Southeastern Manufacturing Survey - March 1998 (February data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
February 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.1     37.3     40.6     18.5
Volume of Shipments                     25.3     34.6     40.1     14.8
Volume of New Orders                    23.7     43.1     33.2      9.6
Backlog of Orders                       27.2     48.5     24.3     -2.9
Materials Inventories                   21.0     60.9     18.2     -2.8
Finished Goods Inventories              32.2     48.7     19.2    -13.0
Number of Employees                      9.5     69.3     21.2     11.7
Average Employee Workweek               18.3     60.8     20.9      2.5
Prices Received for Finished Goods*     11.2     77.6     11.2      0.0
Prices Paid for Raw Materials*          22.2     64.6     13.1     -9.1
Volume of New Orders for Exports*        9.0     73.1     17.9      9.0
Supplier Delivery Time*                  8.5     90.4      1.1      7.5
INDUSTRY BUSINESS ACTIVITY              20.9     44.1     35.0     14.0

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
February 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              13.9     33.0     53.2     39.2
Volume of Shipments                     13.9     38.2     47.9     34.0
Volume of New Orders                    13.2     42.5     44.3     31.1
Backlog of Orders                       15.5     61.7     22.9      7.4
Materials Inventories                   21.2     54.6     24.2      3.1
Finished Goods Inventories              17.8     58.1     24.1      6.3
Number of Employees                     18.7     51.9     29.4     10.7
Average Employee Workweek               15.2     64.9     20.0      4.8
Prices Received for Finished Goods      10.4     59.2     30.4     19.9
Prices Paid for Raw Materials           11.8     54.8     33.4     21.6
Capital Expenditures                    13.7     53.1     33.2     19.5
Volume of New Orders for Exports*        9.8     61.0     29.3     19.5
Supplier Delivery Time*                  7.6     90.2      2.2      5.4
INDUSTRY BUSINESS ACTIVITY              15.5     37.4     47.1     31.6

* Not Seasonally Adjusted

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                              28.6     39.0     32.5      3.9
Volume of Shipments                     28.5     39.6     31.9      3.4
Volume of New Orders                    24.5     43.6     32.0      7.5
Backlog of Orders                       25.9     50.8     23.3     -2.6
Materials Inventories                   23.0     59.1     18.0     -5.0
Finished Goods Inventories              25.4     46.5     28.1      2.8
Number of Employees                      6.7     75.2     18.1     11.5
Average Employee Workweek               19.0     61.6     19.4      0.5
Prices Received for Finished Goods*     14.2     73.5     12.4     -1.8
Prices Paid for Raw Materials*          15.0     61.9     23.0      8.0
Volume of New Orders for Exports*       12.2     75.6     12.2      0.0
Supplier Delivery Time*                  7.5     90.6      1.9      5.7
INDUSTRY BUSINESS ACTIVITY              19.4     52.6     28.1      8.8

* 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                              12.4     30.8     56.8     44.3
Volume of Shipments                     15.1     29.9     55.1     40.0
Volume of New Orders                    16.6     35.2     48.2     31.7
Backlog of Orders                       20.0     51.8     28.2      8.2
Materials Inventories                   23.0     54.6     22.4     -0.7
Finished Goods Inventories              28.2     48.2     23.7     -4.5
Number of Employees                     16.6     55.6     27.8     11.2
Average Employee Workweek               16.8     63.0     20.2      3.4
Prices Received for Finished Goods      10.5     66.1     23.5     13.0
Prices Paid for Raw Materials            8.7     58.6     32.7     24.0
Capital Expenditures                    12.5     51.9     35.6     23.1
Volume of New Orders for Exports*        5.5     69.2     25.3     19.8
Supplier Delivery Time*                  5.0     89.1      5.9     -1.0
INDUSTRY BUSINESS ACTIVITY              18.7     42.4     39.0     20.3

