News Releases
For release: March 17, 2005 at noon
Contact: Kathy Dibling, 215-574-4119,
Katherine.Dibling@phil.frb.org
Manufacturers Report Slower Growth
The Federal Reserve Bank of Philadelphia today released
March’s Business
Outlook Survey. The survey points to expansion
of the region’s manufacturing sector, although indicators
for general activity, shipments, employment, and work hours
fell from their readings in February. Participants were
asked about their actual level of inventories over the past
three months and the factors that have influenced these
levels.
Philadelphia Federal Reserve Senior Economic Analyst Mike
Trebing summarized the survey:
"Respondents to this month’s Business Outlook
Survey reported that growth in the region’s manufacturing
sector is continuing. Indexes for general activity, shipments,
and employment remain positive but are down from their levels
in February. Firms continue to report price increases, but
the price indexes are lower than in recent months. Indicators
reflecting the outlook for the next six months showed improvement
in March, with notable increases in the indexes for future
employment and capital spending. "
This survey, which was started in 1968, gathers information
on the manufacturing industry in the Third Federal Reserve
District covering eastern Pennsylvania, southern New Jersey,
and Delaware. Participation in the survey is limited to
manufacturing firms with plants in the area with more than
100 employees. The survey asks about the current pace of
business in the participants' plants and their future expectations
of business.
To arrange an interview, please contact Kathy Dibling,
the Bank's assistant media representative, at (215) 574-4119.
The next Business Outlook Survey will be released
at noon on April 21, 2005, and will be made available on
our web site
and over PR Newswire. The aggregate historical data series
is also available on the Bank's web site.
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