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Philadelphia Fed Manufacturing Survey

The Philadelphia Fed Survey is a spread index of manufacturing conditions (movements of manufacturing) within the Federal Reserve Bank of Philadelphia. This survey, served as an indicator of manufacturing sector trends, is interrelated with the ISM manufacturing Index (Institute for Supply Management) and the index of industrial production. It is also used as a forecast of The ISM Index. Generally, an above-the-expectaitons reading is seen as positive for the USD.

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Most recent - Thursday 17 April 2025 12:30

12.5

Revised

Forecast

Actual

-26.4

Lower numbers than forecast tend to be bullish for xxx/USD pairs and bearish for USD/xxx pairs.

Trading range

Forecast history

The most recent announced value for Philadelphia Fed Manufacturing Survey was -26.4 against a forecast of 2.

Past events

Date

Forecast

Actual

Thursday 17 April 2025 12:30

-26.4

Thursday 20 March 2025 12:30

8.5

12.5

Thursday 20 February 2025 13:30

18.1

Thursday 16 January 2025 13:30

-5

44.3

Thursday 19 December 2024 13:30

-16.4

Thursday 21 November 2024 13:30

-5.5

Thursday 17 October 2024 12:30

10.3

Thursday 19 September 2024 12:30

-1

1.7

Thursday 15 August 2024 12:30

-7

Thursday 18 July 2024 12:30

2.9

13.9

Thursday 20 June 2024 12:30

1.3

Thursday 16 May 2024 12:30

4.5

Thursday 18 April 2024 12:30

1.5

15.5

Thursday 21 March 2024 12:30

-2.3

3.2

Thursday 15 February 2024 13:30

-8

5.2

Thursday 18 January 2024 13:30

-7

-10.6

Thursday 21 December 2023 13:30

-3

-10.5

Thursday 16 November 2023 13:30

-9

-5.9

Thursday 19 October 2023 12:30

-6.6

-9

Thursday 21 September 2023 12:30

-0.7

-13.5

Thursday 17 August 2023 12:30

-10

Thursday 20 July 2023 12:30

-10

-13.5

Thursday 15 June 2023 12:30

-14

-13.7

Thursday 18 May 2023 12:30

-19.8

-10.4

Thursday 20 April 2023 12:30

-19.2

-31.3

Thursday 16 March 2023 12:30

-14.5

-23.2

Thursday 16 February 2023 13:30

-7.4

-24.3

Thursday 19 January 2023 13:30

-11

-8.9

Thursday 15 December 2022 13:30

-10

-13.8

Thursday 17 November 2022 13:30

-6.2

-19.4

Thursday 20 October 2022 12:30

-5

-8.7

Thursday 15 September 2022 12:30

2.8

-9.9

Thursday 18 August 2022 12:30

-5

6.2

Thursday 21 July 2022 12:30

-12.3

Thursday 16 June 2022 12:30

5.5

-3.3

Thursday 19 May 2022 12:30

2.6

Economic context

Recent economic data has been moderately bearish for USD. Other recent announcements which may affect the market's interpretation of the next Philadelphia Fed Manufacturing Survey result:

		Previous	Latest
Existing Home Sales Change (MoM)	Bearish change	4.4%	-5.9%
Durable Goods Orders	Bullish change	0.9%	9.2%
Durable Goods Orders ex Defense	Bullish change	0.8%	10.4%
Durable Goods Orders ex Transportation	Bearish change	0.7%	0%
Initial Jobless Claims	Bearish change	216K	222K
Nondefense Capital Goods Orders ex Aircraft	Bullish change	-0.3%	0.1%
New Home Sales Change (MoM)	Bullish change	3.1%	7.4%
S&P Global Composite PMI	Bearish change	53.5	51.2
S&P Global Manufacturing PMI	Bullish change	50.2	50.7
S&P Global Services PMI	Bearish change	54.4	51.4
Building Permits (MoM)	Bullish change	1.459M	1.482M
Housing Starts (MoM)	Bearish change	1.494M	1.324M
Initial Jobless Claims	Bullish change	224K	215K
Industrial Production (MoM)	Bearish change	0.8%	-0.3%
Retail Sales (MoM)	Bullish change	0.2%	1.4%
Retail Sales Control Group	Bearish change	1.3%	0.4%
Retail Sales ex Autos (MoM)	Bearish change	0.7%	0.5%
NY Empire State Manufacturing Index	Bullish change	-20	-8.1
Michigan Consumer Sentiment Index	Bearish change	57	50.8
UoM 5-year Consumer Inflation Expectation	Bullish change	4.1%	4.4%
Michigan Consumer Expectations Index	Bearish change	52.6	47.2
UoM 1-year Consumer Inflation Expectations	Bullish change	5	6.7
Producer Price Index (MoM)	Bearish change	0.1%	-0.4%
Producer Price Index (YoY)	Bearish change	3.2%	2.7%
Producer Price Index ex Food & Energy (MoM)	Bearish change	0.1%	-0.1%
Producer Price Index ex Food & Energy (YoY)	Bearish change	3.5%	3.3%

About Philadelphia Fed Manufacturing Survey

Country:	United States
Currency:	USD
Source:	Federal Reserve Bank of Philadelphia
Category:	Economic Activity
Frequency:	Monthly

