Philly Fed's August Survey

John K. Taber jktaber at tacni.net
Fri Aug 16 12:59:14 PDT 2002


The newspapers say this survey of manufacturing activities is an important one. It was just released but is not being reported so far.

The Philly Fed says: http://www.phil.frb.org/media/newsreleases/081502.html

"Survey indicators over the last two months suggest a slowing

in the region's manufacturing sector. This month, indicators

of general activity, new orders, and shipments recorded negative

readings for the first time since December 2001. Although

indicators of expectations fell this month, executives polled

remain generally optimistic, and few firms expect further

declines in activity over the next six months." This doesn't seem horrible. Yet Floyd Norris in his column today says the report was "worse than anyone expected." See http://www.nytimes.com/2002/08/16/business/16NORR.html

Can somebody tell me more about the significance if any of this report, and why Norris seems to contradict the report summary's mild tone?

Who is right, the Fed or Norris?

-- John K. Taber

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