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September's Indexes Show Modest Growth in Region

For release: October 30, 2002
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia today released its monthly leading and economic activity indexes for Delaware, New Jersey, and Pennsylvania.

Philadelphia Federal Reserve Vice President and Economist Ted Crone summarized the information from the indexes:

"The September readings of the economic activity indexes for the tri-state region show continued modest growth. The indexes of current activity were up slightly in Pennsylvania and New Jersey, and the current index for Delaware was unchanged. The leading indexes for all three states were positive, although Delaware's leading index was relatively weak."

The indexes, compiled by the Bank since 1994, present comprehensive measures of the economies of Delaware, New Jersey, and Pennsylvania. The economic activity index is a composite indicator based on nonfarm payroll employment, unemployment rate, average hours worked in manufacturing, and real wage and salary disbursements. The leading index, which is a forecast of the growth of the economic activity index, is based on the recent pattern of the activity index, as well as traditional leading indicators, including housing permits, interest rates, delivery times, and initial unemployment claims.

The economic activity index is an indicator of the current economic climate, and the leading index forecasts the growth rate of the activity indexes nine months into the future.

To arrange an interview, contact Kathy Woodbury, the Bank's assistant media representative, at (215) 574-4119. October's indexes are due to be released in late November and will be made available on this web site.

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Marilyn Wimp, ABC E-mail
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(215) 574-4197
(267) 254-4555 (cell)

Daneil Mazone E-mail
Media Relations Representative
(215) 574-7163
(267) 535-1808 (cell)