Southeastern Manufacturing Survey - May 1998 (April data)

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
April 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              20.2     33.5     46.3     26.0
Volume of Shipments                     21.2     33.0     45.8     24.7
Volume of New Orders                    20.3     41.1     38.7     18.4
Backlog of Orders                       28.0     47.4     24.6     -3.4
Materials Inventories                   12.8     63.6     23.7     10.9
Finished Goods Inventories              25.2     46.2     28.6      3.4
Number of Employees                      8.8     71.1     20.1     11.4
Average Employee Workweek               14.6     61.6     23.8      9.1
Prices Received for Finished Goods*     14.1     72.8     13.0     -1.1
Prices Paid for Raw Materials*          17.6     65.9     16.5     -1.1
Volume of New Orders for Exports*        8.6     72.9     18.6     10.0
Supplier Delivery Time*                  9.1     87.5      3.4      5.7
INDUSTRY BUSINESS ACTIVITY              16.9     46.3     36.8     19.9

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
April 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              16.0     38.9     45.1     29.1
Volume of Shipments                     16.8     36.4     46.8     30.1
Volume of New Orders                    18.6     38.0     43.4     24.8
Backlog of Orders                       17.0     56.5     26.5      9.5
Materials Inventories                   22.8     61.2     16.0     -6.8
Finished Goods Inventories              28.3     52.6     19.1     -9.2
Number of Employees                     17.8     54.2     28.1     10.3
Average Employee Workweek               21.9     62.6     15.5     -6.5
Prices Received for Finished Goods      14.1     62.0     23.9      9.8
Prices Paid for Raw Materials            9.4     61.1     29.4     20.0
Capital Expenditures                    11.1     50.7     38.2     27.1
Volume of New Orders for Exports*        5.3     72.4     22.4     17.1
Supplier Delivery Time*                  3.4     88.5      8.0     -4.6
INDUSTRY BUSINESS ACTIVITY              15.4     40.8     43.8     28.4

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Versus Last Month for:
March 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              21.4     40.4     38.3     17.0
Volume of Shipments                     21.1     35.0     43.9     22.8
Volume of New Orders                    17.3     40.2     42.5     25.2
Backlog of Orders                       21.1     53.1     25.7      4.6
Materials Inventories                   21.8     55.7     22.5      0.7
Finished Goods Inventories              28.1     49.9     22.0     -6.2
Number of Employees                      8.5     71.7     19.8     11.3
Average Employee Workweek               13.0     65.5     21.5      8.5
Prices Received for Finished Goods*      7.9     78.9     13.2      5.3
Prices Paid for Raw Materials*          13.3     69.0     17.7      4.4
Volume of New Orders for Exports*        8.7     73.9     17.4      8.7
Supplier Delivery Time*                 10.0     89.1      0.9      9.1
INDUSTRY BUSINESS ACTIVITY               8.5     53.5     38.0     29.5

* Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Seasonally Adjusted Data

Six Months from Now for:
March 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              11.7     33.7     54.7     43.0
Volume of Shipments                     14.2     30.9     54.9     40.6
Volume of New Orders                    11.8     41.5     46.7     34.9
Backlog of Orders                       15.7     53.4     30.9     15.2
Materials Inventories                   15.9     61.8     22.3      6.4
Finished Goods Inventories              21.0     50.7     28.3      7.3
Number of Employees                     14.2     57.3     28.5     14.3
Average Employee Workweek                8.8     73.6     17.7      8.9
Prices Received for Finished Goods       8.0     69.4     22.6     14.6
Prices Paid for Raw Materials            9.3     58.1     32.6     23.3
Capital Expenditures                     7.5     52.8     39.7     32.2
Volume of New Orders for Exports*       11.5     62.5     26.0     14.6
Supplier Delivery Time*                  4.6     89.0      6.4     -1.8
INDUSTRY BUSINESS ACTIVITY              14.3     39.8     45.9     31.6

*Not Seasonally Adjusted

FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
April 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              18.3     32.3     49.5     31.2
Volume of Shipments                     18.3     33.3     48.4     30.1
Volume of New Orders                    21.5     39.8     38.7     17.2
Backlog of Orders                       25.8     47.2     27.0      1.1
Materials Inventories                   12.1     63.7     24.2     12.1
Finished Goods Inventories              22.5     46.1     31.5      9.0
Number of Employees                      7.7     73.6     18.7     11.0
Average Employee Workweek               12.9     64.5     22.6      9.7
Prices Received for Finished Goods      14.1     72.8     13.0     -1.1
Prices Paid for Raw Materials           17.6     65.9     16.5     -1.1
Volume of New Orders for Exports         8.6     72.9     18.6     10.0
Supplier Delivery Time                   9.1     87.5      3.4      5.7
INDUSTRY BUSINESS ACTIVITY              12.9     47.3     39.8     26.9



