EconSouth (Third Quarter 1999)
Southeastern Manufacturing Survey
Below are highlights from the monthly survey of southeastern manufacturers conducted by the Federal Reserve Bank of Atlanta in August.
"Current indicators of manufacturing activity in the region changed little in July.
"The current production index rebounded to 19.4 from 15.6 in June.
"To some degree, some production gains may have replenished inventories. The finished goods inventories index rebounded moderately, staying at a positive level for the third consecutive month. The new orders index was steady at a moderate level. The backlog orders index fell from improved and relatively high levels in May and June.
"In light of positive outlook indicators, current production and inventory gains appear to be a reflection of manufacturers' sales expectations. On the downside, the index for new export orders fell for the second month in a row.
"Outlook indexes generally posted gains. The outlook indexes for production, shipments, new orders, backlogs, finished goods inventories, the number of employees, the average workweek and new orders for exports were up from June levels.
"Both current and outlook price indexes rose sharply in July. The outlook index for prices paid reached its highest level since mid-1997.
(through July 1999)