Philadelphia Fed factory index falls to 20.9 in October, still positive but down from 37.8
The Philadelphia Fed's Third District survey shows the general activity index down for a second month. New orders and shipments also fell, though they remain positive.
The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey for October, released on 15 October 2026, shows the current general activity index at 20.9, down from 37.8 in September. It is the second consecutive monthly decline in the index, which remains positive, meaning more manufacturers reported growth than contraction.
The details
The survey says its indicators for general activity, new orders and shipments all declined this month but remained positive. The index for future general activity also fell, and firms' six-month outlook cooled. The survey covers manufacturers in the Bank's Third District, which covers eastern Pennsylvania, southern New Jersey and Delaware, so it is a regional gauge rather than a national measure.
Reading it
A positive reading in the Philadelphia survey still signals expansion, but the pace has slowed for two months in a row. Together with the New York survey released on the same day, it points to a split: New York's index rose sharply while Philadelphia's fell, so the regional picture is mixed. For the national picture, the Federal Reserve's industrial production data for September rose 0.7% (report).
Regional surveys are noisy from month to month, so traders often average several of them. For the other regional survey released this week, see the New York Empire State index. Live prices: EUR/USD.
Sources
Common questions
What was the Philadelphia Fed manufacturing index in October 2026?
The current general activity index fell to 20.9 from 37.8 in September. It is still positive, which means expansion.
Which part of the US does the Philadelphia Fed survey cover?
The survey covers manufacturers in the Federal Reserve Bank of Philadelphia's Third District: eastern Pennsylvania, southern New Jersey and Delaware.
Why do regional factory surveys matter for traders?
They are published early in the month and give a first read on factory activity, although they cover one region and can be volatile.
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