Southeastern Manufacturing Survey - March 1997 (February data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
FEB97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              23.6%    45.8%    30.6%     7.0
Volume of Shipments                     20.0%    46.0%    34.0%    14.0
Volume of New Orders                    18.9%    47.4%    33.7%    14.9
Backlog of Orders                       27.6%    54.3%    18.1%    -9.5
Materials Inventories                   24.0%    58.7%    17.3%    -6.7
Finished Goods Inventories              29.9%    43.0%    27.1%    -2.8
Number of Employees                     15.6%    69.4%    15.0%    -0.6
Average Employee Workweek               16.5%    64.6%    18.9%     2.3
Prices Received for Finished Goods*     11.8%    75.5%    12.7%     1.0
Prices Paid for Raw Materials            9.4%    63.1%    27.5%    18.1
Volume of New Orders for Exports         6.8%    76.8%    16.4%     9.7
Supplier Delivery Time*                  4.1%    92.9%     3.1%     1.0
INDUSTRY BUSINESS ACTIVITY              17.9%    57.3%    24.8%     7.0

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
FEB97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              18.0%    32.7%    49.2%    31.2
Volume of Shipments                     19.3%    26.7%    54.0%    34.7
Volume of New Orders                    17.7%    36.6%    45.7%    27.9
Backlog of Orders                       22.3%    54.4%    23.3%     0.9
Materials Inventories                   27.8%    57.8%    14.4%   -13.5
Finished Goods Inventories              28.8%    53.0%    18.2%   -10.7
Number of Employees                     24.1%    54.3%    21.6%    -2.5
Average Employee Workweek               19.8%    66.4%    13.8%    -5.9
Prices Received for Finished Goods       8.8%    65.4%    25.8%    17.0
Prices Paid for Raw Materials           15.5%    41.8%    42.7%    27.2
Capital Expenditures                    20.0%    54.9%    25.2%     5.2
Volume of New Orders for Exports*        6.1%    74.4%    19.5%    13.4
Supplier Delivery Time                   0.9%    92.9%     5.8%    -4.9
INDUSTRY BUSINESS ACTIVITY              11.4%    36.7%    51.9%    40.5

* Not Seasonally Adjusted

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                              18.8%    38.2%    43.0%    24.2
Volume of Shipments                     19.8%    38.2%    41.9%    22.1
Volume of New Orders                    21.1%    34.0%    44.9%    23.8
Backlog of Orders                       21.1%    49.7%    29.1%     8.0
Materials Inventories                   19.9%    55.4%    24.7%     4.8
Finished Goods Inventories              28.7%    42.6%    28.7%    -0.1
Number of Employees                     13.8%    69.9%    16.3%     2.5
Average Employee Workweek               16.1%    62.6%    21.4%     5.3
Prices Received for Finished Goods*     11.9%    78.8%     9.3%    -2.5
Prices Paid for Raw Materials            7.1%    68.5%    24.3%    17.2
Volume of New Orders for Exports         2.0%    81.6%    16.4%    14.4
Supplier Delivery Time*                  5.5%    90.9%     3.6%     1.8
INDUSTRY BUSINESS ACTIVITY              20.1%    46.0%    33.9%    13.8

* 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                              17.8%    35.6%    46.7%    28.9
Volume of Shipments                     15.1%    29.9%    55.0%    39.9
Volume of New Orders                    16.3%    35.3%    48.4%    32.1
Backlog of Orders                       19.0%    54.4%    26.6%     7.5
Materials Inventories                   25.7%    60.0%    14.2%   -11.5
Finished Goods Inventories              28.6%    52.6%    18.8%    -9.8
Number of Employees                     19.4%    57.3%    23.3%     3.9
Average Employee Workweek               20.2%    65.1%    14.7%    -5.5
Prices Received for Finished Goods      14.6%    60.5%    24.9%    10.4
Prices Paid for Raw Materials           10.7%    49.6%    39.7%    29.0
Capital Expenditures                    10.8%    56.1%    33.1%    22.3
Volume of New Orders for Exports*        7.9%    64.4%    27.7%    19.8
Supplier Delivery Time                   5.1%    84.3%    10.4%    -5.2
INDUSTRY BUSINESS ACTIVITY              14.6%    31.4%    54.0%    39.5

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
FEB97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              19.4%    45.6%    35.0%    15.5
Volume of Shipments                     15.7%    47.1%    37.3%    21.6
Volume of New Orders                    14.7%    48.0%    37.3%    22.6
Backlog of Orders                       22.2%    56.6%    21.2%    -1.0
Materials Inventories                   19.8%    62.4%    17.8%    -2.0
Finished Goods Inventories              24.7%    43.3%    32.0%     7.2
Number of Employees                     13.6%    69.9%    16.5%     2.9
Average Employee Workweek               12.7%    68.6%    18.6%     5.9
Prices Received for Finished Goods      11.8%    75.5%    12.7%     1.0
Prices Paid for Raw Materials            8.8%    61.8%    29.4%    20.6
Volume of New Orders for Exports         5.0%    78.8%    16.3%    11.3
Supplier Delivery Time                   4.1%    92.9%     3.1%     1.0
INDUSTRY BUSINESS ACTIVITY              14.7%    58.8%    26.5%    11.8



