United States Philadelphia Fed Manufacturing Index

Last Release

Mar 31, 2025

Actual

12.5

Units In

Points

18.1

Frequency

Monthly

Next Release

Apr 17, 2025

Time to Release

26 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
58.5 Mar 1973	-57.9 Dec 1974	8.89 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 12.5 in March 2025 from 18.1 in February, but above market expectations of 8.5. 31% of firms reported increases in general activity (down from 41%), while 18% reported decreases (down from 23%), and 47% saw no change (up from 35%). The new orders (down 13 points to 8.7) and shipments indexes (down 24 points to 2) fell sharply but remained positive. The employment index increased to 19.7, its highest since October 2022. Meanwhile, prices paid rose to 48.3, the most since July 2022. Looking ahead, future general activity and new orders indexes both fell significantly, indicating lower expectations for growth in the next six months. Despite this, firms continue to expect higher employment, though at a slower rate.