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Philadelphia Fed Manufacturing Index Falls Sharply

For release: 10 a.m. Jan. 18, 2001
Contact: Marilyn Wimp, (215) 574-4197

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

Indicators of current activity in the region’s manufacturing sector dropped sharply this month. In addition to broad-based declines in shipments and new orders, significant declines in employment were also reported this month. Declines in manufacturing may be contributing to easing price pressures—input price pressures moderated again this month, and slightly more firms report declines in prices of their own products than report increases. Firms’ expectations of activity six months from now were also lower in January’s survey, although the decline was not as severe as that for activity in the current 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, please contact Marilyn Wimp the Bank's media representative at (215) 574-4197. The next Business Outlook Survey will be released Feb. 15, 2001, at 10 a.m. EST and will be made available on this Web site and over PR Newswire. The aggregate historical data series is also available on this Web site at http://www.philadelphiafed.org/econ/bos/boshistory.html.

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