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Manufacturers Report Increased Activity

For release: July 15, 2004 at noon
Contact: Kathy Dibling, 215-574-4119

The Federal Reserve Bank of Philadelphia today released July's Business Outlook Survey. The survey participants report that expansion in the region's manufacturing sector continues. This month the manufacturers were asked about increases in wages made to attract or retain workers.

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

"Current indicators suggest that the region's manufacturing sector is continuing to improve. For the July survey, indexes for general activity, new orders, shipments, and employment were up from their June readings. Firms reported higher prices for inputs and for their own manufactured goods, although the index for input prices declined again this month. Manufacturing executives remain generally optimistic about continued growth in their sector over the next six months; expectations have moderated from their recent higher levels, however."

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, August 19, 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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