Business Sentiment Rose in September in Pennsylvania

The Philadelphia Fed survey shows a rebound in local business activity that may influence future interest rate trends.

Updated on Sept. 22, 2026 in Economic Indicators

Isometric editorial illustration of stacked shipping containers and an industrial loading ramp, representing regional business momentum in Pennsylvania. — The Philadelphia Fed's nonmanufacturing index rose to 22.0 in September, signaling renewed expansion in regional business activity across Pennsylvania, Delaware, and New Jersey. AI Illustration. Upload story photo >

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The Philadelphia Fed Nonmanufacturing Business Outlook Survey index climbed to 22.0 in September, reversing a sharp decline from the previous month. This rebound reflects the reported performance of firms across Pennsylvania, Delaware, and southern New Jersey.

Why it matters

The Federal Reserve monitors this monthly business sentiment data to help determine broader interest rate trajectories. These indicators provide a gauge of economic momentum as companies across sectors like healthcare and retail report on changes in sales and employment.

The index reached 22.0 in September, a significant increase from its -8.2 reading in August. While this move signals growth, the long-term impact on employment and local price levels remains subject to ongoing economic evaluation.

The players

Philadelphia Fed

A regional bank that conducts economic surveys to track local business conditions and provides data used in national interest rate policy decisions.

The details

The survey measures regional business sentiment by tracking firms in industries such as logistics, restaurants, and professional services. A diffusion index value above zero signals that more companies reported expansion rather than contraction. The index is calculated by surveying businesses on changes in general activity, new orders, sales, employment, and prices.

The survey has been conducted monthly since 2011.
The index reading was 17.5 in July 2026.
The index reading was -8.2 in August 2026.
The index reading was 22.0 in September 2026.

Money Landscape

The September results mark a sharp departure from the negative sentiment recorded in August. The data series remains a key component in understanding regional economic health compared to long-term trends established since 2011.

Rising business sentiment can serve as a signal for the regional economic environment and potential future interest rate adjustments. Households should monitor these broader shifts as they can influence the cost of borrowing for major purchases or business-related loans.

The takeaway

The latest survey indicates a meaningful rebound in sentiment among businesses operating in the region. Tracking these reports can help households anticipate potential changes in the economic environment and speak with a professional about how shifts in rates might affect their personal finances.