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Business Outlook Survey Historical Data Revisions for 2008

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. While this year's revisions altered levels of the indexes for certain months, the pattern of change in most series was not significantly affected. The revisions decreased the current general activity index from a slightly positive reading in April (0.2) to a slightly negative reading (-0.8) and boosted the reading for the August index from zero to 5.7. The same index was revised upward for December, from -5.7 to -1.6.

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