For release: January 8, 2004
Contact: Kathy Woodbury, 215-574-4119
In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for the Business Outlook Survey after calculating new seasonal adjustment factors. Because survey responses exhibit seasonal patterns, new seasonal factors are calculated each year based on the addition of a complete year of data.
This year's revisions affected levels of the indexes for certain months. For example, in December 2003, the general activity index was 32.1, and the index was revised to 30.3. However, the pattern of change in most series was not significantly affected.
Revised historical data for all series can be retrieved from the historical data page: http://www.philadelphiafed.org/research-and-data/regional-economy/business-outlook-survey/historical-data/.
The data are also available upon request by calling (215) 574-4119 or by e-mailing Katherine.Woodbury@phil.frb.org.
The next scheduled release for the Business Outlook Survey is noon, Thursday, January 15, 2004.