For immediate release
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Results from the Business Outlook Survey suggest that regional manufacturing activity was nearly flat in September. For the second consecutive month, firms reported a decline
in both new orders and shipments. The general activity index increased to -0.7 from a reading of -7.7 in August.
Employment levels remained steady this month, but firms reported declines in average work hours.
The survey's broad indicators of future activity continue to suggest that the region's manufacturing executives expect growth in business over the next six months, but optimism remains below levels earlier in the 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, October 21, 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.