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Philadelphia Fed's Business Outlook Survey Shows Sluggish Manufacturing Conditions

For release: November 16, 2000
Contact: Marilyn Wimp (215) 574-4197

The Philadelphia Federal Reserve Bank released its Business Outlook Survey for November today. Philadelphia Federal Reserve Economic Analyst Mike Trebing summarized the survey:

"Results from the Business Outlook Survey suggest overall manufacturing conditions remain sluggish in the region. Despite some recovery from last month's survey, which suggested manufacturing growth had stalled, most of the survey's current indicators suggest manufacturing grew only slightly in this reporting period. Although increases in energy costs have been widely reported over recent months, the manufacturers reported virtually steady prices for their own goods. Employment at the reporting firms was reported lower this month, and employment measures have shown some weakening in the past few months. The firms' forecasts suggest the current slow pace of growth may continue through the first quarter of next year. "

This survey, which was started in 1968, gathers information on the manufacturing industry in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey and Delaware. Participation in the survey is limited to manufacturing firms with plants in the area with more than 100 employees. The survey asks about the current pace of business in the participants' plants and their future expectations of business.

To arrange an interview, please contact Marilyn Wimp the Bank's media representative at (215) 574-4197. The next Business Outlook Survey will be released Dec. 21 at 10 a.m. EST and will be made available on our Web site at www.philadelphiafed.org and over PR Newswire. The aggregate historical data series is also available on the Bank's Web site.

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Media Contacts

Marilyn Wimp, ABC E-mail
Manager of Media Relations
(215) 574-4197
(267) 254-4555 (cell)

Daneil Mazone E-mail
Media Relations Representative
(215) 574-7163
(267) 535-1808 (cell)