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Firms Continue to See Weakness

For release: 10 a.m., July 16, 2009
Contact: Katherine Dibling, E-mail senior media representative, (215) 574-4119

Philadelphia, Pa. - The region's manufacturing sector continued to show weakness this month, according to the firms polled for the July Business Outlook Survey. The indexes for news orders and shipments remained negative. The general activity index decreased to
-7.5 from -2.2 in June. In the special questions, manufacturers were asked about summer shutdowns and slowdowns in production.

Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:

"Manufacturing executives responding to the Business Outlook Survey this month continue to report weakness in manufacturing, but declines have moderated over the last two months. All of the survey's broad indicators were negative this month, although they are above their average readings for the year. Firms report declines in employment and work hours again this month. The region's manufacturing executives still expect a recovery in business over the next six months, although the survey's broad indicators of future activity fell somewhat this month."

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, E-mail the Bank's senior media representative, at (215) 574-4119. The next survey will be released at 10 a.m., Thursday, August 20, 2009, and will be made available on our website, and over Businesswire. External Link The aggregate historical data series is also available on the Bank's website.

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