Philly Manufacturing Index Dips But Remains Solid in September

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Manufacturing activity in the Philadelphia area expanded in September but at a slower pace than in August according to the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey. The top line general business activity index fell to 37.8 in September from 47.4 in August. New orders and shipments were essentially unchanged m/m, but the employment indexes declined, with the employee count index falling to 11.8 from 27.9 in the previous month, and the average workweek index dropping to 18 from 26.5. The forward-looking six-month expectations indexes were mixed but strong, with the general business activity index falling to 52.9 from 73.6, while employment expectations indexes moved higher. The capex six-month expectations index fell modestly in September to 37.1 from 48.2. Finally, 68% of respondents estimated that their total production increased in 3Q2026 compared to 2Q2026.

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