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Region's Manufacturers Report Slower Growth

For release: September 15, 2005 at noon
Contact: Kathy Dibling, 215-574-4119

Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released September’s Business Outlook Survey. Activity in the region's manufacturing sector slowed in September. Indicators for general activity, new orders, and employment suggest little or no growth. The manufacturers were asked about the impact of the recent increase in energy prices on their firms’ current orders and production. They were also asked to report its effect on plans for production over the next six months.

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

"Respondents to August's Business Outlook Survey reported that the pace of growth in the region’s manufacturing sector slowed this month. Indexes for general activity and new orders were down from their levels in August and suggest little or no growth. Shipments increased, but at a slower pace than last month. Increases in industrial prices were more widespread this month. The manufacturing executives who responded to the survey were significantly less optimistic about future growth this month."

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 Katherine Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on Thursday, October 20, 2005, 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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