Southeastern Manufacturing Survey - January 1999 (December data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
December 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              26.2     39.5     34.4      8.2
Volume of Shipments                     22.8     37.3     39.8     17.0
Volume of New Orders                    28.4     40.0     31.5      3.1
Backlog of Orders                       27.2     45.0     27.8      0.5
Materials Inventories                   22.3     59.0     18.7     -3.6
Finished Goods Inventories              29.0     46.2     24.9     -4.1
Number of Employees                     14.8     68.9     16.3      1.5
Average Employee Workweek               19.0     60.8     20.2      1.2
Prices Received for Finished Goods*     17.3     75.3      7.4     -9.9
Prices Paid for Raw Materials*          17.1     72.0     11.0     -6.1
Volume of New Orders for Exports*       13.4     83.6      3.0    -10.5
Supplier Delivery Time*                  6.4     88.5      5.1      1.3
INDUSTRY BUSINESS ACTIVITY              27.7     41.5     30.8      3.2

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
December 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              12.6     34.4     53.0     40.3
Volume of Shipments                     14.0     32.8     53.1     39.1
Volume of New Orders                    14.8     31.7     53.6     38.8
Backlog of Orders                       17.0     50.2     32.8     15.9
Materials Inventories                   19.7     60.7     19.7      0.0
Finished Goods Inventories              29.2     51.5     19.3     -9.9
Number of Employees                     17.9     59.2     22.9      5.1
Average Employee Workweek               17.6     59.1     23.3      5.7
Prices Received for Finished Goods      12.3     63.9     23.8     11.4
Prices Paid for Raw Materials           17.7     55.9     26.4      8.7
Capital Expenditures                    13.6     54.5     31.8     18.2
Volume of New Orders for Exports*        3.1     72.3     24.6     21.5
Supplier Delivery Time*                  6.4     87.2      6.4      0.0
INDUSTRY BUSINESS ACTIVITY              14.6     37.7     47.7     33.1

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
November 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              26.9     39.6     33.6      6.7
Volume of Shipments                     28.6     35.4     36.0      7.5
Volume of New Orders                    29.0     36.7     34.3      5.3
Backlog of Orders                       29.1     48.7     22.2     -6.9
Materials Inventories                   21.4     60.8     17.8     -3.6
Finished Goods Inventories              24.3     50.4     25.3      1.0
Number of Employees                     11.3     71.9     16.8      5.5
Average Employee Workweek               15.6     62.9     21.5      5.9
Prices Received for Finished Goods*     21.5     74.2      4.3    -17.2
Prices Paid for Raw Materials*          23.9     66.3      9.8    -14.1
Volume of New Orders for Exports*       11.8     80.3      7.9     -4.0
Supplier Delivery Time*                  6.7     91.0      2.2      4.5
INDUSTRY BUSINESS ACTIVITY              31.2     41.9     27.0     -4.2

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
November 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              17.8     35.8     46.5     28.7
Volume of Shipments                     18.3     29.0     52.8     34.5
Volume of New Orders                    20.8     28.9     50.3     29.5
Backlog of Orders                       19.7     49.2     31.1     11.4
Materials Inventories                   19.9     59.7     20.4      0.5
Finished Goods Inventories              29.6     49.9     20.5     -9.1
Number of Employees                     18.5     60.5     21.0      2.4
Average Employee Workweek               20.9     61.0     18.1     -2.9
Prices Received for Finished Goods      16.4     58.3     25.4      9.0
Prices Paid for Raw Materials           15.1     56.3     28.7     13.6
Capital Expenditures                    15.5     57.4     27.1     11.6
Volume of New Orders for Exports*        8.0     66.7     25.3     17.3
Supplier Delivery Time*                  8.0     86.4      5.7      2.3
INDUSTRY BUSINESS ACTIVITY              27.1     25.2     47.8     20.7

