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For immediate release
Contact: Katherine Q.Dibling, Public Affairs Specialist, 215-574-4119
In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for the Business Outlook Survey after calculating new seasonal adjustment factors. Because survey responses are characterized by seasonal patterns, new seasonal factors are calculated annually based on the addition of a complete year of data.
Overall, the data revisions adjust the current year-end indexes moderately downward. There were more pronounced downward adjustments of the six-month expectations indexes over the last two months of 2012.
The current activity index was adjusted downward for the months of January, February, March, April, October, and December and upward for the months of May, June, July, August, September, and November. The largest revision for the current activity index was for August: The index was revised up 5.4 points from the original reading of -7.1 to a revised reading of -1.7
Revised historical data for all series can be retrieved from the historical data page.
A summary of 2012 revisions only (41 KB) is also available.
The data are also available upon request by calling (215) 574-4119 or by e-mailing Katherine Dibling, Katherine.firstname.lastname@example.org.
The next scheduled release for the Business Outlook Survey is at 10 a.m., Thursday, January 17, 2013.