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For release: 10 a.m., June 17, 2010
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Philadelphia, Pa. - According to the firms polled for June's Business Outlook Survey, regional manufacturing activity continues to expand but at a slower pace than last month. Fewer firms also reported increases in the prices of inputs. The survey's broad indicators of future activity continued to suggest that the region's manufacturing executives will expect growth in business over the next six months.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Manufacturing executives responding to the Business Outlook Survey this month continue to report increases in manufacturing. Some of the survey's current indexes indicate a slower pace of growth compared with May, namely for general activity and employment. Firms also reported a moderation in cost pressures this month, and more firms reported price reductions than reported price increases for their own manufactured goods. Overall, firms remain generally optimistic about growth over the second half of 2010."
In the special questions, firms were asked about the probability that they would relocate some or all of their operations out of the tri-state region over the next five years. The average probability of relocating some operations was 12 percent, a decline of 20 percent from last year.
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. 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 Dibling, the Bank's senior media representative, at (215) 574-4119. The next Business Outlook Survey will be released at 10 a.m., Thursday, July 15, 2010, and will be made available on our website, and over Businesswire. The aggregate historical data series is also available on the Bank's website.