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To: AllansAlias who wrote (10179)	8/16/2001 12:36:15 PM
From: martin001	Respond to of 209892

Just out on Phili =DJ DATA SNAP/Phila Fed: Activity Dives, Expectations High =============================================================== Philadelphia Fed Aug July !Surprise: Yes ! Business Activity -23.5 -12.2 !Trend: Activity drops ! New Orders -20.4 -5.7 !at faster pace even as ! Prices Paid -9.2 -4.9 !expectations remain high! =============================================================== NEW YORK (Dow Jones)--Manufacturing activity in the Philadelphia region slid at a rapidly accelerating pace in August, even as expectations for future growth remain high, according to the Federal Reserve Bank of Philadelphia's August Business Outlook Survey. The bank's business conditions index, a gauge of the health of the region's manufacturing sector, moved sharply downward to -23.5 in August from -12.2 in July, surprising analysts. Negative readings indicate a contraction in activity, while positive ones denote expansion. The drop in activity came amid sharply deteriorating orders for goods manufactured in the area. The new orders index dropped to -20.4 in August from -5.7 in July. The survey also showed continued and accelerating declines in employment, for which the bank's index fell to -12.2 in August from -7.8 in July. Additionally, input prices for area manufacturers declined in August, helped in part by falling energy prices. The prices paid index dipped to -9.2 from -4.9 in July. Manufacturers also continued to have trouble with pricing power, as the prices received index stayed steady at -11.9 from July's -12.0. Despite the extreme weakness in the report, manufacturers held high hopes for the business climate over the near term. The six-month business outlook index remained fairly steady at 33.1 versus 35.8 in July. "Current indicators suggest that business conditions for the region's manufacturing sector continued to deteriorate in August," said the report. "Optimism over growth in the manufacturing sector over the next six months remains high: firms expecting increases outnumber firms expecting decreases by four to one." (MORE) DOW JONES NEWS 08-16-01 12:33 PM - - 12 33 PM EDT 08-16-01 -------------------- TAL News Server History: ADD : 01/08/16 12:33 PARTIAL REPLACE : 01/08/16 12:34 PARTIAL REPLACE : 01/08/16 12:35 PARTIAL REPLACE : 01/08/16 12:35