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For immediate release
Contact: Katherine Dibling, Public Affairs Specialist, (215) 574-4119
Responses from manufacturing firms polled for the Federal Reserve Bank of Philadelphia’s Business Outlook Survey suggest that regional manufacturing activity continued to expand in February. The general activity index, the survey’s broadest measure of manufacturing conditions, increased to 10.2 this month from 7.3 in January.
The survey’s indicators for new orders and shipments also increased from their readings in January. Firms reported near-steady employment levels but an increase in average work hours. The survey’s indicators of future activity fell below those of recent months but continue to reflect optimism.
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 public affairs specialist, at (215) 574-4119. The next Business Outlook Survey will be released at 10 a.m., Thursday, March 15, 2012, 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.