United States Philadelphia Fed Manufacturing Index

Last Release

Feb 28, 2025

Actual

18.1

Units In

Points

44.3

Frequency

Monthly

Next Release

Mar 20, 2025

Time to Release

27 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
58.5 Mar 1973	-57.9 Dec 1974	8.88 Points	1968-2025	Federal Reserve Bank of Philadelphia

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.

Latest Updates

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).