The Philadelphia Fed Manufacturing Index fell to 37.8 in September 2026 from 47.4 in August, but remained well above market expectations of 30.5, pointing to continued expansion in regional manufacturing, albeit at a slower pace. New orders and shipments remained elevated, while the employment index declined but stayed positive, signalling continued job growth. Both price indicators also moved higher after falling in August. Looking ahead, firms remained optimistic about the next six months, with 57.9% expecting an increase in general business activity and just 5.0% anticipating a decline. source: Federal Reserve Bank of Philadelphia

Philadelphia Fed Manufacturing Index in the United States decreased to 37.80 points in September from 47.40 points in August of 2026. Philadelphia Fed Manufacturing Index in the United States averaged 8.93 points from 1968 until 2026, reaching an all time high of 58.50 points in March of 1973 and a record low of -58.70 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 October of 2026.

Philadelphia Fed Manufacturing Index in the United States decreased to 37.80 points in September from 47.40 points in August of 2026. Philadelphia Fed Manufacturing Index in the United States is expected to be 18.00 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 15.00 points in 2027 and 9.00 points in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-08-20 12:30 PM
Philadelphia Fed Manufacturing Index
Aug 47.4 41.4 25 25
2026-09-17 12:30 PM
Philadelphia Fed Manufacturing Index
Sep 37.8 47.4 30.5 37
2026-10-15 12:30 PM
Philadelphia Fed Manufacturing Index
Oct 37.8 28.4 31



Components Last Previous Unit Reference
Philly Fed Business Conditions 52.90 73.60 points Sep 2026
Philly Fed CAPEX Index 37.10 48.20 points Sep 2026
Philly Fed Employment 11.80 27.90 points Sep 2026
Philly Fed New Orders 29.20 30.10 points Sep 2026
Philly Fed Prices Paid 48.60 40.90 points Sep 2026

Related Last Previous Unit Reference
Coincident Index 149.40 149.40 points Jul 2026
Leading Economic Index 99.50 99.10 points Jul 2026
Philadelphia Fed Manufacturing Index 37.80 47.40 points Sep 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
37.80 47.40 58.50 -58.70 1968 - 2026 points Monthly
SA

News Stream
Philadelphia Fed Manufacturing Activity Slows but Beats Expectations
The Philadelphia Fed Manufacturing Index fell to 37.8 in September 2026 from 47.4 in August, but remained well above market expectations of 30.5, pointing to continued expansion in regional manufacturing, albeit at a slower pace. New orders and shipments remained elevated, while the employment index declined but stayed positive, signalling continued job growth. Both price indicators also moved higher after falling in August. Looking ahead, firms remained optimistic about the next six months, with 57.9% expecting an increase in general business activity and just 5.0% anticipating a decline.
2026-09-17
Philadelphia Factory Growth Strongest since 2021
The Philadelphia Fed Manufacturing Index rose to 47.4 in August 2026 from 41.4 in July, its highest level since April 2021 and well above expectations of 25. Nearly 57% of surveyed companies reported higher activity, while only 10% recorded declines. However, new orders eased to 30.1 and shipments fell to 27.7, although both remained at relatively strong levels. The employment index jumped to 27.9, its highest reading since April 2022, pointing to continued job creation in manufacturing. Price pressures also moderated, as the prices-paid index declined to 40.9 and the prices-received measure fell to 17.7, although both remained elevated. Looking ahead, manufacturers became considerably more optimistic. The future general activity index surged 39 points to 73.6, its strongest reading since August 1983.
2026-08-20
Philadelphia Factory Activity Accelerates, Tops Forecasts
The Philadelphia Fed Manufacturing Index climbed to 41.4 in July 2026 from 10.3 in June, largely beating market expectations of 13. The latest data pointed to a continued recovery in business conditions, with activity expanding at the fastest pace since November 2021. The current new orders index jumped 10 points to 37.0, its highest level since November 2021, while the shipments index climbed 19 points to 33.7, the strongest reading since April. The employment index edged up 2 points to 10.0, its highest level since December, and the average workweek index surged 21 points to 14.0, reaching its highest reading since January 2025. Meanwhile, both price indicators continued to signal rising prices, with the prices paid index edging up to 53.9 and the prices received index jumping 7 points to 27.4. Firms maintained positive expectations for the next six months, even as most future indicators eased from elevated levels.
2026-07-16