NEW YORK – The Federal Reserve Bank of Philadelphia today released its annual benchmark revisions for its Business Outlook Survey, highlighted by a rise to 22.5 for the December index, from the 20.4 previously announced.
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The current general activity index remained negative for the first seven months of 2009, despite the revision, with August’s index revised down to zero from 4.2.
“The largest revisions occurred in the future general activity index at the end of the year,” the Fed said. “The revisions increased the future general activity index in December 2009 from 24.4 to 35.9; however, the general pattern of a moderation in expectations over the second half of 2009 remained.”
