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For release: Thursday, March 15, 2007, at noon
Contact: Katherine Dibling at (215) 574-4119
The Federal Reserve Bank of Philadelphia today released March’s Business Outlook Survey. Activity in the region’s manufacturing sector was mostly steady, according to the survey participants. In the special questions, participants were asked about expected changes in production.
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 steady again this month. Indexes for shipments, new orders, and employment suggest little or no overall growth, although they improved slightly from last month. Firms continued to report higher prices for inputs and for their own manufactured goods, and price indexes for both drifted higher this month. The manufacturers’ outlook dimmed slightly this month, but responses to special questions suggest that production is expected to accelerate during the second quarter."
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 April 19, 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.