The Philadelphia Fed Manufacturing Business Outlook Survey’s General Activity Index rose to 15.9 in July from -4.0 in June, marking the first positive reading in four months and the highest since February.

• New Orders jumped to 18.4 (from 2.3) and Shipments rose to 23.7 (from 8.3), both reaching five-month highs.
• The Employment Index climbed to 10.3 (from -9.8), indicating firms are adding workers again, while the Average Workweek edged up to 0.4.

• Prices Paid surged to 58.8 (from 41.4), and Prices Received increased to 34.8 (from 29.5), showing a reacceleration in cost and selling price pressures.
• The Delivery Times Index fell to -4.7, suggesting faster delivery times, while Inventories dipped to -1.3.
• Future activity measures remained positive, with the Future General Activity Index up to 21.5, though expectations for future hiring moderated slightly.

• In general, firms revised down their expectations of cost growth for nonlabor inputs in 2025 except for energy from April to July. Labor cost growth was also revised down with wage growth expectations remaining about the same.