The Philadelphia Fed Manufacturing Index in the US decreased to 18.1 in February 2025 from 44.3 in January which was the highest since April 2021, and below forecasts of 20. Manufacturing activity in the Philadelphia region continued to expand, although at a slower pace. New orders (21.9 vs 42.9), shipments (26.3 vs 41), unfilled orders (1.4 vs 24) and inventories (-0.4 vs 11.7) declined. Also, employment (5.3 vs 11.9) and the average work week (2.9 vs 20.5) eased. In addition, both prices paid index (40.5, the highest since October 2022, vs 31.9) and prices received (32.9 vs 29.7) rose and remained above their long-run averages. Finally, firms continue to expect growth over the next six months, although expectations were less widespread (27.8 vs 46.3). source: Federal Reserve Bank of Philadelphia

Philadelphia Fed Manufacturing Index in the United States decreased to 18.10 points in February from 44.30 points in January of 2025. Philadelphia Fed Manufacturing Index in the United States averaged 8.87 points from 1968 until 2025, reaching an all time high of 58.50 points in March of 1973 and a record low of -60.50 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 March of 2025.

Philadelphia Fed Manufacturing Index in the United States decreased to 18.10 points in February from 44.30 points in January of 2025. Philadelphia Fed Manufacturing Index in the United States is expected to be 11.00 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 8.00 points in 2026 and 9.00 points in 2027, according to our econometric models.

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Calendar GMT Reference Actual Previous Consensus TEForecast
2025-01-16 01:30 PM
Philadelphia Fed Manufacturing Index
Jan 44.3 -10.9 -5 -10
2025-02-20 01:30 PM
Philadelphia Fed Manufacturing Index
Feb 18.1 44.3 20 18
2025-03-20 12:30 PM
Philadelphia Fed Manufacturing Index
Mar 18.1 9 11

Components Last Previous Unit Reference
Philly Fed Business Conditions 27.80 46.30 points Feb 2025
Philly Fed CAPEX Index 14.00 39.00 points Feb 2025
Philly Fed Employment 5.30 11.90 points Feb 2025
Philly Fed New Orders 21.90 42.90 points Feb 2025
Philly Fed Prices Paid 40.50 31.90 points Feb 2025

Related Last Previous Unit Reference
Coincident Index 146.20 145.87 points Dec 2024
Leading Economic Index 101.50 101.60 points Jan 2025
Philadelphia Fed Manufacturing Index 18.10 44.30 points Feb 2025

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
18.10 44.30 58.50 -60.50 1968 - 2025 points Monthly
SA


News Stream
Philadelphia Factory Activity Growth Slows
The Philadelphia Fed Manufacturing Index in the US decreased to 18.1 in February 2025 from 44.3 in January which was the highest since April 2021, and below forecasts of 20. Manufacturing activity in the Philadelphia region continued to expand, although at a slower pace. New orders (21.9 vs 42.9), s...hipments (26.3 vs 41), unfilled orders (1.4 vs 24) and inventories (-0.4 vs 11.7) declined. Also, employment (5.3 vs 11.9) and the average work week (2.9 vs 20.5) eased. In addition, both prices paid index (40.5, the highest since October 2022, vs 31.9) and prices received (32.9 vs 29.7) rose and remained above their long-run averages. Finally, firms continue to expect growth over the next six months, although expectations were less widespread (27.8 vs 46.3). more
2025-02-20
Philadelphia Factory Activity Posts Surprise Jump
The Philadelphia Fed Manufacturing Index in the US climbed to 44.3 in January 2025, its highest since April 2021, from a revised reading of -10.9 in December and better than market forecasts of -5. This is the index’s largest monthly increase since June 2020, as the indicators for current new orders... (+47 points to 42.9) and shipments (+39 points to 41) rose sharply and reached multiyear highs. The employment index (+7 points to 11.9) moved higher and continued to suggest increasing levels of employment overall. The price indexes indicated overall increases in prices, and both indexes rose above their long-run averages. The survey’s broad indicators for future activity rose, suggesting more widespread expectations for overall growth over the next six months. more
2025-01-16
Philadelphia Factory Activity Plunges Unexpectedly
The Philadelphia Fed Manufacturing Index in the US plunged to -16.4 in December 2024, its lowest level since April 2023, from -5.5 in November and way below expectations of 3, signaling a further weakening in regional manufacturing activity. The indexes for new orders (-4.3 vs 8.7 in November) and s...hipments (-1.9 vs 4.1) both turned negative, reflecting softer demand. The employment index edged down but remained positive (6.6 vs 8.6), indicating continued, albeit slower, job gains. Meanwhile, the prices paid index rose to 31.2, showing elevated input costs, while the prices received index fell to 7.3, marking its third consecutive decline. Firms remained optimistic about future growth despite the pullback, with the index for future general activity at 30.7, though down from the prior month’s 36.7. more
2024-12-19