United States Philadelphia Fed Manufacturing Index

Last Release

Apr 30, 2025

Actual

-26.4

Units In

Points

12.5

Frequency

Monthly

Next Release

May 15, 2025

Time to Release

26 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
58.5 Mar 1973	-57.9 Dec 1974	8.84 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 tumbled 39 points to -26.4 in April 2025, down sharply from 12.5 in March and far below market expectations of 2. The latest reading pointed to a renewed contraction in regional manufacturing activity, and to the greatest extent since April 2023. About 39% of firms reported lower activity in April, 13% saw increases, and 41% reported no change. The survey’s new orders index dropped sharply from 8.7 in March to -34.2 in April, marking its lowest level since April 2020. Meanwhile, the shipments index declined by 11 points to -9.1. The employment index registered a near-zero reading at 0.2, suggesting steady employment conditions. Both price indexes continued to indicate overall price increases. The future activity indicators continued to suggest subdued expectations for growth over the next six months.