Federal Reserve Bank of Philadelphia

Highlights

Manufacturers Indicate That Growth Fell Back

Growth in the region’s manufacturing sector fell back from the pace of recent months, according to responses to May’s Business Outlook Survey. The survey’s broad indicators for general activity fell into negative territory for the first time in eight months; the diffusion index of current activity fell from a reading of 8.5 in April to -5.8 in May. In special questions this month, manufacturing firms were asked about the factors that are influencing their production and hiring plans. Read the survey. Read the press release. Watch a video of the press conference on our YouTube channel.

Bank Releases 2Q Survey of Professional Forecasters

In this quarter's Survey of Professional Forecasters, participants answered special questions on whether their long-run forecasts for inflation in the price index for personal consumption expenditures are consistent with the FOMC's longer run goal of 2 percent. They also gave their forecasts for growth, inflation, and employment. Read the survey. Read the press release.

Speech: Resilient Communities in a Resilient Economy

President Charles I. Plosser discusses the meaning of resilience and shares his personal experiences with resilient communities, in opening remarks at “Reinventing Older Communities: Building Resilient Cities,” in Philadelphia. He also outlines the Bank’s new research project to measure urban resilience. Read the speech.

Study Examines Growth, Current Conditions, and Revitalization Efforts of Small Industrial Cities

In Philadelphia’s Shadow: Small Cities in the Third Federal Reserve District examines the growth, current conditions, and revitalization efforts of 13 small formerly industrial cities. The report was written by Alan Mallach, a visiting scholar in the Bank’s Community Development Studies and Education Department. Read the summary. Read the paper .

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. One of the 12 regional 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. Learn more about us.