Southeastern Manufacturing Survey - May 1997 (April data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
Apr97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              19.2%    40.9%    36.9%    18.3
Volume of Shipments                     17.6%    42.6%    42.1%    23.9
Volume of New Orders                    11.6%    47.3%    40.7%    29.2
Backlog of Orders                       21.2%    53.1%    30.8%     9.1
Materials Inventories                   19.5%    63.8%    14.7%    -4.9
Finished Goods Inventories              22.8%    52.9%    24.8%     2.0
Number of Employees                     12.3%    70.1%    16.7%     4.5
Average Employee Workweek               16.8%    65.9%    18.3%     1.5
Prices Received for Finished Goods*     10.0%    76.0%    14.0%     4.0
Prices Paid for Raw Materials            8.9%    65.8%    25.3%    16.4
Volume of New Orders for Exports         9.5%    74.3%    16.2%     6.8
Supplier Delivery Time*                  5.4%    91.4%     3.2%     2.2
INDUSTRY BUSINESS ACTIVITY              16.8%    47.4%    39.8%    22.1

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
APR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              13.6%    38.8%    47.5%    33.9
Volume of Shipments                     14.7%    35.3%    50.7%    35.8
Volume of New Orders                    15.8%    39.6%    44.0%    28.3
Backlog of Orders                       23.2%    49.2%    27.0%     3.9
Materials Inventories                   24.7%    57.7%    19.4%    -5.2
Finished Goods Inventories              25.1%    52.4%    22.7%    -2.4
Number of Employees                     12.6%    67.8%    22.2%     9.4
Average Employee Workweek               15.2%    65.9%    19.0%     3.8
Prices Received for Finished Goods      10.6%    52.7%    35.6%    25.3
Prices Paid for Raw Materials           11.8%    46.1%    42.9%    30.9
Capital Expenditures                    16.5%    51.6%    32.0%    15.4
Volume of New Orders for Exports*        3.7%    67.1%    29.3%    25.6
Supplier Delivery Time*                  4.4%    90.1%     5.5%    -1.1
INDUSTRY BUSINESS ACTIVITY              13.4%    33.3%    52.6%    39.4

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
MAR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              19.5%    51.3%    29.3%     9.8
Volume of Shipments                     28.1%    40.3%    30.7%     2.6
Volume of New Orders                    28.0%    43.1%    29.1%     1.1
Backlog of Orders                       28.1%    54.1%    17.1%   -11.0
Materials Inventories                   24.8%    59.0%    18.0%    -6.7
Finished Goods Inventories              26.0%    48.3%    26.1%     0.1
Number of Employees                     14.5%    66.4%    19.2%     4.7
Average Employee Workweek               14.8%    67.1%    17.1%     2.3
Prices Received for Finished Goods*     10.4%    74.8%    14.8%     4.4
Prices Paid for Raw Materials           11.1%    57.4%    29.2%    18.5
Volume of New Orders for Exports         7.7%    82.4%     9.9%     2.2
Supplier Delivery Time*                  7.3%    90.9%     1.8%     5.5
INDUSTRY BUSINESS ACTIVITY              20.0%    51.4%    28.6%     8.6

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
MAR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              18.9%    33.0%    47.5%    28.7
Volume of Shipments                     16.6%    31.1%    53.9%    36.6
Volume of New Orders                    18.0%    38.7%    43.8%    25.6
Backlog of Orders                       24.3%    48.1%    26.1%     1.8
Materials Inventories                   27.0%    54.6%    18.4%    -8.7
Finished Goods Inventories              28.2%    54.2%    17.7%   -10.5
Number of Employees                     18.3%    58.4%    23.8%     5.5
Average Employee Workweek               20.8%    63.5%    15.7%    -5.1
Prices Received for Finished Goods       8.4%    61.0%    30.7%    22.2
Prices Paid for Raw Materials            8.1%    43.1%    48.1%    40.3
Capital Expenditures                    12.2%    54.3%    33.0%    20.9
Volume of New Orders for Exports*        5.4%    70.7%    23.9%    18.5
Supplier Delivery Time*                  7.3%    83.5%     9.2%    -1.8
INDUSTRY BUSINESS ACTIVITY              21.0%    31.6%    49.3%    27.8

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
APR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              18.2%    45.5%    36.4%    18.2
Volume of Shipments                     16.2%    43.4%    40.4%    24.2
Volume of New Orders                    13.0%    47.0%    40.0%    27.0
Backlog of Orders                       16.8%    51.6%    31.6%    14.7
Materials Inventories                   18.4%    65.3%    16.3%    -2.0
Finished Goods Inventories              19.1%    53.2%    27.7%     8.5
Number of Employees                     11.1%    72.7%    16.2%     5.1
Average Employee Workweek               15.0%    68.0%    17.0%     2.0
Prices Received for Finished Goods      10.0%    76.0%    14.0%     4.0
Prices Paid for Raw Materials            9.0%    66.0%    25.0%    16.0
Volume of New Orders for Exports         9.5%    74.3%    16.2%     6.8
Supplier Delivery Time                   5.4%    91.4%     3.2%     2.2
INDUSTRY BUSINESS ACTIVITY              12.5%    46.9%    40.6%    28.1



