Southeastern Manufacturing Survey - January 1997 (December data)

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                              31.7%    36.9%    31.4%    -0.4
Volume of Shipments                     31.5%    33.9%    34.5%     3.0
Volume of New Orders                    34.6%    41.5%    24.0%   -10.6
Backlog of Orders                       33.8%    48.1%    18.1%   -15.7
Materials Inventories                   27.3%    55.6%    17.1%   -10.2
Finished Goods Inventories              26.7%    48.9%    24.3%    -2.4
Number of Employees                     18.4%    58.2%    23.4%     4.9
Average Employee Workweek               26.0%    60.7%    13.3%   -12.7
Prices Received for Finished Goods*     20.8%    74.3%     5.0%   -15.8
Prices Paid for Raw Materials           12.1%    68.2%    19.6%     7.5
Volume of New Orders for Exports        10.2%    78.1%    11.7%     1.5
Supplier Delivery Time*                  7.5%    88.2%     4.3%     3.2
INDUSTRY BUSINESS ACTIVITY              34.3%    46.0%    19.7%   -14.6

*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                              13.8%    29.6%    56.6%    42.7
Volume of Shipments                     12.3%    33.0%    54.7%    42.4
Volume of New Orders                    10.3%    39.1%    50.7%    40.4
Backlog of Orders                       11.6%    60.9%    27.5%    15.8
Materials Inventories                   25.0%    48.4%    26.6%     1.6
Finished Goods Inventories              25.9%    42.9%    31.2%     5.4
Number of Employees                     14.5%    60.5%    24.9%    10.4
Average Employee Workweek               11.2%    60.9%    27.9%    16.6
Prices Received for Finished Goods      11.2%    57.6%    31.2%    20.1
Prices Paid for Raw Materials           11.5%    42.9%    45.6%    34.1
Capital Expenditures                    12.5%    55.4%    32.1%    19.6
Volume of New Orders for Exports*        2.5%    70.4%    27.2%    24.7
Supplier Delivery Time                   4.0%    89.8%     7.4%    -3.4
INDUSTRY BUSINESS ACTIVITY               9.9%    37.6%    52.5%    42.6

* Not Seasonally Adjusted


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                              24.7%    42.8%    32.6%     7.9
Volume of Shipments                     33.2%    35.5%    31.3%    -1.9
Volume of New Orders                    26.7%    40.1%    33.1%     6.4
Backlog of Orders                       26.6%    52.1%    21.4%    -5.2
Materials Inventories                   25.1%    54.7%    20.2%    -4.9
Finished Goods Inventories              27.5%    44.1%    28.4%     0.9
Number of Employees                     13.9%    71.5%    14.5%     0.6
Average Employee Workweek               20.9%    61.6%    17.5%    -3.4
Prices Received for Finished Goods*     15.2%    77.7%     7.1%    -8.0
Prices Paid for Raw Materials           15.5%    67.5%    17.0%     1.5
Volume of New Orders for Exports        10.4%    72.6%    17.0%     6.6
Supplier Delivery Time*                  5.6%    90.7%     3.7%     1.9
INDUSTRY BUSINESS ACTIVITY              21.7%    54.3%    24.0%     2.2

* 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                              13.1%    35.3%    51.6%    38.5
Volume of Shipments                     13.0%    33.8%    53.1%    40.1
Volume of New Orders                    15.6%    37.5%    46.9%    31.3
Backlog of Orders                       22.0%    51.9%    26.0%     4.0
Materials Inventories                   23.3%    53.9%    22.9%    -0.4
Finished Goods Inventories              24.4%    53.2%    22.4%    -2.0
Number of Employees                     18.7%    55.6%    25.7%     7.0
Average Employee Workweek               17.9%    62.0%    20.0%     2.1
Prices Received for Finished Goods      21.3%    49.3%    29.4%     8.1
Prices Paid for Raw Materials           15.0%    41.6%    43.5%    28.5
Capital Expenditures                    15.4%    51.4%    33.2%    17.9
Volume of New Orders for Exports*        4.4%    71.4%    24.2%    19.8
Supplier Delivery Time                   5.6%    86.6%     7.9%    -2.3
INDUSTRY BUSINESS ACTIVITY              17.0%    40.2%    42.8%    25.8

*Not Seasonally Adjusted


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                              36.6%    36.6%    26.7%    -9.9
Volume of Shipments                     36.6%    33.7%    29.7%    -6.9
Volume of New Orders                    37.0%    41.0%    22.0%   -15.0
Backlog of Orders                       35.1%    48.9%    16.0%   -19.1
Materials Inventories                   28.6%    55.1%    16.3%   -12.2
Finished Goods Inventories              28.1%    50.0%    21.9%    -6.3
Number of Employees                     15.8%    65.3%    18.8%     3.0
Average Employee Workweek               26.7%    62.4%    10.9%   -15.8
Prices Received for Finished Goods      20.8%    74.3%     5.0%   -15.8
Prices Paid for Raw Materials           13.0%    69.0%    18.0%     5.0
Volume of New Orders for Exports        11.0%    78.1%    11.0%     0.0
Supplier Delivery Time                   7.5%    88.2%     4.3%     3.2
INDUSTRY BUSINESS ACTIVITY              36.4%    44.4%    19.2%   -17.2



