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For release: Thursday, June 21, 2007, at noon
Contact: Katherine Dibling at (215) 574-4119
Philadelphia, Pa.- The Federal Reserve Bank of Philadelphia today released June's Business Outlook Survey. Activity in the region’s manufacturing sector increased. Indicators for general activity and employment improved notably this month. However, the firms are not as optimistic about future conditions as they were in May. In the special questions, manufacturers were asked about the probability that they would relocate all or some of their operations.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Responses to the Philadelphia Fed’s Business Outlook Survey suggest that economic conditions in the region’s manufacturing sector improved in June. Indexes for general activity and new orders rose notably this month, suggesting a pickup in growth. Firms continued to report higher input costs, but the number of firms reporting higher prices for their own manufactured goods was only slightly higher than the number reporting price declines. Manufacturing executives remain generally optimistic about future activity; although most future indicators fell from their readings in May."
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 Katherine Q. Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on July 19, 2007, and will be made available on our website, and over PR Newswire. The aggregate historical data series is also available on the Bank's website.