Philadelphia Factory Activity Rebounds More than Anticipated

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The Philadelphia Fed Manufacturing Index climbed to +23.2 in September 2025, its highest reading since January, from -0.3 in August. The latest figures, well above the expected 2.3, pointed to a resurgence in manufacturing activity in the Philadelphia region. The new orders index rose 14 points to 12.4 this month, and the shipments index rose 22 points to 26.1. The employment index remained mostly unchanged at 5.6 and continued to reflect overall increases in employment. Both price indexes moderated but remain elevated, with the prices paid index falling 20 points to 46.8 and the prices received index down 17 points to 18.8. Lastly, the survey’s future indicators suggest widespread expectations for growth over the next six months.

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