For release: September 18, 2003, at Noon
Contact: Kathy Woodbury, (215) 574-4119
The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for September. New orders and shipments grew again this month. The indicator for employment, however, decreased. Participants were asked about their plans for production in the fourth quarter of this year.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"The region's manufacturing sector continued to improve this month. For the fourth consecutive month firms reported an increase in overall business activity. Indexes for new orders and shipments indicated increases for the third consecutive month. Despite an overall improvement in manufacturing this month, firms polled say factory employment was lower again. Firms' expectations for growth over the next six months continued to improve in September, and a significant share of firms indicated that they had recently increased their fourth-quarter production plans."
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 advisor, at (215) 574-4119. The next Business Outlook Survey will be released Oct. 16, 2003, 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.