United States Philadelphia Fed Manufacturing Index

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.