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Philadelphia Fed Revises Historical Data for the Business Outlook Survey

For release: January 8, 2004
Contact: Kathy Woodbury, 215-574-4119

In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for 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.

This year's revisions affected levels of the indexes for certain months. For example, in December 2003, the general activity index was 32.1, and the index was revised to 30.3. However, the pattern of change in most series was not significantly affected.

Revised historical data for all series can be retrieved from the historical data page:

Summary of revisions for 2003 only Excel spreadsheet

The data are also available upon request by calling (215) 574-4119 or by e-mailing

The next scheduled release for the Business Outlook Survey is noon, Thursday, January 15, 2004.

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Media Contacts

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

Daneil Mazone E-mail
Senior Media Relations Representative
(215) 574-7163
(267) 535-1808 (cell)

Rachel Brown E-mail
Media Relations Representative
(215) 574-3840
(215) 435-5249 (cell)