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For immediate release
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Results from the Business Outlook Survey suggest that regional manufacturing activity was steady in October. Although the broad survey measures showed marginal improvement this month, the new orders index continued to suggest weak demand for manufactured goods. The general activity index increased to 1.0 from a reading of -0.07 in September.
Firms reported near steady employment again this month, but lower average work hours for existing employees.
The survey's broad indicators of future activity suggest that optimism among the region's manufacturing executives improved notably 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. 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 Dibling, the Bank's senior media representative, at (215) 574-4119. The next Business Outlook Survey will be released at 10 a.m., Thursday, November 18, 2010, and will be made available on our website, and over Businesswire. The aggregate historical data series is also available on the Bank's website.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.