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For immediate release
Contact: Katherine Dibling, 215-574-4119
In January of each year, the Federal Reserve Bank of Philadelphia revises historical data for its manufacturing survey, the Business Outlook Survey, after calculating new seasonal adjustment factors. Because survey responses exhibit seasonal patterns, new seasonal factors are calculated each year based on the addition of a complete year of data.
This year's revisions affected levels of the indexes for certain months. For example, in December 2006, the general activity index was (negative) - 4.3. The index was revised to (negative) - 2.3. The pattern of change in most series was not significantly affected by the revisions.
Revised historical data for all series can be retrieved from the historical data page.
Summary of 2006 revisions only (.xls file)
The data are also available upon request by calling (215) 574-4119 or by e-mailing Katherine Dibling.
The next scheduled release for the Business Outlook Survey is noon, Thursday, January 18, 2007.