For immediate release
Contact: Katherine Dibling, Senior Media Representative, (215) 574-4119
Growth in the region's manufacturing sector picked up in February, according to the respondents to the Business Outlook Survey. Most of the broad indicators showed an improvement over their readings in January, and employment among reporting firms increased. The diffusion index of current activity increased to 35.9 from 19.3 in January. This is the highest reading since January 2004.
Increases in input prices continued to be widespread this month, and slightly more firms reported increases in prices for their own manufactured goods. The survey's broad indicators of future activity suggest that firms expect a continued expansion in activity over the next six months.
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. The survey asks about the current pace of business in the participants' plants and their future expectations of business.
To arrange an interview, contact Katherine Dibling, the Bank's senior media representative, at (215) 574-4119. The next Business Outlook Survey will be released at 10 a.m., Thursday, March 17, 2011, and will be made available on our website, and over Businesswire. The aggregate historical data series is also available on the Bank’s website.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.