Philadelphia Fed Index

The Philadelphia Federal Index, also known as the Philly Fed Index or Business Outlook Survey, is a survey measuring changes in business growth. It is released by the Federal Reserve Bank of Philadelphia monthly.

This report measures the regional manufacturing growth based on a survey of questions administered to employees and owners in the manufacturing sector businesses in Philadelphia, New Jersey, and Delaware. A number above zero indicates factory-sector business is expanding, while a number below zero indicates factory-sector business is contracting.