For immediate release

Contact: Joey Lee, Media Relations Representative, 215-574-3840

Philadelphia — In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for the Manufacturing Business Outlook Survey. 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 most months, the direction of month-to-month changes in most series was similar. The largest upward revisions for the current activity index was for the three-month period from March to May, aligned with the negative effects of the pandemic. The current activity index was also revised down over the past four months of the year. For December 2020, the index was revised down slightly, from 11.1 to 9.1.

Revised historical data for all series can be retrieved from the historical data page.

A summary of 2020 revisions only is also available.

The next scheduled release for the Manufacturing Business Outlook Survey is at 8:30 a.m. ET on Thursday, January 21, 2021.