United States Philadelphia Fed Manufacturing Index

Last Release

Oct 31, 2025

Actual

-12.8

Units In

Points

23.2

Frequency

Monthly

Next Release

Nov 20, 2025

Time to Release

1 Months 2 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
58.5 Mar 1973	-57.9 Dec 1974	8.79 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 fell to a six-month low of -12.8 in October 2025, down sharply from 23.2 in September and well below market expectations of 10, which points to a sharp slowdown in manufacturing activity in the Philadelphia region. Shipments fell 20 points but remained positive at 6.0, while new orders rose 6 points to 18.2. Employment edged down 1 point to 4.6, indicating overall job gains, while the average workweek contracted to 12.8 from 14.9. Both price indexes moderated but remain elevated, with the prices paid index rising 3 points to 49.2 and the prices received index rising 8 points to 26.8 after declining last month. Despite the weak current indicators, the survey’s future activity indexes point to broad expectations for growth over the next six months.