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Business Outlook Survey for October Shows Growth Stalls For Region's Manufacturers

For release: October 19, 2000
Contact: Marilyn Wimp (215) 574-4197

The Philadelphia Federal Reserve Bank today released its Business Outlook Survey for October. Economic Analyst Mike Trebing of the Philadelphia Fed summarized the survey:

"The slowdown in the manufacturing sector of the economy is apparently continuing into the beginning of the fourth quarter. The stalling of manufacturing activity in our Business Outlook Survey this month is a sign that manufacturing was not just slowing temporarily during the third quarter. The downshifting in the pace of economic growth that we saw in the third quarter may be more long-lasting. This report is consistent with the view that a slower pace of economic growth will continue in the fourth quarter."

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 Marilyn Wimp the Bank's media representative at 215-574-4197. The next Business Outlook Survey will be released Nov. 16 at 10 a.m. Eastern time, 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.

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