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Manufacturing Survey Shows Continued Declines

For release: July 19, 2001
Contact: Josh Irons, 215 574-3481

The Federal Reserve Bank of Philadelphia released its Business Outlook Survey for July today. Philadelphia Fed Economic Analyst Mike Trebing summarized the survey:

"Manufacturing firms in our region continue to report declines in overall activity, shipments, employment, and average work hours this month, but the declines are not as large as in the first quarter of the year. Survey responses this month suggest diminished pressures for both input prices and prices of firms' products. Optimism about growth in the manufacturing sector over the next six months remains high despite a decline in some of the survey's future indicators this month."

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 Josh Irons at (215) 574-3481. The next Business Outlook Survey will be released at noon, August 16 E.D.T. and will be made available on this Web site and over PR Newswire. The aggregate historical data series is also available at http://www.philadelphiafed.org/econ/bos/boshistory.html.

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