The Philadelphia Fed Business Conditions index reflects current conditions in the manufacturing sector in the Philadelphia Federal Reserve zone. This region includes Pennsylvania, New Jersey and Delaware, i.e. states with high economic activity. The index provides an indirect outlook of the economic development of the entire country.
The index is calculated based on a survey of leading industrial enterprises in the region. The questionnaire contains questions about changes in business conditions in the given month. Respondents evaluate employment, the number of working hours, new and current orders, stocks of raw materials and unsold goods, paid and requested prices, capital costs, deliveries.