Philadelphia Fed manufacturing activity

Direction: Below 0 = more firms reporting declines than increases. Noisy month to month; scored on a 3M average.

Stress metric: 3M average level (lower = more stress).

Mapping: indicator-specific thresholds (piecewise linear). Metric values 25.00 → 0.00 → -10.00 → -20.00 → -35.00 map to stress 0 → 50 (Watch) → 75 (Elevated) → 90 (Severe) → 100.

Zero separates expansion from contraction in regional Fed diffusion indices.

• distance from50: -29.10
• three month trend: -20.50