The Philadelphia Fed Manufacturing Index fell to a six-month low of -12.8 in October 2025, down sharply from 23.2 in September and well below market expectations of 10, which points to a sharp slowdown in manufacturing activity in the Philadelphia region. Shipments fell 20 points but remained positive at 6.0, while new orders rose 6 points to 18.2. Employment edged down 1 point to 4.6, indicating overall job gains, while the average workweek contracted to 12.8 from 14.9. Both price indexes moderated but remain elevated, with the prices paid index rising 3 points to 49.2 and the prices received index rising 8 points to 26.8 after declining last month. Despite the weak current indicators, the survey’s future activity indexes point to broad expectations for growth over the next six months.