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
December 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              41.0     34.9     24.1    -16.9
Volume of Shipments                     34.9     34.9     30.1     -4.8
Volume of New Orders                    34.9     41.0     24.1    -10.8
Backlog of Orders                       32.5     45.5     22.1    -10.4
Materials Inventories                   28.8     55.0     16.3    -12.5
Finished Goods Inventories              30.0     47.5     22.5     -7.5
Number of Employees                     14.5     77.1      8.4     -6.0
Average Employee Workweek               27.7     59.0     13.3    -14.5
Prices Received for Finished Goods      17.3     75.3      7.4     -9.9
Prices Paid for Raw Materials           17.1     72.0     11.0     -6.1
Volume of New Orders for Exports        13.4     83.6      3.0    -10.5
Supplier Delivery Time                   6.4     88.5      5.1      1.3
INDUSTRY BUSINESS ACTIVITY              36.1     42.2     21.7    -14.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
December 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                               7.2     27.7     65.1     57.8
Volume of Shipments                      7.2     28.9     63.9     56.6
Volume of New Orders                     8.5     28.0     63.4     54.9
Backlog of Orders                       11.8     48.7     39.5     27.6
Materials Inventories                   16.3     58.8     25.0      8.8
Finished Goods Inventories              26.3     52.5     21.3     -5.0
Number of Employees                     13.4     59.8     26.8     13.4
Average Employee Workweek               12.0     59.0     28.9     16.9
Prices Received for Finished Goods      10.0     57.5     32.5     22.5
Prices Paid for Raw Materials           18.3     48.8     32.9     14.6
Capital Expenditures                    11.3     52.5     36.3     25.0
Volume of New Orders for Exports         3.1     72.3     24.6     21.5
Supplier Delivery Time                   6.4     87.2      6.4      0.0
INDUSTRY BUSINESS ACTIVITY               8.4     34.9     56.6     48.2



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
December 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              34.9     21.7     43.4      8.4
Volume of Shipments                     33.3     21.0     45.7     12.4
Volume of New Orders                    29.6     25.9     44.4     14.8
Backlog of Orders                       39.0     33.8     27.3    -11.7
Materials Inventories                   28.8     46.3     25.0     -3.8
Finished Goods Inventories              25.0     42.5     32.5      7.5
Number of Employees                     29.3     41.5     29.3      0.0
Average Employee Workweek               19.5     58.5     22.0      2.4
Prices Received for Finished Goods      33.3     46.9     19.8    -13.6
Prices Paid for Raw Materials           36.6     37.8     25.6    -11.0
Capital Expenditures                    14.1     47.4     38.5     24.4
Volume of New Orders for Exports        25.0     67.2      7.8    -17.2
Supplier Delivery Time                   9.0     78.2     12.8     -3.9
INDUSTRY BUSINESS ACTIVITY              37.3     20.5     42.2      4.8



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
November 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              30.9     42.6     26.6     -4.3
Volume of Shipments                     37.2     37.2     25.5    -11.7
Volume of New Orders                    34.0     35.1     30.9     -3.2
Backlog of Orders                       31.9     50.5     17.6    -14.3
Materials Inventories                   23.9     60.9     15.2     -8.7
Finished Goods Inventories              20.2     51.7     28.1      7.9
Number of Employees                     12.9     72.0     15.1      2.2
Average Employee Workweek               17.0     63.8     19.1      2.1
Prices Received for Finished Goods      21.5     74.2      4.3    -17.2
Prices Paid for Raw Materials           23.9     66.3      9.8    -14.1
Volume of New Orders for Exports        11.8     80.3      7.9     -4.0
Supplier Delivery Time                   6.7     91.0      2.2      4.5
INDUSTRY BUSINESS ACTIVITY              34.8     45.7     19.6    -15.2



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
November 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              12.8     33.0     54.3     41.5
Volume of Shipments                     11.7     25.5     62.8     51.1
Volume of New Orders                    14.9     24.5     60.6     45.7
Backlog of Orders                       14.6     49.4     36.0     21.4
Materials Inventories                   18.5     57.6     23.9      5.4
Finished Goods Inventories              27.0     50.6     22.5     -4.5
Number of Employees                     16.0     58.5     25.5      9.6
Average Employee Workweek               18.1     61.7     20.2      2.1
Prices Received for Finished Goods      17.2     51.6     31.2     14.0
Prices Paid for Raw Materials           15.1     49.5     35.5     20.4
Capital Expenditures                    17.2     52.9     29.9     12.6
Volume of New Orders for Exports         8.0     66.7     25.3     17.3
Supplier Delivery Time                   8.0     86.4      5.7      2.3
INDUSTRY BUSINESS ACTIVITY              21.1     24.4     54.4     33.3



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
November 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              38.3     24.5     37.2     -1.1
Volume of Shipments                     35.1     27.7     37.2      2.1
Volume of New Orders                    33.3     20.4     46.2     12.9
Backlog of Orders                       31.1     37.8     31.1      0.0
Materials Inventories                   30.1     48.4     21.5     -8.6
Finished Goods Inventories              27.0     44.9     28.1      1.1
Number of Employees                     33.0     36.2     30.9     -2.1
Average Employee Workweek               21.3     53.2     25.5      4.3
Prices Received for Finished Goods      26.9     46.2     26.9      0.0
Prices Paid for Raw Materials           29.3     31.5     39.1      9.8
Capital Expenditures                    16.1     43.7     40.2     24.1
Volume of New Orders for Exports        18.1     66.7     15.3     -2.8
Supplier Delivery Time                  10.1     79.8     10.1      0.0
INDUSTRY BUSINESS ACTIVITY              38.0     17.4     44.6      6.5