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
February 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              19.2     38.4     42.4     23.2
Volume of Shipments                     18.2     37.4     44.4     26.3
Volume of New Orders                    18.2     45.5     36.4     18.2
Backlog of Orders                       25.3     49.5     25.3      0.0
Materials Inventories                   17.5     64.9     17.5      0.0
Finished Goods Inventories              27.4     48.4     24.2     -3.2
Number of Employees                      8.1     70.7     21.2     13.1
Average Employee Workweek               15.2     61.6     23.2      8.1
Prices Received for Finished Goods      11.2     77.6     11.2      0.0
Prices Paid for Raw Materials           22.2     64.6     13.1     -9.1
Volume of New Orders for Exports         9.0     73.1     17.9      9.0
Supplier Delivery Time                   8.5     90.4      1.1      7.5
INDUSTRY BUSINESS ACTIVITY              19.6     43.3     37.1     17.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
February 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              12.1     32.3     55.6     43.4
Volume of Shipments                     11.2     36.7     52.0     40.8
Volume of New Orders                    11.2     41.8     46.9     35.7
Backlog of Orders                       12.8     61.7     25.5     12.8
Materials Inventories                   21.1     55.8     23.2      2.1
Finished Goods Inventories              21.5     55.9     22.6      1.1
Number of Employees                     17.3     51.0     31.6     14.3
Average Employee Workweek               12.2     63.3     24.5     12.2
Prices Received for Finished Goods       9.4     59.4     31.3     21.9
Prices Paid for Raw Materials           14.4     52.6     33.0     18.6
Capital Expenditures                    13.0     56.5     30.4     17.4
Volume of New Orders for Exports         9.8     61.0     29.3     19.5
Supplier Delivery Time                   7.6     90.2      2.2      5.4
INDUSTRY BUSINESS ACTIVITY               9.7     34.4     55.9     46.2



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
February 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              34.3     18.2     47.5     13.1
Volume of Shipments                     37.4     19.2     43.4      6.1
Volume of New Orders                    29.3     26.3     44.4     15.2
Backlog of Orders                       28.4     44.2     27.4     -1.1
Materials Inventories                   29.6     53.1     17.3    -12.2
Finished Goods Inventories              23.2     50.5     26.3      3.2
Number of Employees                     23.2     41.4     35.4     12.1
Average Employee Workweek               22.2     58.6     19.2     -3.0
Prices Received for Finished Goods      22.4     34.7     42.9     20.4
Prices Paid for Raw Materials           27.3     27.3     45.5     18.2
Capital Expenditures                    14.1     47.8     38.0     23.9
Volume of New Orders for Exports        14.5     59.0     26.5     12.1
Supplier Delivery Time                  14.3     81.3      4.4      9.9
INDUSTRY BUSINESS ACTIVITY              28.1     28.1     43.8     15.6



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                              23.7     35.1     41.2     17.5
Volume of Shipments                     26.3     34.2     39.5     13.2
Volume of New Orders                    21.1     43.9     35.1     14.0
Backlog of Orders                       21.1     53.2     25.7      4.6
Materials Inventories                   19.6     59.8     20.5      0.9
Finished Goods Inventories              25.5     42.7     31.8      6.4
Number of Employees                      6.1     72.8     21.1     14.9
Average Employee Workweek               18.4     57.0     24.6      6.1
Prices Received for Finished Goods      14.2     73.5     12.4     -1.8
Prices Paid for Raw Materials           15.0     61.9     23.0      8.0
Volume of New Orders for Exports        12.2     75.6     12.2      0.0
Supplier Delivery Time                   7.5     90.6      1.9      5.7
INDUSTRY BUSINESS ACTIVITY              20.4     46.9     32.7     12.4



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                               8.9     27.7     63.4     54.5
Volume of Shipments                     10.6     25.7     63.7     53.1
Volume of New Orders                    12.5     29.5     58.0     45.5
Backlog of Orders                       15.0     51.4     33.6     18.7
Materials Inventories                   20.5     52.7     26.8      6.3
Finished Goods Inventories              27.5     46.8     25.7     -1.8
Number of Employees                     13.4     54.5     32.1     18.8
Average Employee Workweek               14.4     61.3     24.3      9.9
Prices Received for Finished Goods      11.6     62.5     25.9     14.3
Prices Paid for Raw Materials            8.0     58.0     33.9     25.9
Capital Expenditures                    11.4     50.5     38.1     26.7
Volume of New Orders for Exports         5.5     69.2     25.3     19.8
Supplier Delivery Time                   5.0     89.1      5.9     -1.0
INDUSTRY BUSINESS ACTIVITY              13.5     38.7     47.7     34.2



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                              27.4     28.3     44.2     16.8
Volume of Shipments                     28.3     23.9     47.8     19.5
Volume of New Orders                    22.3     31.3     46.4     24.1
Backlog of Orders                       26.9     45.4     27.8      0.9
Materials Inventories                   24.1     49.1     26.8      2.7
Finished Goods Inventories              25.7     44.0     30.3      4.6
Number of Employees                     26.5     34.5     38.9     12.4
Average Employee Workweek               24.1     54.5     21.4     -2.7
Prices Received for Finished Goods      25.0     42.9     32.1      7.1
Prices Paid for Raw Materials           25.0     26.8     48.2     23.2
Capital Expenditures                    12.7     47.1     40.2     27.5
Volume of New Orders for Exports        12.2     67.8     20.0      7.8
Supplier Delivery Time                   9.9     87.1      3.0      6.9
INDUSTRY BUSINESS ACTIVITY              24.3     30.6     45.0     20.7