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Manufacturers See Continuing Growth

For release: June 17, 2004 at noon
Contact: Kathy Dibling, 215-574-4119

The Federal Reserve Bank of Philadelphia today released June's Business Outlook Survey. The survey participants report that expansion in the region's manufacturing sector continues. This month the manufacturers were asked to give their capacity utilization rates and the percent of their plants and equipment that have become obsolete in the past year.

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

"Current indicators suggest that growth in the region's manufacturing sector is continuing. In the June survey, indexes for general activity, shipments, and new orders were up from their May readings. The employment indexes also remained positive this month. Firms reported higher prices for inputs and for their own manufactured goods, but the prices indexes were somewhat lower than in May. Manufacturing executives remain generally optimistic about continued growth in their sector over the next six months."

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, contact Kathy Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released Thursday, July 15, 2004, at noon and will be made available on this web site and over PR Newswire. The annual revisions of historical data can be found at http://www.philadelphiafed.org/econ/bos/boshistory.html.

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