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Manufacturing Indicators Recover in November

For release: November 21, 2002
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for this month. Activity in the region's manufacturing sector has improved modestly, and indexes for general activity, new orders, and shipments all turned positive from their negative readings last month. Survey participants were asked about their plans for capital expenditures in 2003.

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

"Overall conditions in the region's manufacturing sector improved modestly this month, following declines in two of the three previous months. Indexes for general activity, new orders, and shipments all turned positive in November following negative readings in the previous month. Employment was reported virtually flat this month, however. Firms remain optimistic about growth in manufacturing activity over the next six months even though expectations have dampened slightly from a month ago."

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 Kathy Woodbury, the Bank's assistant media representative, at (215) 574-4119. The next Business Outlook Survey will be released Dec. 19, 2002, at noon 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: www.philadelphiafed.org/econ/bos/boshistory.html

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