For release: 12 p.m., Thursday, August 16, 2007
Contact: Marilyn Wimp, media advisor, (215) 574-4197
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released August’s Business Outlook Survey. In special questions this month, manufacturing firms were asked about growth in export business over the past year.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
“Indicators from our Business Outlook Survey suggest that activity in the region’s manufacturing sector was nearly steady this month. The survey’s broadest measure of current activity suggests no overall growth, but indexes for shipments and new orders suggest some continuing growth. The August survey shows a slight increase in the percentage of firms hiring and a notable drop in the number of firms reporting declines in employment. Firms continued to report higher prices for inputs and for their own manufactured goods, but indexes for prices paid and prices received were lower this month. The manufacturers’ outlook for the next six months improved slightly 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, contact Marilyn Wimp, the Bank's media advisor, at (215) 574-4197. The next Business Outlook Survey will be released at noon on September 20, 2007, and will be made available on our website, and over PR Newswire. The aggregate historical data series is also available on the Bank's website.