The Philadelphia Fed Manufacturing Index in the US increased to -43.1 in May of 2020 from -56.6 in April which was the lowest reading since July 1980, due to the coronavirus pandemic. Figures compare with market forecasts of -41.5 and point to the third straight month of falling factory activity in Philadelphia. Smaller declines were seen for new orders (-25.7 from -70.9), shipments (-30.3 from -74.1), employees (-15.3 from -46.7) and average workweek (-7.1 from -54.5). Also, inventories increased (11.7 from -10.2) and price pressures intensified for prices paid (3.2 from -9.3). The firms expect the current slump in manufacturing activity to last less than six months, as the broadest indicator of future activity strengthened further from last month’s reading; furthermore, the firms continue to expect overall growth in new orders, shipments, and employment over the next six months.
Philadelphia Fed Manufacturing Index in the United States averaged 8.98 points from 1968 until 2020, reaching an all time high of 58.50 points in March of 1973 and a record low of -57.90 points in December of 1974. 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 2020. source: Federal Reserve Bank of Philadelphia
Philadelphia Fed Manufacturing Index in the United States is expected to be -41.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Philadelphia Fed Manufacturing Index in the United States to stand at 9.00 in 12 months time. In the long-term, the United States Philadelphia Fed Manufacturing Index is projected to trend around 5.00 points in 2021, according to our econometric models.