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Manufacturers Report Weakened Business Activity

For release: June 16, 2005 at noon
Contact: Kathy Dibling, 215-574-4119

Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released June's Business Outlook Survey. Activity in the region's manufacturing sector weakened this month, according to the survey. In the special questions, the participants were asked about their plans for capital spending over the next six to 12 months.

Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:

"Respondents to our Business Outlook Survey reported that the region's manufacturing sector weakened this month. Indexes for general activity, new orders, and shipments were all down from their levels in May and suggest little or no growth this month. Firms continued to report price increases, but the price indexes were lower for the second consecutive month. Despite the weaker measures for current economic performance, the outlook for the next six months showed improvement in June."

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 Katherine Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on Thursday, July 21, 2005, 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)