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Manufacturers Say Growth Is Continuing

For release: August 19, 2004 at noon
Contact: Kathy Dibling, 215-574-4119

The Federal Reserve Bank of Philadelphia today released the August Business Outlook Survey. Participants report a more moderate pace of growth than in July. In the special question, firms were asked about one aspect of cost increases since the beginning of the year—the rise in compensation per worker.

Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:

"Current indicators suggest that growth in the region's manufacturing sector is continuing. In the August survey, indexes for general activity, new orders, shipments, and employment all remained positive but fell from their high readings in July. Firms again reported higher prices for inputs and for their own manufactured goods. Manufacturing executives remain optimistic about continued growth in their sector over the next six months, and most of the six-month-ahead indicators improved in August's survey. "

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 Kathy Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released Thursday, September 16, 2004, at noon and will be made available on this web site and over PR Newswire. The annual revisions of historical data can be found at http://www.philadelphiafed.org/econ/bos/boshistory.html.

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