The Philadelphia Fed Manufacturing Index is an important leading indicator, and is based on a survey of manufacturers in the Philadelphia area. It examines manufacturers’ opinions of business activity, and helps provides a snapshot of the health of the manufacturing sector. A reading which is higher than the forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. Published on Thursday at 14:00 GMT. Indicator Background The Philadelphia Fed Manufacturing Index measures regional manufacturing growth. The manufacturing sector is a vital component of the economy and the index ... (full story)