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
APR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              13.1%    43.4%    43.4%    30.3
Volume of Shipments                     15.3%    38.8%    45.9%    30.6
Volume of New Orders                    16.0%    44.0%    40.0%    24.0
Backlog of Orders                       23.4%    51.1%    25.5%     2.1
Materials Inventories                   21.2%    59.6%    19.2%    -2.0
Finished Goods Inventories              25.8%    51.6%    22.6%    -3.2
Number of Employees                     11.1%    67.7%    21.2%    10.1
Average Employee Workweek               12.0%    70.0%    18.0%     6.0
Prices Received for Finished Goods       8.0%    59.0%    33.0%    25.0
Prices Paid for Raw Materials           13.0%    48.0%    39.0%    26.0
Capital Expenditures                    17.0%    54.3%    28.7%    11.7
Volume of New Orders for Exports         3.7%    67.1%    29.3%    25.6
Supplier Delivery Time                   4.4%    90.1%     5.5%    -1.1
INDUSTRY BUSINESS ACTIVITY              13.8%    40.4%    45.7%    31.9



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
APR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.0%    28.0%    50.0%    28.0
Volume of Shipments                     21.2%    34.3%    44.4%    23.2
Volume of New Orders                    20.0%    33.0%    47.0%    27.0
Backlog of Orders                       27.7%    38.3%    34.0%     6.4
Materials Inventories                   27.3%    51.5%    21.2%    -6.1
Finished Goods Inventories              26.3%    41.1%    32.6%     6.3
Number of Employees                     24.2%    41.4%    34.3%    10.1
Average Employee Workweek               17.0%    61.0%    22.0%     5.0
Prices Received for Finished Goods      24.0%    35.0%    41.0%    17.0
Prices Paid for Raw Materials           20.0%    31.0%    49.0%    29.0
Capital Expenditures                    26.3%    41.1%    32.6%     6.3
Volume of New Orders for Exports        12.2%    62.2%    25.6%    13.4
Supplier Delivery Time                   7.5%    80.6%    11.8%    -4.3
INDUSTRY BUSINESS ACTIVITY              20.8%    28.1%    51.0%    30.2



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
MAR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              12.2%    48.7%    39.1%    27.0
Volume of Shipments                     20.9%    40.0%    39.1%    18.3
Volume of New Orders                    21.7%    44.3%    33.9%    12.2
Backlog of Orders                       23.6%    54.5%    21.8%    -1.8
Materials Inventories                   21.9%    60.5%    17.5%    -4.4
Finished Goods Inventories              20.2%    48.6%    31.2%    11.0
Number of Employees                     13.0%    66.1%    20.9%     7.8
Average Employee Workweek               13.2%    69.3%    17.5%     4.4
Prices Received for Finished Goods      10.4%    74.8%    14.8%     4.4
Prices Paid for Raw Materials           11.4%    57.9%    30.7%    19.3
Volume of New Orders for Exports         7.7%    82.4%     9.9%     2.2
Supplier Delivery Time                   7.3%    90.9%     1.8%     5.5
INDUSTRY BUSINESS ACTIVITY              16.1%    46.4%    37.5%    21.4



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
MAR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              18.6%    32.7%    48.7%    30.1
Volume of Shipments                     16.8%    30.1%    53.1%    36.3
Volume of New Orders                    19.5%    36.3%    44.2%    24.8
Backlog of Orders                       26.2%    46.7%    27.1%     0.9
Materials Inventories                   30.4%    52.7%    17.0%   -13.4
Finished Goods Inventories              32.7%    51.8%    15.5%   -17.3
Number of Employees                     19.8%    57.7%    22.5%     2.7
Average Employee Workweek               21.4%    61.6%    17.0%    -4.5
Prices Received for Finished Goods       9.7%    59.3%    31.0%    21.2
Prices Paid for Raw Materials            8.0%    47.3%    44.6%    36.6
Capital Expenditures                    14.3%    54.5%    31.3%    17.0
Volume of New Orders for Exports         5.4%    70.7%    23.9%    18.5
Supplier Delivery Time                   7.3%    83.5%     9.2%    -1.8
INDUSTRY BUSINESS ACTIVITY              21.6%    30.6%    47.7%    26.1



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
MAR97

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              25.7%    27.4%    46.9%    21.2
Volume of Shipments                     31.9%    27.4%    40.7%     8.9
Volume of New Orders                    30.1%    32.7%    37.2%     7.1
Backlog of Orders                       32.4%    41.7%    25.9%    -6.5
Materials Inventories                   23.9%    47.8%    28.3%     4.4
Finished Goods Inventories              25.9%    38.9%    35.2%     9.3
Number of Employees                     25.0%    32.1%    42.9%    17.9
Average Employee Workweek               21.4%    62.5%    16.1%    -5.4
Prices Received for Finished Goods      22.8%    33.3%    43.9%    21.1
Prices Paid for Raw Materials           20.5%    20.5%    58.9%    38.4
Capital Expenditures                    23.2%    41.1%    35.7%    12.5
Volume of New Orders for Exports        14.3%    65.9%    19.8%     5.5
Supplier Delivery Time                  11.1%    77.8%    11.1%     0.0
INDUSTRY BUSINESS ACTIVITY              25.9%    33.9%    40.2%    14.3