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For release: 10 a.m., June 18, 2009
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Philadelphia, Pa. - The region's manufacturing sector continued to show weakness this month, according to the firms polled for the June Business Outlook Survey. However, the general activity index and other key indicators did improve. The general activity index increased to -2.2 from -22.6 in May. In the special questions, manufacturers were asked about the probability that they would relocate over the next five years.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Manufacturing executives responding to the Business Outlook Survey this month continue to report weakness in manufacturing, but declines were much less in evidence this month. Indicators for general activity, new orders, and shipments suggest steadier levels of activity this month, in contrast with the series of continuous large declines suggested in previous surveys. Indicative of ongoing weakness, however, firms reported continuing declines in employment and work hours this month. Most of the survey's broad indicators of future activity showed continued improvement, suggesting that the region's manufacturing executives are becoming more optimistic that a recovery in business will occur 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, contact Katherine Q. Dibling, the Bank's senior media representative, at (215) 574-4119. The next survey will be released at 10 a.m., Thursday, July 16, 2009, and will be made available on our website, and over Businesswire. The aggregate historical data series is also available on the Bank's website.