Philly Fed Nonmanufacturing Index
US Philly Fed nonmanufacturing index for business conditions since 2011.
| 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 MONTH CONDITIONS14 | ||||||||||||||||||||||||||||||||||||||
| General Activity in the Region | -22 | -10.6 | 7.4 | -25.8 | -23.6 | -16.5 | -23.9 | -17.3 | -4.2 | -21.6 | -20 | -19.5 | -15 | -19.8 | -16.7 | -22.4 | -33.4 | -34.9 | -27.7 | -15.7 | -12.9 | -7.8 | -9.3 | 3.8 | -8.8 | -24.5 | -17.6 | 0.2 | 4.4 | -6.1 | -13.2 | -9.3 | -9.5 | 1.1 | -12 | -18.7 | -15.3 | |
| Company General Activity | 0.3 | -8.2 | 17.5 | 2.4 | -3.8 | -4.5 | -8.3 | 5.8 | 16.2 | 0.8 | 11.6 | 5.5 | 3.8 | 19.4 | 6.5 | -13.5 | -12.3 | -18.8 | -13.2 | -10.4 | -1.1 | 1.4 | 0.2 | 24 | 1 | 3 | -11.9 | 15.2 | 11.2 | 18.8 | 3.6 | 5.5 | 4.2 | 4.2 | -6.8 | -4.6 | -3.8 | |
| New Orders | -2.2 | -10.1 | 12.5 | -0.7 | -0.8 | -16.9 | -4.7 | -9.3 | 5.5 | 0.2 | 3.4 | -10.7 | -0.7 | 18.2 | 6 | -16.3 | -13.7 | -5.2 | -14.7 | -4.6 | -0.9 | -7 | -5.3 | 19.1 | -13.9 | -3.2 | -8.8 | 7.4 | 0.6 | 3.2 | 0 | -6.3 | -4.6 | -5.8 | -10 | -11.6 | -5.1 | |
| Sales | 6.8 | 7.9 | 23.5 | 19.6 | -7.6 | 2.5 | 13.2 | 8.2 | 24.8 | 12.1 | 14.1 | 4 | 15.5 | 15.1 | 9.1 | 4.2 | -3.1 | -6.3 | -3.1 | -9.3 | 0 | 0.4 | 1.3 | 33.7 | 9.7 | 6.4 | -5 | 13.1 | 13 | 11.2 | 4.9 | 11.3 | 5.4 | 12.8 | 7.6 | -4.1 | -8.1 | |
| Unfilled Orders | -7.1 | -12.7 | 5.7 | 1 | 1.7 | -14.1 | -6.5 | -10.1 | 2.1 | 7.5 | -1.2 | 1.5 | -0.9 | 5.9 | 2.6 | -3.1 | -9 | -10.9 | -5.1 | -6.9 | 16.6 | 1.5 | 3.1 | 4.5 | -1.2 | -4.8 | -1.8 | 11 | 0.4 | 4.1 | -1.5 | -8.4 | -1.8 | -3.5 | -4.7 | -4.5 | -4.7 | |
| Inventories | -9.3 | -1.1 | -3.8 | -1.2 | -1.2 | -2.1 | -0.2 | -5.8 | -3.5 | 5 | 2.2 | 0.9 | 4.6 | 0.9 | 2.5 | 3.1 | 5.9 | -10.8 | -1.9 | 2.7 | -0.9 | -3.7 | -0.4 | 2.9 | 3 | 1.2 | -3 | 5.9 | 3 | 7.6 | -3.5 | 7 | 1.3 | 5.1 | -5.7 | -7.1 | -2.5 | |
| Prices Paid | 37.8 | 29.2 | 28.2 | 25.8 | 36.5 | 43.9 | 39.1 | 40.7 | 34.5 | 36.9 | 35.1 | 36 | 39.2 | 42.2 | 33.1 | 31.4 | 30.4 | 45.4 | 34.6 | 25.1 | 29.9 | 28.3 | 23.2 | 32.1 | 20.6 | 26.8 | 30.1 | 26.4 | 27.4 | 30.4 | 26.7 | 31.7 | 35.2 | 30.1 | 38.9 | 42.6 | 39.5 | |
| Prices Received | 20 | 10.3 | 18.4 | 20.2 | 13.1 | 6.7 | 9.3 | 22 | 13.2 | 16.2 | 17.9 | 12.3 | 19.7 | 17.5 | 12.7 | 4.9 | 5.9 | 2.4 | 8.6 | 3.3 | -1.3 | 21.4 | -1.2 | 20.5 | 5.6 | 8.2 | 13.7 | 17 | 9.7 | 13.7 | 15 | 6.4 | 4.7 | 9.3 | 13.6 | 2.9 | 5.3 | |
| Full-Time Employees | 19 | 2.1 | 12.4 | -4.8 | -1.1 | -4.7 | -11.3 | 10.6 | 9.7 | 7.5 | 2.5 | -2.6 | 9.2 | -2.5 | 3.4 | -1.1 | 9.3 | -5.7 | -5.8 | 1 | 1.1 | 1.5 | 5.1 | 11.7 | 0.7 | -11.7 | -3.2 | 10.5 | 2.4 | 10.9 | 4.8 | 7.6 | 13.4 | 7.2 | 13.6 | 10.4 | 7.8 | |
| Part-Time and Temporary Employees | 10.7 | 1.1 | 12.1 | 0.1 | 5.4 | 1.8 | -7.2 | 5.5 | -0.4 | 14.9 | 1.2 | 1.4 | -4.6 | -2.2 | -1 | -2.7 | -10 | -6.3 | 2.1 | 9.2 | 0.2 | 7.2 | 12.5 | 8 | 14.8 | 0.4 | 5 | 11.7 | 4 | 5.5 | -5.7 | -5.3 | 8.4 | -1.5 | 1.7 | 1.6 | -1.5 | |
| Average Weekly Work Hours | 8.5 | -13.4 | 10.8 | 0.3 | 1.7 | -0.5 | 4.8 | 29.5 | 9.6 | 8.7 | 11.4 | 4 | 8.3 | 14.3 | 9.9 | 8.1 | -3.2 | -3.6 | 2.3 | -4.6 | 3.1 | 4.1 | 3 | 17.7 | 0.9 | 0.5 | -0.2 | 4.1 | 8.7 | 0.3 | 2.6 | -0.3 | 5.6 | -2 | -0.9 | 9.7 | 6.5 | |
