Philadelphia Fed MBOS (Oct. 15, 2026): Regional manufacturing still expanding, several indexes fell

The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey released on October 15, 2026 (data through October 12, 2026) found that regional manufacturing continued to expand overall in October. The current general business activity diffusion index declined to 20.9 (from 37.8 in September). The new orders index fell 25 points to 4.3, shipments moved down to 15.3, the employment index edged down to 9.1, and the average employee workweek declined 11 points to 7.5.

Respondent shares for current activity were: more than 41% reporting increases, 20% decreases and 27% no change. Firms reported current prices paid at 43.2 and prices received at 40.1. On expectations over the next six months, more than 51% of respondents expect increases, 18% expect decreases; the future general activity index fell to 33.0 and the future employment index fell 21 points to 30.1. Future new orders and shipments indexes were 37.0 and 35.2, respectively. The survey’s special question found 52.2% of reporters expect higher total capital spending in 2027 versus 2026.

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