The PBF fishery has been sustained for over 50 years while taking annual catches similar to those taken in recent years. PBF biomass and spawning stock biomass (SSB) have fluctuated widely over the fifty-year history (1952-2002) examined in the most recent stock assessment . Biomass appears to have recovered from a record low level in the late 1980's to a more intermediate level in recent years, largely due to better than average recruitment during the 1990's (particularly the strong 1994 year-class). Despite good recruitment, however, the SSB has generally declined since 1995 and if the estimated recent fishing mortality rates (F) continue, SSB would likely continue to decline at least over the 2003-2005 period. Recent F is greater than Fmax, which has economic implications (too much fishing effort for the yield returned) and is also generally taken as an indicator of biological concern. In particular, the high F on young fish (ages 0-2) and older fish (ages 6+) may be cause for concern with respect to maintaining a sustainable fishery in future years. It is recommended that there be no further increases in F for any of the fisheries taking PBF.