A survey of businesses in the manufacturing industry that gives an early indication of price direction, employment levels, and general business conditions. The survey covers manufacturers in the Third Federal Reserve District, which is headquartered in Philadelphia and includes the eastern two-thirds of Pennsylvania, southern New Jersey, and Delaware. The data is released at the end of the month that has been surveyed. Traders in the financial markets pay attention to the survey because it may give early insight into what other, broader manufacturing surveys, such as the ISM Index, will show. However the Philadelphia Fed Survey usually isn’t a market-moving release. The data is presented as a diffusion index for current conditions and a six-month outlook.