Economic Data and Growth
S&P U.S. Manufacturing PMI reaches 52-month high in September
September 28, 2026The S&P Global Flash U.S. Manufacturing PMI rose from 53.9 to 57.0 in September, a 52-month high. Factory production accelerated at its quickest pace since April 2022, while new order growth hit a more than four-year high. Meanwhile, manufacturing employment rose at its fastest rate since February 2021. Inventories increased in September, while supplier delivery…
Richmond Manufacturing Activity Turns Negative in September as Optimism Wanes
September 28, 2026Manufacturing activity in the Fifth District turned negative in September after slowing in August, with the composite manufacturing index declining from 4 to -2. At the same time, local business conditions also contracted, falling from 4 to -6 in September. In line with a slowing in business conditions, manufacturers are less optimistic about the future…
Kansas City Manufacturing Activity Strengthens as New Order Growth Accelerates
September 28, 2026Manufacturing activity grew at a faster pace in the Tenth District in September, with the month-over-month composite index rising to 14 from 10 in August. Meanwhile, expectations for future activity edged down from 20 to 19. The month-over-month increase in activity was led by gains in plastics and rubber products and furniture manufacturing. Further, no…
New Housing Construction Declines in August
September 21, 2026Building permits decreased 2.7% in August but rose 3.5% over the year. Permits for single-family homes in August declined 1.8% but increased 1.3% over the year. At the same time, permits for buildings with five or more units fell 3.1% from July but jumped 9.4% over the year. In August, housing starts declined 2.6% from…
Price Pressures Pick up in Philadelphia
September 21, 2026In September, Philadelphia’s regional manufacturing activity expanded at a slower pace, with the index for general business activity falling from 47.4 to 37.8. This month, 45.3% of firms reported increases in activity, while 7.5% cited decreases. New order growth also slowed, moving down from 30.1 to 29.2, while the shipments index stayed the same at…
Manufacturing Activity in New York Slows in August
September 21, 2026Manufacturing activity in New York state expanded at a slower pace in September, with the headline business conditions index declining 13.0 points to 7.6. The new orders index fell 15.3 points to 2.0, while the shipments index turned negative, decreasing 14.9 points to -3.2. The unfilled orders index dropped 9.6 points to 5.9, while inventories…
U.S. Import and Export Prices Bounce Back in July
September 21, 2026U.S. import prices increased 0.7% in August, after declining 0.3% in July, with higher prices for nonfuel imports more than offsetting lower prices for fuel imports. Over the year, import prices advanced 7.0%, the largest annual increase since August 2022. Meanwhile, U.S. export prices rose 0.6% in August, driven by higher prices for both agricultural…
Manufacturing Output Declines as Broader Industrial Production Holds Steady
September 21, 2026Industrial production stayed the same in August, while manufacturing output decreased 0.3% after ticking up 0.2% in July. At 98.2% of its 2017 average, manufacturing production increased 0.9% from August 2025. Capacity utilization for manufacturing was 75.7%, down 0.3 percentage points from July but up 1.0% over the past year. Capacity utilization for manufacturing remained…
Federal Reserve raises interest rate target range for first time since 2023
September 21, 2026As anticipated, the Federal Open Market Committee raised its interest rate target range by 25 basis points to 3.75%–4.00% at its September meeting, the first hike since July 2023. The interest rate decision was unanimous. In a change to its previous statement, the FOMC noted that the action would support a timelier return to the…
Consumer Price Growth Moderates as Core Inflation Softens
September 14, 2026In August, consumer prices increased 0.4% from July and 3.4% over the year, in line with the 3.4% annual rise in July and consistent with expectations. Core CPI, which excludes more volatile energy and food prices, rose 0.3% from July and 2.4% over the year, down slightly from the 2.5% 12-month increase the month prior.
