The Philadelphia Fed Manufacturing Index fell to -0.4 in May 2026 from 26.7 in the prior month and against market forecasts of 18. The reading pointed to a marginal contraction in regional manufacturing activity after a solid expansion in the month before. The shipments index declined 29 points to 4.9, and the new orders index fell 35 points to -1.7, its lowest reading since April 2025. The employment index improved by 2 points to -2.8 in May but remained in negative territory for the third time in four months, signaling continued job shedding. Both price indexes declined this month but remained above their long-run averages. The current prices paid index fell 11 points to 47.9 in May, while prices received index deceased 7 points to 26.3. Looking ahead, firms continued to anticipate overall growth in the coming six months, with most future indicators climbing from already elevated levels. source: Federal Reserve Bank of Philadelphia

Philadelphia Fed Manufacturing Index in the United States decreased to -0.40 points in May from 26.70 points in April of 2026. Philadelphia Fed Manufacturing Index in the United States averaged 8.78 points from 1968 until 2026, reaching an all time high of 58.50 points in March of 1973 and a record low of -60.50 points in April of 2020. This page provides the latest reported value for - United States Philadelphia Fed Manufacturing Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Philadelphia Fed Manufacturing Index - data, historical chart, forecasts and calendar of releases - was last updated on May of 2026.

Philadelphia Fed Manufacturing Index in the United States decreased to -0.40 points in May from 26.70 points in April of 2026. Philadelphia Fed Manufacturing Index in the United States is expected to be 9.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Philadelphia Fed Manufacturing Index is projected to trend around 15.00 points in 2027 and 9.00 points in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-04-16 12:30 PM
Philadelphia Fed Manufacturing Index
Apr 26.7 18.1 10 17
2026-05-21 12:30 PM
Philadelphia Fed Manufacturing Index
May -0.4 26.7 18 19
2026-06-18 12:30 PM
Philadelphia Fed Manufacturing Index
Jun -0.4 9



Components Last Previous Unit Reference
Philly Fed Business Conditions 53.20 40.80 points May 2026
Philly Fed CAPEX Index 30.90 35.20 points May 2026
Philly Fed Employment -2.80 -5.10 points May 2026
Philly Fed New Orders -1.70 33.00 points May 2026
Philly Fed Prices Paid 47.90 59.30 points May 2026

Related Last Previous Unit Reference
Coincident Index 148.50 147.80 points Mar 2026
Leading Economic Index 97.30 97.90 points Mar 2026
Philadelphia Fed Manufacturing Index -0.40 26.70 points May 2026


United States Philadelphia Fed Manufacturing Index
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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.40 26.70 58.50 -60.50 1968 - 2026 points Monthly
SA

News Stream
Philadelphia Factory Activity Disappoints
The Philadelphia Fed Manufacturing Index fell to -0.4 in May 2026 from 26.7 in the prior month and against market forecasts of 18. The reading pointed to a marginal contraction in regional manufacturing activity after a solid expansion in the month before. The shipments index declined 29 points to 4.9, and the new orders index fell 35 points to -1.7, its lowest reading since April 2025. The employment index improved by 2 points to -2.8 in May but remained in negative territory for the third time in four months, signaling continued job shedding. Both price indexes declined this month but remained above their long-run averages. The current prices paid index fell 11 points to 47.9 in May, while prices received index deceased 7 points to 26.3. Looking ahead, firms continued to anticipate overall growth in the coming six months, with most future indicators climbing from already elevated levels.
2026-05-21
Philadelphia Factory Activity Unexpectedly Rises
The Philadelphia Fed Manufacturing Index climbed to 26.7 in April 2026 from 18.1 in the prior month, hitting its strongest level since January 2025. The data surprised analysts on the upside, comfortably exceeding expectations for a drop to 10. The current shipments index rose 12 points to 34.0, while the index for current new orders jumped 24 points to 33.0. Meanwhile, the employment index fell 6 points to -5.1 in April. Both price indexes increased for the second month, continuing to run well above their long-term averages and marking their highest levels since August. The prices paid index rose 15 points to 59.3 in April, while the current prices received index rose 12 points to 33.5. Looking forward, the firms continue to expect overall growth over the next six months, although most future indicators have moved down.
2026-04-16
Philadelphia Factory Activity Expands the Most in 6 Months
The Philadelphia Fed Manufacturing Index rose to 18.1 in March 2026, the highest since September 2025, from 16.3 in February and way better than analysts' forecasts of 10. This marked the third consecutive month in positive territory, indicating continued expansion in regional manufacturing. The index for current new orders fell 3 points to 8.6, while the current shipments index rose 22 points to 22.2, its highest reading since January 2025. The inventories index ticked up 2 points to 1.4. At the same time, the employment index returned to positive territory, up 2 points to 0.8, but continued to suggest mostly steady employment overall. Both price indexes rose this month after declining last month. The prices paid index rose 6 points to 44.7, while the prices received index rose 5 points to 21.2. Looking ahead, the firms continue to expect overall growth over the next six months.
2026-03-19