The Philly Fed New Orders Index declined to -1.7 in May 2026 from 33.0 in April. 28.4% of the respondents reported an increase in new orders, and 30.1% reported a decrease from April to May. Philly Fed New Orders in the United States averaged 9.41 points from 1968 until 2026, reaching an all time high of 56.20 points in March of 1973 and a record low of -70.40 points in April of 2020. source: Federal Reserve Bank of Philadelphia

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

United States Philly Fed New Orders

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.