19.02.202613:30:00UTC+00U.S. Philly Fed CAPEX Index Nearly Halves in February, Signaling Cooler Investment Outlook

The Philadelphia Fed Capital Expenditures (CAPEX) Index for the United States dropped sharply in February 2026, pointing to a notable cooling in business investment plans. The indicator fell to 14.40 in February from 30.30 in January 2026, based on data updated on 19 February 2026.

While the index remains in positive territory—indicating that more firms still plan to increase capital spending than cut it—the steep decline suggests a significant loss of momentum compared with the start of the year. The pullback may reflect rising caution among manufacturers regarding longer-term commitments to equipment, structures, and technology investment.

Market participants and policymakers are likely to watch upcoming regional and national surveys closely to determine whether February’s reading marks the start of a broader downshift in capital expenditure intentions or a temporary pause following January’s strong showing.