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For release: December 21, 2000
Contact: Marilyn Wimp, (215) 574-4197
The Philadelphia Federal Reserve Bank released its Business Outlook Survey for December today. Philadelphia Federal Reserve Economic Analyst Mike Trebing summarized the survey:
"Business Outlook Survey indicators suggest manufacturing activity in the region deteriorated this month. In addition to a decline in the overall activity index, our surveyed firms reported steady shipments and little to no growth in new orders. Indicators for labor market conditions this month suggest further weakening in both employment and average hours worked. The reported sluggish business conditions may be contributing to easing price pressures in the manufacturing sector; the survey's indicators of change in prices of inputs and manufacturing output moderated again this month. The firms' responses also indicate the soft conditions are expected to continue over the first half of 2001."
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 Marilyn Wimp the Bank's media representative at (215) 574-4197. The next Business Outlook Survey will be released Jan. 18, 2001, at 10 a.m. EST 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.