Summary of Returns
December 2016

                       December vs. November         Six Months from Now
                                                     vs. December

                 Prev.                         Prev.
                 Diff.  Inc. No ch. Dec. Diff. Diff.  Inc. No ch. Dec. Diff.
                 Index                   Index Index                   Index

General Business    7.6  33.7  49.4  12.2  21.5  29.3  57.9  32.0   5.3  52.6
Conditions

New Orders         18.6  31.6  49.0  17.6  13.9  37.4  55.2  32.9   3.7  51.5

Shipments          19.5  38.5  43.0  16.5  22.0  30.2  57.1  29.5   5.2  51.9

Unfilled Orders     4.1  20.7  63.5  15.0   5.7   8.1  31.3  45.9  13.4  17.9

Delivery Times      6.1  16.3  71.0   8.7   7.6   5.4  23.5  60.3   9.3  14.2

Inventories        13.4  23.0  52.2  21.9   1.1   6.2  33.2  48.5  12.5  20.7

Prices Paid        27.5  30.2  65.6   0.8  29.4  36.7  48.2  47.3   1.2  47.1

Prices Received    16.0  15.7  71.3   9.9   5.8  31.0  38.7  42.8   8.7  30.0

Number of Emp.     -2.6  17.3  69.3  10.8   6.4  11.8  34.5  51.5   7.0  27.5

Avg. Emp. Wrkwk.    7.4  20.4  63.0  10.6   9.8   8.1  26.9  58.7   8.5  18.4

Capital Ex.        --    --    --    --    --    19.1  42.8  38.3   9.0  33.8


Notes: (1) Diffusion indexes represent the percentage of respondents indicating
           an increase minus the percentage indicating a decrease.
       (2) All data are seasonally adjusted.
       (3) Percentages may not sum to 100 percent because of rounding,
           omission by respondents, or both.
       (4) Survey results reflect data received through December 12, 2016.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: December 15, 2016, at 8:30 a.m. ET.

December 2016 Release

Manufacturing Business Outlook Survey Home Page

Downloading Historical Data for the Manufacturing Business Outlook Survey