Philadelphia Fed factory index drops to 20.9 in October, missing forecasts
The regional gauge undershot the 28.0 consensus and fell back sharply from September's 37.8 reading.
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UpdateThursday, October 15, 2026 at 8:32 AM ET
The New York Fed's Empire State Manufacturing Index came in at 25.5 for October, the first look at how other regional gauges are tracking alongside the Philadelphia reading.
The Philadelphia Fed Manufacturing Index fell to 20.9 in October, missing the 28.0 consensus and down from 37.8 in September.
The Philadelphia reading undershoots consensus after spiking last month, underscoring how volatile this regional gauge has been in recent prints rather than confirming a clean trend. The miss follows a pattern of sharp month to month swings that have made the series an unreliable read on the broader manufacturing picture, so a single October print carries less weight than the back to back moves it represents. Traders weighing the figure against national ISM data and other regional surveys will want to see whether New York and Richmond readings align before treating this as more than noise in the series.