Business Outlook Survey Table of Results, January 
Summary of Returns
February 2020

                       February vs. January          Six Months from Now
                                                     vs. February

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

General Business   17.0  51.8  33.1  15.1  36.7  38.4  55.6  31.6  10.2  45.4
Conditions

New Orders         18.2  50.3  33.0  16.7  33.6  41.9  62.9  25.2   9.0  54.0

Shipments          23.4  44.0  37.1  18.8  25.2  42.4  60.0  28.7   8.1  51.9

Unfilled Orders    -3.7  21.8  61.6  14.3   7.4  17.9  29.5  57.5  11.9  17.6

Delivery Times     -0.4  12.6  77.4  10.0   2.7   2.7  16.3  75.6   6.9   9.3

Inventories        -2.3  25.4  58.2  13.7  11.8  10.1  27.2  52.8  17.1  10.2

Prices Paid        22.1  23.4  68.0   7.0  16.4  41.9  38.1  52.4   5.8  32.2

Prices Received    14.7  18.4  78.3   1.4  17.1  34.0  41.5  52.2   3.6  37.9

Number of Emp.     19.3  18.0  73.7   8.1   9.8  24.3  31.3  57.9   7.3  24.0

Avg. Emp. Wrkwk.    5.2  18.5  73.3   8.2  10.3  13.2  34.9  54.7   8.1  26.8

Capital Ex.        --    --    --    --    --    32.9  33.9  55.1   4.1  29.8


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 February 18, 2020.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: February 20, 2020, at 8:30 a.m. ET.

February 2020 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey