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March Business Outlook Survey Suggests Continuing Decline

For release: March 15, 2001
Contact: Marilyn Wimp (215) 574-4197

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

"Indicators from this month's Business Outlook Survey suggest continuing decline in regional manufacturing activity. The pace of decline in March, however, was slower than last month’s. In particular, indexes for new orders and shipments indicate smaller declines this month. The manufacturing firms polled were more optimistic about conditions six months into the future."

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.

Starting June 2001, the Business Outlook Survey will be released at 12 noon E.T. on the third Thursday of each month instead of its current time of 10 a.m. E.T. Next month's Business Outlook Survey will be released April 19 at 10 a.m. E.T. and will be made available on this Web site and over PR Newswire. The aggregate historical data series is also available on the Bank's Web site.

To arrange an interview, please contact Marilyn Wimp the Bank's media representative at (215) 574-4197.

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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)