For immediate release
Contact: Daneil Mazone, Media Relations Representative, 215-574-7163
Philadelphia, PA — On Tuesday, September 23, 2014, the Federal Reserve Bank of Philadelphia's Research Department will release the Nonmanufacturing Business Outlook Survey (NBOS) to complement its Manufacturing Business Outlook Survey (MBOS) — the nation's oldest regional manufacturing survey, conducted since 1968. The addition of the NBOS will allow the Philadelphia Fed to more fully capture economic activity in its District, which includes eastern Pennsylvania, southern New Jersey, and Delaware. The survey will be released at 10:00 a.m. ET on the Tuesday following the release of the MBOS, which is posted on the third Thursday of each month.
"The shift from manufacturing to services as the main driver of U.S. economic growth makes nonmanufacturing surveys increasingly valuable for assessing our regional and national economies," said Elif Sen, economic analyst at the Philadelphia Fed.
U.S. nonmanufacturing is generally not as cyclical as manufacturing; however, nonmanufacturing firms make up a growing share of the U.S. economy in terms of gross domestic product and employment.
The survey asks respondents to categorize the change in general business activity from the previous month to the current month and to provide information about specific business indicators. The nonmanufacturing survey asks questions similar to those of its manufacturing counterpart, including questions that cover changes (increase, decrease, or no change) in business activity, new orders, sales or revenues, employment, prices, and capital expenditures. Respondents also provide their assessment of general business conditions over the next six months.
All nonmanufacturing sectors except natural resources and mining are represented among the respondents; however, professional and business services, financial activities, and the health and education services sectors have greater representation. Survey respondents include company presidents, CEOs, CFOs, managers, and partners. The number of survey participants will be expanded over time to extend the perspective of the survey.
"Respondents provide valuable feedback about regional conditions that Fed economists use in preparing their economic assessments," said Sen.
The upcoming issue of the Business Review, which will be released in the afternoon on September 23, will feature additional information about the NBOS, as well as the value of regional business surveys in general.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan 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.