For release: July 18, 2002
Contact: Kathy Woodbury, (215) 574-4119
The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for July. Most of the manufacturing survey's current indicators fell from their readings last month. In the special question, participants were asked about their expectations for the cost of employee benefits in 2003.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Results from our Business Outlook Survey this month suggest a slower pace of growth in our region's manufacturing sector than that indicated in June. Nearly all of the broad indicators remained positive, but declined from their high readings in the previous month. Employment indexes, however, remained negative. Overall expectations remain optimistic despite the reported slowing 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 Kathy Woodbury, the Bank's assistant media representative, at (215) 574-4119. The next Business Outlook Survey will be released August 15, 2002, at noon and will be made available on this web site at www.philadelphiafed.org and over PR Newswire. The aggregate historical data series is also available on the Bank's web site: www.philadelphiafed.org/econ/bos/boshistory.html.