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Manufacturing Activity Improved in June

For release: June 19, 2003
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for June. Activity in the region's manufacturing sector slightly increased. Survey participants were asked a series of questions about their plans for capital spending in the next 12 months.

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

"The region’s manufacturing sector showed some signs of improvement this month. For the first time in four months firms reported an increase in overall business activity, although new orders and shipments were nearly flat this month. Firms continued to report declines in employment. Expectations for growth over the next six months improved marginally 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 adviser, at (215) 574-4119. The next Business Outlook Survey will be released July 17, 2003, at noon and will be made available on this web site and over PR Newswire. The aggregate historical data series is also available at http://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)