For release: 12 p.m., October 18, 2007
Contact: Katherine Q. Dibling, assistant media advisor, (215) 574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released October’s Business Outlook Survey. Activity in the region's manufacturing sector continued to grow this month, according to the survey's participants. In special questions, manufacturing firms were asked whether recent changes in financial conditions had prompted their firms to revise planned spending on new plant and equipment over the next six to 12 months.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
“Indicators from the Philadelphia Fed's Business Outlook Survey suggest that activity in the region's manufacturing sector continued to expand in October, but at a slower place than in September. Indexes for general activity and new orders fell this month but remained positive. However, surveyed firms reported higher overall employment. A significantly higher share of firms reported increased input costs this month, and price increases for finished goods were also more widespread. Despite a weakening in some current indicators, manufacturing executives remained optimistic about growth over the next six months.”
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 Katherine Q. Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on November 15, 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.
Beginning in January 2008, the Business Outlook Survey will be released at 10 a.m. The release time has been noon on the third Thursday of the month since June 2001. See the news release.