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Philly Fed CAPEX Index

Published:

Philadelphia Fed survey balance of manufacturers' planned capital spending over the next six months.

Economic IndicatorsLow volatilityPhilly Fed CAPEX IndexPhiladelphia Fed future capital expenditures

Full explanation

The Philly Fed CAPEX Index is the future capital expenditures diffusion index from the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey. Manufacturers in the Third District are asked whether they expect their capital spending to increase, stay the same or decrease over the next six months; the index is the share expecting an increase minus the share expecting a decrease, seasonally adjusted. 0 is neutral. It is released with the monthly survey on the third Thursday of the month. It is a forward-looking sub-index and is distinct from the survey's headline current activity index and its employment index.

Why traders watch it

It gives an early hint of manufacturers' investment plans.

Stronger vs weaker outcomes

Positive readings mean more firms plan to raise capital spending than cut it; negative the opposite.

Stronger than expected

A higher reading means stronger planned investment.

Weaker than expected

A lower reading means weaker planned investment.

In line with expectations

Above 0 = more firms plan to increase capital spending.

Release details

Release frequency
Monthly (third Thursday)

Typical volatility

Low. A sub-index of the Philadelphia Fed survey — not the headline manufacturing index or the employment index.

Trading considerations

  • Read alongside the headline Philly Fed index.

Educational guidance only — never a trading signal or recommendation.

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