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Manufacturers Report Continued Growth

For release: February 19, 2004 at noon
Contact: Kathy Woodbury, 215-574-4119

The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for this month. Manufacturers see continued expansion, but its pace is slower than in January. Survey participants were asked about their plans for inventory over the next six months.

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

"Current indicators suggest that growth in the region's manufacturing sector is continuing, but the pace of growth is slightly slower than last month. The indexes for general activity, new orders, and shipments are down from their January readings, but they remain at relatively high levels. The employment indexes also remained positive this month. Expectations for overall growth over the next six months remain high."

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, contact Kathy Woodbury, the Bank's assistant media advisor, at (215) 574-4119. The annual revisions of historical data can be found at http://www.philadelphiafed.org/research-and-data/regional-economy/business-outlook-survey/historical-data/. The next Business Outlook Survey will be released Thursday, March 18, 2004, 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.

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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)