United States Philadelphia Fed Manufacturing Index

The Philadelphia Fed Manufacturing Index rose 22 points to –4.0 in May 2025, up sharply from -26.4 in April and better than expectations of -11, remaining negative but signaling a partial rebound in activity. About 23% of firms reported lower activity in May, 19% saw increases, and 58% reported no change. The new orders index turned positive, climbing to 7.5 from –34.2, marking its first expansion since January. Meanwhile, the shipments index declined further, falling to –13.0 from –9.1. The employment index registered a solid increase, rising to 16.5, and the average workweek index rose to 2.0. Both price indexes accelerated to their highest readings since June 2022, with prices paid at 59.8 and prices received at 43.6, indicating continued strong cost pressures. Future activity indicators also improved markedly, with the future general activity index jumping to 47.2, signaling more widespread expectations for growth over the next six months.