Southeastern Manufacturing Survey - January 1998 (December data)

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                              28.8     40.1     31.2      2.4
Volume of Shipments                     30.4     35.6     34.1      3.7
Volume of New Orders                    23.2     45.0     31.8      8.6
Backlog of Orders                       24.1     52.4     23.4     -0.7
Materials Inventories                   24.9     56.1     19.1     -5.8
Finished Goods Inventories              19.9     54.2     25.8      5.9
Number of Employees                     11.0     74.7     14.4      3.4
Average Employee Workweek               15.8     69.5     14.7     -1.1
Prices Received for Finished Goods*     16.1     78.2      5.7    -10.3
Prices Paid for Raw Materials           17.9     60.5     21.6      3.8
Volume of New Orders for Exports*        8.2     79.5     12.3      4.1
Supplier Delivery Time*                 10.8     88.0      1.2      9.6
INDUSTRY BUSINESS ACTIVITY              24.8     48.8     26.5      1.7

*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                              14.7     36.9     48.4     33.7
Volume of Shipments                     15.5     31.2     53.3     37.9
Volume of New Orders                    13.6     41.4     45.0     31.3
Backlog of Orders                       18.4     57.8     23.9      5.5
Materials Inventories                   22.4     58.8     18.9     -3.5
Finished Goods Inventories              26.8     49.5     23.7     -3.2
Number of Employees                     17.5     57.7     24.8      7.3
Average Employee Workweek               16.1     66.7     17.2      1.1
Prices Received for Finished Goods      12.1     60.1     27.8     15.8
Prices Paid for Raw Materials           11.8     56.0     32.3     20.5
Capital Expenditures                    16.7     46.5     36.8     20.1
Volume of New Orders for Exports*        4.1     72.6     23.3     19.2
Supplier Delivery Time*                  2.5     90.0      7.5     -5.0
INDUSTRY BUSINESS ACTIVITY              18.1     40.6     41.4     23.3

* Not Seasonally Adjusted

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                              26.9     39.1     34.0      7.0
Volume of Shipments                     29.6     34.3     36.1      6.5
Volume of New Orders                    22.8     45.0     32.2      9.4
Backlog of Orders                       26.9     49.5     23.6     -3.4
Materials Inventories                   20.9     55.2     23.9      3.0
Finished Goods Inventories              22.4     44.7     33.0     10.6
Number of Employees                     13.9     71.0     15.1      1.1
Average Employee Workweek               13.7     72.1     14.3      0.6
Prices Received for Finished Goods*     11.0     79.8      9.2     -1.8
Prices Paid for Raw Materials            7.5     67.1     25.4     17.9
Volume of New Orders for Exports*       15.9     71.6     12.5     -3.4
Supplier Delivery Time*                 13.2     85.8      0.9     12.3
INDUSTRY BUSINESS ACTIVITY              25.1     52.0     22.9     -2.2

* 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     32.1     52.1     36.1
Volume of Shipments                     16.4     28.5     55.1     38.7
Volume of New Orders                    12.6     37.9     49.6     37.0
Backlog of Orders                       15.6     51.0     33.5     17.9
Materials Inventories                   27.7     51.3     21.0     -6.7
Finished Goods Inventories              31.6     46.6     21.8     -9.8
Number of Employees                     17.0     58.3     24.7      7.7
Average Employee Workweek               16.3     67.9     15.8     -0.4
Prices Received for Finished Goods      12.2     59.6     28.2     16.0
Prices Paid for Raw Materials           10.7     50.9     38.4     27.7
Capital Expenditures                    11.5     51.8     36.8     25.3
Volume of New Orders for Exports*        3.3     66.7     30.0     26.7
Supplier Delivery Time*                  5.7     84.8      9.5     -3.8
INDUSTRY BUSINESS ACTIVITY              16.9     43.7     39.4     22.5

*Not Seasonally Adjusted

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                              39.1     37.9     23.0    -16.1
Volume of Shipments                     41.4     33.3     25.3    -16.1
Volume of New Orders                    28.7     44.8     26.4     -2.3
Backlog of Orders                       28.2     54.1     17.6    -10.6
Materials Inventories                   28.7     54.0     17.2    -11.5
Finished Goods Inventories              20.9     55.8     23.3      2.3
Number of Employees                      9.3     83.7      7.0     -2.3
Average Employee Workweek               20.9     68.6     10.5    -10.5
Prices Received for Finished Goods      16.1     78.2      5.7    -10.3
Prices Paid for Raw Materials           19.8     62.8     17.4     -2.3
Volume of New Orders for Exports         8.2     79.5     12.3      4.1
Supplier Delivery Time                  10.8     88.0      1.2      9.6
INDUSTRY BUSINESS ACTIVITY              31.8     49.4     18.8    -12.9



