PHILADELPHIA – Business activity, sales and employment all showed increases in the second quarter South Jersey business survey conducted by the Federal Reserve Bank of Philadelphia.
The survey, based on responses from members of the Chamber of Commerce of Southern New Jersey, showed a jump in the index of busines activity from 2.8 in the weather-depressed first quarter to 12.1 in the second quarter. More than a third of the firms responding said activity grew in the quarter; 21% said activity was weaker.
More than a third of the firms surveyed reported higher sales in the second quarter. The quarter's sales index of 9.1 brings the index to a level slightly above where it stood in the fourth quarter of 2013.
The employment index, which was flat in the first quarter, jumped to 21.2, with more firms reporting employment increases than decreases.
Firms are reporting pricing pressure, with more than 30% saying they paid more for inputs. Prices for their own products and services remained about the same for 61% of the firms, but 18% of the firms said they had higher prices. Just 12% reported lower prices for their products.
The Fed survey indicates that South Jersey companies remain optimistic about future activity, with 39% expecting business to improve over the next six months and just 15% expecting conditions to be worse. The future employment index showed improvement for the fourth consecutive quarter, rising from 27.8 to 30.3. More than 39% of the firms said they expect to hire more workers over the next six months.
The Chamber of Commerce Southern New Jersey (CCSNJ) represent the seven counties of Southern New Jersey, Greater Philadelphia and Northern Delaware.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
