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Business Outlook Survey Summary for November

For release: November 15, 2001
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia released its Business Outlook Survey for November today. In the survey's special question, participants were asked how the terrorist attacks of September 11 have impacted their inventory plans for the remainder of the year and how the attacks have affected long-run inventory strategy.

Philadelphia Federal Reserve Economic Analyst Mike Trebing summarized the survey:

"Following sharp declines in October, most of the survey's indicators improved marginally this month, but the region's manufacturing sector continues to decline. Firms reported declines in the level of general activity, new orders, shipments, and employment in November. Expectations for growth over the next six months remain high, although not as high as in the previous 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 Kathy Woodbury, the Bank's media assistant, at (215) 574-4119. The next Business Outlook Survey will be released December 20 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)