Philly Fed Manufacturing Index
US Philly Fed manufacturing index and business outlook survey.
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CURRENT MONTH10 | ||||||||||||||||||||||||||||||||||||||
| General activity | 37.8 | 47.4 | 41.4 | 10.3 | -0.4 | 26.7 | 18.1 | 16.3 | 12.6 | -8.8 | 0.6 | -10.1 | 19.5 | 0.7 | 11.4 | -1.4 | -0.7 | -12.9 | 10.2 | 13.4 | 32.9 | -9.6 | -1.5 | 7.6 | -1.6 | -3 | 9.9 | 2.9 | 7.5 | 17.6 | 1.8 | -1 | -14.7 | -7.2 | -3.9 | -14.6 | -15.2 | |
| New orders | 29.2 | 30.1 | 37 | 27.3 | -1.7 | 33 | 8.6 | 11.7 | 14.4 | 5.7 | -1.6 | 17.7 | 11.1 | 1.4 | 16.3 | 2.8 | 6.3 | -28.6 | 10.2 | 19.3 | 31.6 | -2.3 | 11.8 | 11.8 | -1.2 | 14 | 16.7 | 0.4 | -4.3 | 12.7 | 5.4 | -7.3 | -21 | -19.5 | 1.9 | 0.7 | -10.8 | |
| Shipments | 27.7 | 27.7 | 33.7 | 14.9 | 4.9 | 34 | 22.2 | 0.3 | 9.5 | 3.2 | -1.2 | 6.7 | 17.8 | 9.8 | 15.1 | 6.1 | -4.1 | -2.4 | 7.5 | 19.4 | 33.5 | 2.2 | 8.7 | 6.3 | -15.4 | 9.6 | 19.1 | -0.1 | 4.8 | 18.6 | 13.2 | 2.3 | -10.6 | -6.9 | -9.6 | 5.8 | -5 | |
| Unfilled orders | 20.4 | 14.4 | 18.1 | 10.5 | -2.5 | -10.2 | -4.7 | -12.9 | -4.8 | -6 | -5.8 | -3.7 | -6 | -13.9 | 4.8 | 6.5 | 3.3 | 0.2 | 3.4 | 3.9 | 19.3 | 18.5 | 8.1 | -1.1 | -1.8 | 3.6 | 8.7 | 3.3 | -9.2 | 0.4 | -0.9 | -8.3 | -23.3 | -8.9 | -9.1 | -17.4 | -8.2 | |
| Delivery times | 26.5 | 3.7 | 9.6 | -2.6 | -10.4 | 1.7 | 18.9 | -9.9 | 7.3 | 5.2 | -5.6 | 3.9 | -0.6 | -4.3 | -3.6 | 12.2 | -6.1 | -1.5 | 4 | 10 | 6.3 | 8 | -2.1 | 5.1 | 0 | 13.6 | 6.2 | -8.9 | -0.1 | -7.8 | -14.5 | -21 | -27.2 | -21.4 | -8.1 | -25.4 | -13.9 | |
| Inventories | -12.5 | -3.7 | 0.3 | -8.5 | 6.6 | -1.9 | 1.4 | -0.2 | -8.4 | 8.4 | 2 | 4.1 | 10.5 | -3.5 | 0.3 | 3.6 | 7.9 | 0.3 | -2.2 | -0.6 | 9 | -1.9 | 2.7 | -0.9 | 2.6 | -2 | -9.4 | -6 | -10.8 | -7.1 | 8.2 | -3.9 | -16 | -3.6 | -4.4 | -7.2 | 3.2 | |
| Prices paid | 48.6 | 40.9 | 53.9 | 53.2 | 47.9 | 59.3 | 44.7 | 38.9 | 46.9 | 49.3 | 58.9 | 51.3 | 47.9 | 64.3 | 56 | 39.2 | 58.1 | 50.4 | 46.9 | 41 | 34.6 | 31.5 | 28.1 | 28 | 30.3 | 21.2 | 19.1 | 21.8 | 18.5 | 22.4 | 6.5 | 17.6 | 14.9 | 25.4 | 15.5 | 19.5 | 19.9 | |
| Prices received | 31.3 | 17.7 | 27.4 | 20.3 | 26.3 | 33.5 | 21.2 | 16.7 | 27.8 | 26 | 22.3 | 29.7 | 21.7 | 35.2 | 33.8 | 31.1 | 40.8 | 31.7 | 29.8 | 31.7 | 25.7 | 7 | 16.2 | 17.2 | 22.9 | 11.1 | 18.1 | 14.1 | 5.4 | 7.7 | 7.1 | 6.7 | 8.9 | 13 | 12.7 | 11.3 | 10.5 | |
| Number of employees | 11.8 | 27.9 | 10 | 7.9 | -2.8 | -5.1 | 0.8 | -1.3 | 9.7 | 13 | 7.4 | 5.3 | 7.4 | 7.3 | 10.6 | -8 | 15.9 | 0.3 | 15.7 | 4.8 | 10.1 | 4.9 | 7.6 | -1.3 | 10.4 | -4 | 14.2 | -1.5 | -7.5 | -8.9 | -11.2 | -9 | -4 | -3.9 | -1.2 | 1.3 | -5.2 | |
