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Business Outlook Survey Summary for September

For release: September 20, 2001
Contact: Marilyn Wimp, (215) 574-4197

Note: Survey taken before September 11

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

"All of the survey responses reflected in this month's Business Outlook Survey were completed prior to the terrorist attacks on September 11. The survey, therefore, provides a snapshot of the state of the manufacturing sector in our District just prior to those events. Most indicators improved notably from their readings in August; however, they still reflected weakness in the manufacturing sector. On a positive note, new orders held steady. Firms continued to report employment losses, however. Before last week's attack, expectations for businesses' growth over the next six months were improving."

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 Marilyn Wimp the Bank's media representative at (215) 574-4197. The next Business Outlook Survey will be released October 18 at noon E.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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Media Contacts

Marilyn Wimp, ABC E-mail
Manager of Media Relations
(215) 574-4197
(267) 254-4555 (cell)

Daneil Mazone E-mail
Media Relations Representative
(215) 574-7163
(267) 535-1808 (cell)