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United States Philadelphia Fed Manufacturing Index

Last Release
Jun 30, 2025
Actual
-4
Units In
Points
Previous
-4
Frequency
Monthly
Next Release
Jul 17, 2025
Time to Release
24 Days 13 Hours
Highest
Lowest
Average
Date Range
Source
58.5
Mar 1973
-57.9
Dec 1974
8.8 Points1968-2025Federal 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 held steady at -4.0 in June 2025, matching the previous month’s reading and falling short of market expectations of -1. The data indicates that manufacturing activity in the region remains subdued, with signs of slowing demand and weakening labor market conditions. The new orders index declined, though it remained in positive territory, while the shipments index improved and turned positive. However, both metrics continued to trend below their long-term non-recession averages. Notably, the employment index dropped into negative territory, hitting its lowest level since May 2020, pointing to a contraction in factory jobs. Although price pressures eased somewhat, both input and output price indexes remain historically elevated. Meanwhile, the survey’s forward-looking indicators suggest waning optimism, with fewer firms expecting growth over the next six months.

United States Philadelphia Fed Manufacturing Index History

Last 12 readings

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