| Average weekly employee hours | 18 | 26.5 | 14 | -6.5 | 1.2 | 7.7 | 2.8 | -11.6 | 9.1 | 12.5 | 7.2 | 11 | 9 | 5.5 | 0.7 | 1.6 | 3.2 | -6 | 7.9 | 2.8 | 19.9 | -7.9 | 19.3 | -13.4 | -12.4 | -1.6 | -1.9 | 4.2 | -7 | -11.4 | -1.9 | -2.3 | -4.8 | -5.6 | -9.7 | -4.7 | 2.9 | |
| 6-MONTH EXPECTATIONS11 | ||||||||||||||||||||||||||||||||||||||
| General activity | 52.9 | 73.6 | 34.4 | 50.2 | 53.2 | 40.8 | 40 | 42.8 | 25.5 | 38.1 | 45.2 | 33.7 | 32.4 | 26.2 | 24.2 | 19.9 | 46 | 12.6 | 13.3 | 27.7 | 37.9 | 30 | 50.7 | 33.6 | 18.6 | 19.7 | 37 | 15.8 | 27.8 | 35.1 | 41.2 | 10 | -3.6 | 11.3 | -2.2 | 7.7 | 13.8 | |
| New orders | 62.3 | 66 | 35.1 | 60.8 | 53.5 | 45.7 | 49.6 | 54.1 | 32.9 | 39.1 | 49.5 | 44.3 | 40.5 | 37.6 | 31.4 | 26.4 | 52.7 | 14.5 | 9.6 | 34.1 | 52.1 | 47.3 | 58.4 | 35.7 | 25.1 | 14.2 | 34.4 | 22.1 | 35.2 | 45.6 | 52.3 | 24.6 | 7.8 | 16.9 | 9.2 | 16.2 | 25.2 | |
| Shipments | 61.1 | 63.5 | 39.3 | 60.3 | 45.7 | 40.8 | 53.6 | 47.4 | 40.8 | 39.9 | 43.9 | 45 | 32.6 | 38.5 | 28.4 | 29.1 | 50 | 12.6 | 20.4 | 37.7 | 49.7 | 45.5 | 46.4 | 41.5 | 31.1 | 14.5 | 34.2 | 4.9 | 38 | 33.9 | 47.2 | 26 | 0.3 | 16.7 | 12.5 | 6.7 | 30.6 | |
| Unfilled orders | 16.8 | 8.5 | 20.9 | 17.3 | 19.2 | -4.1 | 15.3 | 21.4 | 6.6 | 11.3 | 16.2 | 16 | 11.8 | 8.5 | 14.2 | 16.9 | 7.5 | 12.2 | 3.9 | 11.3 | 13.8 | 13.7 | 27.3 | 22 | 20.2 | -6.1 | 4.6 | 10.5 | 27.8 | 12.7 | 14.3 | 0.9 | 12.4 | 6 | -5.6 | -8.8 | -1.8 | |
| Delivery times | 18.6 | 0 | 9.3 | 2.5 | 1 | 2.7 | -4.7 | 26.1 | -0.4 | 12.4 | 5.3 | 5.5 | 1.9 | 4.2 | 9.6 | 21.7 | 7.8 | 2.6 | 5 | 0.6 | 2.4 | 6.7 | 10.5 | 8 | 1.2 | -4.3 | 3.5 | -1.5 | 13.4 | 2.2 | 4.9 | -4.5 | -3.3 | -9.3 | -19.8 | -21.2 | -8.4 | |
| Inventories | 11.6 | 17.4 | 12.5 | 10 | 11.8 | -0.7 | 16.8 | 12.4 | 7.3 | -1.5 | 15.1 | 1.4 | -0.7 | -10.6 | 9.4 | 6.4 | 4.9 | 1.9 | 8.9 | 12.6 | 16.9 | 17.8 | 5 | 4.2 | 11.5 | -6.1 | 0.3 | -20 | 3.4 | 1.4 | 9.7 | -22.3 | -6.7 | 0.2 | 0.5 | 3.7 | -1.5 | |
| Prices paid | 71.3 | 62.9 | 56.7 | 63.2 | 70 | 50.2 | 53.7 | 54.1 | 66.6 | 64.6 | 74.5 | 61.8 | 69.8 | 68.8 | 72.5 | 68 | 62 | 63 | 46.2 | 60.1 | 69.4 | 59.7 | 61.2 | 50.4 | 50.3 | 37.8 | 55.5 | 54.1 | 35.8 | 52 | 40.3 | 41.5 | 35.8 | 23.8 | 34.1 | 46.3 | 42.4 | |
| Prices received | 72.3 | 59.8 | 41.4 | 67.2 | 60.5 | 50.2 | 38.4 | 50.1 | 61.8 | 57.2 | 56.3 | 46.4 | 63.5 | 50.7 | 57.8 | 53.4 | 50.6 | 66.8 | 45.4 | 47.8 | 52.2 | 55.5 | 46.9 | 43.7 | 33.3 | 14.8 | 40.8 | 57.5 | 33.7 | 33.8 | 40.2 | 30.8 | 19.2 | 26 | 28.6 | 45.4 | 33.2 | |
| Number of employees | 50.6 | 35.4 | 29.5 | 30.8 | 31.7 | 35.9 | 40.4 | 14.9 | 28.8 | 24.7 | 31.3 | 21 | 23.6 | 15.8 | 22.4 | 24.3 | 21.5 | 2.3 | 19.4 | 24.2 | 37.8 | 30.4 | 31.2 | 26.9 | 20.1 | 10.9 | 22.6 | 17.6 | 19.9 | 14.6 | 8.7 | 6.2 | 0.5 | -0.9 | 0.4 | 6.7 | 6.5 | |
