For immediate release
Contact: Katherine Dibling, 215-574-4119
In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for its manufacturing survey, the Business Outlook Survey, after calculating new seasonal adjustment factors. Because survey responses exhibit seasonal patterns, new seasonal factors are calculated each year based on the addition of a complete year of data.
While this year's revisions altered levels of the indexes for certain months, the pattern of change in most series was not significantly affected. The revisions decreased the current general activity index from a slightly positive reading in April (0.2) to a slightly negative reading (-0.8) and boosted the reading for the August index from zero to 5.7. The same index was revised upward for December, from -5.7 to -1.6.
Revised historical data for all series can be retrieved from the historical data page.
The summary of 2007 revisions only is also available. (Excel spreadsheet, 83 KB)
The data are also available upon request by calling (215) 574-4119 or by e-mailing Katherine Dibling.
The next scheduled release for the Business Outlook Survey is at 10 a.m., Thursday, January 17, 2008.