number of Employees                     17.0     56.9     26.1      9.2
Average Employee Workweek               15.4     65.9     18.7      3.2
Prices Received for Finished Goods      11.6     59.4     29.0     17.4
Prices Paid for Raw Materials           11.0     57.0     32.0     21.0
Capital Expenditures                    14.9     48.4     36.6     21.7
Volume of New Orders for Exports*        4.8     69.0     26.2     21.4
Supplier Delivery Time*                  5.3     86.3      8.4     -3.2
INDUSTRY BUSINESS ACTIVITY              18.8     40.6     40.6     21.8

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
January 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.9     36.2     41.0     18.1
Volume of Shipments                     24.8     35.2     40.0     15.2
Volume of New Orders                    21.0     44.8     34.3     13.3
Backlog of Orders                       22.8     51.5     25.7      3.0
Materials Inventories                   18.3     61.5     20.2      1.9
Finished Goods Inventories              24.5     44.1     31.4      6.9
Number of Employees                      6.7     72.4     21.0     14.3
Average Employee Workweek               18.1     58.1     23.8      5.7
Prices Received for Finished Goods      15.4     72.1     12.5     -2.9
Prices Paid for Raw Materials           16.3     59.6     24.0      7.7
Volume of New Orders for Exports        10.6     76.5     12.9      2.4
Supplier Delivery Time                   9.2     88.8      2.0      7.1
INDUSTRY BUSINESS ACTIVITY              20.2     47.1     32.7     12.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
January 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                               7.8     28.2     64.1     56.3
Volume of Shipments                      9.6     26.0     64.4     54.8
Volume of New Orders                    12.6     29.1     58.3     45.6
Backlog of Orders                       14.1     53.5     32.3     18.2
Materials Inventories                   17.3     57.7     25.0      7.7
Finished Goods Inventories              25.7     49.5     24.8     -1.0
Number of Employees                     11.5     57.7     30.8     19.2
Average Employee Workweek               12.6     64.1     23.3     10.7
Prices Received for Finished Goods      10.7     62.1     27.2     16.5
Prices Paid for Raw Materials            7.8     56.3     35.9     28.2
Capital Expenditures                    12.5     49.0     38.5     26.0
Volume of New Orders for Exports         4.8     70.2     25.0     20.2
Supplier Delivery Time                   5.3     88.3      6.4     -1.1
INDUSTRY BUSINESS ACTIVITY              13.7     39.2     47.1     33.3



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
January 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              26.9     30.8     42.3     15.4
Volume of Shipments                     27.9     26.0     46.2     18.3
Volume of New Orders                    21.4     33.0     45.6     24.3
Backlog of Orders                       26.0     47.0     27.0      1.0
Materials Inventories                   24.0     48.1     27.9      3.9
Finished Goods Inventories              26.7     42.6     30.7      4.0
Number of Employees                     29.1     32.0     38.8      9.7
Average Employee Workweek               24.3     55.3     20.4     -3.9
Prices Received for Finished Goods      24.3     43.7     32.0      7.8
Prices Paid for Raw Materials           26.2     25.2     48.5     22.3
Capital Expenditures                    12.6     48.4     38.9     26.3
Volume of New Orders for Exports        12.0     68.7     19.3      7.2
Supplier Delivery Time                   9.6     87.2      3.2      6.4
INDUSTRY BUSINESS ACTIVITY              22.5     31.4     46.1     23.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
December 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              42.2     37.3     20.6    -21.6
Volume of Shipments                     42.2     33.3     24.5    -17.7
Volume of New Orders                    29.4     45.1     25.5     -3.9
Backlog of Orders                       30.3     53.5     16.2    -14.1
Materials Inventories                   28.7     53.5     17.8    -10.9
Finished Goods Inventories              21.4     56.1     22.4      1.0
Number of Employees                     10.9     80.2      8.9     -2.0
Average Employee Workweek               22.8     67.3      9.9    -12.9
Prices Received for Finished Goods      15.7     75.5      8.8     -6.9
Prices Paid for Raw Materials           16.8     65.3     17.8      1.0
Volume of New Orders for Exports        10.8     74.7     14.5      3.6
Supplier Delivery Time                  12.2     86.7      1.0     11.2
INDUSTRY BUSINESS ACTIVITY              30.3     48.5     21.2     -9.1



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
December 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                               8.8     29.4     61.8     52.9
Volume of Shipments                      9.8     25.5     64.7     54.9
Volume of New Orders                     9.8     38.2     52.0     42.2
Backlog of Orders                       14.1     51.5     34.3     20.2
Materials Inventories                   21.4     53.1     25.5      4.1
Finished Goods Inventories              22.9     51.0     26.0      3.1
Number of Employees                     13.0     57.0     30.0     17.0
Average Employee Workweek               12.0     65.0     23.0     11.0
Prices Received for Finished Goods       9.9     51.5     38.6     28.7
Prices Paid for Raw Materials           11.0     50.0     39.0     28.0
Capital Expenditures                    12.4     47.4     40.2     27.8
Volume of New Orders for Exports         4.8     69.0     26.2     21.4
Supplier Delivery Time                   5.3     86.3      8.4     -3.2
INDUSTRY BUSINESS ACTIVITY              14.3     36.7     49.0     34.7



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
December 1997

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              25.5     25.5     49.0     23.5
Volume of Shipments                     25.5     23.5     51.0     25.5
Volume of New Orders                    21.6     38.2     40.2     18.6
Backlog of Orders                       27.0     43.0     30.0      3.0
Materials Inventories                   28.6     49.0     22.4     -6.1
Finished Goods Inventories              30.2     45.8     24.0     -6.3
Number of Employees                     24.5     38.2     37.3     12.8
Average Employee Workweek               17.8     65.3     16.8     -1.0
Prices Received for Finished Goods      21.6     38.2     40.2     18.6
Prices Paid for Raw Materials           21.0     25.0     54.0     33.0
Capital Expenditures                    16.0     45.7     38.3     22.3
Volume of New Orders for Exports        11.8     64.7     23.5     11.8
Supplier Delivery Time                  13.5     78.1      8.3      5.2
INDUSTRY BUSINESS ACTIVITY              23.5     31.6     44.9     21.4