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For release: February 15, 2001
Contact: Marilyn Wimp (215) 574-4197
The Philadelphia Federal Reserve Bank released its Business Outlook Survey today. Philadelphia Federal Reserve Economic Analyst Mike Trebing summarized the survey:
"The region's manufacturing sector is experiencing continued declines, according to the firms surveyed for February's Business Outlook Survey. Although most current indicators improved slightly from their January readings, the manufacturing sector continues to weaken in the region as indicated by another month of negative readings for new orders and shipments. Respondents also reported declines in employment and average work hours. However, indicators reflecting the firms' forecasts for the next six months showed notable improvement, suggesting that manufacturing activity in the region may stabilize 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. 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 at 10 a.m. EST March 15 and will be made available on this web site and over PR Newswire. The aggregate historical data series is also available on the Bank's Web site.