FX.co ★ Philadelphia Factory Activity Surprises on the Upside

The Philadelphia Fed Manufacturing Index rose to 26.7 in April 2026 from 18.1 in March, reaching its highest level since January 2025. The reading significantly beat market expectations, which had called for a decline to 10. The current shipments index increased by 12 points to 34.0, and the index for current new orders surged 24 points to 33.0. In contrast, the employment index fell 6 points to -5.1 in April. Both price indexes increased for a second consecutive month, remaining well above their long-term averages and hitting their highest levels since August. The prices paid index jumped 15 points to 59.3, while the prices received index advanced 12 points to 33.5. Looking ahead, firms still anticipate overall growth over the next six months, although most forward-looking indicators have edged lower.