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For release: 10 a.m., July 17, 2008
Contact: Katherine Q. Dibling, senior media advisor, 215-574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today released July's Business Outlook Survey. The region's manufacturing sector continued to contract this month, according to the firms polled for this survey. In the special questions, the firms were asked if they had passed on cost increases for energy and other raw materials to their customers.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
“The region's manufacturing sector showed signs of further contraction in July. Indicators from the Business Outlook Survey suggest declines in activity, new orders, shipments, and employment again this month. The firms also report that cost increases continue to be widespread: Over three-fourths of the firms report paying higher prices for inputs this month compared with June and about one-third report higher prices for their own manufactured goods. Despite weakness in overall current conditions, the manufacturers polled believe that manufacturing conditions will improve over the next six months.”
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 senior media representative, at (215) 574-4119. The next survey will be released at 10 a.m., Thursday, July 21, 2008, 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.