Tags: Manufacturing | Outlook | Brightens

Manufacturing Outlook Brightens

Thursday, 19 June 2003 12:00 AM

The Philadelphia Fed's Business Outlook Survey indicates expectations for growth over the next six months "continue to be optimistic," although the surveyed firms' longer-run outlook for capital spending remains subdued.

Although not yet indicative of growth, the index has now improved in two consecutive months, the bank's Business Outlook survey showed.

Overall weakness in manufacturing, however, continues to be evident in firms' responses regarding employment.

"The current employment index remained negative and diminished marginally from its reading in May," the Philadelphia Fed said. Firms also reported continued declines in the average workweek this month.

The outlook for employment and capital spending also improved this month. Nearly 28 percent of the firms anticipate adding workers over the next six months, although 13 percent will trim the number of workers, and the future employment index increased by 7 points.

Copyright 2003, United Press International

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The Philadelphia Fed's Business Outlook Survey indicates expectations for growth over the next six months "continue to be optimistic," although the surveyed firms' longer-run outlook for capital spending remains subdued. Although not yet indicative of growth, the index...
Manufacturing,Outlook,Brightens
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2003-00-19
Thursday, 19 June 2003 12:00 AM
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