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For immediate release
Contact: Thomas Elliott, Public Affairs Specialist, 215-574-6545
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.
The data revisions adjust the December 2013 indexes only slightly. December's current activity index was revised downward slightly, and the six-month future activity index was revised upward slightly.
The current activity index was adjusted downward for the months of March, April, July, September, October, and December and upward for the months of January, February, May, June, August, and November. The largest one-month revision for the current activity index was for October: The index was revised downward 4 points, from the original reading of 19.8 to 15.6.
Revised historical data for all series can be retrieved from the historical data page.
A summary of 2013 revisions only (41 KB) is also available.
The data are also available upon request by calling 215-574-6545 or by e-mailing Thomas Elliott.
The next scheduled release for the Business Outlook Survey is at 10 a.m., Thursday, January 16, 2014.