Federal Reserve Bank of Philadelphia (latest release)

Measures Level of a diffusion index based on surveyed manufacturers in Philadelphia;

Usual Effect Actual > Forecast = Good for currency;

Frequency Released monthly, around the middle of the current month;

Above 0.0 indicates improving conditions, below indicates worsening conditions. This survey can have a relatively mild impact because it’s released a few days after the tightly correlated Empire State Manufacturing Index;

Why Traders Care It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment;

Derived Via Survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions;

Also Called Philadelphia Fed Business Outlook Survey;