The index determines the economic well-being of the manufacturing sector in the Philadelphia area. Values above zero indicate improved conditions in the manufacturing sector, while values below zero indicate worsening conditions. The data are taken from a survey of about 250 manufacturers of the Federal District of Philadelphia. The index may be of some help in predicting US ISM. The data above the forecast strengthen USD, and the data below the forecast affect the national currency negatively. The index is expected to grow from 8.5 to 9.0 in May.
Read more here: