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Region's Manufacturing Firms Report Continued Weakness in Business Conditions in June Business Outlook Survey

For release: June 21, 2001
Contact: Josh Irons (215) 574-3481

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

"Although the general activity index from the Business Outlook Survey remained negative in June, it showed some improvement over last month. Moreover, the index has been steadily improving since January’s low. Most other indicators of current economic performance suggest a modest decline in the region's manufacturing sector in June. Survey participants reported decreases in the levels of new orders, employment, and average hours worked. With the exception of planned capital spending, the survey's indicators of future activity improved again this month and suggest that the region’s manufacturing sector will recover from current levels over the next six months."

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 Josh Irons at (215) 574-3481. The next Business Outlook Survey will be released at noon, July 19 E.D.T. and will be made available on this Web site and over PR Newswire. The aggregate historical data series is also available at http://www.philadelphiafed.org/econ/bos/boshistory.html.

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