FX.co ★ Philadelphia Fed Manufacturing Activity Slows but Beats Expectations

The Philadelphia Fed Manufacturing Index eased to 37.8 in September 2026 from 47.4 in August, but remained well above market expectations of 30.5. This indicates that regional manufacturing continues to expand, though at a more moderate pace. New orders and shipments stayed robust, while the employment index declined yet remained in positive territory, signalling ongoing job growth. Both price indexes also moved higher after declining in August. Looking ahead, firms remained optimistic about the next six months: 57.9% expect an improvement in general business conditions, while only 5.0% anticipate a deterioration.