Related events

	Australia		Gross Domestic Product (QoQ)
	Canada		Gross Domestic Product Annualized
	Switzerland		Gross Domestic Product s.a. (QoQ)
	China		Non-Manufacturing PMI
	China		Gross Domestic Product (YoY)
	China		Gross Domestic Product (QoQ)
	China		Industrial Production (YoY)
	China		Caixin Services PMI
	China		NBS Manufacturing PMI
	China		Caixin Manufacturing PMI
	Germany		S&P Global/BME Manufacturing PMI
	Germany		S&P Global/BME Composite PMI
	Germany		S&P Global/BME Services PMI
	Eurozone		Gross Domestic Product s.a. (YoY)
	Eurozone		Gross Domestic Product s.a. (QoQ)
	Eurozone		S&P Global Composite PMI
	Eurozone		S&P Global Manufacturing PMI
	Eurozone		S&P Global Services PMI
	Japan		Gross Domestic Product (QoQ)
	Japan		Tankan Large Manufacturing Index
	New Zealand		Gross Domestic Product (YoY)
	New Zealand		Gross Domestic Product (QoQ)
	United Kingdom		S&P Global/CIPS Services PMI
	United Kingdom		S&P Global/CIPS Composite PMI
	United Kingdom		Gross Domestic Product (YoY)
	United Kingdom		Gross Domestic Product (QoQ)
	United Kingdom		S&P Global/CIPS Manufacturing PMI
	United States		ISM Manufacturing PMI
	United States		S&P Global Manufacturing PMI
	United States		S&P Global Services PMI
	United States		Gross Domestic Product Annualized
	United States		ISM Services PMI
	Australia		Private Capital Expenditure
	Australia		S&P Global Manufacturing PMI
	Australia		National Australia Bank's Business Confidence (QoQ)
	Australia		S&P Global Services PMI
	Australia		S&P Global Composite PMI
	Australia		AiG Industry Index
	Australia		Gross Domestic Product (YoY)
	Canada		Bank of Canada Business Outlook Survey
	Canada		Gross Domestic Product (MoM)
	Canada		Ivey Purchasing Managers Index
	Canada		Ivey Purchasing Managers Index s.a
	Canada		Gross Domestic Product (QoQ)
	Canada		S&P Global Manufacturing PMI
	Switzerland		Industrial Production (YoY)
	Switzerland		Gross Domestic Product (YoY)
	Switzerland		ZEW Survey – Expectations
	Germany		ZEW Survey – Economic Sentiment
	Germany		IFO – Current Assessment
	Germany		Factory Orders n.s.a. (YoY)
	Germany		Gross Domestic Product (QoQ)
	Germany		IFO – Expectations
	Germany		ZEW Survey – Current Situation
	Germany		IFO – Business Climate
	Germany		Industrial Production n.s.a. w.d.a. (YoY)
	Germany		Gross Domestic Product w.d.a (YoY)
	Germany		Gross Domestic Product (YoY)
	Germany		Factory Orders s.a. (MoM)
	Germany		Industrial Production s.a. (MoM)
	Eurozone		Sentix Investor Confidence
	Eurozone		ZEW Survey – Economic Sentiment
	Eurozone		Economic Sentiment Indicator
	Eurozone		Industrial Production s.a. (MoM)
	Eurozone		Business Climate
	Eurozone
	Spain		S&P Global Services PMI
	Spain		Gross Domestic Product - Estimated (QoQ)
	Spain		S&P Global Manufacturing PMI
	Spain		Gross Domestic Product (QoQ)
	France		S&P Global Manufacturing PMI
	France		S&P Global Composite PMI
	France		S&P Global Services PMI
	India		HSBC Services PMI
	India		Gross Domestic Product Quarterly (YoY)
	India		HSBC Manufacturing PMI
	India		HSBC Composite PMI
	Italy		Gross Domestic Product (YoY)
	Italy		S&P Global Manufacturing PMI
	Italy		Gross Domestic Product (QoQ)
	Japan		Tankan Large All Industry Capex
	Japan		Tankan Large Manufacturing Outlook
	Japan		Gross Domestic Product Annualized
	Japan		Gross Domestic Product Deflator (YoY)
	South Korea		Gross Domestic Product Growth (QoQ)
	New Zealand		Business NZ PMI
	New Zealand		Business NZ PSI
	New Zealand		NZIER Business Confidence (QoQ)
	United Kingdom		Manufacturing Production (MoM)
	United Kingdom		Manufacturing Production (YoY)
	United Kingdom		Gross Domestic Product (MoM)
	United Kingdom		Industrial Production (MoM)
	United States		Durable Goods Orders ex Defense
	United States		Industrial Production (MoM)
	United States		Factory Orders (MoM)
	United States		Nondefense Capital Goods Orders ex Aircraft
	United States		ISM Services New Orders Index
	United States		ISM Manufacturing New Orders Index
	United States		S&P Global Composite PMI
	United States		NY Empire State Manufacturing Index
	United States		Chicago Purchasing Managers' Index
	United States		Durable Goods Orders ex Transportation
	United States		Gross Domestic Product Price Index
	United States		Durable Goods Orders

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