United States Philadelphia Fed Manufacturing Index

Last Release

Aug 31, 2025

Actual

-0.3

Units In

Points

15.9

Frequency

Monthly

Next Release

Sep 18, 2025

Time to Release

26 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
58.5 Mar 1973	-57.9 Dec 1974	8.8 Points	1968-2025	Federal Reserve Bank of Philadelphia

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.

Latest Updates

The Philadelphia Fed Manufacturing Index declined to -0.3 in August 2025 from July's five-month high of 15.9 and much worse than analysts' estimates of 7, pointing to a renewed contraction in activity. The new orders index fell 20 points to -1.9, its first negative reading since April, and the shipments index declined to 4.5 but stayed positive. The firms continued to report overall increases in employment, but the employment index moved down 4 points to 5.9. Both price indexes remained elevated. The prices paid index increased 8 points to 66.8, its highest reading since May 2022. The current prices received index ticked up 1 point to 36.1. The firms continued to expect growth over the next six months, and expectations were somewhat more widespread.