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Manufacturing Survey Indicates Activity Nearly Flat

For release: February 20, 2003
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for February. Activity in the region's manufacturing sector was mostly flat. Survey participants were asked if their hiring and spending plans for 2003 were being adversely affected by geopolitical uncertainties.

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

"Overall manufacturing conditions in the region are mostly steady this month. Indicators for general activity, shipments, and employment were near zero, suggesting no growth. Although firms’ expectations for the next six months diminished again this month, the manufacturing executives surveyed still expect conditions 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 future expectations of business.

To arrange an interview, please contact Kathy Woodbury, the Bank's assistant media adviser, at (215) 574-4119. The next Business Outlook Survey will be released March 20, 2003, at noon and will be made available on this web site and over PR Newswire.

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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)