The Philadelphia Fed Manufacturing Index declined to -0.3 in August 2025 from July's five-month high of 15.9 and much worse than analysts' estimates of 7, pointing to a renewed contraction in activity. The new orders index fell 20 points to -1.9, its first negative reading since April, and the shipments index declined to 4.5 but stayed positive. The firms continued to report overall increases in employment, but the employment index moved down 4 points to 5.9. Both price indexes remained elevated. The prices paid index increased 8 points to 66.8, its highest reading since May 2022. The current prices received index ticked up 1 point to 36.1. The firms continued to expect growth over the next six months, and expectations were somewhat more widespread.