Philly Fed Manufacturing Indexes Ease Again in October

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For the second consecutive month, the indexes that make up the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey moved lower, but remained in positive territory. The top line general business activity index fell to +20.9 in October, from +37.8 in September and +47.4 in August. New orders and shipments were also down notably, with new orders falling to a just positive +4.3 in October from +29.2 in September, and shipments dropping to +15.3 from +27.7. The employment indexes also posted moderate m/m declines. The forward-looking six-month expectations indexes posted sharp declines, with the general business activity index falling to +33.0 in October from +52.9 in September and +73.6 in August. The other expectations indexes generally posted similar m/m declines. Finally, 52.2% of respondents expected higher total capital spending in 2027 than in 2026, with 47.8% indicating that their total capex spend would be unchanged next year. 

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