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For immediate release
Contact: Marilyn Wimp, Manager of Media Relations, (215) 574-4197
Results from the Business Outlook Survey suggest that regional manufacturing activity showed improvement in November. All of the survey's broad indicators of economic performance showed improvement from their reading in October, and firms reported an increase in employment and work hours. More firms reported increases in input prices this month, although downward pressure on the prices of firms' manufactured goods was still evident. The survey's broad indicators of future activity suggest that firms remain optimistic about growth over the next six months. The survey's broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of 1.0 in October to 22.5 in November.
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 Marilyn Wimp, the Bank's media relations manager, at (215) 574-4197. The next Business Outlook Survey will be released at 10 a.m., Thursday, December 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.