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Business Outlook Survey Summary for December

For release: December 20, 2001
Contact: Kathy Woodbury, 215-574-4119

The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for December. In this month's special question, participants were asked about their customers' inventory plans.

Philadelphia Federal Reserve Economic Analyst Mike Trebing summarized the survey:

"The region's manufacturing sector continues to be weak, but most indicators suggest smaller declines this month than last. The monthly declines in shipments and new orders were smaller this month, but the employment indexes did not improve. Expectations for growth over the next six months remain high among the region's manufacturers."

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 Kathy Woodbury, the Bank's media assistant, at (215) 574-4119. The next Business Outlook Survey will be released January 17, 2002 at noon E.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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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)