The Philadelphia Fed Manufacturing Index fell to 20.9 in October 2026 from 37.8 in September, well below market expectations of 28.4. The latest reading pointed to the slowest expansion in manufacturing activity since June. The new orders index dropped 25 points to 4.3, while the shipments index fell 12 points to 15.3, although both remained in expansionary territory. The employment index edged down 3 points to 9.1 but continued to signal overall job growth. Meanwhile, the prices paid index declined 5 points to 43.2, while the prices received index rose 9 points to 40.1, its highest level since May 2025. Both indices continued to indicate overall price increases. Looking ahead, firms remained optimistic about the next six months, with 51.4% expecting general business activity to increase. However, most future indicators declined. source: Federal Reserve Bank of Philadelphia

Philadelphia Fed Manufacturing Index in the United States decreased to 20.90 points in October from 37.80 points in September of 2026. Philadelphia Fed Manufacturing Index in the United States averaged 8.95 points from 1968 until 2026, reaching an all time high of 58.50 points in March of 1973 and a record low of -58.70 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 October of 2026.

Philadelphia Fed Manufacturing Index in the United States decreased to 20.90 points in October from 37.80 points in September of 2026. Philadelphia Fed Manufacturing Index in the United States is expected to be 18.00 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
2026-09-17 12:30 PM
Philadelphia Fed Manufacturing Index
Sep 37.8 47.4 30.5 37
2026-10-15 12:30 PM
Philadelphia Fed Manufacturing Index
Oct 20.9 37.8 28.4 31
2026-11-19 01:30 PM
Philadelphia Fed Manufacturing Index
Nov 20.9



Components Last Previous Unit Reference
Philly Fed Business Conditions 33.00 52.90 points Oct 2026
Philly Fed CAPEX Index 34.90 37.10 points Oct 2026
Philly Fed Employment 9.10 11.80 points Oct 2026
Philly Fed New Orders 4.30 29.20 points Oct 2026
Philly Fed Prices Paid 43.20 48.60 points Oct 2026

Related Last Previous Unit Reference
Coincident Index 149.90 149.60 points Aug 2026
Leading Economic Index 99.50 99.60 points Aug 2026
Philadelphia Fed Manufacturing Index 20.90 37.80 points Oct 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
20.90 37.80 58.50 -58.70 1968 - 2026 points Monthly
SA

News Stream
Philadelphia Fed Manufacturing Activity Slows More than Expected
The Philadelphia Fed Manufacturing Index fell to 20.9 in October 2026 from 37.8 in September, well below market expectations of 28.4. The latest reading pointed to the slowest expansion in manufacturing activity since June. The new orders index dropped 25 points to 4.3, while the shipments index fell 12 points to 15.3, although both remained in expansionary territory. The employment index edged down 3 points to 9.1 but continued to signal overall job growth. Meanwhile, the prices paid index declined 5 points to 43.2, while the prices received index rose 9 points to 40.1, its highest level since May 2025. Both indices continued to indicate overall price increases. Looking ahead, firms remained optimistic about the next six months, with 51.4% expecting general business activity to increase. However, most future indicators declined.
2026-10-15
Philadelphia Fed Manufacturing Activity Slows but Beats Expectations
The Philadelphia Fed Manufacturing Index fell to 37.8 in September 2026 from 47.4 in August, but remained well above market expectations of 30.5, pointing to continued expansion in regional manufacturing, albeit at a slower pace. New orders and shipments remained elevated, while the employment index declined but stayed positive, signalling continued job growth. Both price indicators also moved higher after falling in August. Looking ahead, firms remained optimistic about the next six months, with 57.9% expecting an increase in general business activity and just 5.0% anticipating a decline.
2026-09-17
Philadelphia Factory Growth Strongest since 2021
The Philadelphia Fed Manufacturing Index rose to 47.4 in August 2026 from 41.4 in July, its highest level since April 2021 and well above expectations of 25. Nearly 57% of surveyed companies reported higher activity, while only 10% recorded declines. However, new orders eased to 30.1 and shipments fell to 27.7, although both remained at relatively strong levels. The employment index jumped to 27.9, its highest reading since April 2022, pointing to continued job creation in manufacturing. Price pressures also moderated, as the prices-paid index declined to 40.9 and the prices-received measure fell to 17.7, although both remained elevated. Looking ahead, manufacturers became considerably more optimistic. The future general activity index surged 39 points to 73.6, its strongest reading since August 1983.
2026-08-20