Economic Data and Growth

In 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 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 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…

Industrial 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…

As 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…

In 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.

The Producer Price Index for final demand (also known as wholesale prices) rose 0.4% in August, up from the 0.1% uptick in July. Over the year, producer prices increased 5.4%, up from the 4.8% gain in July. Meanwhile, prices for final demand excluding foods, energy and trade services climbed 4.7% from August 2025, consistent with…

The NFIB Small Business Optimism Index decreased 1.1 points to 98.7 in August, remaining slightly above the 52-year average of 98. August’s loss was led by a decline in expected business conditions. Of the 10 components in the index, two increased, while six decreased and two stayed the same. Meanwhile, the Uncertainty Index fell 2…

In August, the U.S. manufacturing sector expanded for the eighth consecutive month but at a slightly slower pace, with the ISM Manufacturing® PMI edging down 1.0 percentage point to 54.6%. Certain demand indicators, such as the New Orders, Backlog of Orders and New Export Orders indices, were in expansion, while the Customers’ Inventories Index remained…