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Manufacturing Firms Report Modest Improvement in September

For release: September 19, 2002
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for September. Most of the survey's broad indicators of current activity saw modest improvement this month.

Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:

"Overall manufacturing conditions improved modestly this month. Most of the survey's broad indicators of current activity recovered from their negative August readings. Although survey responses indicated no increases in overall manufacturing employment in September, job losses were not as widespread as in the previous month. The executives surveyed remain optimistic about growth in the manufacturing sector 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 assistant media representative, at (215) 574-4119. The next Business Outlook Survey will be released October 17, 2002, at noon and will be made available on this web site 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.

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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)