For release: Thursday, June 15, 2006, at noon
Contact: Katherine Q. Dibling at (215) 574-4119
The Federal Reserve Bank of Philadelphia today released June’s Business Outlook Survey. The manufacturing firms surveyed indicated a slight decrease in general business, but indicators for new orders and shipments increased notably. This month the manufacturers were asked about changes in employment and wages over the next six to 12 months.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
“Indicators from this month’s Business Outlook Survey reflect continued growth in the region’s manufacturing sector. Indexes for shipments, new orders, and employment all rose from their readings in May, although the survey’s general activity index edged down slightly. More than half of the firms surveyed continue to report cost pressures, and the percentage of firms reporting higher prices for their own products increased this month. The region's manufacturing executives expect growth to continue, but they are significantly less optimistic about future activity than they were last month.”
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 Q. Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on Thursday, July 20, 2006, 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.