Philadelphia Fed Business Outlook Survey, Jan 2005

According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, January 2005, manufacturing activity in the region continues to expand, but at a slower pace than reported at the end of 2004. Many of the indicators, including general activity and new orders, fell from their readings in December.

Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarised the survey:

"Respondents to this month's Business Outlook Survey reported that growth in the region's

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