For release: Thursday, July 19, 2007, at noon
Contact: Marilyn Wimp at (215) 574-4197
Philadelphia, Pa.- The Federal Reserve Bank of Philadelphia today released July's Business Outlook Survey. Activity in the region's manufacturing sector continued to expand in July, but at a somewhat slower pace than in June. In special questions, firms were asked what they expect their industry's annualized growth rate to be in the second half of 2007.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Responses to the Philadelphia Fed's Business Outlook Survey suggest that growth in the region's manufacturing sector is continuing in July, but the pace of growth may have slowed somewhat. Indexes for general activity, new orders, and employment remained positive but fell from their readings in June. Firms reported that the pace of shipments increased, however. The manufacturers continued to report higher input costs, and slightly more firms reported higher prices for their own manufactured goods this month. Manufacturing executives remain generally optimistic about future activity, and future indicators increased significantly from their readings 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, contact Marilyn Wimp, the Bank's media advisor, at (215) 574-4197. The next Business Outlook Survey will be released at noon on August 16, 2007, and will be made available on our website and over PR Newswire. The aggregate historical data series is also available on the Bank's website.