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Manufacturers Report Moderate Expansion

For release: December 15, 2005 at noon
Contact: Katherine Dibling, 215-574-4119

Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released December’s Business Outlook Survey. Activity in the region’s manufacturing sector continues to expand. This month the participants were asked about next year’s plans for capital spending.

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

"Respondents to December’s Business Outlook Survey reported that manufacturing in the region continues to expand. The overall general activity index increased modestly this month; indicators for new orders, shipments, and employment remained positive, although they were somewhat lower than last month. Firms continued to report rising prices for inputs this month; however, there was a slight moderation in cost pressures. Over one-third of the firms reported price increases for their own manufactured goods. The region's manufacturing executives expect growth to continue, and they were more optimistic about future conditions than they were in November."

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, contact Katherine Dibling, the Bank's assistant media advisor, at (215) 574-4119. The survey’s annual historical revisions, which incorporate seasonal adjustment factors, will be released on Thursday, Jan. 12, 2006, at noon E.T.

The next Business Outlook Survey will be released at noon on Thursday, Jan. 19, 2006, and will be made available on our website and over PR Newswire. The aggregate historical data series is also available.

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