For release: 12 p.m., September 20, 2007
Contact: Katherine Q. Dibling, assistant media advisor, (215) 574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released September’s Business Outlook Survey. Activity in the region's manufacturing sector picked up this month, according to the survey's participants. In special questions this month, manufacturing firms were asked whether recent changes in the construction and financial sectors have had adverse effects on new orders, shipments, or employment.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
“Indicators from the Philadelphia Fed’s Business Outlook Survey suggest that activity in the region’s manufacturing sector picked up in September. Indexes for general activity, new orders, and shipments rose this month, suggesting continued underlying growth. Firms continued to report higher input costs, but the number of firms reporting price increases for their own manufactured goods was only slightly higher than the number reporting price declines. The manufacturers’ outlook remains optimistic, although some expect cutbacks by year-end as a result of recent events in the construction and financial sectors.”
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 October 18, 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.
Beginning in January 2008, the Business Outlook Survey will be released at 10 a.m. The release time has been noon on the third Thursday of the month since June 2001. See the news release.