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For release: 12 p.m., November 15, 2007
Contact: Katherine Q. Dibling, assistant media advisor, (215) 574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released November’s Business Outlook Survey. Activity in the region’s manufacturing sector continued to expand in November; however, the employment index, while remaining positive, fell notably. In special questions, the firms were asked about what their expectations are for production during the fourth quarter compared to the third quarter.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
“Activity in the region’s manufacturing sector continued to expand in November at nearly the same modest pace as in October. Indicators for general activity and new orders remained positive and increased slightly from their readings last month. The employment index, while remaining positive, fell notably this month, suggesting weakness in growth. Firms continued to report cost pressures, and prices for the firms’ own manufactured goods have increased in recent months. The region’s manufacturing executives were substantially less optimistic about future activity than they were in October, and special questions indicated that some firms are cutting back on fourth-quarter production plans.”
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 December 20, 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.
Beginning in January 2008, the Business Outlook Survey will be released at 10 a.m. The release time has been noon on the third Thursday of the month since June 2001. See the news release.