| Average weekly employee hours | 31.8 | 21.4 | 12 | 34.3 | 18.4 | 30.3 | 24.1 | 27.7 | 15 | 17.7 | 23.1 | 10.8 | 21.7 | 4.4 | 12 | 12.4 | 21.5 | 4.2 | 4.9 | 12.4 | 14.4 | 17.9 | 13.7 | 25.2 | 16.7 | 9.9 | 15.7 | 2.5 | 14.5 | 19.9 | 6 | 9.1 | 6.3 | -2.5 | -1.2 | -1.6 | -1.1 | |
| Capital expenditures | 37.1 | 48.2 | 30.1 | 41.2 | 30.9 | 35.2 | 25.8 | 14.4 | 30.3 | 29.1 | 26.4 | 24.4 | 12 | 39.1 | 18.5 | 17.2 | 25.6 | 4.4 | 15.7 | 14.5 | 36.1 | 20.9 | 25.5 | 24.6 | 23.3 | 13.8 | 10.6 | 14.9 | 17.7 | 20.2 | 20.6 | 11.3 | 6.3 | -5.2 | -4 | -3.4 | 4.3 |
Latest reading
General activity stood at 37.8 in Sep 2026. That is −9.6 from Aug 2026 and +18.3 from a year earlier. The series on this page is monthly and runs from May 1968 to Sep 2026. Source: Philadelphia FED (Manufacturing Business Outlook Survey).
- Latest
- 37.8
- Sep 2026
- vs previous period
- −9.6
- Aug 2026
- vs a year earlier
- +18.3
About this data
US Philly Fed manufacturing index and business outlook survey. This monthly survey covers general activity, new orders, shipments, employment, and prices from the Philadelphia Fed. Data points are available as diffusion indexes since 1968. Read figures as positive numbers for expansion and negative numbers for contraction.
Frequently asked questions
- What is the US Philly Fed Manufacturing Index and how is it defined?
- The US Philly Fed Manufacturing Index is a monthly business outlook survey published by the Federal Reserve Bank of Philadelphia. It measures regional manufacturing conditions using diffusion indexes based on the percentage of firms reporting increases versus decreases in activity.
- How often is the US Philly Fed Manufacturing Index published and how far back does it go?
- This table is updated monthly by the Philadelphia Fed. The time series runs continuously back to 1968, making it one of the oldest regional manufacturing surveys in the United States.
- What specific indicators and breakdowns are available in this table?
- The table includes current month and six-month expectations for general activity, new orders, shipments, unfilled orders, delivery times, inventories, input prices, output prices, employee numbers, employee hours, and capital expenditures.
- How should the diffusion index values in this table be read?
- Values represent diffusion indexes where readings above zero indicate expansion and readings below zero indicate contraction. They are not absolute output levels and cannot be aggregated into total volumes.
