HI-TRANSFER

The latest release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) for September continued to indicate dramatic weakness in the regions manufacturing activity with the current activity index remaining at a notable contraction level of -17.5 while the future activity index improved to a level of 21.4.

The current activity index along with most of the other "current" data points (new orders, unfilled orders, delivery time and inventories) are now indicating significant recessionary weakness in manufacturing activity with the size and breadth of the latest pullback clearly demanding that closer scrutiny be paid to these series in future releases.

The following chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.

The latest release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) for August indicated dramatic weakness in the regions manufacturing activity with the current activity index plunging to a notable contraction level of -30.7 while the future activity index declined to a level of 1.4.



The current activity index along with most of the other "current" data points (new orders, unfilled orders, delivery time and inventories) are now indicating significant recessionary weakness in manufacturing activity with the size and breadth of the latest pullback clearly demanding that closer scrutiny be paid to these series in future releases.



The following chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.

The latest release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) for July indicated continued weakness in the regions manufacturing activity with the current activity index remaining at a near contraction level of 3.2 while the future activity index increased to a level of 23.7.

The current activity index along with many of the other current data points (new orders, unfilled orders, delivery time and inventories) are now indicating notable weakness in manufacturing activity with the size and breadth of the latest pullback clearly demanding that closer scrutiny be paid to these series in future releases.

The following chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.

The latest release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) for June indicated a continued notable pullback in the regions manufacturing activity with the current activity index plunging to a level of -7.7 while the future activity index also declined to a level of 2.5.

The current activity index along with four additional current data points (new orders, unfilled orders, delivery time and inventories) are now indicating contraction of manufacturing activity with the size and breadth of the latest pullback clearly demanding that closer scrutiny be paid to these series in future releases.

The following chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.

The latest release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) for May indicated a notable pullback in the regions manufacturing activity with the current activity index plunging to a level of 3.9 while the future activity index also declined to a level of 16.6.

Both indices are still indicating expansion though the size of the latest pullback clearly demands that closer attention be paid to these series in future releases.

The following chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.