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Manufacturing Indicators Show Little Growth

For release: Thursday, October 19, 2006, at noon
Contact: Marilyn Wimp at (215) 574-4197

The Federal Reserve Bank of Philadelphia today released October’s Business Outlook Survey. The pace of activity in the region's manufacturing sector was generally steady in October, according to firms surveyed for this month.

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

“Indicators from our Business Outlook Survey reflect little or no growth in the region’s manufacturing sector this month. Although the index for general activity was slightly negative again this month, indicators for new orders, shipments, and employment suggest some growth. While a significant percentage of firms continue to report rising prices for inputs, our index for current prices paid suggests that price increases have been less widespread in recent months. The index for prices received for our respondents’ own products moderated slightly this month. The region’s manufacturing executives were more optimistic about future activity, with most indicators this month rebounding from their six-year lows in September.”

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 Marilyn Wimp, the Bank's media advisor, at (215) 574-4197. The next Business Outlook Survey will be released at noon on Thursday, November 16, 2006, and will be made available on our website at www.philadelphiafed.org and over PR Newswire. The aggregate historical data series is also available on the Bank's website.

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