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                               9.2     32.2     58.6     49.4
Volume of Shipments                      9.2     27.6     63.2     54.0
Volume of New Orders                     9.2     37.9     52.9     43.7
Backlog of Orders                       15.1     55.8     29.1     14.0
Materials Inventories                   17.9     59.5     22.6      4.8
Finished Goods Inventories              23.8     51.2     25.0      1.2
Number of Employees                     14.1     57.6     28.2     14.1
Average Employee Workweek               12.9     65.9     21.2      8.2
Prices Received for Finished Goods      10.5     52.3     37.2     26.7
Prices Paid for Raw Materials           11.9     48.8     39.3     27.4
Capital Expenditures                    14.3     45.2     40.5     26.2
Volume of New Orders for Exports         4.1     72.6     23.3     19.2
Supplier Delivery Time                   2.5     90.0      7.5     -5.0
INDUSTRY BUSINESS ACTIVITY              13.1     36.9     50.0     36.9



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                              21.8     28.7     49.4     27.6
Volume of Shipments                     24.1     26.4     49.4     25.3
Volume of New Orders                    19.5     40.2     40.2     20.7
Backlog of Orders                       25.6     46.5     27.9      2.3
Materials Inventories                   28.6     51.2     20.2     -8.3
Finished Goods Inventories              29.8     45.2     25.0     -4.8
Number of Employees                     26.4     37.9     35.6      9.2
Average Employee Workweek               16.3     67.4     16.3      0.0
Prices Received for Finished Goods      24.1     37.9     37.9     13.8
Prices Paid for Raw Materials           23.5     23.5     52.9     29.4
Capital Expenditures                    16.0     44.4     39.5     23.5
Volume of New Orders for Exports         9.5     67.6     23.0     13.5
Supplier Delivery Time                  12.3     77.8      9.9      2.5
INDUSTRY BUSINESS ACTIVITY              25.0     32.1     42.9     17.9



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                              30.0     41.8     28.2     -1.8
Volume of Shipments                     35.5     37.3     27.3     -8.2
Volume of New Orders                    27.3     44.5     28.2      0.9
Backlog of Orders                       29.2     50.9     19.8     -9.4
Materials Inventories                   22.4     57.0     20.6     -1.9
Finished Goods Inventories              19.8     47.2     33.0     13.2
Number of Employees                     16.4     70.0     13.6     -2.7
Average Employee Workweek               15.6     71.6     12.8     -2.8
Prices Received for Finished Goods      11.0     79.8      9.2     -1.8
Prices Paid for Raw Materials            8.3     71.3     20.4     12.0
Volume of New Orders for Exports        15.9     71.6     12.5     -3.4
Supplier Delivery Time                  13.2     85.8      0.9     12.3
INDUSTRY BUSINESS ACTIVITY              26.6     55.0     18.3     -8.3



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                               9.1     30.0     60.9     51.8
Volume of Shipments                      9.1     26.4     64.5     55.5
Volume of New Orders                     5.5     34.9     59.6     54.1
Backlog of Orders                       10.4     52.8     36.8     26.4
Materials Inventories                   25.7     50.5     23.8     -1.9
Finished Goods Inventories              28.2     48.5     23.3     -4.9
Number of Employees                     13.9     55.6     30.6     16.7
Average Employee Workweek               12.0     67.6     20.4      8.3
Prices Received for Finished Goods      11.0     55.0     33.9     22.9
Prices Paid for Raw Materials           11.0     45.0     44.0     33.0
Capital Expenditures                    12.3     47.2     40.6     28.3
Volume of New Orders for Exports         3.3     66.7     30.0     26.7
Supplier Delivery Time                   5.7     84.8      9.5     -3.8
INDUSTRY BUSINESS ACTIVITY               8.6     43.8     47.6     39.1



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                              22.7     23.6     53.6     30.9
Volume of Shipments                     29.4     19.3     51.4     22.0
Volume of New Orders                    25.5     25.5     49.1     23.6
Backlog of Orders                       27.6     40.0     32.4      4.8
Materials Inventories                   33.6     38.3     28.0     -5.6
Finished Goods Inventories              34.9     33.0     32.1     -2.8
Number of Employees                     26.6     36.7     36.7     10.1
Average Employee Workweek               20.4     61.1     18.5     -1.9
Prices Received for Finished Goods      23.9     42.2     33.9     10.1
Prices Paid for Raw Materials           23.9     33.9     42.2     18.4
Capital Expenditures                    19.8     48.1     32.1     12.3
Volume of New Orders for Exports        11.1     68.9     20.0      8.9
Supplier Delivery Time                  19.0     68.6     12.4      6.7
INDUSTRY BUSINESS ACTIVITY              20.2     34.6     45.2     25.0