Gold Prices Rally as Philly Fed Manufacturing Survey Misses Expectations

The regional central bank report showed a sharp deceleration in activity, with the current general activity index sliding from September’s 37.8. While the sector remains in a state of expansion, the momentum behind new orders and shipments has cooled noticeably. The new orders index plummeted 25 points to 4.3, and the average workweek index hit its lowest level since June at 7.5.

Despite the broader slowdown, inflationary pressures persist. The prices received index climbed to 40.1, its highest point since May 2025, suggesting that manufacturers are successfully passing rising input costs on to consumers. Looking ahead, sentiment remains cautious; the future general activity index fell to 33.0, marking the second consecutive monthly decline and hitting its lowest reading since January. While firms still anticipate growth over the next six months, the intensity of those expectations has diminished across both hiring and capital expenditure projections.