United States Philadelphia Fed Manufacturing Index

Last Release

Nov 30, 2025

Actual

-1.7

Units In

Points

-12.8

Frequency

Monthly

Next Release

Dec 18, 2025

Time to Release

26 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
58.5 Mar 1973	-57.9 Dec 1974	8.77 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 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.