Philadelphia Fed Manufacturing Survey Falls to 37.8 From 47.4

Philadelphia Fed Manufacturing Survey came in at 37.8 on September 1, 2026, 9.6 points below the prior reading of 47.4. On a diffusion index the sign is the signal: above zero means more respondents reporting expansion than contraction, and the distance from zero is how lopsided the split is.

• September 1, 2026: 37.8
• prior (August 1, 2026): 47.4
• change: -9.6 pts

Philadelphia Fed Manufacturing Survey has ranged from -10.1 (October 1, 2025) to 47.4 (August 1, 2026) over the archived window, which puts the current reading 83% of the way up that range.

Survey readings are noisy month to month, so the standing trend matters more than any single print: this series has been rising across recent readings. Source: Federal Reserve district surveys via FRED.