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Manufacturers Report Modest Increase in Activity

For release: July 21, 2005 at noon
Contact: Kathy Dibling, 215-574-4119

Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released July's Business Outlook Survey. The region's manufacturers saw an improvement in current conditions from last month, but they lowered their expectations for activity and other indicators over the next six months. The survey report now includes charts tracking the indexes over the last 12 months.

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

"Respondents to our Business Outlook Survey reported that activity in the region's manufacturing sector increased this month. Indexes for general activity, new orders, and shipments were all up from their levels in June, suggesting a modest pace of growth this month. Firms continued to report price increases, but the price indexes were only slightly higher than in June. Despite the improvement in measures for current economic performance, the outlook for the next six months was less optimistic this month than last."

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, August 18, 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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Marilyn Wimp, ABC E-mail
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(215) 574-4197
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Daneil Mazone E-mail
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(267) 535-1808 (cell)