The Philadelphia Fed Manufacturing Index surged 21.4 points to 12.6 in January 2026, marking its highest level since September, as activity rebounded sharply from an upwardly revised -8.8 in December and far exceeded market expectations of -2. New orders rose to 14.4 and shipments increased to 9.5, signaling improved demand and deliveries, while inventories fell to -8.4, the lowest since July 2024. Employment remained positive at 9.7, though slightly lower than last month, and the average workweek edged down to 9.1. Input prices eased slightly, with the prices paid index dipping to 46.9, while the prices received index rose to 27.8, indicating ongoing cost pressures. Looking ahead, the future activity index slipped to 25.5, with future new orders falling to 32.9 and future shipments rising to 40.8. Firms continue to anticipate modest growth in employment and elevated prices over the next six months, reflecting cautious optimism amid sustained price pressures. source: Federal Reserve Bank of Philadelphia

Philadelphia Fed Manufacturing Index in the United States increased to 12.60 points in January from -8.80 points in December of 2025. Philadelphia Fed Manufacturing Index in the United States averaged 8.74 points from 1968 until 2026, reaching an all time high of 58.50 points in March of 1973 and a record low of -60.50 points in April of 2020. This page provides the latest reported value for - United States Philadelphia Fed Manufacturing Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Philadelphia Fed Manufacturing Index - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Philadelphia Fed Manufacturing Index in the United States increased to 12.60 points in January from -8.80 points in December of 2025. Philadelphia Fed Manufacturing Index in the United States is expected to be 4.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Philadelphia Fed Manufacturing Index is projected to trend around 9.00 points in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-18 01:30 PM
Philadelphia Fed Manufacturing Index
Dec -10.2 -1.7 3 6
2026-01-15 01:30 PM
Philadelphia Fed Manufacturing Index
Jan 12.6 -8.8 -2 -4
2026-02-19 01:30 PM
Philadelphia Fed Manufacturing Index
Feb 12.6

Components Last Previous Unit Reference
Philly Fed Business Conditions 25.50 38.10 points Jan 2026
Philly Fed CAPEX Index 30.30 29.10 points Jan 2026
Philly Fed Employment 9.70 13.00 points Jan 2026
Philly Fed New Orders 14.40 5.70 points Jan 2026
Philly Fed Prices Paid 46.90 49.30 points Jan 2026

Related Last Previous Unit Reference
Coincident Index 148.70 148.70 points Dec 2025
Leading Economic Index 97.90 98.20 points Nov 2025
Philadelphia Fed Manufacturing Index 12.60 -8.80 points Jan 2026


United States Philadelphia Fed Manufacturing Index
Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction.
Actual Previous Highest Lowest Dates Unit Frequency
12.60 -8.80 58.50 -60.50 1968 - 2026 points Monthly
SA

News Stream
Philadelphia Factory Activity Rebounds to Four-Month High
The Philadelphia Fed Manufacturing Index surged 21.4 points to 12.6 in January 2026, marking its highest level since September, as activity rebounded sharply from an upwardly revised -8.8 in December and far exceeded market expectations of -2. New orders rose to 14.4 and shipments increased to 9.5, signaling improved demand and deliveries, while inventories fell to -8.4, the lowest since July 2024. Employment remained positive at 9.7, though slightly lower than last month, and the average workweek edged down to 9.1. Input prices eased slightly, with the prices paid index dipping to 46.9, while the prices received index rose to 27.8, indicating ongoing cost pressures. Looking ahead, the future activity index slipped to 25.5, with future new orders falling to 32.9 and future shipments rising to 40.8. Firms continue to anticipate modest growth in employment and elevated prices over the next six months, reflecting cautious optimism amid sustained price pressures.
2026-01-15
Philadelphia Factory Activity Continues to Contract
The Philadelphia Fed Manufacturing Index fell 8.5 points to -10.2 in December 2025, down from -1.7 in November and below market expectations of -3.1. This marked the third consecutive month in negative territory, underscoring continued weakness in regional manufacturing. New orders rebounded 14 points to 5, reversing November’s contraction, while shipments rose 12 points to 3.2. Employment remained strong, with the employment index climbing to 12.9, the highest since May 2025, as firms reporting gains outnumbered those reporting declines. The average workweek increased 11 points to 14.7. The prices paid index fell 13 points to 43.6, its lowest in six months, while the prices received index rose 7 points to 24.3, largely offsetting last month’s decline. Looking ahead, the future activity index slipped 8 points to 41.6, its first drop since June, with future new orders down to 44.0 and future shipments declining to 43.2. Future price indexes eased slightly but remained elevated.
2025-12-18
Philadelphia Factory Activity Contracts Less than Expected
The Philadelphia Fed Manufacturing Index rose 11 points to -1.7 in November 2025, above market expectations of -3.1 and after October’s sharp drop, but stayed negative. Demand softened: new orders plunged 27 points to -8.6, the lowest since April, and shipments fell 15 points to -8.7, their first negative reading since May. Employment continued to grow modestly, with the employment index edging up to 6.0 as firms reporting increases outnumbered those reporting declines. The average workweek eased to 3.7. Price pressures persisted: the prices paid index rose to a high 56.1, and prices received slipped 9 points to 17.7 but remained above the long-run average. Outlooks strengthened markedly. The future activity index jumped to 49.6, a one-year high, with future new orders at 55.6 and shipments steady at 48.4. Firms also expect elevated future prices and slightly higher capital spending.
2025-11-20