• Today's Report:
Philadelphia Fed Manufacturing Business Outlook Survey, October 2025

Commentary from the Distilled Perspective of Patrick T Bulger Analytics
Insightful Look at Data You Should Know.

• Summary:

General Business Activity, Negative
Unfilled Orders, Negative
Prices Paid, Up
Prices Received, Up less than Prices Paid
Work week slows from last report,
Number of employees slows from last report,

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• Conclusion:

Does not appear as encouraging, expansionary nor anything beyond Weak.
This does rhyme with the view of weak production, consumer sentiment, and jobs.
This reinforces the overall view of a period of economic weakness in a progression of data from multiple differing sources.

• Our View is Conditional Weakness, Risk Rising.

*Diffusion indexes represent the percentage indicating an increase minus the percentage indicating a decrease

Source: Philadelphia Federal Reserve

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