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For immediate release
Contact: Katherine Dibling, Senior Media Representative, (215) 574-4119
Regional manufacturing activity weakened in June, according to the respondents to the Business Outlook Survey. The survey's indicators for activity and new orders turned negative this month, while indicators for shipments and employment fell but remained slightly positive. The diffusion index of current activity decreased to -7.7 from 3.9 in May. The broadest indicator of future activity fell sharply in June, recording its lowest reading in 31 months.
Firms' responses suggested little overall improvement in the labor market this month. The current employment index remained positive for the ninth consecutive month, but only 14 percent of the firms reported an increase in employment, while 10 percent reported a decline.
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 21, 2011, 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.