Regional business survey · United States
United States Philly Fed Business Conditions
The United States Philly Fed Business Conditions is a monthly survey of businesses in one region of the United States run by a regional Federal Reserve bank (or, for Chicago, a purchasing managers' group).
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- USD · US dollar
- Central bank
- The Federal Reserve
Latest figures
The latest release for OCT, published on 15 October 2026, came in at 33.0, down from 52.9 the time before.
Over the last 12 releases it ranged from 25.5 to 73.6, averaging 44.8; it has been falling for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 15 Oct 2026 | OCT | 33.0 | – | 52.9 |
| 17 Sep 2026 | SEP | 52.9 | – | 73.6 |
| 20 Aug 2026 | AUG | 73.6 | – | 34.4 |
| 16 Jul 2026 | JUL | 34.4 | – | 50.2 |
| 18 Jun 2026 | JUN | 50.2 | – | 53.2 |
| 21 May 2026 | MAY | 53.2 | – | 40.8 |
| 16 Apr 2026 | APR | 40.8 | – | 40.0 |
| 19 Mar 2026 | MAR | 40.0 | – | 42.8 |
| 19 Feb 2026 | FEB | 42.8 | – | 25.5 |
| 15 Jan 2026 | JAN | 25.5 | – | 38.1 ® |
| 18 Dec 2025 | DEC | 41.6 | – | 49.6 |
| 20 Nov 2025 | NOV | 49.6 | – | 36.2 |
Why it matters
These surveys come out before the national ISM and PMI, so traders use them as early clues to the month. The New York (Empire State) and Philadelphia surveys, released mid-month, get the most attention; components such as prices paid and new orders give early signals on inflation and demand.
How it is calculated
Firms report whether conditions improved or worsened; the index is the percentage reporting increases minus the percentage reporting decreases. Zero is the dividing line (except the Chicago PMI, where it is 50).
Index = % reporting increase − % reporting decreaseWhat changes mean
- Readings swing widely month to month; several surveys moving together are more meaningful.
- Expectations six months ahead show how confident firms feel.
Higher than expected: A stronger figure than expected points to a healthier economy: it usually supports the US dollar and local stocks, and can push bond yields up.
Lower than expected: A weaker figure than expected points to slowing activity: the US dollar tends to soften and markets price in lower rates.
A short history
The Philadelphia Fed's Manufacturing Business Outlook Survey began in 1968, the Empire State survey in 2001; the other regional banks added theirs over the following decades.
Questions
What is the United States Philly Fed Business Conditions?
The United States Philly Fed Business Conditions is a monthly survey of businesses in one region of the United States run by a regional Federal Reserve bank (or, for Chicago, a purchasing managers' group).
What was the latest United States Philly Fed Business Conditions?
33.0 for OCT, published on 15 October 2026.
When is the next United States Philly Fed Business Conditions?
On Thursday 19 November 2026 at 13:30 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.