The Philadelphia Fed Manufacturing Index rose 11 points to -1.7 in November 2025, above market expectations of -3.1 and after October’s sharp drop, but stayed negative. Demand softened: new orders plunged 27 points to -8.6, the lowest since April, and shipments fell 15 points to -8.7, their first negative reading since May. Employment continued to grow modestly, with the employment index edging up to 6.0 as firms reporting increases outnumbered those reporting declines. The average workweek eased to 3.7. Price pressures persisted: the prices paid index rose to a high 56.1, and prices received slipped 9 points to 17.7 but remained above the long-run average. Outlooks strengthened markedly. The future activity index jumped to 49.6, a one-year high, with future new orders at 55.6 and shipments steady at 48.4. Firms also expect elevated future prices and slightly higher capital spending.