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For immediate release
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Regional manufacturing executives responding to the Business Outlook Survey in August reported moderate weakness in the sector. The survey's broadest indicators suggest that activity in the sector shrank. The general activity index decreased to - 7.7 from a reading of 5.1 in July.
The percentage of firms reporting declines in new orders and shipments exceeded the percentage reporting increases. Labor market conditions in the sector receded in August, as more respondents cut the number of employees and hours worked than increased them.
While the firms continue to expect growth in the manufacturing sector, their optimism has waned.
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, September 16, 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.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.