The Philadelphia Federal Reserve Bank released its Business Outlook Survey for April today.
Weakness is reported in general activity, new orders, and especially employment.
Increases in some indicators, however, suggest that the declines are less severe than in the first few months of the year. The surveyed firms remain optimistic that business over the next six months will recover from current depressed levels. 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.