For immediate release
Contact: Katherine Dibling, Senior Media Representative, (215) 574-4119
Regional manufacturing activity dipped significantly in August, according to the respondents to the Business Outlook Survey. The survey's indicators for activity, shipments, and new orders all declined sharply from their readings in July. The diffusion index of current activity decreased to -30.7 in August from 3.2 in July. The broadest indicator of future activity decreased to 1.4 from 23.7 in July.
Survey responses suggest a deterioration in the labor market compared with July. Indexes for prices were lower this month and show a continued trend of moderating price pressures.
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 15, 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 and savings and loan 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.