Official name: Business Outlook Survey
What exactly? Regional manufacturing index that covers Pennsylvania, New Jersey and Delaware. The general business conditions index signals factory-sector expansion when above zero and contraction when below it.
Source: Federal Reserve Bank of Philadelphia
Released when? Around the 18th of the month at 10 a.m. Eastern. Data for current month.
Market importance: Much. Sometimes moves markets. Timely. Along with the Chicago Purchasing Managers' Index, considered a good gauge of what to expect from the national Purchasing Managers' Index (which comes out a few days later).