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Firms See Continued Decrease in Activity

For release: 10 a.m., June 19, 2008
Contact: Katherine Q. Dibling, senior media advisor, 215-574-4119

Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released June’s Business Outlook Survey. The region's manufacturing sector continued to contract this month, according to the firms polled for this survey. In the special questions, the firms were asked about the impact recent cost increases are having, or are expected to have, on the prices of their finished products over the next three months.

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

“Indicators from our Business Outlook Survey suggest that the manufacturing sector in the region continues to contract. Indexes for general activity, new orders, shipments, and employment were all negative this month and lower than in May. There was an appreciable increase in the percentage of firms reporting pressures on input prices this month, and about one-third of the firms continued to report price increases for their own finished goods. The region’s manufacturing executives remained optimistic about future activity, but most future indicators fell back from their May readings.”

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 senior media representative, at (215) 574-4119. The next survey will be released at 10 a.m., Thursday, July 17, 2008, 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.

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Media Contacts

Marilyn Wimp, ABC E-mail
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(215) 574-4197
(267) 254-4555 (cell)

Daneil Mazone E-mail
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(215) 574-7163
(267) 535-1808 (cell)