The Philadelphia Fed Manufacturing Index in the US increased to -10.4 in May of 2023 from a nearly three-year low of -31.3 in April, and better than market forecasts of -19.8. General manufacturing activity in Philadelphia continued to decline overall but at at the slowest pace in four months. New orders (-8.9 vs -22.7) and shipments (-4.7 vs -7.3) rose from last month but remained negative while employment declined (-8.6 vs -0.2). The price indexes remained below long-run averages, with the prices received index declining further (-7 vs -3.3) although prices paid increased slightly more (10.9 vs 8.2). The survey’s future indexes continued to reflect muted expectations for growth (-10.3 vs -1.5), with almost 37% of the firms expecting a decrease in activity over the next six months. source: Federal Reserve Bank of Philadelphia

Philadelphia Fed Manufacturing Index in the United States averaged 9.13 points from 1968 until 2023, reaching an all time high of 58.50 points in March of 1973 and a record low of -61.20 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 June of 2023.

Philadelphia Fed Manufacturing Index in the United States is expected to be 3.00 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 19.00 points in 2024 and 10.00 points in 2025, according to our econometric models.

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United States Philadelphia Fed Manufacturing Index



Calendar GMT Actual Previous Consensus TEForecast
2023-04-20 12:30 PM Apr -31.3 -23.2 -19.2 -18
2023-05-18 12:30 PM May -10.4 -31.3 -19.8 -22
2023-06-15 12:30 PM Jun -10.4 3


Related Last Previous Unit Reference
Philadelphia Fed Manufacturing Index -10.40 -31.30 points May 2023
Leading Economic Index 137.78 137.45 points Apr 2023
Philly Fed Prices Paid 10.90 8.20 points May 2023
Philly Fed New Orders -8.90 -22.70 points May 2023
Philly Fed Employment -8.60 -0.20 points May 2023
Philly Fed CAPEX Index 2.50 -5.40 points May 2023
Philly Fed Business Conditions -10.30 -1.50 points May 2023

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
-10.40 -31.30 58.50 -61.20 1968 - 2023 points Monthly
SA

News Stream
Philadelphia Factory Activity Shrinks Less than Forecasts
The Philadelphia Fed Manufacturing Index in the US increased to -10.4 in May of 2023 from a nearly three-year low of -31.3 in April, and better than market forecasts of -19.8. General manufacturing activity in Philadelphia continued to decline overall but at at the slowest pace in four months. New orders (-8.9 vs -22.7) and shipments (-4.7 vs -7.3) rose from last month but remained negative while employment declined (-8.6 vs -0.2). The price indexes remained below long-run averages, with the prices received index declining further (-7 vs -3.3) although prices paid increased slightly more (10.9 vs 8.2). The survey’s future indexes continued to reflect muted expectations for growth (-10.3 vs -1.5), with almost 37% of the firms expecting a decrease in activity over the next six months.
2023-05-18
Philadelphia Factory Activity Sinks the Most since 2020
The Philadelphia Fed Manufacturing Index in the US fell to -31.3 points in April of 2023, the lowest since May of 2020 from -23.2 in March. It marks an eighth consecutive negative reading, missing market expectations of -19.2. Indicators for activity remained negative, but less than last month, namely new orders (-22.7 vs -28.2) and shipments (-7.3 vs -25.4). The employment index suggests steady employment overall (-0.2 vs -10.3) while both prices paid (8.2 vs 23.5) and received (-3.3 vs 7.9) declined to their lowest levels since mid-2020. The future indicators suggest that firms’ expectations for growth over the next six months remain subdued (-1.5 vs -8).
2023-04-20
Philadelphia Factory Activity Shrinks for 7th Month
The Philadelphia Fed Manufacturing Index in the US ticked up 1 point to -23.2 in March 2023, missing market expectations of -15.6 and marking its seventh consecutive negative reading. More than 34 percent of the firms reported declines in activity, while 11 percent reported increases; the majority (53 percent) reported no change. The indicators for new orders (-28.2 vs -13.6 in February) and shipments (-25.4 vs 8.7) both declined to their lowest readings since May 2020. On balance, the firms also reported a decline in employment (-10.3 vs 5.1), the index’s second negative reading since June 2020 and its lowest reading since May 2020. The firms continued to report overall increases in prices, but the indexes for prices paid and prices received both declined. The survey’s broad indicators for future activity continued to suggest subdued expectations for growth over the next six months.
2023-03-16