For release: August 18, 2005 at noon
Contact: Kathy Dibling, 215-574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released August's Business Outlook Survey. Activity in the region's manufacturing sector continued to expand this month. Indicators for general activity, new orders, shipments, and employment increased from their readings in July. In the special question, the manufacturers were asked about their expectations for changes in prices for energy, raw materials, and intermediate goods for the remainder of 2005.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Respondents to August's Business Outlook Survey reported that manufacturing in the region is continuing to grow. Indicators for general activity, new orders, shipments, and employment were all higher this month and suggest a faster pace of growth than in July. Firms continued to report higher prices for inputs, but prices of manufactured goods were reported near steady this month. The region's manufacturing executives expect growth to continue and were more optimistic about future conditions than they were in July. "
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 Katherine Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on Thursday, September 15, 2005, and will be made available on our web site at www.philadelphiafed.org and over PR Newswire. The aggregate historical data series is also available on the Bank's web site.