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For release: Thursday, February 15, 2007, at noon
Contact: Katherine Dibling at (215) 574-4119
The Federal Reserve Bank of Philadelphia today released February’s Business Outlook Survey. The manufacturing firms participating in the survey report a lack of growth in activity. In the special questions, participants were asked about exports.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
“Indicators from our Business Outlook Survey suggest that activity in the region’s manufacturing sector was mostly steady in February. Indexes for shipments, new orders, and employment suggest no overall growth. Firms continued to report higher prices for inputs and for their own manufactured goods, but the survey's price indexes remain at relatively low levels and have been trending down. The manufacturers’ outlook remains optimistic, but most of the survey’s six-month indicators were lower this month than in January."
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, contact Katherine Q. Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on March, 15, 2007, and will be made available on our website, and over PR Newswire. The aggregate historical data series is also available on the Bank's website.