Philadelphia Fed Business Index Rose in September
The nonmanufacturing business survey reached 22.0 in September, marking a recovery from the previous month.
Updated on Sept. 22, 2026 in Economic Indicators
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The Philadelphia Fed Nonmanufacturing Business Outlook Survey index climbed to 22.0 in September 2026. This figure signals an expansion in business activity across the region.
Why it matters
The Federal Reserve monitors this monthly business sentiment data to help evaluate current economic conditions and inform future interest rate trajectories. A positive index value indicates that more firms are reporting growth than contraction.
The Philadelphia Fed index rose to 22.0 in September, rebounding significantly from a reading of -8.2 in August. This index has been tracking firms in healthcare, retail, logistics, restaurants, and professional services since 2011.
The players
Federal Reserve Bank of Philadelphia
This regional bank conducts the monthly survey to track business conditions across parts of Pennsylvania, New Jersey, and Delaware.
The details
The survey measures changes in general business activity, new orders, sales, employment, and prices among companies in Pennsylvania, Delaware, and southern New Jersey. Since the index sits above zero, it reflects a broader trend of expansion within these sectors.
Timeline
The survey has tracked regional business sentiment monthly since 2011.
The index reading was 17.5 in July 2026.
The index reading was -8.2 in August 2026.
The index reading reached 22.0 in September 2026.
Macro View
This data point from the Philadelphia Fed Nonmanufacturing Business Outlook Survey provides a snapshot of regional economic health. By comparing current sentiment to historical readings dating back to 2011, economists can track how business cycles have shifted over the last decade.
This positive shift suggests an improvement in the regional business climate that may correlate with broader job security and wage growth. For residents, it serves as an indicator of how local employers in sectors like healthcare and retail are currently managing operations.
The takeaway
Businesses showing expansion often signal a more stable environment for local hiring and consumer spending. Monitoring these regional indexes helps readers understand whether the economy is trending toward growth or contraction in their own neighborhoods.
Further reading
For more information on regional market trends, visit the Economic Indicators section.
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Do you feel business conditions in your community are currently improving?
