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Manufacturers Report Continued Growth

For release: December 16, 2004 at noon
Contact: Kathy Dibling, 215-574-4119

The Federal Reserve Bank of Philadelphia today released December’s Business Outlook Survey. Activity in the region’s manufacturing sector continues to grow. This month the participants were asked about the impact of the weak dollar on their business.

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

"Respondents to December’s Business Outlook Survey reported that manufacturing in the region is continuing its growth. Indicators for general activity, new orders, and shipments were higher than in November. Over half of the firms reported increased prices for inputs, and although the prices paid index was slightly lower this month, it remained above 50 for the fifth consecutive month. The index for final prices received by manufacturers showed some moderation. Expectations for the next six months fell somewhat in December, but firms remain generally optimistic about future growth."

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.

For an interview, please contact Kathy Dibling, the Bank's assistant media representative, at (215) 574-4119. The survey’s annual historical revisions, which incorporate seasonal adjustment factors, will be released on Jan.13, 2005, at noon E.T. The information will be made available at: http://www.phil.frb.org/econ/bos/boshistory.html. The next Business Outlook Survey will be released at noon on Thursday, Jan. 20, 2005, 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.

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Media Contacts

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

Joey Lee E-mail
Media Relations Representative
(215) 574-3840
(215) 983-6820 (cell)