DEFINITION of 'Philadelphia Federal Index'

A regional federal-reserve-bank index measuring changes in business growth. The index is constructed from a survey of participants who voluntarily answer questions regarding the direction of change in their overall business activities. The survey is a measure of regional manufacturing growth. When the index is above 0 it indicates factory-sector growth, and when below 0 indicates contraction.

Also known as the "Business Outlook Survey".

BREAKING DOWN 'Philadelphia Federal Index'

This index is published by the Philadelphia Federal Reserve Bank on the third Thursday of the month at 10 am EST. It is considered to be a good gauge of general business conditions.

The survey covers the Pennsylvania, New Jersey and Delaware region.

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