For immediate release
Contact: Marilyn Wimp, 215-574-4197
In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for its manufacturing survey, the Business Outlook Survey, after calculating new seasonal adjustment factors. Because survey responses exhibit seasonal patterns, new seasonal factors are calculated each year based on the addition of a complete year of data.
The current general activity index remained negative for 11 of 12 months in 2008 (although the index was positive in August, it was revised down from 3.8 to 1.9). The largest revisions of the current general activity index were for the months of January and August. The revisions increased the current general activity index in January 2008 from -20.9 to -12.0. For August the index was revised down from -12.7 to -20.1.
Revised historical data for all series can be retrieved from the historical data page.
The summary of 2008 revisions only is also available. (88 KB)
The data are also available upon request by calling (215) 574-4197 or by e-mailing Marilyn Wimp.
The next scheduled release for the Business Outlook Survey is at 10 a.m., Thursday, January 15, 2009.