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Source: Federal Reserve Bank of Atlanta
Projecting ahead, to the best of your ability, please assign a percent
likelihood to the following changes to unit costs over the next 12
months:
                                                              Up
                       About          Up           Up       Very
             Down       Unch    Somewhat Signifcantly Significant     Mean
             <-1% -1% to +1%  1.1% to 3%   3.1% to 5%        >5%
2018
October         4%        18%         47%          22%        10%      2.3%
September       4%        20%         48%          20%         8%      2.2%
August          5%        21%         44%          23%         7%      2.1%
July            4%        23%         47%          19%         7%      2.1%
June            4%        20%         48%          20%         8%      2.1%
May             5%        21%         45%          20%         6%      2.0%
April           4%        20%         43%          22%        10%      2.3%
March           3%        24%         45%          19%         9%      2.1%
February        3%        22%         45%          21%         6%      2.0%
January         4%        25%         46%          19%         6%      2.0%
2017
December        5%        22%         46%          20%         8%      2.1%
November        3%        24%         46%          20%         6%      2.0%
October         5%        29%         43%          16%         8%      1.8%
September       4%        24%         46%          19%         5%      1.9%
August          4%        24%         47%          15%         7%      1.9%
July            5%        27%         45%          15%         5%      1.7%
June            4%        24%         48%          18%         7%      2.0%
May             4%        24%         45%          20%         7%      2.0%
April           5%        27%         44%          16%         8%      1.9%
March           4%        23%         47%          19%         8%      2.1%
February        3%        27%         44%          18%         8%      2.0%
January         5%        23%         45%          18%         9%      2.1%
How do your sales levels compare with sales levels during what you
consider to be "normal" times?
             Much   Somewhat       About     Somewhat       Much Diffusion
             Less       Less      Normal      Greater    Greater    Index*
2018
October        10%        18%         50%          21%         2%        -6
September       8%        22%         47%          23%         1%        -6
August          5%        21%         46%          27%         0%        -2
July            5%        25%         42%          24%         5%        -1
June            4%        22%         46%          26%         2%         0
May             5%        21%         41%          28%         3%         1
April           5%        18%         47%          29%         1%         1
March           4%        23%         39%          30%         3%         2
February        3%        21%         41%          29%         3%         5
January         4%        25%         44%          24%         3%        -1
2017
December        6%        33%         40%          18%         3%       -10
November        8%        31%         34%          26%         1%        -9
October         8%        28%         45%          17%         2%       -11
September       8%        23%         47%          20%         2%        -8
August          8%        29%         40%          19%         2%       -11
July            8%        30%         35%          23%         1%       -10
June           10%        28%         35%          25%         2%       -10
May            11%        28%         38%          22%         1%       -12
April           9%        28%         44%          18%         1%       -12
March           9%        27%         44%          19%         1%       -12
February        7%        29%         43%          20%         1%       -10
January         9%        27%         45%          18%         2%       -11
How do your current profit margins compare with "normal" times?
             Much   Somewhat       About     Somewhat       Much Diffusion
             Less       Less      Normal      Greater    Greater    Index*
2018
October        10%        32%         42%          16%         1%       -17
September       8%        34%         46%          12%         0%       -18
August          5%        32%         50%          13%         0%       -14
July            4%        28%         51%          15%         2%        -8
June            5%        27%         55%          12%         0%       -13
May             4%        32%         44%          17%         0%       -12
April           5%        33%         47%          15%         0%       -14
March           4%        33%         47%          16%         0%       -12
February        4%        26%         52%          14%         1%        -9
January         6%        28%         52%          14%         0%       -13
2017
December        9%        37%         38%          17%         0%       -19
November        8%        35%         41%          17%         0%       -17
October        11%        26%         50%          12%         1%       -18
September       7%        34%         52%           7%         0%       -21
August          8%        31%         46%          12%         0%       -18
July            5%        38%         38%          17%         0%       -16
June            4%        41%         43%          12%         0%       -18
May             9%        34%         46%          10%         0%       -22
April           7%        33%         48%          12%         0%       -18
March           9%        34%         46%          12%         0%       -19
February        8%        37%         41%          13%         0%       -21
January        10%        31%         44%          14%         1%       -17
Looking back, how do your unit costs compare with this time last year?
                       About          Up           Up         Up
             Down       Unch    Somewhat Significantly     A Lot      Mean
             <-1% -1% to +1%  1.1% to 3%   3.1% to 5%        >5%
2018
October         2%        17%         57%          14%         9%      2.2%
September       2%        18%         64%          10%         6%      2.0%
August          2%        19%         60%          13%         5%      2.0%
July            1%        26%         58%          11%         5%      1.9%
June            1%        20%         59%          17%         4%      2.0%
May             3%        18%         61%          10%         6%      1.9%
April           1%        17%         64%          12%         7%      2.1%
March           3%        21%         61%          11%         4%      1.9%
February        0%        24%         62%           8%         4%      1.8%
January         1%        18%         68%           9%         5%      2.0%
2017
December        3%        23%         60%          12%         3%      1.8%
November        4%        23%         59%          10%         4%      1.7%
October         3%        30%         52%           9%         5%      1.7%
September       3%        23%         65%           5%         4%      1.7%
August          2%        26%         54%          10%         5%      1.7%
July            2%        23%         60%          10%         3%      1.7%
June            3%        18%         66%          11%         3%      1.9%
May             1%        24%         59%          14%         2%      1.8%
April           2%        30%         58%           8%         2%      1.6%
March           3%        22%         63%           8%         4%      1.7%
February        1%        29%         58%           8%         3%      1.7%
January         3%        23%         60%          10%         4%      1.8%
*The diffusion index is calculated as an average response such that each
response of much less is assigned a value of -100; somewhat less is
assigned a value of -50; about normal, 0; somewhat greater, 50; and much
greater, 100. Therefore, a positive index value implies that the
indicator is greater, on average, and a negative index value implies
that the indicator is lower, on average.
      ** MNI Washington Bureau (202) 371-2121 **
[TOPICS: MAUDT$,MTABLE,M$U$$$]

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