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Business Outlook Survey Summary for October

For release: October 18, 2001
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia released its Business Outlook Survey for October today. This survey asked participants how the terrorist attacks of September 11 have affected new orders and shipments at their plants.

Philadelphia Federal Reserve Economic Analyst Mike Trebing summarized the survey:

"Survey indicators of current conditions fell notably this month, reflecting declines in activity, new orders, shipments, and employment. More than half of the reporting manufacturers attributed declines in new orders and shipments to the September 11 attacks and subsequent economic conditions. Despite the decline in current activity, however, firms remain optimistic that business will recover from current depressed levels over the next six months."

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 Woodbury, the Bank's media assistant, at (215) 574-4119. The next Business Outlook Survey will be released November 15 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)