News Releases
For release: August 19, 2004 at noon
Contact: Kathy Dibling, 215-574-4119,
Katherine.Dibling@phil.frb.org
Manufacturers Say Growth Is Continuing
August Survey
The Federal Reserve Bank of Philadelphia today released
the August Business Outlook Survey. Participants report a more moderate
pace of growth than in July. In the special question, firms were asked about
one aspect of cost increases since the beginning of the year—the rise in
compensation per worker.
Philadelphia Federal Reserve Senior Economic Analyst Mike
Trebing summarized the survey:
"Current indicators suggest that growth in the region's
manufacturing sector is continuing. In the August survey, indexes for general
activity, new orders, shipments, and employment all remained positive but fell
from their high readings in July. Firms again reported higher prices for inputs
and for their own manufactured goods. Manufacturing executives remain
optimistic about continued growth in their sector over the next six months, and
most of the six-month-ahead indicators improved in August's survey. "
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 Kathy Dibling, the Bank's
assistant media advisor, at (215) 574-4119. The next Business Outlook
Survey will be released Thursday, September 16, 2004, at noon and will be
made available on this web site and over PR Newswire. The annual revisions of
historical data can be found at
http://www.philadelphiafed.org/econ/bos/boshistory.html.
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