PHILLY_FED_MFG
Philadelphia Fed Manufacturing Survey
The Philly Fed’s factory survey is the most-watched regional gauge — its long history correlates best with the national ISM.
| Published by | Federal Reserve Bank of Philadelphia |
|---|---|
| Frequency | Monthly, third Thursday |
| Release time | 8:30 AM ET |
What it measures
A diffusion survey of mid-Atlantic manufacturers, running since 1968: activity, new orders, employment, prices and six-month expectations.
Why traders watch it
- Longest track record among regional surveys — the market’s preferred ISM preview.
- Combined with Empire State, it forms the month’s early manufacturing composite.
How to read it
- New orders and the future-activity index carry the forward signal.
- Read together with Empire State: agreement matters more than either alone.
FAQ
Which regional survey matters most?
Philly Fed, by history and ISM correlation. But the real signal is agreement across Empire, Philly and Dallas — one outlier is noise.
Can Philly Fed predict the ISM?
Statistically it is among the best single previews, though the mapping is loose in any given month. Trend agreement is what analysts use.
Recent releases
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