For release: June 20, 2002
Contact: Kathy Woodbury, (215) 574-4119
The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for June. Most of the manufacturing survey's indicators improved notably. The employment index, however, is slightly lower this month. In the special question, participants were asked about their plans for spending on technology for the remainder of the year.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Current indexes indicate that the region's manufacturing sector experienced an increase for the sixth consecutive month. Most notably, indicators for general activity and new orders improved considerably from their readings in May. However, the employment index was down somewhat from the previous month. The executives polled remain optimistic that business will continue to improve 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 expectations about business over the next six months.
To arrange an interview, please contact Kathy Woodbury, the Bank's assistant media representative, at (215) 574-4119. The next Business Outlook Survey will be released July 18, 2002, at noon and will be made available on our web site at www.philadelphiafed.org and over PR Newswire. The aggregate historical data series is also available on the Bank's web site. http://www.philadelphiafed.org/econ/bos/boshistory.html.