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The Philly Fed Manufacturing Activity Index measures changes in business growth covering the Pennsylvania, New Jersey, and Delaware region. A value greater than 0 reflects growth in the manufacturing sector, whereas a value less than 0 reflects a contraction. The Philly Fed Index can be used to forecast regional manufacturing conditions, but is widely followed because it may provide an indication of conditions throughout the United States. Historically, the Philly Fed Manufacturing Activity Index hits troughs during US recessionary periods. The index was at -31,3 at 30th April 2023 - down from March's -23,2 and February's -24,3. In April 2022 the index was at +13,1. This was a strong indication that the US economy was heading into recession.

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