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                              11.1%    27.3%    61.6%    50.5
Volume of Shipments                     10.2%    28.6%    61.2%    51.0
Volume of New Orders                     8.1%    35.4%    56.6%    48.5
Backlog of Orders                        9.9%    59.3%    30.8%    20.9
Materials Inventories                   23.2%    49.5%    27.4%     4.2
Finished Goods Inventories              24.5%    43.6%    31.9%     7.5
Number of Employees                     13.3%    59.2%    27.6%    14.3
Average Employee Workweek                9.2%    61.2%    29.6%    20.4
Prices Received for Finished Goods      10.2%    53.1%    36.7%    26.5
Prices Paid for Raw Materials           12.1%    39.4%    48.5%    36.4
Capital Expenditures                    11.0%    52.7%    36.3%    25.3
Volume of New Orders for Exports         2.5%    70.4%    27.2%    24.7
Supplier Delivery Time                   3.3%    90.2%     6.5%    -3.3
INDUSTRY BUSINESS ACTIVITY               9.3%    32.0%    58.8%    49.5



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                              34.0%    16.0%    50.0%    16.0
Volume of Shipments                     33.0%    18.0%    49.0%    16.0
Volume of New Orders                    31.3%    27.3%    41.4%    10.1
Backlog of Orders                       32.3%    40.9%    26.9%    -5.4
Materials Inventories                   30.2%    43.8%    26.0%    -4.2
Finished Goods Inventories              28.0%    40.9%    31.2%     3.2
Number of Employees                     31.0%    36.0%    33.0%     2.0
Average Employee Workweek               28.7%    49.5%    21.8%    -6.9
Prices Received for Finished Goods      25.0%    35.0%    40.0%    15.0
Prices Paid for Raw Materials           27.0%    27.0%    46.0%    19.0
Capital Expenditures                    20.0%    52.2%    27.8%     7.8
Volume of New Orders for Exports         8.6%    67.9%    23.5%    14.8
Supplier Delivery Time                   8.6%    77.4%    14.0%    -5.4
INDUSTRY BUSINESS ACTIVITY              27.3%    25.3%    47.5%    20.2



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                              26.5%    46.0%    27.4%     0.9
Volume of Shipments                     35.4%    39.8%    24.8%   -10.6
Volume of New Orders                    29.2%    40.7%    30.1%     0.9
Backlog of Orders                       28.2%    53.4%    18.4%    -9.7
Materials Inventories                   25.2%    56.8%    18.0%    -7.2
Finished Goods Inventories              25.2%    47.7%    27.1%     1.9
Number of Employees                     15.9%    69.9%    14.2%    -1.8
Average Employee Workweek               22.1%    63.7%    14.2%    -8.0
Prices Received for Finished Goods      15.2%    77.7%     7.1%    -8.0
Prices Paid for Raw Materials           14.4%    71.2%    14.4%     0.0
Volume of New Orders for Exports        10.5%    75.6%    14.0%     3.5
Supplier Delivery Time                   5.6%    90.7%     3.7%     1.9
INDUSTRY BUSINESS ACTIVITY              22.5%    55.9%    21.6%    -0.9



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                              10.6%    33.6%    55.8%    45.1
Volume of Shipments                      9.7%    31.9%    58.4%    48.7
Volume of New Orders                    11.5%    35.4%    53.1%    41.6
Backlog of Orders                       18.3%    53.8%    27.9%     9.6
Materials Inventories                   21.6%    55.0%    23.4%     1.8
Finished Goods Inventories              22.4%    53.3%    24.3%     1.9
Number of Employees                     15.9%    55.8%    28.3%    12.4
Average Employee Workweek               15.0%    63.7%    21.2%     6.2
Prices Received for Finished Goods      19.6%    48.2%    32.1%    12.5
Prices Paid for Raw Materials           14.2%    39.8%    46.0%    31.9
Capital Expenditures                    15.0%    49.5%    35.5%    20.6
Volume of New Orders for Exports         4.4%    71.4%    24.2%    19.8
Supplier Delivery Time                   5.7%    84.9%     9.4%    -3.8
INDUSTRY BUSINESS ACTIVITY              13.5%    36.0%    50.5%    36.9



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                              38.1%    15.9%    46.0%     8.0
Volume of Shipments                     38.9%    16.8%    44.2%     5.3
Volume of New Orders                    30.4%    26.8%    42.9%    12.5
Backlog of Orders                       34.3%    35.2%    30.5%    -3.8
Materials Inventories                   30.6%    36.0%    33.3%     2.7
Finished Goods Inventories              32.1%    36.8%    31.1%    -0.9
Number of Employees                     36.3%    31.9%    31.9%    -4.4
Average Employee Workweek               23.9%    53.1%    23.0%    -0.9
Prices Received for Finished Goods      29.5%    29.5%    41.1%    11.6
Prices Paid for Raw Materials           24.8%    23.9%    51.3%    26.6
Capital Expenditures                    19.8%    50.9%    29.2%     9.4
Volume of New Orders for Exports        12.1%    63.7%    24.2%    12.1
Supplier Delivery Time                  10.3%    73.8%    15.9%    -5.6
INDUSTRY BUSINESS ACTIVITY              32.4%    27.0%    40.5%     8.1