| Wages and Benefits | 40.7 | 39.2 | 37.1 | 39.7 | 33.7 | 23.5 | 34.3 | 30 | 37.2 | 44.9 | 47 | 37.4 | 27 | 36.4 | 30.1 | 29 | 28 | 35.1 | 24.3 | 26.5 | 26.2 | 40.6 | 30.2 | 32.6 | 32.4 | 30.1 | 32.4 | 32.3 | 40.4 | 26.6 | 36.6 | 34.6 | 37.9 | 31.8 | 34.2 | 33.8 | 37.4 | |
| Capital Expenditures for Plant | 22.9 | -0.6 | 14.1 | 4.9 | 14.5 | -0.2 | -3 | 9.6 | 5 | 6 | 0.4 | 4.2 | 1 | 8.8 | 3.1 | 6 | -2.3 | -1.1 | 3.3 | 6.3 | 4.9 | 10.6 | 9.5 | 4.8 | -1.3 | -3.8 | 8.3 | 9 | 9.7 | -0.7 | 2.4 | 1.9 | 1.6 | -3.8 | 2.7 | 4.5 | 7.2 | |
| Capital Expenditures for Equipment and Software | 33 | 8.8 | 30.8 | 15 | 6 | 16.3 | 3.3 | 19 | 5.2 | 18.7 | 11 | 25.5 | 15.2 | 20.2 | 8.7 | 17 | 3.2 | 8.7 | 3.8 | 12.3 | 12.7 | 18.3 | 19 | 11.6 | 15.6 | 13.9 | 15.9 | 21.9 | 17.5 | 7.6 | 10.3 | 12.6 | 20.7 | 7.3 | 6.8 | 14.8 | 16.1 | |
| SIX-MONTH EXPECTATIONS2 | ||||||||||||||||||||||||||||||||||||||
| General Activity in the Region | 2 | -6.3 | 15.7 | -10.5 | -9.6 | 6.7 | -1.6 | 14.2 | 10.3 | -19.1 | -19.8 | -18.5 | -12.1 | -5.4 | -5.4 | -6.8 | -21.7 | -21.3 | -17.4 | 2.2 | 23.1 | 40.8 | 41.8 | 25.3 | 21.8 | -12.1 | 16.7 | 44.4 | 13.2 | 21.1 | 15.4 | 10.8 | 7.3 | 3.2 | -1 | 0.9 | 3.2 | |
| Company General Activity | 20.3 | 12.4 | 41.9 | -0.3 | 14.4 | 7.8 | 12.5 | 31.7 | 33.7 | 6.1 | 0.7 | -1.1 | 9.7 | 16.6 | 10.7 | 12.4 | 12.4 | -17 | -14.9 | 16.3 | 25.4 | 35.7 | 44.2 | 37.8 | 33.6 | 17.1 | 29.5 | 50.2 | 11.9 | 40.4 | 27.5 | 24.4 | 24.1 | 16.3 | 20.9 | 19.6 | 8.5 |
Latest reading
General Activity in the Region stood at −22 in Sep 2026. That is −11.4 from Aug 2026 and −7 from a year earlier. The series on this page is monthly and runs from Mar 2011 to Sep 2026. Source: Philadelphia FED (Non-Manufacturing Business Outlook Survey).
- Latest
- −22
- Sep 2026
- vs previous period
- −11.4
- Aug 2026
- vs a year earlier
- −7
About this data
US Philly Fed nonmanufacturing index for business conditions since 2011. Published monthly by the Philadelphia Fed, this table provides diffusion indexes covering current month conditions and six-month expectations across regional activity, new orders, sales, and employment. Analysts use these points to track the United States services sector. Values above zero indicate expansion.
Frequently asked questions
- What does the Philly Fed Nonmanufacturing Index measure in the United States?
- It measures business sentiment and economic conditions in the services sector of the United States through diffusion indexes derived from the Philadelphia Fed survey.
- How often is the Philly Fed Nonmanufacturing Index published and how far back does it go?
- The index is published monthly by the Federal Reserve Bank of Philadelphia and historical series go back to 2011.
- What specific breakdowns are included in the Philly Fed Nonmanufacturing Index table?
- The table includes current month conditions and six-month expectations for metrics such as general activity, new orders, sales, employment, wages, and prices.
- How should the Philly Fed Nonmanufacturing Index points be read?
- Index points above zero indicate improving business conditions in the United States services sector, while readings below zero signal a contraction.
