The Philly Fed Business Outlook Survey: September 2012

The September release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) indicated an improvement of the regions manufacturing activity with the current activity index rising to a contraction level of -1.9 while assessments the future activity index increased notably to a level of 41.2.

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.