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
FEB97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              15.0%    33.0%    52.0%    37.0
Volume of Shipments                     15.2%    27.3%    57.6%    42.4
Volume of New Orders                    15.8%    36.6%    47.5%    31.7
Backlog of Orders                       19.4%    54.1%    26.5%     7.1
Materials Inventories                   25.3%    57.6%    17.2%    -8.1
Finished Goods Inventories              30.2%    51.0%    18.8%   -11.5
Number of Employees                     21.6%    55.9%    22.5%     1.0
Average Employee Workweek               15.8%    67.3%    16.8%     1.0
Prices Received for Finished Goods       7.8%    62.7%    29.4%    21.6
Prices Paid for Raw Materials           15.8%    42.6%    41.6%    25.7
Capital Expenditures                    17.3%    55.1%    27.6%    10.2
Volume of New Orders for Exports         6.1%    74.4%    19.5%    13.4
Supplier Delivery Time                   3.2%    92.5%     4.3%    -1.1
INDUSTRY BUSINESS ACTIVITY               8.1%    35.4%    56.6%    48.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
FEB97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.5%    23.5%    53.9%    31.4
Volume of Shipments                     23.8%    27.7%    48.5%    24.8
Volume of New Orders                    23.8%    28.7%    47.5%    23.8
Backlog of Orders                       24.5%    40.8%    34.7%    10.2
Materials Inventories                   29.0%    43.0%    28.0%    -1.0
Finished Goods Inventories              32.3%    35.4%    32.3%     0.0
Number of Employees                     28.4%    38.2%    33.3%     4.9
Average Employee Workweek               19.8%    51.5%    28.7%     8.9
Prices Received for Finished Goods      19.8%    34.7%    45.5%    25.7
Prices Paid for Raw Materials           17.8%    20.8%    61.4%    43.6
Capital Expenditures                    20.8%    55.2%    24.0%     3.1
Volume of New Orders for Exports         7.3%    68.3%    24.4%    17.1
Supplier Delivery Time                   7.4%    75.5%    17.0%    -9.6
INDUSTRY BUSINESS ACTIVITY              27.0%    29.0%    44.0%    17.0



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                              16.0%    36.1%    47.9%    31.9
Volume of Shipments                     20.2%    31.9%    47.9%    27.7
Volume of New Orders                    17.6%    33.6%    48.7%    31.1
Backlog of Orders                       19.8%    49.6%    30.6%    10.8
Materials Inventories                   17.4%    54.8%    27.8%    10.4
Finished Goods Inventories              27.5%    41.3%    31.2%     3.7
Number of Employees                     14.4%    66.9%    18.6%     4.2
Average Employee Workweek               15.4%    61.5%    23.1%     7.7
Prices Received for Finished Goods      11.9%    78.8%     9.3%    -2.5
Prices Paid for Raw Materials            7.7%    64.1%    28.2%    20.5
Volume of New Orders for Exports         2.1%    78.4%    19.6%    17.5
Supplier Delivery Time                   5.5%    90.9%     3.6%     1.8
INDUSTRY BUSINESS ACTIVITY              20.3%    42.4%    37.3%    17.0



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                              13.4%    32.8%    53.8%    40.3
Volume of Shipments                     10.9%    26.9%    62.2%    51.3
Volume of New Orders                    11.8%    32.8%    55.5%    43.7
Backlog of Orders                       15.3%    54.1%    30.6%    15.3
Materials Inventories                   23.0%    58.4%    18.6%    -4.4
Finished Goods Inventories              26.9%    51.9%    21.3%    -5.6
Number of Employees                     16.0%    57.1%    26.9%    10.9
Average Employee Workweek               16.1%    65.3%    18.6%     2.5
Prices Received for Finished Goods      12.6%    58.0%    29.4%    16.8
Prices Paid for Raw Materials           11.1%    47.0%    41.9%    30.8
Capital Expenditures                    10.5%    56.1%    33.3%    22.8
Volume of New Orders for Exports         7.9%    64.4%    27.7%    19.8
Supplier Delivery Time                   6.4%    85.3%     8.3%    -1.8
INDUSTRY BUSINESS ACTIVITY              10.3%    28.4%    61.2%    50.9



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                              23.9%    29.9%    46.2%    22.2
Volume of Shipments                     24.4%    32.8%    42.9%    18.5
Volume of New Orders                    25.2%    29.4%    45.4%    20.2
Backlog of Orders                       28.8%    46.8%    24.3%    -4.5
Materials Inventories                   25.2%    46.1%    28.7%     3.5
Finished Goods Inventories              29.6%    39.8%    30.6%     0.9
Number of Employees                     32.8%    37.8%    29.4%    -3.4
Average Employee Workweek               22.9%    55.9%    21.2%    -1.7
Prices Received for Finished Goods      26.9%    34.5%    38.7%    11.8
Prices Paid for Raw Materials           22.9%    27.1%    50.0%    27.1
Capital Expenditures                    23.7%    44.7%    31.6%     7.9
Volume of New Orders for Exports         9.0%    67.0%    24.0%    15.0
Supplier Delivery Time                   6.4%    78.0%    15.6%    -9.2
INDUSTRY BUSINESS ACTIVITY              29.1%    31.6%    39.3%    10.3