September 17th 2026
ESCANABA-The Federal Reserve Bank of Philadelphia recently released its September 2026 Manufacturing Business Outlook Survey, which examines manufacturing activity and economic conditions in the region.
The Philadelphia Fed reports that manufacturing activity expanded overall in September, with employment remaining positive, higher input costs, labor constraints and businesses continuing to expect growth.Philadelphia Fed Manufacturing Survey – September 2026
- Manufacturing activity expanded in September, with the general activity index declining from 47.4 in August to 37.8. New orders remained positive at 29.2, while the shipments index held steady at 27.7.
Employment continued to increase overall, although the employment index declined 16 points to 11.8. Most firms (77%) reported no change in employment, suggesting relatively limited hiring activity among respondents.
Price pressures increased, with the prices paid index rising to 48.6 and the prices received index reaching 31.3. This indicates that manufacturers continued to experience increases in input costs and the prices of their products.
Production growth was reported by 68% of firms during the third quarter, compared with 16% reporting a decline. Labor supply was a constraint on capacity utilization for 72% of firms, highlighting workforce-related challenges.
Businesses continued to anticipate growth over the next six months, although the future general activity index fell to 52.9. Future prices paid and received remained elevated, suggesting that manufacturers expect ongoing price pressures alongside continued expansion.
Federal Reserve Bank of Philadelphia. (2026, September 17). Manufacturing business outlook survey: September 2026 report. https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/mbos-2026-09
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