What Does the Philadelphia Fed's Business Outlook Survey Say About Local Activity?

Every month, the Federal Reserve Bank of Philadelphia publishes the Business Outlook Survey, which solicits the views of local manufacturers about conditions at their companies. This survey, which has been conducted continuously since May 1968, provides a unique early view of U.S. economic activity each month. Consequently, economists, the media, and investors carefully watch the survey, and the survey is widely believed to have an influential impact on the stock market.