Federal Reserve Bank of Philadelphia Business Outlook Survey Key Points
Manufacturing conditions in the region “continued to weaken” in November
- Indicators for general activity remained negative
- Indexes for new orders and shipments turned negative
- Labor market indicators weakened
- Firms reported essentially unchanged prices for raw materials and other inputs, as well as for prices of their own products
- Although future indicators decreased, the majority of firms—53%—expect increases over the next six months, and only 16% expect decreases in business
This month’s DVIRC update also points to a report done by the Federal Reserve Banks of Kansas City and Atlanta on Workforce Development Policies.
Manufacturing conditions in the region showed slight improvement this month, according to firms responding to the November Manufacturing Business Outlook Survey. The indicator for general activity was slightly positive this month, following two months in negative territory. Indexes for new orders and shipments remained negative, although they increased from lower readings in October. Firms reported slight increases in overall employment this month but declines in average work hours. Manufactured goods prices were near steady. The survey’s future indicators showed improvement. Only a small percentage of firms expect a downturn in business activity over the next six months.