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
April 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              17.2     43.0     39.8     22.6
Volume of Shipments                     18.3     39.8     41.9     23.7
Volume of New Orders                    20.4     40.9     38.7     18.3
Backlog of Orders                       18.0     59.6     22.5      4.5
Materials Inventories                   22.0     63.7     14.3     -7.7
Finished Goods Inventories              30.3     51.7     18.0    -12.4
Number of Employees                     18.5     54.3     27.2      8.7
Average Employee Workweek               19.4     66.7     14.0     -5.4
Prices Received for Finished Goods      12.0     65.2     22.8     10.9
Prices Paid for Raw Materials           11.0     62.6     26.4     15.4
Capital Expenditures                    11.5     52.9     35.6     24.1
Volume of New Orders for Exports         5.3     72.4     22.4     17.1
Supplier Delivery Time                   3.4     88.5      8.0     -4.6
INDUSTRY BUSINESS ACTIVITY              16.3     44.6     39.1     22.8



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
April 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              22.6     20.4     57.0     34.4
Volume of Shipments                     21.5     20.4     58.1     36.6
Volume of New Orders                    18.3     33.3     48.4     30.1
Backlog of Orders                       24.7     42.7     32.6      7.9
Materials Inventories                   18.7     54.9     26.4      7.7
Finished Goods Inventories              28.1     48.3     23.6     -4.5
Number of Employees                     29.3     39.1     31.5      2.2
Average Employee Workweek               14.1     62.0     23.9      9.8
Prices Received for Finished Goods      25.0     38.0     37.0     12.0
Prices Paid for Raw Materials           23.1     28.6     48.4     25.3
Capital Expenditures                    13.1     44.0     42.9     29.8
Volume of New Orders for Exports        13.3     65.3     21.3      8.0
Supplier Delivery Time                  17.0     73.9      9.1      8.0
INDUSTRY BUSINESS ACTIVITY              21.5     23.7     54.8     33.3



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Versus Last Month for:
March 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              14.0     42.1     43.9     29.8
Volume of Shipments                     12.4     35.4     52.2     39.8
Volume of New Orders                     9.6     42.6     47.8     38.3
Backlog of Orders                       17.0     53.6     29.5     12.5
Materials Inventories                   20.9     55.7     23.5      2.6
Finished Goods Inventories              23.4     48.6     27.9      4.5
Number of Employees                      7.0     71.3     21.7     14.8
Average Employee Workweek               10.4     67.8     21.7     11.3
Prices Received for Finished Goods       7.9     78.9     13.2      5.3
Prices Paid for Raw Materials           13.3     69.0     17.7      4.4
Volume of New Orders for Exports         8.7     73.9     17.4      8.7
Supplier Delivery Time                  10.0     89.1      0.9      9.1
INDUSTRY BUSINESS ACTIVITY               5.3     50.0     44.7     39.5



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Six Months from Now for:
March 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              11.5     31.9     56.6     45.1
Volume of Shipments                     14.4     27.9     57.7     43.2
Volume of New Orders                    13.2     39.5     47.4     34.2
Backlog of Orders                       18.2     49.1     32.7     14.6
Materials Inventories                   19.3     59.6     21.1      1.8
Finished Goods Inventories              25.7     48.6     25.7      0.0
Number of Employees                     15.0     57.5     27.4     12.4
Average Employee Workweek               10.6     70.8     18.6      8.0
Prices Received for Finished Goods       8.8     69.3     21.9     13.2
Prices Paid for Raw Materials            8.0     61.9     30.1     22.1
Capital Expenditures                     8.2     53.6     38.2     30.0
Volume of New Orders for Exports        11.5     62.5     26.0     14.6
Supplier Delivery Time                   4.6     89.0      6.4     -1.8
INDUSTRY BUSINESS ACTIVITY              14.9     36.8     48.2     33.3



FEDERAL RESERVE BANK OF ATLANTA

SOUTHEASTERN SURVEY OF MANUFACTURING CONDITIONS

Not Seasonally Adjusted Data

Year Ago for:
March 1998

                                      Percent  Percent   Percent  Diffusion
SOUTHEASTERN PLANT INDICATORS         Decrease No Change Increase Index
Production                              34.5     16.8     48.7     14.2
Volume of Shipments                     35.1     14.4     50.5     15.3
Volume of New Orders                    25.4     21.1     53.5     28.1
Backlog of Orders                       29.7     34.2     36.0      6.3
Materials Inventories                   31.9     40.7     27.4     -4.4
Finished Goods Inventories              33.0     39.4     27.5     -5.5
Number of Employees                     30.7     35.1     34.2      3.5
Average Employee Workweek               24.6     57.9     17.5     -7.0
Prices Received for Finished Goods      24.8     38.9     36.3     11.5
Prices Paid for Raw Materials           21.1     33.3     45.6     24.6
Capital Expenditures                    19.4     47.2     33.3     13.9
Volume of New Orders for Exports        16.7     56.3     27.1     10.4
Supplier Delivery Time                  11.0     78.9     10.1      0.9
INDUSTRY BUSINESS ACTIVITY              17.7     29.2     53.1     35.4